Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Mar. 31, 2013 | |
Document and Entity Information | ' |
Entity Registrant Name | 'ZD VENTURES Corp |
Document Type | '10-K |
Document Period End Date | 31-Mar-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001334589 |
Current Fiscal Year End Date | '--03-31 |
Entity Common Stock, Shares Outstanding | 15,943,300 |
Entity Public Float | $2,143,526 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2013 | Mar. 31, 2012 |
Current Assets | ' | ' |
Cash | $3,657 | $188 |
Total Current Assets | 3,657 | 188 |
Intangible assets | 317,016 | ' |
Goodwill | 185,500 | ' |
TOTAL ASSETS | 506,173 | 188 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 42,459 | 4,750 |
Advances from stockholder | 160,842 | 35,422 |
Note Payable, related party | 325,000 | ' |
Total Current Liabilities | 528,301 | 40,172 |
TOTAL LIABILITIES | 528,301 | 40,172 |
STOCKHOLDERS' DEFICIT | ' | ' |
Common stock value | 15,943 | 15,510 |
Additional paid-in capital | 70,157 | 5,090 |
Accumulated other comprehensive income | 614 | 2,375 |
Deficit accumulated during development stage | 108,842 | 62,959 |
Total Stockholders' Deficit | -22,128 | -39,984 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $506,173 | $188 |
Balance_Sheets_parenthetical
Balance Sheets (parenthetical) (USD $) | Mar. 31, 2013 | Mar. 31, 2012 |
Balance Sheet | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 15,943,300 | 15,510,000 |
Common stock, shares outstanding | 15,943,300 | 15,510,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 97 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | |
Income Statement | ' | ' | ' |
Revenues | ' | ' | ' |
Operating Expenses | ' | ' | ' |
General and administrative expenses | 13,368 | 3,671 | 58,598 |
Professional fees | 10,073 | 7,000 | 135,035 |
Consulting fees | 11,000 | ' | 11,000 |
Geological, mineral, prospecting costs | ' | ' | 9,740 |
Total expenses | 34,441 | 10,671 | 214,373 |
Loss from operations | -34,441 | -10,671 | -214,373 |
Gain on disposition of debt | ' | 120,638 | 120,638 |
Interest expense | -11,442 | ' | -15,107 |
Net income (loss) | -45,883 | 109,967 | -108,842 |
Other comprehensive income | -1,761 | ' | 614 |
Comprehensive income (loss) | ($47,644) | $109,967 | ($108,228) |
Income (loss) per weighted average common share | $0 | $0.01 | ' |
Number of weighted average common shares outstanding | 15,723,052 | 15,510,000 | ' |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (Deficit) (USD $) | Total | Common Shares | Additional Paid-in Capital | Deficit Accumulated During Pre-exploration stage | Accumulated Other Comprehensive Income | Total Stockholders' Equity |
Beginning Balance, amount at Feb. 22, 2005 | ' | ' | ' | ' | ' | ' |
Shares issued for cash, $0.001, shares | ' | 2,500,000 | ' | ' | ' | ' |
Shares issued for cash, $0.001, amount | ' | $2,500 | ' | ' | ' | $2,500 |
Shares issued for cash, $0.003, shares | ' | 700,000 | ' | ' | ' | ' |
Shares issued for cash, $0.003, amount | ' | 700 | 1,400 | ' | ' | 2,100 |
Shares issued for cash, $0.0025, shares | ' | 4,000,000 | ' | ' | ' | ' |
Shares issued for cash, $0.0025, amount | ' | 4,000 | 6,000 | ' | ' | 10,000 |
Shares issued for cash, $0.01, shares | ' | 550,000 | ' | ' | ' | ' |
Shares issued for cash, $0.01, amount | ' | 550 | 4,950 | ' | ' | 5,500 |
Net loss for the period | ' | ' | ' | -820 | ' | -820 |
Ending Balance, amount at Mar. 31, 2005 | ' | 7,750 | 12,350 | -820 | ' | 19,280 |
Ending Balance, shares at Mar. 31, 2005 | ' | 7,750,000 | ' | ' | ' | ' |
Net loss for the period | ' | ' | ' | -25,102 | ' | -25,102 |
Ending Balance, amount at Mar. 31, 2006 | ' | 7,750 | 12,350 | -25,922 | ' | -5,822 |
Beginning Balance, shares at Mar. 31, 2006 | ' | 7,750,000 | ' | ' | ' | ' |
Shares issued for services, shares | ' | 2,500 | ' | ' | ' | ' |
Shares issued for services, amount | ' | 3 | 247 | ' | ' | 250 |
Net loss for the period | ' | ' | ' | -21,335 | ' | -21,335 |
Ending Balance, amount at Mar. 31, 2007 | ' | 7,753 | 12,597 | -47,257 | ' | -26,907 |
Ending Balance, shares at Mar. 31, 2007 | ' | 7,752,000 | ' | ' | ' | ' |
Shares issued for services, shares | ' | 2,500 | ' | ' | ' | ' |
Shares issued for services, amount | ' | 2 | 248 | ' | ' | 250 |
Net comprehensive loss | ' | ' | ' | ' | -250 | -250 |
Net loss for the period | ' | ' | ' | -22,344 | ' | -22,344 |
Ending Balance, amount at Mar. 31, 2008 | ' | 7,755 | 12,845 | -69,601 | -250 | -49,251 |
Ending Balance, shares at Mar. 31, 2008 | ' | 7,755,000 | ' | ' | ' | ' |
Net loss for the period | ' | ' | ' | -32,443 | ' | -32,443 |
Ending Balance, amount at Mar. 31, 2009 | ' | 7,755 | 12,845 | -102,044 | -250 | -81,694 |
Ending Balance, shares at Mar. 31, 2009 | ' | 7,755,000 | ' | ' | ' | ' |
Net loss for the period | ' | ' | ' | -32,453 | 2,625 | -29,828 |
Ending Balance, amount at Mar. 31, 2010 | ' | 7,755 | 12,845 | -134,497 | 2,375 | -111,522 |
Beginning Balance, shares at Mar. 31, 2010 | ' | 7,755,000 | ' | ' | ' | ' |
2 for 1 forward split, shares | ' | 7,755,000 | ' | ' | ' | ' |
2 for 1 forward split, value | ' | 7,755 | -7,755 | ' | ' | ' |
Net loss for the period | ' | ' | ' | -38,429 | ' | -38,429 |
Ending Balance, amount at Mar. 31, 2011 | ' | 15,510 | 5,090 | -172,926 | 2,375 | -149,951 |
Ending Balance, shares at Mar. 31, 2011 | ' | 15,510,000 | ' | ' | ' | ' |
Net loss for the period | ' | ' | ' | 109,967 | ' | 109,967 |
Ending Balance, amount at Mar. 31, 2012 | -39,984 | 15,510 | 5,090 | -62,959 | 2,375 | -39,984 |
Beginning Balance, shares at Mar. 31, 2012 | ' | 15,510,000 | ' | ' | ' | ' |
Shares issued for services, shares | ' | 33,300 | ' | ' | ' | ' |
Shares issued for services, amount | ' | 33 | 4,967 | ' | ' | 5,000 |
Shares issued for debt settlement, shares | ' | 400,000 | ' | ' | ' | ' |
Shares issued for debt settlement, value | ' | 400 | 60,100 | ' | ' | 60,500 |
Net loss for the period | ' | ' | ' | -45,883 | -1,761 | -47,644 |
Ending Balance, amount at Mar. 31, 2013 | ($22,128) | $15,943 | $70,157 | ($108,842) | $614 | ($22,128) |
Ending Balance, shares at Mar. 31, 2013 | ' | 15,943,300 | ' | ' | ' | ' |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 12 Months Ended | 97 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | ($45,883) | $109,967 | ($108,842) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' | ' |
Forgiveness of debt | ' | -120,638 | -120,638 |
Common stock issued for services | 5,000 | ' | 5,500 |
Amortization of note payable discount | ' | ' | 3,665 |
Amortization of prepaid interest | ' | ' | 6,549 |
Changes in operating assets and liabilities: | ' | ' | ' |
Increase (decrease) in accounts payable and accrued liabilities | 37,709 | -5,375 | 40,833 |
Net cash used in operating activities | -3,174 | -16,046 | -172,933 |
CASH FLOWS USED IN INVESTING ACTIVITIES | ' | ' | ' |
Development costs incurred | 117,016 | ' | 117,016 |
Net cash used in investing activities | -117,016 | ' | -117,016 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Common stock issued for cash | ' | ' | 20,100 |
Advances from stockholder | 125,420 | 15,818 | 160,842 |
Proceeds from notes payable | ' | ' | 117,050 |
Payments on notes payable | ' | ' | 5,000 |
Net cash provided by financing activities | 125,420 | 15,818 | 292,992 |
Effects of other comprehensive income | -1,761 | ' | 614 |
Net increase in cash | 3,469 | -228 | 3,657 |
Cash, beginning of period | 188 | 416 | ' |
Cash, end of period | 3,657 | 188 | 3,657 |
SUPPLEMENTAL DISCLOSURES | ' | ' | ' |
Cash paid for interest | ' | ' | ' |
Cash paid for income taxes | ' | ' | ' |
NON-CASH INVESTING ACTIVITIES | ' | ' | ' |
Debt and services settled in common shares | 65,500 | ' | 65,500 |
Intagibles acquired for debt | $385,500 | ' | $385,500 |
BUSINESS_DESCRIPTION_AND_SUMMA
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2013 | |
Notes | ' |
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1 - BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
(A) Business Description | |
Webtradex International Corporation (the “Company”), incorporated on February 23, 2005 under the laws of the state of Nevada, is a development stage corporation, and operates from its executive office in Toronto, Ontario, Canada. The Company is currently in the development stage as defined under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 915-10, “Development Stage Entities". All activities of the Company to date relate to its organization, initial funding and share issuances. | |
In July 2012, the Company acquired certain intellectual properties related to a social website under development (Note 4). The company plans to complete the design and development of this web site and to launch it commercially as soon as possible. | |
(B) Basis of Presentation | |
The audited financial statements for the year ended March 31, 2013 are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. | |
(C) Use of estimates | |
The financial statements have been prepared in conformity with generally accepted accounting principles (GAAP). In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial position, and revenues and expenses for the year then ended. Actual results may differ significantly from those estimates. | |
(D) Goodwill and other Intangible assets | |
The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is tested for impairment by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. The fair value of the reporting units is estimated using discounted cash flows. Forecasts of future cash flows are based on management’s best estimate of future net sales and operating expenses, based primarily on estimated category expansion, market segment share and general economic conditions. | |
(E) Revenue Recognition | |
The Company’s key revenue source is expected to be a percentage commission receivable from ultimate sellers with whom the Company enters into definite affiliate program. The Company is not responsible for holding any inventories nor does it have any latitude in establishing prices. Commission received from sellers and similar amounts earned through other seller sites are recognized when items are sold by sellers and their collectability is reasonably assured. The Company records an allowance for estimated refunds on such commission using historical experience. | |
(F) Technology and Content | |
Technology and content costs consist principally of consulting fees involved in application development, editorial content and system support. These costs are directly incurred on website - B’Wished - development and applications supporting our business and are capitalized until the commencement of commercial applications and thereafter expensed as per ASC 350-50 “Website Development Costs.” The capitalized costs will be amortized over five years on commencement of commercial application. Technology and content costs are included in intangible assets. | |
(G) Foreign Currency Translation | |
The Company’s functional and reporting currency is the United States Dollar. Assets and liabilities recorded in currencies other than US dollars are translated into USD at the prevailing exchange rates in effect at the end of the reporting period, the historical rate for stockholders’ equity (deficiency) and revenues, expenses, gains and losses shall be translated at the exchange rate on the dates on which these elements are recognized, or if found to be impractical, the average exchange rate for the period may be used to translate these elements. Adjustments that arise from translation into the reporting currency are recorded as an exchange gain or loss to be included in net income. | |
(H) Net income (loss) per share | |
Net loss per share was computed by dividing the net loss by the weighted average number of common shares outstanding during the period. The weighted average number of shares was calculated by taking the number of shares outstanding and weighting them by the amount of time that they were outstanding. Diluted net loss per share for the Company is the same as basic net loss per share, as the inclusion of common stock equivalents would be antidilutive. | |
(I) Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturity of three months or less to be cash equivalent. As of March 31, 2013 and 2012 the Company had no cash equivalents. | |
(J) Income taxes | |
The Company accounts for income taxes under FASB Codification Topic 740 which requires use of the liability method. Topic 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |
(K) Share-Based Compensation | |
FASB ASC 718 “Compensation – Stock Compensation” prescribes accounting and reporting standards for all stock-based payments awarded to employees, including employee stock option, restricted stock, employee stock purchase plans and stock appreciation rights, may be classified as either equity or liabilities. The Company determines if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (A) the option to settle by issuing equity instruments lacks commercial substance or (B) the present obligation is implied because of an entity’s past practice or stated policies. If a present obligation exists, the transaction should be recognized as a liability; otherwise, the transaction should be recognized as equity. | |
(L) Fair Value of Financial Instruments | |
The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. | |
FASB Accounting Standards Codification (ASC) topic, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three-level hierarchy for fair value measurements is defined as follows: | |
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; | |
Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable of the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; | |
Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
GOING_CONCERN
GOING CONCERN | 12 Months Ended |
Mar. 31, 2013 | |
Notes | ' |
GOING CONCERN | ' |
NOTE 2 - GOING CONCERN | |
The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. | |
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. As of March 31, 2013, the Company has an accumulated deficit amount of $108,842. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Mar. 31, 2013 | |
Notes | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS | |
The management has evaluated all recently issued accounting pronouncements through to the filing date of these financial statements and believes that these pronouncements, although for the current filing date, will not have a material effect on the Company’s position and results of operations may have effects in future. | |
In July 2012, the FASB issued Accounting Standards Update No. 2012-02, Intangibles - Goodwill and Other (Topic 350) - Testing Indefinite - Lived Intangible Assets for Impairment (ASU 2012-02), to simplify how entities test intangibles with indefinite lives for impairment. ASU 2012-02 gives entities the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of an intangible asset is less than its carrying amount. If a greater than 50 percent likelihood exists that the fair value is less than the carrying amount then a quantitative impairment test as described in Subtopic 350-30 must be performed. | |
ASU 2012-02 is effective for the Company in its first quarter of fiscal 2014 but is eligible for early adoption. The Company has not yet evaluated the effect of this updated standard will have on its financial statements. |
ACQUISITION_GOODWILL_AND_ACQUI
ACQUISITION, GOODWILL AND ACQUIRED INTANGIBLE ASSETS | 12 Months Ended | |
Mar. 31, 2013 | ||
Notes | ' | |
ACQUISITION, GOODWILL AND ACQUIRED INTANGIBLE ASSETS | ' | |
NOTE 4 - ACQUISITION, GOODWILL AND ACQUIRED INTANGIBLE ASSETS | ||
On July 17, 2012, the Company acquired from Birthday Slam Corporation (BSC), an Ontario, Canada incorporated Private Corporation, owned by Mr. John Robinson, a shareholder of the Company, assets comprising of a website and related applications for commercial use under development and an investment in a non-related Danish Corporation, Huubla, at a total purchase price of $385,500. The purchase price was allocated to the intangible assets acquired and liabilities assumed based on their estimated fair value on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. The fair value assigned to identifiable intangible assets acquired has been determined primarily by using the income and cost approach. Purchased identified intangible assets which comprise a website and related applications under development “B’Wished”, are included as intangible assets and will be amortized on a straight line basis over their useful life, considered to be five years upon commencement of their commercial usage. | ||
The purchase price includes a $325,000 note payable to BSC, bearing a 5% interest rate and assumed four BSC loans totalling $60,500 from non-related parties settled by the issuance of 400,000 restricted common shares of the Company. | ||
The primary reason for this acquisition was to enable the Company to engage in revenue generating business activities. There were no other acquisition-related costs. | ||
The table below represents identifiable intangible assets and liabilities based on management’s assessment of the acquisition date fair value of the assets acquired and liabilities assumed: | ||
.Allocation: | ||
Goodwill | $185,500 | |
Intangible assets - consisting of B’Wished technology and content | 200,000 | |
$385,500 | ||
The fair value of the investment in Huubla, on the date of the acquisition, was considered nil since the management was unable to confirm a good title of investment. | ||
Intangible Assets | ||
The following were the movements in the intangible assets: | ||
. | ||
Balance at April 1, 2012 | -- | |
Acquired on July 17, 2012 | 200,000 | |
Development costs incurred | 117,016 | |
Balance at March 31, 2013 | 317,016 | |
Development costs comprised fees paid to various consultants for content developments, design and editorial work on B’Wished website. | ||
The B’Wished website is still going through various technical updates and changes to make it viable for a commercial launch. A detailed completion program has been proposed to the programmer extending over a seven week period. The key shareholders have indicated their willingness to support the financing of the proposed development work. The Company therefore believes that it will be able to launch the website commercially before the end of 2013. | ||
The Company’s management adopts the position that, as at March 31, 2013, there were no indicators of any permanent impairment in both the intangible assets and goodwill. | ||
No amortization is applied to the carrying cost of the intangible assets since they are still under development. |
ADVANCES_FROM_STOCKHOLDER
ADVANCES FROM STOCKHOLDER | 12 Months Ended | ||
Mar. 31, 2013 | |||
Notes | ' | ||
ADVANCES FROM STOCKHOLDER | ' | ||
NOTE 5 - ADVANCES FROM STOCKHOLDER | |||
. | 31-Mar-13 | 31-Mar-12 | |
Balance, beginning of period | $35,422 | $19,604 | |
funds advanced | 125,420 | 15,818 | |
Balance, end of period | $160,842 | $35,422 | |
Funds were advanced from time to time by Current Capital Corporation (“CCC”), a Canadian based private company in Ontario, fully owned by Mr. John Robinson, a shareholder of the Company. Advances are repayable on demand and carry no interest. | |||
Kam Shah, the CEO of the Company, provides accounting services to CCC. |
NOTE_PAYABLE_RELATED_PARTY
NOTE PAYABLE, RELATED PARTY | 12 Months Ended |
Mar. 31, 2013 | |
Notes | ' |
NOTE PAYABLE, RELATED PARTY | ' |
NOTE 6 - NOTE PAYABLE, RELATED PARTY | |
Note payable, maturing on or before July 17, 2013, was issued to BSC as part of the purchase price for acquiring certain assets as explained in Note 4. The Note is secured by all assets acquired under the Asset Purchase Agreement dated July 11, 2012, carrying interest at 5% payable on maturity. BSC is owned by Mr. John Robinson who is a shareholder of the Company. | |
Total interest accrued on this note payable as of March 31, 2013 is $11,442. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Mar. 31, 2013 | |
Notes | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE 7 - STOCKHOLDERS’ EQUITY | |
At March 31, 2012, the Company had 200,000,000 common shares of par value $0.001 common stock authorized and 15,510,000 issued and outstanding. During year ended March 31, 2013, the Company issued 400,000 shares of common stock as a part of the purchase agreement for the acquisition of the assets of BSC (Note 4) and 33,300 shares of common stock in settlement of consulting fees. The Company has a total of 15,943,300 common shares issued and outstanding as of March 31, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||
Mar. 31, 2013 | ||||||
Notes | ' | |||||
Income Taxes | ' | |||||
NOTE 8 - INCOME TAXES | ||||||
The component of the Company’s deferred tax assets as of March 31, 2013 and 2012 are as follows: | ||||||
2013 | 2012 | |||||
Net operating loss carryover | $ | -38,095 | $ | -22,036 | ||
Valuation allowance | 38,095 | 22,036 | ||||
Net provision for federal income taxes | $ | -- | $ | -- | ||
The Company’s effective income tax rate of 0.0% differs from the federal statutory rate of 35% for the reason set forth below for the years ended March 31: | ||||||
2013 | 2012 | |||||
Income tax (recoverable) payable at statutory rate | $ | -16,675 | $ | 38,488 | ||
Valuation allowance | 16,675 | -38,488 | ||||
Net provision for federal income taxes | $ | - | $ | - | ||
As at the year-end the Company had a net tax loss carried forward of $108,842 (2012: $62,959). Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. These losses expire between 2028 and 2033. |
BUSINESS_DESCRIPTION_AND_SUMMA1
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Business Description (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Business Description | ' |
(A) Business Description | |
Webtradex International Corporation (the “Company”), incorporated on February 23, 2005 under the laws of the state of Nevada, is a development stage corporation, and operates from its executive office in Toronto, Ontario, Canada. The Company is currently in the development stage as defined under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 915-10, “Development Stage Entities". All activities of the Company to date relate to its organization, initial funding and share issuances. | |
In July 2012, the Company acquired certain intellectual properties related to a social website under development (Note 4). The company plans to complete the design and development of this web site and to launch it commercially as soon as possible. |
BUSINESS_DESCRIPTION_AND_SUMMA2
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Basis of Presentation | ' |
(B) Basis of Presentation | |
The audited financial statements for the year ended March 31, 2013 are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. |
BUSINESS_DESCRIPTION_AND_SUMMA3
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Use of Estimates | ' |
(C) Use of estimates | |
The financial statements have been prepared in conformity with generally accepted accounting principles (GAAP). In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial position, and revenues and expenses for the year then ended. Actual results may differ significantly from those estimates. |
BUSINESS_DESCRIPTION_AND_SUMMA4
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Goodwill and other Intangible assets (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Goodwill and other Intangible assets | ' |
(D) Goodwill and other Intangible assets | |
The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is tested for impairment by first comparing the book value of net assets to the fair value of the reporting units. If the fair value is determined to be less than the book value, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. The fair value of the reporting units is estimated using discounted cash flows. Forecasts of future cash flows are based on management’s best estimate of future net sales and operating expenses, based primarily on estimated category expansion, market segment share and general economic conditions. |
BUSINESS_DESCRIPTION_AND_SUMMA5
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Revenue Recognition | ' |
(E) Revenue Recognition | |
The Company’s key revenue source is expected to be a percentage commission receivable from ultimate sellers with whom the Company enters into definite affiliate program. The Company is not responsible for holding any inventories nor does it have any latitude in establishing prices. Commission received from sellers and similar amounts earned through other seller sites are recognized when items are sold by sellers and their collectability is reasonably assured. The Company records an allowance for estimated refunds on such commission using historical experience. |
BUSINESS_DESCRIPTION_AND_SUMMA6
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Technology and Content (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Technology and Content | ' |
(F) Technology and Content | |
Technology and content costs consist principally of consulting fees involved in application development, editorial content and system support. These costs are directly incurred on website - B’Wished - development and applications supporting our business and are capitalized until the commencement of commercial applications and thereafter expensed as per ASC 350-50 “Website Development Costs.” The capitalized costs will be amortized over five years on commencement of commercial application. Technology and content costs are included in intangible assets. |
BUSINESS_DESCRIPTION_AND_SUMMA7
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Foreign Currency Translation (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Foreign Currency Translation | ' |
(G) Foreign Currency Translation | |
The Company’s functional and reporting currency is the United States Dollar. Assets and liabilities recorded in currencies other than US dollars are translated into USD at the prevailing exchange rates in effect at the end of the reporting period, the historical rate for stockholders’ equity (deficiency) and revenues, expenses, gains and losses shall be translated at the exchange rate on the dates on which these elements are recognized, or if found to be impractical, the average exchange rate for the period may be used to translate these elements. Adjustments that arise from translation into the reporting currency are recorded as an exchange gain or loss to be included in net income. |
BUSINESS_DESCRIPTION_AND_SUMMA8
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income (loss) Per Share Policy (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Net Income (loss) Per Share Policy | ' |
(H) Net income (loss) per share | |
Net loss per share was computed by dividing the net loss by the weighted average number of common shares outstanding during the period. The weighted average number of shares was calculated by taking the number of shares outstanding and weighting them by the amount of time that they were outstanding. Diluted net loss per share for the Company is the same as basic net loss per share, as the inclusion of common stock equivalents would be antidilutive. |
BUSINESS_DESCRIPTION_AND_SUMMA9
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents Policy (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Cash and Cash Equivalents Policy | ' |
(I) Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturity of three months or less to be cash equivalent. As of March 31, 2013 and 2012 the Company had no cash equivalents. |
Recovered_Sheet1
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Taxes Policy (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Income Taxes Policy | ' |
(J) Income taxes | |
The Company accounts for income taxes under FASB Codification Topic 740 which requires use of the liability method. Topic 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. |
Recovered_Sheet2
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Share-based Compensation Policy (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Share-based Compensation Policy | ' |
(K) Share-Based Compensation | |
FASB ASC 718 “Compensation – Stock Compensation” prescribes accounting and reporting standards for all stock-based payments awarded to employees, including employee stock option, restricted stock, employee stock purchase plans and stock appreciation rights, may be classified as either equity or liabilities. The Company determines if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (A) the option to settle by issuing equity instruments lacks commercial substance or (B) the present obligation is implied because of an entity’s past practice or stated policies. If a present obligation exists, the transaction should be recognized as a liability; otherwise, the transaction should be recognized as equity. |
Recovered_Sheet3
BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Mar. 31, 2013 | |
Policies | ' |
Fair Value of Financial Instruments | ' |
(L) Fair Value of Financial Instruments | |
The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. | |
FASB Accounting Standards Codification (ASC) topic, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three-level hierarchy for fair value measurements is defined as follows: | |
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; | |
Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable of the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; | |
Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
ACQUISITION_GOODWILL_AND_ACQUI1
ACQUISITION, GOODWILL AND ACQUIRED INTANGIBLE ASSETS: Intangible assets and Goodwill, fair value (Tables) | 12 Months Ended | |
Mar. 31, 2013 | ||
Tables/Schedules | ' | |
Intangible assets and Goodwill, fair value | ' | |
.Allocation: | ||
Goodwill | $185,500 | |
Intangible assets - consisting of B’Wished technology and content | 200,000 | |
$385,500 |
ACQUISITION_GOODWILL_AND_ACQUI2
ACQUISITION, GOODWILL AND ACQUIRED INTANGIBLE ASSETS: Movements in intangible assets (Tables) | 12 Months Ended | |
Mar. 31, 2013 | ||
Tables/Schedules | ' | |
Movements in intangible assets | ' | |
. | ||
Balance at April 1, 2012 | -- | |
Acquired on July 17, 2012 | 200,000 | |
Development costs incurred | 117,016 | |
Balance at March 31, 2013 | 317,016 |
ADVANCES_FROM_STOCKHOLDER_Fund
ADVANCES FROM STOCKHOLDER: Funds advanced from related parties (Tables) | 12 Months Ended | ||
Mar. 31, 2013 | |||
Tables/Schedules | ' | ||
Funds advanced from related parties | ' | ||
. | 31-Mar-13 | 31-Mar-12 | |
Balance, beginning of period | $35,422 | $19,604 | |
funds advanced | 125,420 | 15,818 | |
Balance, end of period | $160,842 | $35,422 |
Income_Taxes_Schedule_of_Defer
Income Taxes: Schedule of Deferred Tax Assets (Tables) | 12 Months Ended | |||||
Mar. 31, 2013 | ||||||
Tables/Schedules | ' | |||||
Schedule of Deferred Tax Assets | ' | |||||
2013 | 2012 | |||||
Net operating loss carryover | $ | -38,095 | $ | -22,036 | ||
Valuation allowance | 38,095 | 22,036 | ||||
Net provision for federal income taxes | $ | -- | $ | -- |
Income_Taxes_Schedule_of_Effec
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | |||||
Mar. 31, 2013 | ||||||
Tables/Schedules | ' | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||
2013 | 2012 | |||||
Income tax (recoverable) payable at statutory rate | $ | -16,675 | $ | 38,488 | ||
Valuation allowance | 16,675 | -38,488 | ||||
Net provision for federal income taxes | $ | - | $ | - |
GOING_CONCERN_Details
GOING CONCERN (Details) (USD $) | Mar. 31, 2013 |
Details | ' |
Accumulated deficit | $108,842 |
ACQUISITION_GOODWILL_AND_ACQUI3
ACQUISITION, GOODWILL AND ACQUIRED INTANGIBLE ASSETS (Details) (Birthday Slam Corporation, USD $) | Jul. 17, 2012 |
Birthday Slam Corporation | ' |
Total purchase price | $385,500 |
Note payable granted as part of purchase price | 325,000 |
Interest rate (note payable) | 5.00% |
Loans assumed | $60,500 |
ACQUISITION_GOODWILL_AND_ACQUI4
ACQUISITION, GOODWILL AND ACQUIRED INTANGIBLE ASSETS: Intangible assets and Goodwill, fair value (Details) (USD $) | Mar. 31, 2013 |
Details | ' |
Goodwill assets | $185,500 |
Intangible assets (technology and content) | 200,000 |
Intangible assets total | $385,500 |
ACQUISITION_GOODWILL_AND_ACQUI5
ACQUISITION, GOODWILL AND ACQUIRED INTANGIBLE ASSETS: Movements in intangible assets (Details) (USD $) | 12 Months Ended |
Mar. 31, 2013 | |
Details | ' |
Intangible assets acquired | $200,000 |
Development costs incurred | 117,016 |
Intangible assets balance (net) | $317,016 |
ADVANCES_FROM_STOCKHOLDER_Fund1
ADVANCES FROM STOCKHOLDER: Funds advanced from related parties (Details) (USD $) | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' |
Beginning balance, funds advanced | $35,422 | $19,604 |
Funds advanced during period | 125,420 | 15,818 |
Ending balance, funds advanced | $160,842 | $35,422 |
NOTE_PAYABLE_RELATED_PARTY_Det
NOTE PAYABLE, RELATED PARTY (Details) (Birthday Slam Corporation, USD $) | Mar. 31, 2013 |
Birthday Slam Corporation | ' |
Accrued interest on note payable | $11,442 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) | 12 Months Ended |
Mar. 31, 2013 | |
Details | ' |
Shares of common stock issued during the period pursuant to acquisition | 400,000 |
Shares issued in settlement of consulting fees | 33,300 |
Income_Taxes_Schedule_of_Defer1
Income Taxes: Schedule of Deferred Tax Assets (Details) (USD $) | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' |
Net operating loss carryover | ($38,095) | ($22,036) |
Valuation allowance | $38,095 | $22,036 |
Income_Taxes_Schedule_of_Effec1
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' |
Income tax (recoverable) payable | ($16,675) | $38,488 |
Valuation allowance (tax payable) | $16,675 | ($38,488) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 31, 2013 | Mar. 31, 2012 |
Details | ' | ' |
Net tax loss carried forward | $108,842 | $62,959 |