Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Jun. 30, 2014 | |
Document and Entity Information | ' |
Entity Registrant Name | 'ZD VENTURES Corp |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Entity Central Index Key | '0001334589 |
Current Fiscal Year End Date | '--03-31 |
Entity Common Stock, Shares Outstanding | 15,943,300 |
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 | '2015 |
Document Fiscal Period Focus | 'Q1 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
Current Assets | ' | ' |
Cash | $5,304 | $74,415 |
Investments, available for sale | 47,950 | ' |
Total Current Assets | 53,254 | 74,415 |
Rent deposits | 12,974 | ' |
Intangible assets | 502,516 | 502,516 |
TOTAL ASSETS | 568,744 | 576,931 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 49,625 | 54,000 |
Advances from stockholder | 247,573 | 186,758 |
Total Current Liabilities | 297,198 | 240,758 |
Long-Term Liabilities | ' | ' |
Convertible debt, net | 20,274 | 7,808 |
Note Payable (long-term) | 325,000 | 325,000 |
Total Long-Term Liabilities | 345,274 | 332,808 |
TOTAL LIABILITIES | 642,472 | 573,566 |
STOCKHOLDERS' DEFICIT | ' | ' |
Common stock value | 15,943 | 15,943 |
Additional paid-in capital | 170,157 | 170,157 |
Accumulated other comprehensive income | 1,363 | 12,745 |
Deficit accumulated during development stage | 261,191 | 195,480 |
Total Stockholders' Deficit | -73,728 | 3,365 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $568,744 | $576,931 |
Balance_Sheets_parenthetical
Balance Sheets (parenthetical) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
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 | 15,943,300 |
Common stock, shares outstanding | 15,943,300 | 15,943,300 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 112 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Income Statement | ' | ' | ' |
Revenues | ' | ' | ' |
Operating Expenses | ' | ' | ' |
General and administrative expenses | 6,681 | 1,469 | 71,946 |
Professional fees | 16,818 | 4,000 | 160,353 |
Consulting fees | 27,023 | ' | 84,455 |
Travel, meals and promotions | 238 | 3,526 | 11,880 |
Rent | 6,194 | ' | 6,194 |
Geological, mineral, prospecting costs | ' | ' | 9,740 |
Total expenses | 56,954 | 8,995 | 344,568 |
Loss from operations | -56,954 | -8,995 | -344,568 |
Gain on disposition of debt | 4,955 | ' | 125,593 |
Interest expense | -13,712 | -4,051 | -42,216 |
Net income (loss) | -65,711 | -13,046 | -261,191 |
Other comprehensive income (loss) | -11,382 | 3,390 | 1,363 |
Comprehensive income (loss) | ($77,093) | ($9,656) | ($259,828) |
Basic and diluted loss per weighted average common share | $0 | $0 | ' |
Number of weighted average common shares outstanding | 15,943,300 | 15,943,300 | ' |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 3 Months Ended | 112 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss | ($65,711) | ($13,046) | ($261,191) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' | ' |
Forgiveness of debt | -4,955 | ' | -125,593 |
Common stock issued for services | ' | ' | 5,500 |
Amortization of note payable discount | 12,466 | ' | 23,939 |
Amortization of prepaid interest | ' | ' | 6,549 |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in prepaid expenses | -500 | ' | -500 |
(Increase) decrease in rent deposits | -12,974 | ' | -12,974 |
Increase (decrease) in accounts payable and accrued liabilities | 1,080 | -13,902 | 53,454 |
Net cash used in operating activities | -70,594 | -26,948 | -310,816 |
CASH FLOWS USED IN INVESTING ACTIVITIES | ' | ' | ' |
Investments | 47,950 | ' | 47,950 |
Development costs incurred | ' | ' | 117,016 |
Net cash used in investing activities | -47,950 | ' | -164,966 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Common stock issued for cash | ' | ' | 20,100 |
Advances from stockholder | 60,815 | 24,484 | 247,573 |
Proceeds from convertible loan | ' | ' | 100,000 |
Proceeds from notes payable | ' | ' | 117,050 |
Payments on notes payable | ' | ' | 5,000 |
Net cash provided by financing activities | 60,815 | 24,484 | 479,723 |
Effects of other comprehensive income | -11,382 | 3,390 | 1,363 |
Net increase (decrease) in cash | -69,111 | 926 | 5,304 |
Cash, beginning of period | 74,415 | 3,657 | ' |
Cash, end of period | 5,304 | 4,583 | 5,304 |
NON-CASH INVESTING ACTIVITIES | ' | ' | ' |
Beneficial conversion feature on convertible debt | ' | ' | 100,000 |
Debt settled in common shares | ' | ' | 65,500 |
Intagibles acquired for debt | ' | ' | $385,500 |
Business_Description_and_Summa
Business Description and Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
Business Description and Summary of Significant Accounting Policies | ' |
NOTE 1 - BUSINESS DESCRIPTION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
(A) Business Description | |
ZD Ventures 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". Most of the activities of the Company to date relate to its organization, funding, and development of a commercial web portal. | |
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 unaudited interim financial statements as of and for the three months ended June 30, 2014 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the balance sheets, operating results and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America. Operating results for the three months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted in accordance with the SEC’s rules and regulations for interim reporting. | |
The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended March 31, 2014. The significant accounting policies followed are same as those detailed in the said Annual Report except for the following new policy adopted during the period ended June 30, 2014: | |
(C) Investments available for sale | |
The Company’s investments in emerging private entities through a Spanish investment club (Club) are classified as available for sale and are reported at fair value based on performance report of each of the investee entities provided by the Club. Unrealized gains and losses, net of taxes, are reported as a component of stockholders’ equity. Realized gains and losses on investments are included in investment and other income, net when realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value is recognized as an expense when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary. | |
(D) 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. |
Going_Concern
Going Concern | 3 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014, the Company has an accumulated deficit amount of $261,191. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
Recent Accounting Pronouncements | ' |
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS | |
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists," which is intended to eliminate the diversity that is in practice with regard to the financial statement presentation of unrecognized tax benefits when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists. ASU No. 2013-11 is effective for fiscal years and interim periods within those years, beginning after December 15, 2014, with early adoption permissible. The adoption of this update is not expected to have a material impact on the Company's interim consolidated financial statements. | |
In June 2014, the FASB issued ASU No. 2014-10, "Development Stage Entities," which intends to remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the update eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASU No. 2014-10 is effective for fiscal years and interim periods beginning after December 15,2014, with early adoption permissible. The Company plans to adopt this update for its interim financials for the six months ended September 30, 2014. |
Intangible_Assets_Note
Intangible Assets, Note | 3 Months Ended | |||||
Jun. 30, 2014 | ||||||
Notes | ' | |||||
Intangible Assets, Note | ' | |||||
NOTE 4 - INTANGIBLE ASSETS | ||||||
The following were the movements in the intangible assets: | ||||||
Three months to | Year ended | |||||
June 30, 2014 | 31-Mar-14 | |||||
Balance, beginning of the period | $ | 502,516 | $ | 502,516 | ||
- | ||||||
Balance, end of the period | $ | 502,516 | $ | 502,516 | ||
Certain unpaid development costs incurred in the prior periods were considered no longer payable and were reversed during the current reporting period. | ||||||
As explained in Note 4 of the financial statements for the year ended March 31, 2014, further development work on B’Wished website will commence on receiving approval from IBM for use of their technologies | ||||||
No amortization is applied to the carrying cost of the intangible assets since they are still under development. | ||||||
The Company’s management adopts the position that, as at June 30, 2014, there were no indicators of any permanent impairment in the intangible assets. |
Investments_Available_For_Sale
Investments, Available For Sale | 3 Months Ended | |
Jun. 30, 2014 | ||
Notes | ' | |
Investments, Available For Sale | ' | |
NOTE 5- INVESTMENTS, AVAILABLE FOR SALE | ||
On January 27, 2014, the Company became member of an Investment Club in Spain. The Club on behalf of its members invest in early stage companies with strong growth potential. The investments are usually disposed of when the Club manager believes that expected growth is achieved. The proceeds are distributed among the members in proportion to their investments, after Club’s fees and related costs. | ||
During the three months ended June 30, 2014, the Company made the following investments through the Club. The investments constituted less than 5% of the total equity of the related investee entities: | ||
Mailtrack Company SL | $27,400 | |
Mobile Media Content | 20,550 | |
$47,950 | ||
As at June 30, 2014, the carrying value of these investments is considered equal to their fair value. |
Note_Payable_Disclosure
Note Payable Disclosure | 3 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
Note Payable Disclosure | ' |
NOTE 6 - NOTE PAYABLE | |
The note payable issued to Birthday Slam Corporation (“BSC”), a Canadian based private company in Ontario, matured for payment on July 17, 2013. However, the Company negotiated a five-year extension up to July 17, 2018. The note holder agreed that no further interest was to be accrued after the original maturity date of July 17, 2013 and that BSC would be entitled to receive 5% of the gross revenue earned by the Company until full settlement of the Note. BSC is owned by Mr. John Robinson who is a shareholder of the Company. | |
Total interest accrued on this note payable up to July 17, 2013 is $16,250. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||
Jun. 30, 2014 | ||||||
Notes | ' | |||||
Related Party Transactions | ' | |||||
NOTE 7 - RELATED PARTY TRANSACTIONS | ||||||
(a) ADVANCES FROM STOCKHOLDERS/RELATED PARTIES | ||||||
Three months to | Year ended | |||||
June 30, 2014 | 31-Mar-14 | |||||
Balance, beginning of the period | $ | 186,758 | $ | 160,842 | ||
funds advanced | 60,815 | 25,916 | ||||
Balance, end of the period | $ | 247,573 | $ | 186,758 | ||
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; they have therefore been classified as current liabilities. | ||||||
(b) Consulting fee includes $ 6,000 charged by the CEO and $15,063 charged by a consultant who owns 31.36% equity interest in the Company. | ||||||
(c) Payables include $4,000 due to the CEO and $4,110 due to the consultant who owns 31.36% equity interest in the Company. | ||||||
(d) General and administration expenses include $1,133 being telephone expenses reimbursed to the consultant who owns 31.36% equity interest in the Company. | ||||||
Commitments
Commitments | 3 Months Ended |
Jun. 30, 2014 | |
Notes | ' |
Commitments | ' |
NOTE 8 - COMMITMENTS | |
(a) The Company signed a five year lease in June 2014, for an office space in Barcelona, Spain for a monthly rent of €2,291.74 (approximately $3,140). Landlord agreed to charge only half month’s rent for the first seven months. The lease is cancelable at the option of the Company after twelve months. Monthly rent is fixed for the first three years. | |
Business_Description_and_Summa1
Business Description and Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
Jun. 30, 2014 | |
Policies | ' |
Basis of Presentation | ' |
(B) Basis of Presentation | |
The unaudited interim financial statements as of and for the three months ended June 30, 2014 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the balance sheets, operating results and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America. Operating results for the three months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted in accordance with the SEC’s rules and regulations for interim reporting. | |
The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended March 31, 2014. The significant accounting policies followed are same as those detailed in the said Annual Report except for the following new policy adopted during the period ended June 30, 2014: |
Business_Description_and_Summa2
Business Description and Summary of Significant Accounting Policies: Investments Available For Sale, Policy (Policies) | 3 Months Ended |
Jun. 30, 2014 | |
Policies | ' |
Investments Available For Sale, Policy | ' |
(C) Investments available for sale | |
The Company’s investments in emerging private entities through a Spanish investment club (Club) are classified as available for sale and are reported at fair value based on performance report of each of the investee entities provided by the Club. Unrealized gains and losses, net of taxes, are reported as a component of stockholders’ equity. Realized gains and losses on investments are included in investment and other income, net when realized. Any impairment loss to reduce an investment’s carrying amount to its fair market value is recognized as an expense when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other than temporary. |
Business_Description_and_Summa3
Business Description and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 3 Months Ended |
Jun. 30, 2014 | |
Policies | ' |
Use of Estimates | ' |
(D) 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. |
Intangible_Assets_Note_Schedul
Intangible Assets, Note: Schedule of Intangible Assets (Tables) | 3 Months Ended | |||||
Jun. 30, 2014 | ||||||
Tables/Schedules | ' | |||||
Schedule of Intangible Assets | ' | |||||
Three months to | Year ended | |||||
June 30, 2014 | 31-Mar-14 | |||||
Balance, beginning of the period | $ | 502,516 | $ | 502,516 | ||
- | ||||||
Balance, end of the period | $ | 502,516 | $ | 502,516 |
Related_Party_Transactions_Sch
Related Party Transactions: Schedule of advances from related parties (Tables) | 3 Months Ended | |||||
Jun. 30, 2014 | ||||||
Tables/Schedules | ' | |||||
Schedule of advances from related parties | ' | |||||
Three months to | Year ended | |||||
June 30, 2014 | 31-Mar-14 | |||||
Balance, beginning of the period | $ | 186,758 | $ | 160,842 | ||
funds advanced | 60,815 | 25,916 | ||||
Balance, end of the period | $ | 247,573 | $ | 186,758 |
Going_Concern_Details
Going Concern (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
Details | ' | ' |
Accumulated deficit | $261,191 | $195,480 |
Intangible_Assets_Note_Schedul1
Intangible Assets, Note: Schedule of Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 |
Details | ' | ' |
Intangible assets, net | $502,516 | $502,516 |
Investments_Available_For_Sale1
Investments, Available For Sale (Details) (USD $) | 3 Months Ended | 112 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Investments in early stage companies | $47,950 | $47,950 |
Mailtrack Company SL | ' | ' |
Investments in early stage companies | 27,400 | ' |
Mobile Media Content | ' | ' |
Investments in early stage companies | $20,550 | ' |
Note_Payable_Disclosure_Detail
Note Payable Disclosure (Details) (Birthday Slam Corporation, USD $) | Jul. 17, 2013 |
Birthday Slam Corporation | ' |
Accrued interest on note payable | $16,250 |
Related_Party_Transactions_Sch1
Related Party Transactions: Schedule of advances from related parties (Details) (USD $) | 3 Months Ended | 12 Months Ended | 112 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | |
Details | ' | ' | ' | ' | ' |
Advances, due to stockholder | $247,573 | ' | $186,758 | $247,573 | $160,842 |
Funds advanced during the period | $60,815 | $24,484 | $25,916 | $247,573 | ' |
Commitments_Details
Commitments (Details) (USD $) | Jun. 30, 2014 |
Details | ' |
Office space lease, monthly rent | $3,140 |