Document and Entity Information
Document and Entity Information | 6 Months Ended |
Sep. 30, 2016shares | |
Document and Entity Information | |
Entity Registrant Name | ZD VENTURES Corp |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2016 |
Amendment Flag | false |
Entity Central Index Key | 1,334,589 |
Current Fiscal Year End Date | --03-31 |
Entity Common Stock, Shares Outstanding | 34,307,116 |
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 | 2,017 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | zdvn |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Current Assets | ||
Cash | $ 1,228 | $ 8,488 |
Prepaid expenses | 233 | 583 |
Total Current Assets | 1,461 | 9,071 |
TOTAL ASSETS | 1,461 | 9,071 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 74,158 | 95,052 |
Convertible debt, net | 8,000 | 28,000 |
Total Current Liabilities | 82,158 | 123,052 |
Long-term Liabilities | ||
TOTAL LIABILITIES | 82,158 | 123,052 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock value | 34,307 | 33,517 |
Additional paid-in capital | 3,056,843 | 3,030,633 |
Accumulated other comprehensive income | 65,686 | 68,269 |
Accumulated deficit | (3,237,533) | (3,246,400) |
Total Stockholders' Equity (Deficit) | (80,697) | (113,981) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 1,461 | $ 9,071 |
Balance Sheets (parenthetical)
Balance Sheets (parenthetical) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Balance Sheet | ||
Accumulated depreciation, furniture | $ 0 | $ 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 34,307,116 | 33,517,461 |
Common stock, shares outstanding | 34,307,116 | 33,517,461 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement | ||||
Revenues | ||||
Operating Expenses | ||||
General and administrative expenses | 733 | 2,967 | 2,430 | 7,570 |
Professional fees | 1,100 | 1,300 | 2,200 | 7,300 |
Consulting fees | 7,250 | 4,050 | 21,500 | 20,730 |
Travel, meals and promotions | 6,155 | 6,155 | ||
Reversal of liability | (36,000) | (36,000) | ||
Total expenses | (26,917) | 8,317 | (9,870) | 41,755 |
Income (loss) from operations | 26,917 | (8,317) | 9,870 | (41,755) |
Interest expense | 444 | 22,454 | 1,003 | 44,408 |
Net income (loss) | 26,473 | (30,771) | 8,867 | (86,163) |
Other comprehensive gain (loss) | (2,742) | 21,793 | (2,583) | 20,382 |
Comprehensive income (loss) | $ 23,731 | $ (8,978) | $ 6,284 | $ (65,781) |
Basic and diluted net income (loss) per share, net | $ 0 | $ 0 | $ 0 | $ 0 |
Number of weighted average common shares outstanding | 34,307,116 | 25,950,950 | 34,264,116 | 25,909,899 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | $ 26,473 | $ (30,771) | $ 8,867 | $ (86,163) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||||
Furniture written off | 4,673 | |||
Consulting fee settled in shares | 7,000 | |||
CEO fee forgiven | 15,000 | |||
Gain on write off of accounts payable | 36,000 | |||
Amortization of note payable discount | 42,216 | |||
Changes in operating assets and liabilities: | ||||
(Increase) decrease in prepaid expenses | 350 | |||
(Increase) decrease in prepaid rent | 10,133 | |||
Increase (decrease) in accounts payable and accrued liabilities | 15,106 | (19,736) | ||
Net cash used in operating activities | (4,677) | (33,877) | ||
CASH FLOWS IN FINANCING ACTIVITIES | ||||
Proceeds from convertible loan | 30,000 | |||
Net cash provided by financing activities | 30,000 | |||
Effects of exchange rates on cash | (2,583) | (628) | ||
Net increase (decrease) in cash | (7,260) | (4,505) | ||
Cash, beginning of period | 8,488 | 21,271 | ||
Cash, end of period | $ 1,228 | $ 16,766 | 1,228 | 16,766 |
SUPPLEMENTAL DISCLOSURES | ||||
Income taxes paid | ||||
Interest paid | 2,552 | |||
NON-CASH INVESTING ACTIVITIES | ||||
Beneficial conversion feature on convertible debt | $ 30,000 |
Business Description and Summar
Business Description and Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2016 | |
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, operates from Barcelona, Spain. Most of the activities of the Company to date relate to its organization, funding, and seeking business opportunities in the emerging technologies. The Company has not yet been able to conclude satisfactorily on several business negotiations. The management continues its efforts in reviewing business opportunities that will meet its criteria. (B) Basis of Presentation The unaudited interim financial statements as of and for the three and six months ended September 30, 2016 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 and six months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2017. 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 SECs rules and regulations for interim reporting. The unaudited interim financial statements should be read in conjunction with the Companys Annual Report filed on Form 10-K for the year ended March 31, 2016. The significant accounting policies followed are same as those detailed in the said Annual Report. (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 period then ended. Actual results may differ significantly from those estimates. |
Going Concern
Going Concern | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Going Concern | NOTE 2 - GOING CONCERN The Companys 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. Managements 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 September 30, 2016, the Company has an accumulated deficit amount of approximately $3,237,533 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Recent Accounting Pronouncements | NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS Update 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This ASU is not anticipated to have a material impact on the Company's financial statements and notes to the financial statements. Update 2016-13 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The update is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. This ASU is not anticipated to have a material impact on the Company's financial statements and notes to the financial statements. Update 2016-01 - Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in this Update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and address measurement of credit losses on financial assets in a separate project. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This ASU is not anticipated to have a material impact on the Company's financial statements and notes to the financial statements. Update No. 2014-15 - Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern The amendments in this Update provide guidance in GAAP about managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern and to provide related footnote disclosures with a view to reducing diversity in the timing and content of footnote disclosures. The update is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company will review its going concern note to ensure compliance with the amendment for its fiscal year beginning April 1, 2017. Update No. 2015-03 - Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs The amendment changes the presentation of debt issuance costs in financial statements. Under the new guidance, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. This guidance is effective beginning in the first quarter of fiscal year 2017 and early adoption is permitted in an interim period with any adjustments reflected as of the beginning of the fiscal year that includes that interim period. The Company does not believe the guidance will result in a material impact to its financial statements. Update 2015-17 - Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes The amendment will require entities to present all deferred tax liabilities and assets as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. The standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted. The standard can be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. This ASU is not anticipated to have a material impact on the Company's financial statements and notes to the financial statements. The Company evaluates new pronouncements as issued and evaluates the effect of adoption on the Company at the time. The Company has determined that the adoption of recently adopted accounting pronouncements will not have an impact on the financial statements. |
Convertible Debts Disclosure
Convertible Debts Disclosure | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Convertible Debts Disclosure | NOTE 4 - CONVERTIBLE DEBTS Sept. 30, 2016 March 31, 2016 Balance, at beginning of period $ 28,000 $ 4,836 Converted into additional paid in capital i (19,310) (30,000) Converted to common stock i (690) (40,000) BCF amortization of discount -- 63,164 Unsecured loans -- 30,000 Balance, at end of period $ 8,000 $ 28,000 i. On April 11, 2016, a convertible debt holder of a $38,000 loan having a balance of $ 28,000 as at April 1, 2016, converted $20,000 of the loan into 689,655 common shares as per the terms of the agreement. The 8% convertible note for $38,000 is covered by a Securities Purchase Agreement dated February 24, 2015 with an independent lender and repayable on November 26, 2015. The note holder, at their discretion, shall have a right to convert the principal amount of the note and interest accrued thereon at any time after 180 days from the date of the issuance of the note into common shares of the Company at a price which is 58% of the market price, being the average of the lowest three trading prices for the Companys common shares during the ten trading days prior to the conversion date. After the expiry of the repayment date, the interest rate went up to 22%. Total interest accrued as of September 30, 2016 was $1,003. |
Common Stock Disclosure
Common Stock Disclosure | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Common Stock Disclosure | NOTE 5 - COMMON STOCK Sept. 30, 2016 March 31, 2016 # $ # $ Balance, beginning of period 33,517,461 33,517 25,868,848 25,868 Fees settled in shares i 100,000 100 -- -- Conversion of convertible debt Note 4.i 689,655 690 878,161 878 Settlement of unsecured debts -- -- 11,770,452 11,771 Cancellation of previously issued shares -- -- (5,000,000) (5,000) Balance, end of period 34,307,116 $ 34,307 33,517,461 $ 33,517 i. A consultant was issued 100,000 common shares for services rendered during the three months ended June 30, 2016. These shares were valued at $7,000 , based on the quoted market price of $0.07 per common share on the date of issuance. The par value of these shares of $100 has been included in the common stock and the balance of $6,900 in additional paid-in capital. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Related Party Transactions | NOTE 6 - RELATED PARTY TRANSACTIONS ADVANCES FROM STOCKHOLDERS Sept. 30, 2016 March 31, 2016 Balance, beginning of period $ -- $ 344,145 Funds advanced (net) -- 174 Fee payable transferred from account payable -- 6,000 Exchange difference -- (30,510) Debt assumed by CEO -- (319,809) Balance, end of period $ -- $ -- CONSULTING FEES Three months ended Sept. 30, Six months ended Sept. 30 2016 2015 2016 2015 Fee charged by the management $ 6,250 $ 2,000 $ 12,500 $ -- Other consulting fees ( Note 5.i) 1,000 2,050 9,000 20,730 $ 7,250 $ 4,050 $ 21500 $ 20,730 (i) The fees of $14,500 are included in the accrued liabilities as at September 30, 2016 ($ nil as at March 31, 2016). Trade payable includes $ 21,000 due to former CEO and CFO for his past services. (March 31, 2016|: $ 21,000) |
Reversal of A Liability Disclos
Reversal of A Liability Disclosure | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Reversal of A Liability Disclosure | NOTE 7 - REVERSAL OF A LIABILITY On March 3, 2016, an entity owned by a shareholder of the Company sent a bill for $36,000 for services provided. The amount was not accepted and the Company received no further communication from the entity for its payment. As at September 30, 2016, the management concluded that this amount would no longer be payable and therefore reversed it. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2016 | |
Notes | |
Subsequent Events | NOTE 8 - SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through the date these financial statements were issued and concluded that there are no events to disclose. |
Business Description and Summ14
Business Description and Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Policies | |
Basis of Presentation | (B) Basis of Presentation The unaudited interim financial statements as of and for the three and six months ended September 30, 2016 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 and six months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2017. 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 SECs rules and regulations for interim reporting. The unaudited interim financial statements should be read in conjunction with the Companys Annual Report filed on Form 10-K for the year ended March 31, 2016. The significant accounting policies followed are same as those detailed in the said Annual Report. |
Business Description and Summ15
Business Description and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
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 period then ended. Actual results may differ significantly from those estimates. |
Convertible Debts Disclosure_ S
Convertible Debts Disclosure: Schedule of Convertible Debt (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Convertible Debt | Sept. 30, 2016 March 31, 2016 Balance, at beginning of period $ 28,000 $ 4,836 Converted into additional paid in capital i (19,310) (30,000) Converted to common stock i (690) (40,000) BCF amortization of discount -- 63,164 Unsecured loans -- 30,000 Balance, at end of period $ 8,000 $ 28,000 |
Common Stock Disclosure_ Schedu
Common Stock Disclosure: Schedule of Stockholders Equity (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Stockholders Equity | Sept. 30, 2016 March 31, 2016 # $ # $ Balance, beginning of period 33,517,461 33,517 25,868,848 25,868 Fees settled in shares i 100,000 100 -- -- Conversion of convertible debt Note 4.i 689,655 690 878,161 878 Settlement of unsecured debts -- -- 11,770,452 11,771 Cancellation of previously issued shares -- -- (5,000,000) (5,000) Balance, end of period 34,307,116 $ 34,307 33,517,461 $ 33,517 |
Related Party Transactions_ Sch
Related Party Transactions: Schedule of Advances from Stockholder (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Advances from Stockholder | Sept. 30, 2016 March 31, 2016 Balance, beginning of period $ -- $ 344,145 Funds advanced (net) -- 174 Fee payable transferred from account payable -- 6,000 Exchange difference -- (30,510) Debt assumed by CEO -- (319,809) Balance, end of period $ -- $ -- |
Related Party Transactions_ S19
Related Party Transactions: Schedule of Consulting Fees from Related Parties (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Consulting Fees from Related Parties | Three months ended Sept. 30, Six months ended Sept. 30 2016 2015 2016 2015 Fee charged by the management $ 6,250 $ 2,000 $ 12,500 $ -- Other consulting fees ( Note 5.i) 1,000 2,050 9,000 20,730 $ 7,250 $ 4,050 $ 21500 $ 20,730 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Details | ||
Accumulated deficit | $ 3,237,533 | $ 3,246,400 |
Convertible Debts Disclosure_21
Convertible Debts Disclosure: Schedule of Convertible Debt (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Convertible debt, net | $ 8,000 | $ 28,000 | $ 4,836 |
Converted to additional paid-in capital | |||
Convertible debts, gross | (19,310) | (30,000) | |
Converted to common stock | |||
Convertible debts, gross | $ (690) | (40,000) | |
BCF amortization of discount | |||
Convertible debts, gross | 63,164 | ||
Unsecured loans | |||
Convertible debts, gross | $ 30,000 |
Common Stock Disclosure_ Sche22
Common Stock Disclosure: Schedule of Stockholders Equity (Details) - shares | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Common stock issued and outstanding | 34,307,116 | 33,517,461 | 25,868,848 |
Fees settled in shares | |||
Common stock issued in settlement of fees | 100,000 | ||
Conversion of convertible debt | |||
Common stock issued for convertible debt | 689,655 | 878,161 | |
Settlement of unsecured debts | |||
Common stock issued in settlement of fees | 11,770,452 | ||
Cancellation of previously issued shares | |||
Common stock cancelled | (5,000,000) |
Common Stock Disclosure (Detail
Common Stock Disclosure (Details) | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Details | |
Value of common stock issued in settlement of fee | $ 7,000 |
Related Party Transactions_ S24
Related Party Transactions: Schedule of Advances from Stockholder (Details) | Mar. 31, 2015USD ($) |
Details | |
Advances from stockholder | $ 344,145 |
Related Party Transactions_ S25
Related Party Transactions: Schedule of Consulting Fees from Related Parties (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consulting fees | $ 7,250 | $ 4,050 | $ 21,500 | $ 20,730 |
Fee Charged By Management | ||||
Consulting fees | 6,250 | 2,000 | 12,500 | |
Other Consulting Fees | ||||
Consulting fees | $ 1,000 | $ 2,050 | $ 9,000 | $ 20,730 |
Reversal of A Liability Discl26
Reversal of A Liability Disclosure (Details) | 6 Months Ended |
Sep. 30, 2016USD ($) | |
An entity owned by a shareholder | |
Decrease in related party accounts payable, reversal of payable | $ 36,000 |