Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 28, 2014 |
Basis of Presentation and Accounting Methods [Policy Text Block] | ' |
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a. Basis of Presentation and Accounting Methods |
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The financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States using the accrual method of accounting. The Company’s fiscal year-end is February 28. |
Use of estimates [Policy Text Block] | ' |
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b. Use of Estimates |
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The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Reclassification [Policy Text Block] | ' |
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c. Reclassification |
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Certain prior year amounts have been reclassified to conform to the current year presentation. |
Cash and Cash Equivalents [Policy Text Block] | ' |
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d. Cash and Cash Equivalents |
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The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of February 28, 2014 and 2013, the Company had no cash equivalents. |
Intangible Assets [Policy Text Block] | ' |
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e. Intangible Assets |
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Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. Acquired intangible assets are carried at cost, less accumulated amortization. For intangible assets purchased in a business combination or received in a non-monetary exchange, the estimated fair values of the assets received (or, for non-monetary exchanges, the estimated fair values of the assets transferred if more clearly evident) are used to establish the cost bases, except when neither of the values of the assets received or the assets transferred in non-monetary exchanges are determinable within reasonable limits. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. Amortization of finite-lived intangible assets is computed over the useful lives of the respective assets. |
Impairment of Intangible assets [Policy Text Block] | ' |
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f. Impairment of Intangible assets |
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Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate intangible assets to determine potential impairment by comparing the carrying amount to the undiscounted estimated future cash flows of the related assets. The Company wrote-off the remaining approximately $200,000 in Granisol product rights during the year ended February 28, 2014. The impairment is presented in discontinued operations. |
Basic and diluted net loss per share [Policy Text Block] | ' |
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g. Basic and Diluted Net Loss Per Share |
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The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. The Company had net losses as of February 28, 2014 and 2013, so the diluted EPS excluded all dilutive potential shares in the diluted EPS because there effect is anti-dilutive. |
Financial Instruments [Policy Text Block] | ' |
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h. Financial Instruments |
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ASC 820, Fair Value Measurements (ASC 820) and ASC 825, Financial Instruments (ASC 825) , requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value: |
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Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. |
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Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. |
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Level 3 - Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
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The Company’s financial instruments consist principally of cash, accounts payable, and accrued liabilities. Pursuant to ASC 820 and 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
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The Company did not have any financial assets and liabilities measured at fair value on February 28, 2014 and 2013. |
Revenue Recognition [Policy Text Block] | ' |
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i. Revenue Recognition |
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The Company recognizes revenue in accordance with ASC 605, Revenue Recognition . Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is provided, and collectability is assured. The Company has had minimal revenue from continuing operations for the years ended February 28, 2014 and none during the year ended February 28, 2013. |
Recent Accounting Pronouncements [Policy Text Block] | ' |
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j. Recent Accounting Pronouncements |
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The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Income Taxes [Policy Text Block] | ' |
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k. Income Taxes |
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The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. |
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A reconciliation between the income tax expense recognized in the Company's statements of operations and the income tax expense (benefit) computed by applying the domestic federal statutory income tax rate to the net loss for the period for fiscal years 2013 and 2012 is as follows: |
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| | | February 28, | |
| | | 2014 | | | 2013 | |
| Income tax benefit at federal statutory rate (34% | $ | (258,956 | ) | $ | (107,419 | ) |
| State income tax benefit | | - | | | (10,918 | ) |
| Non-deductible stock based compensation | | - | | | 52,855 | |
| Impairment expense | | 68,000 | | | - | |
| Change in valuation allowance | | 190,956 | | | 67,000 | |
| Other | | - | | | (1,518 | ) |
| Total income tax expense | $ | - | | $ | - | |
| | | As of | |
| | | February 28, | |
| | | 2014 | | | 2013 | |
| Net operating loss carry-forward | $ | 734,000 | | $ | 545,000 | |
| Other | | 299,000 | | | 299,000 | |
| Less: Valuation allowance | | (1,033,000 | ) | | (844,000 | ) |
| Net deferred tax asset | $ | - | | $ | - | |
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The Company had net operating losses of approximately $736,000 that expire in years through 2025. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. |
Share-Based Compensation [Policy Text Block] | ' |
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l. Share-Based Compensation |
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The Company accounts for share-based compensation to employees in accordance with Accounting Standards Codification subtopic 718-10, Stock Compensation (“ASC 718-10”) and share-based compensation to non-employees in accordance with ASC 505. These require the measurement and recognition of compensation expense for all share-based payment awards, including stock options based on the estimated fair values. |
Going Concern [Policy Text Block] | ' |
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m. Going Concern |
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Quint’s financial statements as of February 28, 2014 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. Quint has a net loss of $757,403 for the year ended February 28, 2014 and a cumulative deficit $3,247,667 at February 28, 2014. The losses from operations of Quint raise substantial doubt about Quint’s ability to continue as a going concern. |
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Management cannot provide assurance that Quint will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. Management believes that Quint’s capital resources are not currently adequate to continue operating and maintaining its business strategy for the fiscal year ending February 28, 2015. Quint will seek to raise capital through additional debt and/or equity financings to fund its operations in the future. Although Quint has historically raised capital from sales of equity and from the issuance of promissory notes, there is no assurance that it will be able to continue to do so. If Quint is unable to raise additional capital or secure additional lending in the near future, management expects that Quint will need to curtail or cease operations. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should Quint be unable to continue as a going concern. |
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| Quint is in the process of transitioning to its new operating business and expects to incur operating losses for the next twelve months as it moves forward. This new operating business encompasses entrance into the social discovery aspects of the internet; primarily development of an engagement website with mobile and tablet application. | | | | | | |