Theralink (THER) 10-Q 21 Jul 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	31-May-14	Jul. 17, 2014
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-May-14	'
Trading Symbol	'pedx	'
Entity Registrant Name	'QUINT MEDIA INC.	'
Entity Central Index Key	'0001362703	'
Current Fiscal Year End Date	'--02-28	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	62,883,000
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	'

Balance_Sheets

Balance Sheets (USD $)	31-May-14	Feb. 28, 2014
Current Assets	'	'
Cash and cash equivalents	$8,857	$12,957
Prepaid expenses	89	4,928
Total Current Assets	8,946	17,885
Website and website development cost, net of amortization of $17,440 and $0, respectively	313,920	331,360
Total Assets	322,866	349,245
Current Liabilities	'	'
Accounts payable and accrued liabilities	96,992	106,046
Accounts payable and accrued liabilities, related party	305,339	304,588
Short-term notes payable	525,000	450,000
Liabilities from discontinued operations	109,449	109,449
Total Liabilities	1,036,780	970,083
Stockholders' Equity (Deficit)	'	'
Common stock, 450,000,000 shares authorized, par value $0.0001, 62,883,000 and 62,883,000 shares issued and outstanding at May 31,2014 and February, 28, 2014, respectively	6,288	6,288
Additional paid-in capital	2,697,541	2,697,541
Accumulated deficit	-3,417,743	-3,324,667
Total Stockholders' Equity (Deficit)	-713,914	-620,838
Total Liabilities and Stockholders' Equity (Deficit)	$322,866	$349,245

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	31-May-14	Feb. 28, 2014
Accumulated Amortization of Website Development Costs	$17,440	$0
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Stock, Par Value Per Share	$0.00	$0.00
Common Stock, Shares, Issued	62,883,000	62,883,000
Common Stock, Shares, Outstanding	62,883,000	62,883,000

Statement_of_Operations

Statement of Operations (USD $)	3 Months Ended
	31-May-14	31-May-13
Net Revenues	$66	$0
Expenses	'	'
Website amortization	17,440	0
Professional fees	34,938	43,812
General and administrative	31,947	26,336
Total Expenses	84,325	70,148
Other Expenses	'	'
Interest expense	8,817	9,019
Net Loss From Continuing Operations	-93,076	-79,167
Income (Loss) From Discontinued Operations	0	-1,977
Net Loss	($93,076)	($81,144)
Basic and diluted loss per common share from continuing operations	$0	$0
Basic and diluted income (loss) per common share from discontinued operations	'	$0
Basic and diluted income (loss) per common share	$0	$0
Weighted average number of common shares	62,883,000	62,508,000

Statement_of_Cash_Flows

Statement of Cash Flows (USD $)	3 Months Ended
	31-May-14	31-May-13
Cash Flows From Operating Activities	'	'
Net loss	($93,076)	($81,144)
Items to reconcile net loss to net cash used in operating activities:	'	'
Amortization	17,440	0
Decrease in prepaid expenses and deposits	4,839	8,379
Increase in accounts payable and accrued liabilities, related party	751	0
Decrease in accounts payable and accrued liabilities	-9,054	-15,282
Net cash used in continuing operations	-79,100	-88,047
Net cash provided by (used in) discontinued operations	0	50,556
Net cash used in operating activities	-79,100	-37,491
Cash Flows From Investing Activities	'	'
Acquisition of SlickX (Exley.com)	0	-50,000
Capitalized website and website development costs	0	-25,000
Net cash used in continuing investing activities	0	-75,000
Net cash provided (used) in discontinued investing activities	0	0
Net cash provided by (used in) investing activities	0	-75,000
Cash Flows From Financing Activities	'	'
Principal payments on promissory notes	0	-200,000
Proceeds from issuance of promissory notes	75,000	0
Cash provided by financing activities	75,000	-200,000
Increase (decrease) in cash and cash equivalents	-4,100	-312,491
Cash and cash equivalents, beginning of period	12,957	512,484
Cash and cash equivalents, end of period	$8,857	$199,993

Nature_of_Operations_Continuan

Nature of Operations, Continuance of Business, and Basis of Presentation	3 Months Ended
	31-May-14
Nature of Operations, Continuance of Business, and Basis of Presentation [Text Block]	'
	1	Nature of Operations, Continuance of Business, and Basis of Presentation
		The accompanying unaudited condensed financial statements of Quint Media, Inc. (the “Company” or “Quint”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. In the opinion of the management of Quint, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three month periods and for the period from the date of inception have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms “Company”, “we” , “us” or “our” mean Quint Media, Inc. Certain information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America has been condensed or omitted from these statements pursuant to such accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements for the year ended February 28, 2014.
		During the quarter ended May 31, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage
		Quint transitioned the Company into the digital media business, which encompasses social discovery aspects of the internet, primarily through an engagement website with mobile and tablet applications. Quint capitalizes costs of licenses for the use of Internet domain names or Universal Resource Locators, website development costs, other information technology licenses and marketing and technology related intangibles. All such assets are capitalized at their original cost and upon substantial completion, amortized over their estimated useful.

Going_Concern

Going Concern	3 Months Ended
	31-May-14
Going Concern [Text Block]	'
	2	Going Concern
		Quint’s financial statements as of May 31, 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 $93,076 for the three month period ended May 31, 2014 and a cumulative deficit of $3,417,743 at May 31, 2014. The losses from operations of Quint raise substantial doubt about Quint’s ability to continue as a going concern.
		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.
		As of May 31, 2014, Quint was 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.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	31-May-14
Related Party Transactions [Text Block]	'
	3	Related Party Transactions
		On May 29, 2013 the Company entered into a consulting agreement with Flawsome, whereby Flawsome agreed to provide certain services, including general management, product management, requirements engineering, quality management, project management, design creation, development team lead, deployment management, content management, reporting services, web development, mobile development, basic content creation, server hosting and monitoring and update services. The agreement expired December 31, 2013, but is continuing on a month-to-month basis. During the three months ended May 31, 2014 and 2013, respectively, the Company capitalized $0 and $298,800 in development costs contracted through Flawsome related to the “Exley.com” website and expensed $0 and $52,093 in website management expenses. As of May 31, 2014 and February 28, 2014, the Company owed $181,300 and $196,500 to Flawsome, respectively.
		As of May 31, 2014 and February 28, 2014, respectively, the Company owed $15,000 and $30,000 for consulting services to a director and $93,842 and $70,500 to a Company whose shareholder is a director of the Company. Additionally, the Company owed $15,197 and $7,588 to an officer for expenses paid on behalf of the Company as of May 31, 2014 and February 28, 2014, respectively. The payables do not bear interest.

ShortTerm_Notes_Payable

Short-Term Notes Payable	3 Months Ended
	31-May-14
Short-Term Notes Payable [Text Block]	'
	4	Short-Term Notes Payable
		On March 31, 2014, the Company accepted a subscription from one non-US investor and issued a promissory note in the amount of $75,000. The promissory note is payable in full at maturity on March 31, 2015, and the principal amount or such portion thereof as shall remain outstanding from time to time accrues simple interest, calculated monthly, at a rate of 7% per annum commencing on the date of the promissory note.
		Accrued interest on promissory notes payable totaled $85,147 and $76,330 at May 31, 2014 and February 28, 2014, respectively.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	31-May-14
Discontinued Operations [Text Block]	'
	5	Discontinued Operations
		During the period ended February 28, 2014, the Company’s management elected to discontinue the operations of its pharmaceutical business, divest itself of the balance of its pharmaceutical assets and engage in the digital media business. As such, all assets, liabilities and expenses of the pharmaceutical business have been presented as discontinued operations in the consolidated financial statements. A summary of those assets and liabilities as of May 31, 2014 and February 28, 2014 and revenues and expenses as of May 31, 2014 and 2013 is as follows:
			May 31,		February 28,
			2014		2014
	Assets from Discontinued Operations	$	-	$	-
	Liabilities from Discontinued Operations
	Accounts payable and accrued liabilities	$	109,449	$	109,449
			For the
			Three Months Ended
			May 31,
			2014		2013
	Net Revenues	$	-	$	-
	Expenses
	Cost of goods sold		-		589
	Consulting fees		-		1,388
	Total Expenses		-		(1,977	)
	Net Loss From Discontinued Operations	$	-	$	(1,977	)

Subsequent_Events

Subsequent Events	3 Months Ended
	31-May-14
Subsequent Events [Text Block]	'
	6	Subsequent Events
		On July 15, 2014, the Company accepted a subscription from one non-US investor and issued a promissory note in the amount of $100,000. The promissory note is payable in full at maturity on March 31, 2015, and the principal amount or such portion thereof as shall remain outstanding from time to time accrues simple interest, calculated monthly, at a rate of 7% per annum commencing on the date of the promissory note.

Discontinued_Operations_Tables

Discontinued Operations (Tables)	3 Months Ended
	31-May-14
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet Disclosures [Table Text Block]	'
			May 31,		February 28,
			2014		2014
	Assets from Discontinued Operations	$	-	$	-
	Liabilities from Discontinued Operations
	Accounts payable and accrued liabilities	$	109,449	$	109,449
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures [Table Text Block]	'
			For the
			Three Months Ended
			May 31,
			2014		2013
	Net Revenues	$	-	$	-
	Expenses
	Cost of goods sold		-		589
	Consulting fees		-		1,388
	Total Expenses		-		(1,977	)
	Net Loss From Discontinued Operations	$	-	$	(1,977	)

Going_Concern_Narrative_Detail

Going Concern (Narrative) (Details) (USD $)	3 Months Ended
	31-May-14	31-May-13
Net Loss (Income)	$93,076	$81,144
Accumulated Deficit	$3,417,743	'

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	3 Months Ended
	31-May-14	31-May-13	Feb. 28, 2014
Website and website development cost	$313,920	'	$331,360
Flawsome [Member] | Website Development [Member]	'	'	'
Website and website development cost	0	298,800	'
Website operations and maintenance	0	52,093	'
Due to Related Parties, Current	181,300	'	196,500
Director [Member] | Consulting [Member]	'	'	'
Due to Related Parties, Current	15,000	'	30,000
A Company whose shareholder is a director of the Company [Member]	'	'	'
Due to Related Parties, Current	93,842	'	70,500
Officer [Member]	'	'	'
Due to Related Parties, Current	$15,197	'	$7,588

ShortTerm_Notes_Payable_Narrat

Short-Term Notes Payable (Narrative) (Details) (USD $)	31-May-14	Feb. 28, 2014	Mar. 31, 2014
			Subscription from one non-US investor [Member]
Notes Issued	'	'	$75,000
Debt Instrument, Interest Rate, Stated Percentage	'	'	7.00%
Accrued interest on promissory notes payable	$85,147	$76,330	'

Subsequent_Events_Narrative_De

Subsequent Events (Narrative) (Details) (Subsequent Event [Member], USD $)	3 Months Ended
	31-May-14
Subsequent Event [Member]	'
Notes Issued	$100,000
Debt Instrument, Interest Rate, Stated Percentage	7.00%

Schedule_of_Disposal_Groups_In

Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet Disclosures (Details) (USD $)	31-May-14	Feb. 28, 2014
Assets from Discontinued Operations	$0	$0
Accounts payable and accrued liabilities	$109,449	$109,449

Schedule_of_Disposal_Groups_In1

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures (Details) (USD $)	3 Months Ended
	31-May-14	31-May-13
Net Revenues	$0	$0
Cost of goods sold	0	589
Consulting fees	0	1,388
Total Expenses	0	-1,977
Net Loss From Discontinued Operations	$0	($1,977)