Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Aug. 31, 2014 | Oct. 14, 2014 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Aug-14 | ' |
Trading Symbol | 'quni | ' |
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 | 'Q2 | ' |
Balance_Sheets
Balance Sheets (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
Current Assets | ' | ' |
Cash and cash equivalents | $38,555 | $12,957 |
Prepaid expenses | 4,475 | 4,928 |
Total Current Assets | 43,030 | 17,885 |
Website and website development cost, net of amortization of $52,320 and $17,440, respectively | 296,480 | 331,360 |
Total Assets | 339,510 | 349,245 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 104,399 | 106,046 |
Accounts payable and accrued liabilities, related party | 323,042 | 304,588 |
Short-term notes payable | 625,000 | 450,000 |
Liabilities from discontinued operations | 0 | 109,449 |
Total Liabilities | 1,052,441 | 970,083 |
Stockholders' Deficit | ' | ' |
Common stock, 450,000,000 shares authorized, par value $0.0001, 62,883,000 and 62,883,000 shares issued and outstanding, respectively | 6,288 | 6,288 |
Additional paid-in capital | 2,697,541 | 2,697,541 |
Accumulated deficit | -3,416,760 | -3,324,667 |
Total Stockholders' Deficit | -712,931 | -620,838 |
Total Liabilities and Stockholders' Deficit | $339,510 | $349,245 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
Accumulated Amortization of Website Development Costs | $52,320 | $17,440 |
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 | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Net revenues | $8 | $0 | $74 | $0 |
Expenses | ' | ' | ' | ' |
Professional fees | 28,212 | 69,314 | 63,150 | 114,220 |
Website amortization | 17,440 | 0 | 34,880 | 0 |
General and administrative | 52,408 | 44,932 | 84,355 | 71,562 |
Total Expenses | 98,060 | 114,246 | 182,385 | 185,782 |
Other Income (Expenses) | ' | ' | ' | ' |
Interest Expense | -10,414 | -9,074 | -19,231 | -18,093 |
Other income | 0 | 567 | 0 | 567 |
Net Loss From Continuing Operations | -108,466 | -122,753 | -201,542 | -203,308 |
Income (Loss) From Discontinued Operations | 109,449 | -5,721 | 109,449 | -6,310 |
Net Income (Loss) | $983 | ($128,474) | ($92,093) | ($209,618) |
Basic and diluted loss per common share from continuing operations | $0 | $0 | $0 | $0 |
Basic and diluted income (loss) per common share from discontinued operations | $0 | $0 | $0 | $0 |
Basic and diluted income (loss) per common share | $0 | $0 | $0 | $0 |
Weighted average number of common shares | 62,883,000 | 62,508,000 | 62,883,000 | 62,508,000 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 6 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Cash Flows From Operating Activities | ' | ' |
Net loss | ($92,093) | ($209,618) |
Items to reconcile net loss to net cash used in operating activities: | ' | ' |
Website amortization | 34,880 | 0 |
Decrease in prepaid expenses and deposits | 453 | 1,489 |
Increase in accounts payable and accrued liabilities, related party | 18,454 | 51,672 |
Decrease in accounts payable and accrued liabilities | -1,647 | -2,603 |
Net cash used in continuing operations | -39,953 | -159,060 |
Net cash provided by (used in) discontinued operations | -109,449 | 53,590 |
Net cash used in operating activities | -149,402 | -105,470 |
Cash Flows From Investing Activities | ' | ' |
Acquisition of SlickX (Exley.com) | 0 | -50,000 |
Capitalized website and website development costs | 0 | -100,600 |
Net cash used in continuing investing activities | 0 | -150,600 |
Net cash provided (used in) discontinued investing activities | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | -150,600 |
Cash Flows From Financing Activities | ' | ' |
Principal payments on promissory notes | 0 | -200,000 |
Proceeds from issuance of promissory notes | 175,000 | 0 |
Cash provided by financing activities | 175,000 | -200,000 |
Increase (decrease) in cash and cash equivalents | 25,598 | -456,070 |
Cash and cash equivalents, beginning of period | 12,957 | 512,484 |
Cash and cash equivalents, end of period | $38,555 | $56,414 |
Nature_of_Operations_Continuan
Nature of Operations, Continuance of Business, and Basis of Presentation | 6 Months Ended | |
Aug. 31, 2014 | ||
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 six 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 period ended August 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 | 6 Months Ended | |
Aug. 31, 2014 | ||
Going Concern [Text Block] | ' | |
2 | Going Concern | |
Quint’s financial statements as of August 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 from continuing operations of $92,093 for the six month period ended August 31, 2014 and a cumulative deficit of $3,416,760 at August 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 August 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 | 6 Months Ended | |
Aug. 31, 2014 | ||
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 six months ended August 31, 2014 and 2013, respectively, the Company capitalized $0 and $100,600 in development costs contracted through Flawsome related to the “Exley.com” website and expensed $10,780 and $0 in website management expenses. As of August 31, 2014 and February 28, 2014, the Company owed $182,280 and $196,500 to Flawsome, respectively. | ||
As of August 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 $31,920 and $7,588 to an officer for expenses paid on behalf of the Company as of August 31, 2014 and February 28, 2014, respectively. The payables do not bear interest. | ||
ShortTerm_Notes_Payable
Short-Term Notes Payable | 6 Months Ended | |
Aug. 31, 2014 | ||
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. | ||
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. | ||
Accrued interest on promissory notes payable totaled $95,561 and $76,330 at August 31, 2014 and February 28, 2014, respectively. | ||
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
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 August 31, 2014 and February 28, 2014 and revenues and expenses for the six months ended August 31, 2014 and 2013 are as follows: | ||||||||
August 31, | February 28, | |||||||
2014 | 2014 | |||||||
Assets from Discontinued Operations | $ | - | $ | - | ||||
Liabilities from Discontinued Operations | ||||||||
Accounts payable and accrued liabilities | $ | - | $ | 109,449 | ||||
For the | ||||||||
Six Months Ended | ||||||||
August 31, | ||||||||
2014 | 2013 | |||||||
Net Revenues | $ | - | $ | - | ||||
Expenses | ||||||||
Cost of goods sold | - | 6,310 | ||||||
Consulting fees | - | - | ||||||
Total Expenses | - | (6,310 | ) | |||||
Other Income | ||||||||
Gain on extinguishment of product return liability | 109,449 | - | ||||||
Net Income (Loss) From Discontinued Operations | $ | 109,449 | $ | (6,310 | ) | |||
Certain terms with prior customers allowed the return of product within a certain period of the product's expiration date. As such, upon shipment of product an estimate for returns was recorded. During the six months ended August 31, 2014, Company management deemed the remaining product return liabilities to be expired and no remaining liability exists. Accordingly, During the six months ended August 31, 2014, the Company recognized a gain of $109,449 from the extinguishment of product return liabilities. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet Disclosures [Table Text Block] | ' | |||||||
August 31, | February 28, | |||||||
2014 | 2014 | |||||||
Assets from Discontinued Operations | $ | - | $ | - | ||||
Liabilities from Discontinued Operations | ||||||||
Accounts payable and accrued liabilities | $ | - | $ | 109,449 | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures [Table Text Block] | ' | |||||||
For the | ||||||||
Six Months Ended | ||||||||
August 31, | ||||||||
2014 | 2013 | |||||||
Net Revenues | $ | - | $ | - | ||||
Expenses | ||||||||
Cost of goods sold | - | 6,310 | ||||||
Consulting fees | - | - | ||||||
Total Expenses | - | (6,310 | ) | |||||
Other Income | ||||||||
Gain on extinguishment of product return liability | 109,449 | - | ||||||
Net Income (Loss) From Discontinued Operations | $ | 109,449 | $ | (6,310 | ) |
Going_Concern_Narrative_Detail
Going Concern (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Net Loss (Income) | ($983) | $128,474 | $92,093 | $209,618 |
Accumulated Deficit | $3,416,760 | ' | $3,416,760 | ' |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Feb. 28, 2014 | |
Website and website development cost | $296,480 | ' | $331,360 |
Flawsome [Member] | Website Development [Member] | ' | ' | ' |
Website and website development cost | 0 | 100,600 | ' |
Website operations and maintenance | 10,780 | 0 | ' |
Due to Related Parties, Current | 182,280 | ' | 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 | $31,920 | ' | $7,588 |
ShortTerm_Notes_Payable_Narrat
Short-Term Notes Payable (Narrative) (Details) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 | Jul. 15, 2014 | Mar. 31, 2014 |
Subscription from one non-US investor [Member] | Subscription from one non-US investor [Member] | |||
Notes Issued | ' | ' | $100,000 | $75,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 7.00% | 7.00% |
Accrued interest on promissory notes payable | $95,561 | $76,330 | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 6 Months Ended |
Aug. 31, 2014 | |
Gain on extinguishment of product return liability | $109,449 |
Schedule_of_Disposal_Groups_In
Schedule of Disposal Groups, Including Discontinued Operations, Balance Sheet Disclosures (Details) (USD $) | Aug. 31, 2014 | Feb. 28, 2014 |
Assets from Discontinued Operations | $0 | $0 |
Accounts payable and accrued liabilities | $0 | $109,449 |
Schedule_of_Disposal_Groups_In1
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement Disclosures (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Net Revenues | ' | ' | $0 | $0 |
Cost of goods sold | ' | ' | 0 | 6,310 |
Consulting fees | ' | ' | 0 | 0 |
Total Expenses | ' | ' | 0 | -6,310 |
Gain on extinguishment of product return liability | ' | ' | 109,449 | ' |
Gain on extinguishment of product return liability | ' | ' | 109,449 | 0 |
Net Loss From Discontinued Operations | $109,449 | ($5,721) | $109,449 | ($6,310) |