Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Aug. 31, 2013 | |
Document And Entity Information | |
Entity Registrant Name | Domark International Inc. |
Entity Central Index Key | 1365160 |
Document Type | 10-Q |
Document Period End Date | 31-Aug-13 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -26 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 74,429,054 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2014 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | 31-May-13 |
CURRENT | ||
Cash and cash equivalents | $13,663 | $20 |
Prepaid expenses | 17,822 | 17,823 |
TOTAL CURRENT ASSETS | 31,485 | 17,843 |
INVESTMENTS | 915,402 | |
Other Assets | ||
Loan receivable from consultant | 36,203 | |
Patents | 75,500 | 40,000 |
License, net of accumulated amortization of $2,188 and $1,828, respectively | 7,822 | 8,182 |
TOTAL OTHER ASSETS | 119,525 | 48,182 |
TOTAL ASSETS | 1,066,412 | 66,025 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||
Accounts payable & accrued expenses | 198,670 | 209,179 |
Loans payable to consultants and stockholders | 245,393 | 45,288 |
Convertible notes payable (net of unamortized discounts of $248,498 and $59,301, respectively) | 105,502 | 148,691 |
Derivative liability for convertible notes payable | 520,852 | 237,578 |
TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES | 1,070,417 | 640,736 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares: Series A convertible preferred stock - issued and outstanding 50,000 shares | 50 | 50 |
Common stock, $0.001 par value, authorized 200,000,000 shares: issued and outstanding 74,429,054 and 54,615,298 shares, respectively | 74,429 | 54,615 |
Common stock payable | 858,000 | 858,000 |
Additional paid-in capital | 42,130,942 | 40,816,440 |
Accumulated deficit | -26,850,830 | -26,850,830 |
Accumulated deficit during development stage | -16,216,596 | -15,452,986 |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | -4,005 | -574,711 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $1,066,412 | $66,025 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | 31-May-13 |
Consolidated Balance Sheets Parenthetical | ||
License, net of accumulated amortization | $2,188 | $1,828 |
Convertible notes payable net of unamortized discounts | $248,498 | $59,301 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock series A, par value | $0.00 | $0.00 |
Preferred stock series A, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock series A, shares issued | 50,000 | 50,000 |
Preferred stock series A, shares outstanding | 50,000 | 50,000 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 74,429,054 | 54,615,298 |
Common Stock, shares outstanding | 74,429,054 | 54,615,298 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (Unaudited) (USD $) | 3 Months Ended | 46 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Consolidated Statements Of Operations | |||
Sales | $20,345 | $57,864 | |
Cost of sales | 22,976 | 80,284 | |
GROSS LOSS | -2,631 | -22,420 | |
Operating expenses: | |||
General and administrative expenses | 259,443 | 375,479 | 1,932,325 |
Stock-based compensation | 453,825 | 410,550 | 7,321,341 |
Research & development | 45,609 | ||
Amortization of Barefoot-Science license fee | 394,520 | 1,394,520 | |
Impairment of Barefoot-Science license fee | 4,605,480 | ||
Depreciation & Amortization | 360 | 2,619 | 14,901 |
Impairment of other assets | 20,000 | ||
Bad debt expenses | 1,000 | 101,456 | |
Loss on settlement of debt | 409,903 | ||
Total operating expenses | 713,628 | 1,184,168 | 15,845,535 |
Loss from operations | -713,628 | -1,186,799 | -15,867,955 |
Other income (expense): | |||
Other Income | 29,567 | ||
Revaluation of derivative liability for convertible notes | 14,976 | -222,602 | |
Interest expense | -64,958 | -155,606 | |
Total other income (expense) | -49,982 | -348,641 | |
Net loss | ($763,610) | ($1,186,799) | ($16,216,596) |
Net loss per common share, basic and diluted | ($0.01) | ($0.04) | |
Weighted average common shares outstanding | 64,522,176 | 29,350,896 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 46 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | ($763,610) | ($1,186,799) | ($16,216,596) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 360 | 2,619 | 14,901 |
Amortization of deferred finance costs | 14,799 | 60,000 | |
Common stock issued a compensation | 453,825 | 920,175 | 7,321,341 |
Non cash interest | 64,958 | 70,603 | |
Loss (gain) on derivative valuation | -14,976 | 222,602 | |
Amortization of prepaid license fees | 1,394,520 | ||
Impairment of assets | 4,615,480 | ||
Loss on settlement of debt | 409,903 | ||
Changes in Operating assets and liabilities: | |||
Inventory - tv production | -13,611 | -16,926 | |
Prepaid expenses | 1 | 11,020 | -12,925 |
Accounts payable and accrued expenses | -10,509 | 49,416 | 367,975 |
Accounts payable -related party | 25,442 | 15,366 | |
Net cash in operating activities | -269,951 | -176,939 | -1,753,756 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Cash paid for licensing | -35,000 | ||
Cash paid for furniture & equipment | -4,000 | ||
Cash Paid for web development | -7,500 | ||
Cash paid for investments | -117,902 | -117,902 | |
Cash paid for loan receivable from consultant | -36,203 | -36,203 | |
Net cash flows used in investing activities | -154,105 | -200,605 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from convertible notes payable | 282,500 | 392,500 | |
Advances from related parties | 155,199 | 153,722 | 1,242,887 |
Payments made on notes payable - related parties | -126,478 | ||
Proceeds received from notes payable | 556,058 | ||
Payments made on notes payable | -100,470 | ||
Net cash provided by financing activities | 437,699 | 153,722 | 1,964,497 |
Net increase(decrease) in cash and cash equivalants | 13,643 | -23,217 | 10,136 |
CASH BALANCE BEGINNING OF PERIOD | 20 | 52,269 | 3,527 |
CASH BALANCE END OF PERIOD | 13,663 | 29,052 | 13,663 |
Cash paid for interest | |||
Cash paid for taxes | |||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Prepaid licensing fee | 6,000,000 | 6,000,000 | |
Shares issued for note payable settlement | 147,491 | 295,491 | |
Shares issued for patent acquisition | 35,500 | 75,500 | |
Shares issued for 19% equity interest in Imagic Ltd | $697,500 | $697,500 |
Description_of_Business
Description of Business | 3 Months Ended |
Aug. 31, 2013 | |
Notes to Financial Statements | |
Note 1 - Description of Business | DOMARK INTERNATIONAL, INC. ("DoMark" or the "Company") was incorporated under the laws of the State of Nevada on March 30, 2006. During 2008 and 2009, the Company acquired several operating businesses. On May 21, 2009, the Company entered into an acquisition agreement (the "Victory Lane Agreement") with Victory Lane Financial Elite, LLC ("Victory Lane") with respect to a real estate lifestyle business known as "Victory Lane" (the "Victory Lane Business"). Shortly thereafter, a dispute arose between the Company and the principals of Victory Lane regarding the representations of the principals of Victory Lane and the Victory Lane Business and the Victory Lane Agreement. |
On March 5, 2012, the Company entered into an Asset Purchase Agreement with its then controlling shareholder, R. Thomas Kidd, for the sale of the Company’s subsidiary Armada Armada/The Golf Championships and certain assets related thereto. The Company relied upon ASC 860-20-25, and ASC 860-20-40 to record the sale. Fair value of the transaction is measured at fair value of the assets less any liabilities sold. | |
On February 29, 2012, the Company formed a new wholly owned subsidiary, Solawerks, Inc. in the state of Nevada, for the purposes of entering the business of marketing specialized solar consumer electronics. Solawerks' current focus is to develop and distribute the SolaPad: a combined cover and charging system for Apple's iPad, and the SolaCase: a combined cover and charging system for all versions of Apple's iPhone. Solawerks competes in a market that also includes 3D Systems (DDD), Dell (DELL) and Hewlett Packard (HPQ). | |
On June 20, 2012, the Company formed a new wholly-owned subsidiary, MuscleFoot Inc. in the state of Nevada for the purpose of distributing, marketing, and acting as sales agent for the patented foot care system of Barefoot Science. This entity is currently in default with the Nevada Secretary of State. | |
On July 20, 2012, the Company formed a new wholly-owned subsidiary, DoMark Canada Inc. in the province of Ontario for the purpose of supporting the Company’s corporate operations based in Toronto, Ontario, Canada. | |
On February 28, 2013, the Company entered into a Memorandum of Understanding to purchase 44% of Zaktek Ltd. (“Zaktek”). Zaktek’s main product is the phonepad+, an Apple Inc. approved tablet device that works with smartphones, including the Apple iPhone® and Samsung Galaxy products to improve functionality including video and gaming abilities. | |
On April 23, 2013, the Company received notification that Zaktek was ending discussions in regards to the definitive purchase agreement with DoMark. | |
On June 11, 2013, the Company then purchased 100% of South Hill Ltd., an English private limited company, which owns approximately 19% of Zaktek. |
Going_Concern
Going Concern | 3 Months Ended |
Aug. 31, 2013 | |
Notes to Financial Statements | |
Note 2 - Going Concern | The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which contemplate continuation of the Company as a going concern. The Company has year-end losses from operations of $6,745,015 and $5,533,923 for the years ended May 31, 2013 and 2012, respectively. Furthermore, the Company has inadequate working capital to maintain or develop its operations, and is dependent upon funds from private investors and the support of certain stockholders. |
These factors raise substantial doubt about the ability of the Company to continue as a going concern. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. In this regard, management is planning to raise any necessary additional funds through loans and additional sales of its common stock. There is no assurance that the Company will be successful in raising additional capital. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Aug. 31, 2013 | |
Notes to Financial Statements | |
Note 3 - Basis of Presentation | The audited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles ("GAAP") for financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Notes to Financial Statements | |||||||||
Note 4 - Summary of Significant Accounting Policies | RECENT ACCOUNTNG PRONOUNCEMENTS | ||||||||
The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. | |||||||||
DEVELOPMENT STAGE COMPANY | |||||||||
The Company is a development stage company as defined in ASC Standard 915-10-05 and has recognized minimal revenue and devotes substantially all of its efforts on consumer electronic businesses. Its planned principal operations in developing its sports business have commenced. All losses accumulated since October 21, 2009 have been considered as part of the Company's development stage activities. | |||||||||
PRINCIPLES OF CONSOLIDATION | |||||||||
The accompanying consolidated financial statements represent the consolidated financial position and results of operations of the Company and include the accounts and results of operations of the Company and its subsidiaries. The accompanying consolidated financial statements include the active entity of DoMark International, Inc. and its wholly owned subsidiaries, DoMark Canada, Inc., Solawerks, Inc., Musclefoot, Inc., and South Hill Ltd. The Company has relied upon the guidance provided by Statements of Financial Accounting Standards, ASC 810-10-15-3. | |||||||||
USE OF ESTIMATES | |||||||||
The preparation of financial statements in conformity with GAAP 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. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. | |||||||||
The primary management estimates included in these financial statements are the fair value of its stock tendered in various non-monetary transactions. | |||||||||
CASH AND CASH EQUIVALENTS | |||||||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At August 31, 2013 and May 31, 2013, cash and cash equivalents included cash on hand and cash in the bank. | |||||||||
NET LOSS PER COMMON SHARE | |||||||||
Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. Dilutive securities having an anti-dilutive effect on diluted net loss per common share are excluded from the calculation. | |||||||||
For the three months ended August 31, 2013 and 2012, diluted common shares outstanding excluded the following dilutive securities as the effect of their inclusion was anti-dilutive: | |||||||||
Three Months Ended | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
Convertible notes payable | 13,435,345 | - | |||||||
Series A convertible preferred stock | 50,000,000 | 50,000,000 | |||||||
Warrants | 850,000 | 350,000 | |||||||
Total | 64,285,345 | 50,350,000 | |||||||
INTANGIBLE ASSETS | |||||||||
Intangible assets are carried at cost less accumulated amortization. Amortization is recorded over the estimated useful lives of the respective assets. | |||||||||
IMPAIRMENT OF LONG-LIVED ASSETS | |||||||||
In accordance with ASC Standard 360-10-40, long-lived assets, such as property, plant, and equipment, and purchased intangibles, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill and other intangible assets are tested for impairment annually. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. | |||||||||
STOCK-BASED COMPENSATION | |||||||||
The Company accounts for share based payments in accordance with ASC 718, Compensation - Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant date fair value of the award. In accordance with ASC 718-10-30-9, Measurement Objective - Fair Value at Grant Date, the Company estimates the fair value of the award using a valuation technique. For this purpose, the Company uses the Black-Scholes option pricing model. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. Compensation cost is recognized over the requisite service period which is generally equal to the vesting period. Upon exercise, shares issued will be newly issued shares from authorized common stock. | |||||||||
ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505. | |||||||||
RESEARCH AND DEVELOPMENT | |||||||||
All research and development expenditures are expensed as incurred. | |||||||||
REVENUE RECOGNITION | |||||||||
The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. |
Investments
Investments | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Notes to Financial Statements | |||||||||
Note 5 - Investments | Investments consist of: | ||||||||
August 31, | May 31, | ||||||||
2013 | 2013 | ||||||||
Imagic Ltd. - 19% equity interest - at cost (7,500,000 shares of | $ | 900,637 | $ | - | |||||
DoMark common stock - $697,500, cash -$103,137, loans payable -$100,000) | |||||||||
Barefoot Science Products & Services Inc. - 15% equity interest | 14,765 | - | |||||||
Total | $ | 915,402 | $ | - | |||||
On July 22, 2013, the Company closed on the acquisition of a 19% equity interest in Imagic Ltd. (“Imagic”). Imagic is a privately owned company registered in Gibraltar which owns proprietary product designs for its Digilink and Game Control products. Imagic shares are not quoted or traded on any securities exchange or in any recognized over-the counter market. Accordingly, it is not practicable to estimate the fair value of this investment. | |||||||||
On January 25, 2013, the Company executed an agreement with Barefoot Science Products & Services Inc. (“Barefoot Science”) which cancelled the Marketing and Distribution Agreement dated June 20, 2012 and which provided the Company a 15% equity interest in Barefoot Science. As a result, the Company recognized an impairment charge of $4,605,480 in the year ended May 31, 2013 to write off the remaining unamortized prepaid license fees at February 28, 2013 ($4,605,480). Barefoot Science has developed a patented foot strengthening system through insertion of an insole system or by incorporation right into the design of shoes. Barefoot Science shares are not quoted or traded on any securities exchange or in any recognized over-the counter market. Accordingly, it is not practicable to estimate the fair value of this investment. |
Loans_Payable_to_Consultants_a
Loans Payable to Consultants and Stockholders | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Notes to Financial Statements | |||||||||
NOTE 6 - Loans Payable to Consultants and Stockholders | Loans payable to consultants and stockholders consist of: | ||||||||
August 31, | May 31, | ||||||||
2013 | 2013 | ||||||||
Consultant and stockholder | $ | 50,000 | $ | - | |||||
Consultant and stockholder | 43,800 | 7,800 | |||||||
Chairman of DoMark | 36,500 | - | |||||||
Chairman of Barefoot Science and affiliate | 33,500 | - | |||||||
Consultant | 12,996 | - | |||||||
Consultant | 68,597 | 37,488 | |||||||
Total | $ | 245,393 | $ | 45,288 | |||||
The loans are informal and do not provide for interest or a stated maturity date. |
Convertible_Notes_Payable
Convertible Notes Payable | 3 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Notes to Financial Statements | ||||||||||||||||||||||||
Note 7 - Convertible Notes Payable | At August 31, 2013, convertible notes payable consisted of | |||||||||||||||||||||||
Date of Note | Noteholder | Interest | Maturity | Principal | Unamortized | Net Carrying Amount | ||||||||||||||||||
Rate | date | Amount | Debt Discount | |||||||||||||||||||||
1/30/13 | Asher Enterprises, Inc. | 8 | % | 11/1/13 | $ | 39,000(a) | $ | (39,000 | ) | $ | 78,000 | |||||||||||||
4/15/13 | Asher Enterprises, Inc. | 8 | % | 1/17/14 | 32,500(a) | 27,111 | 5,209 | |||||||||||||||||
6/11/13 | Asher Enterprises, Inc. | 8 | % | 3/3/14 | 32,500(a) | 31,712 | 788 | |||||||||||||||||
8/1/13 | Continental Equities, LLC | 12 | % | 8/1/14 | 30,000(b) | 29,969 | 31 | |||||||||||||||||
8/5/13 | JSJ Investments, Inc. | 10 | % | 02/05/14 | 25,000(c) | 24,969 | 31 | |||||||||||||||||
8/7/13 | JMJ Financial Inc. | 12 | % | 8/7/14 | 50,000 (d) | 33,288 | 16,712 | |||||||||||||||||
8/13/13 | Black Mountain Equities, Inc. | 10 | % | 5/13/14 | 50,000 (e) | 45,459 | 4,541 | |||||||||||||||||
8/26/13 | Redwood Fund III | 12 | % | 2/28/14 | 95,000 (f) | 94,990 | 10 | |||||||||||||||||
Totals | $ | 354,000 | $ | 248,498 | $ | 105,502 | ||||||||||||||||||
Legend | ||||||||||||||||||||||||
(a) At noteholder’s option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 55% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. | ||||||||||||||||||||||||
(b) At noteholder’s option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 50% of the average of the three lowest closing prices during the 30 trading days prior to the notice of conversion. | ||||||||||||||||||||||||
(c) At noteholder’s option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.081 or 50% of the average of the three lowest closing prices during the 10 trading days prior to the notice of conversion. | ||||||||||||||||||||||||
(d) At noteholder’s option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.085 or 60% of the lowest closing price during the 25 trading days prior to the notice of conversion. | ||||||||||||||||||||||||
(e) At noteholder’s option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.08 or 50% of the lowest closing price during the 10 trading days prior to the notice of conversion. | ||||||||||||||||||||||||
(f) At noteholder’s option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.0725 or 34% of the lowest closing price during the 20 trading days prior to the notice of conversion. |
Stockholders_Equity
Stockholders Equity | 3 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Notes to Financial Statements | ||||||||||||
Note 8 - Stockholders Equity | Series A Convertible Preferred Stock | |||||||||||
Each share of Series A Convertible Preferred Stock has 1000 voting rights and is convertible into 1000 shares of common stock. | ||||||||||||
Common Stock Issuances | ||||||||||||
On June 17, 2013, the Company issued 2,500,000 shares of common stock in satisfaction of a $50,000 loan payable. | ||||||||||||
On June 29, 2013, the Company issued 2,500,000 shares of common stock (valued at $250,000) to a consultant for services rendered. | ||||||||||||
On July 5, 2013, the Company issued 250,000 shares of common stock (valued at $22,500) to a consultant for website development services. | ||||||||||||
On July 9, 2013, the Company issued 75,000 shares of common stock (valued at $6,675) to a consultant for services rendered. | ||||||||||||
On July 17, 2013, the Company issued 500,000 shares of common stock (valued at $41,650) to a consultant for investor relations services. | ||||||||||||
On July 22, 2013, the Company issued 2,874,550 shares of common stock in satisfaction of a $57,491 loan payable. | ||||||||||||
On July 22, 2013, the Company issued 7,500,000 shares of common stock (valued at $697,500) in connection with the acquisition of a 19% equity interest in Imagic Ltd. See Note 5. | ||||||||||||
On August 15, 2013, the Company issued 500,000 shares of common stock (valued at $35,500) to Bioharmonics Technologies Corp. in connection with the acquisition of certain inventions and related patents and patent applications. See Note 9. | ||||||||||||
On August 26, 2013, the Company issued 2,000,000 shares of common stock (valued at $133,000) to a consultant for services rendered. | ||||||||||||
On August 28, 2013, the Company issued 1,114,206 shares of common stock to Asher Enterprises, inc. in satisfaction of $14,000 principal amount of convertible notes payable and $26,000 of fees. See Note 7. | ||||||||||||
Warrants to Purchase Common Stock | ||||||||||||
A summary of warrant activity for the year ended May 31, 2013 and for the three months ended August 31, 2013 follows: | ||||||||||||
Weighted Average Exercise Price | ||||||||||||
Number of Warrants | ||||||||||||
Outstanding at May 31, 2012 | - | $ | - | |||||||||
Granted | 850,000 | 0.42 | ||||||||||
Exercised | - | - | ||||||||||
Cancelled | - | - | ||||||||||
Outstanding at May 31, 2013 | 850,000 | 0.42 | ||||||||||
Granted | - | - | ||||||||||
Exercised | - | - | ||||||||||
Cancelled | - | - | ||||||||||
Outstanding at August 31, 2013 | 850,000 | $ | 0.42 | |||||||||
Warrants outstanding at August 31, 2013 consist of: | ||||||||||||
Date Granted | Number Outstanding | Exercise | Expiration | |||||||||
price | Date | |||||||||||
25-May-12 | 100,000 | $ | 1 | 25-May-15 | ||||||||
12-Jun-12 | 150,000 | $ | 1 | 12-Jun-15 | ||||||||
26-Jun-12 | 100,000 | $ | 1 | 26-Jun-15 | ||||||||
1-Jan-13 | 500,000 | $ | 0.01 | 1-Jan-15 | ||||||||
Totals | 850,000 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Aug. 31, 2013 | |||||
Notes to Financial Statements | |||||
Note 9 - Commitments and Contingencies | License Agreements | ||||
On February 29, 2012, the Company entered into a Memorandum of Agreement with Xiamen Taiyang Neng Gongsi and Michael Franklin. For and in consideration of the payment of an initial license fee of $10,000, and for the future payment of royalties of $5.00 per SolaPad unit sold, Xiamen granted an exclusive worldwide license and joint patent rights to the Company for a solar charging case for IPAD, including IPAD 3. The license under the Agreement expires on December 31, 2018. | |||||
On April 19, 2013, our subsidiary DoMark Canada Inc. executed an agreement with Bioharmonics Technologies Cop. (“Bioharmoniecs”). The agreement provided for the acquisition of certain inventions and related patents and patent applications in exchange for 500,000 shares of DoMark common stock (which was delivered April 19, 2013 and valued at $40,000) and $30,000 cash payable no later than October 17, 2013 (which was satisfied through the delivery of an additional 500,000 shares of DoMark common stock to Bioharmonics on August 15, 2013 valued at $35,500). The agreement also provides for a royalty obligation payable quarterly to Bioharmonics equal to 10% of the wholesale price for each unit using infrared and solar charging. | |||||
Employment Agreements | |||||
On May 25, 2012, the Company entered into an employment agreement with its President, R. Brentwood Strasler, for an indefinite period or until terminated. Mr. Strasler is entitled to an annual salary of $150,000 and 100,000 stock purchase warrants exercisable to purchase shares of common stock of the Company at $1.00 per share. The warrants are exercisable for a three year period and can be vested quarterly on a pro rata basis over twelve months from the date of issue. Additionally, Mr. Strasler is to be enrolled in a long term Executive Option Plan and is entitled to term life insurance in the face amount of $2,500,000, payable to the beneficiary designated by Mr. Strasler. | |||||
On June 15, 2012, the Company entered into an employment agreement with its Chief Executive Officer Andrew Ritchie, for an indefinite period or until terminated. Mr. Ritchie is entitled to an annual salary of $240,000 and 150,000 stock purchase warrants exercisable to purchase shares of common stock of the Company at $1.00 per share. The warrants are exercisable for a three year period and can be vested quarterly on a pro rata basis over twelve months from the date of issue. Additionally, Mr. Ritchie is to be enrolled in a long term Executive Option Plan and is entitled to term life insurance in the face amount of $2,500,000, payable to the beneficiary designated by Mr. Richie. | |||||
Lease Agreement | |||||
On August 1, 2013 the Company entered into an office lease in Toronto, Ontario, Canada for a five year period. The future lease commitments on this lease for the years ended May 31, are as follows: | |||||
2014 | $ | 17,174 | |||
2015 | 22,899 | ||||
2016 | 25,143 | ||||
2017 | 25,593 | ||||
2018 | 25,593 | ||||
Total | $ | 116,402 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies Policies | |||||||||
Recent Accountng Pronouncements | The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. | ||||||||
Development Stage Company | The Company is a development stage company as defined in ASC Standard 915-10-05 and has recognized minimal revenue and devotes substantially all of its efforts on consumer electronic businesses. Its planned principal operations in developing its sports business have commenced. All losses accumulated since October 21, 2009 have been considered as part of the Company's development stage activities. | ||||||||
Principles of Consolidation | The accompanying consolidated financial statements represent the consolidated financial position and results of operations of the Company and include the accounts and results of operations of the Company and its subsidiaries. The accompanying consolidated financial statements include the active entity of DoMark International, Inc. and its wholly owned subsidiaries, DoMark Canada, Inc., Solawerks, Inc., Musclefoot, Inc., and South Hill Ltd. The Company has relied upon the guidance provided by Statements of Financial Accounting Standards, ASC 810-10-15-3. | ||||||||
Use of Estimates | The preparation of financial statements in conformity with GAAP 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. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. | ||||||||
The primary management estimates included in these financial statements are the fair value of its stock tendered in various non-monetary transactions. | |||||||||
Cash and Cash Equivalents | The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At August 31, 2013 and May 31, 2013, cash and cash equivalents included cash on hand and cash in the bank. | ||||||||
Net Loss Per Common Share | Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. Dilutive securities having an anti-dilutive effect on diluted net loss per common share are excluded from the calculation. | ||||||||
For the three months ended August 31, 2013 and 2012, diluted common shares outstanding excluded the following dilutive securities as the effect of their inclusion was anti-dilutive: | |||||||||
Three Months Ended | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
Convertible notes payable | 13,435,345 | - | |||||||
Series A convertible preferred stock | 50,000,000 | 50,000,000 | |||||||
Warrants | 850,000 | 350,000 | |||||||
Total | 64,285,345 | 50,350,000 | |||||||
Intangible Assets | Intangible assets are carried at cost less accumulated amortization. Amortization is recorded over the estimated useful lives of the respective assets. | ||||||||
Impairment of Long-Lived Assets | In accordance with ASC Standard 360-10-40, long-lived assets, such as property, plant, and equipment, and purchased intangibles, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill and other intangible assets are tested for impairment annually. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. | ||||||||
Stock Based Compensation | The Company accounts for share based payments in accordance with ASC 718, Compensation - Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant date fair value of the award. In accordance with ASC 718-10-30-9, Measurement Objective - Fair Value at Grant Date, the Company estimates the fair value of the award using a valuation technique. For this purpose, the Company uses the Black-Scholes option pricing model. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. Compensation cost is recognized over the requisite service period which is generally equal to the vesting period. Upon exercise, shares issued will be newly issued shares from authorized common stock. | ||||||||
ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505. | |||||||||
Research and Development | All research and development expenditures are expensed as incurred. | ||||||||
Revenue Recognition | The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Summary Of Significant Accounting Policies Tables | |||||||||
Net Loss Per Common Share | For the three months ended August 31, 2013 and 2012, diluted common shares outstanding excluded the following dilutive securities as the effect of their inclusion was anti-dilutive: | ||||||||
Three Months Ended | |||||||||
August 31, | |||||||||
2013 | 2012 | ||||||||
Convertible notes payable | 13,435,345 | - | |||||||
Series A convertible preferred stock | 50,000,000 | 50,000,000 | |||||||
Warrants | 850,000 | 350,000 | |||||||
Total | 64,285,345 | 50,350,000 |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Investments Tables | |||||||||
Investments | August 31, | May 31, | |||||||
2013 | 2013 | ||||||||
Imagic Ltd. - 19% equity interest - at cost (7,500,000 shares of | $ | 900,637 | $ | - | |||||
DoMark common stock - $697,500, cash -$103,137, loans payable -$100,000) | |||||||||
Barefoot Science Products & Services Inc. - 15% equity interest | 14,765 | - | |||||||
Total | $ | 915,402 | $ | - |
Loans_Payable_to_Consultants_a1
Loans Payable to Consultants and Stockholders (Tables) | 3 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Loans Payable To Consultants And Stockholders Tables | |||||||||
Loans payable to consultants and stockholders | Loans payable to consultants and stockholders consist of: | ||||||||
August 31, | May 31, | ||||||||
2013 | 2013 | ||||||||
Consultant and stockholder | $ | 50,000 | $ | - | |||||
Consultant and stockholder | 43,800 | 7,800 | |||||||
Chairman of DoMark | 36,500 | - | |||||||
Chairman of Barefoot Science and affiliate | 33,500 | - | |||||||
Consultant | 12,996 | - | |||||||
Consultant | 68,597 | 37,488 | |||||||
Total | $ | 245,393 | $ | 45,288 |
Convertible_Notes_Payable_Tabl
Convertible Notes Payable (Tables) | 3 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Convertible Notes Payable Tables | ||||||||||||||||||||||||
Convertible notes payable | At August 31, 2013, convertible notes payable consisted of | |||||||||||||||||||||||
Date of Note | Noteholder | Interest | Maturity | Principal | Unamortized | Net Carrying Amount | ||||||||||||||||||
Rate | date | Amount | Debt Discount | |||||||||||||||||||||
1/30/13 | Asher Enterprises, Inc. | 8 | % | 11/1/13 | $ | 39,000(a) | $ | (39,000 | ) | $ | 78,000 | |||||||||||||
4/15/13 | Asher Enterprises, Inc. | 8 | % | 1/17/14 | 32,500(a) | 27,111 | 5,209 | |||||||||||||||||
6/11/13 | Asher Enterprises, Inc. | 8 | % | 3/3/14 | 32,500(a) | 31,712 | 788 | |||||||||||||||||
8/1/13 | Continental Equities, LLC | 12 | % | 8/1/14 | 30,000(b) | 29,969 | 31 | |||||||||||||||||
8/5/13 | JSJ Investments, Inc. | 10 | % | 02/05/14 | 25,000(c) | 24,969 | 31 | |||||||||||||||||
8/7/13 | JMJ Financial Inc. | 12 | % | 8/7/14 | 50,000 (d) | 33,288 | 16,712 | |||||||||||||||||
8/13/13 | Black Mountain Equities, Inc. | 10 | % | 5/13/14 | 50,000 (e) | 45,459 | 4,541 | |||||||||||||||||
8/26/13 | Redwood Fund III | 12 | % | 2/28/14 | 95,000 (f) | 94,990 | 10 | |||||||||||||||||
Totals | $ | 354,000 | $ | 248,498 | $ | 105,502 |
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 3 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Stockholders Equity Tables | ||||||||||||
Summary of warrant activity | Weighted Average Exercise Price | |||||||||||
Number of Warrants | ||||||||||||
Outstanding at May 31, 2012 | - | $ | - | |||||||||
Granted | 850,000 | 0.42 | ||||||||||
Exercised | - | - | ||||||||||
Cancelled | - | - | ||||||||||
Outstanding at May 31, 2013 | 850,000 | 0.42 | ||||||||||
Granted | - | - | ||||||||||
Exercised | - | - | ||||||||||
Cancelled | - | - | ||||||||||
Outstanding at August 31, 2013 | 850,000 | $ | 0.42 | |||||||||
Warrants outstanding | Warrants outstanding at August 31, 2013 consist of: | |||||||||||
Date Granted | Number Outstanding | Exercise | Expiration | |||||||||
price | Date | |||||||||||
25-May-12 | 100,000 | $ | 1 | 25-May-15 | ||||||||
12-Jun-12 | 150,000 | $ | 1 | 12-Jun-15 | ||||||||
26-Jun-12 | 100,000 | $ | 1 | 26-Jun-15 | ||||||||
1-Jan-13 | 500,000 | $ | 0.01 | 1-Jan-15 | ||||||||
Totals | 850,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Aug. 31, 2013 | |||||
Commitments And Contingencies Tables | |||||
Future Lease Commitments | The future lease commitments on this lease are as follows; | ||||
F/Y ending 5-31-2014 | $ | 19,082 | |||
F/Y ending 5-31-2015 | $ | 22,899 | |||
F/Y ending 5-31-2016 | $ | 25,143 | |||
F/Y ending 5-31-2017 | $ | 25,593 | |||
F/Y ending 5-31-2018 | $ | 25,593 | |||
$ | 118,310 |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | 12 Months Ended | |
31-May-13 | 31-May-12 | |
Going Concern Details Narrative | ||
Loss from operation | $6,745,015 | $5,533,923 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 3 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Summary Of Significant Accounting Policies Details | ||
Convertible notes payable | 13,435,345 | |
Series A convertible preferred stock | 50,000,000 | 50,000,000 |
Warrants | 850,000 | 350,000 |
Total | 64,285,345 | 50,350,000 |
Investments_Details
Investments (Details) (USD $) | Aug. 31, 2013 | 31-May-13 |
Investments Details | ||
Imagic Ltd. - 19% equity interest - at cost (7,500,000 shares of DoMark common stock - $697,500, cash -$103,137, loans payable - $100,000) | $900,637 | |
Barefoot Science Products & Services Inc. - 15% equity interest | 14,765 | |
Total | $915,402 |
Investments_Details_Narrative
Investments (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | 46 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | 31-May-13 | Aug. 31, 2013 | |
Investments Details Narrative | ||||
Impairment charge | $4,605,480 | $4,605,480 |
Loans_Payable_to_Consultants_a2
Loans Payable to Consultants and Stockholders (Details) (USD $) | Aug. 31, 2013 | 31-May-13 |
Loans payable to consultants and stockholders | $245,393 | $45,288 |
Consultant And Stockholder [Member] | ||
Loans payable to consultants and stockholders | 50,000 | |
Consultant And Stockholder One [Member] | ||
Loans payable to consultants and stockholders | 43,800 | 7,800 |
Chairman of DoMark [Member] | ||
Loans payable to consultants and stockholders | 36,500 | |
Chairman Of Barefoot Science And Affiliate [Member] | ||
Loans payable to consultants and stockholders | 33,500 | |
Consultant [Member] | ||
Loans payable to consultants and stockholders | 12,996 | |
Consultant One [Member] | ||
Loans payable to consultants and stockholders | $68,597 | $37,488 |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Details) (USD $) | Aug. 31, 2013 | 31-May-13 | |
Principal Amount | $354,000 | ||
Unamortized Debt Discount | 248,498 | 59,301 | |
Net Carrying Amount | 105,502 | 148,691 | |
Asher Enterprises Inc. [Member] | |||
Date of Note | 1/30/13 | ||
Interest Rate | 8.00% | ||
Maturity date | 11/1/13 | ||
Principal Amount | 39,000 | [1] | |
Unamortized Debt Discount | -39,000 | ||
Net Carrying Amount | 78,000 | ||
Asher Enterprises Inc One [Member] | |||
Date of Note | 4/15/13 | ||
Interest Rate | 8.00% | ||
Maturity date | 1/17/14 | ||
Principal Amount | 32,500 | [1] | |
Unamortized Debt Discount | 27,111 | ||
Net Carrying Amount | 5,209 | ||
Asher Enterprises Inc. Two [Member] | |||
Date of Note | 6/11/13 | ||
Interest Rate | 8.00% | ||
Maturity date | 3/3/14 | ||
Principal Amount | 32,500 | [1] | |
Unamortized Debt Discount | 31,712 | ||
Net Carrying Amount | 788 | ||
Continental Equities LLC [Member] | |||
Date of Note | 8/1/13 | ||
Interest Rate | 12.00% | ||
Maturity date | 8/1/14 | ||
Principal Amount | 30,000 | [2] | |
Unamortized Debt Discount | 29,969 | ||
Net Carrying Amount | 31 | ||
JSJ Investments Inc. [Member] | |||
Date of Note | 8/5/13 | ||
Interest Rate | 10.00% | ||
Maturity date | 2/5/14 | ||
Principal Amount | 25,000 | [3] | |
Unamortized Debt Discount | 24,969 | ||
Net Carrying Amount | 31 | ||
JMJ Financial Inc. [Member] | |||
Date of Note | 8/7/13 | ||
Interest Rate | 12.00% | ||
Maturity date | 8/7/14 | ||
Principal Amount | 50,000 | [4] | |
Unamortized Debt Discount | 33,288 | ||
Net Carrying Amount | 16,712 | ||
Black Mountain Equities Inc. [Member] | |||
Date of Note | 8/13/13 | ||
Interest Rate | 10.00% | ||
Maturity date | 5/13/14 | ||
Principal Amount | 50,000 | [5] | |
Unamortized Debt Discount | 45,459 | ||
Net Carrying Amount | 4,541 | ||
Redwood Fund III [Member] | |||
Date of Note | 8/26/13 | ||
Interest Rate | 12.00% | ||
Maturity date | 2/28/14 | ||
Principal Amount | 95,000 | [6] | |
Unamortized Debt Discount | 94,990 | ||
Net Carrying Amount | $10 | ||
[1] | (a) At noteholders option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 55% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. | ||
[2] | (b) At noteholders option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 50% of the average of the three lowest closing prices during the 30 trading days prior to the notice of conversion. | ||
[3] | (c) At noteholders option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.081 or 50% of the average of the three lowest closing prices during the 10 trading days prior to the notice of conversion. | ||
[4] | (d) At noteholders option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.085 or 60% of the lowest closing price during the 25 trading days prior to the notice of conversion. | ||
[5] | (e) At noteholders option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.08 or 50% of the lowest closing price during the 10 trading days prior to the notice of conversion. | ||
[6] | (f) At noteholders option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.0725 or 34% of the lowest closing price during the 20 trading days prior to the notice of conversion. |
Shareholders_Equity_Details
Shareholders Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Aug. 31, 2013 | 31-May-13 | |
Shareholders Equity Details | ||
Outstanding Number of Warrants, Beginning Balance | 850,000 | |
Granted | 850,000 | |
Exercised | ||
Cancelled | ||
Outstanding Number of Warrants, Ending Balance | 850,000 | 850,000 |
Weighted Average Exercise Price, Beginning Balance | $0.42 | |
Granted | $0.42 | |
Exercised | ||
Cancelled | ||
Weighted Average Exercise Price, Ending Balance | $0.42 | $0.42 |
Stockholders_Equity_Details1
Stockholders Equity (Details1) (USD $) | Aug. 31, 2013 | 31-May-13 | 31-May-12 |
Number Of Warrant Outstanding | 850,000 | 850,000 | |
Warrant [Member] | |||
Date Granted | 25-May-12 | ||
Number Of Warrant Outstanding | 100,000 | ||
Exercise price | 1 | ||
Expiration Date | 25-May-15 | ||
Warrant One [Member] | |||
Date Granted | 12-Jun-12 | ||
Number Of Warrant Outstanding | 150,000 | ||
Exercise price | 1 | ||
Expiration Date | 12-Jun-15 | ||
Warrant Two [Member] | |||
Date Granted | 26-Jun-12 | ||
Number Of Warrant Outstanding | 100,000 | ||
Exercise price | 1 | ||
Expiration Date | 26-Jun-15 | ||
Warrant Three [Member] | |||
Date Granted | 1-Jan-13 | ||
Number Of Warrant Outstanding | 500,000 | ||
Exercise price | 0.01 | ||
Expiration Date | 1-Jan-15 |
Shareholders_Equity_Details_Na
Shareholders Equity (Details Narrative) (USD $) | Aug. 31, 2013 | 31-May-13 |
Common Stock, shares issued | 74,429,054 | 54,615,298 |
Principal amount of convertible notes payable | $354,000 | |
On June 17, 2013 [Member] | ||
Common Stock, shares issued | 2,500,000 | |
Loan payable | 50,000 | |
On June 29, 2013 [Member] | ||
Common Stock, shares issued | 2,500,000 | |
Value of share | 250,000 | |
On July 5, 2013 [Member] | ||
Common Stock, shares issued | 250,000 | |
Value of share | 22,500 | |
On July 9, 2013 [Member] | ||
Common Stock, shares issued | 75,000 | |
Value of share | 6,675 | |
On July 17, 2013 [Member] | ||
Common Stock, shares issued | 500,000 | |
Value of share | 41,650 | |
On July 22, 2013 [Member] | ||
Common Stock, shares issued | 2,874,550 | |
Loan payable | 57,491 | |
On July 22, 2013 One [Member] | ||
Common Stock, shares issued | 7,500,000 | |
Value of share | 697,500 | |
On August 15, 2013 [Member] | ||
Common Stock, shares issued | 500,000 | |
Value of share | 35,500 | |
On August 26, 2013 [Member] | ||
Common Stock, shares issued | 2,000,000 | |
Value of share | 133,000 | |
On August 28, 2013 [Member] | ||
Common Stock, shares issued | 1,114,206 | |
Principal amount of convertible notes payable | 14,000 | |
Fees | $26,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 31-May-13 |
Commitments And Contingencies Details | |
2014 | $17,174 |
2015 | 22,899 |
2016 | 25,143 |
2017 | 25,593 |
2018 | 25,593 |
Total | $116,402 |