Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 15-May-14 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'HK BATTERY TECHNOLOGY INC | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001369203 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 42,865,074 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET Unaudited (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets | ' | ' |
Cash | $88,771 | $48,528 |
Notes receivable - related party | 200,000 | 200,000 |
Accrued interest receivable - related party | 14,552 | 13,052 |
Other Receivable | 2,365 | 13,792 |
Total current assets | 305,688 | 275,372 |
Total assets | 305,688 | 275,372 |
Current liabilities | ' | ' |
Accounts payable | 20,451 | 20,451 |
Note payable - ACI | 2,555,000 | 2,195,000 |
Advance from ACI | 73,245 | 67,915 |
Other payables | 11,750 | 4,250 |
Accrued expenses and other liabilities | 68,813 | 51,625 |
Total current liabilities | 2,729,258 | 2,339,241 |
Total liabilities | 2,729,258 | 2,339,241 |
Stockholders' deficit | ' | ' |
Preferred stock, $.001 par value; 10,000,000 shares authorized, no share issued and outstanding as of December 31, 2013 and December 31, 2012 | 0 | 0 |
Common stock, $.001 par value; 1,200,000,000 shares authorized, 42,865,074 shares issued and outstanding as of December 31, 2013 and December 31, 2012 | 42,865 | 42,865 |
Additional paid-in capital | 5,287,302 | 5,287,302 |
Accumulated deficit | -7,753,737 | -7,394,036 |
Total stockholders' deficit | -2,423,570 | -2,063,869 |
Total liabilities and stockholders' deficit | $305,688 | $275,372 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEET PARENTHETICALS Unaudited (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Parentheticals | ' | ' |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common Stock, shares issued | 42,865,074 | 42,865,074 |
Common Stock, shares outstanding | 42,865,074 | 42,865,074 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Unaudited (USD $) | 3 Months Ended | 66 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Revenues: | ' | ' | ' |
Revenues | $0 | $0 | $0 |
Operating Expenses | ' | ' | ' |
Research and development | 0 | 0 | 653,988 |
General and administrative | 344,020 | 308,565 | 6,684,943 |
Total operating expenses | 344,020 | 308,565 | 7,338,931 |
Loss from operations | -344,020 | -308,565 | -7,338,931 |
Interest income (expense) | ' | ' | ' |
Interest income | 1,506 | 1,506 | 33,400 |
Other income | 0 | 0 | 2,367 |
Gain on settlement of derivative liability | 0 | 0 | 112,500 |
Interest expense | -17,187 | -6,939 | -563,073 |
Total interest income (expense) | -15,681 | -5,433 | -414,806 |
Loss before income taxes | -359,701 | -313,998 | -7,753,737 |
Provision for income taxes | 0 | 0 | 0 |
Net loss | ($359,701) | ($313,998) | ($7,753,737) |
Net loss per share of common stock: | ' | ' | ' |
Basic | ($0.01) | ($0.01) | ' |
Weighted average number of shares outstanding | 42,865,074 | 42,865,074 | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Unaudited (USD $) | 3 Months Ended | 66 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Operating Activities | ' | ' | ' |
Net Income | ($359,701) | ($313,998) | ($7,753,737) |
Adjustments to reconcile net income to net cash used by operating activities: | ' | ' | ' |
Stock based compensation | ' | ' | 131,508 |
Common stock issued for services | ' | ' | 290,590 |
Contributed services or common stock contributed for services | ' | ' | 125,000 |
Gain on change in derivative liability | ' | ' | -112,500 |
Interest expense related to intrinsic value of converted promissory notes | ' | ' | 300,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | 0 | ' | ' |
Accrued interest receivable - related party. | -1,500 | -1,500 | -14,552 |
Other Receivable. | 11,427 | -2,365 | -2,365 |
Other assets | 0 | ' | ' |
Accounts payable and accrued interest payable | 17,188 | -1,194 | 85,526 |
Advance from ACI | 5,330 | ' | 73,245 |
Other payable | 7,500 | ' | -3,778 |
Accrued expenses and other liabilities | ' | -63,718 | 51,625 |
Net cash used by operating activities | -319,757 | -380,410 | -6,829,439 |
Investing Activities | ' | ' | ' |
Purchase of mining reclamation bond | 0 | ' | ' |
Notes receivables - related parties | ' | ' | -200,000 |
Change in cash held in trust | 0 | ' | ' |
Net cash used by investing activities | ' | ' | -200,000 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | ' | ' | 4,313,210 |
Proceeds from notes payable | 360,000 | 434,582 | 3,005,000 |
Payments on notes payable | 0 | ' | -200,000 |
Issuance of common stock | 0 | ' | ' |
Net cash provided by financing activities | 360,000 | 434,582 | 7,118,210 |
Net change in cash | 40,243 | 54,172 | 88,771 |
Cash at the beginning of year | 48,528 | 7,412 | ' |
Cash at the end of year | $88,771 | $61,584 | $88,771 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Organization, Nature of Business and Trade Name | |
HK Battery Technology Inc., a development stage company, was incorporated under the laws of the State of Delaware on April 16, 2004. Nevada Gold Enterprises, Inc., a Nevada corporation, was incorporated under the laws of the State of Nevada on October 2, 2008. On December 31, 2008, Nevada Gold Acquisition Corp., a Nevada corporation formed on December 18, 2008, and a wholly owned subsidiary of Nevada Gold Holdings, Inc., merged with and into Nevada Gold Enterprises, Inc. Nevada Gold Enterprises, Inc. was the surviving corporation in the Merger. As a result of the Merger, Nevada Gold Enterprises, Inc., became a wholly-owned subsidiary of Nevada Gold Holdings, Inc. The Merger was treated as a reverse merger and recapitalization for financial accounting purposes. As a result of the merger, the Company recorded an aggregate stock issuance of 2,626,263 shares of common stock with a net value of $(180,978). The negative recapitalization net value recognized was the result of the Company restating the equity structure of the legal subsidiary using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent issued in the reverse acquisition. Nevada Gold Enterprises, Inc. was considered the acquirer for accounting purposes, and Nevada Gold Holdings, Inc. was considered the surviving company for legal purposes. Accordingly, the accompanying condensed consolidated financial statements present the historical financial statements of Nevada Gold Enterprises, Inc., as the historical financial statements of Nevada Gold Holdings, Inc., i.e. a reverse merger. The Company is engaged in the acquisition, exploration and development of gold mining claims in Nevada. On August 7, 2013, the Company was approved to change its name to HK Battery Technology Inc. | |
Basis of Presentation | |
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all the notes required by generally accepted accounting principles for complete financial statements. The Company’s condensed consolidated financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. | |
Use of Estimates | |
The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. | |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Nevada Gold Enterprises, Inc. All significant intercompany transactions have been eliminated. | |
Loss Per Share | |
Basic loss per share is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. We calculated the loss per share as $0.01 as of March 31, 2014. No Diluted EPS has been calculated for the report period. |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2014 | |
GOING CONCERN | ' |
GOING CONCERN | ' |
NOTE 2 - GOING CONCERN | |
The Company sustained operating losses during the first quarter of 2014 and incurred negative cash flows from operations. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required. | |
The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. | |
During the next three quarter, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with research and development. The Company may experience a cash shortfall and be required to raise additional capital. | |
Through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material adverse effect upon it and its shareholders. |
NOTES_RECEIVABLE_RELATED_PARTI
NOTES RECEIVABLE RELATED PARTIES | 3 Months Ended |
Mar. 31, 2014 | |
NOTES RECEIVABLE RELATED PARTIES | ' |
NOTES RECEIVABLE RELATED PARTIES | ' |
NOTE 3 – NOTES RECEIVABLE – RELATED PARTIES | |
On January 26, 2011, the Company made a loan of $200,000 to Hybrid Kinetic Motors Corporation, a related party. The loan is unsecured and due on demand with 3% interest per annum. The balance of the accrued interest is $14,552 and $13, 052 as of March 31, 2014 and December 31, 2013 respectively. |
NOTES_PAYABLE
NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2014 | |
NOTES PAYABLE | ' |
NOTES PAYABLE | ' |
NOTE 4 – NOTES PAYABLE | |
In December 2009, a $100,000 note was issued to Theory Capital Corp. with an interest of 10% per annum until paid in full. The note was due on June 4, 2010 but it was not paid and it is now in default. According to the Theory Capital Agreement, upon closing of the private placement offering (“PPO”) on or before the due date, June 4, 2010, the outstanding principal amount of the Note shall automatically, without any action by lender or borrower, be converted into shares of Common Stock, at a price per share (the “Conversion Price”) equal to the price per share of Common Stock paid by investors in the PPO. Even though the convertible note has not been paid, the agreement required the $100,000 need to be automatically converted to common stock when due on June 4, 2010. Currently the common stocks have not been issued as of December 31, 2011; however, the shareholders have the right to claim the common stocks. The Company reclassified the $100,000 Theory convertible notes from notes payable to equity as of December 31, 2010. | |
The Company converted the old payables to American Compass Inc. (“ACI”) with the amount of $775,000 to a new Note at the end of 2012. There is additional Note from American Compass Inc. for 2013. This is an unsecured loan with interest rate at 3%. In 2013, there were additional note converted. As of December 31, 2013, the balance of Note to ACI was $2,195,000. The Note is an unsecured loan with interest rate of 3%. The total accrued interests were $68,813 and $51,625 for the year ended March 31, 2013 and December 31, 2013, respectively. The note is payable on demand and there is no maturity date. American Compass Inc. and HK Battery Inc. are related parties because they both have common major shareholder. | |
During the first quarter of 2014, the Company received an additional loan from American Compass Inc. in the amount of $360,000. |
STOCKHOLDERS_DEFICIT
STOCKHOLDER'S DEFICIT | 3 Months Ended |
Mar. 31, 2014 | |
STOCKHOLDER'S DEFICIT | ' |
STOCKHOLDER'S DEFICIT | ' |
NOTE 5 – STOCKHOLDER’S DEFICIT | |
On August 7, 2013, the Company was approved an increase in our authorized capitalization from 300,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share, to 1,200,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share. | |
As of December 31, 2013 and 2012, the Company had 42,865,074 shares of common stock and 0 share of preferred stock issued and outstanding, respectively. | |
On October 29, 2010 the Company consummated a private placement offering (“the offering”) whereby the Company issued 37,751,986 units at $0.10 per unit for total proceeds of $3,883,337. The proceeds consisted of $3,450,000 in cash, conversions of $313,337 in convertible notes payable, and $120,000 as credit on certain of the Company’s trade payables. Each unit consists of one share of the Company’s common stock and one warrant to purchase one share of the Company’s common stock at $.10 per share, exercisable for a period of five years from the date of closing. The company has not issue any stock or warrants through for the first quarter ended 3/31/2014. |
TERMINATION_OF_TEMPO_MINERAL_L
TERMINATION OF TEMPO MINERAL LEASE | 3 Months Ended |
Mar. 31, 2014 | |
TERMINATION OF TEMPO MINERAL LEASE | ' |
TERMINATION OF TEMPO MINERAL LEASE | ' |
NOTE 6 – TERMINATION OF TEMPO MINERAL LEASE | |
On February 15, 2013, Gold Standard Royalty terminated the lease on the Tempo Mineral Prospect with the Company. Currently, the Company does not hold any mineral lease. The Company filed a Current Report on Form 8-K to disclose the termination on March 4, 2013. There is no financial impact on the Consolidated Balance Sheet and Consolidated Statements of Operation for the year ended December 31, 2013. | |
On March 30, 2012, we received a notice from the Committee on Foreign Investment in the United States (“CFIUS”) that an agency notice had been submitted to CFIUS on March 28, 2012 (the “Notice”) pursuant to Section 721 of the Defense Production Act of 1950, as amended, with regard to the acquisition in October 2010 by Far East Golden Resources, in a private placement offering of shares equal to approximately 88.4% (at the time) of the outstanding common stock of Nevada Gold (the “Transaction”); and on April 26, 2012, we received another notice from CFIUS that CFIUS was undertaking an investigation of that transaction. | |
We believe that the termination of the Tempo lease in February 2013 renders CFIUS’ concerns moot, and we have notify CFIUS as well as the US Department of Defense of the termination of the Tempo lease.. We believe the case is now closed. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | |
Mar. 31, 2014 | ||
COMMITMENTS AND CONTINGENCIES | ' | |
COMMITMENTS AND CONTINGENCIES | ' | |
NOTE 7– COMMITMENTS AND CONTINGENCIES | ||
The Company is not currently a party to any legal action. The suit brought by Viewpoint Securities LLC was settled in May, 2012. The Company also reached a settlement with a group of minority shareholders in March, 2012. | ||
The Company is in a lease agreement for its office space. Lease term is 69 month starting from May 1, 2011. Rent increases by 2.7% per year. The rents are payable in installments of $29,280.67 per month (from May 1, 2011 to April 30, 2012). The lease will terminate on Jan 31, 2017. | ||
Annual minimum lease commitment for 5 years: | ||
12/31/13 | 367,350 | |
12/31/14 | 377,269 | |
12/31/15 | 387,455 | |
12/31/16 | 397,916 | |
12/31/17 | 33,453 | |
Total annual Lease commitments | $1,563,444 |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2014 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 8 – RELATED PARTY TRANSACTIONS | |
Far East Golden Resources is the Company’s controlling stockholder which is also a subsidiary of Hybrid Kinetic Group Ltd. Hybrid Kinetic Group Ltd. controls 100% of all outstanding shares of Far East Golden Resources Investment Limited. There are a total of 25,000,000 shares issued and outstanding (nominal value one Hong Kong dollar per share). |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
ACCOUNTING POLICIES | ' |
Organization, Nature of Business and Trade Name | ' |
Organization, Nature of Business and Trade Name | |
HK Battery Technology Inc., a development stage company, was incorporated under the laws of the State of Delaware on April 16, 2004. Nevada Gold Enterprises, Inc., a Nevada corporation, was incorporated under the laws of the State of Nevada on October 2, 2008. On December 31, 2008, Nevada Gold Acquisition Corp., a Nevada corporation formed on December 18, 2008, and a wholly owned subsidiary of Nevada Gold Holdings, Inc., merged with and into Nevada Gold Enterprises, Inc. Nevada Gold Enterprises, Inc. was the surviving corporation in the Merger. As a result of the Merger, Nevada Gold Enterprises, Inc., became a wholly-owned subsidiary of Nevada Gold Holdings, Inc. The Merger was treated as a reverse merger and recapitalization for financial accounting purposes. As a result of the merger, the Company recorded an aggregate stock issuance of 2,626,263 shares of common stock with a net value of $(180,978). The negative recapitalization net value recognized was the result of the Company restating the equity structure of the legal subsidiary using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent issued in the reverse acquisition. Nevada Gold Enterprises, Inc. was considered the acquirer for accounting purposes, and Nevada Gold Holdings, Inc. was considered the surviving company for legal purposes. Accordingly, the accompanying condensed consolidated financial statements present the historical financial statements of Nevada Gold Enterprises, Inc., as the historical financial statements of Nevada Gold Holdings, Inc., i.e. a reverse merger. The Company is engaged in the acquisition, exploration and development of gold mining claims in Nevada. On August 7, 2013, the Company was approved to change its name to HK Battery Technology Inc. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all the notes required by generally accepted accounting principles for complete financial statements. The Company’s condensed consolidated financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. | |
Principles of Consolidation | |
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Nevada Gold Enterprises, Inc. All significant intercompany transactions have been eliminated. | |
Loss Per Share | ' |
Loss Per Share | |
Basic loss per share is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. We calculated the loss per share as $0.01 as of March 31, 2014. No Diluted EPS has been calculated for the report period. |
LEASE_PAYMENTS_TABLE
LEASE PAYMENTS (TABLE) | 3 Months Ended | |
Mar. 31, 2014 | ||
LEASE PAYMENTS (TABLE): | ' | |
LEASE PAYMENTS (TABLE) | ' | |
Annual minimum lease commitment for 5 years: | ||
12/31/13 | 367,350 | |
12/31/14 | 377,269 | |
12/31/15 | 387,455 | |
12/31/16 | 397,916 | |
12/31/17 | 33,453 | |
Total annual Lease commitments | $1,563,444 |
Nature_of_Business_and_Trade_N
Nature of Business and Trade Name (Details) (USD $) | Dec. 31, 2008 |
Nature of Business and Trade Name: | ' |
Issuance of shares as a result of merger | 2,626,263 |
Shares of common stock with a net value | ($180,978) |
Reconciliation_of_basic_earnin
Reconciliation of basic earnings per share (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Historical net loss per share: | ' | ' |
Shares used in computing basic per share amounts (weighted average) | 42,865,074 | 42,865,074 |
Basic loss per share | $0.01 | $0.01 |
NOTES_RECEIVABLE_RELATED_PARTI1
NOTES RECEIVABLE RELATED PARTIES AS FOLLOWS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 26, 2011 |
NOTES RECEIVABLE RELATED PARTIES AS FOLLOWS: | ' | ' | ' |
Loan to Hybrid Kinetic Motors Corporation, a related party | ' | ' | $200,000 |
Unsecured loan interest per annum | ' | ' | 3.00% |
The balance of the accrued interest is | $14,552 | $13,052 | ' |
Notes_Payable_consists_of_the_
Notes Payable consists of the following (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Notes Payable consists of the following: | ' | ' | ' | ' |
Reclassified convertible notes from notes payable to equity | ' | ' | ' | $100,000 |
New Note to ACI in the amount | ' | ' | 775,000 | ' |
Additional Note from American Compass Inc. for 2013, is an unsecured loan with interest rate at 3% | ' | 2,195,000 | ' | ' |
Total accrued interests were | 68,813 | 51,625 | 8,300 | ' |
The Note is an unsecured loan with interest rate of | ' | 3.00% | ' | ' |
Company received an additional loan from American Compass Inc. in the amount of | $360,000 | ' | ' | ' |
Shares_of_common_stock_Details
Shares of common stock (Details) (USD $) | Dec. 31, 2013 | Aug. 07, 2013 | Oct. 29, 2010 |
Shares of common stock | ' | ' | ' |
Approved authorized capital of common stock with par value of $0.001 per share | ' | 300,000,000 | ' |
Approved authorized capital of preferred stock with par value of $0.001 per share | ' | 10,000,000 | ' |
Approved Increase in authorized capital of common stock with par value of $0.001 per share upto | ' | 1,200,000,000 | ' |
Approved Increased authorized capital of preferred stock with par value of $0.001 per share | ' | 10,000,000 | ' |
Shares of common stock issued and outstanding | 42,865,074 | ' | ' |
Shares of preferred stock issued and outstanding | 0 | ' | ' |
Company consummated a private placement offering ("the offering") whereby the Company issued units at $0.10 per unit | ' | ' | 37,751,986 |
Total proceeds of | ' | ' | $3,883,337 |
Proceeds consisted of cash conversions in cash | ' | ' | 3,450,000 |
Proceeds consisted of cash conversions in convertible notes payable | ' | ' | 313,337 |
Proceeds consisted of as credit on certain of the Company's trade payables | ' | ' | $120,000 |
Each unit consists of one share of the Company's common stock and one warrant to purchase one share of the Company's common stock at | ' | ' | $0.10 |
Exercisable for a period of number of years from the date of closing | ' | ' | 5 |
warrants issued | ' | ' | 0 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Mar. 31, 2014 |
COMMITMENTS AND CONTINGENCIES {2} | ' |
Lease Term in months | 69 |
Rent increases by percentage per year | 2.70% |
Rents payable in monthly installments of | $29,280.67 |
Lease will terminate | 'Jan. 31, 2017 |
Annual_minimum_lease_commitmen
Annual minimum lease commitment for 5 years: (Details) (USD $) | Mar. 31, 2014 |
Annual minimum lease commitment for 5 years: | ' |
Annual minimum lease commitment for 2013 | $367,350 |
Annual minimum lease commitment for 2014 | 377,269 |
Annual minimum lease commitment for 2015 | 387,455 |
Annual minimum lease commitment for 2016 | 397,916 |
Annual minimum lease commitment for 2017 | 33,453 |
Total annual Lease commitments | $1,563,444 |
RELATED_PARTY_TRANSACTIONS_DET
RELATED PARTY TRANSACTIONS (DETAILS) | Mar. 31, 2014 |
RELATED PARTY TRANSACTIONS | ' |
Total shares issued and outstanding (nominal value one Hong Kong dollar per share). | 25,000,000 |