Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2016 | Aug. 09, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Kingfish Holding Corporation | |
Entity Central Index Key | 1,374,881 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
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 | 120,957,933 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 |
Current assets: | ||
Cash | $ 4,483 | $ 9,373 |
Total Assets | 4,483 | 9,373 |
Current liabilities: | ||
Accounts payable | 132,620 | 81,667 |
Total Current Liabilities | 132,620 | 81,667 |
Long Term Liabilities: | ||
Convertible notes payable to related party | 40,000 | 230,000 |
Rescission liability | 20,000 | 20,000 |
Total Long Term Liabilities | 60,000 | 250,000 |
Total Liabilities | 192,620 | 331,667 |
Stockholders' Deficit: | ||
Common stock, par $0.0001, 200,000,000 shares authorized, 120,957,933 and 116,712,987 shares issued and outstanding at June 30, 2016 and September 30, 2015, respectively | 12,095 | 11,672 |
Paid in capital | 4,368,722 | 4,129,945 |
Retained deficit | (4,548,954) | (4,443,911) |
Rescission liability | (20,000) | (20,000) |
Total Stockholders' Deficit | (188,137) | (322,294) |
Total Liabilities and Stockholders' Deficit | $ 4,483 | $ 9,373 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Sep. 30, 2015 |
Stockholders' Deficit: | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, issued shares | 120,957,933 | 116,712,987 |
Common stock, shares outstanding | 120,957,933 | 116,712,987 |
STATEMENTS OF OPERATIONS (UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Expenses: | ||||
Office supplies | $ 59 | $ 30 | ||
Postage | 88 | |||
Professional fees | 33,009 | 17,365 | 95,003 | 132,126 |
Stock based compensation | 9,200 | |||
Taxes and licenses | 150 | 363 | 1,148 | |
General and Administrative Expenses | 33,009 | 17,515 | 104,625 | 133,392 |
Other (Expenses) Income: | ||||
Interest expense | (418) | (418) | ||
Gain on extinguishment of debt | 24,435 | |||
Total Other (Expenses) Income | (418) | (418) | 24,435 | |
Net Loss Before Income Taxes | (33,427) | (17,515) | (105,043) | (108,957) |
Provision for income taxes | ||||
Net Loss | $ (33,427) | $ (17,515) | $ (105,043) | $ (108,957) |
Basic and diluted net loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average common shares outstanding | 120,957,933 | 116,712,987 | 119,774,692 | 116,712,987 |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (105,043) | $ (108,957) |
Adjustments to reconcile net loss to net cash used by operations: | ||
Gain on extinguishment of debt | (24,435) | |
Stock based compensation | 9,200 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 10,000 | |
Accounts payable and accrued expenses | 50,953 | (4,467) |
Net Cash flows used by operating activities | (44,890) | (127,859) |
Cash Flows From Financing Activities: | ||
Proceeds from convertible notes payable to related party | 40,000 | 120,000 |
Net Cash flows from financing activities | 40,000 | 120,000 |
Net Increase in Cash | (4,890) | (7,859) |
Cash at the beginning of year | 9,373 | 13,377 |
Cash at the end of the year | 4,483 | 5,518 |
Non-cash Transaction Disclosures: | ||
Common stock issued upon conversion of convertible debt | $ 230,000 |
Business
Business | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
1. Business | Our Business: Kingfish Holding Corporation (the Company) was incorporated in the State of Delaware on April 11, 2006 as Offline Consulting, Inc. It became Kesselring Holding Corporation on June 8, 2007 and on November 25, 2014 it changed its name to Kingfish Holding Corporation. The Company was engaged in (i) restoration services, principally to commercial property owners, (ii) the manufacture and sale of cabinetry and remodeling products, principally to contractors and (iii) multifamily and commercial remodeling and building services on customer owned properties. The Company On December 17, 2014, the Company reactivated its suspended reporting obligations under Section 15(d) of the Exchange Act by filing a Form 10-K for the fiscal year ended September 30, 2013 and Forms 10-Q for the quarters ended December 31, 2013, March 31, 2014 and June 30, 2014. The Company's activities are subject to significant risks and uncertainties, including failing to secure additional funding to reorganize and finding a suitable candidate to participate in its renewable energy initiatives. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
2. Summary of Significant Accounting Policies | Basis of presentation: The accompanying financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and reflect all adjustments, consisting solely of normal recurring adjustments, needed to fairly present the financial results for these periods. The financial statements and notes are presented as permitted by Form 10-Q. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance U.S. GAAP have been omitted. The accompanying financial statements should be read in conjunction with the financial statements for the fiscal years ended September 30, 2015 and 2014 and notes thereto in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2015. Operating results for the three and nine months ended June 30, 2016 and 2015 are not necessarily indicative of the results that may be expected for the entire year. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of (a) the results of operations for the three and nine month periods ended June 30, 2016 and 2015, (b) the financial position at June 30, 2016, and (c) cash flows for the nine month periods ended June 30, 2016 and 2015, have been made. The preparation of financial statements in accordance with Accounting Principles Generally Accepted in the United States of America contemplates that the Company will continue as a going concern, for a reasonable period. As reflected in the Company's financial statements, the Company has a retained deficit of $4,548,954 on June 30, 2016. The Company used cash of ($44,890) and ($127,859) in operating activities during the nine months ended June 30, 2016 and 2015, respectively. The Company has a working capital deficiency of ($128,137) at June 30, 2016 that is insufficient in managements' view to sustain current levels of operations for a reasonable period without additional financing. These trends and conditions continue to raise substantial doubt surrounding the Company's ability to continue as a going concern for a reasonable period. Ultimately, the Company's ability to continue as a going concern is dependent upon management's ability to continue to curtail current operating expense and obtain additional financing to augment working capital requirements and support acquisition plans. There can be no assurance that management will be successful in achieving these objectives or obtain financing under terms and conditions that are suitable. The accompanying financial statements do not include any adjustments associated with these uncertainties. Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets, if any at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Cash: Cash is maintained at a financial institution and, at times, balance may exceed federally insured limits. We have never experienced any losses related to the balance. Currently, the FDIC provides insurance coverage up to $250,000 per depositor at each financial institution and our cash balance did not exceed such coverage at June 30, 2016 and September 30, 2015, respectively. For purpose our statements of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash. Income Taxes: Deferred taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Future tax benefits for net operating loss carry forwards are recognized to the extent that realization of these benefits is considered more likely than not. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company follows the provisions of FASB ASC 740-10 "Uncertainty in Income Taxes" (ASC 740-10). A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there are no unrecognized benefits for all periods presented. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefit in interest expense and penalties in operating expenses. Stock for service: The Company periodically issues common stock to employees for services. Costs of these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty's performance is complete. Net income (loss) per share: Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period of computation. Diluted loss per share gives effect to potentially dilutive common shares outstanding. The Company gives effect to these dilutive securities using the Treasury Stock Method. Potentially dilutive securities include convertible financial instruments. The Company gives effect to these dilutive securities using the If-Converted-Method. At June 30, 2016, convertible notes payable to related party of $40,000 can potentially convert into 40,000 shares of common stock. As a result of the losses for all periods presented, basic and diluted shares are the same. Inclusion of any dilutive common shares would be antidilutive for these periods as the Company had losses for the periods presented. |
Convertible Notes Payable to Re
Convertible Notes Payable to Related Party | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
3. Convertible Notes Payable to Related Party | On October 21, 2013, Mr. James K. Toomey, a director of the Company ("Mr. Toomey") advanced a loan to the Company in the amount of $10,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $10,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of the public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $0.01 per share. On November 13, 2013, Mr. Toomey advanced a loan to the Company in the amount of $10,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $10,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of the public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $0.01 per share. On January 13, 2014, Mr. Toomey advanced a loan to the Company in the amount of $10,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $10,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of the public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $0.01 per share. On April 24, 2014, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of the public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $0.01 per share. On May 22, 2014, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of the public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $0.01 per share. On September 17, 2014, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $0.01 per share. On December 19, 2014, Mr. Toomey advanced a loan to the Company in the amount of $60,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $60,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at a fixed price of $.01 per share. On March 5, 2015, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of the public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $0.01 per share. On March 16, 2015, Mr. Toomey advanced a loan to the Company in the amount of 40,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $40,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director but no earlier than June 1, 2015 or 30 calendar days after the recommencement of the public company status as defined in the note agreement. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $0.01 per share. On September 8, 2015, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000. The note bears interest rate at 3.5% per annum and all unpaid principle and interest were due on demand by the director. The outstanding principle balance of the note was convertible into the Company's shares of common stock at the conversion price of $1.00 per share (subject to anti-dilution adjustments). On December 7, 2015, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000 (the "December 2015 Promissory Note"). The December 2015 Promissory Note bears fixed interest rate of 3.5% per annum, payable from the date of the actual loan. The principal and accrued interest on the December 2015 Promissory Note is convertible into the common stock of the Company by Mr. Toomey. The December 2015 Promissory Note is immediately exercisable and its conversion rate is a fixed at a price equal to $1.00 per share (subject to anti-dilution adjustments). On December 15, 2015 the Board of Directors approved an amendment to certain of the Convertible Promissory Note Purchase Agreements and the notes issued thereunder to change the conversion price from $.01 per share to $1.00 per share, thereby resulting in all outstanding notes being convertible at $1.00 per share. Effective as of December 31, 2015, $230,000 in principal amount of the outstanding convertible notes payable to related party were converted, at a rate of $1.00 per share, and resulted in the issuance of 244,946 shares of common stock, which was inclusive of the accrued interest on such notes. On March 3, 2016, Mr. Toomey advanced a loan to the Company in the amount of $20,000 and, in exchange therefor, the Company issued a convertible note to Mr. Toomey in principal amount of $20,000 (the "May 2016 Promissory Note"). The May 2016 Promissory Note bears fixed interest at 3.5% per annum, payable on demand from the date of the actual loan. The principal and accrued interest on the May 2016 Promissory Note is convertible into the common stock of the Company by Mr. Toomey. The May 2016 Promissory Note is immediately exercisable and its conversion rate is a fixed at a price equal to $1.00 per share (subject to anti-dilution adjustments). Following the conversions discussed above, the only remaining outstanding convertible notes payable are the December 2015 Promissory Note, the May 2016 Promissory Note, and the August 2016 Promissory Note (see Note 8). Based on the Company's stock price at the respective commitments dates, the Company determined that the above convertible notes did not have a beneficial conversion feature to the note holder. |
Common Stock Issued for Service
Common Stock Issued for Services, Related Party | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
4. Common Stock Issued for Services, Related Party | On December 15, 2015, the Board of Directors approved the issuance of 2 million shares of the Companys common stock to each of the two directors, for an aggregate of 4 million shares, as compensation for services provided to Company over the past two years. The Company recorded stock based compensation at the fair market value of the common stock on the commitment date of approximately $9,200 in the quarter ended December 31, 2015. |
Preferred Stock
Preferred Stock | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
5. Preferred Stock | The Company is authorized to issue up to 20,000,000 shares of Preferred Stock with designations, rights and preferences determined from time to time by our Board of Directors. Accordingly, our Board of Directors is empowered, without shareholder approval, to issue Preferred Stock with dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of our Common Stock. The terms of the preferred stock have not been approved. As of June 30, 2016 and September 30, 2015, there was no Preferred Stock issued and outstanding, respectively. |
Rescission Liability
Rescission Liability | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
6. Rescission Liability | On November 20, 2009, the Company issued 2,000,000 shares of its common stock to pay for services valued at $20,000. The issuance of these shares was declared invalid by the court since they were issued by prior management who did not have the authority to do so since they were validly removed on November 16, 2009. These shares remained outstanding at June 30, 2016 and will be returned to the Companys transfer agent upon locating the holder of these shares. |
Recent Accounting Pronouncement
Recent Accounting Pronouncement | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
7. Recent Accounting Pronouncement | Recent pronouncements issued by the Accounting Standards Board (FASB), the American Institute of Certified Public Accountants (AICPA) and the United States Securities and Exchange Commission (SEC) did not have a material impact on the Companys present or future financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
8. Subsequent Events | Management has evaluated subsequent events and their potential effects on the Financial statements through the filing date of the Form 10-Q. On July 11, 2016, Mr. Toomey advanced the Company $30,000. The funds advanced to the Company on July 11, 2016 were acknowledged and formalized by the parties pursuant to a Convertible Promissory Note Purchase Agreement, effective as of August 10, 2016 (the August 2016 Note Agreement), by and between the Company and Mr. Toomey, and the issuance of a convertible promissory note in favor of Mr. Toomey in aggregate principal amount of $30,000 bearing interest at a fixed rate of 3.5% per annum, payable from July 11, 2016, the date that the actual loan was provided to the Company (theAugust 2016 Promissory Note). The August 2016 Promissory Note is convertible into shares of our common stock by Mr. Toomey at a fixed conversion price equal to $1.00 per share (subject to anti-dilution adjustments). |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Basis of presentation | The accompanying financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and reflect all adjustments, consisting solely of normal recurring adjustments, needed to fairly present the financial results for these periods. The financial statements and notes are presented as permitted by Form 10-Q. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance U.S. GAAP have been omitted. The accompanying financial statements should be read in conjunction with the financial statements for the fiscal years ended September 30, 2015 and 2014 and notes thereto in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2015. Operating results for the three and nine months ended June 30, 2016 and 2015 are not necessarily indicative of the results that may be expected for the entire year. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of (a) the results of operations for the three and nine month periods ended June 30, 2016 and 2015, (b) the financial position at June 30, 2016, and (c) cash flows for the nine month periods ended June 30, 2016 and 2015, have been made. The preparation of financial statements in accordance with Accounting Principles Generally Accepted in the United States of America contemplates that the Company will continue as a going concern, for a reasonable period. As reflected in the Company's financial statements, the Company has a retained deficit of $4,548,954 on June 30, 2016. The Company used cash of ($44,890) and ($127,859) in operating activities during the nine months ended June 30, 2016 and 2015, respectively. The Company has a working capital deficiency of ($128,137) at June 30, 2016 that is insufficient in managements' view to sustain current levels of operations for a reasonable period without additional financing. These trends and conditions continue to raise substantial doubt surrounding the Company's ability to continue as a going concern for a reasonable period. Ultimately, the Company's ability to continue as a going concern is dependent upon management's ability to continue to curtail current operating expense and obtain additional financing to augment working capital requirements and support acquisition plans. There can be no assurance that management will be successful in achieving these objectives or obtain financing under terms and conditions that are suitable. The accompanying financial statements do not include any adjustments associated with these uncertainties. |
Use of estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets, if any at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. |
Cash | Cash is maintained at a financial institution and, at times, balance may exceed federally insured limits. We have never experienced any losses related to the balance. Currently, the FDIC provides insurance coverage up to $250,000 per depositor at each financial institution and our cash balance did not exceed such coverage at June 30, 2016 and September 30, 2015, respectively. For purpose our statements of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash. |
Income Taxes | Deferred taxes are provided on the asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Future tax benefits for net operating loss carry forwards are recognized to the extent that realization of these benefits is considered more likely than not. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company follows the provisions of FASB ASC 740-10 "Uncertainty in Income Taxes" (ASC 740-10). A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there are no unrecognized benefits for all periods presented. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefit in interest expense and penalties in operating expenses. |
Stock for service | The Company periodically issues common stock to employees for services. Costs of these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterpartys performance is complete. |
Net income (loss) per share | Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period of computation. Diluted loss per share gives effect to potentially dilutive common shares outstanding. The Company gives effect to these dilutive securities using the Treasury Stock Method. Potentially dilutive securities include convertible financial instruments. The Company gives effect to these dilutive securities using the If-Converted-Method. At June 30, 2016, convertible notes payable to related party of $40,000 can potentially convert into 40,000 shares of common stock. As a result of the losses for all periods presented, basic and diluted shares are the same. Inclusion of any dilutive common shares would be antidilutive for these periods as the Company had losses for the periods presented. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | |
Summary Of Significant Accounting Policies Details Narrative | |||
Retained deficit | $ (4,548,954) | $ (4,443,911) | |
Cash used in operating activities | (44,890) | $ (127,859) | |
Working capital deficiency | (128,137) | ||
Insurance coverage per depositor | 250,000 | ||
Convertible notes payable related party | $ 40,000 | $ 230,000 | |
Issuance of convertible common stock | 40,000 |