Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May. 31, 2015 | Jul. 17, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | Falconridge Oil Technologies Corp. | |
Entity Trading Symbol | FROT | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2015 | |
Amendment Flag | false | |
Entity Central Index Key | 1,401,859 | |
Current Fiscal Year End Date | --02-28 | |
Entity Common Stock, Shares Outstanding | 53,998,116 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | May. 31, 2015 | Feb. 28, 2015 |
Current | ||
Cash | $ 200,397 | $ 233,551 |
Accounts receivable | 17,609 | 2,714 |
Prepaid and other current assets | 92,832 | 11,108 |
Deferred finance costs, net of accumulated amortization of $25,600 and $Nil respectively | 76,874 | 95,974 |
Total current assets | 387,712 | 344,047 |
Property & equipment net of accumulated depreciation of $3,769 and $3,436 respectively | 2,515 | 2,809 |
Oil and gas properties net of accumulated depletion of $30,938 and $30,712 respectively | 72,783 | 72,322 |
Total assets | 463,010 | 419,178 |
Current | ||
Accounts payable | 138,222 | 147,389 |
Accounts payable related parties | 118,322 | 133,421 |
Accrued liabilities | 32,164 | 52,948 |
Loans payable - related parties | 1,177,679 | 1,170,275 |
Derivative liability | 575,463 | 369,344 |
Loan payable | 70,000 | 70,000 |
Convertible notes payable, net of debt discount of $412,583 and $335,076 respectively | 61,167 | 38,674 |
Total current liabilities | 2,173,017 | 1,982,051 |
Total liabilities | 2,173,017 | 1,982,051 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock $0.001 par value, 450,000,000 shares authorized, Nil shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 450,000,000 shares authorized; 53,998,116 and 49,130,616 shares issued and outstanding as of May 31, 2015 and February 28, 2015 | 53,998 | 49,131 |
Additional paid in capital | 455,502 | 320,969 |
Deficit | (2,500,016) | (2,166,283) |
Accumulated other comprehensive income | 280,509 | 233,310 |
Total stockholders' deficit | (1,710,007) | (1,562,873) |
Total liabilities and stockholders' deficit | $ 463,010 | $ 419,178 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Parentheticals - USD ($) | May. 31, 2015 | Feb. 28, 2015 |
Parentheticals | ||
Deferred finance costs accumulated amortization | $ 25,600 | $ 0 |
Property & equipment accumulated depreciation | 3,769 | 3,436 |
Oil and gas properties accumulated depreciation | $ 30,938 | $ 30,712 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 450,000,000 | 450,000,000 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 450,000,000 | 450,000,000 |
Common Stock, shares issued | 53,998,116 | 49,130,616 |
Common Stock, shares outstanding | 53,998,116 | 49,130,616 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Revenue: | ||
Oil & gas revenue | $ 1,751 | $ 6,323 |
Expenses | ||
General and administrative | 170,204 | 58,025 |
Depreciation, amortization and depletion | 552 | 3,191 |
Total operating expense | 170,756 | 61,216 |
Other income (expense) | (194,605) | (54,893) |
Interest (expense) income | (46,823) | 2,000 |
Amortization of deferred finance costs | (25,600) | 0 |
Change in fair value of derivative liability | (92,305) | 0 |
Total Nonoperating income | (164,728) | 2,000 |
Net Loss | $ (333,733) | $ (56,893) |
Loss per common share - Basic and diluted | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding | 51,584,783 | 49,016,667 |
Comprehensive income (loss) | ||
Net Loss | $ (333,733) | $ (56,893) |
Currency translation adjustment | 47,199 | 0 |
Total comprehensive income (loss) | $ (286,534) | $ (56,893) |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Deficit - 3 months ended May. 31, 2015 - USD ($) | Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Total Accumulated Deficit | Accumulated Comprehensive Income (loss) | Stockholders' Deficit |
Balance at Feb. 28, 2015 | 49,130,616 | 49,131 | 320,969 | (2,166,283) | 233,310 | (1,562,873) |
Common stock issued | 4,867,500 | 4,867 | 134,533 | 0 | 0 | 139,400 |
Currency translation adjustment | $ 0 | $ 0 | $ 0 | $ 47,199 | $ 47,199 | |
Net loss | $ 0 | $ 0 | $ (333,733) | $ 0 | $ (333,733) | |
Balance at May. 31, 2015 | 53,998,116 | 53,998 | 455,502 | (2,500,016) | 280,509 | (1,710,007) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Cash flows from operating activities | ||
Net Loss | $ (333,733) | $ (56,893) |
Adjustment to reconcile net loss to net cash used in operations | ||
Non-cash interest | 36,307 | 0 |
Depreciation, amortization and depletion | 552 | 3,191 |
Stock based compensation | 43,200 | 0 |
Amortization of deferred finance costs | 25,200 | 0 |
Change in fair value of derivative liability | 92,305 | 0 |
Changes in working capital | ||
Accounts receivable | (14,895) | (6,559) |
Accounts payable and accrued liabilities | 2,844 | 36,041 |
Prepaid and other current assets | 4,576 | 0 |
Accounts payable - related parties | (15,099) | 0 |
Net cash used in operating activities | (158,743) | (24,220) |
Cash flows from financing activities | ||
Proceeds from Convertible notes payable | 100,000 | 0 |
repayment of advances to related party | (14,596) | 0 |
Financing fees paid | (6,500) | 0 |
Net cash provided by financing activities | 78,904 | 0 |
Effect of foreign currency on cash | 46,685 | 0 |
Net decrease change in cash | (33,154) | (24,220) |
Cash, beginning of period | 233,551 | 26,797 |
Cash, end of period | 200,397 | 2,577 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the year for income taxes | 0 | 0 |
Cash paid during the year for interest | 0 | 0 |
Non-cash investing and financing disclosures: | ||
Consulting fees via shares of common stock | 128,400 | 0 |
Addition of derivative liability/debt discount | $ 113,814 | $ 0 |
Incorporation and nature of ope
Incorporation and nature of operations | 3 Months Ended |
May. 31, 2015 | |
Incorporation and nature of operations | |
Incorporation and nature of operations | 1. Incorporation and nature of operations Falconridge Oil Technologies Corp. (the Company) was incorporated on May 30, 2007 under the name Ameriwest Minerals Corp. on December 23, 2010, the Company changed its name to Ameriwest Petroleum Corp. by way of a merger with its wholly-owned subsidiary, Ameriwest Petroleum Corp., which was formed solely for the change of name. Effective July 2, 2013, in accordance with approval from the Financial Industry Regulatory Authority ("FINRA"), the Company changed its name from "Ameriwest Petroleum Corp." to "Falconridge Oil Technologies Corp." by way of a merger with its wholly-owned subsidiary Falconridge Oil Technologies Corp., which was formed solely for the change of name. The name change became effective with the OTCBB at the opening of trading on July 2, 2013 under the symbol "FROT". On July 2, 2103, the Company's stock symbol changed from "AWSS" to "FROT" to better reflect the new name of the Company. The Company is an oil and gas technology company that specializes in identifying and accessing additional petroleum reserves that are usually left in the ground. The Company's value proposition is extracting new resources from wells that have been assessed as uneconomic. Most of the Company's projects will evolve depleted or low producing assets. Assets are stimulated utilizing Terra Slicing Technology ("TST") for maximum effectiveness and productivity, essentially revitalizing the pre-existing well and establishing a flow rate with a significant percentage of its initial production. Alternatively, TST may be utilized as part of a workover project or procedure. |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
May. 31, 2015 | |
Accounting Policies: | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by management in accordance with accounting principles generally accepted in the United States of America and with the rules and regulations of the Securities and Exchange Commission to Form 10-Q and Article 8 of Regulation S-X. These unaudited condensed consolidated interim statements should be read in conjunction with the consolidated financial statements of the Company for the year ended February 28, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K filed with the SEC on June 15, 2015. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2015 as reported in the Form 10-K have been omitted. In the opinion of management, the unaudited condensed consolidated interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are necessary to present fairly the financial position and the results of operations for the interim periods presented herein. Unaudited interim results are not necessarily indicative of the results for the full year, or any other period. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. Actual results could differ from those estimates. Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. The carrying amounts of financial assets and liabilities, such as cash, accounts receivable, accounts payable, and accrued expenses, approximate their fair values because of the short maturity of these instruments. The derivative liabilities are measured at fair value using quoted market prices and estimated volatility factors based on historical quoted market prices for the Company's common stock, and are classified within Level 3 of the valuation hierarchy. The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of May 31, 2015. Level 1 Level 2 Level 3 Derivative liabilities $ - $ - $ 575,463 The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of February 28, 2015. Level 1 Level 2 Level 3 Derivatives liabilities $ - $ - $ 369,344 As of May 31, 2015 and 2014 the Company had a derivative liability amount of $575,463 and $Nil respectively which was classified as a Level 3 financial instrument, and a loss on change in fair value of derivative liabilities of $92,305 and $Nil for the three months ended May 31, 2015 and May 31, 2014 respectively. |
Going Concern
Going Concern | 3 Months Ended |
May. 31, 2015 | |
Going Concern | |
Going Concern | 3. Going concern As shown in the accompanying financial statements, the Company has an accumulated deficit of $2,500,016 since inception, a stockholders' deficit of $1,710,007 at May 31, 2015 and a working capital deficit of $1,185,305. These conditions, among others, raise substantial doubt as to the Company's ability to continue as a going concern. In response to these conditions, we may raise additional capital through the sale of equity securities, through an offering of debt securities or through borrowings from financial institutions or individuals. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern. |
Loans Payable - related parties
Loans Payable - related parties | 3 Months Ended |
May. 31, 2015 | |
Loans Payable - related parties | |
Loans Payable - related parties | 4. Loans Payable - related parties First World Trade Corporation (FWT) is a company controlled by a shareholder of the Company. As at May 31, 2015 and February 28, 2015, FWT has advanced the Company $1,177,649 and $1,170,275 respectively) to fund operating costs and shared expenses, the loan is non-interest bearing and without specific terms of repayment. As of May 31, 2015 and February 28, 2015, the Company owed accounts payables to related parties of $118,322 and $133,421 respectively. |
Convertible notes payable
Convertible notes payable | 3 Months Ended |
May. 31, 2015 | |
Convertible notes payable | |
Convertible notes payable | 5. Convertible notes payable During the period ended May 31, 2015, the Company issued the following convertible note payable. The Company has determined that it needs to account for each of the Convertible Note Payable issued as derivative liabilities and apply the provisions of ASC 815. EMA Financial LLC $100,000 bearing interest at 12% per annum and matures April 15, 2016. The note may be prepaid up to 180 days from the date of issue with a prepayment of 135% depending on date of prepayment and is Convertible into common shares at 60% of the lowest trading price for the 20 days prior to giving notice of conversion. The Company received $100,000 on issuance. The Company recorded a debt discount related to the day 1 fair value of the derivative liability of $100,000. The Company recorded amortization of debt discount expense of $22,493 during the period for these notes. A summary of the activity of Convertible Notes payable is shown below. Total convertible notes $ 473,750 Discount on notes (412,583 ) Net convertible notes $ 61,167 |
Derivative liabilities
Derivative liabilities | 3 Months Ended |
May. 31, 2015 | |
Derivative liabilities | |
Derivative liabilities | 6. Derivative liabilities The Company has determined that it needs to account for the Convertible Notes Payable issued as derivative liabilities and apply the provisions of ASC 815. The Company records the fair value of the of the conversion price of the convertible notes disclosed in Note 6 in accordance with ASC 815, Derivatives and Hedging. The fair value of the derivative was calculated using a multi-nominal lattice model performed by an independent qualified business valuator. The fair value of the derivative liability is revalued on each balance sheet date with corresponding changes in fair value recorded in the consolidated statement of operations. During the period ended May 31, 2015, the Company recorded a loss on the change in fair value of derivative liability of $92,305 (2014 - $Nil). At May 31, 2015 the Company recorded a derivative liability of $575,463 (2014 - $Nil). For the lattice options pricing model that values the compound embedded derivatives based on a probability weighted discounted cash flow model. The Convertible Note derivative issued April 16, 2015 was valued as of inception and as of May 31, 2015. The following assumptions were used for the valuation of the derivative liability related to the April 16, 2015 Note: The stock price (decreasing from $1.15 to $0.018 in this period which significantly increased the liability) would fluctuate with the Companys projected volatility; An event of default for the Convertible Note would occur 0% of the time, increasing 1.00% per month to a maximum of 10%; Alternative financing for the Convertible Note would be initially available to redeem the note 0% of the time and increase monthly by 2% to a maximum of 10%; The monthly trading volume would average $5,399,150 to $599,618 and increase at 1% per month; The variable conversion prices ranging from 60% to 65% of the trading prices over 20 trading days have effective discount rates of 57.15% to 52.70%; The Note Holders would automatically convert the notes with variable conversion prices if the registration was effective and the company not in default; The Company recorded the excess fair value of the derivative liability above the proceeds of $13,814 as interest expense. |
Stockholders' equity
Stockholders' equity | 3 Months Ended |
May. 31, 2015 | |
Stockholders' equity | |
Stockholders' equity | 7. Stockholders' equity Common stock On March 16, 2015, the Company entered into a consulting agreement with Dominic Johnny Calabrigo (Calabrigo). Calabrigo is to be compensated with 4,840,000 Common Shares of the Company. The agreement expires on December 25, 2015 On April 10, 2015, the Company issued 2,440,000 common shares, with a fair value of $73,200 and on May 6. 2015 the Company issued 2,400,000 common shares with a fair value of $55,200 to Domenic Calabrigo pursuant to the consulting agreement. As of February 28, 2015, the Company has entered into an agreement with Empire State Financial Inc. (Empire) whereupon the Company would compensate Empire for arranging financing for the Company with 27,500 common shares. The fair value of the common shares of $11,000 has been recorded as a stock payable liability as of February 28, 2015. The common shares were issued on March 22, 2015. |
Subsequent Events
Subsequent Events | 3 Months Ended |
May. 31, 2015 | |
Subsequent Events | |
Subsequent Events | 8. Subsequent events Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on this evaluation, no material events have occurred that require recognition or disclosure to the financial statements. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
May. 31, 2015 | |
Accounting Policies: | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by management in accordance with accounting principles generally accepted in the United States of America and with the rules and regulations of the Securities and Exchange Commission to Form 10-Q and Article 8 of Regulation S-X. These unaudited condensed consolidated interim statements should be read in conjunction with the consolidated financial statements of the Company for the year ended February 28, 2015 and notes thereto contained in the information as part of the Company's Annual Report on Form 10-K filed with the SEC on June 15, 2015. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2015 as reported in the Form 10-K have been omitted. In the opinion of management, the unaudited condensed consolidated interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are necessary to present fairly the financial position and the results of operations for the interim periods presented herein. Unaudited interim results are not necessarily indicative of the results for the full year, or any other period. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles 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. Actual results could differ from those estimates. |
Fair value of financial instruments | Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. The carrying amounts of financial assets and liabilities, such as cash, accounts receivable, accounts payable, and accrued expenses, approximate their fair values because of the short maturity of these instruments. The derivative liabilities are measured at fair value using quoted market prices and estimated volatility factors based on historical quoted market prices for the Company's common stock, and are classified within Level 3 of the valuation hierarchy. The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of May 31, 2015. Level 1 Level 2 Level 3 Derivative liabilities $ - $ - $ 575,463 The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of February 28, 2015. Level 1 Level 2 Level 3 Derivatives liabilities $ - $ - $ 369,344 As of May 31, 2015 and 2014 the Company had a derivative liability amount of $575,463 and $Nil respectively which was classified as a Level 3 financial instrument, and a loss on change in fair value of derivative liabilities of $92,305 and $Nil for the three months ended May 31, 2015 and May 31, 2014 respectively. |
Fair value of financial instrum
Fair value of financial instruments (Tables) | 3 Months Ended |
May. 31, 2015 | |
Schedule of fair value measured on a recurring basis | |
Schedule of fair value measured on a recurring basis | The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of May 31, 2015. Level 1 Level 2 Level 3 Derivative liabilities $ - $ - $ 575,463 The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of February 28, 2015. Level 1 Level 2 Level 3 Derivatives liabilities $ - $ - $ 369,344 |
Convertible Notes payable (Tabl
Convertible Notes payable (Tables) | 3 Months Ended |
May. 31, 2015 | |
Schedule of Convertible Notes Payable | |
Schedule of Convertible Notes Payable | A summary of the activity of Convertible Notes payable is shown below. Total convertible notes $ 473,750 Discount on notes (412,583 ) Net convertible notes $ 61,167 |
Assets and liabilities carried
Assets and liabilities carried at fair value measured on a recurring basis (Details) - USD ($) | May. 31, 2015 | Feb. 28, 2015 |
Level 1 | ||
Derivative liabilities | $ 0 | $ 0 |
Level 2 | ||
Derivative liabilities | 0 | 0 |
Level 3 | ||
Derivative liability | $ 575,463 | $ 369,344 |
Going concern (Details)
Going concern (Details) | May. 31, 2015USD ($) |
Going concern Details | |
Accumulated deficit | $ 2,500,016 |
Stockholders' deficit | 1,710,007 |
Working capital deficit | $ 1,185,305 |
Loans Payable - related parti20
Loans Payable - related parties (Details) - USD ($) | May. 31, 2015 | Feb. 28, 2015 |
Loans Payable - related parties Details | ||
Loans payable - related parties | $ 1,177,679 | $ 1,170,275 |
Accounts payable related parties | $ 118,322 | $ 133,421 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - May. 31, 2015 - USD ($) | Total |
Convertible Notes Payable Details | |
EMA Financial LLC | $ 100,000 |
EMA Financial LLC bearing interest per annum | 12.00% |
Note prepaid up to 180 days with a prepayment penalty | 135.00% |
Note Convertible into common shares of average of the lowest trading prices for 20 days | 60.00% |
Company received on issuance | $ 100,000 |
Company recorded a debt discount related to the day 1 fair value of the derivative liability | 100,000 |
Company recorded amortization of debt discount expense | $ 22,493 |
Summary of Convertible Notes pa
Summary of Convertible Notes payable (Details) | May. 31, 2015USD ($) |
Summary of Convertible Notes payable | |
Total convertible notes | $ 473,750 |
Discount on notes | (412,583) |
Net convertible notes | $ 61,167 |
Derivative Liabilities (Details
Derivative Liabilities (Details) - USD ($) | 3 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Derivative Liabilities Details | ||
Change in fair value of derivative liability | $ (92,305) | $ 0 |
Company recorded a derivative liability | $ 575,463 | $ 0 |
Stock price decreasing from 1.15 to | $ 0.018 | |
Convertible Note would occur of the time | 0.00% | |
Convertible Note increasing 1.00% per month to a maximum | 10.00% | |
Convertible Notes initially available to redeem note of the time | 0.00% | |
Alternative financing for the Convertible Notes increase monthly by 2% to a maximum of | 10.00% | |
Monthly trading volume average 5,399,150 to | $ 599,618 | |
Trading volume increase per month | 1.00% | |
Variable conversion prices ranging from 60% to over 20 trading days | 65.00% | |
Effective discount rates 52.35% to | 52.70% | |
Company recorded the excess fair value of the derivative liability above the proceeds as interest expense | $ 13,814 |
Common stock (Details)
Common stock (Details) - USD ($) | May. 06, 2015 | Apr. 10, 2015 | Mar. 16, 2015 | Feb. 28, 2015 |
Common stock Details | ||||
Consulting agreement with Dominic Johnny Calabrigo compensated with Common Shares | 4,840,000 | |||
Issued common shares | 2,440,000 | |||
Issued common shares fair value | $ 55,200 | $ 73,200 | ||
Areement with Empire State Financial Inc. compensated with Common Shares | 27,500 | |||
Stock payable liability | $ 11,000 |