Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Feb. 29, 2016 | Apr. 19, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DiMi Telematics International, Inc. | |
Entity Central Index Key | 1,409,197 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 29, 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,923,907 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Feb. 29, 2016 | Aug. 31, 2015 |
Current assets | ||
Cash | $ 34,024 | $ 185,869 |
Prepaid expenses-stock based | 21,000 | |
Total current assets | $ 34,024 | 206,869 |
Prepaid expense-stock based | 74,375 | |
Intellectual property, net of amortization of $811 and $745, respectively | $ 1,379 | 1,445 |
Total assets | 35,403 | 282,689 |
Current liabilities | ||
Accounts payable and accrued liabilities | 24,200 | 31,514 |
Total current liabilities | $ 24,200 | $ 31,514 |
Stockholders' Equity | ||
Series A Convertible Prefered Stock, $0.001 par value, 50,000,000 authorized shares; no shares issued and outstanding as of February 29, 2016 and August 31, 2015, respectively | ||
Common stock, $0.001 par value: 800,000,000 authorized; 2,923,907 and 2,422,712 shares issued and outstanding as of February 29, 2016 and August 31, 2015, respectively | $ 2,923 | $ 2,423 |
Common stock payable | 210,000 | |
Additional paid-in capital | $ 2,310,876 | 2,101,376 |
Accumulated deficit | (2,302,596) | (2,062,624) |
Total stockholders' equity | 11,203 | 251,175 |
Total liabilities and stockholders' equity | $ 35,403 | $ 282,689 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) | Feb. 29, 2016 | Aug. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Amortization of intangible assets | $ 811 | $ 745 |
Series A convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Series A convertible preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Series A convertible preferred stock, shares issued | ||
Series A convertible preferred stock, shares outstanding | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 2,923,907 | 2,422,712 |
Common stock, shares outstanding | 2,923,907 | 2,422,712 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Operating expenses: | ||||
Selling, general and administrative expenses | $ 3,926 | $ 6,385 | $ 10,793 | $ 11,106 |
Payroll expense | 22,295 | 36,331 | 41,512 | 49,500 |
Professional fees | 47,692 | 45,000 | 69,692 | 68,738 |
Consulting | 106,125 | 8,000 | 117,909 | 21,355 |
Amortization expense | 33 | 950 | 66 | 1,899 |
Total operating expenses | 180,071 | 96,666 | 239,972 | 152,598 |
Loss from operations | (180,071) | (96,666) | (239,972) | (152,598) |
Loss before income tax | $ (180,071) | $ (96,666) | $ (239,972) | $ (152,598) |
Provision for income tax | ||||
Net Loss | $ (180,071) | $ (96,666) | $ (239,972) | $ (152,598) |
Net loss per share: basic and diluted | $ (0.06) | $ (0.01) | $ (0.09) | $ (0.02) |
Weighted average shares outstanding basic and diluted | 2,923,907 | 7,268,136 | 2,784,756 | 7,268,136 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (239,972) | $ (152,598) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization expense | 66 | 1,899 |
Changes in operating assets and liabilities | ||
Accounts payable | (7,314) | $ 3,365 |
Prepaid expense | 95,375 | |
Net Cash used in operating activities | (151,845) | $ (147,334) |
Net increase in cash and cash equivalents | (151,845) | (147,334) |
Cash and cash equivalents at beginning of period | 185,869 | 437,772 |
Cash and cash equivalents at end of period | $ 34,024 | $ 290,438 |
Cash paid during period for | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Noncash investing and financing activities: | ||
Common stock payable being issued | $ 210,000 |
Basis of Presentation and Natur
Basis of Presentation and Nature of Business Operations | 6 Months Ended |
Feb. 29, 2016 | |
Basis of Presentation and Nature of Business Operations [Abstract] | |
BASIS OF PRESENTATION AND NATURE OF BUSINESS OPERATIONS | 1. BASIS OF PRESENTATION AND NATURE OF BUSINESS OPERATIONS Basis of Presentation The accompanying unaudited condensed consolidated financial statements of DiMi Telematics International, Inc. (formerly known as First Quantum Ventures, Inc.), a Nevada corporation (the “ Company The Company accounted for the acquisition under the purchase method of accounting for business combinations. Under the purchase method of accounting in a business combination effected through an exchange of equity interest, the entity that issues the equity interest is generally the acquiring entity. In some business combinations (commonly referred to as reverse acquisitions), however, the acquired entity issues the equity interest. Accounting for business combinations requires consideration of the facts and circumstances surrounding a business combination that generally involves the relative ownership and control of the entity by each of the parties subsequent to the acquisition. Based on a review of these factors, the acquisition was accounted for as a reverse acquisition, i.e., the Company was considered the acquired company and DTI was considered the acquiring company for accounting purposes. As a result, the Company’s assets and liabilities were incorporated into DTI’s balance sheet based on the fair value of the net assets acquired. Further, the Company’s operating results do not include the Company’s results prior to the date of closing. Accordingly the accompanying financial statements are the financial statements of the DTI. In addition, the Company’s fiscal year end changed to DTI’s fiscal year end of August 31 following the closing. The Company has retroactively reflected the acquisition in DTI’s common stock in a ratio consistent with the share exchange (the “Share Exchange”). On March 15, 2012, First Quantum changed its name to DiMi Telematics International, Inc. Certain prior period amounts have been reclassified to conform to current period presentation. Going Concern The accompanying financial statements have been prepared assuming a continuation of the Company as a going concern. However, the Company has reported a net loss of $239,972 for the six months ended February 29, 2016 and had an accumulated deficit of $2,302,596 as of February 29, 2016. These conditions raise significant doubt about our ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that this series of events will be satisfactorily completed." |
Equity
Equity | 6 Months Ended |
Feb. 29, 2016 | |
Equity [Abstract] | |
EQUITY | 2. EQUITY Common Stock The Company was formed in the state of Nevada on April 13, 2006. The Company has authorized capital of 800,000,000 shares of common stock with a par value of $0.001, and 50,000,000 shares of preferred stock with a par value of $0.001. On October 1, 2015, the Board of Directors and a majority of the Company’s shareholders approved an amendment of the Company’s Articles of Incorporation to effect a 1 for 3 reverse stock split of the Company’s outstanding common stock (the “Reverse Split”). The Reverse Split became effective on December 1, 2015. As a result of the Reverse Split, each three (3) shares of common stock issued and outstanding prior to the Reverse Split have been converted into one (1) share of common stock, The effect of the Reverse Split has been applied retroactively throughout this document. On, July 8, 2015, the Company authorized the issuance of 250,000 shares of common stock for consulting fees in the amount of $105,000. The shares were issued on October 30, 2015. On, July 8, 2015, the Company authorized the issuance of 250,000 shares of common stock for stock based compensation in the amount of $105,000. The shares were issued on October 30, 2015. $114,625 was expensed under these stock awards during the year ended August 31, 2015 and the remaining $95,375 was expensed during the six months ended February 29, 2016. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Feb. 29, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 3. RELATED PARTY TRANSACTIONS We currently lease approximately 500 square feet of general office space at 290 Lenox Avenue, New York, NY 10027 from Roberto Fata, our Vice President – Business Development and Director. |
Basis of Presentation and Natu9
Basis of Presentation and Nature of Business Operations (Policies) | 6 Months Ended |
Feb. 29, 2016 | |
Basis of Presentation and Nature of Business Operations [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of DiMi Telematics International, Inc. (formerly known as First Quantum Ventures, Inc.), a Nevada corporation (the “ Company The Company accounted for the acquisition under the purchase method of accounting for business combinations. Under the purchase method of accounting in a business combination effected through an exchange of equity interest, the entity that issues the equity interest is generally the acquiring entity. In some business combinations (commonly referred to as reverse acquisitions), however, the acquired entity issues the equity interest. Accounting for business combinations requires consideration of the facts and circumstances surrounding a business combination that generally involves the relative ownership and control of the entity by each of the parties subsequent to the acquisition. Based on a review of these factors, the acquisition was accounted for as a reverse acquisition, i.e., the Company was considered the acquired company and DTI was considered the acquiring company for accounting purposes. As a result, the Company’s assets and liabilities were incorporated into DTI’s balance sheet based on the fair value of the net assets acquired. Further, the Company’s operating results do not include the Company’s results prior to the date of closing. Accordingly the accompanying financial statements are the financial statements of the DTI. In addition, the Company’s fiscal year end changed to DTI’s fiscal year end of August 31 following the closing. The Company has retroactively reflected the acquisition in DTI’s common stock in a ratio consistent with the share exchange (the “Share Exchange”). On March 15, 2012, First Quantum changed its name to DiMi Telematics International, Inc. Certain prior period amounts have been reclassified to conform to current period presentation. |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming a continuation of the Company as a going concern. However, the Company has reported a net loss of $239,972 for the six months ended February 29, 2016 and had an accumulated deficit of $2,302,596 as of February 29, 2016. These conditions raise significant doubt about our ability to continue as a going concern. |
Basis of Presentation and Nat10
Basis of Presentation and Nature of Business Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Aug. 31, 2015 | |
Basis of Presentation and Nature of Business Operations (Textual) | |||||
Net loss | $ (180,071) | $ (96,666) | $ (239,972) | $ (152,598) | |
Accumulated deficit | $ (2,302,596) | $ (2,302,596) | $ (2,062,624) |
Equity (Details)
Equity (Details) - USD ($) | Jul. 08, 2015 | Oct. 01, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Aug. 31, 2015 |
Equity (Textual) | |||||||
Common stock, shares authorized | 250,000 | 800,000,000 | 800,000,000 | 800,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Preferred Stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Reverse stock split | 1 for 3 | ||||||
Consulting | $ 105,000 | $ 106,125 | $ 8,000 | $ 117,909 | $ 21,355 | ||
Share based compensation | $ 105,000 | $ 95,375 | $ 114,625 |
Related Party Transactions (Det
Related Party Transactions (Details) | Feb. 29, 2016ft² |
Vice President - Operations [Member] | |
Related Party Transactions (Textual) | |
General office space lease (In square feet) | 500 |