Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Jan. 14, 2014 | Mar. 31, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'Independent Film Development CORP | ' | ' |
Entity Central Index Key | '0001425883 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
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 Public Float | ' | ' | $1,111,690 |
Entity Common Stock, Shares Outstanding | ' | 69,713,670 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
ASSETS | ' | ' |
Cash | $2,713 | ' |
Total Assets | 2,713 | 0 |
Current Liabilities: | ' | ' |
Bank overdraft | ' | 2 |
Accounts payable | 24,115 | 18,862 |
Accounts payable, related party | 70,705 | 20,270 |
Accrued officer compensation | 499,827 | 347,976 |
Accured interest and penalties | 681,761 | 134,266 |
Advances from officers | 15,417 | 9,127 |
Accrued interest, related party | 854 | ' |
Due to a related party | 4,210 | 2,960 |
Note payable | 18,550 | ' |
Derivative liability | 755,167 | 468,884 |
Convertible debentures in default (net of discount of $ 0 and $170,477, respectively) | 915,600 | 759,073 |
Total Liabilities | 2,986,206 | 1,761,420 |
Stockholders' Equity (Deficit) | ' | ' |
Preferred Stock, $.0001 par value, 15,000,0000 shares authorized, none issued and outstanding | ' | ' |
Common stock , $.0001 par value, 485,000,000 shares authorized, 62,313,670 and 29,286,375 issued and outstanding, respectively | 6,231 | 2,929 |
Additional paid in capital | 3,709,946 | 3,323,473 |
Common stock payable | 684,010 | 751,650 |
Deficit accumulated during development stage | -7,383,680 | -5,839,472 |
Total Stockholders' Equity (Deficit) | -2,983,493 | -1,761,420 |
Total Liabilities and Stockholders' Equity (Deficit) | $2,713 | $0 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Discount of convertible debentures | $0 | $170,477 |
Common Stock, par or stated value | $0.00 | $0.00 |
Common Stock, shares authorized | 485,000,000 | 485,000,000 |
Common Stock, shares issued | 62,313,670 | 29,286,375 |
Common Stock, shares outstanding | 62,313,670 | 29,286,375 |
Preferred Stock, par or stated value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 150,000,000 | 150,000,000 |
Preferred Stock, shares issued | ' | ' |
Preferred Stock, shares outstanding | ' | ' |
Statements_Of_Operations
Statements Of Operations (USD $) | 12 Months Ended | 73 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
Revenue | ' | $3,770 | $3,770 |
Cost of revenue | ' | ' | ' |
Gross revenue | ' | 3,770 | 3,770 |
Expenses: | ' | ' | ' |
Officer compensation | 317,468 | 231,739 | 1,371,707 |
Professional fees | 90,698 | 45,545 | 571,500 |
Director fees | ' | ' | 38,000 |
Loss on impairment of websites | ' | 818,521 | 818,521 |
Bad debt expense | ' | 2,270 | 72,635 |
General and administrative | 95,935 | 237,603 | 2,855,841 |
Total operating expenses | 504,101 | 1,335,678 | 5,728,204 |
Net loss from operations | -504,101 | -1,331,908 | -5,724,434 |
Other income and (expense): | ' | ' | ' |
Loss on derivative liability | -303,280 | -264,027 | -618,297 |
Loss on settlement of debt | -18,000 | -537 | -18,537 |
Penalty expense | -381,009 | -16,500 | -397,509 |
Debt discount | -170,477 | -108,942 | -288,935 |
Interest expense | -167,341 | -159,803 | -335,968 |
Total other expense | -1,040,107 | -549,809 | -1,659,246 |
Net loss | ($1,544,208) | ($1,881,717) | ($7,383,680) |
Loss per share Basic and diluted | ($0.04) | ($0.07) | ' |
Weighted average shares Outstanding basic and diluted | 43,965,932 | 25,464,297 | ' |
Statements_Of_Stockholders_Equ
Statements Of Stockholders Equity (Deficit) (USD $) | Common Stock | Paid-In Capital | Deficit Accumulated During Development Stage | Common Stock Subscribed | Stock Subscription Receivable | Total |
Balance, amount at Sep. 13, 2007 | ' | ' | ' | ' | ' | ' |
Balance, shares at Sep. 13, 2007 | ' | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 125 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | ' | 500 | ' | ' | ' | 500 |
Balance, amount at Sep. 30, 2007 | ' | 500 | ' | ' | ' | 500 |
Balance, shares at Sep. 30, 2007 | 125 | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 18,492 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 2 | 35,940 | ' | ' | ' | 35,942 |
Net loss | ' | ' | -33,413 | ' | ' | ' |
Balance, amount at Sep. 30, 2008 | 2 | 36,440 | -33,413 | ' | ' | 3,029 |
Balance, shares at Sep. 30, 2008 | 18,617 | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 34,803 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 3 | 109,997 | ' | ' | -85,000 | 25,000 |
Stock issued for compensation, shares | 22,300,000 | ' | ' | ' | ' | ' |
Stock issued for compensation, amount | 2,230 | 2,227,770 | ' | ' | ' | ' |
Net loss | ' | ' | -2,258,311 | ' | ' | ' |
Balance, amount at Sep. 30, 2009 | 2,235 | 2,374,207 | -2,291,724 | ' | -85,000 | -282 |
Balance, shares at Sep. 30, 2009 | 22,353,420 | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 90,000 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 45,000 | ' | ' | ' | ' | ' |
Balance, amount at Dec. 31, 2009 | ' | ' | ' | ' | ' | ' |
Balance, amount at Sep. 30, 2009 | 2,235 | 2,374,207 | -2,291,724 | ' | -85,000 | -282 |
Balance, shares at Sep. 30, 2009 | 22,353,420 | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 626,571 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 63 | 197,032 | ' | ' | ' | 197,095 |
Stock issued for compensation, shares | 4,000 | ' | ' | ' | ' | ' |
Stock issued for compensation, amount | ' | 2,000 | ' | ' | ' | ' |
Stock subscription receivable | ' | ' | ' | ' | 22,660 | 22,660 |
Net loss | ' | ' | -217,881 | ' | ' | ' |
Balance, amount at Sep. 30, 2010 | 2,298 | 2,573,239 | -2,509,605 | ' | -62,340 | 3,592 |
Balance, shares at Sep. 30, 2010 | 22,983,991 | ' | ' | ' | ' | ' |
Balance, amount at Jun. 30, 2010 | ' | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 130,000 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 32,500 | ' | ' | ' | ' | ' |
Balance, amount at Sep. 30, 2010 | 2,298 | 2,573,239 | -2,509,605 | ' | -62,340 | 3,592 |
Balance, shares at Sep. 30, 2010 | 22,983,991 | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 575,000 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 57 | 39,918 | ' | ' | -8,025 | 31,950 |
Stock for other services, shares | 556,000 | ' | ' | ' | ' | ' |
Stock for other services, amount | 56 | 211,224 | ' | 171,000 | ' | 382,280 |
Stock for officer compensation, amount | ' | ' | ' | 570,000 | ' | 570,000 |
Stock for Director fees | ' | ' | ' | 38,000 | ' | ' |
Common stock issued for lockup agreement, shares | 6,000 | ' | ' | ' | ' | ' |
Common stock issued for lockup agreement, amount | 1 | 2,279 | ' | ' | ' | 2,280 |
Writeoff of stock subscription receivable | ' | ' | ' | ' | 70,365 | 70,365 |
Net loss | ' | ' | -1,448,150 | ' | ' | ' |
Balance, amount at Sep. 30, 2011 | 2,412 | 2,826,660 | -3,957,755 | 779,000 | ' | -349,683 |
Balance, shares at Sep. 30, 2011 | 24,120,991 | ' | ' | ' | ' | ' |
Balance, amount at Jun. 29, 2011 | ' | ' | ' | ' | ' | ' |
Stock issued for cash, shares | 275,000 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 24,975 | ' | ' | ' | ' | ' |
Balance, amount at Sep. 30, 2011 | 2,412 | 2,826,660 | -3,957,755 | 779,000 | ' | -349,683 |
Balance, shares at Sep. 30, 2011 | 24,120,991 | ' | ' | ' | ' | ' |
Stock issued for compensation, amount | ' | ' | ' | ' | ' | 25,713 |
Stock subscription receivable | ' | ' | ' | ' | ' | ' |
Stock for officer compensation, shares | 50,000 | ' | ' | ' | ' | ' |
Stock for officer compensation, amount | 5 | 25,495 | ' | 213 | ' | 25,713 |
Stock for Director fees | ' | ' | ' | ' | ' | ' |
Writeoff of stock payable | ' | 95,000 | ' | -95,000 | ' | ' |
Settlement of derivative liabilities | ' | 186,830 | ' | ' | ' | 186,830 |
Stock issued in conversion of note payable, shares | 5,115,384 | ' | ' | ' | ' | ' |
Stock issued in conversion of note payable, amount | 512 | 175,988 | ' | ' | ' | 176,500 |
Stock issued for services, amount | ' | ' | ' | 66,459 | ' | 66,459 |
Stock issued to settle debt, amount | ' | ' | ' | 978 | ' | 978 |
Contributed capital | ' | 13,500 | ' | ' | ' | 13,500 |
Net loss | ' | ' | -1,881,717 | ' | ' | -1,881,717 |
Balance, amount at Sep. 30, 2012 | 2,929 | 3,323,473 | -5,839,472 | 751,650 | ' | -1,761,420 |
Balance, shares at Sep. 30, 2012 | 29,286,375 | ' | ' | ' | ' | 29,286,375 |
Stock issued for cash, shares | 4,500,000 | ' | ' | ' | ' | ' |
Stock issued for cash, amount | 450 | 17,550 | ' | ' | ' | 18,000 |
Stock issued on payable, Shares | $8,281,500 | ' | ' | ' | ' | ' |
Stock issued on payable, amount | 828 | 66,609 | ' | -67,437 | ' | ' |
Stock issued for compensation, amount | ' | ' | ' | ' | ' | 96,367 |
Stock subscription receivable | ' | ' | ' | ' | ' | ' |
Stock for officer compensation, shares | 7,300,000 | ' | ' | ' | ' | ' |
Stock for officer compensation, amount | 729 | 95,841 | ' | -203 | ' | 96,467 |
Stock for Director fees | ' | ' | ' | ' | ' | ' |
Settlement of derivative liabilities | ' | 16,998 | ' | ' | ' | 16,998 |
Stock issued in conversion of note payable, shares | 2,052,795 | ' | ' | ' | ' | ' |
Stock issued in conversion of note payable, amount | 205 | 13,745 | ' | ' | ' | 13,950 |
Stock issued for services, shares | 4,855,000 | ' | ' | ' | ' | ' |
Stock issued for services, amount | 486 | 97,954 | ' | ' | ' | 98,440 |
Stock issued to settle debt, Shares | 6,038,000 | ' | ' | ' | ' | ' |
Stock issued to settle debt, amount | 604 | 77,776 | ' | ' | ' | 78,380 |
Contributed capital | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | -1,544,208 | ' | ' | -1,544,208 |
Balance, amount at Sep. 30, 2013 | $6,231 | $3,709,946 | ($7,383,680) | $684,010 | ' | ($2,983,493) |
Balance, shares at Sep. 30, 2013 | 62,313,670 | ' | ' | ' | ' | 62,313,670 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 12 Months Ended | 73 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($1,544,208) | ($1,881,717) | ($7,383,680) |
Adjustments to reconcile net loss to total cash used in operations: | ' | ' | ' |
Common stock for compensation | 96,367 | 25,713 | 2,924,080 |
Common stock for other services | 91,940 | 66,459 | 542,959 |
Common stock for director's fees | ' | ' | 38,000 |
Loss on settlement of debt | 18,000 | 537 | 18,537 |
Amortization expense | ' | 31,479 | 31,479 |
Loss on impariment of website properties | ' | 818,521 | 818,521 |
Bad debt expense for stock subscription receivable. | ' | ' | 70,365 |
(Gain) loss on derivative liability | 303,280 | 264,027 | 618,297 |
Debt discount amortization | 170,477 | 160,704 | 340,697 |
Change in assets and liabilities: | ' | ' | ' |
Increase (decrease) in accounts payable | 5,253 | -1,365 | 22,116 |
Increase (decrease) in accounts payable, related party | 50,435 | -3,000 | 72,705 |
Increase in accrued expenses | 547,495 | 125,442 | 681,761 |
Accrued interest, related party | 854 | ' | 854 |
Increase in accrued compensation | 218,351 | 129,526 | 566,327 |
Net cash used in operating activities | -41,756 | -263,674 | -636,982 |
Cash flows from investing activities | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Cash overdraft | -2 | 2 | ' |
Cash advance (payments) related party | 1,250 | -250 | 1,790 |
Proceeds from debenture loans | 18,550 | 241,050 | 274,600 |
Proceeds from subscriptions receivable | ' | ' | 22,660 |
Contributed capital | ' | 13,500 | 13,500 |
Advances from officers | 15,073 | 9,152 | 32,062 |
Payments to officers | -8,402 | -5,002 | -13,404 |
Proceeds from the sale of common stock | 18,000 | ' | 308,487 |
Net cash provided by financing activities | 44,469 | 258,452 | 639,695 |
Net increase (decrease) in cash | 2,713 | -5,222 | 2,713 |
Cash at beginning of period | ' | 5,222 | ' |
Cash at end of period | 2,713 | ' | 2,713 |
Cash Paid For Interest | ' | ' | ' |
Cash Paid For Taxes | ' | ' | ' |
Supplemental disclosure of non cash activities | ' | ' | ' |
Website property acquired with convertible debenture | ' | 500,000 | 850,000 |
Common stock issued for conversion of debt | 13,950 | 176,500 | 190,450 |
Common stock issued for conversion of debt to related parties | 66,880 | ' | 66,880 |
Settlement of derivative liability | 16,998 | 186,830 | 203,828 |
Debt discount on convertible notes payable | ' | 275,183 | 275,183 |
Forgiveness of stock payable | ' | 95,000 | 95,000 |
Common stock issued for stock | $67,641 | ' | $67,641 |
History_Of_Operations
History Of Operations | 12 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
History of operations | ' |
NOTE 1: HISTORY OF OPERATIONS | |
Business Activity | |
Independent Film Development Corporation was incorporated in the State of Nevada on September 14, 2007. Effective April 24, 2008 we commenced operating as a Business Development Company ("BDC") under Section 54(a) of the Investment Company Act of 1940 ("1940 Act"). On September 30, 2009, our board of directors elected to cease operating as a BDC. | |
Independent Film Development Corporation (“IFLM”) is a diversified publicly held entertainment company, whose common stock trades on the over-the-counter bulletin board under the trading symbol, “IFLM.” We have developed a business plan of operations of developing genre themed studio style resorts, film sales and distribution, film development, and an Internet social networking and resourcing website, for independent film and television development, production, and distribution. | |
The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.” |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant accounting policies | ' | ||||||||||||
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The Company has adopted an September 30 year end. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2013 and 2012. | |||||||||||||
Stock Based Compensation | |||||||||||||
We account for equity instruments issued in exchange for the receipt of goods or services from non-employees. Costs are measured at the fair market value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of the date on which there first exists a firm commitment for performance by the provider of goods or services or on the date performance is complete. The Company recognizes the fair value of the equity instruments issued that result in an asset or expense being recorded by the Company, in the same period(s) and in the same manner, as if the Company has paid cash for the goods or services. | |||||||||||||
The Company accounts for equity based transactions with non-employees under the provisions of ASC Topic No. 505-50, “Equity-Based Payments to Non-Employees” (“Topic No. 505-50”). Topic No. 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to non-employees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, the Company recognizes an asset or expense in the same manner as if it was to pay cash for the goods or services instead of paying with or using the equity instrument. | |||||||||||||
The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation - Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. There has been no stock-based compensation issued to employees. | |||||||||||||
Use of Estimates | |||||||||||||
The presentation 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 disclosures 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 these estimates. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amount of cash, notes receivable, accounts payable, accrued liabilities and notes payable, as applicable, approximates fair value due to the short-term nature of these items. The fair value of the related party notes payable cannot be determined because of the Company's affiliation with the parties with whom the agreements exist. The use of different assumptions or methodologies may have a material effect on the estimates of fair values. | |||||||||||||
ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: | |||||||||||||
· Level 1: Observable inputs such as quoted prices in active markets; | |||||||||||||
· Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |||||||||||||
· Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||
The following table presents assets and liabilities that are measured and recognized at fair value as of September 30, 2013 and 2012 on a recurring basis: | |||||||||||||
30-Sep-13 | |||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | |||||||||
Derivative | - | - | -755,167 | -303,280 | |||||||||
Total | $ | - | $ | - | $ | -755,167 | $ | -303,280 | |||||
30-Sep-12 | |||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | |||||||||
Derivative | - | - | -468,884 | -264,027 | |||||||||
Total | $ | - | $ | - | $ | -468,884 | $ | -264,027 | |||||
Long Lived Assets | |||||||||||||
Long lived assets are carried at cost and amortized over their estimated useful lives, generally on a straight-line basis. The Company reviews identifiable amortizable assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value. | |||||||||||||
Income Taxes | |||||||||||||
Accounting Standards Codification Topic No. 740 “Income Taxes” (ASC 740) requires the asset and liability method of accounting be used for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
Net deferred tax assets consist of the following components as of September 30: | |||||||||||||
2013 | 2012 | ||||||||||||
NOL | $ | (1,116,601 | ) | $ | (602,324 | ) | |||||||
Net Loss | (1,544,208 | ) | (1,881,717 | ) | |||||||||
Loss on impairment | — | 818,521 | |||||||||||
Loss on debt settlement | 18,000 | 537 | |||||||||||
Amortization expense | — | 31,479 | |||||||||||
Loss on derivative liability | 303,280 | 264,027 | |||||||||||
Debt discount amortization | 170,477 | 160,704 | |||||||||||
Common stock for other services | 91,940 | 66,459 | |||||||||||
Common stock for compensation | 96,367 | 25,713 | |||||||||||
NOL at end of period | $ | (1,980,745 | ) | $ | (1,116,601 | ) | |||||||
Effective Rate | 0.34 | 0.34 | |||||||||||
Deferred Tax Asset | (673,453 | ) | (379,644 | ) | |||||||||
Valuation | 673,453 | 379,644 | |||||||||||
Deferred Tax Asset | $ | — | $ | — | |||||||||
In June 2006, the FASB interpreted its standard for accounting for uncertainty in income taxes, an interpretation of accounting for income taxes. This interpretation clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements in accordance the minimum recognition threshold and measurement attributable to a tax position taken on a tax return is required to be met before being recognized in the financial statements. The FASB’s interpretation had no material impact on the Company’s financial statements for the year ended September 30, 2013. | |||||||||||||
The FASB’s interpretation had no material impact on the Company’s financial statements for the year ended September 30, 2013. As of September 30, 2013, the Company had a net operating loss carry forward for income tax reporting purposes of $1,980,745 that may be offset against future taxable income through 2029. Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. No tax benefit has been reported in the financial statements, because the Company believes there is a 50% or greater chance the carry forwards will expire unused. Accordingly, the potential tax benefits of the loss carry forwards are offset by a valuation allowance of the same amount. | |||||||||||||
Derivative Liabilities | |||||||||||||
The Company records the fair value of its derivative financial instruments in accordance with ASC815, Derivatives and Hedging. The fair value of the derivatives 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 gains and losses recorded in the consolidated statement of operations | |||||||||||||
Derivative financial instruments should be recorded as liabilities in the balance sheet and measured at fair value. For purposes of the Company’s financial statements fair value was used as the basis for formulating an analysis which has been defined by the Financial Accounting Standards Board (“FASB”) as “the amount for which an asset (or liability) could be exchanged in a current transaction between knowledgeable, unrelated willing parties when neither party is acting under compulsion”. The FASB has provided guidance that its definition of fair value is consistent with the definition of fair market value in IRS Rev. Rule 59-60. In determining the fair value of the derivatives it was assumed that the Company’s business would be conducted as a going concern. These derivative liabilities will need to be marked-to-market each quarter with the change in fair value recorded in the income statement. | |||||||||||||
The Company has notes payable in which the holder has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Because the terms of the debentures do not specifically state that there is a minimum amount on which the price of the conversion can go and/or there is no maximum amount of shares that can be converted into, a derivative liability is triggered and must accounted for as such (see Note 6). | |||||||||||||
Earnings (Loss) Per Share | |||||||||||||
Basic earnings (loss) per share are computed by dividing the net income (loss) by the weighted-average number of shares of common stock and common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method. The calculation of fully diluted earnings (loss) per share assumes the dilutive effect of the exercise of outstanding options and warrants at either the beginning of the respective period presented or the date of issuance, whichever is later. At September 30, 2013 and 2012, the Company had no outstanding options or warrants. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to: | |||||||||||||
- | Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and | ||||||||||||
- | Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense. | ||||||||||||
The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-04, ''Technical Corrections and Improvements" in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
In August 2012, the FASB issued ASU 2012-03, "Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)" in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
In July 2012, the FASB issued ASU 2012-02, "Intangibles -Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment" in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles -Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles -Goodwill and Other -General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of ASU 2012-02 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Website_Properties
Website Properties | 12 Months Ended |
Sep. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Website properties | ' |
NOTE 4: WEBSITE PROPERTIES | |
As of September 30, 2012 the Company has terminated its business relationship with iBacking Corp. the developer of the Indiebacker.com website and will therefore no longer use the website. As such the Company considers the asset fully impaired and has written its cost and related accumulated amortization down to $0, resulting in a loss on impairment of $490,959 as of September 30, 2012. The Company maintains the liability associated with the cost of developing the website (Note 5) but is seeking to rescind the debenture and cancel the debt (Note 11). | |
As of September 30, 2012 the Company has terminated its business relationship with Junior Capital, Inc. the developer of the HollywoodIndy.com website and will therefore no longer use the website. As such the Company considers the asset fully impaired and has written its cost and related accumulated amortization down to $0, resulting in a loss on impairment of $327,562. The Company maintains the liability associated with the cost of developing the website (Note 5) but is seeking to rescind the debenture (Note 11). |
Convertible_Debentures
Convertible Debentures | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Convertible debenture | ' | ||||||
NOTE 5: CONVERTIBLE DEBENTURES | |||||||
On July 1, 2011, the Company entered into an exchange agreement with Junior Capital Inc. (“Junior”), pursuant to which Junior exchanged a $350,000 promissory note for a $350,000 convertible debenture (the “Junior Debenture”). The Junior Debenture accrues interest of 10% and matures on July 1, 2012. Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance, or $0.05 per share of common stock on the date of conversion as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $50,514, $46,155 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $4,359 amortized in in 2013. During fiscal year ending September 30, 2012, $143,500 of the $350,000 debenture was converted into 4,100,000 shares of common stock. This conversion was converted within the terms of the agreement. As a result of the conversions the remaining $4,359 of debt discount amortization was accelerated and expensed, and the derivative liability decreased by $149,671. In addition, as a consequence of the triggering of the default provisions of the debenture, as a result of nonpayment as of the due date and failure to convert a portion of the debenture upon request, the interest on the debenture has been instated at a rate of 18%, effective as of the date of issuance, and a per day penalty of $500 has been accrued from the date of default of $199,000. | |||||||
On October 25, 2011 the Company issued a convertible debenture/note payable to Junior Capital, Inc. for $20,000, $15,000 of this amount was advanced to the Company prior to signing the debenture and prior to the year ended September 30, 2011. The remaining $5,000 was received in October 2011. The Debenture accrues interest of 10% beginning on October 25, 2011 and matures on October 25, 2012. Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $20,000, all of which was amortized to interest expense in the fiscal year ended September 30, 2012. As of September 30, 2013 $20,000 of the principal face value of the Junior Debenture remains outstanding. In addition, as a consequence of the triggering of the default provision of the debenture the interest on the debenture has been instated at a rate of 18% effective as of the date of issuance. | |||||||
On October 28, 2011, the Company entered into an exchange agreement with Editor Newswire Inc. (“Editor”), pursuant to which Editor exchanged a $20,000 promissory note for a $20,000 convertible debenture (the “Editor Debenture”). The Editor Debenture accrues interest of 10% and matures on October 28, 2012. Editor has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $20,000, $8,357 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $11,643 amortized in 2013. As of September 30, 2013 $20,000 of the principal face value of the Debenture remains outstanding. In addition, as a consequence of the triggering of the default provision of the debenture the interest on the debenture has been instated at a rate of 18% effective as of the date of issuance. | |||||||
On November 18, 2011, the Company entered into an exchange agreement with Editor Newswire Inc. (“Editor”), pursuant to which Editor exchanged a $25,000 promissory note dated November 18, 2011 for a $25,000 convertible debenture (the “Editor Debenture”). The Editor Debenture accrues interest of 10% and matures on November 18, 2012. Editor has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $25,000, $11,292 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $13,708 amortized in 2013. As of September 30, 2013, $25,000 of the principal face value of the Debenture remains outstanding. In addition, as a consequence of the triggering of the default provision of the debenture the interest on the debenture has been instated at a rate of 18% effective as of the date of issuance. | |||||||
On January 11, 2012, the Company entered into a $33,000 convertible debenture with Junior Capital Inc. (“Junior”). The Junior Debenture accrues interest of 10% and matures on January 11, 2013. Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $33,000, $8,425 of which was amortized to interest expense before conversion during the fiscal year ending September 30, 2012. This conversion was converted within the terms of the agreement. As a result of the conversions, $24,575 of debt discount amortization was accelerated and expensed and the derivative liability decreased by $37,159. During the fiscal year ending September 30, 2012, the entire $33,000 debenture was converted into 1,015,384 shares of common stock. | |||||||
On March 15, 2012, the Company entered into a $40,000 convertible debenture with Junior Capital Inc. (“Junior”). The Junior Debenture accrues interest of 12% and matures on March 15, 2013. Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $40,000, $4,540 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $35.460 amortized in 2013. As of September 30, 2013 $40,000 of the principal face value of the Debenture remains outstanding. In addition, as a consequence of the triggering of the default provision of the debenture the interest on the debenture has been instated at a rate of 18% effective as of the date of issuance. | |||||||
On April 9, 2012, the Company entered into a $100,000 convertible debenture with Neil Linder. The debenture accrues interest of 12% and matures on April 9, 2013. Mr. Linder has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to the lesser of fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $49,532, $15,994 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $33,538 amortized in 2013. During the fiscal year ending September 30, 2013, $13,950 of the $100,000 debenture was converted into 2,052,795 shares of common stock. This conversion was converted within the terms of the agreement. As of September 30, 2013 $86,050 of the principal face value of the Debenture remains outstanding. In addition, as a consequence of the triggering of the default provision of the debenture the interest on the debenture has been instated at a rate of 18% effective as of the date of issuance, a $1,000 per business day penalty is being imposed for failure to execute a conversion in a timely manner, and an additional accrual of $112,509 was accounted for as a result of a provision requiring additional funds due in the event that a “default payment” is made by the Company. | |||||||
On May 29, 2012, the Company entered into a $500,000 convertible debenture with iBacking Corp. The iBacking Debenture accrues interest of 12% and matures on May 29, 2013. iBacking has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to the lesser of fifty percent (50%) of the lowest closing bid price of common stock during the ten trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $84,651, $21,997 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $62,654 amortized in 2013. As of September 30, 2013 $500,000 of the principal face value of the Debenture remains outstanding. In addition, as a consequence of the triggering of the default provision of the debenture the interest on the debenture has been instated at a rate of 18% effective as of the date of issuance. | |||||||
On June 5, 2012, the Company entered into an $18,000 convertible debenture with Junior Capital Inc. (“Junior”). The Junior Debenture accrues interest of 12% and matures on June 5, 2013. Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Based on the initial valuation the Company has recorded a debt discount of $18,000, $1,512 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $16,488 amortized in 2013. As of September 30, 2013 $18,000 of the principal face value of the Debenture remains outstanding. In addition, as a consequence of the triggering of the default provision of the debenture the interest on the debenture has been instated at a rate of 18% effective as of the date of issuance, | |||||||
The fair values of the derivatives are calculated using a multi-nominal lattice model. The model values the derivative liability in each debenture based on a probability weighted discounted cash flow model. These models are based on future projections of the various potential outcomes. The fair value of the derivative liability is revalued on each balance sheet date with corresponding gains and losses recorded in the statement of operations. | |||||||
The following inputs and assumptions were used to value embedded derivative liabilities associated with the secured convertible notes issued in the year ended September 30, 2013 and 2012: | |||||||
The convertible promissory notes have a conversion price of the lesser of 50% of the average of the lowest closing bid stock prices (lowest closing bid price for the 5/29/12 note) over the last 5-10 days or 50% of the closing bid price at issuance (or $0.05 for the 7/1/11 note) and contains no dilutive reset feature. | |||||||
The stock price would fluctuate with an annual volatility. The projected volatility curve was based on historical volatilities of the 18 comparable companies in the entertainment industry. | |||||||
The Holder would redeem based on availability of alternative financing, increasing 1.0% monthly to a maximum of 10%. | |||||||
The Holder will automatically convert the note at maturity if the registration was effective and the company was not in default. The following conversions were completed during the fiscal year. | |||||||
On March 7, 2012, the Company authorized the issuance of 450,000 common shares in conversion of $22,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture. | |||||||
On March 28, 2012, the Company authorized the issuance of 450,000 common shares in conversion of $22,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture. | |||||||
On April 20, 2012, the Company authorized the issuance of 450,000 common shares in conversion of $22,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture. | |||||||
On June 13, 2012, the Company authorized the issuance of 250,000 common shares in conversion of $12,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture. | |||||||
On June 28, 2012, the Company authorized the issuance of 400,000 common shares in conversion of $20,000 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture. | |||||||
On July 24, 2012, the Company authorized the issuance of 1,000,000 common shares in conversion of $32,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.0325 pursuant to the conversion terms of the debenture. | |||||||
On July 27, 2012, the Company authorized the issuance of 1,015,384 common shares in conversion of $33,000 of the Junior Capital debenture dated January 11, 2012. The shares were issued at $0.0325 pursuant to the conversion terms of the debenture. | |||||||
On August 21, 2012, the Company authorized the issuance of 1,100,000 common shares in conversion of $11,000 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.01 pursuant to the conversion terms of the debenture. | |||||||
On October 16, 2012, the Company authorized the issuance of 1,552,795 common shares in conversion of $10,000 of the Neil Linder debenture dated April 9, 2012. The shares were issued at $0.00644 pursuant to the conversion terms of the debenture. | |||||||
On June 19, 2013, the Company authorized the issuance of 500,000 common shares in conversion of $3,950 of the Neil Linder debenture dated April 9, 2012. The shares were issued at $0.0079 pursuant to the conversion terms of the debenture. | |||||||
A summary of the activity of the derivative liability is shown below: | |||||||
Balance at September 30, 2011 | $ | 116,504 | |||||
Increase in derivative due to new issuances | 275,183 | ||||||
Derivative loss due to new issuances | 85,169 | ||||||
Decrease in derivative due to settlement of debt | -186,830 | ||||||
Derivative loss due to mark to market adjustment | 178,858 | ||||||
Balance at September 30, 2012 | 468,884 | ||||||
Increase in derivative due to new issuances | - | ||||||
Derivative loss due to new issuances | - | ||||||
Decrease in derivative due to settlement of debt | -16,997 | ||||||
Derivative loss due to mark to market adjustment | 303,280 | ||||||
Balance at September 30, 2013 | $ | 755,167 | |||||
Common_Stock_Tranaction
Common Stock Tranaction | 12 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Common stock transaction | ' |
NOTE 6: COMMON STOCK TRANSACTIONS | |
During the period from September 14, 2007 (inception) through September 30, 2007 the Company issued 125 common shares for $500 cash. | |
During the year ended September 30, 2008 the Company issued 18,492 common shares for $35,942 cash. | |
During the year ended September 30, 2009 the Company issued 34,803 common shares for $25,000 cash and a subscription receivable in the amount of $85,000. During the year ended September 30, 2010 the Company received $22,660 on its subscription receivable. | |
On September 30, 2009 the Company’s Board of Directors authorized the issuance of 200,000 common shares to Directors Robert Searcy and Patrick Peach, as compensation for two years’ services rendered, pursuant to Section 4(2) of the Securities Act of 1933. Due to the volatility of the market and the limited trading of the Company’s stock, shares were valued at $0.10 by the Board of Directors. | |
On September 30, 2009 the Company’s Board of Directors authorized the issuance of, 200,000 shares and 500,000 shares to Jeff Ritchie, the Company’s President and Director for compensation for two years’ services rendered, and 10 million shares in exchange for business opportunities assigned to the company, pursuant to Section 4(2) of the Securities Act of 1933. Due to the volatility of the market and the limited trading of the Company’s stock, shares were valued at $0.10 by the Board of Directors. | |
On September 30, 2009 the Company’s Board of Directors authorized the issuance of, 200,000 shares and 500,000 shares to Kenneth Eade, a former Officer and Director for compensation for two years’ services rendered, 500,000 for two years’ legal services rendered, and 10,000,000 shares in exchange for business opportunities assigned to the company, pursuant to Section 4(2) of the Securities Act of 1933. Due to the volatility of the market and the limited trading of the Company’s stock, shares were valued at $0.10 by the Board of Directors. | |
During the three month period ended December 31, 2009 the Company issued 90,000 common stock shares for total consideration of $45,000. | |
During the three months ended June 30, 2010 the Company issued 406,571 common shares for total consideration of $119,595. | |
During the three months ended June 30, 2010, the Company issued 4,000 common shares for services totaling $2,000. Due to the volatility of the market and the limited trading of the Company’s stock, shares were valued at $0.10 by the Board of Directors. | |
During the three months ended September 30, 2010, the Company issued 130,000 common shares for total consideration of $32,500. | |
On March 31, 2011 the Company’s Board of Directors authorized the issuance of 100,000 common shares for Director’s fees totaling $38,000, based on the market value of the common stock on the date of authorization. As of June 30, 2013 these shares had not yet been issued and therefore have been recorded as a stock payable. | |
On March 31, 2011 the Company’s Board of Directors authorized the issuance of 750,000 shares each to Jeff Ritchie, the Company’s COO and Kenneth Eade the Company’s former CFO for compensation for services rendered in 2010, and an additional 200,000 shares to Kenneth Eade for legal services rendered, for total consideration of $646,000, based on the market value of the common stock on the date of authorization. As of June 30, 2013 these shares had not yet been issued and therefore have been recorded as a stock payable. | |
During the three month period ended March 31, 2011, the Company authorized the issuance of 250,000 common shares for services valued at $95,000, based on the market value of the common stock on the date of authorization. The payable was subsequently written off to forgiveness of stock payable. | |
On May 10, 2011 the Company issued 300,000 common shares for cash proceeds of $6,975 and a subscription receivable in the amount of $8,025. As of December 31, 2011 it was determined that the remaining receivable would not be collected; as a result the company credited the stock subscription receivable account and debited bad debt expense for $8,025. | |
On May 9, 2011 the Company issued 6,000 common shares for a lock up agreement in which the stockholder agreed not to transfer any of his shares for an agreed upon time. The Company recorded an expense of $2,280 based on the market value of the common stock on the date of issuance. | |
On May 10, 2011 the Company issued 6,000 common shares to a stockholder for shares authorized in a prior period. The Company recorded an expense of $2,280 based on the market value of the common stock on the date of issuance. | |
On June 24, 2011, the Company authorized the issuance of 550,000 common shares for services valued at $209,000, based on the market value of the common stock on the date of authorization. | |
During the year ended September 30, 2011, the Company issued 275,000 common shares for total consideration of $24,975. | |
On February 7, 2012, the Company authorized the issuance of 50,000 common shares to Rachel Boulds, the Company’s CFO, for compensation of services. The shares were issued at $0.51 based on the market value of the common stock on the date of authorization for total compensation expense of $25,500. | |
On March 7, 2012, the Company authorized the issuance of 450,000 common shares in conversion of $22,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture. | |
On March 28, 2012, the Company authorized the issuance of 450,000 common shares in conversion of $22,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture. | |
On April 20, 2012, the Company authorized the issuance of 450,000 common shares in conversion of $22,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture | |
On June 13, 2012, the Company authorized the issuance of 250,000 common shares in conversion of $12,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture | |
On June 28, 2012, the Company authorized the issuance of 400,000 common shares in conversion of $20,000 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.05 pursuant to the conversion terms of the debenture | |
On July 24, 2012, the Company authorized the issuance of 1,000,000 common shares in conversion of $32,500 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.0325 pursuant to the conversion terms of the debenture. | |
On July 27, 2012, the Company authorized the issuance of 1,015,384 common shares in conversion of $33,000 of the Junior Capital debenture dated January 11, 2012. The shares were issued at $0.0325 pursuant to the conversion terms of the debenture. | |
On August 21, 2012, the Company authorized the issuance of 1,100,000 common shares in conversion of $11,000 of the Junior Capital debenture dated July 1, 2011. The shares were issued at $0.01 pursuant to the conversion terms of the debenture. | |
On September 1, 2012, the Company authorized the issuance of 25,000 common shares to Rachel Boulds, the Company’s CFO, for compensation of services. The shares were issued at $0.0085 based on the market value of the common stock on the date of authorization for total compensation expense of $203. The shares were issued in October 2012. | |
During September 2012, the Company authorized the issuance of 8,166,500 common shares for various services. Shares were issued at $0.0075 - $0.095 for total expense of $66,459. The shares were issued in October 2012. | |
During September 2012, the Company authorized the issuance of 115,000 common shares for related party debt of $440. The shares were issued at $0.0085 based on the market value of the common stock on the date of authorization, resulting in a loss on the conversion of debt of $538. The shares were issued in October 2012. | |
On October 16, 2012, the Company issued 1,552,795 common shares in conversion of $10,000 of the Neil Linder debenture dated April 9, 2012. The shares were issued at $0.00644 pursuant to the conversion terms of the debenture. | |
On October 16, 2012, the Company issued 38,000 common shares in conversion of $380 advanced to the Company by a related party. The shares were issued at $0.01 based on the market value of the common stock on the date of authorization. | |
During the quarter ended December 31, 2012, the Company issued 8,191,500 common shares for services and 115,000 common shares for debt. All issuances were previously recorded as a stock payable. | |
On February 4, 2013, the Company authorized the issuance of 75,000 common shares to Rachel Boulds, the Company’s CFO, for compensation of services. The shares were issued at $0.0369 based on the market value of the common stock on the date of authorization for total compensation expense of $2,767. | |
On June 19, 2013, the Company authorized the issuance of 200,000 common shares to Rachel Boulds, the Company’s CFO, for compensation of services. The shares were issued at $0.013 based on the market value of the common stock on the date of authorization for total compensation expense of $2,600. | |
On June 19, 2013, the Company issued 505,000 common shares for services valued at $6,565 based on the market value of the common stock on the date of authorization. | |
On June 19, 2013, the Company issued 500,000 common shares for accrued compensation. The shares were valued at $0.013 based on the market value of the common stock on the date of authorization for a total of $6,500. | |
On June 19, 2013, the Company authorized the issuance of 500,000 common shares in conversion of $3,950 of the Neil Linder debenture dated April 9, 2012. The shares were issued at $0.0079 pursuant to the conversion terms of the debenture. | |
On June 19, 2013, the Company issued 6,000,000 common shares in conversion of $60,000 debt. The shares were valued at $0.013 based on the market value of the common stock on the date of authorization for a total value of $78,000. Because the value of the stock issued for the debt was more than the debt that was extinguished the Company recorded a loss on conversion of debt of $18,000. | |
On June 19, 2013, the Company authorized the issuance of 7,000,000 common shares to George Ivakhnik, the Company’s Interim CEO, for compensation of services. The shares were issued at $0.013 based on the market value of the common stock on the date of authorization for total compensation expense of $91,000. | |
In August 2013, the Company authorized the issuance of 3,850,000 common shares for investor relation services to various persons. These shares were valued using the closing share price of the Common Stock price on the day of issuance for a total non-cash expense of $85,375. | |
On August 22, 2013, the Company received $2,500 from the sale of 1,000,000 shares of Common Stock. | |
On September 23, 2013, the Company received $15,500 from the sale of 3,500,000 shares of Common Stock. | |
Related_Party_Transaction
Related Party Transaction | 12 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related party transaction | ' |
NOTE 7: RELATED PARTY TRANSACTION | |
During September 2012, the Company authorized the issuance of 115,000 common shares for related party debt of $440. The shares were valued at $0.085, the stock price on the date of authorization. As a result of the transaction the Company recorded a loss on settlement of debt of $538. | |
During the year ended September 30, 2012, the Company authorized the issuance of 75,000 common shares to Rachel Boulds, the Company’s CFO for compensation of services. The shares were issued based on the market value of the common stock on the date of authorization for total compensation expense of $25,713. | |
On or about February 4, 2013, the Company authorized the issuance of 75,000 common shares to Rachel Boulds, the Company’s CFO, for compensation of services. The shares were issued at $0.0369 based on the market value of the common stock on the date of authorization for total compensation expense of $2,767. | |
On June 19, 2013, the Company authorized the issuance of 200,000 common shares to Rachel Boulds, the Company’s CFO, for compensation of services. The shares were issued at $0.013 based on the market value of the common stock on the date of authorization for total compensation expense of $2,600. | |
On June 19, 2013, the Company authorized the issuance of 7,000,000 common shares to George Ivakhnik, the Company’s Interim CEO, for compensation of services. The shares were issued at $0.013 based on the market value of the common stock on the date of authorization for total compensation expense of $91,000. | |
As of September 30, 2013, the Company owed its COO $4,230. The money was advanced to the company to cover certain operating expenses. Amount is due on demand and accrues interest at 8% per year. | |
As of September 30, 2013, the Company owed its Interim CEO $11,187. The money was advanced to the company to cover certain operating expenses. Amount is due on demand and accrues interest at 8% per year. | |
During the period ended June 30, 2013, a former officer of the Company assigned $60,000 of his accrued salary to an unrelated third party. | |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal proceedings | ' |
NOTE 8: LEGAL PROCEEDINGS | |
On or about September 1, 2011, the company and its Chief Operating Officer and counsel filed a complaint in federal court, complaint in federal court, Central District of California, Case No. CV-11-07233 DMG (MRWx), to recover 6,500,000 shares of common stock transferred to Consultants Marc Cifelli and Arriva Capital, LLC on the grounds of fraud and failure of consideration. The Company received a judgment in its favor on July 30, 2012, to return 6,000,000 shares and a money judgment for the value of 500,000 shares, which is in the process of being executed. The shares have not yet been returned. | |
On or about August 31, 2012, the company served notices of rescission on Junior Capital, rescinding that certain $350,000 convertible debenture dated July 1, 2011, in exchange for promissory note in the amount of $350,000, that certain $20,000 convertible debenture dated October 25, 2011, that certain $40,000 convertible debenture dated March 15, 2012 and that certain $18,000 convertible debenture dated June 5, 2012, on the grounds of fraud and failure of consideration. | |
On or about August 31, 2012, the Company has served notices of rescission on ibacking Corp. that certain $500,000 convertible debenture dated May 29, 2012, on the grounds of fraud and failure of consideration. The Company filed a lawsuit in federal district court against Junior Capital and ibacking Corp. on February 13, 2013 in case number CV13-00259 BRO. A default against both Junior Capital and ibacking Corp. was entered on July 22, 2013, and the matter is now pending before the Court for default judgment proceedings. | |
Going_Concern
Going Concern | 12 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Going concern | ' |
NOTE 9: GOING CONCERN | |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has generated minimal revenue during the period September 14, 2007 (inception) through September 30, 2013, has an accumulated deficit of $7,383,680 and has funded its operations primarily through the issuance short term debt and equity. This matter raises substantial doubt about the Company's ability to continue as a going concern. | |
These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Accordingly, the Company’s ability to accomplish its business strategy and to ultimately achieve profitable operations is dependent upon its ability to obtain additional debt or equity financing. Management plans to take the following steps that it believes will be sufficient to provide the Company with the ability to continue in existence. | |
Management intends to raise financing through private equity financing or other means and interests that it deems necessary. There can be no assurance that the Company will be successful in its endeavor. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent events | ' |
NOTE 10: SUBSEQUENT EVENTS | |
The Company has performed an evaluation of subsequent events in accordance with ASC Topic 855. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements except for the following. | |
Subsequent to September 30, 2013, the Company authorized the issuance of 6,000,000 common shares for investor relation services to various persons. These shares were valued using the closing share price of the Common Stock price on the day of issuance for a total non-cash expense of $140,000. | |
Subsequent to September 30, 2013, the Company received $10,000 from the sale of 1,400,000 shares of Common Stock. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
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 and the rules of the Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The Company has adopted an September 30 year end. | |||||||||||||
Cash and cash equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2013 and 2012. | |||||||||||||
Stock based compensation | ' | ||||||||||||
Stock Based Compensation | |||||||||||||
We account for equity instruments issued in exchange for the receipt of goods or services from non-employees. Costs are measured at the fair market value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of the date on which there first exists a firm commitment for performance by the provider of goods or services or on the date performance is complete. The Company recognizes the fair value of the equity instruments issued that result in an asset or expense being recorded by the Company, in the same period(s) and in the same manner, as if the Company has paid cash for the goods or services. | |||||||||||||
The Company accounts for equity based transactions with non-employees under the provisions of ASC Topic No. 505-50, “Equity-Based Payments to Non-Employees” (“Topic No. 505-50”). Topic No. 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to non-employees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, the Company recognizes an asset or expense in the same manner as if it was to pay cash for the goods or services instead of paying with or using the equity instrument. | |||||||||||||
The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation - Stock Compensation which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. There has been no stock-based compensation issued to employees. | |||||||||||||
Use of estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The presentation 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 disclosures 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 these estimates. | |||||||||||||
Fair value of financial instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amount of cash, notes receivable, accounts payable, accrued liabilities and notes payable, as applicable, approximates fair value due to the short-term nature of these items. The fair value of the related party notes payable cannot be determined because of the Company's affiliation with the parties with whom the agreements exist. The use of different assumptions or methodologies may have a material effect on the estimates of fair values. | |||||||||||||
ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: | |||||||||||||
· Level 1: Observable inputs such as quoted prices in active markets; | |||||||||||||
· Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |||||||||||||
· Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||
The following table presents assets and liabilities that are measured and recognized at fair value as of September 30, 2013 and 2012 on a recurring basis: | |||||||||||||
30-Sep-13 | |||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | |||||||||
Derivative | - | - | -755,167 | -303,280 | |||||||||
Total | $ | - | $ | - | $ | -755,167 | $ | -303,280 | |||||
30-Sep-12 | |||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | |||||||||
Derivative | - | - | -468,884 | -264,027 | |||||||||
Total | $ | - | $ | - | $ | -468,884 | $ | -264,027 | |||||
Long lived assets | ' | ||||||||||||
Long Lived Assets | |||||||||||||
Long lived assets are carried at cost and amortized over their estimated useful lives, generally on a straight-line basis. The Company reviews identifiable amortizable assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its eventual disposition. Measurement of any impairment loss is based on the excess of the carrying value of the asset over its fair value. | |||||||||||||
Income taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Accounting Standards Codification Topic No. 740 “Income Taxes” (ASC 740) requires the asset and liability method of accounting be used for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
Net deferred tax assets consist of the following components as of September 30: | |||||||||||||
2013 | 2012 | ||||||||||||
NOL | $ | (1,116,601 | ) | $ | (602,324 | ) | |||||||
Net Loss | (1,544,208 | ) | (1,881,717 | ) | |||||||||
Loss on impairment | — | 818,521 | |||||||||||
Loss on debt settlement | 18,000 | 537 | |||||||||||
Amortization expense | — | 31,479 | |||||||||||
Loss on derivative liability | 303,280 | 264,027 | |||||||||||
Debt discount amortization | 170,477 | 160,704 | |||||||||||
Common stock for other services | 91,940 | 66,459 | |||||||||||
Common stock for compensation | 96,367 | 25,713 | |||||||||||
NOL at end of period | $ | (1,980,745 | ) | $ | (1,116,601 | ) | |||||||
Effective Rate | 0.34 | 0.34 | |||||||||||
Deferred Tax Asset | (673,453 | ) | (379,644 | ) | |||||||||
Valuation | 673,453 | 379,644 | |||||||||||
Deferred Tax Asset | $ | — | $ | — | |||||||||
In June 2006, the FASB interpreted its standard for accounting for uncertainty in income taxes, an interpretation of accounting for income taxes. This interpretation clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements in accordance the minimum recognition threshold and measurement attributable to a tax position taken on a tax return is required to be met before being recognized in the financial statements. The FASB’s interpretation had no material impact on the Company’s financial statements for the year ended September 30, 2013. | |||||||||||||
The FASB’s interpretation had no material impact on the Company’s financial statements for the year ended September 30, 2013. As of September 30, 2013, the Company had a net operating loss carry forward for income tax reporting purposes of $1,980,745 that may be offset against future taxable income through 2029. Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. No tax benefit has been reported in the financial statements, because the Company believes there is a 50% or greater chance the carry forwards will expire unused. Accordingly, the potential tax benefits of the loss carry forwards are offset by a valuation allowance of the same amount. | |||||||||||||
Derivative liabilities | ' | ||||||||||||
Derivative Liabilities | |||||||||||||
The Company records the fair value of its derivative financial instruments in accordance with ASC815, Derivatives and Hedging. The fair value of the derivatives 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 gains and losses recorded in the consolidated statement of operations | |||||||||||||
Derivative financial instruments should be recorded as liabilities in the balance sheet and measured at fair value. For purposes of the Company’s financial statements fair value was used as the basis for formulating an analysis which has been defined by the Financial Accounting Standards Board (“FASB”) as “the amount for which an asset (or liability) could be exchanged in a current transaction between knowledgeable, unrelated willing parties when neither party is acting under compulsion”. The FASB has provided guidance that its definition of fair value is consistent with the definition of fair market value in IRS Rev. Rule 59-60. In determining the fair value of the derivatives it was assumed that the Company’s business would be conducted as a going concern. These derivative liabilities will need to be marked-to-market each quarter with the change in fair value recorded in the income statement. | |||||||||||||
The Company has notes payable in which the holder has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. Because the terms of the debentures do not specifically state that there is a minimum amount on which the price of the conversion can go and/or there is no maximum amount of shares that can be converted into, a derivative liability is triggered and must accounted for as such (see Note 6). | |||||||||||||
Earnings (loss) per share | ' | ||||||||||||
Earnings (Loss) Per Share | |||||||||||||
Basic earnings (loss) per share are computed by dividing the net income (loss) by the weighted-average number of shares of common stock and common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method. The calculation of fully diluted earnings (loss) per share assumes the dilutive effect of the exercise of outstanding options and warrants at either the beginning of the respective period presented or the date of issuance, whichever is later. At September 30, 2013 and 2012, the Company had no outstanding options or warrants. | |||||||||||||
Recent accounting pronouncements | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to: | |||||||||||||
- | Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and | ||||||||||||
- | Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense. | ||||||||||||
The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
In October 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-04, ''Technical Corrections and Improvements" in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
In August 2012, the FASB issued ASU 2012-03, "Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)" in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
In July 2012, the FASB issued ASU 2012-02, "Intangibles -Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment" in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles -Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles -Goodwill and Other -General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of ASU 2012-02 is not expected to have a material impact on our financial position or results of operations. | |||||||||||||
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Significant Accounting Policies Tables | ' | ||||||||||||
Schedule of fair value of derivative assets and liabilities | ' | ||||||||||||
The following table presents assets and liabilities that are measured and recognized at fair value as of September 30, 2013 and 2012 on a recurring basis: | |||||||||||||
30-Sep-13 | |||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | |||||||||
Derivative | - | - | -755,167 | -303,280 | |||||||||
Total | $ | - | $ | - | $ | -755,167 | $ | -303,280 | |||||
30-Sep-12 | |||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | |||||||||
Derivative | - | - | -468,884 | -264,027 | |||||||||
Total | $ | - | $ | - | $ | -468,884 | $ | -264,027 | |||||
Schedule of net deferred tax assets | ' | ||||||||||||
Net deferred tax assets consist of the following components as of September 30: | |||||||||||||
2013 | 2012 | ||||||||||||
NOL | $ | (1,116,601 | ) | $ | (602,324 | ) | |||||||
Net Loss | (1,544,208 | ) | (1,881,717 | ) | |||||||||
Loss on impairment | — | 818,521 | |||||||||||
Loss on debt settlement | 18,000 | 537 | |||||||||||
Amortization expense | — | 31,479 | |||||||||||
Loss on derivative liability | 303,280 | 264,027 | |||||||||||
Debt discount amortization | 170,477 | 160,704 | |||||||||||
Common stock for other services | 91,940 | 66,459 | |||||||||||
Common stock for compensation | 96,367 | 25,713 | |||||||||||
NOL at end of period | $ | (1,980,745 | ) | $ | (1,116,601 | ) | |||||||
Effective Rate | 0.34 | 0.34 | |||||||||||
Deferred Tax Asset | (673,453 | ) | (379,644 | ) | |||||||||
Valuation | 673,453 | 379,644 | |||||||||||
Deferred Tax Asset | $ | — | $ | — |
Convertible_Debentures_Tables
Convertible Debentures (Tables) | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Convertible Debentures Tables | ' | ||||||
Schedule of activity of derivative liability | ' | ||||||
A summary of the activity of the derivative liability is shown below: | |||||||
Balance at September 30, 2011 | $ | 116,504 | |||||
Increase in derivative due to new issuances | 275,183 | ||||||
Derivative loss due to new issuances | 85,169 | ||||||
Decrease in derivative due to settlement of debt | -186,830 | ||||||
Derivative loss due to mark to market adjustment | 178,858 | ||||||
Balance at September 30, 2012 | 468,884 | ||||||
Increase in derivative due to new issuances | - | ||||||
Derivative loss due to new issuances | - | ||||||
Decrease in derivative due to settlement of debt | -16,997 | ||||||
Derivative loss due to mark to market adjustment | 303,280 | ||||||
Balance at September 30, 2013 | $ | 755,167 |
Significant_Accounting_Policie3
Significant Accounting Policies (Schedule of Fair Value of Derivative Assets and Liabilities) (Details) (USD $) | 12 Months Ended | 73 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Gain (loss) on derivative | ($303,280) | ($264,027) | ($618,297) |
Level 1 | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative liabilities | ' | ' | ' |
Level 2 | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative liabilities | ' | ' | ' |
Level 3 | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative liabilities | -755,167 | -468,884 | -755,167 |
Total | ($755,167) | ($468,884) | ($755,167) |
Significant_Accounting_Policie4
Significant Accounting Policies (Schedule Of Net Deferred Tax Assets) (Details) (USD $) | 12 Months Ended | 73 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Significant Accounting Policies Schedule Of Net Deferred Tax Assets Details | ' | ' | ' |
NOL | ($1,116,601) | ($602,324) | ' |
Net Loss | -1,544,208 | -1,881,717 | -7,383,680 |
Loss on impairment of website properties | ' | 818,521 | 818,521 |
Loss on debt settlement | 18,000 | 537 | 18,537 |
Amortization expense | ' | 31,479 | 31,479 |
Loss on derivative liability | 303,280 | 264,027 | 618,297 |
Debt discount amortization | 170,477 | 160,704 | 340,697 |
Common stock for other services | 98,440 | 66,459 | ' |
Common stock for compensation | 96,367 | 25,713 | ' |
NOL at end of period | -1,980,745 | -1,116,601 | -1,980,745 |
Effective Rate | 34.00% | 34.00% | ' |
Deferred Tax Asset | -673,453 | -379,644 | -673,453 |
Valuation | 673,453 | 379,644 | 673,453 |
Deferred Tax Asset | ' | ' | ' |
Convertible_Debentures_Schedul
Convertible Debentures (Schedule Of Activity Of Derivative Liability) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Balance At The End | $755,167 | $468,884 |
Derivative Liabilities | ' | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Balance,In The Begining | 468,884 | 116,504 |
Increase In Derivative Due To New Issuances | ' | 275,183 |
Derivative Loss Due To New Issuances | ' | 85,169 |
Decrease In Derivative Due To Settlement Of Debt | -16,997 | -186,830 |
Derivative Loss Due To Market Adjustment | 303,280 | 178,858 |
Balance At The End | $755,167 | $468,884 |
Website_Properties_Narrative_D
Website Properties (Narrative) (Details) (USD $) | 12 Months Ended | 73 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Loss on impairment of website properties | ' | $818,521 | $818,521 |
iBacking Corp | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Loss on impairment of website properties | ' | 490,959 | ' |
Junior Capital, Inc | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Loss on impairment of website properties | ' | $327,562 | ' |
Convertible_Debentures_Narrati
Convertible Debentures (Narrative) (Details) (USD $) | 12 Months Ended | 73 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 01, 2011 | Oct. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 25, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 28, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 18, 2011 | Sep. 30, 2012 | Jan. 11, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 15, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 09, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 29-May-12 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 05, 2012 | |
Junior Capital Inc. July 1, 2011 | Junior Capital Inc. July 1, 2011 | Junior Capital Inc. July 1, 2011 | Junior Capital Inc. October 25, 2011 | Junior Capital Inc. October 25, 2011 | Junior Capital Inc. October 25, 2011 | Junior Capital Inc. October 25, 2011 | Editor Newswire Inc. October 28, 2011 | Editor Newswire Inc. October 28, 2011 | Editor Newswire Inc. October 28, 2011 | Editor Newswire Inc. November 18, 2011 | Editor Newswire Inc. November 18, 2011 | Editor Newswire Inc. November 18, 2011 | Junior Capital Inc. January 11, 2012 | Junior Capital Inc. January 11, 2012 | Junior Capital Inc. March 15, 2012 | Junior Capital Inc. March 15, 2012 | Junior Capital Inc. March 15, 2012 | Neil Linder | Neil Linder | Neil Linder | iBacking Corp. | iBacking Corp. | iBacking Corp. | Junior Capital Inc. June 5, 2012 | Junior Capital Inc. June 5, 2012 | Junior Capital Inc. June 5, 2012 | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debenture Issued | ' | ' | ' | ' | ' | $350,000 | ' | ' | ' | $20,000 | ' | ' | $20,000 | ' | ' | $25,000 | ' | $33,000 | ' | ' | $40,000 | ' | ' | $100,000 | ' | ' | $500,000 | ' | ' | $18,000 |
Debt Issued Date | ' | ' | ' | ' | 1-Jul-11 | ' | ' | ' | 25-Oct-11 | ' | ' | 28-Oct-11 | ' | ' | 18-Nov-11 | ' | 11-Jan-12 | ' | ' | 15-May-12 | ' | ' | 9-Apr-12 | ' | ' | 29-May-12 | ' | ' | 5-Jun-12 | ' |
Principal Face Value Of Convertible Debenture Outstanding | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | 20,000 | ' | ' | 25,000 | ' | ' | ' | ' | 40,000 | ' | ' | 86,050 | ' | ' | 500,000 | ' | ' | 18,000 | ' | ' |
Interest Rate Of Convertible Debenture | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | 10.00% | 10.00% | ' | ' | 10.00% | ' | ' | ' | 10.00% | ' | ' | 12.00% | ' | ' | 12.00% | ' | ' | 12.00% | ' | ' | 12.00% |
Convertible Debenture Maturity Date | ' | ' | ' | ' | 1-Jul-12 | ' | ' | ' | 25-Oct-12 | ' | ' | 28-Oct-12 | ' | ' | 18-Nov-12 | ' | 11-Jan-13 | ' | ' | 15-Mar-13 | ' | ' | 9-Apr-13 | ' | ' | 29-May-13 | ' | ' | 5-Jun-13 | ' |
Conversion Terms Of Convertible Debenture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The convertible promissory notes have a conversion price of the lesser of 50% of the average of the lowest closing bid stock prices (lowest closing bid price for the 5/29/12 note) over the last 5-10 days or 50% of the closing bid price at issuance (or $0.05 for the 7/1/11 note) and contains no dilutive reset feature. The projected volatility curve was based on historical volatilities of the 18 comparable companies in the entertainment industry. The Holder would redeem based on availability of alternative financing, increasing 1.0% monthly to a maximum of 10%. | Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance, or $0.05 per share of common stock on the date of conversion as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance, or $0.05 per share of common stock on the date of conversion as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | Editor has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | Editor has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the common stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | Mr. Linder has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to the lesser of fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | iBacking has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to the lesser of fifty percent (50%) of the lowest closing bid price of common stock during the ten trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | Junior has the right to convert all or a portion of the principal into shares of common stock at a conversion price equal to fifty percent (50%) of the average of the closing bid price of common stock during the five trading days immediately preceding the conversion date, or fifty percent (50%) of the closing bid price of the Common Stock on the date of issuance as quoted by Bloomberg, LP. Pursuant to the terms of this debenture, the holder shall not be entitled to convert a number of shares that would exceed 4.99% of the outstanding shares of the Company’s common stock. | |||||||||||||||||||||
Stock Issued In Conversion Of Notes Payable, Shares | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,015,384 | ' | ' | ' | ' | 2,052,795 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued In Conversion Of Notes Payable, Value | ' | ' | ' | ' | 143,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | ' | ' | ' | ' | 13,950 | ' | ' | ' | ' | ' | ' | ' | ' |
Advance Received For Issuance Of Convertible Debenture | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Of Convertible Debenture | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debenture Interest from the Date of Issue | ' | ' | ' | 18.00% | ' | ' | ' | 18.00% | ' | ' | 18.00% | ' | ' | 18.00% | ' | ' | ' | ' | 18.00% | ' | ' | 18.00% | ' | ' | 18.00% | ' | ' | 18.00% | ' | ' |
Penalty Expenses On Default, Per Day | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty Expenses Accrued, Total | ' | ' | ' | 199,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,509 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Discount | -170,477 | -108,942 | -288,935 | ' | 50,154 | ' | ' | ' | 20,000 | ' | ' | 20,000 | ' | ' | 25,000 | ' | 33,000 | ' | ' | 40,000 | ' | ' | 49,532 | ' | ' | 84,651 | ' | ' | 18,000 | ' |
Interest Expense Amortized | 170,477 | 160,704 | 340,697 | 4,359 | 46,155 | ' | ' | ' | 20,000 | ' | 11,643 | 8,357 | ' | 13,708 | 11,292 | ' | 8,425 | ' | 35,460 | 4,540 | ' | 33,538 | 15,994 | ' | 62,654 | 21,997 | ' | 16,488 | 1,512 | ' |
Interest Expense Amortized After Conversion | ' | ' | ' | 4,359 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease In Derivative Liability | ' | ' | ' | ($149,671) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($37,159) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_Transactions_Narr
Common Stock Transactions (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 73 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2007 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2009 | Sep. 30, 2008 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 21, 2012 | Jul. 27, 2012 | Jul. 24, 2012 | Jun. 28, 2012 | Jun. 13, 2012 | Apr. 20, 2012 | Mar. 28, 2012 | Mar. 07, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 19, 2013 | Oct. 16, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 19, 2013 | Sep. 23, 2013 | Aug. 22, 2013 | Jun. 19, 2013 | Jun. 24, 2011 | 10-May-11 | 9-May-11 | Mar. 31, 2011 | Aug. 31, 2013 | Sep. 30, 2007 | Sep. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2010 | Jun. 30, 2010 | Dec. 31, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2009 | Sep. 30, 2008 | Sep. 30, 2012 | Jun. 19, 2013 | Feb. 04, 2013 | Sep. 02, 2012 | Feb. 07, 2012 | Oct. 16, 2012 | Sep. 30, 2009 | Sep. 30, 2009 | Mar. 31, 2011 | Sep. 30, 2009 | Mar. 31, 2011 | Sep. 30, 2009 | Mar. 31, 2011 | |
Related Party Debt | Junior Capital Debentures Dated July 1, 2011 | Junior Capital Debentures Dated July 1, 2011 | Junior Capital Debentures Dated July 1, 2011 | Junior Capital Debentures Dated July 1, 2011 | Junior Capital Debentures Dated July 1, 2011 | Junior Capital Debentures Dated July 1, 2011 | Junior Capital Debentures Dated July 1, 2011 | Junior Capital Debentures Dated July 1, 2011 | Various Service | Various Service | Neil Linder Debentures Dated April 9, 2012 | Neil Linder Debentures Dated April 9, 2012 | Services | Rachel Boulds | George Ivakhnik, Interim CEO | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | |||||||||
Minimum | Maximum | Related Party Debt | Various Service | Rachel Boulds | Rachel Boulds | Rachel Boulds | Rachel Boulds | Related Party | Robert Searcy | Patrick Peach | Jeff Ritchie | Jeff Ritchie | Kenneth Eade | Kenneth Eade | Jeff Ritchie and Kenneth Eade | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued For Compensation, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | 4,000 | 22,300,000 | ' | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | ' | 10,000,000 | ' | 10,000,000 | ' |
Stock Issued For Compensation, Value | ' | $96,367 | $25,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000 | ' | ' | ' | ' | ' | $2,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued For Compensation For First Year Service Rendered, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 200,000 | ' |
Stock Issued For Compensation For Second Year Service Rendered, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 500,000 | ' |
Stock Issued For Compensation For Legal Services Rendered, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Common Stock Issued, Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.05 | $0.05 | $0.05 | $0.01 | $0.10 | $0.01 | $0.01 | ' | ' | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.04 | $0.01 | $0.51 | $0.01 | $0.10 | $0.10 | ' | $0.10 | ' | $0.10 | ' |
Stock Issued For Cash, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | 1,000,000 | ' | ' | 300,000 | ' | ' | ' | 125 | 275,000 | ' | 130,000 | 406,571 | 90,000 | 4,500,000 | ' | 575,000 | 626,571 | 34,803 | 18,492 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued For Cash, Value | 500 | 18,000 | ' | 31,950 | 197,095 | 25,000 | 35,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,975 | ' | ' | ' | ' | 24,975 | ' | 32,500 | 119,595 | 45,000 | 450 | ' | 57 | 63 | 3 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Authorized For Issuance By The Board | ' | ' | ' | ' | ' | ' | ' | ' | 115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | 750,000 | ' | 750,000 | ' | ' |
Stock Based Compensation Expense | ' | 96,367 | 25,713 | ' | ' | ' | ' | 2,924,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600 | 2,767 | 203 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Authorized For Issuance By The Board For Services Rendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,166,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Stock Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,000 | ' | ' | ' | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | 950,000 | ' | 646,000 |
Subscription Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued For Lock Up Agreement, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued For Lock Up Agreement, Value | ' | ' | ' | 2,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued For Other Services, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | 550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 556,000 | ' | ' | ' | ' | 200,000 | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued For Other Services, Value | ' | ' | ' | 382,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000 | ' | ' | ' | 209,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued in conversion of notes payable, shares | ' | ' | ' | ' | ' | ' | ' | ' | 440 | 1,100,000 | 1,015,384 | 1,000,000 | 400,000 | 250,000 | 450,000 | 450,000 | 450,000 | ' | ' | 500,000 | 1,552,795 | 115,000 | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,052,795 | 5,115,384 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380 | ' | ' | ' | ' | ' | ' | ' |
Stock issued in conversion of notes payable, Value | ' | 13,950 | 176,500 | ' | ' | ' | ' | ' | ' | 11,000 | 33,000 | 32,500 | 20,000 | 12,500 | 22,500 | 22,500 | 22,500 | ' | ' | 6,500 | 10,000 | ' | ' | ' | ' | ' | 78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205 | 512 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,000 | ' | ' | ' | ' | ' | ' | ' |
Common Stock Issued For Services, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,191,500 | ' | ' | ' | ' | 505,000 | ' | ' | ' | ' | 3,850,000 | ' | ' | ' | ' | ' | ' | 4,855,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Issued For Services, Value | ' | 98,440 | 66,459 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,565 | ' | ' | ' | ' | 85,375 | ' | ' | ' | ' | ' | ' | 486 | ' | ' | ' | ' | ' | 66,459 | ' | ' | ' | 25,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss On Conversion Of Debt | ' | -18,000 | -537 | ' | ' | ' | ' | -18,537 | 538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Face Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Of Common Stock | ' | $18,000 | ' | ' | ' | ' | ' | $308,487 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,500 | $2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transaction_Narr
Related Party Transaction (Narrative) (Details) (USD $) | 12 Months Ended | 73 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |
Rachel Boulds | CEO | George Ivakhnik, Interim CEO | Former Officer | ||||
Advance From Officer | ' | ' | ' | ' | $4,230 | $11,187 | ' |
Interest Accures On Advance From Officer | ' | ' | ' | ' | 8.00% | 8.00% | ' |
Stock Authorized For Issuance By The Board | ' | ' | ' | 75,000 | ' | ' | ' |
Share Based Compensation Expense | 96,367 | 25,713 | 2,924,080 | 25,713 | ' | ' | ' |
Accured Salary To Unrelated Third Party | $854 | ' | $854 | ' | ' | ' | $60,000 |
Legal_Proceedings_Narrative_De
Legal Proceedings (Narrative) (Details) | 0 Months Ended | ||||
Sep. 01, 2011 | Aug. 31, 2012 | Aug. 31, 2012 | Feb. 13, 2013 | Jul. 22, 2013 | |
CV-11-07233 DMG (MRWx) | Notices Of Rescission | Notices Of Rescission | SAV13-259-DOC | Default | |
Junior Capital | ibacking Corp | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Suit Filed Date | 'September 1, 2011 | ' | ' | ' | ' |
Litigation Filed By | 'The Company and its Chief Executive Officer and Chief Compliance Officer | ' | ' | 'The Company | 'The Company |
Litigation Filed On | 'Consultants Marc Cifelli and Arriva Capital, LLC | ' | ' | 'Junior Capital, Inc. and ibacking Corp | 'Junior Capital, Inc. and ibacking Corp |
Type Of Allegations | 'Fraud and failure of consideration | ' | ' | 'Securities fraud, rescission, declaratory relief, interference with contract and prospective economic advantage. | 'Default |
Damages Sought | 'Recover 6,500,000 shares | ' | ' | ' | ' |
Notice of Recission Served | ' | 'On or about August 31,2012, the Company served notices of rescission on Junior Capital, rescinding that certain $350,000 convertible debenture dated July 1, 2011, in exchange for promissory note in the amount of $350,000, that certain $20,000 convertible debenture dated October 25, 2011, that certain $40,000 convertible debenture dated March 15, 2012 and that certain $18,000 convertible debenture dated June 5, 2012, on the grounds of fraud and failure of consideration. | 'On or about August 31, 2012, the Company has served notices of rescission on ibacking Corp. that certain $500,000 convertible debenture dated May 29, 2012, on the grounds of fraud and failure of consideration. | ' | ' |
Settlement Agreement Date | 'July 30, 2012 | ' | ' | ' | ' |
Settlement Agreement Court | 'Federal Court, Central District Of California | ' | ' | ' | ' |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 12 Months Ended | 73 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 | Sep. 30, 2009 | Sep. 30, 2013 | Sep. 23, 2013 | Aug. 22, 2013 | Jun. 19, 2013 | 10-May-11 | Aug. 31, 2013 | Sep. 30, 2007 | Sep. 30, 2011 | Sep. 30, 2010 | Jun. 30, 2010 | Dec. 31, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2009 | Sep. 30, 2008 | Jan. 14, 2014 | |
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Subsequent Event | ||||||
Common Stock | ||||||||||||||||||||||
Common Stock Issued For Services, Shares | ' | ' | ' | ' | ' | ' | ' | 505,000 | ' | 3,850,000 | ' | ' | ' | ' | ' | 4,855,000 | ' | ' | ' | ' | ' | 6,000,000 |
Common Stock Issued For Services, Value | $98,440 | $66,459 | ' | ' | ' | ' | ' | $6,565 | ' | $85,375 | ' | ' | ' | ' | ' | $486 | ' | ' | ' | ' | ' | $140,000 |
Sale Of Shares Of Common Stock | ' | ' | ' | ' | ' | 3,500,000 | 1,000,000 | ' | 300,000 | ' | 125 | 275,000 | 130,000 | 406,571 | 90,000 | 4,500,000 | ' | 575,000 | 626,571 | 34,803 | 18,492 | 1,400,000 |
Proceeds From Sale Of Common Stock | $18,000 | ' | ' | ' | $308,487 | $15,500 | $2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 |