Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Jan. 12, 2015 | Mar. 31, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | Independent Film Development CORP | ||
Entity Central Index Key | 1425883 | ||
Document Type | 10-K | ||
Document Period End Date | 30-Sep-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -21 | ||
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 | $448,706 | ||
Entity Common Stock, Shares Outstanding | 113,392,866 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
ASSETS | ||
Cash | $13,855 | $2,713 |
Restricted cash | 68,125 | |
Other current assets | 33,375 | |
Total Assets | 115,355 | 2,713 |
Current Liabilities: | ||
Accounts payable and other accruals | 158,299 | 24,115 |
Accounts payable, related party | 70,705 | |
Accrued officer compensation | 634,700 | 499,827 |
Accured interest and penalties | 326,035 | 681,761 |
Advances from officers | 8,687 | 15,417 |
Accrued interest, related party | 854 | |
Due to a related party | 4,210 | |
Notes payable | 18,550 | 18,550 |
Derivative liability | 183,648 | 755,167 |
Convertible debentures in default (net of discount of $92,354 and $0, respectively) | 86,146 | 915,600 |
Convertible debentures in default | 86,050 | |
Total Liabilities | 1,502,115 | 2,986,206 |
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, 94,292,866 and 62,313,670 issued and outstanding, respectively | 9,429 | 6,231 |
Additional paid in capital | 5,414,588 | 3,709,946 |
Common stock payable | 38,000 | 684,010 |
Accumulated deficit | -6,848,777 | -7,383,680 |
Total Stockholders' Equity (Deficit) | -1,386,760 | -2,983,493 |
Total Liabilities and Stockholders' Equity (Deficit) | $115,355 | $2,713 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | ||
Discount of convertible debentures | $92,354 | |
Common Stock, par or stated value | $0.00 | $0.00 |
Common Stock, shares authorized | 485,000,000 | 485,000,000 |
Common Stock, shares issued | 94,292,866 | 62,313,670 |
Common Stock, shares outstanding | 94,292,866 | 62,313,670 |
Preferred Stock, par or stated value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred Stock, shares issued | ||
Preferred Stock, shares outstanding |
Statements_Of_Operations
Statements Of Operations (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ||
Revenue | ||
Expenses: | ||
Officer compensation | 382,900 | 317,468 |
Professional fees | 48,306 | 90,698 |
General and administrative | 222,785 | 95,935 |
Total operating expenses | 653,991 | 504,101 |
Net loss from operations | -653,991 | -504,101 |
Other income and (expense): | ||
Gain (loss) on derivative liability | 96,085 | -303,280 |
Gain on extinguishment of debt | 1,360,227 | |
Loss on settlement of debt | -18,000 | |
Penalty expense | 118,000 | 381,009 |
Debt discount | 93,972 | 170,477 |
Interest expense | 55,446 | 167,341 |
Total other income (expense) | 1,188,894 | -1,040,107 |
Net income (loss) | $534,903 | ($1,544,208) |
Income (loss) per share | ||
Basic | $0.01 | ($0.04) |
Diluted | $0 | |
Weighted average shares outstanding | ||
Basic | 83,789,640 | 43,965,932 |
Diluted | 120,703,524 |
Statement_Of_Stockholders_Equi
Statement Of Stockholders' Equity (Deficit) (USD $) | Common Stock | Paid-In Capital | Accumulated Defict | Common Stock Subscribed | Total |
Balance, amount at Sep. 30, 2012 | $2,929 | ||||
Balance, shares at Sep. 30, 2012 | 29,286,375 | ||||
Stock issued in conversion of note payable, shares | 115,000 | ||||
Stock issued for services, shares | 8,191,500 | ||||
Balance, amount at Dec. 31, 2012 | |||||
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 for officer compensation, shares | 7,300,000 | ||||
Stock for officer compensation, value | 729 | 95,841 | -203 | 96,367 | |
Settlement of derivative liability | 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 stock payable, shares | 8,281,500 | ||||
Stock issued for stock payable, value | 828 | 66,609 | -67,437 | ||
Stock issued to settle debt, shares | 6,038,000 | ||||
Stock issued to settle debt, value | 604 | 77,776 | 78,380 | ||
Stock issued for services, shares | 4,855,000 | ||||
Stock issued for services, value | 486 | 97,954 | 91,940 | ||
Stock issued for cash, shares | 4,500,000 | ||||
Stock issued for cash, value | 450 | 17,550 | 18,000 | ||
Contributed capital | |||||
Net loss for the year ended | -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 | |||
Stock issued for services, shares | 6,000,000 | ||||
Stock issued for services, value | 120,500 | ||||
Stock issued for cash, shares | 1,400,000 | ||||
Balance, amount at Oct. 31, 2013 | |||||
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 | |||
Stock for officer compensation, shares | 8,000,000 | ||||
Stock for officer compensation, value | 800 | 48,500 | 49,300 | ||
Settlement of derivative liability | 450,282 | 450,282 | |||
Stock issued in conversion of note payable, shares | 5,804,196 | ||||
Stock issued in conversion of note payable, amount | 580 | 48,571 | 49,151 | ||
Stock issued for stock payable, shares | 1,700,000 | ||||
Stock issued for stock payable, value | 170 | 645,840 | -646,010 | ||
Stock issued for services, shares | 7,250,000 | ||||
Stock issued for services, value | 725 | 132,045 | 132,770 | ||
Stock issued for cash, shares | 8,350,000 | ||||
Stock issued for cash, value | 835 | 23,165 | 24,000 | ||
Stock for accrued compensation, shares | 875,000 | ||||
Stock for accrued compensation, value | 88 | 69,912 | 70,000 | ||
Debt discount on convertible notes | 186,327 | 186,327 | |||
Contributed capital | 100,000 | 100,000 | |||
Net loss for the year ended | 534,903 | 534,903 | |||
Balance, amount at Sep. 30, 2014 | $9,429 | $5,414,588 | ($6,848,777) | $38,000 | ($1,386,760) |
Balance, shares at Sep. 30, 2014 | 94,292,866 | 94,292,866 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ||
Net income (loss) | $534,903 | ($1,544,208) |
Adjustments to reconcile net loss to total cash used in operations: | ||
Common stock for compensation | 49,300 | 96,367 |
Common stock for other services | 132,770 | 91,940 |
Loss on settlement of debt | -18,000 | |
Gain on extinguishment of debt | 1,360,227 | |
(Gain) loss on derivative liability | 96,085 | -303,280 |
Debt discount amortization | 93,972 | 170,477 |
Change in assets and liabilities: | ||
Increase in accounts payable & accruals | 165,774 | 5,253 |
Increase (decrease) in accounts payable, related party | -70,705 | 50,435 |
Increase in accrued expenses | 143,361 | 547,495 |
Increase in other assets | 33,375 | |
Accrued interest, related party | -854 | 854 |
Increase in accrued compensation | 204,873 | 218,351 |
Net cash used in operating activities | -236,293 | -41,756 |
Cash flows from investing activities | ||
Cash flows from financing activities: | ||
Cash overdraft | -2 | |
Cash advance (payments) related party | -4,210 | 1,250 |
Proceeds from debenture/ loans | 211,350 | 18,550 |
Contributed capital | 100,000 | |
Advances from officers | 15,073 | |
Payments on notes payable | 4,100 | |
Payments to officers | 11,480 | 8,402 |
Proceeds from the sale of common stock | 24,000 | 18,000 |
Net cash provided by financing activities | 315,560 | 44,469 |
Net increase in cash | 79,267 | 2,713 |
Cash at beginning of period | 2,713 | |
Cash at end of period | 81,980 | 2,713 |
Cash Paid For Interest | ||
Cash Paid For Taxes | ||
Supplemental disclosure of non-cash activities | ||
Common stock issued for conversion of debt | 24,000 | 176,500 |
Common stock issued for conversion of accrued compensation | 70,000 | |
Settlement of derivative liability | 450,282 | 186,830 |
Debt discount on convertible notes payable | 186,327 | 275,183 |
Common stock issued for stock payable | $646,010 |
History_Of_Operations
History Of Operations | 12 Months Ended |
Sep. 30, 2014 | |
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. | |
The Company’s plan of operations seeks to acquire real estate assets primarily, but not exclusively, in the hospitality space, which present value creation potential due to the complexity or illiquidity of their existing ownership and / or capital structure. In such situations, IFLM will seek to actively work through the complexities, gain control of the asset, actively manage, recapitalize and thereby create value. For those assets lying outside of the hospitality space, IFLM will sell the assets at a price which realizes that value created. For those assets lying within the hospitality space, IFLM will then leverage its film, entertainment and hospitality capabilities to transform the property into genre themed hotels and resorts. The final product will be a paradigm-shifting convergence of hospitality and entertainment, providing guests with a full immersion experience during their stay. Additionally, should any opportunities for content creation/distribution projects present themselves, IFLM will pursue those that align with the company’s strategic vision. | |
On February 6, 2014, the Company created two new subsidiaries, the IFLM LA Realty Fund, LLC and the Hilltop Manor Fund, LLC. The Companies will be used to hold two separate offerings for real estate investment funds. The net cash proceeds from these two offerings, less working capital expenses, will be used to invest in real estate and/or the costs associated with the acquisition and development of real estate. The real estate investments under the IFLM LA Realty Fund will focus on undervalued properties on the West Coast of the United States. The Hilltop Manor Fund will focus on the initial costs associated with the acquisition and development of the Hilltop Manor theme park and resort concept. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
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 a 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, 2014 and 2013. | ||||||||||||||||||
Restricted Cash | ||||||||||||||||||
The Company presents cash balances that are for a specific purpose and therefore not available for immediate and general use by the Company, separately on the balance sheet as restricted cash. As of September 30, 2014, the Company has set aside $68,125 to be used in its IFLM Realty Prime Opportunity Fund. The funds are only to be used towards the purchase of investment property. | ||||||||||||||||||
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, 2014 and 2013 on a recurring basis: | ||||||||||||||||||
30-Sep-14 | ||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | ||||||||||||||
Derivative | — | — | (183,648 | ) | 96,085 | |||||||||||||
Total | $ | — | $ | — | $ | (183,648 | ) | $96,085 | ||||||||||
30-Sep-13 | ||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | ||||||||||||||
Derivative | — | — | (755,167 | ) | -303,280 | |||||||||||||
Total | $ | — | $ | — | $ | (755,167 | ) | ($303,280) | ||||||||||
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: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
NOL | $ | (1,980,745 | ) | $ | (1,116,601 | ) | ||||||||||||
Net Income (loss) | 534,903 | (1,544,208 | ) | |||||||||||||||
(Gain) loss on debt settlement | (1,360,227 | ) | 18,000 | |||||||||||||||
(Gain) loss on derivative liability | (96,085 | ) | 303,280 | |||||||||||||||
Debt discount amortization | 93,972 | 170,477 | ||||||||||||||||
Common stock for other services | 132,770 | 91,940 | ||||||||||||||||
Common stock for compensation | 49,300 | 96,367 | ||||||||||||||||
NOL at end of period | $ | (2,626,112 | ) | $ | (1,980,745 | ) | ||||||||||||
Effective Rate | 0.34 | 0.34 | ||||||||||||||||
Deferred Tax Asset | (892,878 | ) | (673,453 | ) | ||||||||||||||
Valuation | 892,878 | 673,453 | ||||||||||||||||
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, 2014. | ||||||||||||||||||
The FASB’s interpretation had no material impact on the Company’s financial statements for the year ended September 30, 2014. As of September 30, 2014, the Company had a net operating loss carry forward for income tax reporting purposes of approximately $2,626,000 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, 2014, the Company had no outstanding options or warrants; however, there are convertible notes with potentially dilutive shares if converted and a stock payable for 100,000 shares. As of September 30, 2014, those notes could be converted into 36,913,884 shares of common stock per the terms of the agreement. | ||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in this update are applied retrospectively. The adoption of ASU 2014-10 removed the development stage entity financial reporting requirements from the Company. | ||||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists. The new guidance requires that unrecognized tax benefits be presented on a net basis with the deferred tax assets for such carry forwards. This new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013. We do not expect the adoption of the new provisions to have a material impact on our financial condition or results of operations. | ||||||||||||||||||
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. | ||||||||||||||||||
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. |
Convertible_Debentures
Convertible Debentures | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Convertible Debentures | NOTE 3: CONVERTIBLE DEBENTURES | ||||
On February 7, 2014, the Company was granted a default judgment by the Central District Court of California in the case Independent Film Dev. Corp vs Junior Capital, Inc. The granting of the default judgment rescinds all debentures and releases the Company from all obligations due to Junior Capital, Inc., Editor Newswire, Inc., and iBacking Corp, including any and all accrued interest and penalties. As a result of the release of liabilities the Company has recognized a gain on the extinguishment of debt of $1,358,637 and written off $450,282 of the derivative liability to additional paid in capital. | |||||
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, $8,773 of which was amortized in the fiscal year ended September 30, 2011 with the remaining $41,741 amortized in the fiscal year ended September 30, 2012. 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 business day penalty of $500 has been accrued from the date of default of $230,000. As a result of the before mentioned default judgment this debt has been written off in full to gain on extinguishment of debt and the derivative liability to additional paid in capital. | |||||
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, $743 of which was amortized in the fiscal year ended September 30, 2011, $17,051 was amortized in the fiscal year ended September 30, 2012 and $2,206 was amortized in the fiscal year ended September 30, 2013. 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. As a result of the before mentioned default judgment this debt has been written off in full to gain on extinguishment of debt and the derivative liability to additional paid in capital. | |||||
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, $10,017 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $9,983 amortized in fiscal year ended September 30, 2013. 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. As a result of the before mentioned default judgment this debt has been written off in full to gain on extinguishment of debt and the derivative liability to additional paid in capital. | |||||
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, $9,632 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $15,368 amortized in the fiscal year ended September 30, 2013. 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. As a result of the before mentioned default judgment this debt has been written off in full to gain on extinguishment of debt and the derivative liability to additional paid in capital. | |||||
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, $9,760 of which was amortized in the fiscal year ended September 30, 2012 with the remaining $30,240 amortized in the fiscal year ended September 30, 2013. 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. As a result of the before mentioned default judgment this debt has been written off in full to gain on extinguishment of debt and the derivative liability to additional paid in capital. | |||||
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 the fiscal year ended September 30, 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, 2014 $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 was 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 the fiscal year ended September 30, 2013. 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. As a result of the before mentioned default judgment this debt has been written off in full to gain on extinguishment of debt and the derivative liability to additional paid in capital. | |||||
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 the fiscal year ended September 30, 2013. 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. As a result of the before mentioned default judgment this has been written off in full to gain on extinguishment of debt and the derivative liability to additional paid in capital. | |||||
The fair values of the derivatives are calculated using a multi-nomial 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, 2014 and 2013: | |||||
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 last two fiscal years. | |||||
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, 2012 | $ | 468,884 | |||
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 | ||||
Decrease in derivative due to extinguishment of debt | (450,282 | ) | |||
Decrease in derivative due to conversion of debt | (25,152 | ) | |||
Increase to derivative due to new issuances | 87,540 | ||||
Derivative (gain) due to mark to market adjustment | (183,625 | ) | |||
Balance at September 30, 2014 | $ | 183,648 | |||
Convertible_Notes_Payable
Convertible Notes Payable | 12 Months Ended |
Sep. 30, 2014 | |
Convertible Notes Payable | |
Convertible Notes Payable | NOTE 4: CONVERTIBLE NOTES PAYABLE |
On January 29, 2014, the Company issued a Convertible Promissory Note to Asher Enterprises, Inc. in the amount of $37,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on October 31, 2014. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. As a result of the conversion feature the Company has recorded a debt discount of $21,326, $19,000 of which has been amortized to interest expense. The discount was determined by calculating the intrinsic value of the loan based on the stock price on the date of the loan of $0.0065 and the conversion price of $0.0039. The intrinsic value was $21,326. During August 2014 $24,000 of the note was converted into 5,804,196 shares of common stock. On September 30, 2014, the fair value of the derivative was calculated using a multi-nominal lattice model. As of September 30, 2014, there is $13,500 of principal and $1,722 of accrued interest on this note. | |
On March 11, 2014, the Company issued a Convertible Promissory Note to Asher Enterprises, Inc. in the amount of $42,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on December 17, 2014. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. As a result of the conversion feature the Company has recorded a debt discount of $42,500, $30,854 of which has been amortized to interest expense. The discount was determined by calculating the intrinsic value of the loan based on the stock price on the date of the loan of $0.0123 and the conversion price of $0.0030. The intrinsic value was $130,826; however the discount is limited to the amount of the loan. On September 30, 2014, the fair value of the derivative was calculated using a multi-nominal lattice model. As of September 30, 2014, there is $42,500 of principal and $1,872 of accrued interest on this note. | |
On April 28, 2014, the Company issued a Convertible Promissory Note to KBM Worldwide, Inc. in the amount of $37,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on January 30, 2015. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. As a result of the conversion feature the Company has recorded a debt discount of $37,500, $21,119 of which has been amortized to interest expense. The discount was determined by calculating the intrinsic value of the loan based on the stock price on the date of the loan of $0.015 and the conversion price of $0.00406. The intrinsic value was $101,047; however the discount is limited to the amount of the loan. As of September 30, 2014, there is $1,134 of accrued interest on this note. | |
On June 25, 2014, the Company issued a Convertible Promissory Note to LG Capital Funding, LLC, in the amount of $47,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on June 25, 2015. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount of the lowest trading price in the 20-day trading price prior to the conversion date. As a result of the conversion feature the Company has recorded a debt discount of $47,500, $12,884 of which has been amortized to interest expense. The discount was determined by calculating the intrinsic value of the loan based on the stock price on the date of the loan of $0.011 and the conversion price of $0.0035. The intrinsic value was $102,644; however the discount is limited to the amount of the loan. As of September 30, 2014, there is $1,031 of accrued interest on this note. | |
On July 17, 2014, the Company issued a Convertible Promissory Note to KBM Worldwide, Inc. in the amount of $37,500. The note bears interest at a rate of 8% per annum, is unsecured and matures on April 21, 2015. The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. As a result of the conversion feature the Company has recorded a debt discount of $37,500, $10,117 of which has been amortized to interest expense. The discount was determined by calculating the intrinsic value of the loan based on the stock price on the date of the loan of $0.0114 and the conversion price of $0.00518. The intrinsic value was $45,008; however the discount is limited to the amount of the loan. As of September 30, 2014, there is $616 of accrued interest on this note. |
Common_Stock_Transactions
Common Stock Transactions | 12 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | |
Common Stock Transactions | NOTE 5: COMMON STOCK TRANSACTIONS |
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 former 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. | |
During October 2013, the Company issued 6,000,000 common shares for services valued at $120,500 based on the market value of the common stock on the date of authorization. | |
During October 2013, the Company received $10,000 from the sale of 1,400,000 shares of common stock. | |
On December 18, 2013, the Company received $4,000 from the sale of 3,200,000 shares of common stock. | |
On January 14, 2014, the Company received $10,000 from the sale of 3,750,000 shares of common stock. | |
On February 19, 2014, the Company authorized the issuance of 7,000,000 common shares to David Garland, the Company’s CEO, for compensation of services. The shares were issued at $0.006 based on the market value of the common stock on the date of authorization for total compensation expense of $44,100. | |
On March 5, 2014, the Company authorized the issuance of 1,000,000 common shares to Rachel Boulds, the Company’s CFO, for compensation of services. The shares were issued at $0.005 based on the market value of the common stock on the date of authorization for total compensation expense of $5,200. | |
On March 5, 2014, the Company authorized the issuance of 875,000 common shares to C. David Pugh, the Company’s Chief Communications Officer, for conversion of accrued salary of $70,000. Shares were valued at $0.08 per the terms of the employment agreement. | |
On March 5, 2014, the Company issued 1,700,000 shares of common stock valued at $646,010, previously recorded as common stock payable. | |
On March 19, 2014, the Company authorized the issuance of 1,200,000 common shares for investor relation services. These shares were valued using the closing share price of the Common Stock on the day of issuance for a total non-cash expense of $12,000. | |
On May 21, 2014, the Company authorized the issuance of 50,000 common shares to an investor as an incentive to invest in one of the Company’s future real estate ventures. These shares were valued using the closing share price of the Common Stock on the day of grant for a total non-cash expense of $270. | |
On August 5, 2014, Asher Enterprises, Inc. converted $12,000 of the note dated January 29, 2014 per the terms of the note, into 2,727,273 shares of common stock. | |
On August 25, 2014, Asher Enterprises, Inc. converted $12,000 of the note dated January 29, 2014 per the terms of the note, into 3,076,923 shares of common stock. |
Related_Party_Transaction
Related Party Transaction | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | NOTE 6: RELATED PARTY TRANSACTION |
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 former 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. | |
F-17 | |
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. | |
On February 19, 2014, the Company authorized the issuance of 7,000,000 common shares to David Garland, the Company’s CEO, for compensation of services. The shares were issued at $0.006 based on the market value of the common stock on the date of authorization for total compensation expense of $44,100. | |
On March 5, 2014, the Company authorized the issuance of 1,000,000 common shares to Rachel Boulds, the Company’s CFO, for compensation of services. The shares were issued at $0.005 based on the market value of the common stock on the date of authorization for total compensation expense of $5,200. | |
On March 5, 2014, the Company authorized the issuance of 875,000 common shares to C. David Pugh, the Company’s Chief Communications Officer, for conversion of accrued salary of $70,000. | |
On March 5, 2014, the Company issued 1,700,000 shares of common stock valued at $646,010, previously recorded as common stock payable. | |
As of September 30, 2014, the Company had total accrued compensation due to its officers of $634,700. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | NOTE 7: LEGAL PROCEEDINGS |
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. | |
On February 7, 2014, the Default Judgment in favor of the Company was granted by the court. The Judgment grants the rescission of all debentures entered into with Junior Capital, Inc., iBacking and Editor Newswire, Inc. As a result of the release of liabilities the Company has recognized a gain on the extinguishment of debt of $1,358,637 and written off $450,282 of the derivative liability to additional paid in capital. |
Going_Concern
Going Concern | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 8: 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 and has an accumulated deficit of $6,848,777 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, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9: 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. | |
On October 29, 2014, Asher Enterprises, Inc. converted $5,915 of the note dated January 29, 2014 into 4,550,000 shares of common stock. | |
On October 31, 2014, the Company paid a total of $9,371 to Asher Enterprises, Inc. paying off the January 29, 2014 note in full. | |
On November 11, 2014, Asher Enterprises, Inc. converted $5,915 of the note dated March 11, 2014 into 4,550,000 shares of common stock. | |
On November 12, 2014, the Company issued 7,000,000 shares of common stock to settle $35,000 of accounts payable due for past legal services. | |
On November 25, 2014, the Company sold 3,000,000 shares of common stock for $3,000. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
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 a 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, 2014 and 2013. | ||||||||||||||||||
Restricted Cash | Restricted Cash | |||||||||||||||||
The Company presents cash balances that are for a specific purpose and therefore not available for immediate and general use by the Company, separately on the balance sheet as restricted cash. As of September 30, 2014, the Company has set aside $68,125 to be used in its IFLM Realty Prime Opportunity Fund. The funds are only to be used towards the purchase of investment property. | ||||||||||||||||||
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, 2014 and 2013 on a recurring basis: | ||||||||||||||||||
30-Sep-14 | ||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | ||||||||||||||
Derivative | — | — | (183,648 | ) | 96,085 | |||||||||||||
Total | $ | — | $ | — | $ | (183,648 | ) | $96,085 | ||||||||||
30-Sep-13 | ||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | ||||||||||||||
Derivative | — | — | (755,167 | ) | -303,280 | |||||||||||||
Total | $ | — | $ | — | $ | (755,167 | ) | ($303,280) | ||||||||||
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: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
NOL | $ | (1,980,745 | ) | $ | (1,116,601 | ) | ||||||||||||
Net Income (loss) | 534,903 | (1,544,208 | ) | |||||||||||||||
(Gain) loss on debt settlement | (1,360,227 | ) | 18,000 | |||||||||||||||
(Gain) loss on derivative liability | (96,085 | ) | 303,280 | |||||||||||||||
Debt discount amortization | 93,972 | 170,477 | ||||||||||||||||
Common stock for other services | 132,770 | 91,940 | ||||||||||||||||
Common stock for compensation | 49,300 | 96,367 | ||||||||||||||||
NOL at end of period | $ | (2,626,112 | ) | $ | (1,980,745 | ) | ||||||||||||
Effective Rate | 0.34 | 0.34 | ||||||||||||||||
Deferred Tax Asset | (892,878 | ) | (673,453 | ) | ||||||||||||||
Valuation | 892,878 | 673,453 | ||||||||||||||||
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, 2014. | ||||||||||||||||||
The FASB’s interpretation had no material impact on the Company’s financial statements for the year ended September 30, 2014. As of September 30, 2014, the Company had a net operating loss carry forward for income tax reporting purposes of approximately $2,626,000 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, 2014, the Company had no outstanding options or warrants; however, there are convertible notes with potentially dilutive shares if converted and a stock payable for 100,000 shares. As of September 30, 2014, those notes could be converted into 36,913,884 shares of common stock per the terms of the agreement. | ||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||||||||||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in this update are applied retrospectively. The adoption of ASU 2014-10 removed the development stage entity financial reporting requirements from the Company. | ||||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry forward, a Similar Tax Loss, or a Tax Credit Carry forward Exists. The new guidance requires that unrecognized tax benefits be presented on a net basis with the deferred tax assets for such carry forwards. This new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013. We do not expect the adoption of the new provisions to have a material impact on our financial condition or results of operations. | ||||||||||||||||||
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. | ||||||||||||||||||
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, 2014 | ||||||||||||||||||
Significant Accounting Policies Tables | ||||||||||||||||||
Schedule Of Fair Value Of Derivative Assets And Liabilities | ||||||||||||||||||
30-Sep-14 | ||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | ||||||||||||||
Derivative | — | — | (183,648 | ) | 96,085 | |||||||||||||
Total | $ | — | $ | — | $ | (183,648 | ) | $96,085 | ||||||||||
30-Sep-13 | ||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total Gains and (Losses) | ||||||||||||||
Derivative | — | — | (755,167 | ) | -303,280 | |||||||||||||
Total | $ | — | $ | — | $ | (755,167 | ) | ($303,280) | ||||||||||
Schedule of net deferred tax assets | Net deferred tax assets consist of the following components as of September 30: | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
NOL | $ | (1,980,745 | ) | $ | (1,116,601 | ) | ||||||||||||
Net Income (loss) | 534,903 | (1,544,208 | ) | |||||||||||||||
(Gain) loss on debt settlement | (1,360,227 | ) | 18,000 | |||||||||||||||
(Gain) loss on derivative liability | (96,085 | ) | 303,280 | |||||||||||||||
Debt discount amortization | 93,972 | 170,477 | ||||||||||||||||
Common stock for other services | 132,770 | 91,940 | ||||||||||||||||
Common stock for compensation | 49,300 | 96,367 | ||||||||||||||||
NOL at end of period | $ | (2,626,112 | ) | $ | (1,980,745 | ) | ||||||||||||
Effective Rate | 0.34 | 0.34 | ||||||||||||||||
Deferred Tax Asset | (892,878 | ) | (673,453 | ) | ||||||||||||||
Valuation | 892,878 | 673,453 | ||||||||||||||||
Deferred Tax Asset | $ | — | $ | — | ||||||||||||||
Convertible_Debentures_Tables
Convertible Debentures (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
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, 2012 | $ | 468,884 | |||
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 | ||||
Decrease in derivative due to extinguishment of debt | (450,282 | ) | |||
Decrease in derivative due to conversion of debt | (25,152 | ) | |||
Increase to derivative due to new issuances | 87,540 | ||||
Derivative (gain) due to mark to market adjustment | (183,625 | ) | |||
Balance at September 30, 2014 | $ | 183,648 |
Significant_Accounting_Policie3
Significant Accounting Policies (Schedule of Fair Value of Derivative Assets and Liabilities) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Derivatives, Fair Value [Line Items] | ||
Gain (loss) on derivative liability | $96,085 | ($303,280) |
Level 1 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | ||
Total | ||
Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | ||
Total | ||
Level 3 | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 183,648 | 755,167 |
Total | ($183,648) | ($755,167) |
Significant_Accounting_Policie4
Significant Accounting Policies (Schedule Of Net Deferred Tax Assets) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Significant Accounting Policies Schedule Of Net Deferred Tax Assets Details | ||
NOL | ($1,980,745) | ($1,116,601) |
Net Loss | 534,903 | -1,544,208 |
(Gain) loss on debt settlement | -1,360,227 | 18,000 |
Gain) loss on derivative liability | -96,085 | 303,280 |
Debt discount amortization | 93,972 | 170,477 |
Common stock for other services | 132,770 | 91,940 |
Common stock for compensation | 49,300 | 96,367 |
NOL at end of period | -2,626,112 | -1,980,745 |
Effective Rate | 34.00% | 34.00% |
Deferred Tax Asset | -892,878 | -673,453 |
Valuation | 892,878 | 673,453 |
Deferred Tax Asset |
Convertible_Debentures_Details
Convertible Debentures (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Balance, in the begining | $755,167 | |
Derivative loss due to mark to market adjustment | 96,085 | -303,280 |
Balance at the end | 183,648 | 755,167 |
Derivative Libility | ||
Balance, in the begining | 755,167 | 468,884 |
Decrease in derivative due to settlement of debt | -16,997 | |
Decrease in derivative due to extinguishment of debt | 450,282 | |
Decrease in derivative due to conversion of debt | 25,152 | |
Increase to derivative due to new issuances | 87,540 | |
Derivative loss due to mark to market adjustment | -183,625 | 303,280 |
Balance at the end | $183,648 | $755,167 |
Significant_Accounting_Policie5
Significant Accounting Policies (Restricted Cash) (Narrative) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $68,125 | |
Restricted Cash - IFLM Realty Prime Opportunity Fund | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash description | As of September 30, 2014, the Company has received $68,125 to be used in its IFLM Realty Prime Opportunity Fund. The funds are only to be used towards the purchase of investment property. | |
Restricted cash | $68,125 |
Significant_Accounting_Policie6
Significant Accounting Policies (Income Taxes) (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Significant Accounting Policies Income Taxes Narrative Details | |
Net operating loss carryforward | $2,626,000 |
Operation loss carryforwards terms | Future taxable income through 2029 |
Significant_Accounting_Policie7
Significant Accounting Policies (Earnings (Loss) Per Share) (Narrative) (Details) (Convertible Debenture) | 12 Months Ended |
Sep. 30, 2014 | |
Convertible Debenture | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities | 100,000 |
Number of diluted shares outstanding adjustment | 36,913,884 |
Convertible_Debentures_Narrati
Convertible Debentures (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Feb. 07, 2014 | Jul. 01, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Oct. 31, 2011 | Oct. 28, 2011 | Nov. 18, 2011 | Jan. 11, 2012 | Mar. 15, 2012 | Apr. 09, 2012 | 29-May-12 | Jun. 05, 2012 | Oct. 25, 2011 | |
Debt Instrument [Line Items] | |||||||||||||||
Promissory note converted to convertible debentures | $49,151 | $13,950 | |||||||||||||
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%. | 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%. | |||||||||||||
Interest expense amortized | 93,972 | 170,477 | |||||||||||||
Gain on extinguishment of debt | 1,360,227 | ||||||||||||||
Settlement of derivative liability | 450,282 | 16,998 | |||||||||||||
Independent Film Dev. Corp vs Junior Capital, Inc. | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain on extinguishment of debt | 1,358,637 | ||||||||||||||
Default judgment proceedings | The granting of the default judgment rescinds all debentures and releases the Company from all obligations due to Junior Capital, Inc., Editor Newswire, Inc., and iBacking Corp, including any and all accrued interest and penalties | ||||||||||||||
Settlement of derivative liability | 450,282 | ||||||||||||||
Junior Capital Inc. Convertible Debenture Issued On July 01, 2011 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Promissory note converted to convertible debentures | 350,000 | ||||||||||||||
Debt issued date | 1-Jul-11 | ||||||||||||||
Interest rate of convertible debenture | 10.00% | ||||||||||||||
Convertible debenture maturity date | 1-Jul-12 | ||||||||||||||
Conversion terms of convertible debenture | 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. | ||||||||||||||
Stock issued in conversion of notes payable, shares | 4,100,000 | ||||||||||||||
Stock issued in conversion of notes payable, value | 143,500 | ||||||||||||||
Debenture interest from the date of issue for default in repayment | 18.00% | ||||||||||||||
Penalty expenses on default, per day | 500 | ||||||||||||||
Penalty expenses accrued, total | 230,000 | ||||||||||||||
Debt discount | 50,514 | ||||||||||||||
Interest expense amortized | 41,741 | 8,773 | |||||||||||||
Interest expense amortized after conversion | 4,359 | ||||||||||||||
Decrease in derivative liability | -149,671 | ||||||||||||||
Junior Capital Inc. Convertible Debenture Issued On October 25, 2011 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Convertible debenture issued | 20,000 | ||||||||||||||
Debt issued date | 25-Oct-11 | ||||||||||||||
Interest rate of convertible debenture | 10.00% | ||||||||||||||
Convertible debenture maturity date | 25-Oct-12 | ||||||||||||||
Conversion terms of convertible debenture | 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. | ||||||||||||||
Advance received for issuance of convertible debenture | 15,000 | ||||||||||||||
Proceeds from issuance of convertible debenture | 5,000 | ||||||||||||||
Debenture interest from the date of issue for default in repayment | 18.00% | ||||||||||||||
Debt discount | 20,000 | ||||||||||||||
Interest expense amortized | 2,206 | 17,051 | 743 | ||||||||||||
Editor Newswire Inc. Convertible Debentures Issued On October 28, 2011 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Promissory note converted to convertible debentures | 20,000 | ||||||||||||||
Debt issued date | 28-Oct-11 | ||||||||||||||
Interest rate of convertible debenture | 10.00% | ||||||||||||||
Convertible debenture maturity date | 28-Oct-12 | ||||||||||||||
Conversion terms of convertible debenture | 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. | ||||||||||||||
Debenture interest from the date of issue for default in repayment | 18.00% | ||||||||||||||
Debt discount | 20,000 | ||||||||||||||
Interest expense amortized | 9,983 | 10,017 | |||||||||||||
Editor Newswire Inc. Convertible Debentures Issued On November 18, 2011 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Promissory note converted to convertible debentures | 25,000 | ||||||||||||||
Debt issued date | 18-Nov-11 | ||||||||||||||
Interest rate of convertible debenture | 10.00% | ||||||||||||||
Convertible debenture maturity date | 18-Nov-12 | ||||||||||||||
Conversion terms of convertible debenture | 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. | ||||||||||||||
Debenture interest from the date of issue for default in repayment | 18.00% | ||||||||||||||
Debt discount | 25,000 | ||||||||||||||
Interest expense amortized | 15,368 | 9,632 | |||||||||||||
Junior Capital Inc. -Debentures Issued On January 11, 2012 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Convertible debenture issued | 33,000 | ||||||||||||||
Debt issued date | 11-Jan-12 | ||||||||||||||
Interest rate of convertible debenture | 10.00% | ||||||||||||||
Convertible debenture maturity date | 11-Jan-13 | ||||||||||||||
Conversion terms of convertible debenture | 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 | 1,015,384 | ||||||||||||||
Stock issued in conversion of notes payable, value | 33,000 | ||||||||||||||
Debt discount | 33,000 | ||||||||||||||
Interest expense amortized | 8,425 | ||||||||||||||
Interest expense amortized after conversion | 24,575 | ||||||||||||||
Decrease in derivative liability | -37,159 | ||||||||||||||
Junior Capital Inc. - Debentures Issued On March 15, 2012 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Convertible debenture issued | 40,000 | ||||||||||||||
Debt issued date | 15-Mar-12 | ||||||||||||||
Interest rate of convertible debenture | 12.00% | ||||||||||||||
Convertible debenture maturity date | 15-Mar-13 | ||||||||||||||
Conversion terms of convertible debenture | 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. | ||||||||||||||
Debenture interest from the date of issue for default in repayment | 18.00% | ||||||||||||||
Debt discount | 40,000 | ||||||||||||||
Interest expense amortized | 30,240 | 9,760 | |||||||||||||
Neil Linder - Convertible Debentures Issued On April 9, 2012 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Convertible debenture issued | 100,000 | ||||||||||||||
Debt issued date | 9-Apr-12 | ||||||||||||||
Principal portion of outstanding convertible debenture | 86,050 | ||||||||||||||
Interest rate of convertible debenture | 12.00% | ||||||||||||||
Convertible debenture maturity date | 9-Apr-13 | ||||||||||||||
Conversion terms of convertible debenture | 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. | ||||||||||||||
Stock issued in conversion of notes payable, shares | 2,052,795 | ||||||||||||||
Stock issued in conversion of notes payable, value | 13,950 | ||||||||||||||
Debenture interest from the date of issue for default in repayment | 18.00% | ||||||||||||||
Penalty expenses on default, per day | 1,000 | ||||||||||||||
Penalty expenses accrued, total | 112,509 | ||||||||||||||
Debt discount | 49,532 | ||||||||||||||
Interest expense amortized | 33,538 | 15,994 | |||||||||||||
iBacking Corp - Debentures Issued on May 29, 2012 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Convertible debenture issued | 500,000 | ||||||||||||||
Debt issued date | 29-May-12 | ||||||||||||||
Interest rate of convertible debenture | 12.00% | ||||||||||||||
Convertible debenture maturity date | 29-May-13 | ||||||||||||||
Conversion terms of convertible debenture | 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. | ||||||||||||||
Debenture interest from the date of issue for default in repayment | 18.00% | ||||||||||||||
Debt discount | 84,651 | ||||||||||||||
Interest expense amortized | 62,654 | 21,997 | |||||||||||||
Junior Capital Inc. - Convertible Debenture Issued On June 5, 2012 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Convertible debenture issued | 18,000 | ||||||||||||||
Debt issued date | 5-Jun-12 | ||||||||||||||
Interest rate of convertible debenture | 12.00% | ||||||||||||||
Convertible debenture maturity date | 5-Jun-13 | ||||||||||||||
Conversion terms of convertible debenture | 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. | ||||||||||||||
Debenture interest from the date of issue for default in repayment | 18.00% | ||||||||||||||
Debt discount | 18,000 | ||||||||||||||
Interest expense amortized | $16,488 | $1,512 |
Convertible_Notes_Payable_Narr
Convertible Notes Payable (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Jan. 29, 2014 | Aug. 31, 2014 | Mar. 11, 2014 | Apr. 28, 2014 | Jun. 25, 2014 | Jul. 17, 2014 | |
Convertible terms | 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%. | 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%. | ||||||
Interest expense amortized | $93,972 | $170,477 | ||||||
Interest accrued | 854 | |||||||
Asher Enterprises Inc - Convertible Promissory Note Issued on January 29, 2014 | ||||||||
Convertible debenture issued | 37,500 | |||||||
Interest rate | 8.00% | |||||||
Convertible terms | The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. | |||||||
Debt discount of conversion feature | 21,326 | |||||||
Interest expense amortized | 19,000 | |||||||
Maturity date | 31-Oct-14 | |||||||
Principal portion of outstanding convertible notes payable | 13,500 | |||||||
Interest accrued | 1,722 | |||||||
Stock price | $0.01 | |||||||
Conversion price | $0.00 | |||||||
Intrinsic value | 21,326 | |||||||
Stock issued in conversion of debt, value | 24,000 | |||||||
Stock issued in conversion of debt, shares | 5,804,196 | |||||||
Asher Enterprises Inc - Convertible Promissory Note Issued on March 11, 2014 | ||||||||
Convertible debenture issued | 42,500 | |||||||
Interest rate | 8.00% | |||||||
Convertible terms | The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. | |||||||
Debt discount of conversion feature | 42,500 | |||||||
Interest expense amortized | 30,854 | |||||||
Maturity date | 17-Dec-14 | |||||||
Principal portion of outstanding convertible notes payable | 42,500 | |||||||
Interest accrued | 1,872 | |||||||
Stock price | $0.01 | |||||||
Conversion price | $0.00 | |||||||
Intrinsic value | 130,826 | |||||||
KBM Worldwide, Inc - Convertible Promissory Note Issued on April 28, 2014 | ||||||||
Convertible debenture issued | 37,500 | |||||||
Interest rate | 8.00% | |||||||
Convertible terms | The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount to the average of the lowest three trading prices in the 10-day trading price prior to the conversion date. | |||||||
Debt discount of conversion feature | 37,500 | |||||||
Interest expense amortized | 21,119 | |||||||
Maturity date | 30-Jan-15 | |||||||
Interest accrued | 1,134 | |||||||
Stock price | $0.02 | |||||||
Conversion price | $0.00 | |||||||
Intrinsic value | 101,047 | |||||||
LG Capital Funding, LLC - Convertible Promissory Note Issued on June 25, 2014 | ||||||||
Convertible debenture issued | 47,500 | |||||||
Interest rate | 8.00% | |||||||
Convertible terms | The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount of the lowest trading price in the 20-day trading price prior to the conversion date. | |||||||
Debt discount of conversion feature | 47,500 | |||||||
Interest expense amortized | 12,884 | |||||||
Maturity date | 25-Jun-15 | |||||||
Interest accrued | 1,031 | |||||||
Stock price | $0.01 | |||||||
Conversion price | $0.00 | |||||||
Intrinsic value | 102,644 | |||||||
KBM Worldwide, Inc - Convertible Promissory Note Issued on July 17, 2014 | ||||||||
Convertible debenture issued | 37,500 | |||||||
Interest rate | 8.00% | |||||||
Convertible terms | The Note is convertible into common stock in whole or in part 180 days after funding at a variable conversion price equal to a 42% discount of the lowest trading price in the 10-day trading price prior to the conversion date. | |||||||
Debt discount of conversion feature | 37,500 | |||||||
Interest expense amortized | 10,117 | |||||||
Interest accrued | 616 | |||||||
Stock price | $0.01 | |||||||
Conversion price | $0.01 | |||||||
Intrinsic value | $45,008 |
Common_Stock_Transactions_Narr
Common Stock Transactions (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | 21-May-14 | Mar. 19, 2014 | Mar. 05, 2014 | Jan. 14, 2014 | Dec. 18, 2013 | Sep. 23, 2013 | Aug. 22, 2013 | Jun. 19, 2013 | Oct. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Oct. 16, 2012 | Feb. 04, 2013 | Apr. 09, 2012 | |
Stock issued for compensation, value | $49,300 | $96,367 | ||||||||||||||
Stock issued for other services, value | 70,000 | |||||||||||||||
Stock issued in conversion of notes payable, value | 49,151 | 13,950 | ||||||||||||||
Common stock issued for services, value | 132,770 | 91,940 | ||||||||||||||
Loss on conversion of debt | 1,360,227 | |||||||||||||||
Proceeds from sale of common stock | 24,000 | 18,000 | ||||||||||||||
Neil Linder - Convertible Debentures Issued On April 9, 2012 | ||||||||||||||||
Stock issued in conversion of notes payable, shares | 2,052,795 | |||||||||||||||
Debt instrument face value | 100,000 | |||||||||||||||
Common Stock | ||||||||||||||||
Stock issued for compensation, shares | 8,000,000 | 7,300,000 | 500,000 | |||||||||||||
Stock issued for compensation, value | 800 | 729 | 6,500 | |||||||||||||
Common stock issued, per share | $0.01 | |||||||||||||||
Stock issued for cash, shares | 8,350,000 | 4,500,000 | 3,750,000 | 3,200,000 | 3,500,000 | 1,000,000 | 1,400,000 | |||||||||
Stock issued for other services, shares | 875,000 | 1,700,000 | ||||||||||||||
Stock issued for other services, value | 88 | 646,010 | ||||||||||||||
Stock issued in conversion of notes payable, shares | 5,804,196 | 2,052,795 | 6,000,000 | 115,000 | ||||||||||||
Stock issued in conversion of notes payable, value | 580 | 205 | 78,000 | |||||||||||||
Common stock issued for services, shares | 7,250,000 | 4,855,000 | 50,000 | 1,200,000 | 505,000 | 6,000,000 | 3,850,000 | 8,191,500 | ||||||||
Common stock issued for services, value | 725 | 486 | 270 | 12,000 | 6,565 | 120,500 | 85,375 | |||||||||
Loss on conversion of debt | 18,000 | |||||||||||||||
Debt instrument face value | 60,000 | |||||||||||||||
Proceeds from sale of common stock | 10,000 | 4,000 | 15,500 | 2,500 | 10,000 | |||||||||||
Common Stock | Neil Linder - Convertible Debentures Issued On April 9, 2012 | ||||||||||||||||
Common stock issued, per share | $0.01 | $0.01 | ||||||||||||||
Stock issued in conversion of notes payable, shares | 500,000 | 1,552,795 | ||||||||||||||
Stock issued in conversion of notes payable, value | 3,950 | 10,000 | ||||||||||||||
Common Stock | Related Party | ||||||||||||||||
Common stock issued, per share | $0.01 | |||||||||||||||
Stock issued in conversion of notes payable, shares | 38,000 | |||||||||||||||
Stock issued in conversion of notes payable, value | 380 | |||||||||||||||
Common Stock | Rachel Boulds | ||||||||||||||||
Stock issued for compensation, shares | 200,000 | 75,000 | ||||||||||||||
Stock issued for compensation, value | 2,600 | 2,767 | ||||||||||||||
Common stock issued, per share | $0.01 | $0.01 | $0.04 | |||||||||||||
Common stock issued for services, shares | 1,000,000 | |||||||||||||||
Common Stock | George Ivakhnik, Interim CEO | ||||||||||||||||
Common stock issued, per share | $0.01 | |||||||||||||||
Stock issued for other services, shares | 7,000,000 | |||||||||||||||
Stock issued for other services, value | $91,000 |
Common_Stock_Transactions_Year
Common Stock Transactions (Year 2014) (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | 21-May-14 | Mar. 19, 2014 | Mar. 05, 2014 | Jan. 14, 2014 | Dec. 18, 2013 | Sep. 23, 2013 | Aug. 22, 2013 | Jun. 19, 2013 | Oct. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Aug. 25, 2014 | Aug. 05, 2014 | Feb. 19, 2014 | Feb. 04, 2013 | |
Proceeds from sale of common stock | $24,000 | $18,000 | |||||||||||||||
Stock based compensation expense | 49,300 | 96,367 | |||||||||||||||
Stock issued for services, value | 132,770 | 91,940 | |||||||||||||||
Share issued during the period, value | 70,000 | ||||||||||||||||
Common Stock | |||||||||||||||||
Stock issued for cash, shares | 8,350,000 | 4,500,000 | 3,750,000 | 3,200,000 | 3,500,000 | 1,000,000 | 1,400,000 | ||||||||||
Proceeds from sale of common stock | 10,000 | 4,000 | 15,500 | 2,500 | 10,000 | ||||||||||||
Stock issued for services, shares | 7,250,000 | 4,855,000 | 50,000 | 1,200,000 | 505,000 | 6,000,000 | 3,850,000 | 8,191,500 | |||||||||
Stock issued for services, value | 725 | 486 | 270 | 12,000 | 6,565 | 120,500 | 85,375 | ||||||||||
Common stock issued, per share | $0.01 | ||||||||||||||||
Shares issued during the period, shares | 875,000 | 1,700,000 | |||||||||||||||
Share issued during the period, value | 88 | 646,010 | |||||||||||||||
Stock issued in conversion of notes payable, shares | 5,804,196 | 2,052,795 | 6,000,000 | 115,000 | |||||||||||||
Common Stock | Asher Enterprises Inc - Convertible Promissory Note Issued on January 29, 2014 | |||||||||||||||||
Stock issued in conversion of notes payable, shares | 3,076,923 | 2,727,273 | |||||||||||||||
Stock issued in conversion of notes payable, value | 12,000 | 12,000 | |||||||||||||||
Common Stock | David Garland | |||||||||||||||||
Stock based compensation expense | 44,100 | ||||||||||||||||
Stock issued for services, shares | 7,000,000 | ||||||||||||||||
Common stock issued, per share | $0.01 | ||||||||||||||||
Common Stock | Rachel Boulds | |||||||||||||||||
Stock based compensation expense | 5,200 | ||||||||||||||||
Stock issued for services, shares | 1,000,000 | ||||||||||||||||
Common stock issued, per share | $0.01 | $0.01 | $0.04 | ||||||||||||||
Common Stock | David Pugh | |||||||||||||||||
Stock issued for services, shares | 875,000 | ||||||||||||||||
Common stock issued, per share | $0.08 | ||||||||||||||||
Conversion of accrued salary | $70,000 |
Related_Party_Transaction_Narr
Related Party Transaction (Narrative) (Details) (USD $) | 0 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2013 | |
Related Party Transaction [Line Items] | |||
Accrued compensation | $499,827 | $634,700 | |
Due to a related party | 4,210 | ||
Officer | |||
Related Party Transaction [Line Items] | |||
Accured salary assigned to unrelated third party | 60,000 | ||
Due to Officers | |||
Related Party Transaction [Line Items] | |||
Accrued compensation | 634,700 | ||
Jeff Ritchie | |||
Related Party Transaction [Line Items] | |||
Due to a related party | $4,230 | ||
Interest rate | 8.00% | ||
George Ivakhnik, Interim CEO | |||
Related Party Transaction [Line Items] | |||
Interest rate | 8.00% |
Legal_Proceedings_Narrative_De
Legal Proceedings (Narrative) (Details) | 0 Months Ended | |
Aug. 31, 2012 | Feb. 07, 2014 | |
Notices Of Rescission on Junior Capital | ||
Loss Contingencies [Line Items] | ||
Type of allegations | 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 | |
Notices Of Rescission on iBacking Corp | ||
Loss Contingencies [Line Items] | ||
Type of allegations | 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. | |
Notices Of Rescission-Junior Capital Inc, iBacking and Editor Newswire Inc | ||
Loss Contingencies [Line Items] | ||
Settlement Agreement Court | On February 7, 2014, the Default Judgment in favor of the Company was granted by the court. The Judgment grants the rescission of all debentures entered into with Junior Capital, Inc., iBacking and Editor Newswire, Inc. As a result of the release of liabilities the Company has recognized a gain on the extinguishment of debt of $1,358,637 and written off $450,282 of the derivative liability to additional paid in capital. |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Jan. 14, 2014 | Dec. 18, 2013 | Sep. 23, 2013 | Aug. 22, 2013 | Jun. 19, 2013 | Oct. 31, 2013 | Dec. 31, 2012 | Aug. 25, 2014 | Aug. 05, 2014 | Nov. 25, 2014 | Nov. 12, 2014 | Oct. 31, 2014 | Oct. 29, 2014 | Nov. 11, 2014 | |
Common stock issued for cash, value | $24,000 | $18,000 | ||||||||||||||
Common stock issued for accounts payable due, values | 78,380 | |||||||||||||||
Common Stock | ||||||||||||||||
Stock issued in conversion of notes payable, shares | 5,804,196 | 2,052,795 | 6,000,000 | 115,000 | ||||||||||||
Common stock issued for cash, shares | 8,350,000 | 4,500,000 | 3,750,000 | 3,200,000 | 3,500,000 | 1,000,000 | 1,400,000 | |||||||||
Common stock issued for cash, value | 835 | 450 | ||||||||||||||
Common stock issued for accounts payable due, shares | 6,038,000 | |||||||||||||||
Common stock issued for accounts payable due, values | 604 | |||||||||||||||
Asher Enterprises Inc - Convertible Promissory Note Issued on January 29, 2014 | Common Stock | ||||||||||||||||
Stock issued in conversion of notes payable, shares | 3,076,923 | 2,727,273 | ||||||||||||||
Stock issued in conversion of notes payable, values | 12,000 | 12,000 | ||||||||||||||
Subsequent Event | Common Stock | ||||||||||||||||
Common stock issued for cash, shares | 3,000,000 | |||||||||||||||
Common stock issued for cash, value | 3,000 | |||||||||||||||
Common stock issued for accounts payable due, shares | 7,000,000 | |||||||||||||||
Common stock issued for accounts payable due, values | 35,000 | |||||||||||||||
Subsequent Event | Asher Enterprises Inc - Convertible Promissory Note Issued on January 29, 2014 | ||||||||||||||||
Stock issued in conversion of notes payable, shares | 4,550,000 | |||||||||||||||
Stock issued in conversion of notes payable, values | 5,915 | |||||||||||||||
Repayment of debt | 9,371 | |||||||||||||||
Subsequent Event | Asher Enterprises Inc - Convertible Promissory Note Issued on March 11, 2014 | ||||||||||||||||
Stock issued in conversion of notes payable, shares | 4,550,000 | |||||||||||||||
Stock issued in conversion of notes payable, values | $5,915 |