Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2015 | Jul. 13, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Independent Film Development CORP | |
Entity Central Index Key | 1,425,883 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 323,474,377 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
ASSETS | ||
Cash | $ 6 | $ 80 |
Prepaid | 4,200 | |
Total Current Assets | 4,206 | 80 |
Security deposit | 9,630 | |
Fixed assets, net of accumulated depreciation of $0 | 12,500 | |
Total Assets | 26,336 | 80 |
Current Liabilities: | ||
Accounts payable and other accruals | 119,828 | 115,677 |
Deferred rent expense | 13,814 | |
Accrued officer compensation - related party | 750,321 | 720,875 |
Accrued interest and penalties | 360,250 | 351,874 |
Loans payable | 39,243 | 8,493 |
Loans payable - related party | 103,018 | 42,687 |
Derivative liability | 19,613 | 127,202 |
Convertible notes payable, net of discount of $0 and $27,637, respectively | 37,265 | 9,628 |
Convertible notes payable in default | 154,995 | 168,430 |
Total Liabilities | 1,598,347 | 1,544,866 |
Stockholders' Equity (Deficit): | ||
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively;Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 57,268 and 57,298 issued and outstanding, respectively | 508 | 508 |
Common stock, $0.00001 par value, 485,000,000 shares authorized, 323,475,577 and 67,398,079 issued and outstanding, respectively | 3,234 | 674 |
Additional paid in capital | 10,455,018 | 10,400,286 |
Common stock payable | 38,000 | 61,470 |
Series B Preferred Stock payable | 45,000 | 45,000 |
Accumulated deficit | (12,113,771) | (12,052,724) |
Total Stockholders' Equity (Deficit) | (1,572,011) | (1,544,786) |
Total Liabilities and Stockholders' Equity (Deficit) | 26,336 | 80 |
Series A Preferred Stock [Member] | ||
Stockholders' Equity (Deficit): | ||
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively;Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 57,268 and 57,298 issued and outstanding, respectively | 500 | 500 |
Total Stockholders' Equity (Deficit) | 500 | 500 |
Total Liabilities and Stockholders' Equity (Deficit) | 500 | 500 |
Series AA Preferred Stock [Member] | ||
Stockholders' Equity (Deficit): | ||
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively;Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 57,268 and 57,298 issued and outstanding, respectively | ||
Total Stockholders' Equity (Deficit) | ||
Total Liabilities and Stockholders' Equity (Deficit) | ||
Series B Preferred Stock [Member] | ||
Stockholders' Equity (Deficit): | ||
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively;Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 57,268 and 57,298 issued and outstanding, respectively | 6 | 6 |
Total Stockholders' Equity (Deficit) | 6 | 6 |
Total Liabilities and Stockholders' Equity (Deficit) | 6 | 6 |
Series F Preferred Stock [Member] | ||
Stockholders' Equity (Deficit): | ||
Preferred Stock, $0.0001 par value, 4,980,000 shares authorized, none issued and outstanding; Series A Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 and 5,000,000 issued and outstanding, respectively; Series AA Preferred Stock, $0.0001 par value, 10 shares authorized, 10 and 10 issued and outstanding, respectively;Series B Preferred Stock, $0.0001 par value, 5,000,000 shares authorized, 57,268 and 57,298 issued and outstanding, respectively | 2 | 2 |
Total Stockholders' Equity (Deficit) | 2 | 2 |
Total Liabilities and Stockholders' Equity (Deficit) | $ 2 | $ 2 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Discount on convertible notes payable | $ 0 | $ 27,637 |
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 4,980,000 | 4,980,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 485,000,000 | 485,000,000 |
Common stock, shares issued | 323,475,577 | 67,398,079 |
Common stock, shares outstanding | 323,475,577 | 67,398,079 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Series AA Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10 | 10 |
Preferred stock, shares issued | 10 | 10 |
Preferred stock, shares outstanding | 10 | 10 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 57,268 | 57,298 |
Preferred stock, shares outstanding | 57,268 | 57,298 |
Series F Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, shares issued | 20,000 | 20,000 |
Preferred stock, shares outstanding | 20,000 | 20,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Sales | $ 12,293 | |
Cost of sales | 6,922 | |
Gross margin | 5,371 | |
Expenses: | ||
Officer compensation | 40,000 | 171,775 |
Professional fees | 4,375 | 5,275 |
General and administrative | 77,882 | 9,766 |
Total operating expenses | 122,257 | 186,816 |
Net loss from operations | (116,886) | (186,816) |
Other income and (expense): | ||
Gain (loss) on derivative liability | 90,745 | (44,629) |
Penalty expense | 31,875 | |
Interest expense | 34,906 | 59,127 |
Total other income (expense) | 55,839 | (135,631) |
Net loss | $ (61,047) | $ (322,447) |
Loss per share | ||
Basic | $ 0 | $ (769) |
Weighted average shares outstanding | ||
Basic | 67,445,210 | 41,913 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (61,047) | $ (322,447) |
Adjustments to reconcile net (loss) to total cash used in operations: | ||
Preferred stock for compensation | 79,000 | |
Change in fair value of derivative liabilities | 90,745 | (44,629) |
Debt discount amortization | 25,938 | 51,216 |
Change in assets and liabilities: | ||
Other assets | 13,830 | (31,875) |
Accounts payable & accruals | 4,145 | 5,154 |
Accrued expenses | 22,788 | 6,125 |
Increase in accrued compensation | 29,446 | 64,733 |
Net cash used in operating activities | (83,305) | (39,715) |
Cash flows from investing activities: | ||
Cash paid for equipment | 12,500 | |
Net cash used in investing activities | (12,500) | |
Cash flows from financing activities: | ||
Cash received from notes payable | 5,400 | |
Cash received from loans payable, related party | 90,331 | |
Payment on convertible notes | 7,585 | |
Proceeds from the sale of common stock | 3,000 | |
Net cash provided (used) by financing activities | 95,731 | (4,585) |
Net decrease in cash | (74) | (44,300) |
Cash at beginning of period | 80 | 81,980 |
Cash at end of period | 6 | 37,680 |
Cash paid for: Interest | ||
Cash paid for: Taxes | ||
Supplemental disclosure of non-cash activities | ||
Common stock issued for accounts payable | 35,000 | |
Common stock issued for stock payable | 23,470 | |
Common stock issued for conversion of debt | 16,978 | 11,830 |
Settlement of derivative liability | $ 16,844 | $ 19,629 |
History Of Operations
History Of Operations | 3 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
History of Operations | NOTE 1: HISTORY OF OPERATIONS Business Activity Independent Film Development Corporation (IFLM) was incorporated in the State of Nevada on September 14, 2007. The Companys current plan of operations consists of three parts: To begin operations of IFLMs newly acquired hospitality asset, C2C Restaurant Group, Inc. (C2C). The first restaurant to fall under C2C, Chef Eddie Gs Kitchen, was opened in December 2015 in Manhattans East Harlem neighborhood in New York City. The development of content creation/distribution projects, both in the form of original theatrical material as well as related and/or derivative programming related to the operations of C2C. IFLM will pursue those projects that align with the companys strategic vision. The acquisition of real estate assets 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. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2: SIGNIFICANT ACCOUNTING POLICIES Basis of Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the rules of the Securities and Exchange Commission ("SEC") for interim financial information and the SEC instructions to Form 10-Q, accordingly, they do not include all of the information and footnotes required by U.S. GAAP for completed financial statements. In the opinion of management, all adjustments necessary in order for the financial statements to not be misleading have been reflected herein. Operating results for the interim period ended December 31, 2015 are not necessarily indicative of the results that can be expected for the full year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended September 30, 2015. Use of Estimates In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payment arrangements, estimating the fair value of equity instruments recorded as derivative liabilities, and estimating the useful lives of amortizable assets and whether impairment charges may apply. Principles of Consolidation The consolidated financial statements include the accounts of Independent Film Development Corporation and its wholly-owned subsidiary C2C Restaurant Group, Inc. All significant intercompany accounts and transactions have been eliminated. Segment Reporting FASB ASC Topic 280, Segment Reporting Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (Paragraph 820-10-35-37) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data. The carrying amount of the Companys financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Companys notes payable approximates the fair value of such instruments based upon managements best estimate of interest rates that would be available to the Company for similar financial arrangements at December 31, 2015. The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2015 and September 30, 2015 on a recurring basis: December 31, 2015 Description Level 1 Level 2 Level 3 Total Gains and (Losses) Derivative 19,613 90,745 Total $ $ $ 19,613 $90,745 September 30, 2015 Description Level 1 Level 2 Level 3 Total Gains and (Losses) Derivative 127,202 (128,079) Total $ $ $ 127,202 $(128,079) Derivative Liabilities The Company records the fair value of its derivative financial instruments in accordance with ASC815, Derivatives and Hedging Derivative financial instruments should be recorded as liabilities in the balance sheet and measured at fair value. For purposes of the Companys 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 Companys 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. Recent Accounting Pronouncements 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. |
Acquisitions
Acquisitions | 3 Months Ended |
Dec. 31, 2015 | |
Acquisitions | |
Acquisitions | NOTE 3: ACQUISITIONS On September 21, 2015, the Company entered into a share purchase agreement, by and among the Company, C2C Restaurant Group, Inc., a New York corporation and a restaurant holding company (C2C), and the shareholders of C2C, pursuant to which the Company purchased all of the outstanding common stock of C2C in exchange for 20,000 shares of our Series F preferred stock, par value $0.0001 per. Based upon an independent third party valuation the purchase was fair valued in two parts. First, a value of $5,600 was capitalized as a trade name for Chef Eddie G's Kitchen. Second the Company recorded goodwill in the amount of $117,754. The location for C2Cs first restaurant, Chef Eddie G's Kitchen, opened in December on Park Avenue in Manhattan, New York. Goodwill represents the excess of purchase price over the underlying net assets of businesses acquired. The Company complies with ASC 350, Goodwill and Other Indefinite Lived Intangible Assets |
Convertible Debentures
Convertible Debentures | 3 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Debentures | NOTE 4: CONVERTIBLE DEBENTURES On April 9, 2012, the Company entered into a $100,000 convertible debenture with Neil Linder. The debenture accrued interest of 12% and matured 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 Companys 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 821 shares of common stock. This conversion was converted within the terms of the agreement. On March 30, 2015, $4,000 of accrued interest was converted into 1,600 shares of common stock. 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%, 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. As of December 31, 2015 $86,050 of the principal face value of the Debenture remains outstanding along with $332,424 of accrued penalties and interest. This note is currently in default. |
Accrued Interest And Penalties
Accrued Interest And Penalties | 3 Months Ended |
Dec. 31, 2015 | |
Accrued Interest And Penalties | |
Accrued Interest and Penalties | NOTE 5: ACCRUED INTEREST AND PENALTIES Following is a summary of the Companys accrued penalties and interest as of: December 31, 2015 September 30, 2015 Neil Linder accrued penalties and interest (refer to Note 4) $ 332,424 $ 328,531 Other convertible debt accrued interest (refer to Note 6) 20,820 17,965 Loans payable accrued interest (refer to Note 7) 7,006 5,378 $ 360,250 $ 351,874 |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Dec. 31, 2015 | |
Convertible Notes Payable | |
Convertible Notes Payable | NOTE 6: CONVERTIBLE NOTES PAYABLE 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 but was increased to 22% on the maturity date, is unsecured and matured 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, all 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. On September 30, 2015, $22,970 of principal was converted into 49,937,783 shares of common stock. During the three months ended December 31, 2015, $10,485 of principle was converted into 99,250,000 shares of common stock. On December 31, 2015, the fair value of the derivative was calculated using a multi-nomial lattice model. As of December 31, 2015, there is $4,045 of principal and $7,853 of accrued interest due on this note. This note is currently past due. 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, all 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. On April 16, 2015, $1,500 of principal and $97 of interest was converted into 3,060,000 shares of common stock. On May 28, 2015, $8,000 of principal and $591 of interest was converted into 29,624 shares of common stock. On August 25, 2015, $5,000 of principal and $468 of interest was converted into 897,857 shares of common stock. During the three months ended December 31, 2015, $5,600 of principle and $592 of interest was converted into 56,892,715 shares of common stock. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On December 31, 2015, the fair value of the derivative was calculated using a multi-nomial lattice model. As of December 31, 2015, there is $27,400 of principal and $4,645 of accrued interest due on this note. This note is currently past due. 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, all 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. On December 31, 2015, the fair value of the derivative was calculated using a multi-nomial lattice model. As of December 31, 2015, there is $37,500 of principal and $8,323 of accrued interest due on this note. This note is currently past due. On March 19, 2015, the Company executed a convertible promissory note for $7,500 with John D Thomas in exchange for legal services. The note is unsecured, accrued interest at 10% and is due on demand. The Note is convertible into common stock at $.00001 per share. As a result of the conversion feature the Company has recorded a debt discount of $7,500 all of which has been amortized to interest expense. As of December 31, 2015 there is $7,500 of principal and $590 of accrued interest due on this note. On May 18, 2015, the Company executed a convertible promissory note for $16,700 with Syndicate Consulting, Inc. The note is unsecured, accrued interest at 10% and is due on demand. The Note is convertible into common stock at $.00005 per share. As a result of the conversion feature the Company has recorded a debt discount of $16,700 all 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 $0.0007 and the conversion price of $0.00005. The intrinsic value was limited to the amount of the loan. As of December 31, 2015 there is $17,850 of principal and $1,503 of accrued interest due on this note. On May 20, 2015, the Company executed a convertible promissory note for $5,925 with Syndicate Consulting, Inc. The note is unsecured, accrued interest at 10% and is due on demand. The Note is convertible into common stock at $.00005 per share. As a result of the conversion feature the Company has recorded a debt discount of $5,925 all 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 $0.0003 and the conversion price of $0.00005. The intrinsic value was limited to the amount of the loan. As of December 31, 2015 there is $5,925 of principal and $149 of accrued interest due on this note. On August 18, 2015, Syndicate loaned the Company an additional $5,990. This loan is due on demand. On July 5, 2015, the Company executed a convertible note with a director for conversion of $40,000 of accrued salary. On July 30, 2015, the note was converted into 22,000 shares of Series B preferred stock. As the conversion occurred within the terms of the note agreement, no gain or loss was recognized. A summary of outstanding convertible notes as of December 31, 2015 is as follows: Note Holder Issue Date Maturity Date Stated Interest Rate Principal Balance Outstanding 12/31/2015 Neil Linder 4/9/2012 4/9/2013 18 % $ 86,050 Jabro Funding Corp 4/28/2014 1/30/2015 22 % 4,045 LG Capital Funding 6/25/2014 6/25/2015 16 % 27,400 Jabro Funding Corp 7/17/2014 4/21/2015 22 % 37,500 John D Thomas 3/19/2015 Demand 10 % 7,500 Syndicate Consulting, Inc. 5/18/2015 Demand 10 % 17,850 Syndicate Consulting, Inc. 5/20/2015 Demand 10 % 5,925 Syndicate Consulting, Inc. 8/18/2015 Demand 0 % 5,990 Total 192,260 A summary of the activity of the derivative liability for the notes above is as follows: Balance at September 30, 2014 $ 183,648 Decrease in derivative due to payment/conversion of debt (259,649 ) Increase to derivative due to debt discount 75,125 Increase to derivative due to new issuances 1,778,224 Derivative (gain) due to mark to market adjustment (1,650,146 ) Balance at September 30, 2015 127,202 Decrease in derivative due to conversion of debt (16,844 ) Derivative gain due to mark to market adjustment (90,745 ) Balance at December 31, 2015 $ 19,613 |
Loans Payable - Related Party A
Loans Payable - Related Party And Third Party | 3 Months Ended |
Dec. 31, 2015 | |
Loans Payable - Related Party And Third Party | |
Loans Payable - Related Party and Third Party | NOTE 7: LOANS PAYABLE RELATED PARTY AND THIRD PARTY Third Party On September 25, 2015, the Company executed a promissory note with a shareholder for $30,000. The $30,000 was previously credited to additional paid in capital; however, was changed to a promissory note as a result of a mutual agreement between the parties. The note is unsecured, accrues interest at 8% and matures March 25, 2016. As of December 31, 2015 and September 30, 2015, the Company owed a total of $9,243 and $8,493, respectively to various third parties. All amounts are due on demand. Related Party On May 8, 2015, the Company executed a promissory note for $4,000 with Pat Ritchie, the mother of CEO, Jeff Ritchie. The loan is unsecured, accrues interest at 10% and is due within one year. As of December 31, 2015, the Company owed a total of $8,687 to a former officer for advances made to the Company to pay for general operating expenses. The advances are unsecured, accrue no interest and are due on demand. On November 3, 2015 and November 24, 2015, the Company executed a promissory note for $4,100 and $4,000, respectively with the sister of CEO, Jeff Ritchie. The loans are unsecured, accrue interest at 10% and are due within one year. During the three months ended December 31, 2015, Edward Gallagher, owner/operator of C2C restaurant Group, Inc. advanced the Company $82,231 to pay for expenses related to the setup and opening of the restaurant. The advance is unsecured, non-interest bearing and due on demand. As of December 31, 2015, $82,231 remains outstanding. |
Common Stock Transactions
Common Stock Transactions | 3 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock Transactions | NOTE 8: COMMON STOCK TRANSACTIONS Fiscal year 2015 On October 29, 2014, the Company issued 1,820 shares of common stock to Asher Enterprises, Inc. in conversion of $5,915 of principal due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On November 11, 2014, the Company issued 1,820 shares of common stock to Asher Enterprises, Inc. for conversion of $5,915 of principal due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On November 12, 2014, the Company issued 2,800 shares of common stock to a service provider in conversion of $35,000 of accounts payable for services rendered in a prior period. The shares were valued based on the closing price of the common stock on the date of grant. On November 25, 2014, the Company sold 1,200 shares of common stock for total proceeds of $3,000. Effective February 11, 2015, the Company restated its Articles of Incorporation in which it changed the par value of the Companys common stock from $0.0001 to $0.00001 and increased the authorized shares of common stock to 2,000,000,000. The value of the common stock and additional paid in capital accounts have been retroactively adjusted for the change in par value. On March 2, 2015, the Company issued 400 shares of common stock to Rachel Boulds, the former CFO for services. The shares were valued based on the closing price of the common stock on the date of grant for a total non-cash expense of $2,000. On March 2, 2015, the Company issued 600,000 shares of common stock to Jeff Ritchie, Interim CEO for conversion of $15,000 of accrued salary. The shares were valued based on the closing price of the common stock on the date of grant which resulted in a loss on conversion of $2,985,000. June 4, 2015. Mr. Ritchie returned 40,000 shares to the Company. The Company credited loss on conversion of debt $200,000 due to the return of shares which resulted in a net issuance of 560,000 shares and a net loss on conversion of $2,785,000. On March 2, 2015, the Company issued 25,000 shares of common stock to DTS Partners, LLC, for conversion of $2,500 of principal due to them. The shares were valued based on the closing price of the common stock on the date of conversion which resulted in a loss on conversion of $122,500. On March 30, 2015, the Company issued 1,600 shares of common stock to Neil Linder, for conversion of $4,000 of accrued interest due to him. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On April 16, 2015, the Company issued 1,224 shares of common stock to LG Capital Funding in conversion of $1,500 of principal and $97 of interest due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On May 13, 2015, the Company issued 25,000 shares of common stock to DTS Partners, LLC for conversion of $2,500 of principal due to them. The shares were valued based on the closing price of the common stock on the date of conversion which resulted in a loss on conversion of $28,750. On May 20, 2015, the Company issued 34,852 shares of common stock to Jabro Funding Corp in conversion of $23,525 of principal due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On May 21, 2015, the Company issued 26,667 shares of common stock to JT Sands Corp. for conversion of $2,000 of principal due to them. The shares were valued based on the closing price of the common stock on the date of conversion which resulted in a loss on conversion of $18,000. On May 28, 2015, the Company issued 29,624 shares of common stock to LG Capital Funding in conversion of $8,000 of principal and $591 of interest due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On June 2, 2015, the Company issued 40,000 shares of common stock to an individual for conversion of $1,000 of principal due to them. The shares were valued based on the closing price of the common stock on the date of conversion which resulted in a loss on conversion of $19,000. Effective July 1, 2015, the Company approved a 2,500 for 1 reverse stock split. All shares throughout these financial statements and Form 10-Q have been retroactively restated for the reverse. On August 15, 2015, the Company issued 50,000,000 shares of common stock to Syndicate Consulting, Inc., for conversion of $2,500 of principal due to them. The shares were valued based on the closing price of the common stock on the date of conversion which resulted in a loss on conversion of $1,247,500. On August 15, 2015, the Company issued 10,000,000 shares of common stock to VanCal Partners, LLC, for conversion of $500 of principal due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On August 25, 2015, the Company issued 897,857 shares of common stock to LG Capital Funding in conversion of $5,000 of principal and $468 of interest due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On September 8, 2015, the Company issued 5,676,923 shares of common stock to Jabro Funding Corp in conversion of $13,060 of principal and $1,700 of interest due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On September 25, 2015, the Company authorized 10,000,000 shares of common stock to VanCal Partners, LLC, for conversion of $500 of principal due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. As of September 30, 2015, the shares have not yet been issued by the transfer agent; therefore, the $500 has been credited to common stock payable. On September 30, 2015, the Company authorized 49,934,783 shares of common stock to Jabro Funding Corp in conversion of $22,970 of principal due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. As of September 30, 2015, the shares have not yet been issued by the transfer agent; therefore, the $22,970 has been credited to common stock payable. Fiscal year 2016 On October 1, 2015, the Company issued 7,123,060 shares of common stock to LG Capital Funding in conversion of $3,000 of principal and $305 of interest due to them. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On October 13, 2015, the Company issued 40,000,000 shares of common stock to VanCal Partners, LLC in conversion of $2,000 of principal due to them.Due to the conversion within the terms of the agreement, no gain or loss was recognized. On October 14, 2015, the Company issued 49,333,333 shares of common stock to Jabro Funding Corp in conversion of $7,490 of principal due to them.Due to the conversion within the terms of the agreement, no gain or loss was recognized. On November 9, 2015, the Company issued 49,769,655 shares of common stock to LG Capital Funding in conversion of $2,600 of principal and $287 of interest due to them.Due to the conversion within the terms of the agreement, no gain or loss was recognized. On November 18, 2015, the Company issued 49,916,667 shares of common stock to Jabro Funding Corp in conversion of $2,995 of principal due to them.Due to the conversion within the terms of the agreement, no gain or loss was recognized. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Preferred Stock | NOTE 9: PREFERRED STOCK The Company is authorized to issue 15,000,010 preferred shares with a par value of $0.0001 per share. Series A Preferred Stock On June 17, 2013, the Board of Directors designated a series of preferred stock titled Series A Preferred Stock consisting of 5,000,000 shares. There is currently no market for the shares of Series A Preferred Stock and they cannot be converted into shares of common stock of the Company. The shares have super voting rights of 100 common shares for every one share of Series A. The Preferred Series A do not contain any rights to dividends; have no liquidation preference; are not to be amended without the holders approval. On December 1, 2014, the Company issued 5,000,000 shares of Series A Preferred stock to Jeff Ritchie, CEO for services rendered. The company had a valuation completed, by an independent third party, and as a result expensed the value of the Preferred A during the quarter at a value of $79,000. Series B Preferred Stock On March 26, 2015, the Board of Directors designated a series of preferred stock titled Series B Preferred Stock consisting of 10,000,000 shares. There is currently no market for the shares of Series B Preferred Stock. They can be converted into shares of common stock of the Company at par value ($.00001) and are priced at $2.50 per share. The Series B have voting rights of 10 votes per share, are entitled to dividends if declared and have liquidation preference to stock below it. On April 1, 2015, the Company declared a preferred stock dividend of one share of Series B preferred stock for every 100,000 shares of common stock, resulting in the issuance of 16,768 (net of 30 shares canceled that were issued in error) of Series B preferred stock. On June 11, 2015, the Company issued 40,500 shares of Series B preferred stock to officers in conversion of $101,246 of accrued compensation. The shares were valued based on the closing price of the common stock on the date of conversion which resulted in no loss on conversion as the value of the shares, which have no special voting rights, were the same as the $101,246 of accrued compensation. On July 30, 2015, the Company authorized 22,000 shares of Series B preferred stock to a director in conversion of a $40,000 promissory note that was issued for conversion of accrued salary. As of September 30, 2015, the shares have not yet been issued resulting in a $40,000 credit to preferred stock payable. Due to the conversion within the terms of the agreement, no gain or loss was recognized. On September 14, 2015, the Company sold 2,000 shares of Series B preferred stock for total cash proceeds of $5,000. As of September 30, 2015, the shares have not yet been issued resulting in a $5,000 credit to preferred stock payable. Series AA Preferred Stock On February 18, 2015, the Board of Directors designated a series of preferred stock titled Series AA Preferred Stock consisting of 10 shares. The shares are convertible into the number of shares of common stock equal to four times the sum of the total number of common stock issued and the total number of Series B issued. The Preferred Series AA do not contain any rights to dividends; have no liquidation preference and are not to be amended without the holders approval. On June 30, 2015, the Company issued 10 shares of Series AA preferred stock to its Jeff Ritchie, CEO. The company had a valuation completed resulting in non-cash compensation expense of $88,676. Series F Preferred Stock On September 25, 2015, the Board of Directors designated a series of preferred stock titled Series F Preferred Stock consisting of 20,000 shares. There is currently no market for the shares of Series F Preferred Stock. They can be converted into shares of common stock of the Company at par value ($.00001) and are priced at $2.50 per share. The Series F have voting rights of 1 vote per share, are entitled to dividends if declared and have liquidation preference to stock below it. On September 21, 2015, the Company entered into a share purchase agreement, by and among the Company, C2C Restaurant Group, Inc., a New York corporation and a restaurant holding company (C2C), and the shareholders of C2C, pursuant to which the Company purchased all of the outstanding common stock of C2C in exchange for 20,000 shares of our Series F preferred stock, par value $0.0001. Based upon a third party valuation the purchase was fair valued in two parts. First, a value of $5,600 was capitalized as a trade name for Chef Eddie G's Kitchen. This will be amortized over fifteen years, and is shown net of $8 amortization expense as of September 30, 2015. Second the Company recorded goodwill in the amount of $117,754. Refer to Note 3. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 10: SEGMENT REPORTING Segment Reporting ASC Topic 280, Segment Reporting The following tables summarize the Companys segment information for the three months ended December 31, 2015: Three Months Ended December 31,2015 Sales C2C Restaurant Group, Inc. $ 12,293 Corporate $ 12,293 Cost of sales C2C Restaurant Group, Inc. $ 6,922 Corporate $ 6,922 Gross margin C2C Restaurant Group, Inc. $ 5,371 Corporate $ 5,371 Operating expenses C2C Restaurant Group, Inc. $ 75,820 Corporate 46,437 $ 122,257 Loss from operations C2C Restaurant Group, Inc. $ (70,449 ) Corporate (46,437 ) $ (116,886 ) Other income C2C Restaurant Group, Inc. $ Corporate 80,709 $ 80,709 Net income (loss) C2C Restaurant Group, Inc. $ (70,449 ) Corporate 34,272 $ (36,177 ) As of December 31, 2015 Total Assets C2C Restaurant Group, Inc. $ 26,330 Corporate 6 $ 26,336 Total Liabilities C2C Restaurant Group, Inc. $ 97,035 Corporate 1,501.312 $ 1,598,347 |
Going Concern
Going Concern | 3 Months Ended |
Dec. 31, 2015 | |
Going Concern | |
Going Concern | NOTE 11: 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 $12,113,771 and has funded its operations primarily through the issuance of 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 Companys 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. |
Related Parties
Related Parties | 3 Months Ended |
Dec. 31, 2015 | |
Related Parties | |
Related Parties | NOTE 12: RELATED PARTIES Fiscal year 2015 Loans payable: On May 8, 2015, the Company executed a promissory note for $4,000 with Pat Ritchie, the mother of CEO, Jeff Ritchie. The loan is unsecured, accrues interest at 10% and is due within one year. As of December 31, 2015, the Company owed a total of $8,687 to a former officer for advances made to the Company to pay for general operating expenses. The advances are unsecured, accrue no interest and are due on demand. On November 3, 2015 and November 24, 2015, the Company executed a promissory note for $4,100 and $4,000, respectively with the sister of CEO, Jeff Ritchie. The loans are unsecured, accrue interest at 10% and are due within one year. During the three months ended December 31, 2015, Edward Gallagher, owner/operator of C2C restaurant Group, Inc. advanced the Company $82,231 to pay for expenses related to the setup and opening of the restaurant. The advance is unsecured, non-interest bearing and due on demand. As of December 31, 2015, $82,231 remains outstanding. Stock transactions: On December 1, 2014, the Company issued 5,000,000 shares of Series A Preferred stock to Jeff Ritchie, CEO for services rendered. The company had a valuation completed, by an independent third party, and as a result expensed the value of the Preferred A during the quarter at a value of $79,000. On March 2, 2015, the Company issued 400 shares of common stock to Rachel Boulds, the former CFO for services. The shares were valued based on the closing price of the common stock on the date of grant for a total non-cash expense of $2,000. On March 2, 2015, the Company issued 600,000 shares of common stock to Jeff Ritchie, Interim CEO for conversion of $15,000 of accrued salary. The shares were valued based on the closing price of the common stock on the date of grant which resulted in a loss on conversion of $2,985,000. June 4, 2015. Mr. Ritchie returned 40,000 shares to the Company. The Company credited loss on conversion of debt $200,000 due to the return of shares which resulted in a net issuance of 560,000 shares. On June 11, 2015, the Company issued 40,500 shares of Series B preferred stock to officers in conversion of $101,246 of accrued compensation. The shares were valued based on the closing price of the common stock on the date of conversion which resulted in no loss on conversion as the value of the shares, which have no special voting rights, were the same as the $101,246 of accrued compensation. On June 30, 2015, the Company issued 10 shares of Series AA preferred stock to its Jeff Ritchie, CEO. The company had a valuation completed resulting in non-cash compensation expense of $88,676. On July 5, 2015, the Company executed a convertible note with a director for conversion of $40,000 of accrued salary. On July 30, 2015, the note was converted into 22,000 shares of Series B preferred stock. As the conversion occurred within the terms of the note agreement, no gain or loss was recognized. On July 30, 2015, the Company authorized 22,000 shares of Series B preferred stock to a director in conversion of a $40,000 promissory note that was issued for conversion of accrued salary. As of September 30, 2015, the shares have not yet been issued resulting in a $40,000 credit to preferred stock payable. Due to the conversion within the terms of the agreement, no gain or loss was recognized. Fiscal year 2016 Loans payable: During the three months ended December 31, 2015, Edward Gallagher, owner/operator of C2C restaurant Group, Inc. advanced the Company $82,231 to pay for expenses related to the setup and opening of the restaurant. The advance is unsecured, non-interest bearing and due on demand. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 13: 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 January 15, 2016, the Company executed a promissory note with a third party for $15,000. The note is unsecured, bears interest at 10% and is due within eighteen months. In connection with and for consideration of loaning the funds to the Company. The Company issued 2,000 shares of Series B preferred stock. On February 17, 2016, the Company executed a convertible promissory note in the amount of $217,500 to T McNeil Advisors, LLC. The note was issued in consideration of consulting services to be provided. The note is unsecured, bears interest at 8% interest, and is due February 17, 2017. The note is convertible into shares of the Companys common stock as a price of 55% of the lowest trade price for the twenty days prior to conversion. On February 24, 2016, the Company issued a Convertible Promissory Note to LG Capital Funding, LLC, in the amount of $39,375. The note bears interest at a rate of 8% per annum, is unsecured and matures on February 24, 2017. The Note is convertible into common stock in whole or in part at any time after funding at a variable conversion price equal to a 50% discount of the lowest trading price in the 20-day trading price prior to the conversion date. On March 1, 2016, the Company issued a Convertible Promissory Note to Cerberus Finance Group, LTD, in the amount of $39,375. The note bears interest at a rate of 8% per annum, is unsecured and matures on March 1, 2017. The Note is convertible into common stock in whole or in part at any time after funding at a variable conversion price equal to a 50% discount of the lowest trading price in the 20-day trading price prior to the conversion date. On April 6, 2016, the Company issued a Convertible Promissory Note to LG Capital Funding, LLC, in the amount of $19,688. The note bears interest at a rate of 8% per annum, is unsecured and matures on April 6, 2017. The Note is convertible into common stock in whole or in part at any time after funding at a variable conversion price equal to a 50% discount of the lowest trading price in the 20-day trading price prior to the conversion date. On April 6, 2016, the Company issued a Convertible Promissory Note to Cerberus Finance Group, LTD, in the amount of $39,375. The note bears interest at a rate of 8% per annum, is unsecured and matures on April 6, 2017. The Note is convertible into common stock in whole or in part at any time after funding at a variable conversion price equal to a 50% discount of the lowest trading price in the 20-day trading price prior to the conversion date. |
Significant Accounting Polici19
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Unaudited Interim Financial Information | Basis of Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the rules of the Securities and Exchange Commission ("SEC") for interim financial information and the SEC instructions to Form 10-Q, accordingly, they do not include all of the information and footnotes required by U.S. GAAP for completed financial statements. In the opinion of management, all adjustments necessary in order for the financial statements to not be misleading have been reflected herein. Operating results for the interim period ended December 31, 2015 are not necessarily indicative of the results that can be expected for the full year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended September 30, 2015. |
Use of Estimates | Use of Estimates In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payment arrangements, estimating the fair value of equity instruments recorded as derivative liabilities, and estimating the useful lives of amortizable assets and whether impairment charges may apply. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Independent Film Development Corporation and its wholly-owned subsidiary C2C Restaurant Group, Inc. All significant intercompany accounts and transactions have been eliminated. |
Segment Reporting | Segment Reporting FASB ASC Topic 280, Segment Reporting |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (Paragraph 820-10-35-37) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data. The carrying amount of the Companys financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Companys notes payable approximates the fair value of such instruments based upon managements best estimate of interest rates that would be available to the Company for similar financial arrangements at December 31, 2015. The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2015 and September 30, 2015 on a recurring basis: December 31, 2015 Description Level 1 Level 2 Level 3 Total Gains and (Losses) Derivative 19,613 90,745 Total $ $ $ 19,613 $90,745 September 30, 2015 Description Level 1 Level 2 Level 3 Total Gains and (Losses) Derivative 127,202 (128,079) Total $ $ $ 127,202 $(128,079) |
Derivative Liabilities | Derivative Liabilities The Company records the fair value of its derivative financial instruments in accordance with ASC815, Derivatives and Hedging Derivative financial instruments should be recorded as liabilities in the balance sheet and measured at fair value. For purposes of the Companys 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 Companys 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 Polici20
Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies Tables | |
Schedule of Fair Value of Assets and Liabilities | The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2015 and September 30, 2015 on a recurring basis: December 31, 2015 Description Level 1 Level 2 Level 3 Total Gains and (Losses) Derivative 19,613 90,745 Total $ $ $ 19,613 $90,745 September 30, 2015 Description Level 1 Level 2 Level 3 Total Gains and (Losses) Derivative 127,202 (128,079) Total $ $ $ 127,202 $(128,079) |
Accrued Interest And Penalties
Accrued Interest And Penalties (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Accrued Interest And Penalties Tables | |
Schedule of Company's Accrued Penalties and Interest | Following is a summary of the Companys accrued penalties and interest as of: December 31, 2015 September 30, 2015 Neil Linder accrued penalties and interest (refer to Note 4) $ 332,424 $ 328,531 Other convertible debt accrued interest (refer to Note 6) 20,820 17,965 Loans payable accrued interest (refer to Note 7) 7,006 5,378 $ 360,250 $ 351,874 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Convertible Notes Payable Tables | |
Schedule of Outstanding Convertible Notes | A summary of outstanding convertible notes as of December 31, 2015 is as follows: Note Holder Issue Date Maturity Date Stated Interest Rate Principal Balance Outstanding 12/31/2015 Neil Linder 4/9/2012 4/9/2013 18 % $ 86,050 Jabro Funding Corp 4/28/2014 1/30/2015 22 % 4,045 LG Capital Funding 6/25/2014 6/25/2015 16 % 27,400 Jabro Funding Corp 7/17/2014 4/21/2015 22 % 37,500 John D Thomas 3/19/2015 Demand 10 % 7,500 Syndicate Consulting, Inc. 5/18/2015 Demand 10 % 17,850 Syndicate Consulting, Inc. 5/20/2015 Demand 10 % 5,925 Syndicate Consulting, Inc. 8/18/2015 Demand 0 % 5,990 Total 192,260 |
Schedule of Activity of Derivative Liability | A summary of the activity of the derivative liability for the notes above is as follows: Balance at September 30, 2014 $ 183,648 Decrease in derivative due to payment/conversion of debt (259,649 ) Increase to derivative due to debt discount 75,125 Increase to derivative due to new issuances 1,778,224 Derivative (gain) due to mark to market adjustment (1,650,146 ) Balance at September 30, 2015 127,202 Decrease in derivative due to conversion of debt (16,844 ) Derivative gain due to mark to market adjustment (90,745 ) Balance at December 31, 2015 $ 19,613 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Tables | |
Schedule of Summarize the Company's Segment Information | The following tables summarize the Companys segment information for the three months ended December 31, 2015: Three Months Ended December 31,2015 Sales C2C Restaurant Group, Inc. $ 12,293 Corporate $ 12,293 Cost of sales C2C Restaurant Group, Inc. $ 6,922 Corporate $ 6,922 Gross margin C2C Restaurant Group, Inc. $ 5,371 Corporate $ 5,371 Operating expenses C2C Restaurant Group, Inc. $ 75,820 Corporate 46,437 $ 122,257 Loss from operations C2C Restaurant Group, Inc. $ (70,449 ) Corporate (46,437 ) $ (116,886 ) Other income C2C Restaurant Group, Inc. $ Corporate 80,709 $ 80,709 Net income (loss) C2C Restaurant Group, Inc. $ (70,449 ) Corporate 34,272 $ (36,177 ) As of December 31, 2015 Total Assets C2C Restaurant Group, Inc. $ 26,330 Corporate 6 $ 26,336 Total Liabilities C2C Restaurant Group, Inc. $ 97,035 Corporate 1,501.312 $ 1,598,347 |
Significant Accounting Polici24
Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 19,613 | $ 127,202 |
Total Gains and (Losses) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative | 90,745 | (128,079) |
Total | 90,745 | (128,079) |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative | ||
Total | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative | ||
Total | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative | 19,613 | 127,202 |
Total | $ 19,613 | $ 127,202 |
Accrued Interest And Penaltie25
Accrued Interest And Penalties (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Debt Instrument [Line Items] | ||
Accrued penalties and interest | $ 360,250 | $ 351,874 |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
Accrued penalties and interest | 7,006 | 5,378 |
Neil Linder [Member] | ||
Debt Instrument [Line Items] | ||
Accrued penalties and interest | 332,424 | 328,531 |
Other Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Accrued penalties and interest | $ 20,820 | $ 17,965 |
Convertible Notes Payable (Sche
Convertible Notes Payable (Schedule of Outstanding Convertible Notes) (Details) - USD ($) | Jun. 25, 2014 | Apr. 09, 2012 | Dec. 31, 2015 | May 20, 2015 | May 18, 2015 | Mar. 19, 2015 |
Debt Instrument [Line Items] | ||||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 192,260 | |||||
Neil Linder - Convertible Debentures Issued On April 9, 2012 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Note Holder | Neil Linder | |||||
Issue Date | Apr. 9, 2012 | Apr. 9, 2012 | ||||
Maturity Date | Apr. 9, 2013 | Apr. 9, 2013 | ||||
Stated Interest Rate | 12.00% | 18.00% | ||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 86,050 | |||||
Jabro Funding Corp - Convertible Promissory Note Issued On April 28, 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Note Holder | Jabro Funding Corp | |||||
Issue Date | Apr. 28, 2014 | |||||
Maturity Date | Jan. 30, 2015 | |||||
Stated Interest Rate | 22.00% | |||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 4,045 | |||||
LG Capital Funding, LLC - Convertible Promissory Note Issued on June 25, 2014 | ||||||
Debt Instrument [Line Items] | ||||||
Note Holder | LG Capital Funding | |||||
Issue Date | Jun. 25, 2014 | |||||
Maturity Date | Jun. 25, 2015 | Jun. 25, 2015 | ||||
Stated Interest Rate | 8.00% | 16.00% | ||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 27,400 | |||||
Jabro Funding Corp - Convertible Promissory Note Issued On July 17, 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Note Holder | Jabro Funding Corp | |||||
Issue Date | Jul. 17, 2014 | |||||
Maturity Date | Apr. 21, 2015 | |||||
Stated Interest Rate | 22.00% | |||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 37,500 | |||||
John D Thomas - Convertible Promissory Note Issued on March 19, 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Note Holder | John D Thomas | |||||
Issue Date | Mar. 19, 2015 | |||||
Stated Interest Rate | 10.00% | 10.00% | ||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 7,500 | |||||
Maturity Date Description | Demand | |||||
Syndicate Consulting, Inc. - Convertible Promissory Note Issued On May 18, 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Note Holder | Syndicate Consulting, Inc. | |||||
Issue Date | May 18, 2015 | |||||
Stated Interest Rate | 10.00% | 10.00% | ||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 17,850 | |||||
Maturity Date Description | Demand | |||||
Syndicate Consulting, Inc. - Convertible Promissory Note Issued On May 20, 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Note Holder | Syndicate Consulting, Inc. | |||||
Issue Date | May 20, 2015 | |||||
Stated Interest Rate | 10.00% | 10.00% | ||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 5,925 | |||||
Maturity Date Description | Demand | |||||
Syndicate Consulting, Inc. - Convertible Promissory Note Issued On August 18, 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Note Holder | Syndicate Consulting, Inc. | |||||
Issue Date | Aug. 18, 2015 | |||||
Stated Interest Rate | 0.00% | |||||
Principal Balance Outstanding 12/31/2015, Subtotal | $ 5,990 | |||||
Maturity Date Description | Demand |
Convertible Notes Payable (Sc27
Convertible Notes Payable (Schedule of Activity of Derivative Liability) (Details) - Derivative Liability [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at the beginning | $ 127,202 | $ 183,648 |
Decrease in derivative due to payment/ conversion of debt | 16,844 | 259,649 |
Increase to derivative due to debt discount | 75,125 | |
Increase to derivative due to new issuances | 1,778,224 | |
Derivative gain due to mark to market adjustment | (90,745) | (1,650,146) |
Balance at the end | $ 19,613 | $ 127,202 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Sales | $ 12,293 | ||
Cost of sales | 6,922 | ||
Gross margin | 5,371 | ||
Operating expenses | 122,257 | 186,816 | |
Loss from operations | (116,886) | $ (186,816) | |
Other income | 80,709 | ||
Net income (loss) | (36,177) | ||
Total Assets | 26,336 | $ 80 | |
Total Liabilities | 1,598,347 | $ 1,544,866 | |
C2C Restaurant Group, Inc. [Member] | |||
Sales | 12,293 | ||
Cost of sales | 6,922 | ||
Gross margin | 5,371 | ||
Operating expenses | 75,820 | ||
Loss from operations | (70,449) | ||
Other income | |||
Net income (loss) | (70,449) | ||
Total Assets | 26,330 | ||
Total Liabilities | 97,035 | ||
Corporate [Member] | |||
Sales | |||
Cost of sales | |||
Gross margin | |||
Operating expenses | 46,437 | ||
Loss from operations | (46,437) | ||
Other income | 80,709 | ||
Net income (loss) | 34,272 | ||
Total Assets | 6 | ||
Total Liabilities | $ 1,501,312 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - Series F Preferred Stock [Member] - Share Purchase Agreement With C2C Restaurant Group, Inc And Restaurant Holding Company And Shareholders Of C2C [Member] | Sep. 21, 2015USD ($)$ / sharesshares |
Noncash or Part Noncash Acquisitions [Line Items] | |
Shares issued for acquisition, shares | shares | 20,000 |
Share issued price per share | $ / shares | $ 0.0001 |
Aquisition of asset capitalized as a trade name | $ 5,600 |
Aquisition of goodwill | 117,754 |
Inpairment expenses | $ 122,354 |
Convertible Debentures (Narrati
Convertible Debentures (Narrative) (Details) - USD ($) | Mar. 30, 2015 | Nov. 12, 2014 | Apr. 09, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2015 |
Debt Instrument [Line Items] | ||||||||
Unamortized debt discount | $ 0 | $ 27,637 | ||||||
Amortization of debt discount | 25,938 | $ 51,216 | ||||||
Stock issued in conversion of debt, value | 16,978 | $ 11,830 | ||||||
Accrued penalties and interest | $ 360,250 | $ 351,874 | ||||||
Common Stock [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stock issued in conversion of debt, value | $ 35,000 | |||||||
Stock issued in conversion of debt, shares | 2,800 | |||||||
Neil Linder - Convertible Debentures Issued On April 9, 2012 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 100,000 | |||||||
Debt issuance date | Apr. 9, 2012 | Apr. 9, 2012 | ||||||
Interest rate of debt instrument | 12.00% | 18.00% | ||||||
Convertible debenture maturity date | Apr. 9, 2013 | Apr. 9, 2013 | ||||||
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 Companys common stock. | |||||||
Unamortized debt discount | $ 49,532 | |||||||
Amortization of debt discount | $ 33,538 | $ 15,994 | ||||||
Debt default terms | 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%, 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. | |||||||
Principal portion of outstanding convertible debenture | $ 86,050 | |||||||
Accrued penalties and interest | $ 332,424 | |||||||
Neil Linder - Convertible Debentures Issued On April 9, 2012 [Member] | Common Stock [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stock issued in conversion of debt, value | $ 13,950 | |||||||
Stock issued in conversion of debt, shares | 1,600 | 821 | ||||||
Accrued interest was converted to shares, value | $ 4,000 |
Convertible Notes Payable (Narr
Convertible Notes Payable (Narrative) (Details) - USD ($) | Sep. 30, 2015 | Aug. 25, 2015 | Aug. 18, 2015 | May 28, 2015 | May 18, 2015 | Apr. 16, 2015 | Mar. 19, 2015 | Nov. 12, 2014 | Jul. 17, 2014 | Jun. 25, 2014 | Apr. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Apr. 21, 2015 | Jan. 30, 2015 | Dec. 31, 2015 | Jun. 25, 2015 | Jul. 05, 2015 | May 20, 2015 |
Debt Instrument [Line Items] | |||||||||||||||||||||
Unamortized debt discount | $ 27,637 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Amortization of debt discount | 25,938 | $ 51,216 | |||||||||||||||||||
Stock issued in conversion of debt, value | 16,978 | 11,830 | |||||||||||||||||||
Interest accrued | 351,874 | 360,250 | 360,250 | 360,250 | 360,250 | ||||||||||||||||
Proceeds from notes payable | 5,400 | ||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stock issued in conversion of debt, value | $ 35,000 | ||||||||||||||||||||
Stock issued in conversion of debt, shares | 2,800 | ||||||||||||||||||||
KBM Worldwide, Inc - Convertible Promissory Note Issued On April 28, 2014 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 37,500 | ||||||||||||||||||||
Interest rate of debt instrument | 8.00% | 22.00% | |||||||||||||||||||
Debt maturity date | Jan. 30, 2015 | ||||||||||||||||||||
Debt conversion 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. | ||||||||||||||||||||
Unamortized debt discount | $ 37,500 | ||||||||||||||||||||
Amortization of debt discount | $ 37,500 | ||||||||||||||||||||
Stock price on the date of the loan | $ 0.015 | ||||||||||||||||||||
Conversion price | $ 0.00406 | ||||||||||||||||||||
Intrinsic value | $ 101,047 | ||||||||||||||||||||
Interest accrued | 7,853 | 7,853 | 7,853 | 7,853 | |||||||||||||||||
Principle portion of convertible notes payable outstanding | $ 4,045 | $ 4,045 | $ 4,045 | $ 4,045 | |||||||||||||||||
Method used for calculation of fair value of derivative | A multi-nomial lattice model. | ||||||||||||||||||||
KBM Worldwide, Inc - Convertible Promissory Note Issued On April 28, 2014 [Member] | Common Stock [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stock issued in conversion of debt, value | $ 22,970 | $ 10,485 | |||||||||||||||||||
Stock issued in conversion of debt, shares | 49,937,783 | 99,250,000 | |||||||||||||||||||
LG Capital Funding, LLC - Convertible Promissory Note Issued on June 25, 2014 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 47,500 | ||||||||||||||||||||
Interest rate of debt instrument | 8.00% | 16.00% | 16.00% | 16.00% | 16.00% | ||||||||||||||||
Debt maturity date | Jun. 25, 2015 | Jun. 25, 2015 | |||||||||||||||||||
Debt conversion 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. | ||||||||||||||||||||
Unamortized debt discount | $ 47,500 | ||||||||||||||||||||
Amortization of debt discount | $ 47,500 | ||||||||||||||||||||
Stock price on the date of the loan | $ 0.011 | ||||||||||||||||||||
Conversion price | $ 0.0035 | ||||||||||||||||||||
Intrinsic value | $ 102,644 | ||||||||||||||||||||
Interest accrued | $ 4,645 | $ 4,645 | $ 4,645 | $ 4,645 | |||||||||||||||||
Principle portion of convertible notes payable outstanding | $ 27,400 | 27,400 | 27,400 | 27,400 | |||||||||||||||||
Method used for calculation of fair value of derivative | A multi-nomial lattice model. | ||||||||||||||||||||
LG Capital Funding, LLC - Convertible Promissory Note Issued on June 25, 2014 | Common Stock [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stock issued in conversion of debt, value | $ 5,000 | $ 8,000 | $ 1,500 | $ 5,600 | |||||||||||||||||
Stock issued in conversion of debt, shares | 897,857 | 29,624 | 3,060,000 | 56,892,715 | |||||||||||||||||
Accrued interest was converted to shares, value | $ 468 | $ 591 | $ 97 | $ 592 | |||||||||||||||||
KBM Worldwide, Inc - Convertible Promissory Note Issued On July 17, 2014 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 37,500 | ||||||||||||||||||||
Interest rate of debt instrument | 8.00% | ||||||||||||||||||||
Debt maturity date | Apr. 21, 2015 | ||||||||||||||||||||
Debt conversion 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. | ||||||||||||||||||||
Unamortized debt discount | $ 37,500 | ||||||||||||||||||||
Amortization of debt discount | $ 37,500 | ||||||||||||||||||||
Stock price on the date of the loan | $ 0.0114 | ||||||||||||||||||||
Conversion price | $ 0.00518 | ||||||||||||||||||||
Intrinsic value | $ 45,008 | ||||||||||||||||||||
Interest accrued | 8,323 | 8,323 | 8,323 | 8,323 | |||||||||||||||||
Principle portion of convertible notes payable outstanding | $ 37,500 | $ 37,500 | $ 37,500 | $ 37,500 | |||||||||||||||||
Method used for calculation of fair value of derivative | A multi-nomial lattice model. | ||||||||||||||||||||
John D Thomas - Convertible Promissory Note Issued On March 19, 2015 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 7,500 | ||||||||||||||||||||
Interest rate of debt instrument | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||||||||||
Unamortized debt discount | $ 7,500 | ||||||||||||||||||||
Amortization of debt discount | $ 7,500 | ||||||||||||||||||||
Conversion price | $ 0.00001 | ||||||||||||||||||||
Interest accrued | $ 590 | $ 590 | $ 590 | 590 | |||||||||||||||||
Principle portion of convertible notes payable outstanding | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | |||||||||||||||||
Debt instrument description | The note is unsecured, accrued interest at 10% and is due on demand. | ||||||||||||||||||||
Syndicate Consulting, Inc. - Convertible Promissory Note Issued On May 18, 2015 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 16,700 | ||||||||||||||||||||
Interest rate of debt instrument | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||||||||||
Unamortized debt discount | $ 16,700 | ||||||||||||||||||||
Amortization of debt discount | $ 16,700 | ||||||||||||||||||||
Stock price on the date of the loan | $ 0.0007 | ||||||||||||||||||||
Conversion price | $ 0.00005 | ||||||||||||||||||||
Interest accrued | $ 1,503 | 1,503 | $ 1,503 | $ 1,503 | |||||||||||||||||
Principle portion of convertible notes payable outstanding | $ 17,850 | $ 17,850 | $ 17,850 | $ 17,850 | |||||||||||||||||
Debt instrument description | The note is unsecured, accrued interest at 10% and is due on demand | ||||||||||||||||||||
Syndicate Consulting, Inc. - Convertible Promissory Note Issued On May 20, 2015 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 5,925 | ||||||||||||||||||||
Interest rate of debt instrument | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||||||||||
Unamortized debt discount | $ 5,925 | ||||||||||||||||||||
Amortization of debt discount | $ 5,925 | ||||||||||||||||||||
Stock price on the date of the loan | $ 0.0003 | ||||||||||||||||||||
Conversion price | $ 0.00005 | ||||||||||||||||||||
Interest accrued | $ 149 | $ 149 | 149 | $ 149 | |||||||||||||||||
Principle portion of convertible notes payable outstanding | $ 5,925 | $ 5,925 | $ 5,925 | $ 5,925 | |||||||||||||||||
Proceeds from notes payable | $ 5,990 | ||||||||||||||||||||
Convertible Note Issued on July 05, 2015 For Accrued Salary [Member] | Director [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument face amount | $ 40,000 |
Loans Payable - Related Party32
Loans Payable - Related Party And Third Party (Narrative) (Details) - USD ($) | Nov. 24, 2015 | Nov. 03, 2015 | Sep. 25, 2015 | May 08, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 |
Short-term Debt [Line Items] | |||||||
Loans payable | $ 39,243 | $ 8,493 | |||||
Loans payable, related party | 103,018 | 42,687 | |||||
Proceeds from related party debt | $ 90,331 | ||||||
Promissory Note Issued On September 25, 2015 [Member] | Shareholder [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt instrument face value | $ 30,000 | ||||||
Debt instrument interest rate | 8.00% | ||||||
Debt maturity date | Mar. 25, 2016 | ||||||
Loans Payable [Member] | Former Officer [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt instrument description | The advances are unsecured, accrue no interest and are due on demand. | ||||||
Loans payable, related party | $ 8,687 | ||||||
Loans Payable [Member] | Edward Gallagher - Owner/Operator Of C2C Restaurant Group, Inc. [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt instrument description | The advance is unsecured, non-interest bearing and due on demand. | ||||||
Loans payable, related party | $ 82,231 | ||||||
Proceeds from related party debt | 82,231 | ||||||
Loans Payable [Member] | Various Third Parties [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Loans payable | $ 9,243 | $ 8,493 | |||||
Debt instrument description | All amounts are due on demand. | All amounts are due on demand. | |||||
Promissory Note Issued On May 8, 2015 [Member] | Pat Ritchie, Mother Of Jeff Ritchie, CEO [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt instrument face value | $ 4,000 | ||||||
Debt instrument interest rate | 10.00% | ||||||
Debt instrument description | Due within one year. | ||||||
Promissory Note Dated November 03, 2015 [Member] | Sister Of Jeff Ritchie, CEO [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt instrument face value | $ 4,100 | ||||||
Debt instrument interest rate | 10.00% | ||||||
Debt instrument description | The loans are unsecured, accrue interest at 10% and are due within one year. | ||||||
Promissory Note Dated November 24, 2015 [Member] | Sister Of Jeff Ritchie, CEO [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt instrument face value | $ 4,000 | ||||||
Debt instrument interest rate | 10.00% | ||||||
Debt instrument description | The loans are unsecured, accrue interest at 10% and are due within one year. |
Common Stock Transactions (Narr
Common Stock Transactions (Narrative) (Details) - USD ($) | Nov. 18, 2015 | Nov. 09, 2015 | Oct. 14, 2015 | Oct. 13, 2015 | Oct. 02, 2015 | Sep. 30, 2015 | Sep. 25, 2015 | Sep. 08, 2015 | Aug. 25, 2015 | Aug. 15, 2015 | Jul. 01, 2015 | Jun. 04, 2015 | Jun. 02, 2015 | May 28, 2015 | May 21, 2015 | May 20, 2015 | May 13, 2015 | Apr. 16, 2015 | Mar. 02, 2015 | Nov. 25, 2014 | Nov. 12, 2014 | Nov. 11, 2014 | Oct. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Feb. 11, 2015 |
Stock issued in conversion of debt, value | $ 16,978 | $ 11,830 | |||||||||||||||||||||||||
Proceeds from sale of common stock | $ 3,000 | ||||||||||||||||||||||||||
Changes in common stock par value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||||||||||||||||
Changes in common stock authorized share capital | 485,000,000 | 485,000,000 | 485,000,000 | ||||||||||||||||||||||||
Common stock payable | $ 61,470 | $ 38,000 | $ 61,470 | ||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 2,800 | ||||||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 35,000 | ||||||||||||||||||||||||||
Proceeds from sale of common stock | $ 3,000 | ||||||||||||||||||||||||||
Stock issued for cash, shares | 1,200 | ||||||||||||||||||||||||||
Common stock par value per share, before it was restated | $ 0.0001 | ||||||||||||||||||||||||||
Changes in common stock par value per share | $ 0.00001 | ||||||||||||||||||||||||||
Changes in common stock authorized share capital | 2,000,000,000 | ||||||||||||||||||||||||||
Reverse stock split terms | 2,500 for 1 | ||||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable Issued To DTS Partners, LLC [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 25,000 | 25,000 | |||||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 2,500 | $ 2,500 | |||||||||||||||||||||||||
Loss on conversion of debt | $ (28,750) | $ (122,500) | |||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable Issued To LG Capital Funding [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 49,769,655 | 7,123,060 | 897,857 | 29,624 | 1,224 | ||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 2,600 | $ 3,000 | $ 5,000 | $ 8,000 | $ 1,500 | ||||||||||||||||||||||
Accrued interest was converted to shares, value | $ 287 | $ 305 | $ 468 | $ 591 | $ 97 | ||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable Issued To Jabro Funding Corp [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 49,916,667 | 49,333,333 | 49,934,783 | 5,676,923 | 34,852 | ||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 2,995 | $ 7,490 | $ 22,970 | $ 13,060 | $ 23,525 | ||||||||||||||||||||||
Accrued interest was converted to shares, value | $ 1,700 | ||||||||||||||||||||||||||
Common stock payable | 22,970 | 22,970 | |||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable Issued To JT Sands Corp [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 26,667 | ||||||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 2,000 | ||||||||||||||||||||||||||
Loss on conversion of debt | $ (18,000) | ||||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable Issued To Individual [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 40,000 | ||||||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 1,000 | ||||||||||||||||||||||||||
Loss on conversion of debt | $ (19,000) | ||||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable Issued To Syndicate Consulting, Inc [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 50,000,000 | ||||||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 2,500 | ||||||||||||||||||||||||||
Loss on conversion of debt | $ (1,247,500) | ||||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable Issued To VanCal Partners, LLC [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 40,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 2,000 | $ 500 | $ 500 | ||||||||||||||||||||||||
Common stock payable | $ 500 | 500 | |||||||||||||||||||||||||
Common Stock [Member] | Convertible Notes Payable Issued To Asher Enterprises Inc [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 1,820 | 1,820 | |||||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 5,915 | $ 5,915 | |||||||||||||||||||||||||
Common Stock [Member] | Rachel Boulds, Former CFO [Member] | |||||||||||||||||||||||||||
Stock issued for services, shares | 400 | ||||||||||||||||||||||||||
Stock issued for services, value | $ 2,000 | ||||||||||||||||||||||||||
Common Stock [Member] | Jeff Ritchie, CEO [Member] | |||||||||||||||||||||||||||
Stock issued in conversion of debt, shares | 560,000 | 600,000 | |||||||||||||||||||||||||
Stock issued in conversion of debt, value | $ 15,000 | ||||||||||||||||||||||||||
Loss on conversion of debt | $ 200,000 | $ (2,985,000) | $ (2,785,000) | ||||||||||||||||||||||||
Shares returned during the period | 40,000 |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - USD ($) | Sep. 25, 2015 | Sep. 14, 2015 | Jul. 30, 2015 | Jun. 30, 2015 | Jun. 11, 2015 | Apr. 02, 2015 | Mar. 26, 2015 | Feb. 18, 2015 | Dec. 01, 2014 | Jun. 17, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 |
Preferred Stock, shares authorized | 4,980,000 | 4,980,000 | |||||||||||
Preferred Stock, par or stated value | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock for compensation | $ 79,000 | ||||||||||||
Stock issued for accrued compensation, value | $ 16,978 | $ 11,830 | |||||||||||
Series A Preferred Stock [Member] | |||||||||||||
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||||
Preferred Stock, par or stated value | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock voting rights | The shares have super voting rights of 100 common shares for every one share of Series A. | ||||||||||||
Preferred stock preferential terms | The Preferred Series A do not contain any rights to dividends; have no liquidation preference; are not to be amended without the holders approval. | ||||||||||||
Series A Preferred Stock [Member] | Jeff Ritchie, CEO [Member] | |||||||||||||
Stock issued for service rendered, shares | 5,000,000 | ||||||||||||
Stock issued for service rendered, value | $ 79,000 | ||||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Preferred Stock, shares authorized | 10,000,000 | 5,000,000 | 5,000,000 | ||||||||||
Preferred Stock, par or stated value | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock voting rights | 10 votes per share | ||||||||||||
Preferred stock conversion term | They can be converted into shares of common stock of the Company at par value ($.0001) and are priced at $2.50 per share | ||||||||||||
Preferred stock dividend term | Preferred stock dividend of one share of Series B preferred stock for every 100,000 shares of common stock | ||||||||||||
Dividend issued for preferred stock | 16,798 | ||||||||||||
Shares cancelled during the period | 30 | ||||||||||||
Series B preferred stock payable | $ 5,000 | ||||||||||||
Stock issued for cash, shares | 2,000 | ||||||||||||
Proceeds from the sale of preferred stock | $ 5,000 | ||||||||||||
Series B Preferred Stock [Member] | Officer [Member] | |||||||||||||
Stock issued for accrued compensation, shares | 40,500 | ||||||||||||
Stock issued for accrued compensation, value | $ 101,246 | ||||||||||||
Series B Preferred Stock [Member] | Director [Member] | Convertible Note Issued On July 05, 2015 For Accrued Salary [Member] | |||||||||||||
Stock issued for accrued compensation, shares | 22,000 | ||||||||||||
Stock issued for accrued compensation, value | $ 40,000 | ||||||||||||
Series B preferred stock payable | $ 40,000 | ||||||||||||
Series AA Preferred Stock [Member] | |||||||||||||
Preferred Stock, shares authorized | 10 | 10 | 10 | ||||||||||
Preferred Stock, par or stated value | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock preferential terms | The Preferred Series AA do not contain any rights to dividends; have no liquidation preference and are not to be amended without the holders approval | ||||||||||||
Preferred stock conversion term | The shares are convertible into the number of shares of common stock equal to four times the sum of the total number of common stock issued and the total number of Series B issued | ||||||||||||
Series AA Preferred Stock [Member] | Jeff Ritchie, CEO [Member] | |||||||||||||
Preferred stock for compensation | $ 88,676 | ||||||||||||
Stock issued for accrued compensation, shares | 10 | ||||||||||||
Series F Preferred Stock [Member] | |||||||||||||
Preferred Stock, shares authorized | 20,000 | 20,000 | 20,000 | ||||||||||
Preferred Stock, par or stated value | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock voting rights | The Series F have voting rights of 1 vote per share. | ||||||||||||
Preferred stock conversion term | They can be converted into shares of common stock of the Company at par value ($.00001) and are priced at $2.50 per share | ||||||||||||
Preferred Stock [Member] | |||||||||||||
Preferred Stock, shares authorized | 15,000,010 | ||||||||||||
Preferred Stock, par or stated value | $ 0.0001 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - USD ($) | Apr. 06, 2016 | Mar. 01, 2016 | Feb. 24, 2016 | Feb. 17, 2016 | Jan. 15, 2016 |
Promissory Note With A Third Party Date January 15, 2016 [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face value | $ 15,000 | ||||
Debt instrument interest rate | 10.00% | ||||
Debt instrument maturity terms | Due within eighteen months | ||||
Promissory Note With A Third Party Date January 15, 2016 [Member] | Series B Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Preferred stock issued for consideration of promissory note | 2,000 | ||||
Convertible Promissory Note Dated February 17, 2016 - T McNeil Advisors, LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face value | $ 217,500 | ||||
Debt instrument interest rate | 8.00% | ||||
Debt maturity date | Feb. 17, 2017 | ||||
Debt instrument conversion terms | The note is convertible into shares of the Companys common stock as a price of 55% of the lowest trade price for the twenty days prior to conversion. | ||||
Convertible Promissory Note Dated February 24, 2016 - LG Capital Funding, LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face value | $ 39,375 | ||||
Debt instrument interest rate | 8.00% | ||||
Debt maturity date | Feb. 24, 2017 | ||||
Debt instrument conversion terms | The Note is convertible into common stock in whole or in part at any time after funding at a variable conversion price equal to a 50% discount of the lowest trading price in the 20-day trading price prior to the conversion date. | ||||
Convertible Promissory Note Dated March 01, 2016 - Cerberus Finance Group, LTD [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face value | $ 39,375 | ||||
Debt instrument interest rate | 8.00% | ||||
Debt maturity date | Mar. 1, 2017 | ||||
Debt instrument conversion terms | The Note is convertible into common stock in whole or in part at any time after funding at a variable conversion price equal to a 50% discount of the lowest trading price in the 20-day trading price prior to the conversion date. | ||||
Convertible Promissory Note Dated April 06, 216 - LG Capital Funding, LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face value | $ 19,688 | ||||
Debt instrument interest rate | 8.00% | ||||
Debt maturity date | Apr. 6, 2017 | ||||
Debt instrument conversion terms | The Note is convertible into common stock in whole or in part at any time after funding at a variable conversion price equal to a 50% discount of the lowest trading price in the 20-day trading price prior to the conversion date. | ||||
Convertible Promissory Note Dated April 06, 2016 - Cerberus Finance Group, LTD [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face value | $ 39,375 | ||||
Debt instrument interest rate | 8.00% | ||||
Debt maturity date | Apr. 6, 2017 | ||||
Debt instrument conversion terms | The Note is convertible into common stock in whole or in part at any time after funding at a variable conversion price equal to a 50% discount of the lowest trading price in the 20-day trading price prior to the conversion date. |