Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2013 | Nov. 10, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'POTASH AMERICA, INC. | ' |
Entity Central Index Key | '0001431880 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Common Stock, Shares Outstanding | ' | 148,625,000 |
BALANCE_SHEETS_UNAUDITED
BALANCE SHEETS (UNAUDITED) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $3,004 | $265 |
Prepaid expenses | ' | 3,819 |
Deposits | 500 | 500 |
Total Current Assets | 3,504 | 4,584 |
Total Assets | 3,504 | 4,584 |
Current Liabilities | ' | ' |
Accrued expenses | 10,254 | 22,284 |
Deferred compensation | 185,500 | 185,500 |
Accrued interest | 136,791 | 102,347 |
Notes Payable | 35,500 | 35,500 |
Notes payable - related parties | 20,892 | ' |
Convertible line of credit, net of debt discount | 710,000 | 710,000 |
Line of credit - related party | 664,000 | 664,000 |
Total Current Liabilities | 1,762,937 | 1,719,631 |
Total Liabilities | 1,762,937 | 1,719,631 |
Stockholders' Deficit | ' | ' |
Common stock, par value $0.0001; 200,000,000 shares authorized, 148,625,000 shares issued and outstanding | 14,863 | 14,863 |
Additional paid in capital | 1,678,839 | 1,786,478 |
Deferred stock compensation | ' | -107,639 |
Deficit accumulated during the exploration stage | -3,453,135 | -3,408,749 |
Total Stockholders' Deficit | -1,759,433 | -1,715,047 |
Total Liabilities and Stockholders' Deficit | $3,504 | $4,584 |
BALANCE_SHEETS_PARENTHETICAL_U
BALANCE SHEETS (PARENTHETICAL) (UNAUDITED) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Balance Sheets [Abstract] | ' | ' |
Common stock, par or stated value per share | $0.00 | $0.00 |
Common stock, shares, authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 148,625,000 | 148,625,000 |
Common stock, shares, outstanding | 148,625,000 | 148,625,000 |
STATEMENTS_OF_OPERATIONS_UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 6 Months Ended | 74 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Statements of Operations [Abstract] | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' |
OPERATING EXPENSES | ' | ' | ' | ' | ' |
Impairment of mining interest | ' | ' | ' | ' | 760,885 |
Professional fees | 3,482 | 64,836 | 8,156 | 120,245 | 390,184 |
Transfer agent and filing fees | 204 | 5,498 | 504 | 6,870 | 47,537 |
Consulting | ' | 30,282 | ' | 71,996 | 253,822 |
Web development | ' | 1,396 | ' | 2,571 | 32,275 |
Stock compensation | ' | 8,698 | ' | 157,753 | 1,140,554 |
Exploration costs | ' | 68,148 | -81 | 174,331 | 215,035 |
General and administrative | -752 | 34,342 | 1,363 | 50,611 | 173,008 |
TOTAL OPERATING EXPENSES | 2,934 | 213,200 | 9,942 | 584,377 | 3,013,300 |
LOSS FROM OPERATIONS | -2,934 | -213,200 | -9,942 | -584,377 | -3,013,300 |
OTHER INCOME (EXPENSES) | ' | ' | ' | ' | ' |
Interest expense | -17,316 | -17,660 | -34,444 | -39,970 | -136,931 |
Derivative expense | ' | -75,420 | ' | -184,044 | ' |
Change in derivative | ' | -8,083 | ' | -22,291 | ' |
Amortization of debt discount | ' | -239,619 | ' | -400,518 | -302,904 |
TOTAL OTHER INCOME (EXPENSES) | -17,316 | -340,782 | -34,444 | -646,823 | -439,835 |
NET LOSS PRIOR TO INCOME TAXES | -20,250 | -553,982 | -44,386 | -1,231,200 | -3,453,135 |
PROVISION FOR INCOME TAXES | ' | ' | ' | ' | ' |
NET LOSS | ($20,250) | ($553,982) | ($44,386) | ($1,231,200) | ($3,453,135) |
NET LOSS PER SHARE: BASIC AND DILUTED | $0 | $0 | $0 | ($0.01) | ' |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 148,625,000 | 148,665,000 | 148,625,000 | 148,173,197 | ' |
STATEMENTS_OF_CASH_FLOWS_UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 6 Months Ended | 74 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss for the period | ($44,386) | ($1,231,200) | ($3,453,135) |
Stock-based compensation | ' | 157,753 | 1,140,554 |
Derivative expense | ' | 184,044 | ' |
Change in derivative | ' | 22,291 | ' |
Amortization of debt discount | ' | 400,518 | 302,904 |
Impairment of mining claims | ' | ' | 760,885 |
Changes in assets and liabilities: | ' | ' | ' |
Decrease in prepaid expenses | 3,819 | 14,013 | ' |
(Increase) decrease in deposit | ' | 49,500 | -500 |
Increase (decrease) in accrued expenses | -12,030 | -3,511 | 10,254 |
Increase in accrued interest | 34,444 | 39,970 | 136,791 |
Increase in deferred compensation | ' | 60,000 | 185,500 |
Net Cash Used in Operating Activities | -18,153 | -306,622 | -916,747 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Acquisitions of mineral properties | ' | -49,240 | -564,885 |
Net Cash Used in Investing Activities | ' | -49,240 | -564,885 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from notes payable | ' | ' | 49,744 |
Proceeds from notes payable - related parties | 20,892 | ' | 20,892 |
Proceeds from (payments on) lines of credit | ' | -400,000 | 664,000 |
Proceeds from line of credit - convertible | ' | 710,000 | 710,000 |
Proceeds from sale of stock | ' | ' | 50,000 |
Purchase of treasury stock | ' | -10,000 | -10,000 |
Net Cash Provided by Financing Activities | 20,892 | 300,000 | 1,484,636 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,739 | -55,862 | 3,004 |
Cash and cash equivalents, beginning balance | 265 | 69,323 | ' |
Cash and cash equivalents, ending balance | 3,004 | 13,461 | 3,004 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for interest | ' | ' | ' |
Cash paid for income taxes | ' | ' | ' |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION: | ' | ' | ' |
Forgiveness of debt from former shareholder converted to capital | ' | ' | 14,244 |
Stock options recorded as deferred stock compensation | ' | 107,639 | 215,777 |
Issuance of common stock to acquire mineral properties | ' | 196,000 | 196,000 |
Intrinsic value of beneficial conversion feature of convertible line of credit | ' | $400,518 | $302,904 |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Sep. 30, 2013 | |
Nature of Operations [Abstract] | ' |
NATURE OF OPERATIONS | ' |
NOTE 1 – NATURE OF OPERATIONS | |
Potash America, Inc. (“the Company” or “PTAM”), was incorporated in the state of Nevada on July 31, 2007. PTAM’s primary focus is the development of fertilizer and agri-business assets. Such assets may include Potash, Montmorillonite, Bentonite and Gypsum. The Company seeks to acquire known deposits whose economic value has recently changed with market pricing levels, and develop these assets into agri-products. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES | |
Exploration Stage Company | |
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues. | |
Basis of Presentation | |
The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, stockholders’ deficit or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2013. The interim results for the period ended September 30, 2013 are not necessarily indicative of the results for the full fiscal year. The interim unaudited financial statements are presented in USD. | |
Accounting Basis | |
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a March 31 fiscal year end. | |
Reclassifications | |
Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial statements. | |
Financial Instrument | |
The Company's financial instrument consists of cash, prepaid expenses, deposits, accounts payable and accrued expenses, deferred compensation, accrued interest, convertible line of credit, note payable, and a line of credit due to a related party. | |
It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its other financial instruments and that their fair values approximate their carrying values except where separately disclosed. | |
Income Taxes | |
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | |
Cash and Cash Equivalents | |
PTAM considers all highly liquid investments with maturities of three months or less to be cash equivalents. At September 30, 2013 and March 31, 2013, respectively, the Company had $3,004 and $265 of cash. | |
Revenue Recognition | |
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. | |
Advertising | |
The Company expenses advertising costs as incurred. As of September 30, 2013 and 2012, respectively, the Company expensed $0 and $2,571 in marketing and website development and maintenance of its site. | |
Mineral Properties Costs | |
Mineral exploration and development costs are accounted for using the successful efforts method of accounting. | |
Property acquisition costs - Mineral property acquisition costs are capitalized as mineral exploration properties. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated acquisition costs are reclassified to prove properties | |
Exploration costs - Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. | |
Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles of the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates. | |
Basic Income (Loss) Per Share | |
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. | |
Stock-Based Compensation | |
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. On April 21, 2011, the Company instituted a Stock Option Plan which allows for the issuance of 3,000,000 shares of common stock to the Company’s management, employees and consultants. As of September 30, 2013, there were 1,375,000 stock options outstanding. | |
Recent Accounting Pronouncements | |
PTAM does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
DEPOSITS
DEPOSITS | 6 Months Ended |
Sep. 30, 2013 | |
Deposits [Abstract] | ' |
DEPOSITS | ' |
NOTE 3 – DEPOSITS | |
The current deposits of $500 consist of a rent deposit near the mining site. |
ACCRUED_EXPENSES
ACCRUED EXPENSES | 6 Months Ended | ||
Sep. 30, 2013 | |||
Accrued Expenses [Abstract] | ' | ||
ACCRUED EXPENSES | ' | ||
NOTE 4 – ACCRUED EXPENSES | |||
Accrued expenses and liabilities consisted of the following as of September 30, 2013 and March 31, 2013: | |||
30-Sep-13 | 31-Mar-13 | ||
Accounting fees | $ 2,500 | $ 2,048 | |
Audit fees | - | 13,000 | |
Legal fees | 7,754 | 6,536 | |
Filing fees | - | 200 | |
Administrative expense | - | 500 | |
Total accrued expenses | $ 10,254 | $ 22,284 |
NOTES_PAYABLE
NOTES PAYABLE | 6 Months Ended |
Sep. 30, 2013 | |
Notes Payable [Abstract] | ' |
NOTES PAYABLE | ' |
NOTE 5 – NOTES PAYABLE | |
A former shareholder and director of the Company advanced funds at various times since inception in order to support operations. The loans are unsecured, non-interest bearing and due on demand. The amount due to the former shareholder and director was $35,500 as of September 30, 2013. |
NOTES_PAYABLE_RELATED_PARTY
NOTES PAYABLE - RELATED PARTY | 6 Months Ended |
Sep. 30, 2013 | |
Notes Payable [Abstract] | ' |
NOTES PAYABLE - RELATED PARTY | ' |
NOTE 6 – NOTES PAYABLE – RELATED PARTY | |
During the six months ended September 30, 2013, the current shareholder and director of the Company advanced funds at various times to support operations. The loans are unsecured, non-interest bearing and due on demand. The amount due to the shareholder and director was $20,892 as of September 30, 2013. |
LINE_OF_CREDIT_RELATED_PARTY
LINE OF CREDIT - RELATED PARTY | 6 Months Ended |
Sep. 30, 2013 | |
Line of Credit Related Party [Abstract] | ' |
LINE OF CREDIT - RELATED PARTY | ' |
NOTE 7 – LINE OF CREDIT – RELATED PARTY | |
The Company opened a line of credit during the year ended March 31, 2011 in the amount of $200,000. The line of credit is secured by the assets of the company, bears 5% interest and is due on demand. | |
On June 22, 2011, the Company’s credit line was increased from $200,000 to $1,000,000 under the same terms. The line of credit was drawn to $664,000 as of September 30, 2013. Interest expense related to the line of credit was $68,568 as of September 30, 2013 and has not been paid. During the year ended March 31, 2013, control of the Company was acquired by the person who also controls the company that has issued this line of credit. |
LINE_OF_CREDIT
LINE OF CREDIT | 6 Months Ended |
Sep. 30, 2013 | |
Line of Credit [Abstract] | ' |
LINE OF CREDIT | ' |
NOTE 8 – LINE OF CREDIT | |
On November 22, 2011, the Company entered into a second Credit Facility Agreement in which the lender agreed to provide the Company with a line of credit in the amount of up to $500,000. Pursuant to the terms of the Credit Facility Agreement, the Company shall pay any outstanding amounts to the lender on demand. The Company may also repay the loan and accrued interest at any time without penalty. | |
Amounts outstanding shall bear interest at the rate of 10% per annum. The line of credit was drawn to $400,000 as of March 31, 2012. | |
During the year ended March 31, 2013, the balance was repaid and the amount due at March 31, 2013 was $0. Accrued interest related to the line of credit was $21,246 as of September 30, 2013 and has not been paid. |
CONVERTIBLE_LINE_OF_CREDIT
CONVERTIBLE LINE OF CREDIT | 6 Months Ended |
Sep. 30, 2013 | |
Convertible Line Of Credit [Abstract] | ' |
CONVERTIBLE LINE OF CREDIT | ' |
NOTE 9 – CONVERTIBLE LINE OF CREDIT | |
On April 12, 2012, the Company entered into a $1,000,000 Letter of Credit Agreement dated March 27, 2012. Pursuant to the terms outlined in the Letter of Credit, at any time the Company may require any and all funds outstanding under the Letter of Credit, except for accrued interest which is to be paid in cash, to be converted into units of the Company at a price of $0.80 per unit (the “Unit”). Each Unit consists of one (1) share of common stock and one (1) warrant to purchase one (1) share of common stock at $1.50 for a period of five (5) years. The Company will pay annual interest of 5% until the loan is repaid or converted into Units. The Company will issue up to 1,250,000 Units when the exercise provision is enacted. The Company determined the intrinsic value of the beneficial conversion feature on each draw date by valuing the warrants using the Black-Scholes Option Pricing Model and then allocating the $0.80 conversion price of each unit between the stock and warrants. The warrants were valued using the following assumptions on each draw date: stock price at grant date - $0.23-$0.89, exercise price - $1.50, expected life – 5 years, volatility – 126%-130%, risk-free rate - .70%-.86%. The total intrinsic value of the beneficial conversion feature of the draws was determined to be $302,904 and was amortized in full as of March 31, 2013. The line of credit was drawn to $710,000 as of September 30, 2013. Accrued interest related to the line of credit was $46,977 as of September 30, 2013 and has not been paid. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 10 – RELATED PARTY TRANSACTIONS | |
On November 7, 2011, the Company entered into an employment agreement with Barry Wattenberg, our former president, chief executive officer, chief financial officer, secretary, treasurer and a member of our board of directors. The employment agreement became effective on December 1, 2011. | |
Barry Wattenberg resigned as a director, Chairman, President and Treasurer of the Registrant, effective March 22, 2013. | |
The total amounts of $185,500 as of September 30, 2013 and March 31, 2013, respectively, have been recorded as deferred compensation. |
CAPITAL_STOCK
CAPITAL STOCK | 6 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Capital Stock [Abstract] | ' | |||||||||||
CAPITAL STOCK | ' | |||||||||||
NOTE 11 – CAPITAL STOCK | ||||||||||||
Stock issued | ||||||||||||
The company has 200,000,000 common shares authorized at a par value of $0.0001 per share. | ||||||||||||
During the period ended March 31, 2008, the Company issued 80,000,000 common shares to founders for total proceeds of $8,000. Additionally, the Company issued 67,200,000 shares during the period ended March 31, 2008 for total proceeds of $42,000. | ||||||||||||
On July 9, 2010, a former shareholder and director of the Company agreed to forgive debt in the amount of $14,244. This amount has been recorded as contributed capital. | ||||||||||||
Effective September 8, 2010 the Company increased the authorized shares of common stock from 100,000,000 to 200,000,000 and enacted a forward stock split of 80 to 1. All share and per share data has been adjusted to reflect such stock split. | ||||||||||||
In May 2011 the Company issued 150,000 common shares in lieu of compensation along with stock options. | ||||||||||||
On November 10, 2011, the Company issued 25,000 shares of common stock as compensation for a finder’s fee related to the Sodaville, Nevada property. | ||||||||||||
On December 31, 2011, the Company issued an aggregate of 190,000 restricted shares to our directors, advisors and consultants for the Company. | ||||||||||||
On March 20, 2012, the Company issued an aggregate of 100,000 restricted shares in lieu of compensation along with stock options. | ||||||||||||
On April 11, 2012, the Company purchased 40,000 shares back from an investor for a total payment of $10,000. The shares were subsequently cancelled and retired on May 2, 2012. | ||||||||||||
On June 30, 2012, the Company issued 1,000,000 restricted shares of our common stock at a value of $196,000 in connection with the acquisition of mineral properties. (See note 3 for further details). | ||||||||||||
Stock-based compensation expense related to option grants for the period ended September 30, 2013 was $0. | ||||||||||||
There were 148,625,000 shares of common stock issued and outstanding as of September 30, 2013. | ||||||||||||
As of September 30, 2013, the Company has no warrants outstanding. There are 1,375,000 stock options outstanding. | ||||||||||||
Stock options | ||||||||||||
The Company uses the Black-Scholes Option Pricing Method to value all stock options granted. | ||||||||||||
In April 2011, the Company issued 600,000 stock options to directors of the Company per the Stock Option Plan with an exercise price of $0.60 per share for a 5 year term. | ||||||||||||
In May 2011, the Company entered into a consulting agreement which granted a total of 50,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $1.00 per share for a 5 year term. | ||||||||||||
In July 2011, the Company entered into a consulting agreement which granted a total of 75,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $1.00 per share for a 5 year term. | ||||||||||||
In August 2011, the Company entered into a consulting agreement which granted a total of 25,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $1.00 per share for a 5 year term. | ||||||||||||
In October 2011, the Company entered into a consulting agreement which granted a total of 35,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $0.94 per share for a 5 year term. | ||||||||||||
In November 2011, the Company entered into a consulting agreement which granted a total of 25,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $1.00 per share for a 5 year term. | ||||||||||||
In December 2011, the Company granted a total of 115,000 stock options to advisors and consultants. All these stock options are exercisable at $1.00 per share for a 3 year term. | ||||||||||||
In January 2012, the Company entered into a consulting agreement which granted a total of 35,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $0.92 per share for a 5 year term. | ||||||||||||
In February 2012, the Company entered into a consulting agreement which granted a total of 25,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $1.00 per share for a 5 year term. | ||||||||||||
In March 2012, the Company entered into two consulting agreements which granted a total of 200,000 stock options per the Company’s Stock Option Plan. All these stock options are exercisable at $1.00 per share for a 5 year term. | ||||||||||||
In April 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term. | ||||||||||||
In May 2012, the Company issued 25,000 stock options to consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term. | ||||||||||||
In June 2012, the Company issued 25,000 stock options to consultants of the Company per the Stock Option Plan with an exercise price of $1.00 per share for a 5 year term. | ||||||||||||
In July 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of 5% above market price ($0.29) per share for a 5 year term. | ||||||||||||
In October 2012, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of 5% above market price ($0.26) per share for a 5 year term. | ||||||||||||
In January 2013, the Company issued 35,000 stock options to advisors and consultants of the Company per the Stock Option Plan with an exercise price of 5% above market price ($0.05) per share for a 5 year term. | ||||||||||||
Stock-based compensation expense for the three and six months ended September 30, 2013 was $0. | ||||||||||||
The following table summarizes information about stock options as of September 30, 2013: | ||||||||||||
Number of Options | Weighted Average Exercise Price | |||||||||||
Outstanding, March 31, 2013 | 1,375,000 | $0.76 | ||||||||||
Options granted | - | - | ||||||||||
Options expired | - | - | ||||||||||
Options cancelled | - | - | ||||||||||
Outstanding, September 30, 2013 | 1,375,000 | $0.76 | ||||||||||
Exercisable, September 30, 2013 | 1,375,000 | $0.76 | ||||||||||
The following table summarizes information about stock options granted to consultants, advisors, investors and board members as of September 30, 2013: | ||||||||||||
Stock Options Outstanding | Stock Options Exercisable | |||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Number of Options | Weighted Average Exercise Price | |||||||
$ | .05 to 1.00 | 1,375,000 | $ | 0.76 | 3.04 | 1,375,000 | $ | 0.76 |
RESTATEMENT
RESTATEMENT | 6 Months Ended | |||
Sep. 30, 2013 | ||||
Restatement [Abstract] | ' | |||
RESTATEMENT | ' | |||
NOTE 12 – RESTATEMENT | ||||
The Company has recorded the intrinsic value of the convertible note payable in the 10K ending March 31, 2013. The Company is allocating the cost to the correct quarterly periods in the fiscal year ended March 31, 2013. The corrected balances and the previously stated balances for the six months ended September 30, 2012 are shown below. | ||||
The following are the previously stated and corrected balances for the six months ended September 30, 2012: | ||||
September 30, 2012 Financial Statement | Line Item | Corrected | Previously Stated | |
$ | $ | |||
Income Statement | Amortization of debt discount | (400,518) | -257,881 | |
Income Statement | Total Other Income (Expenses) | -646,823 | -504,186 | |
Income Statement | Net Loss | -1,231,200 | -1,088,563 | |
Cash Flows | Net Loss | -1,231,200 | -1,088,563 | |
Cash Flows | Amortization of debt discount | 400,518 | 257,881 |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | ||
Sep. 30, 2013 | |||
Income Taxes [Abstract] | ' | ||
INCOME TAXES | ' | ||
NOTE 13 – INCOME TAXES | |||
The provision for Federal income tax consists of the following for the six months ended September 30, 2013 and September 30, 2012: | |||
30-Sep-13 | 30-Sep-12 | ||
Federal income tax benefit attributable to: | |||
Current operations | $ 15,091 | $ 418,608 | |
Less: valuation allowance | -15,091 | -418,608 | |
Net provision for Federal income taxes | $ - | $ - | |
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of September 30, 2013 and March 31, 2013: | |||
30-Sep-13 | 31-Mar-13 | ||
Deferred tax asset attributable to: | |||
Net operating loss carryover | $ 1,174,066 | $ 1,158,975 | |
Less: valuation allowance | -1,174,066 | -1,158,975 | |
Net deferred tax asset | $ - | $ - | |
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $3,453,135 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. |
GOING_CONCERN
GOING CONCERN | 6 Months Ended |
Sep. 30, 2013 | |
Going Concern [Abstract] | ' |
GOING CONCERN | ' |
NOTE 14 – GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the company will continue as a going concern. The Company has negative working capital, no established source of revenue and significant losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty. Management continues to seek funding from its shareholders and other qualified investors to pursue its business plan. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 15 – SUBSEQUENT EVENTS | |
In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to September 30, 2013 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policy) | 6 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Exploration Stage Company | ' |
Exploration Stage Company | |
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, stockholders’ deficit or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim unaudited financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended March 31, 2013. The interim results for the period ended September 30, 2013 are not necessarily indicative of the results for the full fiscal year. The interim unaudited financial statements are presented in USD. | |
Accounting Basis | ' |
Accounting Basis | |
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a March 31 fiscal year end. | |
Reclassifications | ' |
Reclassifications | |
Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial statements. | |
Financial Instrument | ' |
Financial Instrument | |
The Company's financial instrument consists of cash, prepaid expenses, deposits, accounts payable and accrued expenses, deferred compensation, accrued interest, convertible line of credit, note payable, and a line of credit due to a related party. | |
It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its other financial instruments and that their fair values approximate their carrying values except where separately disclosed. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
PTAM considers all highly liquid investments with maturities of three months or less to be cash equivalents. At September 30, 2013 and March 31, 2013, respectively, the Company had $3,004 and $265 of cash. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. | |
Advertising | ' |
Advertising | |
The Company expenses advertising costs as incurred. As of September 30, 2013 and 2012, respectively, the Company expensed $0 and $2,571 in marketing and website development and maintenance of its site. | |
Mineral Properties Costs | ' |
Mineral Properties Costs | |
Mineral exploration and development costs are accounted for using the successful efforts method of accounting. | |
Property acquisition costs - Mineral property acquisition costs are capitalized as mineral exploration properties. Upon achievement of all conditions necessary for reserves to be classified as proved, the associated acquisition costs are reclassified to prove properties | |
Exploration costs - Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles of the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates. | |
Basic Income (Loss) Per Share | ' |
Basic Income (Loss) Per Share | |
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. On April 21, 2011, the Company instituted a Stock Option Plan which allows for the issuance of 3,000,000 shares of common stock to the Company’s management, employees and consultants. As of September 30, 2013, there were 1,375,000 stock options outstanding. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
PTAM does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 6 Months Ended | ||
Sep. 30, 2013 | |||
Accrued Expenses [Abstract] | ' | ||
Accrued expenses and liabilities | ' | ||
Accrued expenses and liabilities consisted of the following as of September 30, 2013 and March 31, 2013: | |||
30-Sep-13 | 31-Mar-13 | ||
Accounting fees | $ 2,500 | $ 2,048 | |
Audit fees | - | 13,000 | |
Legal fees | 7,754 | 6,536 | |
Filing fees | - | 200 | |
Administrative expense | - | 500 | |
Total accrued expenses | $ 10,254 | $ 22,284 |
CAPITAL_STOCK_Tables
CAPITAL STOCK (Tables) | 6 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Capital Stock [Abstract] | ' | |||||||||||
Information about options | ' | |||||||||||
The following table summarizes information about stock options as of September 30, 2013: | ||||||||||||
Number of Options | Weighted Average Exercise Price | |||||||||||
Outstanding, March 31, 2013 | 1,375,000 | $0.76 | ||||||||||
Options granted | - | - | ||||||||||
Options expired | - | - | ||||||||||
Options cancelled | - | - | ||||||||||
Outstanding, September 30, 2013 | 1,375,000 | $0.76 | ||||||||||
Exercisable, September 30, 2013 | 1,375,000 | $0.76 | ||||||||||
Information about stock warrants granted to employees, advisors, investors and board members | ' | |||||||||||
The following table summarizes information about stock options granted to consultants, advisors, investors and board members as of September 30, 2013: | ||||||||||||
Stock Options Outstanding | Stock Options Exercisable | |||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Number of Options | Weighted Average Exercise Price | |||||||
$ | .05 to 1.00 | 1,375,000 | $ | 0.76 | 3.04 | 1,375,000 | $ | 0.76 |
RESTATEMENT_Tables
RESTATEMENT (Tables) | 6 Months Ended | |||
Sep. 30, 2013 | ||||
Restatement [Abstract] | ' | |||
Restatement of previous and corrected balances | ' | |||
The following are the previously stated and corrected balances for the six months ended September 30, 2012: | ||||
September 30, 2012 Financial Statement | Line Item | Corrected | Previously Stated | |
$ | $ | |||
Income Statement | Amortization of debt discount | (400,518) | -257,881 | |
Income Statement | Total Other Income (Expenses) | -646,823 | -504,186 | |
Income Statement | Net Loss | -1,231,200 | -1,088,563 | |
Cash Flows | Net Loss | -1,231,200 | -1,088,563 | |
Cash Flows | Amortization of debt discount | 400,518 | 257,881 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 6 Months Ended | ||
Sep. 30, 2013 | |||
Income Taxes [Abstract] | ' | ||
Composition of provision for federal income tax | ' | ||
The provision for Federal income tax consists of the following for the six months ended September 30, 2013 and September 30, 2012: | |||
30-Sep-13 | 30-Sep-12 | ||
Federal income tax benefit attributable to: | |||
Current operations | $ 15,091 | $ 418,608 | |
Less: valuation allowance | -15,091 | -418,608 | |
Net provision for Federal income taxes | $ - | $ - | |
Composition of net deferred tax | ' | ||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of September 30, 2013 and March 31, 2013: | |||
30-Sep-13 | 31-Mar-13 | ||
Deferred tax asset attributable to: | |||
Net operating loss carryover | $ 1,174,066 | $ 1,158,975 | |
Less: valuation allowance | -1,174,066 | -1,158,975 | |
Net deferred tax asset | $ - | $ - |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Textual) (Details) (USD $) | 6 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Apr. 21, 2011 | |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Cash equivalents | $3,004 | ' | $265 | ' |
Marketing, Website development and maintenance of site | $0 | $2,571 | ' | ' |
Number of shares authorized under stock option plan | ' | ' | ' | 3,000,000 |
Stock options issued | 1,375,000 | ' | 1,375,000 | ' |
DEPOSITS_Textual_Details
DEPOSITS (Textual) (Details) (USD $) | Sep. 30, 2013 |
Deposits (Textual) [Abstract] | ' |
Rent deposit | $500 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Accrued expenses and liabilities | ' | ' |
Total Accrued Expenses | $10,254 | $22,284 |
Accounting fees [Member] | ' | ' |
Accrued expenses and liabilities | ' | ' |
Total Accrued Expenses | 2,500 | 2,048 |
Audit fees [Member] | ' | ' |
Accrued expenses and liabilities | ' | ' |
Total Accrued Expenses | ' | 13,000 |
Legal fees [Member] | ' | ' |
Accrued expenses and liabilities | ' | ' |
Total Accrued Expenses | 7,754 | 6,536 |
Filing fees [Member] | ' | ' |
Accrued expenses and liabilities | ' | ' |
Total Accrued Expenses | ' | 200 |
Administrative expenses [Member] | ' | ' |
Accrued expenses and liabilities | ' | ' |
Total Accrued Expenses | ' | $500 |
NOTES_PAYABLE_Textual_Details
NOTES PAYABLE (Textual) (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Note Payable Related Parties (Textual) [Abstract] | ' | ' |
Notes Payable | $35,500 | $35,500 |
Former shareholder and director [Member] | ' | ' |
Note Payable Related Parties (Textual) [Abstract] | ' | ' |
Notes Payable | $35,500 | ' |
NOTES_PAYABLE_RELATED_PARTY_Te
NOTES PAYABLE - RELATED PARTY (Textual) (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Note Payable Related Parties (Textual) [Abstract] | ' | ' |
Notes payable - related parties | $20,892 | ' |
Shareholder and director [Member] | ' | ' |
Note Payable Related Parties (Textual) [Abstract] | ' | ' |
Notes payable - related parties | $20,892 | ' |
LINE_OF_CREDIT_RELATED_PARTY_T
LINE OF CREDIT - RELATED PARTY (Textual) (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2011 | Sep. 30, 2013 | Jun. 22, 2011 |
Credit Facility Agreement [Member] | Credit Facility Agreement [Member] | Credit Facility Agreement [Member] | |||
Line of Credit Related party (Textual) [Abstract] | ' | ' | ' | ' | ' |
Borrowing capacity under credit agreement | ' | ' | $200,000 | ' | $1,000,000 |
Description of collaterals for credit facility | ' | ' | 'The line of credit is secured by the assets of the company | ' | ' |
Interest rate | ' | ' | 5.00% | ' | ' |
Interest rate, description | ' | ' | 'The line of credit is due on demand | ' | ' |
Amount drawns | ' | ' | ' | 664,000 | ' |
Accrued interest related to line of credit | $136,791 | $102,347 | ' | $68,568 | ' |
LINE_OF_CREDIT_Textual_Details
LINE OF CREDIT (Textual) (Details) (USD $) | 6 Months Ended | ||
Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | |
Line of Credit Related party (Textual) [Abstract] | ' | ' | ' |
Accrued interest related to line of credit | $136,791 | $102,347 | ' |
Second Credit Facility Agreement [Member] | ' | ' | ' |
Line of Credit Related party (Textual) [Abstract] | ' | ' | ' |
Date of entry into credit facility | 22-Nov-11 | ' | ' |
Borrowing capacity under credit agreement | 500,000 | ' | ' |
Interest rate | 10.00% | ' | ' |
Amount drawns | ' | 0 | 400,000 |
Accrued interest related to line of credit | $21,246 | ' | ' |
Description of credit facility | 'Pursuant to the terms of the Credit Facility Agreement, the Company shall pay any outstanding amounts to the lender on demand. The Company may also repay the loan and accrued interest at any time without penalty. | ' | ' |
CONVERTIBLE_LINE_OF_CREDIT_Tex
CONVERTIBLE LINE OF CREDIT (Textual) (Details) (USD $) | 6 Months Ended | 74 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | |
Convertible Line of Credit (Textual) [Abstract] | ' | ' | ' | ' |
Proceeds drawn from convertible line of credit | ' | $710,000 | $710,000 | ' |
Accrued interest related to line of credit | 136,791 | ' | 136,791 | 102,347 |
Letter of Credit Agreement [Member] | ' | ' | ' | ' |
Convertible Line of Credit (Textual) [Abstract] | ' | ' | ' | ' |
Date of entry into credit facility | 12-Apr-12 | ' | ' | ' |
Borrowing capacity under credit agreement | 1,000,000 | ' | 1,000,000 | ' |
Interest rate | 5.00% | ' | ' | ' |
Interest rate, description | 'The Company will pay annual interest of 5% until the loan is repaid or converted into Units. | ' | ' | ' |
Description of credit facility | 'Pursuant to the terms outlined in the Letter of Credit, at any time the Company may require any and all funds outstanding under the Letter of Credit, except for accrued interest which is to be paid in cash, to be converted into units of the Company at a price of $0.80 per unit (the "Unit"). Each Unit consists of one (1) share of common stock and one (1) warrant to purchase one (1) share of common stock at $1.50 for a period of five (5) years. The Company will pay annual interest of 5% until the loan is repaid or converted into Units. The Company will issue up to 1,250,000 Units when the exercise provision is enacted. | ' | ' | ' |
Conversion Price of Warrants | 0.8 | ' | ' | ' |
Warrant assumptions, Discription | 'The warrants were valued using the following assumptions on each draw date: stock price at grant date - $0.23-$0.89, exercise price - $1.50, expected life - 5 years, volatility - 126%-130%, risk-free rate - .70%-.86%. | ' | ' | ' |
Amount drawns | 710,000 | ' | 710,000 | 302,904 |
Accrued interest related to line of credit | $46,977 | ' | $46,977 | ' |
RELATED_PARTY_TRANSACTIONS_Tex
RELATED PARTY TRANSACTIONS (Textual) (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Related Party Transactions (Textual) [Abstract] | ' | ' |
Deferred compensation, with Barry Wattenberg | $185,500 | $185,500 |
CAPITAL_STOCK_Information_abou
CAPITAL STOCK (Information about stock options) (Details) (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Number of Options | ' |
Outstanding, March 31, 2013 | 1,375,000 |
Options granted | ' |
Options expired | ' |
Options cancelled | ' |
Outstanding, September 30, 2013 | 1,375,000 |
Exercisable, number of shares | 1,375,000 |
Weighted Average Exercise Price | ' |
Outstanding, March 31, 2013 | $0.76 |
Options granted | ' |
Options expired | ' |
Options cancelled | ' |
Outstanding, September 30, 2013 | $0.76 |
Exercisable, weighted average exercise price | $0.76 |
CAPITAL_STOCK_Information_abou1
CAPITAL STOCK (Information about stock warrants granted to employees, advisors, investors and board members) (Details) (Range of Exercise Prices ($ .05 to 1.00) [Member], USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Range of Exercise Prices ($ .05 to 1.00) [Member] | ' |
Information about stock warrants granted to employees, advisors, investors and board members | ' |
Range of Exercise Prices, Lower Range Limit | $0.05 |
Range of Exercise Prices, Upper Range Limit | $1 |
Number Outstanding | 1,375,000 |
Weighted Average Exercise Price | $0.76 |
Weighted Average Remaining Contractual Life (in years) | '3 years 0 months 14 days |
Number of Options | 1,375,000 |
Weighted Average Exercise Price | $0.76 |
CAPITAL_STOCK_Issuance_of_comm
CAPITAL STOCK (Issuance of common stock) (Textual) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 74 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jul. 31, 2010 | 31-May-11 | Sep. 30, 2010 | Sep. 30, 2013 | Mar. 31, 2008 | Mar. 31, 2008 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Director [Member] | Common Shares [Member] | Common Shares [Member] | Detail One [Member] | Detail One [Member] | Detail One [Member] | Detail One [Member] | Detail Two [Member] | Detail Three [Member] | Detail Three [Member] | Detail Three [Member] | |||||||
Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | |||||||||||
Founders [Member] | Director [Member] | ||||||||||||||||
Common Stock (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of issue of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Nov-11 | ' | ' | 11-Apr-12 | 31-Dec-11 | ' | 30-Jun-12 | 20-Mar-12 |
Common stock, shares, authorized | 200,000,000 | ' | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par or stated value per share | $0.00 | ' | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue of common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,200,000 | 80,000,000 | ' | ' | ' | 196,000 | ' |
Proceeds | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | $42,000 | $8,000 | ' | ' | ' | ' | ' |
Forgiveness of debt from former shareholder converted to capital | ' | ' | ' | ' | 14,244 | ' | 14,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of increase in authorized shares | ' | ' | ' | ' | ' | ' | ' | ' | 'Effective September 8, 2010 the Company increased the authorized shares of common stock from 100,000,000 to 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio for forward stock split | ' | ' | ' | ' | ' | ' | ' | ' | $80 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares in lieu of compensation | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 |
Issuance of common stock as non cash considerations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | 190,000 | ' | 1,000,000 | ' |
Stock-based compensation | ' | 8,698 | ' | 157,753 | 1,140,554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Common stock, shares, outstanding | 148,625,000 | ' | 148,625,000 | ' | 148,625,000 | 148,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares, issued | 148,625,000 | ' | 148,625,000 | ' | 148,625,000 | 148,625,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options outstanding | 1,375,000 | ' | 1,375,000 | ' | 1,375,000 | 1,375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares purchased back | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' |
Purchase of treasury stock for cash | ' | ' | ' | $10,000 | $10,000 | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' | ' | ' |
CAPITAL_STOCK_Stock_Options_Te
CAPITAL STOCK (Stock Options) (Textual) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 74 Months Ended | 1 Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2012 | 31-May-12 | Apr. 30, 2012 | Mar. 31, 2012 | Feb. 29, 2012 | Jan. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 | Oct. 31, 2011 | Aug. 31, 2011 | Jul. 31, 2011 | 31-May-11 | Apr. 30, 2011 | |
Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | ||||||
Agreement | |||||||||||||||||||||
Common Stock (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of party | ' | ' | ' | ' | ' | 'Advisors and consultants | 'Advisors and consultants | 'Advisors and consultants | 'Consultants | 'Consultants | 'Advisors and consultants | ' | ' | ' | 'Advisors and consultants | ' | ' | ' | ' | ' | 'Directors |
Stock options Issued or Granted | ' | ' | ' | ' | ' | 35,000 | 35,000 | 35,000 | 25,000 | 25,000 | 35,000 | 200,000 | 25,000 | 35,000 | 115,000 | 25,000 | 35,000 | 25,000 | 75,000 | 50,000 | 600,000 |
Exercise price, description | ' | ' | ' | ' | ' | 'Exercise price of 5% above market price ($0.05) per share. | 'Exercise price of 5% above market price ($0.26) per share. | 'Exercise price of 5% above market price ($0.29) per share. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option exercise price | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $1 | $1 | $1 | $1 | $0.92 | $1 | $1 | $0.94 | $1 | $1 | $1 | $0.60 |
Stock option contractual term | ' | ' | ' | ' | ' | '5 years | '5 years | '5 years | '5 years | '5 years | '5 years | '5 years | '5 years | '5 years | '3 years | '5 years | '5 years | '5 years | '5 years | '5 years | '5 years |
Number of consulting agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | $8,698 | ' | $157,753 | $1,140,554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RESTATEMENT_Details
RESTATEMENT (Details) (USD $) | 3 Months Ended | 6 Months Ended | 74 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Income Statement | ' | ' | ' | ' | ' |
Amortization of debt discount | ' | ($239,619) | ' | ($400,518) | ($302,904) |
Net loss | -20,250 | -553,982 | -44,386 | -1,231,200 | -3,453,135 |
Cash Flows | ' | ' | ' | ' | ' |
Net loss | -20,250 | -553,982 | -44,386 | -1,231,200 | -3,453,135 |
Amortization of debt discount | ' | 239,619 | ' | 400,518 | 302,904 |
Corrected [Member] | ' | ' | ' | ' | ' |
Income Statement | ' | ' | ' | ' | ' |
Amortization of debt discount | ' | ' | ' | -400,518 | ' |
Total Other Income (Expenses) | ' | ' | ' | -646,823 | ' |
Net loss | ' | ' | ' | -1,231,200 | ' |
Cash Flows | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | -1,231,200 | ' |
Amortization of debt discount | ' | ' | ' | 400,518 | ' |
Previously Stated [Member] | ' | ' | ' | ' | ' |
Income Statement | ' | ' | ' | ' | ' |
Amortization of debt discount | ' | ' | ' | -257,881 | ' |
Total Other Income (Expenses) | ' | ' | ' | -504,186 | ' |
Net loss | ' | ' | ' | -1,088,563 | ' |
Cash Flows | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | -1,088,563 | ' |
Amortization of debt discount | ' | ' | ' | $257,881 | ' |
INCOME_TAXES_Provision_for_fed
INCOME TAXES (Provision for federal income tax) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 74 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Federal income tax benefit attributable to: | ' | ' | ' | ' | ' |
Current operations | ' | ' | $15,091 | $418,608 | ' |
Less: valuation allowance | ' | ' | -15,091 | -418,608 | ' |
Net provision for Federal income taxes | ' | ' | ' | ' | ' |
INCOME_TAXES_Deferred_tax_asse
INCOME TAXES (Deferred tax asset) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Mar. 31, 2013 | |
Deferred tax asset attributable to: | ' | ' |
Net operating loss carryover | $1,174,066 | $1,158,975 |
Less: valuation allowance | -1,174,066 | -1,158,975 |
Net deferred tax asset | ' | ' |
Income Taxes (Textual) [Abstract] | ' | ' |
Expected rate for cumulative tax effect | 34.00% | 34.00% |
Description of limitations of net operating loss carry forwards | 'Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $3,453,135 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. | ' |