Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2016 | Nov. 12, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Rangeford Resources, Inc. | |
Entity Central Index Key | 1,438,035 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 15,860,832 | |
Trading Symbol | RGFR | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Current assets | ||
Cash | $ 72 | $ 110 |
Total current assets | 72 | 110 |
Total assets | 72 | 110 |
Current liabilities | ||
Accounts payable | 1,538,044 | 1,249,654 |
Accounts payable- related party | 17,100 | 17,100 |
Accrued interest payable- related party | 58,102 | 43,462 |
Related party advances and notes payable | 100 | 100 |
Total current liabilities | 1,613,346 | 1,310,316 |
Related party note payable | 799,917 | 656,338 |
Total liabilities | 2,413,263 | 1,966,654 |
Stockholders' deficit | ||
Series A convertible preferred stock, $.001 par value, stated value $5.00 per share, 3,000,000 shares authorized; 182,000 shares issued and outstanding | 182 | 182 |
Common stock to be issued | 430,000 | 320,000 |
Common stock, $.001 par value; 75,000,000 shares authorized; 20,545,534 and 20,105,293 shares issued and outstanding | 20,545 | 20,105 |
Additional paid in capital | 6,260,224 | 5,855,564 |
Retained deficit | (9,124,142) | (8,162,395) |
Total stockholders' deficit | (2,413,191) | (1,966,544) |
Total liabilities and stockholders' deficit | $ 72 | $ 110 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2016 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Series A convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Series A convertible preferred stock, stated value | $ 5 | $ 5 |
Series A convertible preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Series A convertible preferred stock, shares issued | 182,000 | 182,000 |
Series A convertible preferred stock, shares outstanding | 182,000 | 182,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 20,545,534 | 20,105,293 |
Common stock, shares outstanding | 20,545,534 | 20,105,293 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating expenses | ||||
Investor relations | $ 5,132 | $ 766 | $ 11,757 | $ 8,805 |
Professional fees | 43,099 | 163,790 | 124,594 | 270,340 |
Professional fees-related party | 90,000 | 240,000 | 180,000 | |
General and administrative | 489,973 | 14,163 | 570,756 | 33,512 |
Total operating expenses | 538,204 | 268,719 | 947,107 | 492,657 |
Loss from operations | (538,204) | (268,719) | (947,107) | (492,657) |
Other expense | ||||
Interest expense-related party | 8,611 | 5,064 | 14,640 | 9,732 |
Total other expense | 8,611 | 5,064 | 14,640 | 9,732 |
Net loss | (546,815) | (273,783) | (961,747) | (502,389) |
Preferred stock dividends | (18,200) | (18,200) | (36,400) | (36,400) |
Net loss attributable to common shareholders | $ (565,015) | $ (291,983) | $ (998,147) | $ (538,789) |
Basic and diluted loss per common share | $ (0.03) | $ (0.01) | $ (0.05) | $ (0.03) |
Weighted average shares outstanding | 20,272,100 | 20,105,293 | 20,395,628 | 20,105,293 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (961,747) | $ (502,389) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock payable for services | 400,100 | 120,000 |
Changes in operating assets and liabilities | ||
Prepaid expenses | 372,966 | |
Accounts payable | 288,390 | (197) |
Accounts payable- related party | ||
Accrued interest payable | 14,640 | 9,732 |
Net cash provided by (used in) operating activities | (258,617) | 112 |
Cash flows from financing activities | ||
Proceeds from related advances and notes payable | 258,579 | |
Net cash provided by financing activities | 258,579 | |
Net (decrease) increase in cash | (38) | 112 |
Cash at beginning of period | 110 | 39 |
Cash at end of period | 72 | 151 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Issuance of 115,000 shares of common stock in exchange for related party notes payable | 115,000 | |
Supplemental Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
Statements of Cash Flows (Una_2
Statements of Cash Flows (Unaudited) (Parenthetical) | 6 Months Ended |
Sep. 30, 2016shares | |
Statement of Cash Flows [Abstract] | |
Issuance of common stock in exchange for related party notes payable | 115,000 |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | NOTE 1 – INTERIM FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the US (US GAAP) for interim financial information, with the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. The accompanying financial statements at September 30, 2016 and March 31, 2016 and for the three months and six months ended September 30, 2016 and 2015 contain all normally recurring adjustments considered necessary for a fair presentation of our financial position, results of operations, cash flows and shareholders’ equity for such periods. Operating results for the three months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending March 31, 2017. The unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report for the year ended March 31, 2016. |
Going Concern
Going Concern | 6 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 – GOING CONCERN The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs, which raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash and cash equivalents include short-term, highly liquid investments with maturities of less than three months when acquired. Income taxes The Company accounts for income taxes under ASC 740 “Income Taxes” “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No.109.” Fair Value of Financial Instruments The Company’s financial instruments as defined by FASB ASC 825-10-50 include cash, trade accounts receivable, and accounts payable and accrued expenses. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at September 30, 2016 and March 31, 2016. FASB ASC 820 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions. The Company does not have any assets or liabilities measured at fair value on a recurring or nonrecurring basis at September 30, 2016 or March 31, 2016. Impairment of Long-Lived Assets The Company reviews its long-lived assets and certain identifiable intangibles for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amounts of the assets to future net cash flows expected to be generated by the assets. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets based on estimated future cash flows. Earnings Per Share Information FASB ASC 260, “ Earnings Per Share” Share Based Expenses The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50 “Equity - Based Payments to Non-Employees” “Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring or in Conjunction with Selling, Goods or Services”. a b Reclassifications and revision of prior period amounts Certain amounts in the September 30, 2015 financial statements have been reclassified to conform to the September 30, 2016 presentation. The Company has revised prior period statement of operations to include deemed preferred stock dividends of $18,200. Recent accounting pronouncements In August 2014, the FASB issued a new Accounting Standards Update, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 provides guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern within one year of the date the financial statements are issued, and, if such conditions exist, to provide related footnote disclosures. The guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to adopt this guidance when effective and is currently evaluating the effect that the updated standard will have on its financial statements and related disclosures. In September 2015, the FASB issued Accounting Standards Update No. 2015-16: Business Combinations In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses eight specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, provided that all of the amendments are adopted in the same period. This ASU must be adopted using a retrospective transition method. The Company plans to adopt this guidance effective March 31, 2018. The Company has not identified any changes to this guidance that upon adoption will have a material effect on its cash flows. |
Agreement to Purchase Oil and G
Agreement to Purchase Oil and Gas Properties | 6 Months Ended |
Sep. 30, 2016 | |
Extractive Industries [Abstract] | |
Agreement to Purchase Oil and Gas Properties | NOTE 4 – AGREEMENT TO PURCHASE OIL AND GAS PROPERTIES Great Northern Energy, Inc. On November 15, 2012, the Company entered into a Purchase and Sale Agreement (the “Agreement”) with Great Northern Energy, Inc. (“GNE”) to acquire a substantial non-operating working interest in oil assets in East Texas. As of March 31, 2014, the Company had issued 7,400,000 shares of common stock to GNE towards the purchase of the oil and gas properties. Due to the lack of any tangible results as contemplated in the Agreement, and to GNE’s failure to uphold certain of its obligations under the Agreement, we determined it would be in our best interest to terminate the Agreement. GNE has returned the stock certificate for 7,400,000 shares, however, GNE did not submit an executed stock power which is required to cancel the GNE shares. As such, these shares are considered issued and outstanding at September 30, 2016. Black Gold Kansas Production, LLC On June 1, 2015, the Company executed a Purchase and Sale Agreement (the “George PSA”) with Black Gold Kansas Production, LLC, a Texas limited liability company (“BGKP”). Pursuant to the George PSA, the Company was to receive a 30% working interest and a 26.25 % net revenue interest in and to the George Prospect and the 4 drilled and completed wells located in Kansas. In addition, the Company was to acquire a 75% interest in and to approximately 3,000 acres of land within Bourbon and Allen Counties that contained approximately 42 proved undeveloped (PUD) locations for drilling. Pursuant to the George PSA, the parties also entered into a Joint Exploration Agreement. On July 23, 2015, the parties also entered into an amendment and extension to the George PSA until October 1, 2015. The Company was entitled to conduct due diligence of the properties prior to closing. Subsequently, after assessing the Purchase and Sale Agreements, we elected to not to close on the transactions due to litigation between Black Gold Kansas Production, LLC and another working interest owner concerning the use of funds and operating control. |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholder's Equity | NOTE 5 –STOCKHOLDERS’ EQUITY Series A Convertible Preferred Stock The Company is authorized to issue 3,000,000 Shares of our Series “A” Convertible Preferred Stock, $0.001 par value per share (the “Preferred Stock”). The Stated Value of the Preferred Stock is $5.00 per Share (the “Stated Value”). Each Share of Preferred Stock bears an eight percent (8%) cumulative dividend (the “Dividend”), due and payable quarterly as of July 31, October 31, January 31 and April 30. The Company records cumulative dividends whether or not declared. Each share may be converted by the holder thereof, at any time, into one share of the Company’s common stock, par value $0.001 per share (the “Common Stock”) and one warrant exercisable at $6.50 per share into one share of the Company’s common stock (the “Warrant”). The Company may force conversion to common stock and one warrant if the Company’s common stock trades over $7.00 for forty-five consecutive trading days. During the quarter ended September 30, 2016 and 2015, the Company had deemed dividends of $ 18,200. No dividends were declared or paid. As of September 30, 2016 accumulated dividends in arrears are $157,866. Common stock The authorized common stock of the Company consists of 75,000,000 shares with par value of $0.001. The Company accounts for common stock earned but not issued as common stock payable in Shareholders’ Equity. As of September 30, 2016 and March 31, 2016 certain individuals and consultants were due $430,000 and $320,000 for services rendered. At the date these balances are paid the resulting effect on Common Stock and Paid in Capital would be an increase in outstanding common stock of 346,148 common shares as of September 30, 2016 and 234,818 common shares as of March 31, 2016. These shares were not included in the computation of earnings per share as the effect is immaterial at both reporting periods. During the six months ended September 30, 2016, consulting services totaling approximately $400,000 were accrued to common stock payable and are included in professional fees and professional fees-related party in the consolidated statement of operations. During the six months ended September 30, 2016, the Company issued 325,241 common shares valued at $290,100. ● Included in consulting services above, the Company accrued to common stock payable $50,000 related to Fidare for consulting services (see Note 7); ● Included in consulting services above, the Company accrued to common stock payable $20,000 related to Richardson for services (see Note 7); ● Included in consulting services above, the Company accrued to common stock payable $20,000 related to Thomas Lindholm for services; ● Included in consulting services above, the Company accrued to common stock payable $10,000 related to Marc Duncan for services; ● Included in consulting services above, the Company accrued to common stock payable $10,000 related to Milton Bernos for services. Net loss per common share Net loss per share is computed using the basic and diluted weighted average number of common shares outstanding during the period. The weighted-average number of common shares outstanding during each period is used to compute basic loss per share. Potential dilutive securities (stock options and warrants) have not been considered when their effect would be anti dilutive. The potentially dilutive shares, including both stock options and warrants would have been 308,000 as of September 30, 2016. Options On April 28, 2014, the Company granted 308,000 options to purchase the Company’s common stock with a three year term and an exercise price of $1 for 108,000 options and $3 for 200,000 options, pursuant to the terms of the board of director’s agreement.The options were immediately vested and had a fair value of $1,179,395 as the grant date. The options were outstanding for the period ended September 30, 2016. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. Expected volatilities were based on volatilities from similar companies given our limited trading history. The expected term of options granted is estimated at the contractual term as noted in the individual option agreements and represents the period of time that options granted are expected to be outstanding. The risk-free rate for the periods within the contractual life of the option is based on the U.S. Treasury bill rate in effect at the time of grant for treasury bills with maturity dates at the estimated term of the options. A summary of option activity as of September 30, 2016 and March 31, 2016 are presented below: Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding March 31, 2015 308,000 $ 2.299 2.3 $ - Granted, exercised, expired - $ - - - Outstanding and exercisable March 31, 2016 308,000 $ 2.299 1.08 $ - Granted, exercised, expired - $ - - - Outstanding and exercisable September 30, 2016 308,000 $ 2.299 0.08 $ - No option expense was recognized during the six months ended September 30, 2016 and 2015. Warrants The fair value of each warrant granted was estimated on the date of grant using the Black-Scholes option valuation. Expected volatilities are based on volatilities from the historical trading ranges of the Company’s stock. The expected term of warrants granted is estimated at the contractual term and represents the period of time that warrants are expected to be outstanding. The risk-free rate for the periods within the contractual life of the option is based on the U.S. Treasury bill rate in effect at the time of grant for bonds with maturity dates at the estimated term of the options. No warrants were issued during the six months ended September 30, 2016. There were no warrants outstanding as of September 30, 2016, as 120,000 warrants expired in accordance with their terms. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 - Income Taxes We did not provide any current or deferred U.S. Federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Under ACS 740 “Income Taxes,” The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the six months ended September 30, 2016 and the year ended March 31, 2016, applicable under ACS 740. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 7 –RELATED PARTY TRANSACTIONS Advances and Note Payable On November 28, 2012, the CE McMillan Family Trust (the “CE Trust”) advanced the Company $100 to facilitate the opening of a new bank account in Irving, Texas. The trustee of the C.E. McMillan Family Trust is also the managing member of Cicerone Corporate Development, LLC (“Cicerone”). The advance had not been repaid as of September 30, 2016. On September 4, 2013, we received a $750,000 Revolving Credit Note (the “Revolving Note”) from Cicerone for operating expenses. The Revolving Note matured on February 1, 2015 and was extended to February 1, 2017 on the same terms and conditions and was reclassified to non-current liabilities. The note bears interest at the rate of LIBOR plus 2.75% per annum. On March 1, 2016 the revolving note was increased to $1,250,000. On July 6, 2016, the note was modified to include conversion of any amount of the debt to common stock at a conversion price of $1, which was the market value per share and an extension to June 30, 2018. At this time the amendment was considered debt extinguishment with only a nominal gain on extinguishment. On July 22, 2016 Cicerone converted $115,000 in advances to common stock. As of September 30, 2016 the balance due was $799,917 and related accrued interest of $58,102. Interest expense related to this debt was $14,640 and $9,732 during the six months ended September 30, 2016 and 2015, respectively. Professional Services On September 26, 2013, the Company entered into a new Consulting Agreement (the “Fidare Consulting Agreement”) with Fidare to provide consulting services relating to corporate governance, accounting procedures and control and strategic planning. The managing member of Fidare is the C.E. McMillan Family Trust. Harry McMillan is trustee of the C.E. McMillan Family Trust. On July 1, 2014, the Fidare Consulting Agreement was amended so Fidare would receive only monthly compensation shares of common stock valued at $20,000 based on the price at the close on the last trading day of each month. Effective April 1, 2015, Fidare agreed to waive all monthly compensation under the Fidare Agreement until further notice. For the three month period ended September 30, 2015, the Company did not recognize any expenses under the Fidare Agreement due to the waiver discussed above. Effective May 1, 2016, Fidare receives monthly compensation of shares of common stock valued at $10,000 based on the price at the close on the last trading day of each month. As of September 30, 2016, $50,000 was due in shares of common stock which is included in Common Shares Payable. For the six months ended September 30, 2016 and 2015, the Company recorded $50,000 and $0, respectively, in consulting fees related to this agreement. As of September 30, 2016, the Company is obligated to issue Fidare 103,875 shares of the Company’s common stock. Chief executive officer compensation agreement The Company had a consulting agreement with Mr. Colin Richardson to serve as our chief executive officer. Mr. Richardson, payable by $10,000 in cash and common stock valued at $20,000 based on its price at the close on the last trading day of each month. As of September 30, 2016, Mr. Richardson was entitled to 222,949 shares of common stock valued at approximately $300,000 and was due cash compensation of approximately $400,000. Director’s fees In exchange for his services as a member of the Board of Directors, Mr. Mike Farmer is entitled to receive $2,000 per month payable in cash. In addition, during the three month period ended September 30, 2014, Mr. Farmer was awarded options to purchase 108,000 of common stock at $1.00 per share and options to purchase 200,000 shares of our common stock at $3.00 per share. The options were fully vested at the date of issuance of the award. As of September 30, 2016, Mr. Farmer was due the cash portion of his compensation totaling $66,000. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8 – SUBSEQUENT EVENTS In December 2016, the Company issued a $20,000 8% Senior note with 40,000 warrants exercisable at $.50 per share. The note matures on December 9, 2017, and accrued interest was $491 for the year ended March 31, 2017. The fair value of the warrants was $9,514, and was reported as a debt discount with amortization of $2,303 for the year ended March 31, 2017. The note payable balance net of the discount as of March 31, 2017 was $12,789.The note was converted to common stock in January 2018. During the year ended March 31, 2017, the Company agreed to issue 265,000 shares of common stock valued at $345,000, based on the price at close on the last trading day of each month which services were rendered for compensation and services. During the year ended March 31, 2017, consulting services totaling approximately $255,000 were accrued to common stock payable. During the year ended March 31, 2017, the Company accrued common stock payable of $102,000 in exchange for accrued compensation of $102,000. As of March 31, 2017, the Company has $787,000 in common stock payable, which is payable in 1,017,151 shares of common stock. Effective July 1, 2017, the Company entered into a new Consulting Agreement with Fidare to provide consulting services relating to corporate governance, accounting procedures and control and strategic planning. The managing member of Fidare is the C.E. McMillan Family Trust. Harry McMillan is trustee of the C.E. McMillan Family Trust. Fidare receives monthly compensation of shares of common stock valued at $10,000 based on the price at the close on the last trading day of each month. On October 20, 2017, the Company received $30,000 for the purchase of 200,000 restricted common shares at $.15 per share and 100,000 warrants at $.50 per share exercise price with a three-year term. On February 6, 2018, management signed a repayment agreement with a creditor related to its court approved judgment and bank account lien in the amount of $16,026. As of June 30, 2018, the Company has paid $15,434. During March 2018, the Company received $50,000 from subscription agreements for the purchase of 333,335 restricted common shares and 250,000 warrants with a $.50/per share exercise price and three year maturity. During March 2017, the Company entered into a settlement agreement with a prior officer. As of September 30, 2016, the Company had recorded accounts payable of approximately $400,000 and stock payable of $380,000. In March 2017, the Company issued a promissory note for $205,000 and 422,719 common shares to be issued. For the year ended March 31, 2018, the Company issued 1,215,641 shares for compensation expenses, and 832,988 shares for consulting expenses. On August 10, 2018 the Company was notified the government convicted Mr. Loftis, former executive of Great Northern Energy, to a forfeiture order of $1,662,749. Chief Judge Christensen further ordered Loftis to pay $7,931,667 in restitution to the victims of his crimes. Rangeford Resources had filed a Victim Impact Statement “United States v. Joseph Brent Loftis CR-15-11-BU-DLC for restitution for its $700,000 cash investment and 7,400,000 shares of Rangeford Resources, Inc. Common stock was issued at a market price of $5.00/shares (contract date November 15, 2012) valued at $37,000,000. On August 14, 2018, Rangeford Resources’ board of directors unanimously approved to retire 7,400,000 shares of common stock (stock certificate #1044 dated January 30 ,2013) issued to Great Northern Energy, Inc. Great Northern Energy surrendered the stock certificate to the transfer agent on September 1, 2013 and wrote letters to the SEC and FINRA confirming the release of the stock certificate. However, management elected not retire the stock certificate at the request of federal law enforcement official pending the conviction and sentencing of Great North Energy’s Joseph Brent Loftis. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Estimates | Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash | Cash Cash and cash equivalents include short-term, highly liquid investments with maturities of less than three months when acquired. |
Income Taxes | Income taxes The Company accounts for income taxes under ASC 740 “Income Taxes” “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No.109.” |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments as defined by FASB ASC 825-10-50 include cash, trade accounts receivable, and accounts payable and accrued expenses. All instruments are accounted for on a historical cost basis, which, due to the short maturity of these financial instruments, approximates fair value at September 30, 2016 and March 31, 2016. FASB ASC 820 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions. The Company does not have any assets or liabilities measured at fair value on a recurring or nonrecurring basis at September 30, 2016 or March 31, 2016. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets and certain identifiable intangibles for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amounts of the assets to future net cash flows expected to be generated by the assets. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets based on estimated future cash flows. |
Earnings Per Share Information | Earnings Per Share Information FASB ASC 260, “ Earnings Per Share” |
Share Based Expenses | Share Based Expenses The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50 “Equity - Based Payments to Non-Employees” “Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring or in Conjunction with Selling, Goods or Services”. a b |
Reclassifications and Revision of Prior Period Amounts | Reclassifications and revision of prior period amounts Certain amounts in the September 30, 2015 financial statements have been reclassified to conform to the September 30, 2016 presentation. The Company has revised prior period statement of operations to include deemed preferred stock dividends of $18,200. |
Recent Accounting Pronouncements | Recent accounting pronouncements In August 2014, the FASB issued a new Accounting Standards Update, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 provides guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern within one year of the date the financial statements are issued, and, if such conditions exist, to provide related footnote disclosures. The guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to adopt this guidance when effective and is currently evaluating the effect that the updated standard will have on its financial statements and related disclosures. In September 2015, the FASB issued Accounting Standards Update No. 2015-16: Business Combinations In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses eight specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted, provided that all of the amendments are adopted in the same period. This ASU must be adopted using a retrospective transition method. The Company plans to adopt this guidance effective March 31, 2018. The Company has not identified any changes to this guidance that upon adoption will have a material effect on its cash flows. |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Schedule of Stock Options Activity | A summary of option activity as of September 30, 2016 and March 31, 2016 are presented below: Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding March 31, 2015 308,000 $ 2.299 2.3 $ - Granted, exercised, expired - $ - - - Outstanding and exercisable March 31, 2016 308,000 $ 2.299 1.08 $ - Granted, exercised, expired - $ - - - Outstanding and exercisable September 30, 2016 308,000 $ 2.299 0.08 $ - |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounting Policies [Abstract] | ||||
Preferred stock deemed dividends | $ 18,200 | $ 18,200 | $ 18,200 | $ 18,200 |
Agreement to Purchase Oil and_2
Agreement to Purchase Oil and Gas Properties (Details Narrative) | Jun. 01, 2015a | Mar. 31, 2014shares | Sep. 30, 2016shares |
Working interest | 30.00% | ||
Revenue interest | 26.25% | ||
Business acquisition, percentage of voting interests acquired | 75.00% | ||
Area of Land | a | 3,000 | ||
Great Northern Energy, Inc. [Member] | Purchase and Sale Agreement [Member] | |||
Stock Issued During Period, Shares, Acquisitions | 7,400,000 | ||
Number of stock returned | 7,400,000 |
Stockholder's Equity (Details N
Stockholder's Equity (Details Narrative) - USD ($) | Apr. 28, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 | 3,000,000 | |||
Preferred stock par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Preferred stock stated value | 5 | 5 | 5 | |||
Common stock par value | 0.001 | 0.001 | $ 0.001 | |||
Warrant exercise price per share | $ 6.50 | $ 6.50 | ||||
Stock conversion description | The Company may force conversion to common stock and one warrant if the Company's common stock trades over $7.00 for forty-five consecutive trading days. | |||||
Preferred stock deemed dividends | $ 18,200 | $ 18,200 | $ 18,200 | $ 18,200 | ||
Dividends declared and paid | 0 | $ 0 | ||||
Dividends payable | $ 157,866 | $ 157,866 | ||||
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | |||
Number of options granted to purchase shares of common stock | 308,000 | |||||
Stock options term | 3 years | |||||
Exercise price of options | ||||||
Fair value of stock options vested | $ 1,179,395 | |||||
Number of Warrants, outstanding | 0 | 0 | ||||
Number of Warrants, Expired | 120,000 | |||||
Exercise One [Member] | ||||||
Number of options granted to purchase shares of common stock | 108,000 | |||||
Exercise price of options | $ 1 | |||||
Exercise Two [Member] | ||||||
Number of options granted to purchase shares of common stock | 200,000 | |||||
Exercise price of options | $ 3 | |||||
Common Stock Payable [Member] | ||||||
Value of common stock shares issues for services | $ 400,000 | |||||
Number of common stock shares issued, shares | 325,241 | |||||
Number of common stock shares issued, value | $ 290,100 | |||||
Common Stock Payable [Member] | Warrant and Stock Options [Member] | ||||||
Antidilutive securities excluded from computation of earnings per share | 308,000 | |||||
Common Stock Payable [Member] | Fidare Consulting Services [Member] | ||||||
Value of common stock shares issues for services | $ 50,000 | |||||
Common Stock Payable [Member] | Richardson Services [Member] | ||||||
Value of common stock shares issues for services | 20,000 | |||||
Common Stock Payable [Member] | Thomas Lindholm Services [Member] | ||||||
Value of common stock shares issues for services | 20,000 | |||||
Common Stock Payable [Member] | Marc Duncan Services [Member] | ||||||
Value of common stock shares issues for services | 10,000 | |||||
Common Stock Payable [Member] | Milton Bernos Services [Member] | ||||||
Value of common stock shares issues for services | 10,000 | |||||
Individuals and Consultants [Member] | ||||||
Value of common stock shares issues for services | $ 430,000 | $ 320,000 | ||||
Increase in outstanding common stock | 346,148 | 346,148 | 234,818 | |||
Series A Convertible Preferred Stock [Member] | ||||||
Preferred stock, shares authorized | 3,000,000 | 3,000,000 | ||||
Preferred stock par value | $ 0.001 | $ 0.001 | ||||
Preferred stock stated value | $ 5 | $ 5 | ||||
Preferred stock, dividend rate, percentage | 8.00% |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Stock Options Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Mar. 31, 2016 | |
Equity [Abstract] | ||
Number of Options, Outstanding and exercisable, Beginning | 308,000 | 308,000 |
Number of Options, Granted, exercised, expired | ||
Number of Options, Outstanding and exercisable, Ending | 308,000 | 308,000 |
Weighted Average Exercise Price Outstanding and exercisable, Beginning | $ 2.299 | $ 2.299 |
Weighted Average Exercise Price, Granted, exercised, expired | ||
Weighted Average Exercise Price Outstanding and exercisable, Ending | $ 2.299 | $ 2.299 |
Weighted Average Remaining Contractual Term (in years), Outstanding and exercisable, Beginning | 1 year 29 days | 2 years 3 months 19 days |
Weighted Average Remaining Contractual Term (in years), Granted, exercised, expired | 0 years | 0 years |
Weighted Average Remaining Contractual Term (in years), Outstanding and exercisable, Ending | 29 days | 1 year 29 days |
Aggregate Intrinsic Value, Outstanding and exercisable, Beginning | ||
Aggregate Intrinsic Value, Granted, exercised, expired | ||
Aggregate Intrinsic Value, Outstanding and exercisable, Ending |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | May 01, 2016 | Mar. 01, 2016 | Jul. 01, 2014 | Apr. 28, 2014 | Sep. 04, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Nov. 28, 2012 |
Related party advances and notes payable | $ 100 | $ 100 | $ 100 | $ 100 | |||||||
Debt balance due amount | 799,917 | 799,917 | |||||||||
Accrued interest | 58,102 | 58,102 | |||||||||
Interest expense | 14,640 | $ 9,732 | |||||||||
Professional fees | $ 43,099 | $ 163,790 | $ 124,594 | 270,340 | |||||||
Options exercise price per share | |||||||||||
Exercise Two [Member] | |||||||||||
Options exercise price per share | $ 3 | ||||||||||
Exercise One [Member] | |||||||||||
Options exercise price per share | $ 1 | ||||||||||
Mr. Mike Farmer [Member] | |||||||||||
Cash compensation | $ 66,000 | ||||||||||
Officers compensation | $ 2,000 | ||||||||||
Mr. Mike Farmer [Member] | Exercise Two [Member] | |||||||||||
Number of options to purchase shares of common stock | 108,000 | ||||||||||
Options exercise price per share | $ 1 | ||||||||||
Mr. Mike Farmer [Member] | Exercise One [Member] | |||||||||||
Number of options to purchase shares of common stock | 200,000 | ||||||||||
Options exercise price per share | $ 3 | ||||||||||
Officer Agreement [Member] | Mr Richardson [Member] | |||||||||||
Stock compensation, value | $ 10,000 | ||||||||||
Share based common stock value | 20,000 | ||||||||||
Officer Agreement [Member] | Common Stock [Member] | Mr Richardson [Member] | |||||||||||
Stock compensation, value | $ 300,000 | ||||||||||
Share based compensation, shares issued | 222,949 | ||||||||||
Cash compensation | $ 400,000 | ||||||||||
Cicerone Corporate Development, LLC [Member] | |||||||||||
Revolving line of credit | $ 750,000 | ||||||||||
Revolving line of credit, maturity | The Revolving Note matured on February 1, 2015 and was extended to February 1, 2017 | ||||||||||
Fidare Consulting Group, LLC [Member] | |||||||||||
Number of common stock shares issued | 103,875 | 103,875 | |||||||||
Fidare Consulting Group, LLC [Member] | Consulting Agreement [Member] | |||||||||||
Stock compensation, value | $ 10,000 | $ 20,000 | |||||||||
Fidare Consulting Group, LLC [Member] | Consulting Agreement [Member] | Common Stock Payable [Member] | |||||||||||
Stock compensation, value | $ 50,000 | ||||||||||
Fidare Consulting Group, LLC [Member] | Consulting Agreement [Member] | Common Stock [Member] | |||||||||||
Professional fees | $ 50,000 | $ 0 | |||||||||
July 6, 2016 [Member] | |||||||||||
Converrsion price | $ 1 | ||||||||||
July 22, 2016 [Member] | |||||||||||
Debt conversion into stock | $ 115,000 | ||||||||||
LIBOR [Member] | Cicerone Corporate Development, LLC [Member] | |||||||||||
Interest rate | 2.75% | ||||||||||
Revolving Note [Member] | |||||||||||
Revolving line of credit | $ 1,250,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Aug. 14, 2018 | Aug. 10, 2018 | Jun. 30, 2018 | Feb. 06, 2018 | Oct. 20, 2017 | Jul. 01, 2017 | May 01, 2016 | Jul. 01, 2014 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2016 |
Warrant exercise price | $ 6.50 | |||||||||||||
Accrued interest | $ 58,102 | |||||||||||||
Accounts payable | 400,000 | |||||||||||||
Stock payable | $ 380,000 | |||||||||||||
Restricted Stock [Member] | Subscription Agreements [Member] | ||||||||||||||
Number of common stock shares received | $ 50,000 | |||||||||||||
Purchase of restricted common shares | 333,335 | |||||||||||||
Fidare Consulting Group, LLC [Member] | Consulting Agreement [Member] | ||||||||||||||
Number of common stock shares issued for services, value | $ 10,000 | $ 20,000 | ||||||||||||
Subsequent Event [Member] | ||||||||||||||
Warrant exercise price | $ 0.50 | |||||||||||||
Accrued interest | $ 491 | $ 491 | ||||||||||||
Fair value of warrants | 9,514 | |||||||||||||
Amortization of debt discount | 2,303 | |||||||||||||
Notes payable | 12,789 | $ 12,789 | ||||||||||||
Number of common stock shares issued for services | 1,215,641 | 265,000 | ||||||||||||
Number of common stock shares issued for services, value | $ 345,000 | |||||||||||||
Accrued common stock payable | 102,000 | 102,000 | ||||||||||||
Accrued compensation | 102,000 | $ 102,000 | ||||||||||||
Common stock payable in shares | 787,000 | |||||||||||||
Number of warrants expired | 1,017,151 | |||||||||||||
Price per share | $ 5 | $ 0.15 | ||||||||||||
Warrant to purchase of common stock | 100,000 | |||||||||||||
Warrant term | 3 years | |||||||||||||
Repayments of bank debt | $ 15,434 | |||||||||||||
Stock issued during period, shares for consulting expenses | 832,988 | |||||||||||||
Loss contingency, loss in period | $ 1,662,749 | |||||||||||||
Loss contingency, damages value | $ 7,931,666 | |||||||||||||
Loss contingency, description | Rangeford Resources had filed a Victim Impact Statement "United States v. Joseph Brent Loftis CR-15-11-BU-DLC for restitution for its $700,000 cash investment and 7,400,000 shares of Rangeford Resources, Inc. Common stock was issued at a market price of $5.00/shares (contract date November 15, 2012) valued at $37,000,000. | |||||||||||||
Stock repurchased and retired during period, shares | 7,400,000 | |||||||||||||
Subsequent Event [Member] | Cash Investment [Member] | ||||||||||||||
Loss contingency, damages value | $ 700,000 | |||||||||||||
Subsequent Event [Member] | Subscription Agreements [Member] | ||||||||||||||
Warrant exercise price | $ .50 | $ .50 | ||||||||||||
Warrant to purchase of common stock | 250,000 | 250,000 | ||||||||||||
Warrant term | 3 years | 3 years | ||||||||||||
Subsequent Event [Member] | Consulting Agreement [Member] | ||||||||||||||
Debt instrument, face amount | 205,000 | $ 205,000 | ||||||||||||
Proceeds from issuance of stock | $ 422,719 | |||||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | ||||||||||||||
Number of common stock shares received | $ 30,000 | |||||||||||||
Purchase of restricted common shares | 200,000 | |||||||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||||||
Loss contingency, damages value | $ 37,000,000 | |||||||||||||
Subsequent Event [Member] | Fidare Consulting Group, LLC [Member] | Common Stock [Member] | ||||||||||||||
Monthly compensation of common stock | $ 10,000 | |||||||||||||
Subsequent Event [Member] | 8% Senior Note [Member] | ||||||||||||||
Proceeds from senior notes | $ 20,000 | |||||||||||||
Number of warrants exercisable | 40,000 | |||||||||||||
Warrant exercise price | $ 0.50 | |||||||||||||
Debt maturity date | Dec. 9, 2017 | |||||||||||||
Subsequent Event [Member] | Bank Account Lien [Member] | ||||||||||||||
Litigation settlement amount | $ 16,026 |