Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Aug. 23, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Rangeford Resources, Inc. | |
Entity Central Index Key | 0001438035 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 23,683,551 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2018 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Current assets | ||
Cash | $ 511 | $ 46 |
Total current assets | 511 | 46 |
Total assets | 511 | 46 |
Current liabilities | ||
Accounts payable | 1,393,889 | 1,227,425 |
Accounts payable- related party | 17,100 | 17,100 |
Accrued interest payable- related party | 107,978 | 76,637 |
Note payable, net of discount | 12,789 | |
Related party advances and notes payable | 100 | 100 |
Total current liabilities | 1,519,067 | 1,334,051 |
Related party note payable | 1,004,607 | 1,004,607 |
Total liabilities | 2,523,674 | 2,338,658 |
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 | 627,000 | 787,000 |
Common stock, $.001 par value; 75,000,000 shares authorized; 22,369,529 and 20,545,534shares issued and outstanding, respectively | 22,370 | 20,545 |
Additional paid in capital | 7,045,894 | 6,269,718 |
Retained deficit | (10,218,609) | (9,416,057) |
Total stockholders' deficit | (2,523,163) | (2,338,612) |
Total liabilities and stockholders' deficit | $ 511 | $ 46 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2017 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Series A convertible preferred stock, par value | $ 0.001 | $ .001 |
Series A convertible preferred stock, state 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 | $ .001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 22,369,529 | 20,545,534 |
Common stock, shares outstanding | 22,369,529 | 20,545,534 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating expenses | ||||
Investor relations | $ 11,757 | |||
Professional fees | 3,139 | 40,286 | 30,564 | 127,781 |
Professional fees-related party | 30,000 | 79 | 90,000 | 260,079 |
General and administrative | 213,378 | 189,192 | 599,503 | 681,948 |
Total operating expenses | 246,517 | 229,557 | 720,067 | 1,081,565 |
Loss from operations | (246,517) | (229,557) | (720,067) | (1,081,565) |
Other expense | ||||
Interest expense-related party | 11,481 | 9,739 | 38,034 | 24,379 |
Gain on settlement | 44,451 | 44,451 | ||
Total other expense | 55,932 | 9,739 | 82,485 | 24,379 |
Net loss | (302,449) | (239,296) | (802,552) | (1,105,944) |
Preferred stock dividends | (18,200) | (18,200) | (54,600) | (54,600) |
Net loss attributable to common shareholders | $ (320,649) | $ (257,496) | $ (857,152) | $ (1,160,544) |
Basic and diluted loss per common share | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.06) |
Weighted average shares outstanding | 22,036,589 | 20,545,534 | 21,038,938 | 20,363,928 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Cash flows from operating activities | |||||
Net loss | $ (302,449) | $ (239,296) | $ (802,552) | $ (1,105,944) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Loss on note payable conversion | 75,185 | ||||
Gain on settlement of accounts payable | (30,734) | ||||
Stock-based compensation for services | 453,558 | 520,100 | |||
Amortization of debt discount | 5,336 | 287 | $ 2,303 | ||
Changes in operating assets and liabilities: | |||||
Accounts payable | 240,464 | 287,230 | |||
Accrued interest payable related party | 32,698 | 23,572 | |||
Net cash provided by (used) in operating activities | (26,045) | (274,755) | |||
Cash flows from financing activities | |||||
Proceeds from subscription agreement, net | 26,442 | 20,000 | |||
Contributed Capital | 68 | ||||
Proceeds from related advances and notes payable | 258,579 | ||||
Net cash provided by financing activities | 26,510 | 278,579 | |||
Net (decrease) increase in cash | 465 | 3,824 | |||
Cash at beginning of period | 46 | 110 | 110 | ||
Cash at end of period | $ 511 | $ 3,934 | 511 | 3,934 | $ 46 |
Supplemental disclosure of non-cash financing activities: | |||||
Conversion of related party note payable | 115,000 | ||||
Supplemental cash flow information: | |||||
Cash paid for interest | |||||
Cash paid for income taxes |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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 December 31, 2017 and March 31, 2016 and for the three and nine months ended December 31, 2017 and 2016 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 and nine months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the year ending March 31, 2018. 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, 2017. |
Going Concern
Going Concern | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [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 minimal 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 | 9 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 and March 31, 2017. 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 December 31, 2017 or March 31, 2017. 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 Recent accounting pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02: Leases (Topic 842) (ASU 2016-02). The main objective of ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. ASU 2016-02 requires lessees to recognize assets and liabilities arising from leases on the balance sheet. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. For public entities, ASU 2016-02 is effective for consolidated financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; early application is permitted. The provisions of this accounting update are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Agreement to Purchase Oil and G
Agreement to Purchase Oil and Gas Properties | 9 Months Ended |
Dec. 31, 2017 | |
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 March 31, 2018. |
Notes Payable
Notes Payable | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 5 - NOTES PAYABLE In December 2016, the Company issued a one year $20,000 8% Senior note with 40,000 warrants exercisable at $0.50 per share. 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. During October 2017, the note net of the remaining unamortized discount of $1,875 and accrued interest of $1,357 was converted to 133,333 shares of common stock valued at $94,677. As a result, a loss on conversion of $75,185 was included as other expenses in the Statement of Operations for the year ended March 31, 2018. As of March 31, 2017, Company had entered into a settlement agreement with a previous executive consultant. The agreement included a 4% note payable for $205,000 which matures on April 1, 2019, and stock payable of $442,000. As of December 31, 2017, the balance on the note was $205,000 with accrued interest $6,150. Interest expense totaled $2,050 for the nine month ended December 31, 2017. In April 2018, the Company issued 422,719 common shares totaling $442,000. |
Stockholder's Equity
Stockholder's Equity | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholder's Equity | NOTE 6 –STOCKHOLDER’S EQUITY Series A Convertible Preferred Stock In December 2012, the Board of directors authorized the offering for sale and issuance of up to a maximum of 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. Each Share of Preferred Stock bears an eight percent (8%) cumulative 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 and one warrant exercisable at $6.50 per share into one share of the Company’s common stock. 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 nine months ended December 31, 2017 and 2016, the Company had dividends of $54,600. No dividends were declared or paid. Accumulated dividends in arrears as of December 31, 2017 were $248,866. 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 December 31, 2017, certain individuals and consultants were due $627,000 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 shares of 736,913 and are included in potentially dilutive shares. During the nine months ended December 31, 2017, the Company issued 1,425,107 shares of common stock valued at $610,000 based on the price at close on the last trading day of each month which services were rendered for compensation and services. During the nine months ended December 31, 2107, the Company issued 1,425,107 for stock compensation of $450,000 and $160,000 for stock payable. On October 20, 2017, the Company received $30,000 for the purchase of 200,000 restricted common shares at $0.15 per share and 100,000 warrants at $.50 per share exercise price with a three-year term. 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 stock options and warrants would have been 148,800 shares and 736,913 for common stock payable for the three and nine months ended December 31, 2017. Options A summary of option activity as of December 31, 2017 and changes during the quarter ended are presented below: Options Number of Weighted Weighted Average Aggregate Outstanding March 31, 2017 308,000 $ 2.30 2.3 $ - Granted, exercised, (expired) (308,000 ) $ - - - Outstanding and exercisable December 31, 2017 - $ - - $ - 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. The key assumptions used in evaluating the warrants and the estimated fair value are as follows for the quarter ended December 31, 2017, is as follows: December 31, 2017 Expected volatility 190 % Expected dividends 0 Expected term (in years) 3.0 Risk-free rate 1.44 % A summary of warrant activity for the period ended December 31, 2017 are presented below: Number of Warrants Weighted Average Balance at March 31, 2017 48,800 $ 0.51 Granted 100,000 - Exercised - $ - Expired - - Balance at December 31, 2017 148,800 $ 0.51 Warrants exercisable at ended December 31, 2017 148,800 $ 0.51 Warrants expense recognized during the three months ended December 31, 2017 and 2016 was $3,559 and $0, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 - 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 consolidated financial statements for the nine months ended December 31, 2017 and 2016, applicable under ACS 740. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 8 –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 March 31, 2018. 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 December 31, 2017, the balance due was $799,607, with related accrued interest of $101,738. Interest expense related to this debt was $34,171 and $24,379 for the nine months ended December 31, 2017 and 2016, respectively. The note maturity date was also extended to June 30, 2020. A promissory note totaling $205,000, included in related party notes payable, for an executive consulting agreement was executed for the year ended March 31, 2017. The note bears interest at 4% and. Accrued interest as of December 31, 2017 totaled $6,239, and interest expense for the three months ended December 31, 2017 and 2016 totaling $2,050and $0, respectively. Professional Services The Company has a 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. For the three months ended December 31, 2017 and 2016, the Company recorded $90,000 and $80,000, respectively, in consulting fees related to this agreement. As of December 31, 2017, the Company is obligated to issue Fidare 77,635 shares of the Company’s common stock. For the three month period ended December 31, 2017 and 2016, the Company recognized $30,000 and $0 in Professional fees - non-related party expenses and are accrued in common stock payable. Director’s fees In exchange for his services as a member of the Board of Directors until January, 2017, Mr. Mike Farmer was entitled to receive $2,000 per month payable in cash. In addition, during 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. Subsequently, during December 2017, Mr. Farmer was issued 65,554 shares in exchange for the cash portion of his compensation due totaling $74,000. The shares were valued at $43,266, resulting in a gain on the exchange totaling $30,734. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 – SUBSEQUENT EVENTS 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. For the year ended March 31, 2018, the Company issued 1,215,641 shares for compensation expenses, and 832,988 shares for consulting expenses. 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/share exercise price and three year maturity. During April 2018, the Company issued 422,000 shares in settlement of executive consulting expenses incurred during previous years. 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. On September 27, 2018, Rangeford Resources extend the Cicerone Corporate Development Revolving 8% Note to June 30, 2020. On November 1, 2018, RangeFord Resources entered into a five-month Strategic Consulting Agreement with Petralis Energy Resources for Geological and Geophysical Services. On December 12, 2018 Rangeford Resources entered into a memorandum of understanding with Petralis Energy Resources, LLC to acquire 16 producing wells on approximately 4,600 acres for $1,800,000. On April 4, 2019, Rangeford Resources, Inc. executed an offer letter to acquire 100% equity interest in Signal Oil Company, LLC of Kilgore, Texas. The acquisition price is $100,000 and seller financed on a 12-month note. On April 8, 2019, Rangeford Resources awarded a consultant 100,000 common shares for completing the annual and quarterly financial statements. On June 17, 2019, Rangeford Resources, Inc. executed a purchase and sale agreement with Gunn Exploration, Inc. to acquire twenty wellbores on the Triangle Ranch Headquarters Field in Foard County, Texas. Due to awaiting the oil and gas mineral lease from Burnett Oil, Inc., the PSA was Amended and extended to July 15, 2019. The acquisition price is $10 and assumption of plugging and abandonment liabilities. On July 2, 2019, Rangeford Resources, Inc. executed an offer letter with Hall Exploration, Inc. to acquire 5% working interest in the Starnes lease, a 4,290 oil and gas mineral lease with 31 producing wells located in Cochran, County, Texas. The acquisition price is $10 and is subject to a buyback clause by the seller within six months. In the event, Rangeford Resources acquires the remaining 95% working interest, the seller has a favored nation clause and will received the same favorable purchase price, terms and conditions. On July 17, 2019, Rangeford Resources, Inc. executed an offer letter with Walsh Petroleum, Inc. to acquire 100% working interest in the Starnes lease, a 4,290-acre oil and gas mineral lease with 31 producing wells located in Cochran, County, Texas. The acquisition price is $4,290,000 and is subject to financing. The agreement is nonexclusive and seller is under no obligation and may sell to another buyer. Rangeford may convert non-exclusive agreement into a binding agreement upon a $214,500 nonrefundable deposit. On August 2, 2019 The Securities and Exchange Commission issued an Order of Suspension of Trading of Rangeford Resources’ common stock (OTCPK:RGFR). The Securities and Exchange Commission also issued an Order Instituting Administrative Proceedings and Note of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934. On August 12, 2019, Rangeford Resources executed an $88,000 convertible note with GS Capital, LLC. The 12-month term note will be a Rule 144 Note and will not be eligible for conversion of free trading shares until 6 months after the issuance of the Note unless such shares are covered by a resale registration statement. The principal and accrued interest under the Note will be convertible into shares of Common Stock of the Company at a 40% discount to the lowest trading price with a 20 day look back. The Note shall bear interest at 8% along with an OID of $8,000 such that the purchase price of the Note shall be $80,000. The Issuer will provide a transfer agent reserve of equal to 4x the discounted value of the $88,000 note. As consideration for the purchase of the Note, the Company shall issue 30,000 shares of restricted common stock. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [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 December 31, 2017 and March 31, 2017. 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 December 31, 2017 or March 31, 2017. |
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 |
Recent Accounting Pronouncements | Recent accounting pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02: Leases (Topic 842) (ASU 2016-02). The main objective of ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. ASU 2016-02 requires lessees to recognize assets and liabilities arising from leases on the balance sheet. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. For public entities, ASU 2016-02 is effective for consolidated financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; early application is permitted. The provisions of this accounting update are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Stock Options | A summary of option activity as of December 31, 2017 and changes during the quarter ended are presented below: Options Number of Weighted Weighted Average Aggregate Outstanding March 31, 2017 308,000 $ 2.30 2.3 $ - Granted, exercised, (expired) (308,000 ) $ - - - Outstanding and exercisable December 31, 2017 - $ - - $ - |
Schedule of Assumptions | The key assumptions used in evaluating the warrants and the estimated fair value are as follows for the quarter ended December 31, 2017, is as follows: December 31, 2017 Expected volatility 190 % Expected dividends 0 Expected term (in years) 3.0 Risk-free rate 1.44 % |
Schedule of Warrant Activity | A summary of warrant activity for the period ended December 31, 2017 are presented below: Number of Warrants Weighted Average Balance at March 31, 2017 48,800 $ 0.51 Granted 100,000 - Exercised - $ - Expired - - Balance at December 31, 2017 148,800 $ 0.51 Warrants exercisable at ended December 31, 2017 148,800 $ 0.51 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Accounting Policies [Abstract] | ||
Assets fair value | ||
Liability fair value |
Agreement to Purchase Oil and_2
Agreement to Purchase Oil and Gas Properties (Details Narrative) - Purchase and Sale Agreement [Member] - Great Northern Energy, Inc. [Member] - shares | Mar. 31, 2014 | Dec. 31, 2017 |
Stock issued during period, shares, acquisitions | 7,400,000 | |
Number of stock returned | 7,400,000 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Mar. 31, 2017 | Oct. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Oct. 20, 2017 |
Warrant exercise price | $ .50 | ||||||
Amortization of debt discount | $ 5,336 | $ 287 | $ 2,303 | ||||
Unamortized discount | $ 1,875 | ||||||
Accrued interest | $ 1,357 | $ 58,102 | $ 101,738 | 58,102 | |||
Debt converted into shares | 133,333 | 133,334 | |||||
Debt converted into shares, value | $ 94,677 | 115,000 | |||||
Loss on conversion of debt | $ 75,185 | ||||||
April 2018 [Member] | |||||||
Number of common stock issued, shares | 422,719 | ||||||
Number of common stock issued | $ 442,000 | ||||||
Settlement Agreement [Member] | |||||||
Accrued interest | 6,150 | ||||||
Notes payable | 205,000 | ||||||
Interest expense | $ 2,050 | ||||||
8% Senior Note [Member] | |||||||
Proceeds from senior notes | $ 20,000 | ||||||
Number of warrants exercisable | 40,000 | ||||||
Warrant exercise price | $ 0.50 | $ 0.50 | |||||
Fair value of warrants | $ 9,514 | ||||||
4% Note Payable [Member] | |||||||
Notes payable | $ 205,000 | 205,000 | |||||
Debt maturity date | Apr. 1, 2019 | ||||||
Stock payable | $ 442,000 | $ 442,000 |
Stockholder's Equity (Details N
Stockholder's Equity (Details Narrative) - USD ($) | Oct. 20, 2017 | Dec. 31, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 | 3,000,000 | ||||
Preferred stock par value | $ 0.001 | $ 0.001 | $ .001 | ||||
Preferred stock stated value | $ 182 | $ 182 | $ 182 | ||||
Common stock par value | $ 0.001 | $ 0.001 | $ .001 | ||||
Warrant exercise price per share | $ .50 | ||||||
Preferred stock deemed dividends | $ 54,600 | $ 54,600 | |||||
Accumulated dividends in arrears | $ 248,866 | ||||||
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | ||||
Number of shares issued for services, value | $ 610,000 | ||||||
Number of shares issued for services | 1,425,107 | ||||||
Number of shares issued for compensation | 1,425,107 | ||||||
Number of shares issued for compensation, value | $ 450,000 | ||||||
Common stock payable | $ 160,000 | ||||||
Price per share | $ 0.15 | ||||||
Warrant to purchase of common stock | 100,000 | ||||||
Warrant term | 3 years | ||||||
Warrants expense | $ 3,559 | $ 0 | |||||
Stock Options and Warrants [Member] | |||||||
Antidilutive securities excluded from computation of earnings per share | 148,800 | 148,800 | |||||
Common stock payable | $ 736,913 | $ 736,913 | |||||
Restricted Stock [Member] | |||||||
Number of common stock shares received | $ 30,000 | ||||||
Number of shares issued | 200,000 | ||||||
Individuals and Consultants [Member] | |||||||
Number of shares issued for services, value | $ 627,000 | ||||||
Antidilutive securities excluded from computation of earnings per share | 736,913 | ||||||
Series A Convertible Preferred Stock [Member] | |||||||
Preferred stock, shares authorized | 3,000,000 | ||||||
Preferred stock par value | $ 0.001 | ||||||
Preferred stock stated value | $ 5 | ||||||
Preferred stock, dividend rate, percentage | 8.00% | ||||||
Common stock par value | $ 0.001 | ||||||
Warrant exercise price per share | $ 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. | ||||||
Stock conversion maximum, price per share | $ 7 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Stock Options (Details) | 9 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of Options, Outstanding, Beginning | shares | 308,000 |
Number of Options, Granted, exercised, (expired) | shares | (308,000) |
Number of Options, Outstanding and exercisable, Ending | shares | |
Weighted Average Exercise Price Outstanding, Beginning | $ / shares | $ 2.30 |
Weighted Average Exercise Price, Granted, exercised, (expired) | $ / shares | |
Weighted Average Exercise Price Outstanding and exercisable, Ending | $ / shares | |
Weighted Average Remaining Contractual Term (in years), Outstanding, Beginning | 2 years 3 months 19 days |
Weighted Average Remaining Contractual Term (in years), Granted, exercised, (expired) | 0 years |
Weighted Average Remaining Contractual Term (in years), Outstanding and exercisable, Ending | 0 years |
Aggregate Intrinsic Value, Outstanding, Beginning | $ | |
Aggregate Intrinsic Value, Granted, exercised, (expired) | $ | |
Aggregate Intrinsic Value, Outstanding and exercisable, Ending | $ |
Stockholder's Equity - Schedu_2
Stockholder's Equity - Schedule of Assumptions (Details) - Warrants [Member] | 9 Months Ended |
Dec. 31, 2017 | |
Expected volatility | 190.00% |
Expected dividends | 0.00% |
Expected term (in years) | 3 years |
Risk-free rate | 1.44% |
Stockholder's Equity - Schedu_3
Stockholder's Equity - Schedule of Warrant Activity (Details) - Warrants [Member] | 9 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of Warrants, Beinning Balance | shares | 48,800 |
Number of Warrants, Granted | shares | 100,000 |
Number of Warrants, Exercised | shares | |
Number of Warrants, Expired | shares | |
Number of Warrants, Ending Balance | shares | 148,800 |
Number of Warrants, Warrants Exercisable | shares | 148,800 |
Weighted Average Exercise Price, Beinning Balance | $ / shares | $ 0.51 |
Weighted Average Exercise Price, Granted | $ / shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Weighted Average Exercise Price, Expired | $ / shares | |
Weighted Average Exercise Price, Ending Balance | $ / shares | 0.51 |
Weighted Average Exercise Price, Warrants Exercisable | $ / shares | $ 0.51 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Dec. 31, 2017 | Dec. 31, 2017 | Jan. 30, 2017 | Jul. 22, 2016 | Sep. 04, 2013 | Oct. 31, 2017 | Sep. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | Jul. 06, 2016 | Mar. 01, 2016 | Nov. 28, 2012 |
Related party advances and notes payable | $ 100 | $ 100 | $ 100 | $ 100 | $ 100 | $ 100 | |||||||||
Revolving line of credit, maturity | Jun. 30, 2020 | ||||||||||||||
Revolving line of credit | $ 1,250,000 | ||||||||||||||
Revolving credit note conversion price | $ 1 | ||||||||||||||
Debt conversion into stock | $ 94,677 | $ 115,000 | |||||||||||||
Debt balance due amount | 799,607 | 799,607 | 799,607 | 799,607 | |||||||||||
Accrued interest | 101,738 | $ 101,738 | $ 1,357 | 101,738 | $ 58,102 | 101,738 | 58,102 | ||||||||
Interest expense | $ 34,171 | 24,379 | |||||||||||||
Note extended maturity date | Jun. 30, 2020 | ||||||||||||||
Consulting fees related to agreement | 3,139 | 40,286 | $ 30,564 | $ 127,781 | |||||||||||
Shares, issued for services | 1,425,107 | ||||||||||||||
Professional fees-non related party expenses | $ 30,000 | 0 | |||||||||||||
Mr Mike Farmer [Member] | |||||||||||||||
Stock compensation, value | $ 74,000 | ||||||||||||||
Officers compensation | $ 2,000 | ||||||||||||||
Share based compensation, shares issued | 65,554 | ||||||||||||||
Share based common stock value | $ 43,266 | ||||||||||||||
Gain on exchange of shares | $ 30,734 | ||||||||||||||
Mr Mike Farmer [Member] | Exercise One [Member] | |||||||||||||||
Number of options to purchase shares of common stock | 108,000 | ||||||||||||||
Options exercise price per share | $ 1 | ||||||||||||||
Mr Mike Farmer [Member] | Exercise Two [Member] | |||||||||||||||
Number of options to purchase shares of common stock | 200,000 | ||||||||||||||
Options exercise price per share | $ 3 | ||||||||||||||
Consulting Agreement [Member] | |||||||||||||||
Interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |||||||||||
Accrued interest | $ 6,239 | $ 6,239 | $ 6,239 | $ 6,239 | |||||||||||
Interest expense | 2,050 | 0 | |||||||||||||
Promissory note, related party payable | $ 205,000 | ||||||||||||||
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. | ||||||||||||||
Cicerone Corporate Development, LLC [Member] | LIBOR [Member] | |||||||||||||||
Interest rate | 2.75% | ||||||||||||||
Debt conversion into stock | $ 115,000 | ||||||||||||||
Fidare Consulting Group, LLC [Member] | Consulting Agreement [Member] | |||||||||||||||
Stock compensation, value | $ 10,000 | ||||||||||||||
Shares, issued for services | 77,635 | ||||||||||||||
Fidare Consulting Group, LLC [Member] | Consulting Agreement [Member] | Mc Millan Family Trust [Member] | |||||||||||||||
Consulting fees related to agreement | $ 90,000 | $ 80,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Aug. 12, 2019USD ($)shares | Jul. 17, 2019USD ($)aInteger | Jul. 02, 2019USD ($)aInteger | Jun. 17, 2019USD ($) | Apr. 08, 2019shares | Apr. 04, 2019USD ($) | Dec. 12, 2018aIntegershares | Sep. 27, 2018 | Aug. 14, 2018shares | Aug. 10, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | Feb. 06, 2018USD ($) | Oct. 20, 2017USD ($)$ / sharesshares | Jul. 01, 2017USD ($) | Apr. 30, 2018shares | Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017shares | Mar. 31, 2018$ / sharesshares | Oct. 31, 2017USD ($) |
Warrant to purchase of common stock | shares | 100,000 | ||||||||||||||||||
Price per share | $ / shares | $ 0.15 | ||||||||||||||||||
Warrant exercise price | $ / shares | $ .50 | ||||||||||||||||||
Warrant term | 3 years | ||||||||||||||||||
Revolving note description | Jun. 30, 2020 | ||||||||||||||||||
Number of common stock shares issued | shares | 1,425,107 | ||||||||||||||||||
Original issue of discount | $ 1,875 | ||||||||||||||||||
Forecast [Member] | |||||||||||||||||||
Litigation settlement amount | $ 16,026 | ||||||||||||||||||
Repayments of bank debt | $ 15,434 | ||||||||||||||||||
Stock issued during period, shares, other | shares | 422,000 | ||||||||||||||||||
Loss contingency, loss in period | $ 1,662,749 | ||||||||||||||||||
Loss contingency, damages value | $ 7,931,667 | ||||||||||||||||||
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 | shares | 7,400,000 | ||||||||||||||||||
Revolving note description | Rangeford Resources extend the Cicerone Corporate Development Revolving 8% Note to June 30, 2020. | ||||||||||||||||||
Number of common stock shares issued | shares | 100,000 | ||||||||||||||||||
Forecast [Member] | Cash Investment [Member] | |||||||||||||||||||
Loss contingency, damages value | $ 700,000 | ||||||||||||||||||
Forecast [Member] | Subscription Agreements [Member] | |||||||||||||||||||
Warrant to purchase of common stock | shares | 250,000 | 250,000 | |||||||||||||||||
Warrant exercise price | $ / shares | $ 0.50 | $ 0.50 | |||||||||||||||||
Forecast [Member] | Purchase and Sale Agreement [Member] | |||||||||||||||||||
Acquisition price amount | $ 10 | ||||||||||||||||||
Forecast [Member] | Compensation Expenses [Member] | |||||||||||||||||||
Stock issued during period, shares, other | shares | 1,215,641 | ||||||||||||||||||
Forecast [Member] | Consulting Expenses [Member] | |||||||||||||||||||
Stock issued during period, shares, other | shares | 832,988 | ||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Number of common stock shares received | $ 30,000 | ||||||||||||||||||
Purchase of restricted common shares | shares | 200,000 | ||||||||||||||||||
Restricted Stock [Member] | Forecast [Member] | Subscription Agreements [Member] | |||||||||||||||||||
Number of common stock shares received | $ 50,000 | ||||||||||||||||||
Purchase of restricted common shares | shares | 333,335 | ||||||||||||||||||
Common Stock [Member] | Forecast [Member] | |||||||||||||||||||
Purchase of restricted common shares | shares | 7,400,000 | ||||||||||||||||||
Price per share | $ / shares | $ 5 | ||||||||||||||||||
Loss contingency, damages value | $ 37,000,000 | ||||||||||||||||||
Fidare [Member] | Common Stock [Member] | |||||||||||||||||||
Monthly compensation of common stock | $ 10,000 | ||||||||||||||||||
Petralis Energy Resources, LLC [Member] | Forecast [Member] | |||||||||||||||||||
Number of wells | Integer | 16 | ||||||||||||||||||
Area of land | a | 4,600 | ||||||||||||||||||
Stock issued during period, shares, acquisitions | shares | 1,800,000 | ||||||||||||||||||
Signal Oil Company, LLC [Member] | Forecast [Member] | |||||||||||||||||||
Equity interest acquire percentage | 100.00% | ||||||||||||||||||
Acquisition price amount | $ 100,000 | ||||||||||||||||||
Hall Exploration, Inc. [Member] | Forecast [Member] | |||||||||||||||||||
Number of wells | Integer | 31 | ||||||||||||||||||
Area of land | a | 4,290 | ||||||||||||||||||
Acquisition price amount | $ 10 | ||||||||||||||||||
Acquire working interest percentage | 5.00% | ||||||||||||||||||
Remaining working interest percentage | 95.00% | ||||||||||||||||||
Walsh Petroleum, Inc. [Member] | Forecast [Member] | |||||||||||||||||||
Number of wells | Integer | 31 | ||||||||||||||||||
Area of land | a | 4,290 | ||||||||||||||||||
Acquisition price amount | $ 4,290,000 | ||||||||||||||||||
Acquire working interest percentage | 100.00% | ||||||||||||||||||
Nonrefundable deposit | $ 214,500 | ||||||||||||||||||
GS Capital, LLC. [Member] | Forecast [Member] | |||||||||||||||||||
Convertible note amount | $ 88,000 | ||||||||||||||||||
Debt term | 12 months | ||||||||||||||||||
Debt discount percentage | 40.00% | ||||||||||||||||||
Debt interest percentage | 8.00% | ||||||||||||||||||
Original issue of discount | $ 8,000 | ||||||||||||||||||
Purchase price of debt | $ 80,000 | ||||||||||||||||||
Number of restricted stock shares issued | shares | 30,000 |