Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Rangeford Resources, Inc. |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Amendment Flag | 'false |
Entity Central Index Key | '0001438035 |
Current Fiscal Year End Date | '--03-31 |
Entity Common Stock, Shares Outstanding | 20,016,821 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2015 |
Document Fiscal Period Focus | 'Q2 |
Rangeford_Resources_Inc_Balanc
Rangeford Resources, Inc. - Balance Sheets (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | ||
Current Assets: | ' | ' | ||
Cash | ' | $173 | ||
Prepaid expense | 4,788 | ' | ||
Debt Issuance Cost- net of amortization | 48,144 | [1] | 101,271 | [1] |
TOTAL CURRENT ASSETS | 52,932 | 101,444 | ||
Deposit | 36,557 | 36,557 | ||
Total Assets | 89,489 | 138,001 | ||
Current Liabilities: | ' | ' | ||
Accounts payable | 539,784 | 546,047 | ||
Accrued interest payable | 13,903 | 6,872 | ||
Related party advances and notes payable | 543,968 | 368,226 | ||
TOTAL CURRENT LIABILITIES | 1,097,655 | 921,145 | ||
Stockholders' Deficit | ' | ' | ||
Series A Convertible Preferred Stock | 182 | [2] | 182 | [2] |
Common Stock | 20,017 | [3] | 19,833 | [3] |
Additional paid-in capital | 5,695,653 | 3,826,914 | ||
Deficit accumulated during the development stage | -6,724,018 | -4,630,073 | ||
Total Stockholders' Deficit | -1,008,166 | -783,144 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $89,489 | $138,001 | ||
[1] | See Note 4 | |||
[2] | $0.001 par value; stated value $5.00 per share; 3,000,0000 shares authorized; 182,000 shares issued and outstanding | |||
[3] | $0.001 par value; 75,000,000 shares authorized; 20,016,821 and 18,833,385 shares issued and outstanding |
Statement_of_Financial_Positio
Statement of Financial Position - Parenthetical (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Statement of Financial Position | ' | ' |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 20,016,821 | 18,833,385 |
Common Stock, Shares Outstanding | 20,016,821 | 18,833,385 |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Issued | 182,000 | 182,000 |
Preferred Stock, Shares Outstanding | 182,000 | 182,000 |
Rangeford_Resources_Inc_Statem
Rangeford Resources, Inc. - Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING EXPENSES | ' | ' | ' | ' |
Investor relations | ' | $9,735 | ' | $24,866 |
Professional fees | 158,145 | 116,921 | 1,684,479 | 275,604 |
Professional fees, related party | 60,000 | 253,766 | 313,540 | 313,356 |
General and administrative | 11,592 | 1,890 | 35,768 | 36,678 |
TOTAL OPERATING EXPENSES | 229,737 | 382,312 | 2,033,787 | 650,504 |
Loss from operations | -229,737 | -382,312 | -2,033,787 | -650,504 |
OTHER EXPENSE | ' | ' | ' | ' |
Interest expense, related party | 29,924 | 11,608 | 60,158 | 14,783 |
Total other expense | 29,924 | 11,608 | 60,158 | 14,783 |
Loss before income taxes | -289,661 | -393,920 | -2,093,945 | -665,287 |
Provision for income tax | ' | ' | ' | ' |
Net loss | -259,661 | -393,920 | -2,093,945 | -665,287 |
Preferred stock dividends | -91,378 | -64,632 | -91,378 | -64,632 |
Net loss attributable to common shareholders | ($351,039) | ($458,552) | ($2,185,323) | ($729,919) |
Per share information: | ' | ' | ' | ' |
Basic and diluted loss per common share | ($0.02) | ($0.03) | ($0.11) | ($0.04) |
Weighted average shares outstanding | 19,934,907 | 18,295,114 | 19,889,018 | 18,214,938 |
Rangeford_Resources_Inc_Statem1
Rangeford Resources, Inc. - Statements of Cash Flows (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from Operating Activities | ' | ' |
Net loss | ($2,093,945) | ($665,287) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Common stock issued for services | 302,448 | 373,646 |
Amortization of debt discount | 53,127 | 7,883 |
Warrant expense | 387,080 | ' |
Option expense | 1,179,395 | ' |
Preferred stock issued for interest expense | ' | 8,381 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses | -4,788 | 16,250 |
Accounts payable | -6,263 | 129,687 |
Accrued interest payable | 7,031 | 1,481 |
Net cash used in operating activities | -175,915 | -130,911 |
Cash Flows From Financing Activities | ' | ' |
Proceeds from related party payable | 175,742 | 133,066 |
Net cash provided by financing activities | 175,742 | 133,066 |
Net (decrease) increase in cash | -173 | 2,155 |
Cash, Beginning of Period | 173 | ' |
Cash, End of Period | 0 | 2,155 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Issuance of Series A preferred stock to settle shareholder note payable | ' | 108,381 |
Supplemental Cash Flow Information: | ' | ' |
Cash paid for interest | ' | ' |
Cash paid for income taxes | ' | ' |
Note_1_Condensed_Financial_Sta
Note 1 - Condensed Financial Statements | 6 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 1 - Condensed Financial Statements | ' |
NOTE 1 – CONDENSED 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, 2014 and 2013 and for the six months ended September 30, 2014 and 2013 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 six months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending March 31, 2015. | |
Reclassifications | |
Certain amounts in the September 30, 2013 financial statements have been reclassified to conform to the September 30, 2014 presentation. |
Note_2_Going_Concern
Note 2 - Going Concern | 6 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 2 - 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 and allow it 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. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 3 - Recent Accounting Pronouncements | ' |
NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS | |
On June 10, 2014, FASB issued Accounting Standards Update No. 2014-10, Development Stage Entities. The update removes the definition of a development stage entity from FASB ASC 915 and eliminates the requirement for development stage entities to present inception-to-date information on the statements of operations, cash flows and stockholders’ deficit. Earlier the Company elected to adopt this standard for the period covered by the report herein. |
Note_4_Debt_Issuance_Costs
Note 4 - Debt Issuance Costs | 6 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 4 - Debt Issuance Costs | ' |
Note 4 – DEBT ISSUANCE COSTS | |
On September 4, 2013, the Company received a $750,000 Revolving Credit Note from Cicerone Corporate Development, LLC (a related party). The Cicerone Revolving Note matures on February 1, 2015 and bears interest at the rate of LIBOR plus 2.75% per annum, which is payable semi-annually on June 30 and December 31 of each year. As an inducement to entering into the Cicerone Revolving Note, the Company issued Cicerone 1,500,000 shares of common stock. The shares of unregistered common stock had a relative fair value of approximately $164,338 as of September 4, 2013, which is being amortized over the term of the note as additional interest expense. Additional interest expense of $3,735 and $7,030 was recorded in the Company’s statements of operations for the three and six months ended September 30, 2014, respectively. Additional interest expense of $1,341 and $2,023 was recorded in the Company’s statements of operations for the three and six months ended September 30, 2013, respectively. |
Note_5_Related_Party_Notes_Pay
Note 5 - Related Party Notes Payable and Advances | 6 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 5 - Related Party Notes Payable and Advances | ' |
Note 5 – Related Party Notes Payable and Advances | |
On November 1, 2012, the Company entered into a note agreement with a shareholder and former director of the Company, pursuant to which the Company borrowed $100,000 from the shareholder which was payable in 60 days with interest at 6% per annum (the “Hadley Note”). Proceeds from the Hadley Note were paid directly to GNE as a deposit to purchase certain oil and gas assets (see Note 3). The Hadley Note was payable in 60 days with interest at 6% per annum. In accordance with the terms of the note, the Company agreed to issue 250,000 shares of unregistered common stock to the shareholder. The shares of unregistered common stock had a relative fair value of approximately $71,631 as of November 1, 2012, which was recorded as additional interest expense over the 60 day term of the note. As of September 30, 2014, all 250,000 shares were issued to Hadley. | |
Upon the Company’s receipt of a Subscription Agreement and request to convert same from Mr. Hadley, on September 27, 2013, the Company’s Board of Directors approved via unanimous written consent to convert the Hadley Note into 20,000 shares of the Company’s Series A Preferred Stock in connection with a Subscription Agreement and request for such conversion from Mr. Hadley; on the same day, 20,000 shares of Series A Preferred Stock were issued to Mr. Hadley. Pursuant to the conversion of the Hadley Note, the Company would not have any further liability to Mr. Hadley thereunder. Mr. Hadley has informed the Company that he does not agree with the history and current status of the Hadley Note and therefore the parties are currently discussing a resolution. | |
No gain or loss will be recognized on settlement of the debt because the fair value of the preferred stock issued is equal to the carrying value of the debt. The Company recognized and measured an aggregate of $64,632 of the proceeds, which is equal to the intrinsic value of the embedded beneficial conversion feature, to additional paid-in capital and a discount against the Preferred Stock. The preferred stock discount of $64,632, attributed to the beneficial conversion feature, is recognized as a deemed preferred stock dividend, additionally the Company will recognize the value attributable to the warrants in the amount of $89,837 to additional paid in capital and a discount against the preferred stock upon the conversion of the preferred stock into warrants. | |
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 Fidare Consulting Group, LLC ("Fidare") and Cicerone Corporate Development, LLC ("Cicerone"). The advance had not been repaid as of September 30, 2014. (See Note 5) | |
At various times during the quarters ended September 30, 2014 and 2013, Cicerone Corporate Development, LLC (a related party) advanced funds to the Company for operating expenses. During the quarter ended September 30, 2014 and 2013, Cicerone advanced a total of $175,742 and $133,066, respectively to the company. Cicerone is a stockholder of the Company. (See Note 5) |
Note_6_Related_Party_Transacti
Note 6 - Related Party Transactions | 6 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 6 - Related Party Transactions | ' |
NOTE 6 – RELATED PARTY TRANSACTIONS | |
Harry McMillan is trustee of the C.E. McMillan Family Trust, which Trust serves as the managing member of Fidare Consulting Group, LLC (“Fidare”) and Cicerone Corporate Development, LLC (“Cicerone”). Mr. McMillan is the Trustee for the benefit of his wife, Christy McMillan and their children, and is also a member of each of Fidare and Cicerone. Each of these entities, as well as certain beneficiaries of the Trust, own shares of our common stock and therefore, Mr. McMillan and the Trust may be deemed to beneficially own such shares. Each disclaims beneficial ownership of such shares. | |
Professional Services | |
In September 2012, the Company entered into a professional services contract with Fidare Consulting Group, LLC (Fidare) to provide consulting services relating to corporate governance, accounting procedures and controls and strategic planning. In accordance with the terms of the original contract, Fidare receives monthly compensation of 20,000 common shares per month and warrants to purchase 20,000 common shares with an exercise price equal to the closing sale price of the Company’s common stock on the date of issuance, plus reasonable and necessary expenses. The warrants are exercisable at any time for two years from the date of issuance and may be settled on a net basis. In December 2012, the contract was amended to provide for monthly compensation of $20,000 per month plus warrants to purchase 20,000 common shares on the same terms described above. | |
The Consulting Agreement with Fidare was terminated on February 28, 2013 with an effective date of April 4, 2013. | |
On June 26, 2013, 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 In accordance with the terms of the Consulting Agreement, Fidare receives monthly compensation of shares of common stock valued at $20,000 based on the price at the close on the last trading day of each month and 20,000 warrants to purchase common stock, with each warrant having an exercise price equal to the closing sale price of the Common Stock on the date of issue and providing for a cashless or net issue exercise. | |
On July 1, 2014, the Consulting Agreement with Fidare was amended so Fidare will 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. | |
As of September 30, 2014, 173,244 shares of common stock and 440,000 warrants had been issued to Fidare. The managing member of Fidare is the C.E. McMillan Family Trust. Harry McMillan is trustee of the C.E. McMillan Family Trust. | |
The company recognized $313,540 and $523,856 in professional fees to related parties for the six months ended September 30, 2014 and 2013, respectively. |
Note_7_Warrants
Note 7 - Warrants | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Notes | ' | |||||||
Note 7 - Warrants | ' | |||||||
NOTE 7 – WARRANTS | ||||||||
The fair value of each warrant 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 are based on volatilities from similar companies given our limited trading history. | ||||||||
The expected term of warrants granted is estimated at the contractual term as noted in the individual warrant agreements and represents the period of time that warrants granted are expected to be outstanding. The risk-free rate for the periods within the contractual life of the warrant 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 warrants. | ||||||||
A summary of warrant activity as of September 30, 2014 and changes during the period then ended are presented below: | ||||||||
Expected volatility | 207% | |||||||
Expected dividends | 0 | |||||||
Expected term (in years) | 2 | |||||||
Risk-free rate | 0.42% | |||||||
Stock Warrants | Number of Warrants | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||
Balance: April 1, 2014 | 280,000 | $ 5.24 | 2 | $ -0- | ||||
Granted | 120,000 | $ 4.40 | 2 | $ -0- | ||||
Exercised | - | $ - | $ - | |||||
Expired | - | - | - | |||||
Balance: September 30, 2014 | 400,000 | $ 4.99 | 2 | $ -0- | ||||
Warrants exercisable at September 30, 2014 | 400,000 | $ 4.99 | 2 | $ -0- | ||||
No Warrant expense recognized during the three months ended September 30, 2014. Warrant expense of $193,540 was included in professional fees and $193,540 was included in professional fees-related party for the six months ended September 30, 2014. |
Note_8_Options
Note 8 - Options | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Notes | ' | |||||||
Note 8 - Options | ' | |||||||
NOTE 8 – OPTIONS | ||||||||
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 are 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, 2014 and changes during the period then ended are presented below: | ||||||||
Options | Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||
Balance: April 1, 2014 | - | $ - | $ - | |||||
Granted | 308,000 | $2.30 | 2.6 | $ - | ||||
Exercised | - | - | - | |||||
Expired | - | - | - | |||||
Balance: September 30, 2014 | 308,000 | $2.30 | 2.6 | $- | ||||
Options exercisable at September 30, 2014 | 308,000 | $2.30 | 2.6 | $- | ||||
No Option expense was recognized during the three months ended September 30, 2014. Option expense of $1,179,395 was included in professional fees for the six months ended September 30, 2014. | ||||||||
Note_9_Common_Stock
Note 9 - Common Stock | 6 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 9 - Common Stock | ' |
note 9 – common stock | |
On August 7, 2014, the Company issued PT Platinum Consulting, LLC 38,686 shares of common stock valued at $62,448 to settle outstanding invoices for professional services. | |
On August 7, 2014, the Company issued 60,406 shares of common stock valued at $91,378 to pay cumulative preferred stock dividends on the outstanding Series A Convertible Preferred Stock. | |
During the six months ended September 30, 2014, the Company issued Fidare Consulting Group 42,171 shares of common stock valued at $120,000. | |
During the six months ended September 30, 2014, the Company issued Mr. Richardson 42,171 shares of common stock value at $120,000. | |
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 10 - Commitments and Contingencies | ' |
Note 10 – Commitments and Contingencies | |
We have recently become aware of a letter dated December 17, 2012 from Dr. Steven Henson to Michael Farmer, who at time was not a director or officer of Rangeford, with regard to our offering of up to $3,000,000 of our preferred stock in connection with our proposed acquisition of certain properties from Great Northern Energy, Inc. In the letter, Dr. Henson, who at the time was the President and Chairman of the Board of Rangeford, purports to grant a right of rescission to certain investors in the event that we were unable to raise the full amount of funds necessary to acquire the subject properties from Great Northern Energy. This right of rescission was never approved by our Board of Directors and it is our position that Dr. Henson acted without proper authority in providing the letter to Mr. Farmer, as the representative of certain investors. At this point no claim has been made by any of the investors, who invested approximately $300,000 in Rangeford and we have no reason to assume that a claim will ultimately be made. |
Note_7_Warrants_Schedule_of_De
Note 7 - Warrants: Schedule of Derivative Liabilities at Fair Value (Tables) | 6 Months Ended | |
Sep. 30, 2014 | ||
Tables/Schedules | ' | |
Schedule of Derivative Liabilities at Fair Value | ' | |
Expected volatility | 207% | |
Expected dividends | 0 | |
Expected term (in years) | 2 | |
Risk-free rate | 0.42% | |
Note_7_Warrants_Schedule_of_Sh
Note 7 - Warrants: Schedule of Share Based Compensation Stock Warrants Activity Table (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Tables/Schedules | ' | |||||||
Schedule of Share Based Compensation Stock Warrants Activity Table | ' | |||||||
Stock Warrants | Number of Warrants | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||
Balance: April 1, 2014 | 280,000 | $ 5.24 | 2 | $ -0- | ||||
Granted | 120,000 | $ 4.40 | 2 | $ -0- | ||||
Exercised | - | $ - | $ - | |||||
Expired | - | - | - | |||||
Balance: September 30, 2014 | 400,000 | $ 4.99 | 2 | $ -0- | ||||
Warrants exercisable at September 30, 2014 | 400,000 | $ 4.99 | 2 | $ -0- |
Note_8_Options_Schedule_of_Sha
Note 8 - Options: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Tables/Schedules | ' | |||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||
Options | Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||
Balance: April 1, 2014 | - | $ - | $ - | |||||
Granted | 308,000 | $2.30 | 2.6 | $ - | ||||
Exercised | - | - | - | |||||
Expired | - | - | - | |||||
Balance: September 30, 2014 | 308,000 | $2.30 | 2.6 | $- | ||||
Options exercisable at September 30, 2014 | 308,000 | $2.30 | 2.6 | $- |
Note_4_Debt_Issuance_Costs_Det
Note 4 - Debt Issuance Costs (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Feb. 01, 2015 | Sep. 04, 2013 |
Cicerone Corporate Development LLC | Cicerone Corporate Development LLC | |||
Loans and Leases Receivable, Gross, Consumer, Revolving, Other | ' | ' | ' | $750,000 |
Investment Maturity Date | ' | ' | 1-Feb-15 | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | 2.75% |
Common Stock, Shares Issued | 20,016,821 | 18,833,385 | ' | 1,500,000 |
Note_5_Related_Party_Notes_Pay1
Note 5 - Related Party Notes Payable and Advances (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 27, 2013 | Nov. 01, 2012 | Nov. 28, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Hadley Note | Hadley Note | Hadley Note | CE Trust | Cicerone | Cicerone | |||||
Due to Related Parties, Current | ' | ' | ' | ' | $100,000 | $100 | $175,742 | $133,066 | ||
Short-term Debt, Percentage Bearing Fixed Interest Rate | ' | ' | ' | ' | 6.00% | ' | ' | ' | ||
Common Stock, Other Shares, Outstanding | ' | ' | 250,000 | ' | 250,000 | ' | ' | ' | ||
Common Stock | 20,017 | [1] | 19,833 | [1] | ' | ' | 71,631 | ' | ' | ' |
Beneficial Conversion Feature | ' | ' | ' | 64,632 | ' | ' | ' | ' | ||
Preferred Stock, Discount on Shares | ' | ' | ' | 64,632 | ' | ' | ' | ' | ||
Additional paid-in capital | $5,695,653 | $3,826,914 | ' | $89,837 | ' | ' | ' | ' | ||
[1] | $0.001 par value; 75,000,000 shares authorized; 20,016,821 and 18,833,385 shares issued and outstanding |
Note_6_Related_Party_Transacti1
Note 6 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Jul. 02, 2014 | Jun. 26, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Fidare | Fidare | Fidare | CE McMillan Family Trust | CE McMillan Family Trust | |||||||||
Common Stock | $20,017 | [1] | ' | $20,017 | [1] | ' | $19,833 | [1] | ' | ' | $20,000 | ' | ' |
Warrants Issued | ' | ' | ' | ' | ' | 440,000 | ' | 20,000 | ' | ' | |||
Other Deferred Compensation Arrangements, Liability, Current | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | |||
Common Stock, Shares Issued | 20,016,821 | ' | 20,016,821 | ' | 18,833,385 | 173,244 | ' | ' | ' | ' | |||
Professional fees | $158,145 | $116,921 | $1,684,479 | $275,604 | ' | ' | ' | ' | $313,540 | $523,856 | |||
[1] | $0.001 par value; 75,000,000 shares authorized; 20,016,821 and 18,833,385 shares issued and outstanding |
Note_7_Warrants_Schedule_of_De1
Note 7 - Warrants: Schedule of Derivative Liabilities at Fair Value (Details) (Warrants) | 6 Months Ended |
Sep. 30, 2014 | |
Warrants | ' |
Fair Value Assumptions, Expected Volatility Rate | 207.00% |
Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Fair Value Assumptions, Expected Term | '2 years |
Fair Value Assumptions, Risk Free Interest Rate | 0.42% |
Note_7_Warrants_Schedule_of_Sh1
Note 7 - Warrants: Schedule of Share Based Compensation Stock Warrants Activity Table (Details) (Warrants2, USD $) | 6 Months Ended | |
Sep. 30, 2014 | Apr. 02, 2014 | |
Warrants2 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 400,000 | 280,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $4.99 | $5.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $0 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 120,000 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $4.40 | ' |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm | 2 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Total Intrinsic Value | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 400,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $4.99 | ' |
Weighted Average Remaining Contractual Term Exercisable | 2 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $0 | ' |
Note_7_Warrants_Details
Note 7 - Warrants (Details) (USD $) | 6 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Warrant Expense | $193,540 |
Note_8_Options_Schedule_of_Sha1
Note 8 - Options: Schedule of Share-based Compensation, Stock Options, Activity (Details) (Options2, USD $) | 6 Months Ended |
Sep. 30, 2014 | |
Options2 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 308,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $2.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 308,000 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm | 2.299 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm | 2.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 308,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $2.30 |
Weighted Average Remaining Contractual Term Exercisable | 2.6 |
Note_8_Options_Details
Note 8 - Options (Details) (USD $) | 6 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Option Expense | $1,179,395 |
Note_9_Common_Stock_Details
Note 9 - Common Stock (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Aug. 07, 2014 | Aug. 07, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
PT Platinum Consulting LLC | Preferred Stock Dividends | Fidare Consulting Group, LLC | Mr. Richardson | |||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | 38,686 | 60,406 | 42,171 | 42,171 |
Common Stock, Other Value, Outstanding | ' | ' | $62,448 | $91,378 | $120,000 | $120,000 |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 17, 2012 | ||
Details | ' | ' | ' | ||
Series A Convertible Preferred Stock | $182 | [1] | $182 | [1] | $3,000,000 |
[1] | $0.001 par value; stated value $5.00 per share; 3,000,0000 shares authorized; 182,000 shares issued and outstanding |