Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information: | |
Entity Registrant Name | Rangeford Resources, Inc. |
Document Type | 10-Q |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Entity Central Index Key | 1438035 |
Current Fiscal Year End Date | -28 |
Entity Common Stock, Shares Outstanding | 19,993,963 |
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 | Q3 |
Rangeford_Resources_Inc_Balanc
Rangeford Resources, Inc. - Balance Sheets (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
Current Assets: | ||||
Cash | $115 | $173 | ||
Debt Issuance Cost- net of amortization | 19,568 | [1] | 101,271 | [1] |
TOTAL CURRENT ASSETS | 19,683 | 101,444 | ||
Deposit | 36,557 | 36,557 | ||
Total Assets | 56,240 | 138,001 | ||
Current Liabilities: | ||||
Accounts payable | 591,435 | 546,047 | ||
Accounts payable, related party | 31,211 | |||
Accrued interest payable, related party | 18,128 | 6,872 | ||
Related party advances and notes payable | 550,914 | 368,226 | ||
TOTAL CURRENT LIABILITIES | 1,191,688 | 921,145 | ||
Stockholders' Deficit | ||||
Series A Convertible Preferred Stock | 182 | [2] | 182 | [2] |
Common Stock to be issued | 160,000 | |||
Common Stock | 19,994 | [3] | 19,833 | [3] |
Additional paid-in capital | 5,655,675 | 3,826,914 | ||
Retained deficit | -6,971,299 | -4,630,073 | ||
Total Stockholders' Deficit | -1,135,448 | -783,144 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $56,240 | $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; 19,993,963 and 19,833,385 shares issued and outstanding |
Statement_of_Financial_Positio
Statement of Financial Position - Parenthetical (USD $) | Dec. 31, 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 | 19,993,963 | 19,833,385 |
Common Stock, Shares Outstanding | 19,993,963 | 19,833,385 |
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 | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING EXPENSES | ||||
Investor relations | $12,536 | $37,403 | ||
Professional fees | 138,676 | 45,119 | 1,823,154 | 110,223 |
Professional fees, related party | 60,000 | 618,111 | 373,540 | 1,141,967 |
General and administrative | 15,806 | 2,544 | 51,574 | 39,222 |
TOTAL OPERATING EXPENSES | 214,482 | 678,310 | 2,248,268 | 1,328,815 |
Loss from operations | -214,482 | -678,310 | -2,248,268 | -1,328,815 |
OTHER EXPENSE | ||||
Interest expense, related party | 32,800 | 29,897 | 92,958 | 44,679 |
Total other expense | 32,800 | 29,897 | 92,958 | 44,679 |
Loss before income taxes | -247,282 | -708,207 | -2,341,226 | -1,373,494 |
Provision for income tax | ||||
Net loss | -247,282 | -708,207 | -2,341,226 | -1,373,494 |
Preferred stock dividends | -91,378 | -64,632 | ||
Net loss attributable to common shareholders | ($247,282) | ($708,207) | ($2,432,604) | ($1,438,126) |
Per share information: | ||||
Basic and diluted loss per common share | ($0.01) | ($0.04) | ($0.12) | ($0.08) |
Weighted average shares outstanding | 20,036,284 | 19,725,875 | 19,938,952 | 18,722,227 |
Rangeford_Resources_Inc_Statem1
Rangeford Resources, Inc. - Statements of Cash Flows (USD $) | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Cash flows from Operating Activities | ||||
Net loss | ($2,341,226) | ($1,373,494) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Common stock issued for services | 422,447 | 341,473 | ||
Amortization of debt discount | 81,703 | 35,778 | ||
Warrant expense | 387,080 | 544,294 | ||
Option expense | 1,179,395 | |||
Preferred stock issued for interest expense | 8,381 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | 24,375 | |||
Accounts payable | 45,388 | 120,259 | ||
Accounts payable, related party | 31,211 | |||
Accrued interest payable | 11,256 | 521 | ||
Net cash used in operating activities | -182,746 | -298,413 | ||
Cash Flows From Financing Activities | ||||
Proceeds from related advances and notes payable | 182,688 | 310,066 | ||
Net cash provided by financing activities | 182,688 | 310,066 | ||
Net (decrease) increase in cash | -58 | 11,653 | ||
Cash, Beginning of Period | 173 | |||
Cash, End of Period | 115 | 11,653 | ||
Supplemental disclosure of non-cash investing and financing activities: | ||||
Issuance of Series A preferred stock to settle shareholder note payable | 108,381 | |||
Issuance common stock with debt | [1] | 164,338 | [1] | |
Preferred stock dividends paid in common stock | 91,378 | 16,570 | ||
Supplemental Cash Flow Information: | ||||
Cash paid for interest | ||||
Cash paid for income taxes | ||||
[1] | Issuance of 1,500,000 shares of common stock with debt |
Note_1_Condensed_Financial_Sta
Note 1 - Condensed Financial Statements | 9 Months Ended |
Dec. 31, 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 December 31, 2014 and 2013 and for the Nine months ended December 31, 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 nine months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the year ending March 31, 2015. 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, 2014, as amended. | |
Reclassifications | |
Certain amounts in the December 31, 2013 financial statements have been reclassified to conform to the December 31, 2014 presentation. |
Note_2_Going_Concern
Note 2 - Going Concern | 9 Months Ended |
Dec. 31, 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, 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. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Dec. 31, 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 | 9 Months Ended |
Dec. 31, 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 (the “Cicerone Revolving Note”) from Cicerone Corporate Development, LLC, a related party, (“Cicerone”). The Cicerone Revolving Note matured 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 $28,576 and $81,703 was recorded in the Company’s statements of operations for the three and nine months ended December 31, 2014, respectively. Additional interest expense of $27,895 and $35,778 was recorded in the Company’s statements of operations for the three and nine months ended December 31, 2013, respectively. On January 29, 2014, the maturity of the Revolving Credit Note was extended to February 1, 2017 on the same terms and conditions. The extension was accounted for as a modification. All previously capitalized debt issuance costs had been fully amortized at the date of the modification and no additional fees were incurred. Cicerone is a stockholder of the Company. (see note 5) |
Note_5_Related_Party_Notes_Pay
Note 5 - Related Party Notes Payable and Advances | 9 Months Ended |
Dec. 31, 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 Mr. Hadley, 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 Great Northern Energy as a deposit to purchase certain oil and gas assets. 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 December 31, 2014, all 250,000 shares were issued to Mr. Hadley. | |
Upon the Company’s receipt of a Subscription Agreement and pursuant to a request 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; 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 was 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 December 31, 2014. | |
Fidare paid certain travel, SEC filing expenses and other expenses on behalf of the Company during the three and nine month periods ended December 31, 2014, aggregating $2,966 and $25,223, respectively. The amounts have not been paid as of December 31, 2014 and are included in Accounts Payable-related party. | |
At various times Cicerone advanced funds to or paid operating expenses on behalf of the Company under the Cicerone Revolving Note. During the three and nine months ended December 31, 2014, advances under the Cicerone Revolving Note were $6,945 and $182,688, respectively. During the three and nine months ended December 31, 2013, advances under the Cicerone Revolving Note were $177,000 and $310,066, respectively. As of December 31, 2014, the outstanding balance of the Cicerone Revolving Note was $550,914. The Company has not made any interest payments which are payable semi-annually on June 30 and December 31. As of December 31, 2014, accrued and unpaid interest on the Cicerone Revolving Note was $18,128. | |
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. The Company believes, although the shareholdings received pursuant to the various agreements may not exceed the required thresholds, Mr. McMillan is a related party. |
Note_6_Related_Party_Transacti
Note 6 - Related Party Transactions | 9 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 6 - Related Party Transactions | NOTE 6 – RELATED PARTY TRANSACTIONS |
Professional Services | |
In September 2012, the Company entered into a professional services contract with 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 received 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. The managing member of Fidare is the C.E. McMillan Family Trust. Harry McMillan is trustee of the C.E. McMillan Family Trust. | |
For the three and nine month periods ended December 31, 2014, the Company recognized $60,000 and $373,540 in Professional fees- related party expenses that were paid or are payable in shares of stock and warrants. As of December 31, 2014, the Company is obligated to issue Fidare 46,575 share of the Company’s common stock under these agreements. | |
For the three and nine month periods ended December 31, 2013, the Company recognized $256,056 and $468,239 in Professional fees- related party expenses that were paid in shares of stock and warrants. |
Note_7_Warrants
Note 7 - Warrants | 9 Months Ended | |||||||
Dec. 31, 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 December 31, 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: December 31, 2014 | 400,000 | $ 4.99 | 2 | $ 0 | ||||
Warrants exercisable at December 31, 2014 | 400,000 | $ 4.99 | 2 | $ 0 | ||||
No Warrant expense recognized during the three months ended December 31, 2014. Warrant expense of $193,540 and $193,540 was included in Professional fees and Professional Fees-related party, respectively, for the nine months ended December 31, 2014. |
Note_8_Options
Note 8 - Options | 9 Months Ended | |||||||
Dec. 31, 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 December 31, 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 | $ 2.299 | 2.6 | $- | ||||
Exercised | - | - | - - | |||||
Expired | - | - | - - | |||||
Balance: December 31, 2014 | 308,000 | $ 2.299 | 2.6 | $- | ||||
Options exercisable at December 31, 2014 | 308,000 | $ 2.299 | 2.6 | $- | ||||
No Option expense was recognized during the three months ended December 31, 2014. Option expense of $1,179,395 was included in professional fees for the nine months ended December 31, 2014. |
Note_9_Common_Stock
Note 9 - Common Stock | 9 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 9 - Common Stock | note 9 – common stock |
During the quarter ended June 30, 2014, the Company issued Fidare 13,846 shares of common stock valued at $60,000 for services (see note 6). | |
During the quarter ended June 30, 2014, the Company issued Mr. Colin Richardson, Chief Executive Officer and President (“Mr. Richardson”), 13,846 shares of common stock valued at $60,000 for services (see note 6). | |
On August 7, 2014, the Company issued PT Platinum Consulting, LLC 38,686 shares of common stock valued at $62,447 to settle outstanding invoices for professional services. The number of shares were determined based on the closing price of the stock on the date of the agreement. | |
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. The number of shares issued was determined based on the closing price of the stock on the date of the declaration of the preferred dividends. Dividends are not accrued until declared. | |
During the quarter ended September 30, 2014, the Company issued Fidare 16,897 shares of common stock valued at $40,000 and committed to issue an additional 11,439 shares of common stock valued at $20,000 for services (see note 6). | |
During the quarter ended September 30, 2014, the Company issued Mr. Richardson 16,897 shares of common stock valued at $40,000 and committed to issue an additional 11,439 shares of common stock to Mr. Richardson valued at $20,000 for services (see Note 6). | |
During the quarter ended December 31, 2014, in accordance with the terms of the agreement with Fidare the Company is committed to issue 35,146 shares of common stock to Fidare valued at $60,000 for services (see Note 6). | |
During the quarter ended December 31, 2014, in accordance with the terms of the agreement with Mr. Richardson, the Company is committed to issue 35,146 shares of common stock to Mr. Richardson valued at $60,000 for services (see note 6). | |
As of December 31, 2014, the Company has committed to issue a total of 93,150 shares of common stock, as discussed above. All issuable shares are unregistered shares. |
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 10 - Commitments and Contingencies | Note 10 – Commitments and Contingencies |
We have 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 into 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) | 9 Months Ended | |
Dec. 31, 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) | 9 Months Ended | |||||||
Dec. 31, 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: December 31, 2014 | 400,000 | $ 4.99 | 2 | $ 0 | ||||
Warrants exercisable at December 31, 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) | 9 Months Ended | |||||||
Dec. 31, 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 | $ 2.299 | 2.6 | $- | ||||
Exercised | - | - | - - | |||||
Expired | - | - | - - | |||||
Balance: December 31, 2014 | 308,000 | $ 2.299 | 2.6 | $- | ||||
Options exercisable at December 31, 2014 | 308,000 | $ 2.299 | 2.6 | $- |
Note_4_Debt_Issuance_Costs_Det
Note 4 - Debt Issuance Costs (Details) (USD $) | 17 Months Ended | |||
Feb. 01, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Sep. 04, 2013 | |
Common Stock, Shares Issued | 19,993,963 | 19,833,385 | ||
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 | 1,500,000 |
Note_5_Related_Party_Notes_Pay1
Note 5 - Related Party Notes Payable and Advances (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 27, 2013 | Nov. 01, 2012 | Nov. 28, 2012 | Jun. 26, 2013 | ||||
Common Stock | $19,994 | [1] | $19,994 | [1] | $19,833 | [1] | ||||||
Additional paid-in capital | 5,655,675 | 5,655,675 | 3,826,914 | |||||||||
Accrued interest payable, related party | 18,128 | 18,128 | 6,872 | |||||||||
Hadley Note | ||||||||||||
Due to Related Parties, Current | 100,000 | |||||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 6.00% | |||||||||||
Common Stock, Other Shares, Outstanding | 250,000 | 250,000 | 250,000 | |||||||||
Common Stock | 71,631 | |||||||||||
Beneficial Conversion Feature | 64,632 | |||||||||||
Preferred Stock, Discount on Shares | 64,632 | |||||||||||
Additional paid-in capital | 89,837 | |||||||||||
CE Trust | ||||||||||||
Due to Related Parties, Current | 100 | |||||||||||
Fidare | ||||||||||||
Common Stock | 20,000 | |||||||||||
Other Nonrecurring Expense | 2,966 | 25,223 | ||||||||||
Cicerone | ||||||||||||
Due to Related Parties, Current | 550,914 | 550,914 | ||||||||||
Related Party Tax Expense, Due to Affiliates, Current | 6,945 | 182,688 | 177,000 | 310,066 | ||||||||
Accrued interest payable, related party | $18,128 | $18,128 | ||||||||||
[1] | $0.001 par value; 75,000,000 shares authorized; 19,993,963 and 19,833,385 shares issued and outstanding |
Note_6_Related_Party_Transacti1
Note 6 - Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jul. 02, 2014 | Jun. 26, 2013 | ||||
Common Stock | $19,994 | [1] | $19,994 | [1] | $19,833 | [1] | ||||
Professional fees | 138,676 | 45,119 | 1,823,154 | 110,223 | ||||||
Common Stock, Shares Issued | 19,993,963 | 19,993,963 | 19,833,385 | |||||||
Fidare | ||||||||||
Common Stock | 20,000 | |||||||||
Warrants Issued | 20,000 | |||||||||
Other Deferred Compensation Arrangements, Liability, Current | 20,000 | |||||||||
Professional fees | 60,000 | 373,540 | ||||||||
Common Stock, Shares Issued | 46,575 | 46,575 | ||||||||
CE McMillan Family Trust | ||||||||||
Professional fees | $256,056 | $468,239 | ||||||||
[1] | $0.001 par value; 75,000,000 shares authorized; 19,993,963 and 19,833,385 shares issued and outstanding |
Note_7_Warrants_Schedule_of_De1
Note 7 - Warrants: Schedule of Derivative Liabilities at Fair Value (Details) (Warrants) | 9 Months Ended |
Dec. 31, 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 $) | 9 Months Ended | |
Dec. 31, 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 $) | 9 Months Ended |
Dec. 31, 2014 | |
Details | |
Warrant Expense | $193,540 |
Note_8_Options_Schedule_of_Sha1
Note 8 - Options: Schedule of Share-based Compensation, Stock Options, Activity (Details) (Options, USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Options | |
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 $) | 3 Months Ended |
Dec. 31, 2014 | |
Details | |
Option Expense | $1,179,395 |
Note_9_Common_Stock_Details
Note 9 - Common Stock (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Aug. 07, 2014 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | |
PT Platinum Consulting, LLC | |||
Common Stock, Shares Authorized | 38,686 | ||
Preferred Stock Dividends | |||
Common Stock, Shares Authorized | 60,406 | ||
Common Stock, Other Value, Outstanding | 91,378 |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingencies (Details) (USD $) | Dec. 31, 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 |