Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Jul. 21, 2015 | Sep. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Rangeford Resources, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Common Stock, Shares Outstanding | 20,105,293 | ||
Entity Public Float | $ 20,324,259 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,438,035 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Mar. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Current assets | ||
Cash | $ 39 | $ 173 |
Debt Issuance Costs-net of amortization | 101,271 | |
Total current assets | 39 | 101,444 |
Deposit (Note 3) | 36,557 | |
Total assets | 39 | 138,001 |
Current liabilities | ||
Accounts payable | 346,662 | 546,047 |
Accounts payable- related party | 336,677 | |
Accrued interest payable-related party | 22,519 | 6,872 |
Related party advances and notes payable | 100 | 368,226 |
Total current liabilities | 705,958 | 921,145 |
Related party notes payable | 598,759 | |
Total liabilities | 1,304,617 | 921,145 |
Stockholders' deficit | ||
Series A convertible preferred stock, $.001 par value, stated value $5.00 per share, 3,000,000 shares authorized; 182,000 and 162,000 shares issued and outstanding, respectively | 182 | 182 |
Common stock to be issued | 80,000 | |
Common stock, $.001 par value; 75,000,000 shares authorized; 20,105,293 and 19,833,385 shares issued and outstanding, respectively | 20,105 | 19,833 |
Additional paid in capital | 5,855,564 | 3,826,914 |
Deficit accumulated during the development stage | (7,260,429) | (4,630,073) |
Total stockholders' deficit | (1,304,578) | (783,144) |
Total liabilities and stockholders' deficit | $ 39 | $ 138,001 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2015 | Mar. 31, 2014 |
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred stock, shares issued | 182,000 | 162,000 |
Preferred stock, shares outstanding | 182,000 | 162,000 |
Preferred stock, stated value (in Dollars per share) | $ 5 | $ 5 |
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 20,105,293 | 19,833,385 |
Common stock, shares outstanding | 20,105,293 | 19,833,385 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating expenses | ||
Investor relations | $ 1,665 | $ 2,797 |
Professional fees | 212,051 | 218,487 |
Professional fees-related party | 2,196,949 | 1,753,210 |
General and administrative | 66,217 | 99,508 |
Impairment of deposit | 36,557 | |
Total operating expenses | 2,513,439 | 2,074,002 |
Loss from operations | (2,531,439) | (2,074,002) |
Other expense | ||
Interest expense | 116,917 | 74,816 |
Total other expense | 116,917 | 74,816 |
Loss before income taxes | (2,630,356) | (2,148,818) |
Provision for income tax | 0 | 0 |
Net loss | (2,630,356) | (2,148,818) |
Preferred stock dividends | (91,378) | (64,632) |
Deemed preferred stock dividend | (78,800) | |
Total preferred dividends | (164,178) | (64,632) |
Net loss attributable to common shareholders | $ (2,794,534) | $ (2,213,450) |
Basic and diluted loss per common share (in Dollars per share) | $ (0.14) | $ (0.12) |
Weighted average shares outstanding (in Shares) | 19,980,846 | 18,983,839 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Receivables from Stockholder [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Mar. 31, 2013 | $ 162 | $ 18,128 | $ 2,094,910 | $ (2,481,255) | $ (368,055) | |
Shares (in Shares) at Mar. 31, 2013 | 162,000 | 18,127,912 | ||||
Series A Convertible Preferred Stock | $ 20 | 108,361 | 108,361 | |||
Series A Convertible Preferred Stock (in Shares) | 20,000 | |||||
Common stock issued for preferred stock dividend | $ 33 | 16,537 | 16,570 | |||
Common stock issued for preferred stock dividend, shares (in Shares) | 33,140 | |||||
Preferred stock dividends paid | (16,570) | (16,570) | ||||
Common stock issued for services | $ 113 | 461,360 | 461,473 | |||
Common stock issued for services, shares (in Shares) | 113,178 | |||||
Common stock issued with debt | $ 1,500 | 162,838 | $ 164,338 | |||
Common stock issued with debt (in Shares) | 1,500,000 | 164,338 | ||||
Warrant expense | 999,537 | $ 999,537 | ||||
Common stock issued for net exercise of warrants | $ 59 | (59) | ||||
Common stock issued for net exercise of warrants (in Shares) | 59,156 | |||||
Beneficial Conversion feature on Preferred Stock | 64,632 | 64,632 | ||||
Deemed dividend due to amortization of Beneficial Conversion Feature on Preferred Stock | (64,632) | (64,632) | ||||
Net loss | (2,148,818) | (2,148,818) | ||||
Balance at Mar. 31, 2014 | $ 182 | $ 19,833 | 3,826,914 | (4,630,073) | (783,144) | |
Shares (in Shares) at Mar. 31, 2014 | 182,000 | 19,833,386 | ||||
Common stock issued for preferred stock dividend | $ 60 | 91,318 | 91,378 | |||
Common stock issued for preferred stock dividend, shares (in Shares) | 60,406 | |||||
Preferred stock dividends paid | (91,378) | (91,378) | ||||
Options issued for services | 1,179,395 | 1,179,395 | ||||
Common stock issued for services | $ 212 | $ 80,000 | 462,235 | 542,447 | ||
Common stock issued for services, shares (in Shares) | 211,501 | |||||
Warrant expense | 387,080 | 387,080 | ||||
Net loss | (2,630,356) | (2,630,356) | ||||
Balance at Mar. 31, 2015 | $ 182 | $ 20,105 | $ 80,000 | $ 5,855,564 | $ (7,260,429) | $ (1,304,578) |
Shares (in Shares) at Mar. 31, 2015 | 182,000 | 20,105,293 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (2,630,356) | $ (2,148,818) |
used in operating activities: | ||
Common stock issued for services | 542,447 | 461,473 |
Amortization of debt issuance costs | 101,271 | 63,067 |
Warrant expense | 387,080 | 999,537 |
Options Expense | 1,179,395 | |
Preferred stock issued for interest expense | 8,381 | |
Impairment of deposit | 36,557 | 0 |
Changes in operating assets: | ||
Prepaid expenses | 24,375 | |
Changes in operating liabilities: | ||
Accounts payable | (199,385) | 257,579 |
Accounts payable- related party | 336,677 | |
Accrued interest payable | 15,647 | 3,368 |
Net cash used in operating activities | (230,667) | (331,038) |
Cash flows from financing activities | ||
Proceeds from related party payable | 230,533 | 331,211 |
Net cash provided by financing activities | 230,533 | 331,211 |
Net (decrease) increase in cash | (134) | 173 |
Cash at beginning of period | 173 | |
Cash at end of period | 39 | 173 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Issuance of Series A preferred stock to settle shareholder note payable | $ 108,381 | |
Issuance of 1,500,000 shares of common stock with debt (in Shares) | 164,338 | |
Issuance of common stock for preferred stock dividend | $ 91,378 | $ 16,570 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 -Nature of Business Rangeford Resources, Inc. (the Company) was incorporated on December 4, 2007 in the State of Nevada. The Company was organized under the laws of the State of Nevada on December 4, 2007 for the purpose of purchasing, developing and operating oil and gas leases. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 - 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 March 31, 2015 and 2014 . 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 March 31, 2015 and 2014 . 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. The Company recorded an impairment charge of $36,557 for a deposit in the year ended March 31, 2015 . No impairment charges were recorded for the year ended March 31, 2014 . Earnings Per Share Information FASB ASC 260, “ Earnings Per Share” Share Based Expenses ASC 718 "Compensation - Stock Compensation" 0s. The Company should determine if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: ( a b 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 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 expenses. The ability of the Company to continue operating is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. 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. Recent Accounting Pronouncements In August 2014, the FASB issued a new Accounting Standards Update, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 provides guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern within one year of the date the financial statements are issued, and, if such conditions exist, to provide related footnote disclosures. The guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to adopt this guidance when effective and is currently evaluating the effect that the updated standard will have on its financial statements and related disclosures. |
Note 3 - Agreement to Purchase
Note 3 - Agreement to Purchase Oil and Gas Properties | 12 Months Ended |
Mar. 31, 2015 | |
Oil and Gas Property [Abstract] | |
Oil and Gas Properties [Text Block] | Note 3 – 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”), which was later modified through an addendum dated January 25, 2013, to acquire a substantial non-operating working interest in oil assets in East Texas in consideration for a purchase price that includes (a) a cash payment of $3,900,000 in the form of (i) a deposit of $100,000; (ii) a promissory note in the amount of $1,100,000; and (iii) a promissory note in the amount of $2,700,000 and (b) 7,400,000 shares of its restricted common stock. As of September 30, 2013, the Company had transferred a total of $700,000 and issued 7,400,000 shares of common stock to GNE towards the purchase of the oil and gas properties, but the agreement has not been consummated. The $700,000 payment was initially recorded as a long-term deposit on the balance sheet and, subsequently, has been charged to impairment of deposit on the income statement for the year ended March 31, 2014 . 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. The 7,400,000 shares are considered issued and outstanding at December 31, 2013. The deposit of $36,557 recorded on the balance sheet as of December 31, 2013, which is related to the issuance of the 7,400,000 shares of common stock, was charged to impairment of deposit on the income statement for the year ended March 31, 2015. On May 20, 2014, we sent a letter to GNE informing them of this determination and seeking to mutually terminate the Agreement. Given the amount of time that has passed since we first entered into negotiations with GNE and the lack of any tangible results as contemplated in the Agreement, in addition 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 In that letter, we requested that GNE comply with the termination provisions of the Agreement and provide the stock power necessary to cancel the shares and return the $700,000 advanced to them under the terms of the Agreement. Accordingly, once GNE returns the $700,000 and submits the outstanding stock power, we shall immediately consent to and permit the mutual termination of the Agreement. Black Gold Kansas Production, LLC Kansas – George Prospect On April 1, 2015, the Company executed a Purchase and Sale Agreement (the "George PSA") with Black Gold Kansas Production, LLC, a Texas limited liability company (“BGKP”). Pursuant to the George PSA, the Company shall receive a 30% working interest and a 26.25 % net revenue interest in and to the George Prospect and the 4 drilled and completed wells and any by-products produced thereon, machinery, equipment and the books and records related to same which is located in Kansas. Under this George PSA and the contemplated transaction, the Company will also acquire a 75% interest in and to approximately 3,000 acres of land within Bourbon and Allen Counties that contains approximately 42 proved undeveloped (PUD) locations for drilling. Pursuant to the George PSA, the parties also entered into a Joint Exploration Agreement. On July 23, 2015, the parties also entered into an amendment and extension to the George PSA Until October 1, 2015. The total consideration for the purchase, sale and conveyance of the Assets to the Company and the Company’s assumption of the undivided share of liabilities provided for in the George PSA, is the Company’s payment to BGKP of the sum of $767,000 (the “Purchase Price”), as adjusted in accordance with the provisions of the George PSA. Although required by the terms of the PSA, the Company has not yet placed $10,000 in an escrow account (the "George Earnest Money"), which upon closing, would be credited towards the Purchase Price; if however, the closing does not occur because the Company fails or refuses to do so when BGKP is otherwise ready to close and has satisfied all of its obligations under the George PSA, or the Company does not cure a material breach, then BGKP shall keep the George Earnest Money as liquidated damages in lieu of all other damages. As of the date of this Report, the Company has not yet paid the Purchase Price and will not be able to pay that, or the George Earnest Money payment, without receiving additional funding, of which there can be no guarantee. Accordingly, the purchase may not occur. The Company is entitled to conduct due diligence of the properties prior to closing and the George PSA includes curative provisions if certain defects or other issues arise during such due diligence, as well as the handling of any such disputes. The closing of the transaction is currently expected to occur in August 2015, subject to the satisfaction or waiver of certain customary closing conditions, including receipt of all approvals necessary to carry out the activities contemplated under the George PSA and BGKP's delivery of all recordable releases and terminations covering all liens on the property arising under the related credit agreement. The George PSA may be terminated (1) at any time prior to closing by mutual written consent of the Company and BGKP, (2) by either party if closing has not occurred by October 1, 2015, or such later date to which the Closing Date has been delayed, or if any government authority issued an order or ruling permanently restraining, enjoining or otherwise prohibiting the closing, (3) by the Company if there is a material breach of the representations and warranties made by BGKP with 15 days prior notice, and (4) by BGKP if there is a material breach of the representations and warranties made by the Company with 15 days prior notice. Either party may also terminate the George PSA is the other party does not cure any failure to comply in any material respect with any of such other party's covenants or agreements. Wyoming – West Mule Creek On August 6, 2014, the Company executed a Purchase and Sale Agreement (the "Wyoming PSA") with BGKP. Pursuant to the Wyoming PSA, the Company shall receive an agreed upon percentage of the working and net revenue interest in and to the West Mule Creek oilfield, which is located in Wyoming. Through this interest, the Company will receive a certain percentage of the West Mule Creek lease, acres of land within Niobrara County that contains 13 wells, certain rights to specific wells and land contained on the lease, as well as any by-products produced thereon, machinery, equipment and the books and records related to same. Pursuant to the PSA, the parties also entered into a Joint Exploration Agreement (JEA”), with a 3 year term. On August 6, 2014, the parties also entered into an addendum to the Wyoming PSA that clarifies that the Wyoming PSA shall not be interdependent with or upon the JEA and no default under the JEA shall effect the Wyoming PSA or the validity of the related purchase and sale. The total consideration for the purchase, sale and conveyance of the Assets to the Company and the Company’s assumption of the undivided share of liabilities provided for in the Wyoming PSA, is the Company’s payment to BGKP of the sum of $2,352,000 (the “Purchase Price”), as adjusted in accordance with the provisions of the Wyoming PSA. Although required by the terms of the Wyoming PSA, the Company has not yet placed $15,000 in an escrow account (the "Wyoming Earnest Money"), which upon closing, would be credited towards the Purchase Price; if however, the closing does not occur because the Company fails or refuses to do so when BGKP is otherwise ready to close and has satisfied all of its obligations under the Wyoming PSA, or the Company does not cure a material breach, then BGKP shall keep the Wyoming Earnest Money as liquidated damages in lieu of all other damages. As of the date of this Report, the Company has not yet paid the Purchase Price and will not be able to pay that, or the Wyoming Earnest Money payment, without receiving additional funding, of which there can be no guarantee. Accordingly, the purchase may not occur. The Company is entitled to conduct due diligence of the properties prior to closing and the Wyoming PSA includes curative provisions if certain defects or other issues arise during such due diligence and how any disputes regarding same may be handled. The closing of the transaction was expected to occur in March, 2015 subject to the satisfaction or waiver of certain customary closing conditions, including receipt of all approvals necessary to carry out the activities contemplated under the Wyoming PSA and BGKP's delivery of all recordable releases and terminations covering all liens on the property arising under the related credit agreement. However, both parties have agreed to delay the acquisition of the West Mule Creek Oilfield until the acquisition of the George Prospect in Kansas is complete. The Wyoming PSA may be terminated (1) at any time prior to closing by mutual written consent of the Company and BGKP, (2) by either party if closing has not occurred by October 1, 2015, or such later date to which the Closing Date has been delayed, or if any government authority issued an order or ruling permanently restraining, enjoining or otherwise prohibiting the closing, (3) by the Company if there is a material breach of the representations and warranties made by BGKP with 15 days prior notice, and (4) by BGKP if there is a material breach of the representations and warranties made by the Company with 15 days prior notice. Either party may also terminate the PSA is the other party does not cure any failure to comply in any material respect with any of such other party's covenants or agreements. On July 23, 2015, both parties agreed to extend the Wyoming PSA until October 1, 2015. |
Note 4 - Stockholders' Equity
Note 4 - Stockholders' Equity | 12 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 4 - Stockholders’ 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 (the “Stated Value”). Each Share of Preferred Stock bears an eight percent (8%) cumulative dividend (the “Dividend”), due and payable quarterly as of July 31, October 31, January 31 and April 30. The Company records cumulative dividends whether or not declared. During the year ended March 31, 2015, the Company recorded deemed dividends of $72,800 for undeclared dividends on the preferred stock. Each share may be converted by the holder thereof, at any time, into one share of the Company’s common stock, par value $0.001 per share (the “Common Stock”) and one warrant exercisable at $6.50 per share into one share of the Company’s common stock (the “Warrant”). The Company may force conversion to common stock and one warrant if the Company’s common stock trades over $7.00 for forty-five consecutive trading days. In accordance with Emerging Issues Task Force Issue 98-5, Accounting for Convertible Securities with a Beneficial Conversion Features or Contingently Adjustable Conversion Ratios (“EITF 98-5”), the Company recognized an embedded beneficial conversion feature present in the Preferred Stock. The Company allocated a portion of the proceeds equal to the intrinsic value of that feature to additional paid-in capital. The Company recognized and measured an aggregate of $695,769 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 $695,769, attributed to the beneficial conversion feature, is recognized as a deemed preferred stock dividend in the year ended March 31, 2013 In connection with the issuance of the preferred stock, the Company issued warrants granting the holder the right to acquire 162,000 shares of the Company’s common stock at $6.50 per share. The warrants expire three years from the date of issuance. In accordance with Emerging Issues Task Force Issue 00-27, Application of Issue No. 98-5 to Certain Convertible Instruments (“EITF – 0027”), the Company will recognize the value attributable to the warrants in the amount of $378,269 to additional paid in capital and a discount against the preferred stock upon the conversion of the preferred stock into warrants. The Company valued the warrants in accordance with EITF 00-27 using the Black-Scholes pricing model and the following assumptions: contractual terms of 3 years, an average risk free interest rate of 0.38%, a dividend yield of 0%, and volatility of 175.00%. On September 27, 2013 the Company issued 20,000 shares of its Series A convertible preferred stock pursuant to the 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 is not in complete agreement with the history and current status of the Hadley Note and the parties have been unable to reach a resolution. (See Note 6) 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 of $108,361. 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. Common stock The authorized common stock of the Company consists of 75,000,000 shares with par value of $0.001. During the year ended March 31, 2014, the following amounts of our common shares were issued: On May 8, 2013, the Company issued 5,000 shares of common stock valued at $22,000 to Mr. Kevin Carreno, a former board member, pursuant to the terms of his contract to provide legal services to the company. On May 28, 2013, the Company issued 28,356 shares to Fidare Consulting Group related to the exercise of 40,000 warrants. On July 2, 2013, the Company issued 15,584 shares of common stock valued at $60,300 to Delaney Equity Group as payment of an outstanding invoice owed to them for fees related to the issuance of the Series A Convertible Preferred stock. On September 24, 2013, the Company issued 1,500,000 shares valued at $164,338 to Cicerone Corporate Development, LLC related to providing at $750,000 line of credit. On September 30, 2013, we issued Mr. Kevin Carreno, a former Board Member, 21,364 shares of our common stock as payment of outstanding invoices owed to him for his legal services, which is valued at $79,173. On January 27, 2014, the Company issued 33,140 shares valued at $16,570 in partial payment of the company’s cumulative Series A Convertible Preferred stock dividend. On February 25, 2014, the Company issued 30,800 shares to Fidare Consulting Group related to the net exercise of 120,000 warrants. For the year ended March 31, 2014, the Company issued 44,918 shares of common stock valued at $180,000 and 180,000 warrants, valued at $575,860 pursuant to its consulting agreement with Fidare. For the year ended March 31, 2014, we had issued Mr. Richardson 26,311 shares of common stock valued at $120,000 and 120,000 warrants, valued at $423,677, pursuant to his Officer Agreement. During the year ended March 31, 2015, the following amounts of our common shares were issued or were issuable: On August 7, 2014, the Company issued PT Platinum Consulting, LLC 38,685 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. For the year ended March 31, 2015, the 115,013 shares of common stock and 60,000 warrants were awarded to Fidare pursuant to its consulting arrangement. The common stock award includes 28,605 of unissued shares. The common stock was valued at $240,000 and the warrants were valued at $193,540. (see note 7) For the year ended March 31, 2015, the 115,013 shares of common stock and 60,000 warrants were awarded to Mr. Richardson pursuant to his Officer agreement. The common stock award includes 28,605 of unissued shares. The common stock was valued at $240,000 and the warrants were valued at $193,540. As of March 31, 2015, 28,605 shares were issuable to each of Mr. Richardson and Fidare. The Company considers the issuance of shares perfunctory and includes issuable shares in the earnings per share calculation. 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. Diluted loss per share is computed using the weighted average number of shares and dilutive potential common shares outstanding unless common stock equivalent shares are anti-dilutive. Dilutive potential common shares are additional common shares assumed to be exercised. Basic net loss per common share is based on the weighted average number of shares of common stock outstanding during the years ended March 31, 2015 and 2014 . Options On April 28, 2014, the Company granted 108,000 options to purchase the Company’s common stock with a three year term and an exercise price of $1 pursuant to the terms of the board of director’s agreement with Michael Farmer. The options were immediately vested and had a fair value of $427,901 as the grant date. On April 28, 2014, the Company granted 200,000 options to purchase the Company’s common stock with a three year term and an exercise price of $3 pursuant to the terms of the board of director’s agreement with Michael Farmer. . The options were immediately vested and had a fair value of $751,494 as the grant date. 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 March31, 2015 and changes during the year then ended are presented below: Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Balance: April 1, 2014 - $ - $ - Granted 308,000 $ 2.299 2.3 Exercised - -- Expired - - - Balance: March 31, 2015 308,000 $ 2.299 2.3 $ 102,600 Options exercisable at March 31, 2015 308,000 $ 2.299 2.3 102,600 Option expense of $1,179,395 was recognized as professional fees- related parties during the year ended March 31, 2015. No option expense was recognized during the year ended March 31, 2014 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 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 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: March 31, 2015 March 31, 2014 Expected volatility 207% 243 % Expected dividends 0 0 Expected term (in years) 2 2 Risk-free rate 0.42 % 0.35 % A summary of warrant activity for the years ended March 31, 2015 and March 31, 2014 are presented below: Number of Warrants Weighted Average Exercise Price Balance at March 31, 2013 140,000 $ 4.77 Granted 300,000 $ 4.33 Exercised 160,000 $ 3.12 Expired - - Balance at March 31, 2014 280,000 $ 5.24 Granted 120,000 $ 4.40 Exercised - - Expired (100,000 ) $ 6.15 Balance at March 31, 2015 300,000 $ 4.60 Warrants exercisable at March 31, 2015 300,000 $ 4.60 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 5 - Income Taxes We did not provide any current or deferred U.S. Federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Under ACS 740 “Income Taxes,” The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the years ended March 31, 2015 and 2014, applicable under ACS 740. As a result of the adoption of ACS 740, we did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit on the balance sheet. Changes in the net deferred tax assets consist of the following: March 31, 2015 March 31, 2014 Net operating loss carryforward $ (2,453,320 ) $ (1,931,927 ) Valuation allowance 2,453,320 1,931,927 Net deferred tax asset $ - $ - A reconciliation of income taxes computed at the 35% statutory rate to the income tax recorded is as follows: March 31, 2015 March 31, 2014 Net operating loss carryforward $ (858,662 ) $ (676,174 ) Valuation allowance 858,662 676,174 Net deferred tax asset $ - $ - The Company did not pay any income taxes during the years ended March 31, 2015 or 2014 . The net federal operating loss carry forward will expire in 2034. This carry forward may be limited upon the consummation of a business combination under IRC Section 381. |
Note 6 - Related Party Notes Pa
Note 6 - Related Party Notes Payable and Advances | 12 Months Ended |
Mar. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 6 – Related Party Notes Payable and Advances On November 1, 2012, the Company entered into a note agreement with a shareholder/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 March 31, 2015, 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 is not in complete agreement with the history and current status of the Hadley Note. Thus far, the Company and Mr. Hadley have not reached 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. For the year ended March 31, 2014, 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"). On September 4, 2013, we received a $750,000 Revolving Credit Note (the "Cicerone Revolving Note") from Cicerone. 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. We may request advances on the Cicerone Revolving Note in increments of $10,000 at any time prior to the maturity date. If we do not pay the outstanding amount on the maturity date, then the interest rate shall increase to the lesser of 12% or the maximum rate of interest permitted by law. As an inducement to entering into the Cicerone Revolving Note, we issued Cicerone 1,500,000 shares of our common stock (the "Inducement Shares"). The Inducement Shares were recorded at the fair value as of the date of issuance as debt issuance costs of $164,338 and are amortized over the term of the loan. During the years ended March 31, 2015 and 2104, the Company recorded $101,271 and $63,067, respectively, in debt issuance costs amortization which is recorded as interest expense. The Cicerone Revolving Note contains standard events of default, including nonpayment of the Note or any other liability exceeding $50,000, as well as a change in control or entry into bankruptcy, upon which Cicerone may enforce its rights under the Revolving Note. At the time of entering into the Cicerone Revolving Note, Cicerone had already loaned us approximately $65,100, which amount is included as amount advanced under the Cicerone Revolving Note that must be paid back. On January 29, 2015, the maturity of the Revolving Credit Note was extended to February 1, 2017 on the same terms and conditions and was reclassified to non-current liabilities. As of March 31, 2015, the balance due was $598,659 . As of July 17, 2015, we received a total of approximately $600,025, including the $65,100, in advances under the Cicerone Revolving Note, net of repayments . At various times during the years ended March 31, 2015 and 2014, Cicerone Corporate Development, LLC (a related party) advanced funds to the Company for operating expenses. During the year ended March 31, 2015, Cicerone advanced a total of $230,533 to the company. During the year ended March 31, 2014, Cicerone advanced a total of $331,211 to the Company . (See Note 7) |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 7 -Related Party Transactions Professional Services On June 26, 2013, the Company entered into a Consulting Agreement with Fidare Consulting Group, LLC (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. The managing member of Fidare is the C.E. McMillan Family Trust. Harry McMillan is trustee of the C.E. McMillan Family Trust. Harry McMillan is trustee of the C.E. McMillan Family Trust. For the year ended March 31, 2014, 44,919 shares of common stock and 60 0,000 warrants were issued to Fidare and the Company recognized $755,860 related to these agreements. 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. For the year ended March 31, 2015, the Company recognized $463,540 in Professional fees- related party expenses that were paid or are payable in shares of stock and warrants. The stock and warrant awards were valued at the estimated fair value of the awards on the date of grant. As of March 31, 2015, the Company is obligated to issue Fidare 28,605 shares of the Company’s common stock under these agreements. In December 2012, the Company entered into a Master Services Agreement with IntreOrg Systems, Inc. (“IntreOrg”) to provide data aggregation and surveillance of share ownership, purchases, sales and custody by individuals, institutions, broker-dealers, clearing agents, and custodians for a period of one year commencing on December 31, 2012. The annual subscription service is $30,000 plus a one-time set-up fee of $2,500. The agreement renews automatically and remains “evergreen” for succeeding one year terms, unless terminated according to the termination provisions contained in the agreement. The principle owner and CEO/President/Director of IntreOrg was the former President and a major stockholder of the Company as of March 31, 2014 . Harry McMillan is trustee of the C.E. McMillan Family Trust, which Trust serves as the managing member of Fidare and 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. Cicerone was also a member of RF Colorado, who prior to the RF Distribution, was one of our major stockholders. The Company believes, although the shareholdings received pursuant to these agreements may not exceed the required thresholds, Mr. McMillan is a related party. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 – 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 in Rangeford and we have no reason to assume that a claim will ultimately be made. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | 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 and Cash Equivalents, Policy [Policy Text Block] | Cash Cash and cash equivalents include short-term, highly liquid investments with maturities of less than three months when acquired. |
Income Tax, Policy [Policy Text Block] | 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 Measurement, Policy [Policy Text Block] | 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 March 31, 2015 and 2014 . 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 March 31, 2015 and 2014 . |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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. The Company recorded an impairment charge of $36,557 for a deposit in the year ended March 31, 2015 . No impairment charges were recorded for the year ended March 31, 2014 . |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Information FASB ASC 260, “ Earnings Per Share” |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share Based Expenses ASC 718 "Compensation - Stock Compensation" 0s. The Company should determine if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: ( a b 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 |
Going Concern [Policy Text Block] | 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 expenses. The ability of the Company to continue operating is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2014, the FASB issued a new Accounting Standards Update, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 provides guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern within one year of the date the financial statements are issued, and, if such conditions exist, to provide related footnote disclosures. The guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to adopt this guidance when effective and is currently evaluating the effect that the updated standard will have on its financial statements and related disclosures. |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Balance: April 1, 2014 - $ - $ - Granted 308,000 $ 2.299 2.3 Exercised - -- Expired - - - Balance: March 31, 2015 308,000 $ 2.299 2.3 $ 102,600 Options exercisable at March 31, 2015 308,000 $ 2.299 2.3 102,600 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | March 31, 2015 March 31, 2014 Expected volatility 207% 243 % Expected dividends 0 0 Expected term (in years) 2 2 Risk-free rate 0.42 % 0.35 % |
Schedule of Other Share-based Compensation, Activity [Table Text Block] | Number of Warrants Weighted Average Exercise Price Balance at March 31, 2013 140,000 $ 4.77 Granted 300,000 $ 4.33 Exercised 160,000 $ 3.12 Expired - - Balance at March 31, 2014 280,000 $ 5.24 Granted 120,000 $ 4.40 Exercised - - Expired (100,000 ) $ 6.15 Balance at March 31, 2015 300,000 $ 4.60 Warrants exercisable at March 31, 2015 300,000 $ 4.60 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2015 March 31, 2014 Net operating loss carryforward $ (2,453,320 ) $ (1,931,927 ) Valuation allowance 2,453,320 1,931,927 Net deferred tax asset $ - $ - March 31, 2015 March 31, 2014 Net operating loss carryforward $ (858,662 ) $ (676,174 ) Valuation allowance 858,662 676,174 Net deferred tax asset $ - $ - |
Note 2 - Significant Accounti18
Note 2 - Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accounting Policies [Abstract] | ||
Asset Impairment Charges | $ 36,557 | $ 0 |
Note 3 - Agreement to Purchas19
Note 3 - Agreement to Purchase Oil and Gas Properties (Details) | Aug. 06, 2014USD ($) | Sep. 30, 2013USD ($) | Apr. 30, 2015USD ($)a | May. 20, 2014USD ($) | Jan. 25, 2013USD ($)shares | Mar. 31, 2015USD ($)shares | Mar. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares |
Note 3 - Agreement to Purchase Oil and Gas Properties (Details) [Line Items] | ||||||||
Stock Issued During Period, Shares, Other (in Shares) | shares | 164,338 | |||||||
Asset Impairment Charges | $ 36,557 | $ 0 | ||||||
Common Stock, Shares, Outstanding (in Shares) | shares | 20,105,293 | 19,833,385 | ||||||
Deposits Assets, Noncurrent | $ 36,557 | $ 36,557 | ||||||
Great Northern Energy [Member] | ||||||||
Note 3 - Agreement to Purchase Oil and Gas Properties (Details) [Line Items] | ||||||||
Payments to Acquire Oil and Gas Property and Equipment | $ 3,900,000 | |||||||
Escrow Deposit | $ 100,000 | |||||||
Stock Issued During Period, Shares, Other (in Shares) | shares | 7,400,000 | |||||||
Asset Impairment Charges | $ 700,000 | |||||||
Common Stock, Shares, Outstanding (in Shares) | shares | 7,400,000 | |||||||
Increase (Decrease) in Deposits | $ 700,000 | |||||||
Black Gold Kansas Production, LLC. [Member] | ||||||||
Note 3 - Agreement to Purchase Oil and Gas Properties (Details) [Line Items] | ||||||||
Escrow Deposit | $ 15,000 | $ 10,000 | ||||||
Working Interest | 30.00% | |||||||
Revenue Interest | 26.25% | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | |||||||
Area of Land (in Acres) | a | 3,000 | |||||||
Payments to Acquire Businesses, Gross | $ 2,352,000 | $ 767,000 | ||||||
Term of Exploration Agreement | 3 years | |||||||
Promissory Note I [Member] | Great Northern Energy [Member] | ||||||||
Note 3 - Agreement to Purchase Oil and Gas Properties (Details) [Line Items] | ||||||||
Notes Payable | $ 1,100,000 | |||||||
Promissory Note II [Member] | ||||||||
Note 3 - Agreement to Purchase Oil and Gas Properties (Details) [Line Items] | ||||||||
Notes Payable | $ 2,700,000 |
Note 4 - Stockholders' Equity20
Note 4 - Stockholders' Equity (Details) - USD ($) | Aug. 07, 2014 | Jan. 27, 2014 | Jul. 02, 2013 | May. 08, 2013 | Apr. 28, 2014 | Sep. 30, 2013 | Sep. 27, 2013 | Sep. 24, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Feb. 25, 2014 | May. 28, 2013 |
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Preferred Stock, Shares Authorized | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $ 5 | $ 5 | 5 | $ 5 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||||||||
Redeemable Preferred Stock Dividends (in Dollars) | $ 78,800 | ||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | $ 0.001 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 6.50 | $ 6.50 | |||||||||||||
Investment Warrants, Exercise Price (in Dollars per share) | $ 7 | ||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature (in Dollars) | $ 695,769 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 162,000 | ||||||||||||||
Warrant Value (in Dollars) | $ 378,269 | ||||||||||||||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | |||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 542,447 | $ 461,473 | |||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued (in Dollars) | 387,080 | $ 999,537 | |||||||||||||
Common Stock, Value, Subscriptions (in Dollars) | $ 80,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 308,000 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 2.299 | ||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature (in Dollars) | $ 64,632 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 20,000 | ||||||||||||||
Conversion of Stock, Shares Converted | 20,000 | ||||||||||||||
Additional Paid in Capital, Preferred Stock (in Dollars) | $ 89,837 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 16,570 | ||||||||||||||
Common Stock Dividends, Shares | 60,406 | 33,140 | |||||||||||||
Dividends, Stock (in Dollars) | $ 91,378 | ||||||||||||||
Professional Fees [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | $ 1,179,395 | ||||||||||||||
Hadley Note [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Notes Payable (in Dollars) | $ 108,361 | ||||||||||||||
Mr. Carreno [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 5,000 | 21,364 | |||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 22,000 | $ 79,173 | |||||||||||||
Mr. Richardson [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 60,000 | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 115,013 | ||||||||||||||
Common Stock, Shares Subscribed but Unissued | 28,605 | ||||||||||||||
Common Stock, Value, Subscriptions (in Dollars) | $ 240,000 | ||||||||||||||
Warrants and Rights Outstanding (in Dollars) | $ 193,540 | ||||||||||||||
Fidare Consulting Group [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 60,000 | 180,000 | 30,800 | 28,356 | |||||||||||
Stock Issued During Period, Shares, Issued for Services | 115,013 | 44,918 | |||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 180,000 | ||||||||||||||
Class of Warrant or Right, Outstanding | 120,000 | 40,000 | |||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued (in Dollars) | $ 575,860 | ||||||||||||||
Common Stock, Shares Subscribed but Unissued | 28,605 | ||||||||||||||
Common Stock, Value, Subscriptions (in Dollars) | $ 240,000 | ||||||||||||||
Warrants and Rights Outstanding (in Dollars) | $ 193,540 | ||||||||||||||
Delaney Equity Group [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 15,584 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 60,300 | ||||||||||||||
Cicerone Corporate Development, LLC [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 1,500,000 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 164,338 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $ 750,000 | ||||||||||||||
Mr. Richardson [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 120,000 | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 26,311 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 120,000 | ||||||||||||||
Class of Warrant or Right, Outstanding | 423,677 | ||||||||||||||
PT Platinum Consulting, LLC [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 62,447 | ||||||||||||||
Mr. Richardson and Fidare [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Common Stock, Shares Subscribed but Unissued | 28,605 | ||||||||||||||
Warrant [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.38% | ||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 175.00% | ||||||||||||||
Exercise Price 1 [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 108,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 1 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars) | $ 427,901 | ||||||||||||||
Exercise Price 2 [Member] | |||||||||||||||
Note 4 - Stockholders' Equity (Details) [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 3 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars) | $ 751,494 |
Note 4 - Stockholders' Equity21
Note 4 - Stockholders' Equity (Details) - Summary of Option Activity - USD ($) | 12 Months Ended |
Mar. 31, 2015 | |
Summary of Option Activity [Abstract] | |
Balance: April 1, 2014 | 0 |
Balance: April 1, 2014 | $ 0 |
Granted | 308,000 |
Granted | $ 2.299 |
Granted | 2 years 109 days |
Balance: March 31, 2015 | 308,000 |
Balance: March 31, 2015 | $ 2.299 |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 2 years 109 days |
Balance: March 31, 2015 | $ 102,600 |
Options exercisable at March 31, 2015 | 308,000 |
Options exercisable at March 31, 2015 | $ 2.299 |
Options exercisable at March 31, 2015 | 2 years 109 days |
Options exercisable at March 31, 2015 | $ 102,600 |
Note 4 - Stockholders' Equity22
Note 4 - Stockholders' Equity (Details) - Assumptions Used in Evaluating the Warrants | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Assumptions Used in Evaluating the Warrants [Abstract] | ||
Expected volatility | 207.00% | 243.00% |
Expected dividends | 0.00% | 0.00% |
Expected term (in years) | 2 years | 2 years |
Risk-free rate | 0.42% | 0.35% |
Note 4 - Stockholders' Equity23
Note 4 - Stockholders' Equity (Details) - Summary of Warrant Activity - $ / shares | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Note 4 - Stockholders' Equity (Details) - Summary of Warrant Activity [Line Items] | |||
Number of Warrants | 308,000 | 0 | |
Weighted Average Exercise Price | $ 2.299 | $ 0 | |
Warrants exercisable at March 31, 2015 | 308,000 | ||
Warrants exercisable at March 31, 2015 | $ 2.299 | ||
Number of Warrants, Granted | 308,000 | ||
Weighted Average Exercise Price, Granted | $ 2.299 | ||
Warrant [Member] | |||
Note 4 - Stockholders' Equity (Details) - Summary of Warrant Activity [Line Items] | |||
Number of Warrants | 300,000 | 280,000 | 140,000 |
Weighted Average Exercise Price | $ 4.60 | $ 5.24 | $ 4.77 |
Warrants exercisable at March 31, 2015 | 300,000 | ||
Warrants exercisable at March 31, 2015 | $ 4.60 | ||
Number of Warrants, Granted | 120,000 | 300,000 | |
Weighted Average Exercise Price, Granted | $ 4.40 | $ 4.33 | |
Number of Warrants, Exercised | 160,000 | ||
Weighted Average Exercise Price, Exercised | $ 3.12 | ||
Number of Warrants, Expired | (100,000) | ||
Weighted Average Exercise Price, Expired | $ 6.15 |
Note 5 - Income Taxes (Details)
Note 5 - Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Income Taxes Paid | $ 0 | $ 0 |
Note 5 - Income Taxes (Detail25
Note 5 - Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Note 5 - Income Taxes (Details) - Deferred Tax Assets and Liabilities [Line Items] | ||
Net operating loss carryforward | $ (2,453,320) | $ (1,931,927) |
Valuation allowance | 2,453,320 | 1,931,927 |
Computed at 35% [Member] | ||
Note 5 - Income Taxes (Details) - Deferred Tax Assets and Liabilities [Line Items] | ||
Net operating loss carryforward | (858,662) | (676,174) |
Valuation allowance | $ 858,662 | $ 676,174 |
Note 6 - Related Party Notes 26
Note 6 - Related Party Notes Payable and Advances (Details) - USD ($) | Sep. 27, 2013 | Sep. 04, 2013 | Nov. 01, 2012 | Sep. 27, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Jul. 17, 2015 | Nov. 28, 2012 |
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Due to Related Parties, Current | $ 100 | $ 368,226 | ||||||
Common Stock, Value, Issued | 20,105 | 19,833 | ||||||
Additional Paid in Capital | $ 5,855,564 | $ 3,826,914 | ||||||
Common Stock, Shares, Issued (in Shares) | 20,105,293 | 19,833,385 | ||||||
Debt Issuance Cost | $ 164,338 | |||||||
Amortization of Financing Costs | $ 101,271 | $ 63,067 | ||||||
Series A Preferred Stock [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 20,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Other Liabilities | $ 50,000 | |||||||
CE Trust [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Due to Related Parties | $ 100 | |||||||
Cicerone [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Common Stock, Shares, Issued (in Shares) | 1,500,000 | |||||||
Proceeds from Related Party Debt | 230,533 | 331,211 | ||||||
Cicerone [Member] | Revolving Credit Facility [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Due to Related Parties, Current | $ 598,659 | |||||||
Loans and Leases Receivable, Gross, Consumer, Revolving, Other | $ 750,000 | |||||||
Long-term Line of Credit | 65,100 | |||||||
Cicerone [Member] | Revolving Credit Facility [Member] | Prior to Maturity Date [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Loans and Leases Receivable, Gross, Consumer, Revolving, Other | $ 10,000 | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 12.00% | |||||||
Cicerone [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Long-term Line of Credit | $ 600,025 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Cicerone [Member] | Revolving Credit Facility [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.75% | |||||||
Hadley Note [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Beneficial Conversion Feature | 64,632 | |||||||
Preferred Stock, Discount on Shares | 64,632 | |||||||
Additional Paid in Capital | $ 89,837 | |||||||
Hadley Note [Member] | Series A Preferred Stock [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 20,000 | |||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 20,000 | |||||||
Hadley Note [Member] | Director [Member] | ||||||||
Note 6 - Related Party Notes Payable and Advances (Details) [Line Items] | ||||||||
Due to Related Parties, Current | $ 100,000 | |||||||
Debt Instrument, Term | 60 days | |||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 6.00% | |||||||
Common Stock, Other Shares, Outstanding (in Shares) | 250,000 | 250,000 | ||||||
Common Stock, Value, Issued | $ 71,631 |
Note 7 - Related Party Transa27
Note 7 - Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jul. 01, 2014 | Jun. 26, 2013 | Dec. 31, 2012 | |
Note 7 - Related Party Transactions (Details) [Line Items] | |||||
Common Stock, Value, Issued | $ 20,105 | $ 19,833 | |||
Common Stock, Shares, Issued (in Shares) | 20,105,293 | 19,833,385 | |||
Professional Fees | $ 212,051 | $ 218,487 | |||
Fidare [Member] | |||||
Note 7 - Related Party Transactions (Details) [Line Items] | |||||
Common Stock, Value, Issued | $ 20,000 | ||||
Warrants Issued (in Shares) | 600,000 | 20,000 | |||
Common Stock, Shares, Issued (in Shares) | 44,919 | ||||
Professional Fees | $ 463,540 | $ 755,860 | |||
Other Deferred Compensation Arrangements, Liability, Current | $ 20,000 | ||||
Obligated Common Stock Shares to be Issued Under the Agreement (in Shares) | 28,605 | ||||
IntreOrg Systems, Inc. [Member] | |||||
Note 7 - Related Party Transactions (Details) [Line Items] | |||||
Subscription Agreement | $ 30,000 | ||||
Set Up Fees | $ 2,500 |
Note 8 - Commitments and Cont28
Note 8 - Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 17, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Preferred Stock, Value, Issued | $ 182 | $ 182 | $ 3,000,000 |
Investment from Investors, Amount | $ 300,000 |