GIFA (GIFX) 10-Q 13 Feb 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 31, 2014	Feb. 13, 2015
Document and Entity Information
Entity Registrant Name	Firefish, Inc
Document Type	10-Q
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Entity Central Index Key	1445883
Current Fiscal Year End Date	-28
Entity Common Stock, Shares Outstanding		127,482,504
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
Entity Incorporation, State Country Name	Nevada
Entity Incorporation, Date of Incorporation	29-Apr-08

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Mar. 31, 2014
CURRENT ASSETS
Cash	$18,918	$428
Accounts receivable	6,965	9,494
Deferred cost of sales	40,584
Other current assets		2,444
TOTAL CURRENT ASSETS	66,467	12,366
TOTAL ASSETS	66,467	12,366
CURRENT LIABILITIES
Accounts payable and accrued expenses	3,050	19,225
Accrued expenses - related party	233,985	188,985
Advances - related party	18,429	12,536
Deferred revenue	127,589
TOTAL CURRENT LIABILITIES	383,053	220,746
STOCKHOLDERS' DEFICIT
Common stock: $0.001 par value; 1,000,000,000 shares authorized; 127,482,504 shares issued and outstanding at December 31, 2014 and March 31, 2014	127,483	127,483
Additional paid-in capital	423,189	418,429
Accumulated other comprehensive income	-4,537	-4,957
Accumulated deficit	-862,721	-749,335
TOTAL STOCKHOLDERS' DEFICIT	-316,586	-208,380
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	$66,467	$12,366

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parenthetical (USD $)	Dec. 31, 2014	Mar. 31, 2014
Consolidated Balance Sheets Parenthetical
Common stock par value	$0.00	$0.00
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	127,482,504	127,482,504
Common stock shares outstanding	127,482,504	127,482,504

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Operations and Comprehensive Loss
REVENUES	$752	$5,538	$4,518	$61,739
COST OF REVENUES	42	952	42	13,286
GROSS MARGIN	710	4,586	4,476	48,453
OPERATING EXPENSES:
General and administrative	18,556	17,902	72,862	70,613
General and administrative - related party	15,000	15,000	45,000	45,000
TOTAL OPERATING EXPENSES	33,556	32,902	117,862	115,613
LOSS FROM OPERATIONS	-32,846	-28,316	-113,386	-67,160
OTHER EXPENSE (INCOME):
Interest expense (income)				21,993
Gain on change in fair value of derivative liability				-22,164
TOTAL OTHER (INCOME) EXPENSE				-171
LOSS BEFORE PROVISION FOR INCOME TAXES	-32,846	-28,316	-113,386	-66,989
PROVISION FOR INCOME TAXES
NET LOSS	-32,846	-28,316	-113,386	-66,989
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment loss	-448	586	420	-640
COMPREHENSIVE LOSS	($33,294)	($27,730)	($112,966)	($67,629)
BASIC AND DILUTED INCOME (LOSS) PER SHARE	$0	$0	$0	$0
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	127,482,504	127,482,504	127,482,504	124,906,451

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES
Net loss	($113,386)	($66,989)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair market value of derivative liabilities		-22,164
Amortization of debt discount		21,665
Changes in operating assets and liabilities:
Change in Accounts receivable	2,529	60
Change in Prepaids and other current assets	2,444	-818
Change in Deferred cost of sales	-40,584	-40,081
Change in Accounts payable and accrued expenses	-16,175	-17,481
Change in Accounts payable and accrued expenses - related party	45,000	22,219
Change in Deferred revenue	127,589	82,681
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	7,417	-20,908
NET CASH USED IN INVESTING ACTIVITIES
FINANCING ACTIVITIES
Net advances - related party	5,893	6,647
Contributed capital from shareholder	4,760
Payments on long-term debt		-11,993
Proceeds from sale of common stock		50,000
Payments on convertible note payable		-22,700
NET CASH PROVIDED BY FINANCING ACTIVITIES	10,653	21,954
FOREIGN CURRENCY EFFECT ON CASH	420	-640
NET INCREASE IN CASH	18,490	406
CASH - Beginning of period	428	7,056
CASH - End of period	18,918	7,462
CASH PAID FOR:
Interest		1,807
Income taxes
NON CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for convertible note payable		4,400
Reclass of derivative liability to equity		$26,318

1_Nature_of_Business

1. Nature of Business	9 Months Ended
	Dec. 31, 2014
Notes
1. Nature of Business	1.         Nature of Business
	Firefish, Inc. (the “Company”) was incorporated in the State of Nevada on April 29, 2008.  The Company’s primary operations are in India.
	The Company offers mobile and internet marketing services to retailers. The Company also offers educational services to young learners and young adults. On an annual basis, in January and February the Company hosts an English competency competition referred to as the English Olympiad. As of December 31, 2014, we had $127,589 in deferred revenues and $40,584 in deferred costs related to our annual English Olympiad. The competition typically takes place in January and February and all deferred revenues and costs will be recognized at that time.

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2014
Notes
2. Summary of Significant Accounting Policies	2.         Summary of Significant Accounting Policies
	Going Concern
	The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of the Company as a going concern. The Company, however, has incurred net losses of approximately $863,000 since inception and has a working capital deficit of approximately $317,000.  The Company currently has limited liquidity, and does not yet have revenues sufficient to cover operating costs over an extended period of time.  If the Company is unable to obtain adequate capital, it could be forced to cease operations.
	Management anticipates that the Company will be dependent, for the foreseeable future, on additional investment capital or advances from our most significant shareholder to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets on an as needed basis. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
	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.
	Basis of Presentation
	The accounting policies of the Company are in accordance with the accounting principles generally accepted in the United States of America and are presented in United States dollars (“USD”).  Outlined below are those policies considered particularly significant. The accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of December 31, 2014, and the results of its operations and cash flows for the nine months ended December 31, 2014 and 2013. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission. The Company believes that the disclosures in the unaudited consolidated financial statements are adequate to make the information presented not misleading.  The operating results of the Company on a quarterly basis may not be indicative of operating results for the full year.  For further information, refer to the financial statements and notes included in the Company’s Form 10-K for the year ended March 31, 2014.
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
	Fair Value of Financial Instruments
	The carrying amounts reported in the accompanying consolidated financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments.
	Principles of Consolidation
	The financial statements include the accounts of the Company and its wholly owned subsidiary Firefish Networks Private Limited, an entity formed under the laws of the nation of India. All significant intercompany transactions have been eliminated in the consolidation.
	Basic Loss per Common Share
	Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no common stock equivalents outstanding as of December 31, 2014 and 2013.
	Concentration of Risks
	During the nine months ended December 31, 2014, one customer accounted for almost 100% of revenues and accounts receivable. During the nine months ended December 31, 2013, two customers accounted for 52.0% and 27.7% of revenues, respectively. Management believes the loss of these customers would not have a material impact on the Company’s financial position, results of operations, and cash flows.

3_Convertible_Note_and_Derivat

3. Convertible Note and Derivative Liability	9 Months Ended
	Dec. 31, 2014
Notes
3. Convertible Note and Derivative Liability	3.         Convertible Note and Derivative Liability
	Commencing March 11, 2013, the Company's $32,500 convertible note issued on September 11, 2012 was convertible into common stock. The Company determined that since the conversion price was variable and did not contain a floor, the conversion feature represented a derivative liability.
	The Company calculated the derivative liability related to the convertible note issued on September 11, 2012 using the Black-Scholes pricing model for the note upon the initial date the note became convertible and recorded the fair market value of the derivative liability of $47,885, resulting in a full discount to the note, with the excess fair value of the derivative liability over the convertible note of $15,385 charged immediately to expense during the year ended March 31, 2013. The discount was being amortized over the term of the note. During the nine months ended December 31, 2013, $21,665 of the discount was amortized to interest expense.
	During the nine months ended December 31, 2013, the holder of the convertible note converted $4,400 of principal into 5,365,854 shares of common stock and was repaid the remaining balance of $22,700. The derivative liability of $26,318 associated with the converted and paid principal was credited to additional paid-in capital at the time of conversion and payment.

4_Longterm_Debt

4. Long-term Debt	9 Months Ended
	Dec. 31, 2014
Notes
4. Long-term Debt	4.         Long-term Debt
	On December 8, 2012 the Company borrowed $11,993 from a third party under a long-term note.  Under the terms of the agreement, the note incurred zero percent interest and had no specified maturity date.  Imputed interest on the note was insignificant.  In June 2013, the long-term note was paid in full.

5_Common_Stock

5. Common Stock	9 Months Ended
	Dec. 31, 2014
Notes
5. Common Stock	5.         Common Stock
	In June 2013, the Company sold 5,000,000 shares of common stock for proceeds of $50,000.
	See Note 3 for discussion regarding $4,400 of convertible notes payable converted into 5,365,854 shares of common stock.

6_Related_Party_Transactions

6. Related Party Transactions	9 Months Ended
	Dec. 31, 2014
Notes
6. Related Party Transactions	6.         Related Party Transactions
	The Company has an at-will employment agreement with its Chief Executive Officer.  Under the terms of the agreement the Chief Executive Officer is paid a salary of $5,000 per month plus taxes. As of December 31, 2014, included within accrued expenses - related parties are accrued salary and payroll taxes due under the agreement of $233,985.
	In addition, from time to time the Company's Chief Executive Officer advances monies to fund operations. These advances do not incur interest and are due on demand. As of December 31, 2014, advances owed were $18,429.

7_Subsequent_Events

7. Subsequent Events	9 Months Ended
	Dec. 31, 2014
Notes
7. Subsequent Events	7.         Subsequent Events
	Management has assessed subsequent events subsequent to December 31, 2014 through the date of issuance of these consolidated financial statements, and has determined it does not have any material subsequent events to disclose in these consolidated financial statements.

2_Summary_of_Significant_Accou1

2. Summary of Significant Accounting Policies: Going Concern (Policies)	9 Months Ended
	Dec. 31, 2014
Policies
Going Concern	Going Concern
	The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of the Company as a going concern. The Company, however, has incurred net losses of approximately $863,000 since inception and has a working capital deficit of approximately $317,000.  The Company currently has limited liquidity, and does not yet have revenues sufficient to cover operating costs over an extended period of time.  If the Company is unable to obtain adequate capital, it could be forced to cease operations.
	Management anticipates that the Company will be dependent, for the foreseeable future, on additional investment capital or advances from our most significant shareholder to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets on an as needed basis. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
	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.

2_Summary_of_Significant_Accou2

2. Summary of Significant Accounting Policies: Basis of Presentation (Policies)	9 Months Ended
	Dec. 31, 2014
Policies
Basis of Presentation	Basis of Presentation
	The accounting policies of the Company are in accordance with the accounting principles generally accepted in the United States of America and are presented in United States dollars (“USD”).  Outlined below are those policies considered particularly significant. The accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of December 31, 2014, and the results of its operations and cash flows for the nine months ended December 31, 2014 and 2013. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission. The Company believes that the disclosures in the unaudited consolidated financial statements are adequate to make the information presented not misleading.  The operating results of the Company on a quarterly basis may not be indicative of operating results for the full year.  For further information, refer to the financial statements and notes included in the Company’s Form 10-K for the year ended March 31, 2014.

2_Summary_of_Significant_Accou3

2. Summary of Significant Accounting Policies: Use of Estimates (Policies)	9 Months Ended
	Dec. 31, 2014
Policies
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

2_Summary_of_Significant_Accou4

2. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)	9 Months Ended
	Dec. 31, 2014
Policies
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	The carrying amounts reported in the accompanying consolidated financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments.

2_Summary_of_Significant_Accou5

2. Summary of Significant Accounting Policies: Principles of Consolidation (Policies)	9 Months Ended
	Dec. 31, 2014
Policies
Principles of Consolidation	Principles of Consolidation
	The financial statements include the accounts of the Company and its wholly owned subsidiary Firefish Networks Private Limited, an entity formed under the laws of the nation of India. All significant intercompany transactions have been eliminated in the consolidation.

2_Summary_of_Significant_Accou6

2. Summary of Significant Accounting Policies: Basic Loss Per Common Share (Policies)	9 Months Ended
	Dec. 31, 2014
Policies
Basic Loss Per Common Share	Basic Loss per Common Share
	Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no common stock equivalents outstanding as of December 31, 2014 and 2013.

2_Summary_of_Significant_Accou7

2. Summary of Significant Accounting Policies: Concentration of Risks (Policies)	9 Months Ended
	Dec. 31, 2014
Policies
Concentration of Risks	Concentration of Risks
	During the nine months ended December 31, 2014, one customer accounted for almost 100% of revenues and accounts receivable. During the nine months ended December 31, 2013, two customers accounted for 52.0% and 27.7% of revenues, respectively. Management believes the loss of these customers would not have a material impact on the Company’s financial position, results of operations, and cash flows.

1_Nature_of_Business_Details

1. Nature of Business (Details) (USD $)	9 Months Ended
	Dec. 31, 2014
Details
Entity Incorporation, State Country Name	Nevada
Entity Incorporation, Date of Incorporation	29-Apr-08
Deferred Revenue	$127,589
Deferred cost of sales	$40,584

2_Summary_of_Significant_Accou8

2. Summary of Significant Accounting Policies: Going Concern (Details) (USD $)	Dec. 31, 2014
Details
Approximate Net Losses Since Inception	$863,000
Approximate Working Capital Deficit	$317,000

2_Summary_of_Significant_Accou9

2. Summary of Significant Accounting Policies: Concentration of Risks (Details)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Customer 1
Concentration Risk, Customer	100%	52.00%
Customer 2
Concentration Risk, Customer		27.70%

3_Convertible_Note_and_Derivat1

3. Convertible Note and Derivative Liability (Details) (USD $)	9 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Details
Short term convertible note gross	$32,500	[1]
Fair market value of the derivative liability	47,885
Excess fair value of the derivative liability over the convertible note	15,385
Discount amortized to interest expense			21,665
Principal converted to common stock			4,400
Principal converted to common stock shares			5,365,854
Balance Paid			22,700
Derivative liability credited to additional paid-in capital			$26,318
[1]	Note issued September 11, 2012

4_Longterm_Debt_Details

4. Long-term Debt (Details) (USD $)	1 Months Ended
	Dec. 31, 2012
Details
Proceeds from Issuance of Long-term Debt	$11,993

5_Common_Stock_Details

5. Common Stock (Details) (USD $)	1 Months Ended	9 Months Ended
	Jun. 30, 2013	Dec. 31, 2013
Details
Development Stage Entities, Stock Issued, Shares, Issued for Cash	5,000,000
Proceeds from Issuance of Common Stock	$50,000
Principal converted to common stock		$4,400
Principal converted to common stock shares		5,365,854

6_Related_Party_Transactions_D

6. Related Party Transactions (Details) (USD $)	9 Months Ended
	Dec. 31, 2014	Mar. 31, 2014
Details
Salaries, wages and officers' compensation per month	$5,000
Accrued expenses - related party	233,985	188,985
Advances - related party	$18,429	$12,536