Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jan. 31, 2016 | Mar. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | 3D Makerjet, Inc. | |
Entity Central Index Key | 1,458,023 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --07-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 130,200,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2016 | Jul. 31, 2015 |
Current Assets: | ||
Cash | $ 663 | $ 14,288 |
Inventory | 50,600 | 54,520 |
Total current assets | 51,264 | 68,808 |
Equipment, net of accumulated depreciation of $24,759 and $19,610, respectively | 5,148 | 10,297 |
Prepaid expenses and other assets | 7,234 | 7,234 |
Total Assets | 63,646 | 86,339 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 232,227 | 119,672 |
Convertible notes payable, net of discount of $172,485 and $218,708, respectively | 602,693 | 297,966 |
Total Current Liabilities | $ 834,920 | 417,638 |
Long-term Liabilities: | ||
Convertible notes payable, net of discount of $0 and $61,002, respectively | 61,002 | |
Notes payable | $ 43,000 | 43,000 |
Total Liabilities | $ 877,920 | $ 521,640 |
Stockholders' Deficit: | ||
Preferred stock; $0.001 par value; 10,000,000 shares authorized; none issued or outstanding | ||
Common stock; $0.001 par value; 300,000,000 shares authorized; 130,200,000 and 291,200,000 shares issued and outstanding at July 31, 2016 and July 31, 2015, respectively | $ 130,200 | $ 291,200 |
Additional paid-in capital | 780,659 | 271,039 |
Accumulated deficit | (1,725,134) | (997,540) |
Total Stockholders' Deficit | (814,275) | (435,301) |
Total Liabilities and Stockholders' Deficit | $ 63,646 | $ 86,339 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2016 | Jul. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Property and equipment, accumulated depreciation | $ 24,759 | $ 19,610 |
Convertible notes payable, discount | 172,485 | 218,708 |
Convertible notes payable, net of discount long-term | $ 0 | $ 61,002 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 130,200,000 | 291,200,000 |
Common Stock, shares outstanding | 130,200,000 | 291,200,000 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | ||||
REVENUES | $ 25,868 | $ 12,000 | $ 31,863 | |
COST OF REVENUES | $ 1,481 | 10,642 | 3,920 | 10,642 |
GROSS PROFIT | (1,481) | 15,226 | 8,080 | 21,221 |
OPERATING EXPENSES | ||||
General and administrative | 299,872 | 17,278 | 322,066 | 50,481 |
Compensation | 36,586 | 34,689 | 73,050 | 90,573 |
Professional fees | 51,741 | 76,118 | 110,246 | 108,673 |
TOTAL OPERATING EXPENSES | 388,199 | 128,085 | 505,362 | 249,727 |
LOSS FROM OPERATIONS | (389,680) | (112,859) | (497,282) | (228,506) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | $ 116,414 | $ 129,798 | $ 230,311 | $ 211,751 |
PROVISION FOR INCOME TAXES | ||||
NET INCOME (LOSS) | $ (506,094) | $ (242,657) | $ (727,593) | $ (440,257) |
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED | ||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING :BASIC AND DILUTED | 130,134,783 | 289,787,049 | 207,163,043 | 277,493,662 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Operating Activities: | ||
Net loss | $ (727,593) | $ (440,257) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of debt discount | 175,844 | 181,277 |
Depreciation and amortization expense | 5,149 | $ 6,889 |
Share based compensation | 280,000 | |
Changes in operating assets and liabilities: | ||
Inventory | 3,920 | $ 8,168 |
Accounts payable and accrued liabilities | 112,555 | 40,801 |
Net Cash Used in Operating Activities | $ (150,125) | (203,122) |
Cash received from acquisition of Makerjet Asia | 1,156 | |
Net cash used in investing activities | 1,156 | |
Financing Activities | ||
Proceeds from a related party | 986 | |
Proceeds from convertible debt | $ 136,500 | 187,500 |
Net Cash Provided by Financing Activities | 136,500 | 188,486 |
Net (Decrease) Increase in Cash | (13,625) | (13,480) |
Cash at Beginning of Period | 14,288 | 19,923 |
Cash at End of Period | $ 663 | $ 6,443 |
Supplemental Cash Flow Information: | ||
Interest paid | ||
Income taxes paid | ||
Non-Cash Financing Transactions: | ||
Acquisition of MakerJet Asia with common stock, net of cash received | $ 40,157 | |
Discount on convertible promissory notes due to beneficial conversion feature | $ 87,583 | $ 187,500 |
ORGANIZATION, BASIS OF ACCOUNTI
ORGANIZATION, BASIS OF ACCOUNTING AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jan. 31, 2016 | |
ORGANIZATION, BASIS OF ACCOUNTING AND SIGNIFICANT ACCOUNTING POLICIES | |
ORGANIZATION, BASIS OF ACCOUNTING AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - ORGANIZATION, BASIS OF ACCOUNTING AND SIGNIFICANT ACCOUNTING POLICIES 3D MakerJet, Inc. (the Company) was incorporated under the laws of the State of Nevada on January 12, 2009. The Company is developing a business plan focused on the sale of 3D printers, scanners, and ancillary equipment. The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended July 31, 2015 and notes thereto contained in the Company's Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. GAAP 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. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Net Loss Per Common Share Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of January 31, 2016 or July 31, 2015. As the Company has incurred losses for all periods, the impact of the common stock equivalents would be antidilutive, and therefore, are not included in the calculation. New Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 amends previous guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company did not have any debt issuance costs by the end of its first quarter for fiscal year 2016, but plans to adopt ASU No. 2015-03 regarding the presentation of debt issuance costs for fiscal year 2016. Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company evaluates subsequent events from the date of the balance sheet through the date when the financial statements are issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them with the SEC on EDGAR system. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jan. 31, 2016 | |
GOING CONCERN: | |
GOING CONCERN | NOTE 2 -GOING CONCERN The Company was formed in January 2009. It has incurred cumulative losses since inception, has a negative working capital of $783,656 and an accumulated deficit of $1,725,134 at January 31, 2016, and has had recurring negative cash flows from operations. While the Company is attempting to raise both debt and equity capital, expand operations and produce revenues, the Company's cash position may not be significant enough to support the Company's daily operations. Management intends to seek funds from outside business contacts as needed. There can be no assurances to that its business plan will succeed. Accordingly, there is doubt that the Company will be able to realize its assets and liquidate its liabilities in the normal course of business operations. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan and generate revenues. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
CONVERTIBLE PROMISSORY NOTES
CONVERTIBLE PROMISSORY NOTES | 6 Months Ended |
Jan. 31, 2016 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE PROMISSORY NOTES | NOTE 3 - CONVERTIBLE PROMISSORY NOTES On various dates from May 28, 2014 through January 31, 2016, the Company issued convertible promissory notes totaling $775,178, including $275,631 to an employee. Of this amount, $399,500, including $62,000 from the acquisition of 3D MakerJet Asia was recorded during the year ended July 31, 2015, and $136,500, was recorded during the three months ended January 31, 2016. At the time of issuance, the notes were evaluated and were determined to contain a beneficial conversion feature. As a result, a discount on convertible promissory notes totaling $601,395, including $207,258 to the employee, was recorded with a corresponding credit to additional paid-in capital. Accumulated discount amortization as of January 31, 2016 amounted to $428,910. Description Balance January 31, 2016 Balance July 31, 2015 48 convertible promissory notes, in amounts ranging from $2,500 to $131,631, all maturing within one year, bearing interest at 15% per annum, convertible into common stock at the conversion price of $0.001 per share $ 775,178 $ 638,678 Original beneficial conversion feature discount (601,395) (532,775) Discount amortization 428,910 253,065 Unamortized discount (172,485) (218,708) Net $ 602,693 $ 358,958 Presented in the balance sheet as: Description Balance January 31, 2016 Balance July 31, 2015 Short-term $ 602,693 $ 297,966 Long-term - 61,002 Total $ 602,693 $ 358,968 |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 6 Months Ended |
Jan. 31, 2016 | |
STOCKHOLDERS' DEFICIT | |
STOCKHOLDERS' DEFICIT | NOTE 4 - STOCKHOLDERS' DEFICIT On September 30, 2014, our board of directors and majority shareholder approved a twenty-six for one (26: 1) forward split of our issued and outstanding common stock. The total number of authorized shares was not changed. All share and per share information has been retroactively adjusted to reflect the reverse stock split in the financial statements and in the notes to the financial statements for all periods presented, to reflect the reverse stock split as if it occurred at beginning of the comparable year. On October 30, 2015, the Companys majority shareholder, Market Milestones, Inc., cancelled 161,200,000 shares of common stock that it owned in the Company. Market Milestones continues to own a majority of the Companys issued and outstanding shares of common stock. On December 2, 2015, we issued 200,000 shares of our common stock in consideration for consulting services provided by EGM Firm, Inc. The company recorded increases totaling $200 to capital stock, $279,800 towards additional paid-in capital. On various dates, during the six month period ended January 31, 2016, the Company recorded increases totaling $68,620 to additional paid-in capital related to beneficial conversion features on convertible promissory notes. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jan. 31, 2016 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 5 - SUBSEQUENT EVENTS The Company has evaluated all events that occurred after the balance sheet date of January 31, 2016 through March 11, 2016, the date when the financial statements were issued, and identified the following reportable subsequent event: Subsequent to the end of the period, the Company issued convertible promissory notes totaling $36,000. The notes mature within one year, carry interest at 15%, and are convertible into the common stock of the Company at a conversion price of $0.001 per share. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jan. 31, 2016 | |
ACCOUNTING POLICIES (Policies) | |
Accounting Basis | 3D MakerJet, Inc. (the Company) was incorporated under the laws of the State of Nevada on January 12, 2009. The Company is developing a business plan focused on the sale of 3D printers, scanners, and ancillary equipment. The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended July 31, 2015 and notes thereto contained in the Company's Annual Report on Form 10-K. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. GAAP 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. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Net Loss Per Common Share | Net Loss Per Common Share Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of January 31, 2016 or July 31, 2015. As the Company has incurred losses for all periods, the impact of the common stock equivalents would be antidilutive, and therefore, are not included in the calculation. |
New Accounting Standards | New Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 amends previous guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company did not have any debt issuance costs by the end of its first quarter for fiscal year 2016, but plans to adopt ASU No. 2015-03 regarding the presentation of debt issuance costs for fiscal year 2016. |
Subsequent Events | Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company evaluates subsequent events from the date of the balance sheet through the date when the financial statements are issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them with the SEC on EDGAR system. |
SCHEDULE CONVERTIBLE PROMISSORY
SCHEDULE CONVERTIBLE PROMISSORY NOTES (Tables) | 6 Months Ended |
Jan. 31, 2016 | |
SCHEDULE CONVERTIBLE PROMISSORY NOTES | |
SCHEDULE CONVERTIBLE PROMISSORY NOTES | Description Balance January 31, 2016 Balance July 31, 2015 48 convertible promissory notes, in amounts ranging from $2,500 to $131,631, all maturing within one year, bearing interest at 15% per annum, convertible into common stock at the conversion price of $0.001 per share $ 775,178 $ 638,678 Original beneficial conversion feature discount (601,395) (532,775) Discount amortization 428,910 253,065 Unamortized discount (172,485) (279,710) Net $ 602,693 $ 358,958 Description Balance January 31, 2016 Balance July 31, 2015 Short-term $ 602,693 $ 297,966 Long-term - 61,002 Total $ 602,693 $ 358,968 |
Going concern (Details)
Going concern (Details) - USD ($) | Jan. 31, 2016 | Oct. 31, 2015 |
GOING CONCERN DETAILS | ||
Negative working capital | $ 783,656 | $ 591,731 |
Accumulated deficit | $ 1,725,134 | $ 1,219,039 |
Convertible promissory notes (N
Convertible promissory notes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 20 Months Ended | |
Jan. 31, 2016 | Oct. 31, 2015 | Jan. 31, 2016 | Jul. 31, 2015 | Jan. 31, 2016 | |
Convertible promissory notes (Narrative) | |||||
Company issued convertible promissory notes totaling | $ 0 | $ 0 | $ 775,178 | ||
Company issued convertible promissory note to an employee | 0 | 0 | 257,631 | ||
Convertible notes from the acquisition of MakerJet Asia, LTD | $ 68,000 | 62,000 | 399,500 | ||
Discount on convertible promissory notes totaling | $ 136,500 | 0 | 0 | 601,395 | |
Discount on convertible promissory notes including to employee | 0 | 0 | 207,258 | ||
Accumulated discount amortization | $ 341,327 | $ 428,910 | $ 0 | $ 0 |
Convertible promissory notes (D
Convertible promissory notes (Details) - USD ($) | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 |
Convertible promissory notes Details | |||
Convertible Promissory Notes | $ 775,178 | $ 706,678 | $ 638,678 |
Original beneficial conversion feature discount | (601,395) | (569,800) | (532,775) |
Discount amortization | 428,910 | 341,327 | 253,065 |
Unamortized discount | (172,485) | (228,473) | (218,708) |
Net Convertible promissory notes | $ 602,693 | $ 478,205 | $ 358,958 |
Convertible promissory notes Pa
Convertible promissory notes Parentheticals (Details) | Jan. 31, 2016USD ($)$ / shares | Oct. 31, 2015USD ($)$ / shares |
Convertible promissory notes Parentheticals | ||
Convertible promissory notes amount, range minimum | $ 2,500 | $ 2,500 |
Convertible promissory notes amount, range maximum | $ 131,631 | $ 131,631 |
Convertible promissory notes maturing in year | 48 | 1 |
Interest rate per annum | 15.00% | 15.00% |
Conversion price per share | $ / shares | $ 0.001 | $ 0.001 |
Convertible promissory notes pr
Convertible promissory notes presented (Details) - USD ($) | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 |
Convertible promissory notes presented in the balance sheet Details | |||
Short-term | $ 602,693 | $ 478,204 | $ 297,966 |
Long-term | 0 | 61,002 | |
Total | $ 602,693 | $ 478,204 | $ 358,968 |
Equity transactions (Details)
Equity transactions (Details) | 6 Months Ended | ||||
Jan. 31, 2016USD ($) | Dec. 02, 2015USD ($) | Oct. 31, 2015USD ($) | Oct. 30, 2015USD ($) | Sep. 30, 2014 | |
Equity Transactions Details | |||||
Shareholder approved a twenty-six for one forward split of our issued and outstanding common stock | 26 | ||||
Company majority shareholder, Market Milestone, Inc. cancellation of shares | $ 37,026 | $ 161,200,000 | |||
Issuance of common stock for consulting services | $ 200,000 | ||||
Increase of Capital Stock | $ 200 | ||||
Increase of Capital Stock toward paid in capital | 279,800 | ||||
Increase to additional paid in capital related to beneficial conversion features on convertible promissory notes | $ 68,620 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Oct. 31, 2015USD ($)$ / shares | Jan. 31, 2015USD ($)$ / shares |
SUBSEQUENT EVENTS TRANSACTIONS DETAILS | ||
Issued convertible promissory notes totaling | $ | $ 47,500 | $ 36,000 |
Notes mature within year | 1 | 1 |
Notes carry interest at per annum | 15.00% | 15.00% |
Conversion price per share | $ / shares | $ 0.001 | $ 0.001 |