Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2013 | 20-May-13 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'JAMESON STANFORD RESOURCES CORP | ' |
Entity Central Index Key | '0001477168 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-13 | ' |
Amendment Flag | 'true | ' |
Amendment Description | ' | ' |
EXPLANATORY NOTE | ||
This Amendment No. 1 to the Quarterly Report on Form 10-Q of Jameson Sanford Resources Corporation for the period ended March 31, 2013 (the “Form 10-Q/A”) is amending the Quarterly Report on Form 10-Q originally filed with the Securities and Exchange Commission on May 20, 2013 (the “Original Report”). We are filing this Form 10-Q/A to reflect the restatement of our Unaudited Condensed Consolidated Financial Statements as of March 31, 2013 (the “Financial Statements”). As disclosed in our Current Report on Form 8-K as filed on April 28, 2014 and as amended on Form 8-K/A as filed with the SEC on May 23, 2014, we have determined that the Financial Statements contained an error related to the failure to record the receipt of funds for sales of the Company’s common stock and the accounting for the use of the proceeds from these sales in the period covered by the Original Report. The Financial Statements also contained errors relating to the incorrect classification of our former Director, Chief Executive Officer and majority shareholder’s personal expenses as expenses of our company. | ||
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 31,560,000 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2013 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash | $96 | ' |
Total Current Assets | 96 | ' |
Advances to related party shareholders | 128,951 | ' |
Property & equipment, net | 38,173 | 40,367 |
Mineral Rights | 25,869 | 25,869 |
Deposits | ' | ' |
TOTAL ASSETS | 193,089 | 66,236 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 504,960 | 330,298 |
Accrued compensation | 60,000 | 180,000 |
Convertible debt, related party | 185,000 | 185,000 |
Loans payable | 46,697 | 45,342 |
Advances from related party shareholders, including accrued interest | ' | 49,993 |
Total current liabilities | 796,657 | 790,633 |
Total Liabilities | 796,657 | 790,633 |
STOCKHOLDERS DEFICIT | ' | ' |
Common stock, authorized 350,000,000 shares, $0.001 par value, 31,300,000 issued and outstanding | 31,300 | 31,300 |
Common stock subscribed | 450,000 | ' |
Capital in deficit of par value | -47,172 | -53,168 |
Accumulated deficit during exploration stage | -1,037,696 | -702,529 |
Total Stockholder's Deficit | -603,568 | -724,397 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $193,089 | $66,236 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 31,300,000 | 31,300,000 |
Common stock, shares outstanding | 31,300,000 | 31,300,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 30 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
Revenue | ' | ' | $89,994 |
Cost of Revenue | ' | ' | 66,227 |
Gross Profit | ' | ' | 23,767 |
Operating Expenses | ' | ' | ' |
Executive Compensation | 45,000 | ' | 225,000 |
Exploration and development costs | 115,277 | 32,650 | 270,258 |
Exploration and development costs - related party | ' | ' | 109,922 |
General and administrative | 156,756 | 7,255 | 388,423 |
General and administrative - related party | 10,783 | ' | 38,283 |
Total Operating Expenses | 327,816 | 39,905 | 1,031,886 |
Net Loss from Operations | 327,816 | -39,905 | -1,008,119 |
Other Expenses | ' | ' | ' |
Interest expense, related parties | -5,995 | -2,974 | -28,221 |
Interest expense | -1,356 | ' | -1,356 |
Net Loss before Income Taxes | -335,167 | -42,879 | -1,037,696 |
Income tax provision | ' | ' | ' |
Net Loss | ($335,167) | ($42,879) | ($1,037,696) |
Basic and diluted loss per share | ($0.01) | ($0.01) | ' |
Basic and diluted weighted average shares outstanding | 31,300,000 | 25,000,000 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 30 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | |
Cash flows from operating activities | ' | ' | ' |
Net loss | ($335,167) | ($42,879) | ($1,037,696) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 2,194 | 1,571 | 10,196 |
Imputed interest | 5,996 | 2,974 | 23,610 |
Changes in operating assets and liabilities | ' | ' | ' |
Accounts payable and accrued expenses | 174,662 | 1,184 | 465,378 |
Accrued interest | 1,355 | ' | 5,967 |
Accrued compensation | -120,000 | ' | 60,000 |
Net cash used in operating activities | -270,960 | -37,150 | -472,545 |
Cash flows from investing activities | ' | ' | ' |
Acquisition of mineral rights | ' | ' | -25,869 |
Advances to related party shareholders | -128,951 | ' | -128,951 |
Purchase of equipment | ' | ' | -48,369 |
Net cash used in investing activities | -128,951 | ' | -203,189 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of convertible debt, related party | ' | 20,000 | 185,000 |
Proceeds for common stock subscribed | 450,000 | ' | 450,000 |
Loan payable | ' | ' | 42,000 |
Advances from related party shareholders | -49,993 | 10,186 | -1,270 |
Members contributes | ' | ' | 100 |
Net cash provided by financing activities | 400,007 | 30,186 | 675,830 |
Net increase (decrease) in cash | 96 | -6,964 | 96 |
Cash, beginning of year | ' | 6,991 | ' |
Cash, end of year | 96 | 27 | 96 |
Cash paid for: | ' | ' | ' |
Taxes | ' | ' | 0 |
Interest Expense | ' | ' | 0 |
Liabilities assumed in merger | ' | ' | $39,582 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Nature of Business | ' |
NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS | |
On October 29, 2012, Jameson Stanford Resources Corporation (“the Company”) merged with Bolcán Mining Corporation (Note 2). Prior to the merger, the Company was a publically traded shell company with no business operations. The shell company was originally incorporated under the laws of the state of Nevada in June 2009 as MyOtherCountryClub.com for the purpose of developing a website that would offer reciprocal golf privileges, and other related services, to members of private country clubs throughout the United States. As a result of the merger, the Company is no longer considered a shell company. | |
The intended future operating activities of the Company are to pursue the development of certain mining claims, mineral leases and excavation rights (collectively referred to herein as “mineral rights”) for mining projects located in (a) Star Mining District in Beaver County, Utah, (b) Spor Mountain Mining District in Juab County, Utah, and (c) Ogden Bay Wildlife Management Area in Weber County, Utah. |
Merger
Merger | 3 Months Ended |
Mar. 31, 2013 | |
Business Combination, Description [Abstract] | ' |
Merger | ' |
NOTE 2 – MERGER | |
Effective May 7, 2012, the Company entered into an Agreement and Plan of Merger with Jameson Stanford Resources Corporation, (“Jameson Stanford”), and JSR Sub Co, (“JSR”), both unrelated parties. On July 24, 2012, the above parties entered into an Extension Agreement in order to extend the effective time of the merger to August 3, 2012. On October 24, 2012, the parties entered into a second Extension Agreement extending the closing date for the Merger to October 29, 2012. On October 29, 2012, the Merger was closed. Effective as of the closing of the Merger, the CEO and Director of Jameson Stanford resigned from all positions with the Company and he returned, for cancellation, 52,500,000 shares of the Jameson Stanford’s common stock held in his name. Also at closing, the shareholder of Bolcán Mining was issued 25,000,000 shares of Jameson Stanford’s common stock. As of March 31, 2013 there were 31,300,000 shares of Jameson Stanford common stock outstanding, of which approximately 80% is held by the former shareholders of Bolcán. The merger has been treated as a reverse acquisition and recapitalization of a public company. Accordingly, the historic financial statements of the Company are the historic statements of Bolcán Mining Corporation, which was incorporated on April 11, 2012 in the State of Nevada. |
Going_Concern
Going Concern | 3 Months Ended |
Mar. 31, 2013 | |
Going Concern | ' |
Going Concern | ' |
NOTE 3 – GOING CONCERN | |
The Company is an exploration stage enterprise as defined under generally accepted accounting principles in the United States (“GAAP”). The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. With the restatement of the financial statements, the Company has incurred losses since inception resulting in a restated accumulated deficit during exploration stage of $1,037,696 as of the period ended March 31, 2013. Further losses are anticipated in the development of its business. | |
The Company’s ability to continue as a going concern is dependent upon the Company generating profitable operations and cash flows in the near-term future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations. Management plans to finance the Company’s operating costs as necessary over the next twelve months with advances from owners and directors, and the private placement of the Company’s equity ownership. If management is unsuccessful in these efforts, discontinuance of operations is possible. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||||||||||
Mar. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||
Restatement of Financial Statements | |||||||||||||||||
The financial statements for the period ended March 31, 2013 filed with the SEC on May 20, 2013 contained errors and omissions related to the failure to record the receipt of funds for sales of the Company’s common stock and the accounting for the use of the proceeds from those sales. The financial statements also contained errors relating to the incorrect classification of Michael Stanford, our former sole Director, Chief Executive Officer and majority shareholder’s personal expenses as expenses of our Company. Accordingly, the condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statement of cash flows for the period ended March 31, 2013 and from inception (October 10, 2010) to the period ended March 31, 2013, have been restated to correct these errors and omission. | |||||||||||||||||
The proper recording of the receipt of proceeds from the sale of the Company’s common stock resulted in an increase of common stock subscribed of $450,000, reduction in accrued compensation of $165,000, reduction in advances from related party shareholders of $201,435, reduction in interest expense due to related party shareholders of $3,285 (reduction in net loss of the same amount) and increase of advances to related party shareholders of $86,850. The incorrect classification of personal expenses as company expenses and deposits resulted in reduction of deposits of $12,876, reduction in net loss of $29,225 and increase in advances to related party shareholders of $42,101. | |||||||||||||||||
The net effects of these corrections are noted below by line item for each financial statement that is impacted. The adjustments included in the table below do not reflect, however, any claims or recovery the Company may realize from a lawsuit the Company filed against Mr. Stanford as a result of his improper conduct involving the Company. See Note 10 – Subsequent Events – Michael Stanford Litigation. | |||||||||||||||||
Line Items Affected | As Previously | Adjustments | As Restated | ||||||||||||||
Reported | 31-Mar-13 | ||||||||||||||||
31-Mar-13 | |||||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||
Assets | |||||||||||||||||
Deposits | $ | 12,876 | $ | (12,876 | ) | $ | - | ||||||||||
Advances to related party shareholders | $ | - | $ | 128,951 | $ | 128,951 | |||||||||||
Total Assets | $ | 77,014 | $ | 116,075 | $ | 193,089 | |||||||||||
Liabilities | |||||||||||||||||
Accrued compensation | $ | 225,000 | $ | (165,000 | ) | $ | 60,000 | ||||||||||
Advances from related party shareholders | $ | 201,435 | $ | (201,435 | ) | $ | - | ||||||||||
Total current liabilities | $ | 1,163,092 | $ | (366,435 | ) | $ | 796,657 | ||||||||||
Total Liabilities | $ | 1,163,092 | $ | (366,435 | ) | $ | 796,657 | ||||||||||
Stockholders’ Deficit | |||||||||||||||||
Common stock subscribed | $ | - | $ | 450,000 | $ | 450,000 | |||||||||||
Accumulated deficit during exploration stage | $ | (1,070,206 | ) | $ | 32,510 | $ | (1,037,696 | ) | |||||||||
Total Stockholders’ Deficit | $ | (1,086,078 | ) | $ | 482,510 | $ | (603,568 | ) | |||||||||
Total Liabilities and Stockholders’ Deficit | $ | 77,014 | $ | 116,075 | $ | 193,089 | |||||||||||
As Previously | Adjustments | As Restated | As Restated | ||||||||||||||
Reported | 31-Mar-13 | From Inception | |||||||||||||||
31-Mar-13 | (October 10, 2010) to | ||||||||||||||||
31-Mar-13 | |||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
Executive compensation | $ | 46,793 | $ | (1,793 | ) | $ | 45,000 | $ | 225,000 | ||||||||
Exploration and development costs | $ | 113,399 | $ | 1,878 | $ | 115,277 | $ | 270,258 | |||||||||
General and administrative | $ | 186,065 | $ | (29,309 | ) | $ | 156,756 | $ | 388,423 | ||||||||
Total Operating Expenses | $ | 357,040 | $ | (29,224 | ) | $ | 327,816 | $ | 1,031,886 | ||||||||
Net Loss from Operations | $ | 357,040 | $ | (29,224 | ) | $ | 327,816 | $ | (1,008,119 | ) | |||||||
Interest expense, related parties | $ | (9,281 | ) | $ | 3,286 | $ | (5,995 | ) | $ | (28,221 | ) | ||||||
Net Loss Before Income Taxes | $ | (367,677 | ) | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | ||||||
Net Loss | $ | (367,677 | ) | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | ||||||
Condensed Consolidated Cash Flows | |||||||||||||||||
Net Loss | $ | -367,677 | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | |||||||
Prepaid deposits | $ | (12,876 | ) | $ | 12,876 | $ | - | $ | - | ||||||||
Accrued compensation | $ | 45,000 | $ | (165,000 | ) | $ | (120,000 | ) | $ | 60,000 | |||||||
Accrued interest | $ | 4,641 | $ | (3,285 | ) | $ | 1,356 | $ | 5,967 | ||||||||
Net cash used in operations | $ | (148,060 | ) | $ | (122,901 | ) | $ | (270,961 | ) | $ | (472,546 | ) | |||||
Advances to related party shareholder | $ | - | $ | (128,951 | ) | $ | (128,951 | ) | $ | (128,951 | ) | ||||||
Net cash used in investing activities | $ | - | $ | -128,951 | $ | (128,951 | ) | $ | (203,189 | ) | |||||||
Advances from related party shareholders | $ | 148,156 | $ | (198,149 | ) | $ | (49,993 | ) | $ | (1,270 | ) | ||||||
Common stock subscribed | $ | - | $ | 450,000 | $ | 450,000 | $ | 450,000 | |||||||||
Net cash provided by financing activities | $ | 148,156 | $ | 251,851 | $ | 400,007 | $ | 675,830 | |||||||||
Basis of Accounting and Presentation | |||||||||||||||||
The accompanying condensed financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 4 to the Notes to Condensed Consolidated Financial Statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the restated three months ended March 31, 2013 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2013. The unaudited financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. |
Transactions_with_Majority_Own
Transactions with Majority Owner and Officer | 3 Months Ended |
Mar. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Transactions with Majority Owner and Officer | ' |
NOTE 5 – TRANSACTIONS WITH MAJORITY OWNER AND OFFICER | |
During the year ended December 31, 2012, Michael Stanford, the Company’s Chief Executive Officer and its majority shareholder (the “Majority Owner”) made periodic advances to the Company to fund operations, which were unsecured and payable on demand. Interest was charged at the rate of 12%. The balance in Advances From Related Party Shareholder at December 31, 2012 of $49,993 was eliminated in the restated first quarter of 2013 by advances made to the majority shareholder. At the end of the restated period ended March 31, 2013, the advances to the majority shareholder totaled $128,951. | |
The Company has contracted for minerals testing, laboratory services, project management and materials supply from several entities that are operated by common management or are otherwise controlled by the Majority Owner. Payments to such related party totaled $0 for the period ended March 31, 2013. | |
On August 19, 2014 the Company filed a complaint against Michael Stanford, its former sole director, CEO and largest shareholder based upon the alleged wrongful, fraudulent and tortuous acts involving the Company. The financial statements do not reflect, however, any claims or recovery the Company may realize from this lawsuit against Mr. Stanford as a result of his improper conduct. See Note 10 – Subsequent Events – Michael Stanford Litigation. |
Convertible_Note_Related_Party
Convertible Note - Related Party | 3 Months Ended |
Mar. 31, 2013 | |
Convertible Notes Payable [Abstract] | ' |
Convertible Note - Related Party | ' |
NOTE 6 – CONVERTIBLE NOTE-RELATED PARTY | |
In connection with a memorandum of understanding dated October 27, 2011, the Company received certain cash advances totaling $105,000 from a related party. The advances were unsecured, did not bear interest and were payable on demand | |
In 2011 and 2012, the Company borrowed $185,000 from a related party. The note is due on demand. The unpaid balance was convertible at the option of the related party or the Company into shares of common stock of the Company at the rate of one share of common stock for every two dollars of loan reduction. These conversion rights were not exercised and expired on December 31, 2012. The Company and the related party have verbally agreed to extend the conversion rights to June 30, 2013 Interest expense has been imputed at 12%. All advances under this facility are shown as a current liability in the accompanying financial statements. | |
The balance of the convertible note totaled $185,000 as of the period ended March 31, 2013. The imputed interest as of the period ended March 31, 2013 totaled $5,996. |
Notes_Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Notes Payable | ' |
NOTE 7 – NOTE PAYABLE | |
On May 11, 2012, an individual loaned the Company $42,000. The loan is guaranteed by the Majority Owner, bears interest at 12% per annum, and was extended to a due date of August 24, 2012. The balance of this note, including accrued interest of $4,697, was $46,697 as of the period ended March 31, 2013. As the loan has passed its due date, it is in default. |
Contracts_and_Lease_Commitment
Contracts and Lease Commitments | 3 Months Ended |
Mar. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contracts and Lease Commitments | ' |
NOTE 8 – Contracts and lease commitments | |
Residential Office Lease | |
Commencing February 1, 2013 and continuing to January 31, 2014, the Company is renting residential office space from an entity controlled by the Majority Owner. The monthly lease payment is comparable to rents paid by non-related parties for similar office space in the area. | |
Service Contracts | |
In February 2013, the Company contracted with a consulting group to receive consulting, investor relations and development services. This consulting agreement calls for the issuance of 200,000 restricted common shares. As of the period ended March 31, 2013, these shares were not yet issued. However, because the services were commenced with the signing of the contract, $80,000 was expensed for the period ended March 31, 2013. The value of the services was based on the closing common share value on the share issuance date of April 2, 2013 which was $1.20 per share. | |
Also in February 2013, the Company contracted with a PR advertising company to receive investor relations and development services, video production and distribution, public relations as well as various social media outreach and promotion services. This service contract requires the issuance of 60,000 restricted common shares and minimum quarterly fees totaling $40,000 to be paid over a six month service period. As of the period ended March 31, 2013, these shares were not yet issued. However, because the services were commenced with the signing of the contract, $15,000 was expensed for the period ended March 31, 2013. The value of the services was based on the share value on the closing common share issuance date of April 2, 2013 which was $1.20 per share. | |
Royalty Agreement | |
Under a memorandum of understanding dated January 3, 2013, the Company is obligated to pay an existing investor, a royalty equal to $.50 per metric tonne (approximately 2,200 lbs.) for any sales of ore until the investor has recouped his investment of $750,000. No royalty expense has been incurred or recorded related to this agreement for the period ended March 31, 2013. |
Equity_Transaction
Equity Transaction | 3 Months Ended |
Mar. 31, 2013 | |
Equity [Abstract] | ' |
Equity Transaction | ' |
NOTE 9 – EQUITY TRANSACTION | |
Under a memorandum of understanding dated January 3, 2013, the Company is obligated to issue 5,360,000 shares of common stock for cash consideration of $750,000 to an accredited investor. At March 31, 2013, proceeds of $450,000 have been received and recorded as Common Stock Subscribed. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 10 – Subsequent events | |
On April 2, 2013, 200,000 shares of restricted common stock were issued to a consulting company. The contract calls for various consulting and investor relations services to be performed over six months. The value of the services from the signing date in February to the end of the period ended March 31, 2013 was expensed as outlined in Note 8 above. | |
On April 2, 2013, 60,000 shares of restricted common stock were issued to a marketing company. The contract calls for various social media and public relations services to be performed over six months. The value of the services from the signing date in February to the end of the period ended March 31, 2013 was expensed as outlined in Note 8 above. | |
Michael Stanford Litigation | |
On August 19, 2014 the Company filed a complaint in the Fifth Judicial District Court, Beaver County, Utah (Civil Case No. 140500023) against Michael Stanford, its former sole director, CEO and its largest shareholder based upon the alleged wrongful, fraudulent and tortuous acts whereby Mr. Stanford committed the pervasive, profound, continuous, repeated, and ongoing wrongful and fraudulent acts and omissions resulting in at least $2,591,359 in losses for the Company, $1,272,321 in fraudulent claimed business expenses, $1,319,038 representing investment monies diverted from the Company and monies deposited directly into Mr. Stanford’s personal accounts and the improper issuance to Mr. Stanford of 25,000,000 shares of the Company’s common stock in exchange for the stock of Bolcán Mining Corporation in May 2012 whose assets were highly inflated at the time the Company completed this acquisition. The complaint also alleges that Mr. Stanford misappropriated for his own personal uses $750,000 of investment capital that was to be invested in the Company, the failure to disclose his history of litigation, his general fraudulent conduct in dealing with the Company and threats of violence against the Company’s officers and other persons related to the Company. | |
Based on this conduct, the complaint includes a claim for an accounting, conversion, fraudulent misrepresentation and fraudulent nondisclosure, interference with present and prospective economic relations, declaratory judgment, and injunctive relief. The complaint seeks, among other things, monetary damages of $5,873,675, injunctive relief and punitive damages, cancellation of 25,000,000 shares of the Company’s common stock and the Company’s costs, expenses and attorney’s fees associated with the this lawsuit. | |
On May 27, 2014, Mr. Stanford resigned as an officer and director of the Company. Our current management had no knowledge of Mr. Stanford’s improper conduct as alleged in the complaint which relate to his actions prior to his resignation. | |
The Company believes that its claims in the above case are substantial for the reasons discussed above. Litigation is, however, inherently unpredictable. The outcome of this lawsuit is subject to significant uncertainties and, therefore, determining the likelihood of a recovery and/or the measurement of any recovery is complex. Consequently, we are unable to estimate the range of reasonably possible recovery. Our assessment is based on an estimate and assumption that has been deemed reasonable by management, but the assessment process relies heavily on an estimate and assumption that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change that estimate and assumption. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Restatement of Financial Statements | ' | ||||||||||||||||
Restatement of Financial Statements | |||||||||||||||||
The financial statements for the period ended March 31, 2013 filed with the SEC on May 20, 2013 contained errors and omissions related to the failure to record the receipt of funds for sales of the Company’s common stock and the accounting for the use of the proceeds from those sales. The financial statements also contained errors relating to the incorrect classification of Michael Stanford, our former sole Director, Chief Executive Officer and majority shareholder’s personal expenses as expenses of our Company. Accordingly, the condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statement of cash flows for the period ended March 31, 2013 and from inception (October 10, 2010) to the period ended March 31, 2013, have been restated to correct these errors and omission. | |||||||||||||||||
The proper recording of the receipt of proceeds from the sale of the Company’s common stock resulted in an increase of common stock subscribed of $450,000, reduction in accrued compensation of $165,000, reduction in advances from related party shareholders of $201,435, reduction in interest expense due to related party shareholders of $3,285 (reduction in net loss of the same amount) and increase of advances to related party shareholders of $86,850. The incorrect classification of personal expenses as company expenses and deposits resulted in reduction of deposits of $12,876, reduction in net loss of $29,225 and increase in advances to related party shareholders of $42,101. | |||||||||||||||||
The net effects of these corrections are noted below by line item for each financial statement that is impacted. The adjustments included in the table below do not reflect, however, any claims or recovery the Company may realize from a lawsuit the Company filed against Mr. Stanford as a result of his improper conduct involving the Company. See Note 10 – Subsequent Events – Michael Stanford Litigation. | |||||||||||||||||
Line Items Affected | As Previously | Adjustments | As Restated | ||||||||||||||
Reported | 31-Mar-13 | ||||||||||||||||
31-Mar-13 | |||||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||
Assets | |||||||||||||||||
Deposits | $ | 12,876 | $ | (12,876 | ) | $ | - | ||||||||||
Advances to related party shareholders | $ | - | $ | 128,951 | $ | 128,951 | |||||||||||
Total Assets | $ | 77,014 | $ | 116,075 | $ | 193,089 | |||||||||||
Liabilities | |||||||||||||||||
Accrued compensation | $ | 225,000 | $ | (165,000 | ) | $ | 60,000 | ||||||||||
Advances from related party shareholders | $ | 201,435 | $ | (201,435 | ) | $ | - | ||||||||||
Total current liabilities | $ | 1,163,092 | $ | (366,435 | ) | $ | 796,657 | ||||||||||
Total Liabilities | $ | 1,163,092 | $ | (366,435 | ) | $ | 796,657 | ||||||||||
Stockholders’ Deficit | |||||||||||||||||
Common stock subscribed | $ | - | $ | 450,000 | $ | 450,000 | |||||||||||
Accumulated deficit during exploration stage | $ | (1,070,206 | ) | $ | 32,510 | $ | (1,037,696 | ) | |||||||||
Total Stockholders’ Deficit | $ | (1,086,078 | ) | $ | 482,510 | $ | (603,568 | ) | |||||||||
Total Liabilities and Stockholders’ Deficit | $ | 77,014 | $ | 116,075 | $ | 193,089 | |||||||||||
As Previously | Adjustments | As Restated | As Restated | ||||||||||||||
Reported | 31-Mar-13 | From Inception | |||||||||||||||
31-Mar-13 | (October 10, 2010) to | ||||||||||||||||
31-Mar-13 | |||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
Executive compensation | $ | 46,793 | $ | (1,793 | ) | $ | 45,000 | $ | 225,000 | ||||||||
Exploration and development costs | $ | 113,399 | $ | 1,878 | $ | 115,277 | $ | 270,258 | |||||||||
General and administrative | $ | 186,065 | $ | (29,309 | ) | $ | 156,756 | $ | 388,423 | ||||||||
Total Operating Expenses | $ | 357,040 | $ | (29,224 | ) | $ | 327,816 | $ | 1,031,886 | ||||||||
Net Loss from Operations | $ | 357,040 | $ | (29,224 | ) | $ | 327,816 | $ | (1,008,119 | ) | |||||||
Interest expense, related parties | $ | (9,281 | ) | $ | 3,286 | $ | (5,995 | ) | $ | (28,221 | ) | ||||||
Net Loss Before Income Taxes | $ | (367,677 | ) | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | ||||||
Net Loss | $ | (367,677 | ) | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | ||||||
Condensed Consolidated Cash Flows | |||||||||||||||||
Net Loss | $ | -367,677 | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | |||||||
Prepaid deposits | $ | (12,876 | ) | $ | 12,876 | $ | - | $ | - | ||||||||
Accrued compensation | $ | 45,000 | $ | (165,000 | ) | $ | (120,000 | ) | $ | 60,000 | |||||||
Accrued interest | $ | 4,641 | $ | (3,285 | ) | $ | 1,356 | $ | 5,967 | ||||||||
Net cash used in operations | $ | (148,060 | ) | $ | (122,901 | ) | $ | (270,961 | ) | $ | (472,546 | ) | |||||
Advances to related party shareholder | $ | - | $ | (128,951 | ) | $ | (128,951 | ) | $ | (128,951 | ) | ||||||
Net cash used in investing activities | $ | - | $ | -128,951 | $ | (128,951 | ) | $ | (203,189 | ) | |||||||
Advances from related party shareholders | $ | 148,156 | $ | (198,149 | ) | $ | (49,993 | ) | $ | (1,270 | ) | ||||||
Common stock subscribed | $ | - | $ | 450,000 | $ | 450,000 | $ | 450,000 | |||||||||
Net cash provided by financing activities | $ | 148,156 | $ | 251,851 | $ | 400,007 | $ | 675,830 | |||||||||
Basis of Accounting and Presentation | ' | ||||||||||||||||
Basis of Accounting and Presentation | |||||||||||||||||
The accompanying condensed financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 4 to the Notes to Condensed Consolidated Financial Statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the restated three months ended March 31, 2013 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2013. The unaudited financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Line Items Affected In Condensed Consolidated Balance Sheets upon Restatement | ' | ||||||||||||||||
Line Items Affected | As Previously | Adjustments | As Restated | ||||||||||||||
Reported | 31-Mar-13 | ||||||||||||||||
31-Mar-13 | |||||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||
Assets | |||||||||||||||||
Deposits | $ | 12,876 | $ | (12,876 | ) | $ | - | ||||||||||
Advances to related party shareholders | $ | - | $ | 128,951 | $ | 128,951 | |||||||||||
Total Assets | $ | 77,014 | $ | 116,075 | $ | 193,089 | |||||||||||
Liabilities | |||||||||||||||||
Accrued compensation | $ | 225,000 | $ | (165,000 | ) | $ | 60,000 | ||||||||||
Advances from related party shareholders | $ | 201,435 | $ | (201,435 | ) | $ | - | ||||||||||
Total current liabilities | $ | 1,163,092 | $ | (366,435 | ) | $ | 796,657 | ||||||||||
Total Liabilities | $ | 1,163,092 | $ | (366,435 | ) | $ | 796,657 | ||||||||||
Stockholders’ Deficit | |||||||||||||||||
Common stock subscribed | $ | - | $ | 450,000 | $ | 450,000 | |||||||||||
Accumulated deficit during exploration stage | $ | (1,070,206 | ) | $ | 32,510 | $ | (1,037,696 | ) | |||||||||
Total Stockholders’ Deficit | $ | (1,086,078 | ) | $ | 482,510 | $ | (603,568 | ) | |||||||||
Total Liabilities and Stockholders’ Deficit | $ | 77,014 | $ | 116,075 | $ | 193,089 | |||||||||||
Line Items Affected In Condensed Consolidated Statements of Operations upon Restatement | ' | ||||||||||||||||
As Previously | Adjustments | As Restated | As Restated | ||||||||||||||
Reported | 31-Mar-13 | From Inception | |||||||||||||||
31-Mar-13 | (October 10, 2010) to | ||||||||||||||||
31-Mar-13 | |||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
Executive compensation | $ | 46,793 | $ | (1,793 | ) | $ | 45,000 | $ | 225,000 | ||||||||
Exploration and development costs | $ | 113,399 | $ | 1,878 | $ | 115,277 | $ | 270,258 | |||||||||
General and administrative | $ | 186,065 | $ | (29,309 | ) | $ | 156,756 | $ | 388,423 | ||||||||
Total Operating Expenses | $ | 357,040 | $ | (29,224 | ) | $ | 327,816 | $ | 1,031,886 | ||||||||
Net Loss from Operations | $ | 357,040 | $ | (29,224 | ) | $ | 327,816 | $ | (1,008,119 | ) | |||||||
Interest expense, related parties | $ | (9,281 | ) | $ | 3,286 | $ | (5,995 | ) | $ | (28,221 | ) | ||||||
Net Loss Before Income Taxes | $ | (367,677 | ) | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | ||||||
Net Loss | $ | (367,677 | ) | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | ||||||
Line Items Affected In Condensed Consolidated Cash Flows upon Restatement | ' | ||||||||||||||||
Condensed Consolidated Cash Flows | |||||||||||||||||
Net Loss | $ | -367,677 | $ | 32,510 | $ | (335,167 | ) | $ | (1,037,696 | ) | |||||||
Prepaid deposits | $ | (12,876 | ) | $ | 12,876 | $ | - | $ | - | ||||||||
Accrued compensation | $ | 45,000 | $ | (165,000 | ) | $ | (120,000 | ) | $ | 60,000 | |||||||
Accrued interest | $ | 4,641 | $ | (3,285 | ) | $ | 1,355 | $ | 5,967 | ||||||||
Net cash used in operations | $ | (148,060 | ) | $ | (122,901 | ) | $ | (270,961 | ) | $ | (472,546 | ) | |||||
Advances to related party shareholder | $ | - | $ | (128,951 | ) | $ | (128,951 | ) | $ | (128,951 | ) | ||||||
Net cash used in investing activities | $ | - | $ | -128,951 | $ | (128,951 | ) | $ | (203,189 | ) | |||||||
Advances from related party shareholders | $ | 148,156 | $ | (198,149 | ) | $ | (49,993 | ) | $ | (1,270 | ) | ||||||
Common stock subscribed | $ | - | $ | 450,000 | $ | 450,000 | $ | 450,000 | |||||||||
Net cash provided by financing activities | $ | 148,156 | $ | 251,851 | $ | 400,007 | $ | 675,830 |
Merger_Details_Narrative
Merger (Details Narrative) | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Oct. 29, 2012 | Oct. 29, 2012 | Mar. 31, 2013 |
Bolcan Mining [Member] | Bolcan Mining [Member] | |||||
Number of common stock held by director | ' | ' | ' | 52,500,000 | ' | ' |
Number of shares issued | ' | ' | ' | ' | 25,000,000 | ' |
Common stock, shares outstanding | 31,560,000 | 31,300,000 | 31,300,000 | ' | ' | ' |
Issuance of common stock in exchange | ' | ' | ' | ' | ' | 80.00% |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | Mar. 31, 2013 | Dec. 31, 2012 |
Going Concern | ' | ' |
Accumulated deficit during exploration stage | $1,037,696 | $702,529 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 3 Months Ended | 30 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' | ' |
Increase of common stock subscribed | $450,000 | ' | $450,000 |
Reduction in accrued compensation | 165,000 | ' | ' |
Reduction in advances from related party shareholders | 201,435 | ' | ' |
Reduction in interest expense due to related party shareholders | 3,285 | ' | ' |
Reduction of advances to related party shareholders | 86,850 | ' | ' |
Redutcion of deposits due to incorrect classification | 12,876 | ' | ' |
Reduction in net loss due to incorrect classification | 29,225 | ' | ' |
Increase in advances to related party due to incorrect classification | $42,101 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Line Items Affected In Condensed Consolidated Balance Sheets upon Restatement (Details) (USD $) | Mar. 31, 2013 | Dec. 31, 2012 |
Deposits | ' | ' |
Advances to related party shareholders | 128,951 | ' |
Total Assets | 193,089 | 66,236 |
Accrued compensation | 60,000 | 180,000 |
Advances from related party shareholders | ' | 49,993 |
Total current liabilities | 796,657 | 790,633 |
Total Liabilities | 796,657 | 790,633 |
Common stock subscribed | 450,000 | ' |
Accumulated deficit during exploration stage | -1,037,696 | -702,529 |
Total Stockholder's Deficit | -603,568 | -724,397 |
Total Liabilities and Stockholders' Deficit | 193,089 | 66,236 |
As Previousy Reported [Member] | ' | ' |
Deposits | 12,876 | ' |
Advances to related party shareholders | ' | ' |
Total Assets | 77,014 | ' |
Accrued compensation | 225,000 | ' |
Advances from related party shareholders | 201,435 | ' |
Total current liabilities | 1,163,092 | ' |
Total Liabilities | 1,163,092 | ' |
Common stock subscribed | ' | ' |
Accumulated deficit during exploration stage | -1,070,206 | ' |
Total Stockholder's Deficit | -1,086,078 | ' |
Total Liabilities and Stockholders' Deficit | 77,014 | ' |
Adjustments [Member] | ' | ' |
Deposits | -12,876 | ' |
Advances to related party shareholders | 128,951 | ' |
Total Assets | 116,075 | ' |
Accrued compensation | -165,000 | ' |
Advances from related party shareholders | -201,435 | ' |
Total current liabilities | -366,435 | ' |
Total Liabilities | -366,435 | ' |
Common stock subscribed | 450,000 | ' |
Accumulated deficit during exploration stage | 32,510 | ' |
Total Stockholder's Deficit | 482,510 | ' |
Total Liabilities and Stockholders' Deficit | $116,075 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Line Items Affected In Condensed Consolidated Statements of Operations upon Restatement (Details) (USD $) | 3 Months Ended | 30 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | |
Executive Compensation | $45,000 | ' | $225,000 |
Exploration and development costs | 115,277 | 32,650 | 270,258 |
General and administrative | 156,756 | 7,255 | 388,423 |
Total Operating Expenses | 327,816 | 39,905 | 1,031,886 |
Net Loss from Operations | 327,816 | -39,905 | -1,008,119 |
Interest expense, related parties | -5,995 | -2,974 | -28,221 |
Net Loss Before Income Taxes | -335,167 | -42,879 | -1,037,696 |
Net Loss | -335,167 | -42,879 | -1,037,696 |
As Previousy Reported [Member] | ' | ' | ' |
Executive Compensation | 46,793 | ' | ' |
Exploration and development costs | 113,399 | ' | ' |
General and administrative | 186,065 | ' | ' |
Total Operating Expenses | 357,040 | ' | ' |
Net Loss from Operations | 357,040 | ' | ' |
Interest expense, related parties | -9,281 | ' | ' |
Net Loss Before Income Taxes | -367,677 | ' | ' |
Net Loss | -367,677 | ' | ' |
Adjustments [Member] | ' | ' | ' |
Executive Compensation | -1,793 | ' | ' |
Exploration and development costs | 1,878 | ' | ' |
General and administrative | -29,309 | ' | ' |
Total Operating Expenses | -29,224 | ' | ' |
Net Loss from Operations | -29,224 | ' | ' |
Interest expense, related parties | 3,286 | ' | ' |
Net Loss Before Income Taxes | 32,510 | ' | ' |
Net Loss | $32,510 | ' | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Line Items Affected In Condensed Consolidated Cash Flows upon Restatement (Details) (USD $) | 3 Months Ended | 30 Months Ended |
Mar. 31, 2013 | Mar. 31, 2013 | |
Net loss | ($335,167) | ($1,037,696) |
Prepaid Deposits | ' | ' |
Accrued compensation | -120,000 | 60,000 |
Accrued interest | 1,355 | 5,967 |
Net cash used in operation | -270,961 | -472,546 |
Advances to related party shareholder | -128,951 | -128,951 |
Net cash used in investing activities | -128,951 | -203,189 |
Advances from related party shareholders | -49,993 | -1,270 |
Common stock subscribed | 450,000 | 450,000 |
Net cash provided by financing activities | 400,007 | 675,830 |
As Previousy Reported [Member] | ' | ' |
Net loss | -367,677 | ' |
Prepaid Deposits | -12,876 | ' |
Accrued compensation | 45,000 | ' |
Accrued interest | 4,641 | ' |
Net cash used in operation | -148,060 | ' |
Advances to related party shareholder | ' | ' |
Net cash used in investing activities | ' | ' |
Advances from related party shareholders | 148,156 | ' |
Common stock subscribed | ' | ' |
Net cash provided by financing activities | 148,156 | ' |
Adjustments [Member] | ' | ' |
Net loss | 32,510 | ' |
Prepaid Deposits | 12,876 | ' |
Accrued compensation | -165,000 | ' |
Accrued interest | -3,285 | ' |
Net cash used in operation | -122,901 | ' |
Advances to related party shareholder | -128,951 | ' |
Net cash used in investing activities | -128,951 | ' |
Advances from related party shareholders | -198,149 | ' |
Common stock subscribed | 450,000 | ' |
Net cash provided by financing activities | $251,851 | ' |
Transactions_with_Majority_Own1
Transactions with Majority Owner and Officer (Details Narrative) (USD $) | 3 Months Ended | 30 Months Ended | |||
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | 11-May-12 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Interest rate on debt instrument | ' | ' | ' | 12.00% | 12.00% |
Advances from related party shareholders | $49,993 | ($10,186) | $1,270 | ' | ' |
Advances to related party shareholders | 128,951 | ' | 128,951 | ' | ' |
Payments to related parties | $0 | ' | ' | ' | ' |
Convertible_Note_Related_Party1
Convertible Note - Related Party (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 27, 2011 | |
Convertible Notes Payable [Abstract] | ' | ' | ' | ' |
Cash advances | ' | ' | ' | $105,000 |
Proceeds from related party sebt | ' | 185,000 | 185,000 | ' |
Percentage of Interest expense imputed | 12.00% | ' | ' | ' |
Convertible debt | 185,000 | ' | ' | ' |
Imputed interest | $5,996 | ' | ' | ' |
Notes_Payable_Details_Narrativ
Notes Payable (Details Narrative) (USD $) | 0 Months Ended | ||
11-May-12 | Mar. 31, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | ' | ' | ' |
Proceeds from loans | $42,000 | ' | ' |
Loan bears interest rate | 12.00% | ' | 12.00% |
Loan extended maturity date | 24-Aug-12 | ' | ' |
Accrued interest | ' | 4,697 | ' |
Loans payable | ' | $46,697 | $45,342 |
Contracts_and_Lease_Commitment1
Contracts and Lease Commitments (Details Narrative) (USD $) | 0 Months Ended | 3 Months Ended |
Jan. 03, 2013 | Mar. 31, 2013 | |
bbl | ||
t | ||
Number of metric tonne per unit | 0.5 | ' |
Nember of barrels | 2,200 | ' |
Recouped investments | $750,000 | ' |
Royalty expense | ' | 0 |
PR Advertising [Member] | ' | ' |
Restricted common stock issued for consideration of services, shares | ' | 60,000 |
Restricted common stock issued for consideration of services | ' | 15,000 |
Resticted common stock, price per share | ' | $1.20 |
Restricted common shares and minimum quarterly fees | ' | 40,000 |
Consulting Services [Member] | ' | ' |
Restricted common stock issued for consideration of services, shares | ' | 200,000 |
Restricted common stock issued for consideration of services | ' | $80,000 |
Resticted common stock, price per share | ' | $1.20 |
Equity_Transactions_Details_Na
Equity Transactions (Details Narrative) (USD $) | 0 Months Ended | ||
Jan. 03, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ' | ' | ' |
Stock issued during period for cash | 5,360,000 | ' | ' |
Stock issued during period for cash, amount | $750,000 | ' | ' |
Common stock subscribed | ' | $450,000 | ' |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (Subsequent Event [Member], USD $) | 0 Months Ended | ||
Aug. 19, 2014 | Apr. 02, 2013 | Apr. 02, 2013 | |
Mr. Stanford [Member] | Consulting Group [Member] | Marketing Company [Member] | |
Issuance of restricted common shares for services | ' | 200,000 | 60,000 |
Losses on litigation | $2,591,359 | ' | ' |
Fraudulent claimed business expenses | 1,272,321 | ' | ' |
Payments for legal settlements | 1,319,038 | ' | ' |
Number of common stock exchange for relatedparties | 25,000,000 | ' | ' |
Investments capital used for personal use | 750,000 | ' | ' |
Damages value | $5,873,675 | ' | ' |
Number of common shares cancellation | 25,000,000 | ' | ' |