Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Aug. 19, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'PAN GLOBAL, CORP. | ' |
Entity Central Index Key | '0001492617 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 155,155,000 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Current assets | ' | ' |
Cash | $3,016 | $7,186 |
Prepaid expenses | 9,664 | 886 |
Notes receivable | 65,000 | ' |
Accrued interest receivable | 2,851 | ' |
Total current assets | 80,531 | 8,072 |
Prepaid expenses - long term portion | 41,458 | ' |
Investment in Regency Yamuna Energy Limited | 440,900 | ' |
Total assets | 562,889 | 8,072 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 92,024 | 51,628 |
Notes payable | 938,500 | 348,000 |
Notes payable - related party | 280,000 | 25,000 |
Due to related party | 14,910 | 4,252 |
Dividends payable | 18,000 | 18,000 |
Total liabilities | 1,343,434 | 446,880 |
Stockholders' deficit | ' | ' |
Common stock, 550,000,000 shares authorized, $0.0001 par value; 160,055,000 and 460,055,000 shares issued and 155,155,000 and 455,155,000 shares outstanding, respectively | 16,006 | 46,006 |
Additional paid-in capital | 129,727 | 50,032 |
Accumulated deficit | -621,896 | -230,159 |
Treasury stock, at cost, 4,900,000 shares | -305,092 | -305,092 |
Total stockholders' deficit | -780,545 | -438,808 |
Total liabilities and stockholders' deficit | 562,889 | 8,072 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Stockholders' deficit | ' | ' |
Preferred stock value | 225 | 225 |
Series B Non-Convertible Preferred Stock [Member] | ' | ' |
Stockholders' deficit | ' | ' |
Preferred stock value | ' | ' |
Series C Convertible Preferred Stock [Member] | ' | ' |
Stockholders' deficit | ' | ' |
Preferred stock value | 480 | 180 |
Series D Convertible Preferred Stock [Member] | ' | ' |
Stockholders' deficit | ' | ' |
Preferred stock value | $5 | ' |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares authorized | 550,000,000 | 550,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 160,055,000 | 460,055,000 |
Common stock, shares outstanding | 155,155,000 | 455,155,000 |
Treasury stock shares | 4,900,000 | 4,900,000 |
Series A Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 2,250,000 | 2,250,000 |
Preferred stock, shares outstanding | 2,250,000 | 2,250,000 |
Series B Non-Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, shares issued | 100 | 100 |
Preferred stock, shares outstanding | 100 | 100 |
Series C Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 4,800,000 | 1,800,000 |
Preferred stock, shares outstanding | 4,800,000 | 1,800,000 |
Series D Convertible Preferred Stock [Member] | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 50,000 | 0 |
Preferred stock, shares outstanding | 50,000 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | ' | $15,000 | ' | $15,000 |
Expenses | ' | ' | ' | ' |
General and administrative | 20,727 | 22,216 | 81,186 | 27,819 |
Management fees | ' | 1,045 | ' | 1,045 |
Professional fees | 73,830 | 42,925 | 255,176 | 42,925 |
Total expenses | 94,557 | 66,186 | 336,362 | 71,789 |
Loss from operations | -94,557 | -51,186 | -336,362 | -56,789 |
Other expenses | ' | ' | ' | ' |
Interest income | 1,571 | ' | 2,851 | ' |
Interest expense | -23,443 | -55,982 | -58,226 | -62,929 |
Total other expenses | -21,872 | -55,982 | -55,375 | -62,929 |
Net loss | ($116,429) | ($107,168) | ($391,737) | ($119,718) |
Net loss per common share - basic and diluted | $0 | $0 | $0 | $0 |
Weighted average number of common shares outstanding - basic and diluted | 155,155,000 | 354,461,593 | 173,836,320 | 119,926,245 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities | ' | ' |
Net loss | ($391,737) | ($119,718) |
Adjustments to reconcile net loss to net cash from operating activities: | ' | ' |
Accretion of discount on convertible notes payable | ' | 50,000 |
Preferred stock issued for rent | 3,542 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts payable and accrued liabilities | 40,396 | 22,773 |
Accounts receivable | ' | -10,000 |
Accrued interest on note receivable | -2,851 | ' |
Prepaid expenses | -3,778 | 3,400 |
Net cash used in operating activities | -354,428 | -53,545 |
Cash flows from investing activities | ' | ' |
Cash acquired upon acquisition of Pan Asia | ' | 682 |
Investment in Regency Yamuna Energy Limited | -440,900 | ' |
Issuance of note receivable | -65,000 | ' |
Net cash (used in) provided by investing activities | -505,900 | 682 |
Cash flows from financing activities | ' | ' |
Due to related party | 10,658 | -25,683 |
Proceeds from notes payable | 604,000 | 318,000 |
Proceeds from notes payable - related party | 255,000 | 75,000 |
Repayments of notes payable | -13,500 | ' |
Proceeds from issuance of preferred stock | ' | 10 |
Payments for redemption of common stock | ' | -305,092 |
Net cash provided by financing activities | 856,158 | 62,235 |
(Decrease) increase in cash | -4,170 | 9,372 |
Cash - beginning of period | 7,186 | 450 |
Cash - end of period | 3,016 | 9,822 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | ' | ' |
Income taxes paid | ' | ' |
Non-cash investing and financing activities: | ' | ' |
Common stock issued upon conversion of notes payable | ' | 50,000 |
Debt discount in conjunction with convertible notes payable - related party | ' | 50,000 |
Preferred stock issued for prepaid rent | 50,000 | ' |
Preferred stock converted to common stock | ' | 4,500 |
Common stock converted to preferred stock | $30,000 | $18,000 |
Nature_of_Operations_and_Going
Nature of Operations and Going Concern | 9 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Nature of Operations and Going Concern | ' | |
1 | Nature of Operations and Going Concern | |
Pan Global, Corp. was incorporated in the State of Nevada on April 30, 2010. On April 26, 2013, the Company acquired all of the issued and outstanding shares of Pan Asia Infratech Corp. (“Pan Asia”) in consideration for 90,000,000 shares of the Company’s common stock. This transaction was considered a combination of entities under common control due to a single shareholder controlling both companies. The operations of the Company include the accounts of Pan Asia from February 22, 2013, the date at which common control between the two entities commenced. Previously, the Company’s principal business was offering general business services/support to start-up companies, small and medium business planning to expand, individuals, and other businesses and organizations. Upon acquisition of Pan Asia, the Company’s principal business changed to the development of projects in renewable energy and energy efficiency technology that comprise innovative solutions for basic infrastructure. The Company intends to generate revenue through project consulting and development fees, business advisory services, and project management fees on operations of facilities (Note 3). | ||
The accompanying consolidated financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown. | ||
These consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated significant revenue since inception and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As of June 30, 2014, the Company has accumulated losses of $621,896 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
2 | Summary of Significant Accounting Policies | ||
a) | Basis of Presentation | ||
These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Pan Asia Infratech Corp., a company incorporated in the State of Nevada. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is September 30. | |||
b) | Use of Estimates | ||
The preparation of consolidated financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to recovery of note receivable, valuation of investment, valuation of shares issued for services, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
c) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
d) | Basic and Diluted Earnings (Loss) Per Share (“EPS”) | ||
Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method for options and warrants and the if-converted method for convertible preferred stock. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the nine months ended June 30, 2014, potentially issuable shares, including preferred stock convertible to 49,850,000 shares of the Company’s common stock, have been excluded from the calculation. | |||
e) | Foreign Currency Translation | ||
The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Indian Rupees. The Company has, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
f) | Income Taxes | ||
The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
g) | Revenue Recognition | ||
The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. | |||
h) | Investment | ||
Our cost method investments consist of investments in privately held company and are recorded at cost. We assess whether an other-than-temporary impairment loss on our investments has occurred due to declines in fair value or other market conditions. We did not recognize an other-than-temporary impairment loss on our investments during the nine months ended June 30, 2014. When the Company can exert significant influence (but not control) over the investments in corporate entity, the Company will account for its interest in RYEL using the equity method. When the Company can exert significant control over the investment in corporate entity, the Company will account for its interest in RYEL in its consolidated financial statements. | |||
i) | Subsequent Events | ||
The Company evaluated subsequent events through the date these financial statements were issued. There were no material subsequent events that required recognition or additional disclosure in these financial statements. | |||
j) | Recent Accounting Pronouncements | ||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | |||
The Company has limited operations and is considered to be in the development stage. During the nine months ended June 30, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this Update allows the Company to remove the inception-to-date information and all references to development stage. |
Acquisition
Acquisition | 9 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisition | ' | ||||
3 | Acquisition | ||||
On April 26, 2013, the Company entered into a Stock Exchange Agreement and acquired all of the issued and outstanding shares of Pan Asia Infratech Corp. (“Pan Asia”), a private Nevada corporation, in consideration for the issuance of 90,000,000 shares of the Company’s common stock. Pan Asia was incorporated on July 13, 2012, and its principal business is the development of projects in renewable energy and energy efficiency technology that comprise innovative solutions for basic infrastructure. Pan Asia intends to generate revenue through project consulting and development fees, business advisory services, and project management fees on operations of facilities. | |||||
Prior to the acquisition of Pan Asia, the controlling shareholder of the Company was also the controlling shareholder of Pan Asia. As a result, the acquisition was considered a combination of entities under common control, which is outside the scope of ASC 805, Business Combinations. Pursuant to ASC 805-50, the method of accounting used for the acquisition is similar to the pooling-of-interests method, in which the equity interests issued are recorded at an amount equal to the carrying amount of the assets and liabilities transferred, even if the fair value of the equity interests issued is readily determinable. These financial statements include the accounts of the Company since inception on April 30, 2010, and the accounts of Pan Asia since February 22, 2013, the date at which common control commenced. | |||||
The allocation of the purchase price is summarized in the table below: | |||||
Purchase price | |||||
90,000,000 shares of common stock | $ | 3,482 | |||
Carrying value of Pan Asia net assets acquired | |||||
Cash | 682 | ||||
Prepaid expenses | 3,900 | ||||
Shareholder loan | (1,100 | ) | |||
Net assets acquired | $ | 3,482 |
Notes_Receivable
Notes Receivable | 9 Months Ended | |
Jun. 30, 2014 | ||
Notes Receivable | ' | |
Notes Receivable | ' | |
4 | Notes Receivable | |
During the nine months ended June 30, 2014, the Company loaned an aggregate of $65,000 to a third party through convertible note agreements. The notes receivable bear interest at 10% per annum and are due at various dates from December 9, 2014 to May 6, 2015. The principal of the notes is convertible into shares of the third party’s common stock at a conversion rate to be mutually agreed upon. |
Investment_in_Regency_Yamuna_E
Investment in Regency Yamuna Energy Limited | 9 Months Ended | ||
Jun. 30, 2014 | |||
Schedule of Investments [Abstract] | ' | ||
Investment in Regency Yamuna Energy Limited | ' | ||
5 | Investment in Regency Yamuna Energy Limited | ||
On October 28, 2013, the Company entered into a Stock Purchase Agreement with Regency Yamuna Energy Limited (“RYEL”), a privately held corporation formed in India, pursuant to which the Company agreed to purchase a 100% ownership in RYEL in exchange for an aggregate of 387,500,000 Indian Rupees (“Rs.”) ($6,352,459). | |||
● | Upon the First Closing, the Company will purchase an aggregate of 2,758,621 shares of RYEL in consideration for Rs. 40,000,000 (approximately $648,000 USD) no later than the 5th business day after the debenture issue date. | ||
● | Upon the Second Closing, the Company will purchase an aggregate of 8,127,094 shares of RYEL in consideration for Rs. 100,000,000 (approximately $1,620,000 USD) and shares of preferred stock of the Company having a face value of Rs. 17,842,861(approximately $289,054 USD). | ||
● | Upon the Third Closing, the Company will have a registration statement on Form S-1 filed with the United States Securities and Exchange Commission (“SEC”) within 90 days after the commercial operation date of the hydro project being completed by RYEL. In addition, the Company agreed to purchase an aggregate of 15,195,468 of the remaining outstanding shares of RYEL in exchange for Rs. 247,500,000 (approximately $4,009,500 USD) within 30 days after the SEC declares the Company’s registration statement to be effective. | ||
On October 28, 2013, the Company purchased a debenture of Rs. 4,200,000 ($68,700 USD) from RYEL, which bears interest at a rate of 15% per annum and matures on October 18, 2014. The debenture is convertible into shares of RYEL at the rate of Rs. 14.50 ($0.24 USD) per share. On November 21, 2013, the Company converted the debenture into 289,656 shares of RYEL. | |||
On December 2, 2013, the Company consummated the First Tranche of the First Closing under the Stock Purchase Agreement. Accordingly, the Company purchased 331,034 shares of RYEL in consideration for $77,000 (Rs. 4,799,993). | |||
On December 24, 2013, the Company consummated the Second Tranche of the First Closing under the Stock Purchase Agreement. Accordingly, the Company purchased 620,690 shares of RYEL in consideration for $146,500 (Rs. 9,000,005). | |||
On January 27, 2014, the Company consummated the Third Tranche of the First Closing under the Stock Purchase Agreement. Accordingly, the Company purchased 206,897 shares of RYEL in consideration for $48,700 (Rs. 3,000,000). | |||
On April 7, 2014, the Company closed on a portion of Step Two of the First Closing and purchased 413,996 shares of RYEL in consideration for $100,000 (Rs. 6,002,949). | |||
At June 30, 2014, the Company has purchased and owns an aggregate of 1,862,273 shares of RYEL, representing approximately 9.46% of the outstanding common shares of RYEL. Refer to Note 10. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||
Jun. 30, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
6 | Related Party Transactions | ||
a) | At June 30, 2014, the Company was indebted to the President of the Company for $5,100 (September 30, 2013 - $3,600), for expenses paid on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand. During the nine months ended June 30, 2014, the Company incurred management fees of $9,500 (2013 - $2,045) to the President of the Company. | ||
b) | On June 3, 2013, the Company issued a $25,000 promissory note to a shareholder of the Company, bearing interest at the rate of 8% per annum and maturing on June 3, 2014. At June 30, 2014, the Company owed accrued interest of $2,148 (September 30, 2013 - $652) to the shareholder of the Company. The Company is currently re-negotiating with the creditor to extend this note. | ||
c) | On November 7, 2013, the Company issued a $100,000 promissory note to a shareholder of the Company, bearing interest at the rate of 8% per annum and maturing on November 7, 2014. At June 30, 2014, the Company owed accrued interest of $5,151 (September 30, 2013 - $nil) to the shareholder of the Company. | ||
d) | On April 4, 2014, the Company issued a $130,000 promissory note to a shareholder of the Company, bearing interest at the rate of 8% per annum and maturing on March 25, 2015. At June 30, 2014, the Company owed accrued interest of $2,479 (September 30, 2013 - $nil) to the shareholder of the Company. | ||
e) | On June 24, 2014, the Company issued a $25,000 promissory note to a shareholder of the Company, bearing interest at the rate of 8% per annum and maturing on June 18, 2015. At June 30, 2014, the Company owed accrued interest of $33 (September 30, 2013 - $nil) to the shareholder of the Company. | ||
Notes_Payable
Notes Payable | 9 Months Ended | ||
Jun. 30, 2014 | |||
Debt Disclosure [Abstract] | ' | ||
Notes Payable | ' | ||
7 | Notes Payable | ||
a) | On November 8, 2012, the Company issued a $193,000 promissory note which bears interest at 8% per annum and matured on April 8, 2013. Pursuant to a Memorandum of Understanding dated September 27, 2013, the maturity date was amended from April 8, 2013 to September 27, 2014. | ||
b) | On February 12, 2013, the Company issued a $50,000 promissory note which bears interest at 8% per annum and matures on February 12, 2014. The Company is currently re-negotiating with the creditor to extend this note. | ||
c) | On February 22, 2013, the Company issued a $25,000 promissory note which bears interest at 8% per annum and matures on February 22, 2014. The Company is currently re-negotiating with the creditor to extend this note. | ||
d) | On April 30, 2013, the Company issued a $50,000 promissory note which bears interest at 8% per annum and matures on April 30, 2014. The Company is currently re-negotiating with the creditor to extend this note. | ||
e) | On August 27, 2013, the Company issued a $10,000 promissory note which bears interest at 8% per annum and matures on August 27, 2014. | ||
f) | On September 11, 2013, the Company issued a $20,000 promissory note which bears interest at 8% per annum and matures on September 11, 2014. | ||
g) | On October 1, 2013, the Company issued a $5,500 promissory note which bears interest at 8% per annum and matures on October 1, 2014. | ||
h) | On October 2, 2013, the Company issued a $75,000 promissory note which bears interest at 8% per annum and matures on October 2, 2014. | ||
i) | On October 16, 2013, the Company issued a $13,500 promissory note which bears interest at 8% per annum and matures on October 16, 2014. On March 12, 2014, the Company repaid the principal balance of $13,500 and $429 of accrued interest. | ||
j) | On October 28, 2013, the Company issued a $30,000 promissory note which bears interest at 8% per annum and matures on October 28, 2014. | ||
k) | On November 15, 2013, the Company issued a $200,000 promissory note which bears interest at 8% per annum and matures on November 15, 2014. | ||
l) | On November 18, 2013, the Company issued a $100,000 promissory note which bears interest at 8% per annum and matures on November 18, 2014. | ||
m) | On January 2, 2014, the Company issued a $80,000 promissory note which bears interest at 8% per annum and matures on January 2, 2015. | ||
n) | On February 24, 2014, the Company issued a $60,000 promissory note which bears interest at 8% per annum and matures on February 24, 2015. | ||
o) | On April 28, 2014, the Company issued a $40,000 promissory note which bears interest at 8% per annum and matures on April 28, 2015. | ||
p) | At June 30, 2014, the Company recognized accrued interest of $66,740 (September 30, 2013 - $19,531), which is included in accounts payable and accrued liabilities. | ||
q) | On November 4, 2013, the Company entered into the Loan Agreement with Anatom Association SA (“Anatom”) pursuant to which Anatom has agreed to purchase, from time to time as requested by the Company, one or more promissory notes of the Company, bearing interest at the rate of 8% per year and maturing on the first year anniversary date of the date of issuance (the “Promissory Notes”). The maximum amount that the Company may borrow under the Loan Agreement is $1 million (the “Maximum Amount”) and amounts borrowed under the Loan Agreement and repaid or prepaid may not be re-borrowed. As of the date of the Loan Agreement, the Company has borrowed an aggregate of $158,500 of the Maximum Amount. The Company has also previously borrowed an aggregate of $353,500 from Anatom pursuant to a series of one-year Promissory Notes, as amended, bearing interest at the rate of 8% per annum, each of which is currently outstanding and not included in the Maximum Amount. The Promissory Notes are non-convertible. As of June 30, 2014, the Company indebtedness to Anatom, including principal and accrued payable interest, is $755,535 including $ 345,000 of the Maximum Amount under the Loan Agreement. Pursuant to the terms and conditions of the Loan Agreement, the Company used a portion of the borrowed funds under the Loan Agreement to consummate the First Closing under the Company’s definitive Stock Purchase Agreement, dated October 28, 2013, between Pan Asia, RYEL, Mr. Arun Sharma, a Director and majority stockholder of RYEL (“Sharma”) and the Selling Stockholders. | ||
Preferred_Stock
Preferred Stock | 9 Months Ended | ||
Jun. 30, 2014 | |||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ||
Preferred Stock | ' | ||
8 | Preferred Stock | ||
On April 19, 2013, the Articles of Incorporation were amended to increase the number of authorized shares of preferred stock from 10,000,000 shares to 25,000,000 shares. | |||
Series C Convertible Preferred Stock | |||
a) | On October 18, 2013, the Company amended the Certificate of Designation for the Company’s Series C preferred stock in which the Company removed the provision prohibiting the issuance of additional shares of Series C preferred stock and decreased the liquidation value from $1.00 per share to 0.0001 per share. | ||
b) | October 18, 2013, the Company entered into a share exchange agreement with Brookstone and issued 3,000,000 shares of Series C convertible preferred stock, of the Company on a 1 for 100 basis (ie. 1 share of Series C convertible preferred stock for everyone 100 shares of common stock) pursuant to the conversion of 300,000,000 shares of common stock. | ||
Series D Convertible Preferred Stock | |||
On October 16, 2013, the Company filed a Certificate of Designations with the Secretary of State of Nevada therein designating 5,000,000 shares of the Company’s authorized preferred stock as “Series D Convertible Preferred Stock” (“Series D Preferred Stock”). According to the Certificate of Designations, each holder of Series D Preferred Stock shall have the right, at such holder’s option, at any time or from time to time from and after the day immediately following the date the Series D Preferred Stock is first issued, to convert each share of Series D Preferred Stock into one (1) fully-paid and non-assessable share of common stock of the Company. The shares of the Series D Preferred Stock are redeemable at the Company’s option at $1.00 per share. Generally, the Series D Preferred Stock shall, with respect to rights on liquidation, winding up and dissolution, rank senior to (i) all classes of common stock and (ii) any class or series of capital stock of the Company hereafter created (unless, with the consent of the holder(s) of Series D Preferred Stock). Except as otherwise provided by the Nevada Revised Statutes, in the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the holders of shares of the Series D Preferred Stock then outstanding shall be entitled to be paid, out of the assets of the Company available for distribution to its stockholders, whether from capital, surplus or earnings, an amount equal to $1.00 per share. The Holders of shares of Series D Convertible Preferred Stock shall not be entitled to receive any dividends. The holders of the Series D Preferred Stock shall vote only on a share for share basis with the common stock. | |||
On October 16, 2013, the Company issued 50,000 shares of Series D convertible preferred stock with a fair value of $50,000 as prepayment of rent due under the lease agreement (Note 9(b)). |
Common_Stock
Common Stock | 9 Months Ended | |
Jun. 30, 2014 | ||
Equity [Abstract] | ' | |
Common Stock | ' | |
9 | Common Stock | |
October 18, 2013, the Company entered into a Share Exchange Agreement with a shareholder in which it exchanged 300,000,000 shares of common stock for 3,000,000 shares of Series C convertible preferred stock. | ||
On November 9, 2012, the Company redeemed an aggregate of 2,700,000 shares of common stock of the Company held by Virginia K. Sourlis, former CEO, for $189,000. |
Commitments
Commitments | 9 Months Ended | ||
Jun. 30, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments | ' | ||
10 | Commitments | ||
a) | The Company rents offices for $500 per quarter pursuant to a lease agreement dated February 22, 2013. The lease is for one year and automatically extends for the same period as the initial term upon the same conditions contained in the lease agreement, unless either party notifies the other at least 30 days prior to the expiration date. | ||
b) | On October 11, 2013, the Company entered into a lease agreement pursuant which the Company agreed to lease a five-acre parcel of land located at Village Mahal Khurd, District SBS Nagar, Punjab, India for an initial term of 10 years, commencing on October 15, 2013, until October 14, 2023, for the sole permitted purpose of building and operating a greenhouse growing facility. The rent under the lease agreement is 10% of the net profits of the facility, payable within 90 days of the end of each fiscal year, and $7,000 per year payable as: | ||
● | A prepayment of $50,000 in shares of Series D convertible preferred stock of the Company; and | ||
● | $2,000 per year, payable in cash in two equal semi-annual payments. | ||
Pursuant to the lease agreement, the shares of Series D convertible preferred stock of the Company and the initial $2,000 are due and payable upon execution of the agreement. The lease is renewable by mutual written consent for an additional term of 5 years based upon a fixed annual rent of $25,000, payable semi-annually, and 20% of net profits of the facility. | |||
On October 16, 2013, the Company paid $2,000 and issued 50,000 shares of Series D convertible preferred stock with a fair value of $50,000 as prepayment of rent due under the lease agreement. During the nine months ended June 30, 2014, the Company recognized rent expense of $4,958. | |||
c) | Pursuant to the Purchase Agreement with RYEL, the Company, through Pan Asia, has agreed to invest an aggregate of 387,500,000 Indian Rupees (“Rs.”), or approximately $6,352,459 USD, in RYEL through a series of staggered closings. As of January 27, 2014, the Company has fully consummated the initial financing and the three tranches of the first step of First Closing. In addition, on April 7, 2014, the Company closed on a portion of Step Two of the First Closing and has purchased an aggregate of 1,862,273 common shares of RYEL (representing approximately 9.46% of the outstanding equity of RYEL) in consideration for $440,900. | ||
The Company intends to close the remaining portion of Step Two of the First Closing under the Purchase Agreement no later than the tenth (10th) business day after the Company’s receipt of written confirmation that the transaction documents have been properly filed with the appropriate authorities in India and the unaudited financial statements of RYEL for the past two fiscal years have been prepared in accordance with U.S. GAAP. At the closing of Step Two of the First Closing, the Company intends to purchase an aggregate of 792,982 common shares from RYEL in consideration for Rs. 11,498,327 (approximately $179,000) .The Company intends to finance the purchase price for this closing by drawing down on the Company’s Loan Agreement with Anatom or by borrowing funds from its majority stockholder, Brookstone Partners, LLC, or one or more other third parties. | |||
Within fifteen business days after the date which the power generated by the Project is exported to the power grid (the “Commercial Operation Date”) and the delivery of required audited and interim financial statements of RYEL to the Company, the Company has agreed to purchase an aggregate of (i) 6,896,552 common shares from RYEL and the selling stockholders for an aggregate purchase price of Rs. 100,000,000 (approximately $1,666,667) and (iii) 1,230,542 common shares from the Promoter necessary to increase the Company’s equity ownership in RYEL to 51% in consideration for shares of Pan Global Preferred Stock with a stated face value of Rs. 17,842,861 (approximately $292,506). The Company intends to finance the purchase price for this closing by consummating a financing with one or more third party investors with whom it is currently in discussions. | |||
The Company has agreed, within 90 days of the Commercial Operation Date of the Project, to consummate a third party financing and file a selling stockholder registration statement on Form S-1, or such other appropriate form (the “Registration Statement”), with the U.S. Securities and Exchange Commission (the “SEC”), to register the common stock sold to the third party in such financing. No later than 30 days after the SEC has declared the Registration Statement effective under the Securities Act, the Company has agreed to commence purchasing for an aggregate purchase price of Rs. 247,500,000 (subject to adjustment for currency fluctuations) (approximately $4,485,000), the remaining outstanding common shares of RYEL and certain indebtedness of Sharma, if not otherwise converted. The Company has agreed to fully consummate the Third Closing within 90 days, but has the option to extend such period for an additional 90 days. | |||
The Company fully intends to and believes it can raise the funds to consummate the additional closings under the Purchase Agreement. However, if the Company is unable to raise the funds from its currently anticipated sources, the Company intends to explore and pursue other possible sources of funding through the issuance of debt or equity securities and the obtaining of a credit facility. Any future issuance of equity securities could cause dilution for our shareholders. Any incurrence of indebtedness will increase our debt service obligations and may cause us to be subject to restrictive operating and financial covenants. It is possible that financing may be available to us in amounts or on terms that are not favorable to the Company or not available at all. If the Company is unable to fund any additional closings under the Purchase Agreement, RYEL may terminate the Purchase Agreement and the Company will be unable to increase its equity ownership in RYEL. |
Subsequent_Event
Subsequent Event | 9 Months Ended | |
Jun. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Event | ' | |
11 | Subsequent Events | |
On July 9, 2014, the Company issued a $25,000 promissory note to a principal stockholder of the Company. The promissory note bears interest at the rate of 8% per annum and matures on July 9, 2015. | ||
On July 26, 2014, the Company closed on a portion of the Step Two of the First Closing under the Company’s Stock Purchase Agreement with RYEL and the RYEL Selling Stockholders and purchased 103,367 Common Shares of RYEL in consideration for $25,000 (Rs. 1,498,824). As of the date hereof, the Company has purchased an aggregate of 1,965,640 Common Shares (representing approximately 9.93% of the outstanding Common Shares of RYEL) in consideration for an aggregate purchase price of $465,900. | ||
On August 1, 2014, the Company issued a $25,000 promissory note to Anatom Associates, S.A. The promissory note bears interest at the rate of 8% per annum and matures on August 1, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
a) | Basis of Presentation | ||
These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Pan Asia Infratech Corp., a company incorporated in the State of Nevada. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is September 30. | |||
Use of Estimates | ' | ||
b) | Use of Estimates | ||
The preparation of consolidated financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to recovery of note receivable, valuation of investment, valuation of shares issued for services, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Cash and Cash Equivalents | ' | ||
c) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |||
Basic and Diluted Earnings (Loss) Per Share ("EPS") | ' | ||
d) | Basic and Diluted Earnings (Loss) Per Share (“EPS”) | ||
Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method for options and warrants and the if-converted method for convertible preferred stock. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the nine months ended June 30, 2014, potentially issuable shares, including preferred stock convertible to 49,850,000 shares of the Company’s common stock, have been excluded from the calculation. | |||
Foreign Currency Translation | ' | ||
e) | Foreign Currency Translation | ||
The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Indian Rupees. The Company has, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
Income Taxes | ' | ||
f) | Income Taxes | ||
The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
Revenue Recognition | ' | ||
g) | Revenue Recognition | ||
The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. | |||
Investment | ' | ||
h) | Investment | ||
Our cost method investments consist of investments in privately held company and are recorded at cost. We assess whether an other-than-temporary impairment loss on our investments has occurred due to declines in fair value or other market conditions. We did not recognize an other-than-temporary impairment loss on our investments during the nine months ended June 30, 2014. When the Company can exert significant influence (but not control) over the investments in corporate entity, the Company will account for its interest in RYEL using the equity method. When the Company can exert significant control over the investment in corporate entity, the Company will account for its interest in RYEL in its consolidated financial statements. | |||
Subsequent Events | ' | ||
i) | Subsequent Events | ||
The Company evaluated subsequent events through the date these financial statements were issued. There were no material subsequent events that required recognition or additional disclosure in these financial statements. | |||
Recent Accounting Pronouncements | ' | ||
j) | Recent Accounting Pronouncements | ||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | |||
The Company has limited operations and is considered to be in the development stage. During the nine months ended June 30, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this Update allows the Company to remove the inception-to-date information and all references to development stage. |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Purchase Price Allocation | ' | ||||
The allocation of the purchase price is summarized in the table below: | |||||
Purchase price | |||||
90,000,000 shares of common stock | $ | 3,482 | |||
Carrying value of Pan Asia net assets acquired | |||||
Cash | 682 | ||||
Prepaid expenses | 3,900 | ||||
Shareholder loan | (1,100 | ) | |||
Net assets acquired | $ | 3,482 |
Nature_of_Operations_and_Going1
Nature of Operations and Going Concern (Details Narrative) (USD $) | 9 Months Ended | 0 Months Ended |
Jun. 30, 2014 | Apr. 26, 2013 | |
Pan Asia Infratech Corp [Member] | ||
Acquisition of common stock issued and outstanding | 90,000,000 | 90,000,000 |
Accumulated losses | $621,896 | ' |
Summary_of_Significant_Accouti
Summary of Significant Accouting Policies (Details Narrative) (Common Stock [Member]) | Jun. 30, 2014 |
Common Stock [Member] | ' |
Number preferred stock converted into common stock | 49,850,000 |
Acquisition_Details_Narrative
Acquisition (Details Narrative) | 9 Months Ended | 0 Months Ended |
Jun. 30, 2014 | Apr. 26, 2013 | |
Pan Asia Infratech Corp [Member] | ||
Acquisition of common stock issued and outstanding | 90,000,000 | 90,000,000 |
Acquisition_Summary_of_Purchas
Acquisition - Summary of Purchase Price Allocation (Details) (USD $) | Jun. 30, 2014 |
Business Combinations [Abstract] | ' |
90,000,000 shares of common stock | $3,482 |
Cash | 682 |
Prepaid expenses | 3,900 |
Shareholder loan | -1,100 |
Net assets acquired | $3,482 |
Acquisition_Summary_of_Purchas1
Acquisition - Summary of Purchase Price Allocation (Details) (Parenthetical) | 9 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Common stock, shares | 90,000,000 |
Notes_Receivable_Details_Narra
Notes Receivable (Details Narrative) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Notes Receivable Details Narrative | ' | ' |
Notes receivable | $65,000 | ' |
Pencentage of notes receivable bear interest rate | 10.00% | ' |
Investment_in_Regency_Yamuna_E1
Investment in Regency Yamuna Energy Limited (Details Narrative) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 2 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 24, 2014 | Apr. 28, 2014 | Apr. 04, 2014 | Feb. 24, 2014 | Jan. 02, 2014 | Nov. 18, 2013 | Nov. 15, 2013 | Nov. 07, 2013 | Oct. 28, 2013 | Oct. 16, 2013 | Oct. 02, 2013 | Oct. 03, 2013 | Sep. 11, 2013 | Aug. 27, 2013 | Jun. 03, 2013 | Apr. 30, 2013 | Feb. 22, 2013 | Feb. 12, 2013 | Nov. 08, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Nov. 21, 2013 | Oct. 28, 2013 | Jun. 30, 2014 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Dec. 02, 2013 | Oct. 28, 2013 | Jun. 30, 2014 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Dec. 02, 2013 | Jun. 30, 2014 | Dec. 24, 2013 | Jan. 27, 2014 | Apr. 07, 2014 | Dec. 24, 2013 | Jan. 27, 2014 | Jun. 07, 2014 | |
India Rupees [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | RYEL [Member] | RYEL [Member] | RYEL [Member] | RYEL [Member] | RYEL [Member] | RYEL [Member] | RYEL [Member] | |||||||||||||||||||||
Purchase Agreement First Closing [Member] | Purchase Agreement Second Closing [Member] | Purchase Agreement Second Closing [Member] | Purchase Agreement Third Closing [Member] | First Tranche Closing [Member] | India Rupees [Member] | India Rupees [Member] | India Rupees [Member] | India Rupees [Member] | India Rupees [Member] | India Rupees [Member] | India Rupees [Member] | Purchase Agreement Second Closing [Member] | Purchase Agreement Third Closing [Member] | Step Two Of The First Closing [Member] | India Rupees [Member] | India Rupees [Member] | India Rupees [Member] | ||||||||||||||||||||||||||
Preferred Stock [Member] | Purchase Agreement First Closing [Member] | Purchase Agreement Second Closing [Member] | Purchase Agreement Second Closing [Member] | Purchase Agreement Third Closing [Member] | First Tranche Closing [Member] | Purchase Agreement Second Closing [Member] | Purchase Agreement Third Closing [Member] | Step Two Of The First Closing [Member] | |||||||||||||||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Percentage of agreed to purchase ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange amount for purchase ownership equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,485,000 | $247,500,000 | ' | $6,352,459 | $6,352,459 | $648,000 | $1,620,000 | $289,054 | $4,009,500 | $77,000 | $387,500,000 | $387,500,000 | $40,000,000 | $100,000,000 | $17,842,861 | $247,500,000 | $4,799,993 | ' | $146,500 | $48,700 | $100,000 | $9,000,005 | $3,000,000 | $6,002,949 |
Purchase of shares from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,758,621 | 8,127,094 | ' | 15,195,468 | 331,034 | ' | ' | ' | ' | ' | ' | ' | 1,862,273 | 620,690 | 206,879 | 413,996 | ' | ' | ' |
Purchase of debenture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $68,700 | ' | ' | ' | ' | ' | ' | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible maturity date | 18-Jun-15 | 28-Apr-15 | 25-Mar-15 | 24-Feb-15 | 2-Jan-14 | 18-Nov-14 | 15-Nov-14 | 7-Nov-14 | 28-Oct-14 | 16-Oct-14 | 1-Oct-14 | 2-Oct-14 | 11-Sep-14 | 27-Aug-14 | 3-Jun-14 | 30-Apr-14 | 22-Feb-14 | 12-Feb-15 | 27-Sep-14 | ' | ' | ' | 18-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debenture convertible into shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.24 | ' | ' | ' | ' | ' | ' | $14.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt converted into shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 289,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.46% | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Jun. 24, 2014 | Apr. 28, 2014 | Apr. 04, 2014 | Feb. 24, 2014 | Jan. 02, 2014 | Nov. 18, 2013 | Nov. 15, 2013 | Nov. 07, 2013 | Oct. 28, 2013 | Oct. 16, 2013 | Oct. 02, 2013 | Oct. 03, 2013 | Sep. 11, 2013 | Aug. 27, 2013 | Jun. 03, 2013 | Apr. 30, 2013 | Feb. 22, 2013 | Feb. 12, 2013 | Nov. 08, 2012 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | |
Shareholder One [Member] | Shareholder One [Member] | Shareholder Two [Member] | Shareholder Two [Member] | Shareholder Three [Member] | Shareholder Three [Member] | Shareholder Four [Member] | Shareholder Four [Member] | President [Member] | President [Member] | ||||||||||||||||||||||
Indebted to the president of the company expense paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,100 | $3,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500 | 2,045 |
Promissory note | 25,000 | ' | 130,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | 938,500 | 348,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note maturity date | 18-Jun-15 | 28-Apr-15 | 25-Mar-15 | 24-Feb-15 | 2-Jan-14 | 18-Nov-14 | 15-Nov-14 | 7-Nov-14 | 28-Oct-14 | 16-Oct-14 | 1-Oct-14 | 2-Oct-14 | 11-Sep-14 | 27-Aug-14 | 3-Jun-14 | 30-Apr-14 | 22-Feb-14 | 12-Feb-15 | 27-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | $429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66,740 | $19,531 | $2,148 | $652 | $5,151 | ' | $2,479 | ' | $33 | ' | ' | ' |
Notes_Payable_Details_Narrativ
Notes Payable (Details Narrative) (USD $) | 0 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Jun. 24, 2014 | Apr. 28, 2014 | Apr. 04, 2014 | Feb. 24, 2014 | Jan. 02, 2014 | Nov. 18, 2013 | Nov. 15, 2013 | Nov. 07, 2013 | Oct. 28, 2013 | Oct. 16, 2013 | Oct. 02, 2013 | Oct. 03, 2013 | Sep. 11, 2013 | Aug. 27, 2013 | Jun. 03, 2013 | Apr. 30, 2013 | Feb. 22, 2013 | Feb. 12, 2013 | Nov. 08, 2012 | Aug. 01, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Anatom Associates, S.A [Member] | November 4, 2013 [Member] | |||||||||||||||||||||||
Promissory note principal amount | ' | $40,000 | ' | $60,000 | $80,000 | $100,000 | $200,000 | ' | $30,000 | $13,500 | $5,500 | $75,000 | $20,000 | $10,000 | ' | $50,000 | $25,000 | $50,000 | $193,000 | $25,000 | ' | ' | $353,500 | ' |
Interest rate | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | ' | ' | ' | ' | 8.00% |
Note payable maturity date | 18-Jun-15 | 28-Apr-15 | 25-Mar-15 | 24-Feb-15 | 2-Jan-14 | 18-Nov-14 | 15-Nov-14 | 7-Nov-14 | 28-Oct-14 | 16-Oct-14 | 1-Oct-14 | 2-Oct-14 | 11-Sep-14 | 27-Aug-14 | 3-Jun-14 | 30-Apr-14 | 22-Feb-14 | 12-Feb-15 | 27-Sep-14 | ' | ' | ' | ' | ' |
Accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,740 | 19,531 | ' | ' |
Maximum amount borrow by loan agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Borrowed Funds by agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,500 |
Indebtness of principle and interest accrued amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 755,535 | ' |
Loans payable amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $345,000 | ' |
Preferred_Stock_Details_Narrat
Preferred Stock (Details Narrative) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Oct. 16, 2013 | Oct. 18, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Oct. 18, 2013 | Oct. 16, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Apr. 19, 2013 | Oct. 18, 2013 | Apr. 19, 2013 | Oct. 18, 2013 |
Series D Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Common Stock [Member] | Series D Convertible Preferred Stock [Member] | Series D Convertible Preferred Stock [Member] | Series D Convertible Preferred Stock [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||
Series C Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | |||||||||||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | ' | ' | 5,000,000 | 5,000,000 | ' | ' | 5,000,000 | 5,000,000 | 10,000,000 | ' | 25,000,000 | ' |
Preferred stock value per share | $0.00 | $0.00 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | $1 |
Number of shares issued during period for conversion | ' | ' | ' | 3,000,000 | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stock conversion description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company on a 1 for 100 basis (i.e., 1 share of Series C Convertible Preferred Stock for every 100 shares of Common Stock) | ||||||||||||||
Preferred stock shares designated | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend per share | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period | ' | ' | ' | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' |
Stock issued during period, shares | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' |
Common_Stock_Details_Narrative
Common Stock (Details Narrative) (USD $) | 0 Months Ended | ||
Oct. 18, 2013 | Oct. 18, 2013 | Nov. 09, 2012 | |
Common Stock [Member] | Series C Convertible Preferred Stock [Member] | Former CEO [Member] | |
Common stock issued for conversion, shares | 300,000,000 | 3,000,000 | ' |
Repurchase of common stock | ' | ' | 2,700,000 |
Payments for redemption of common stock | ' | ' | $189,000 |
Commitments_Details_Narrative
Commitments (Details Narrative) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||
Oct. 16, 2013 | Oct. 11, 2013 | Feb. 22, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 28, 2013 | Jun. 30, 2014 | Jul. 26, 2014 | Jun. 30, 2014 | Jan. 27, 2014 | Jun. 30, 2014 | Oct. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 16, 2013 | Oct. 11, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
acre | India Rupees [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Promoter [Member] | Series D Convertible Preferred Stock [Member] | Series D Convertible Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | Three Tranches First Closing [Member] | Next Closing Of Purchase Agreement[Member] | India Rupees [Member] | India Rupees [Member] | India Rupees [Member] | India Rupees [Member] | Promoter [Member] | Promoter [Member] | |||||||||||
Subsequent Event [Member] | Next Closing Of Purchase Agreement[Member] | India Rupees [Member] | ||||||||||||||||||
Lease agreement, rental per quarter | ' | ' | $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease area | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease maturity date | ' | 14-Oct-23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of rent in net profit | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent payment, per year | ' | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' |
Rent payable in cash | 2,000 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional term for lease | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revised annual rent payment | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revised percentage of rent in net profit | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for rent payment, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' |
Shares issued for rent payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' |
Rent expense | ' | ' | ' | 4,958 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange amount for purchase ownership equity | ' | ' | ' | $4,485,000 | $247,500,000 | $6,352,459 | $6,352,459 | ' | $1,666,667 | $440,900 | $179,000 | $387,500,000 | $387,500,000 | $100,000,000 | $11,498,327 | ' | ' | ' | $292,506 | $17,842,861 |
Purchase of shares from related party | ' | ' | ' | ' | ' | ' | ' | ' | 6,896,552 | 1,862,273 | 792,982 | ' | ' | ' | ' | 1,230,542 | ' | ' | ' | ' |
Percentage of outstanding common shares | ' | ' | ' | ' | ' | ' | ' | 9.93% | ' | 9.46% | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' |
Subsequent_Event_Details_Narra
Subsequent Event (Details Narrative) (USD $) | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||
Jun. 24, 2014 | Apr. 28, 2014 | Apr. 04, 2014 | Feb. 24, 2014 | Jan. 02, 2014 | Nov. 18, 2013 | Nov. 15, 2013 | Nov. 07, 2013 | Oct. 28, 2013 | Oct. 16, 2013 | Oct. 02, 2013 | Oct. 03, 2013 | Sep. 11, 2013 | Aug. 27, 2013 | Jun. 03, 2013 | Apr. 30, 2013 | Feb. 22, 2013 | Feb. 12, 2013 | Nov. 08, 2012 | Aug. 01, 2014 | Oct. 28, 2013 | Aug. 01, 2014 | Jul. 09, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | |
Regency Yamuna Energy Limited [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | Regency Yamuna Energy Limited [Member] | ||||||||||||||||||||||||
Purchase Agreement First Closing [Member] | First Tranche Closing [Member] | |||||||||||||||||||||||||
India Rupees [Member] | ||||||||||||||||||||||||||
Promissory note principal amount | ' | $40,000 | ' | $60,000 | $80,000 | $100,000 | $200,000 | ' | $30,000 | $13,500 | $5,500 | $75,000 | $20,000 | $10,000 | ' | $50,000 | $25,000 | $50,000 | $193,000 | $25,000 | ' | ' | $25,000 | ' | ' | ' |
Interest rate | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | ' | ' | 8.00% | 8.00% | ' | ' | ' |
Note payable maturity date | 18-Jun-15 | 28-Apr-15 | 25-Mar-15 | 24-Feb-15 | 2-Jan-14 | 18-Nov-14 | 15-Nov-14 | 7-Nov-14 | 28-Oct-14 | 16-Oct-14 | 1-Oct-14 | 2-Oct-14 | 11-Sep-14 | 27-Aug-14 | 3-Jun-14 | 30-Apr-14 | 22-Feb-14 | 12-Feb-15 | 27-Sep-14 | ' | 18-Oct-14 | 1-Aug-15 | 9-Jul-15 | ' | ' | ' |
Number of share purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,965,640 | 103,367 | ' |
Number of share purchased, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $465,900 | $25,000 | $1,498,824 |
Percentage of outstanding common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.93% | ' | ' |