Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 31, 2015 | Sep. 21, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NEW MEDIA INSIGHT GROUP, INC. | |
Entity Central Index Key | 1,493,040 | |
Trading Symbol | nmed | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 30,432,600 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Current Assets | ||
Cash | $ 5,748 | $ 15,056 |
Total Current Assets | 5,748 | 15,056 |
Property and Equipment, net | 1,144 | 1,237 |
TOTAL ASSETS | 6,892 | 16,293 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 18,843 | 18,171 |
Due to related party | 24,000 | 8,632 |
Convertible promissory note | 60,500 | 60,500 |
Derivative liability | 1,574,882 | 1,768,464 |
Total Liabilities | $ 1,678,225 | $ 1,855,767 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value $0.001, 25,000,000 shares authorized, authorized, none issued and outstanding | ||
Common Stock, par value $0.001, 850,000,000 shares authorized, 30,432,600 and 29,768,750 shares issued and outstanding, respectively | $ 30,433 | $ 29,769 |
Additional paid-in capital | (719,031) | (721,984) |
Accumulated deficit | (982,735) | (1,147,259) |
Total Stockholders' Deficit | (1,671,333) | (1,839,474) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 6,892 | $ 16,293 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Jul. 31, 2015 | Apr. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 850,000,000 | 850,000,000 |
Common Stock, shares issued | 30,432,600 | 29,768,750 |
Common Stock, shares outstanding | 30,432,600 | 29,768,750 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Statement of Operations [Abstract] | ||
REVENUES: | ||
OPERATING EXPENSES: | ||
Selling and advertising | $ 28,296 | |
Depreciation and amortization | $ 93 | 25,132 |
General and administrative | 4,341 | 3,582 |
Officer salary including payroll taxes | 18,487 | 19,377 |
Professional fees | 4,247 | 14,566 |
Travel expenses | 3,466 | |
Total Operating Expenses | 27,168 | $ 94,419 |
OTHER INCOME (EXPENSES) | ||
Interest expenses | (1,890) | |
Non-operating gain on derivative | 193,582 | |
Total Other Income (Expenses) | 191,692 | |
NET INCOME (LOSS) | $ 164,524 | $ (94,419) |
Basic Income (Loss) per Common Share (in dollars per share) | $ 0.01 | $ 0 |
Weighted Average Number of Common Shares Outstanding - Basic (in shares) | 30,408,923 | 29,768,750 |
Diluted Income (Loss) per Common Share (in dollars per share) | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding - Diluted (in shares) | 84,526,999 | 29,768,750 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) for the period | $ 164,524 | $ (94,419) |
Adjustments to reconcile net income (loss) to net cash used in operations: | ||
Depreciation and amortization | 93 | 25,132 |
Gain on derivative | (193,582) | |
Changes in operating assets and Liabilities: | ||
Accounts payable and accrued liabilities | 672 | (5,728) |
Net cash used in operating activities | $ (28,293) | $ (75,015) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash provided by (used in) investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advance from (payments to) related party | $ 15,368 | $ (4,321) |
Issuance of common stock for cash | 3,617 | |
Net cash provided by (used in) financing activities | 18,985 | (4,321) |
Net decrease in cash and cash equivalents | (9,308) | (79,336) |
Cash and cash equivalents - beginning of period | 15,056 | 210,099 |
Cash and cash equivalents - end of period | $ 5,748 | $ 130,763 |
Supplemental Cash Flow Disclosure: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-cash financing and investing activities: | ||
Share issuance cost | $ 138,572 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS New Media Insight Group, Inc. (the "Company") was incorporated on March 29, 2010 in the State of Nevada, U.S.A. Our fiscal year end is April 30. Our administrative offices are located in Cave Creek, AZ. The Company is a development stage company and operates as an internet marketing business providing clients with the latest in new media and mobile / smart phone payment and advertising solutions. The Company is continuing to pursue and expand upon the same business however, it is in the process of significantly enhancing its product and service offering and is developing new and proprietary technology in the area of mobile payments and online monetization. The Company will specialize in developing Internet and mobile marketing, loyalty, and communication solutions. The Company's mission is to help local merchants connect, communicate and transact with their customers in a more effective way. The Company has devoted substantially all of its efforts to raising capital, planning and implementing the principal operations. The Company may continue to incur significant operating losses and to generate negative cash flow from operating activities. The Company's ability to eliminate operating losses and to generate positive cash flow from operations in the future will depend upon a variety of factors, many of which it is unable to control. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The interim financial information referred to above has been prepared and presented in conformity with accounting principles generally accepted in the United States of America (GAAP) applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company's significant accounting policies, refer to the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended April 30, 2015 filed with the Securities and Exchange Commission on August 13, 2015. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company's periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. Any account pronouncements will not effect either going concern or revenue. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 3. CAPITAL STOCK Authorized Stock The Company has authorized 850,000,000 common shares and 25,000,000 preferred shares, both with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. Share Issuance On December 10, 2014, the Company entered into an equity purchase agreement with Premier Venture Partners. Pursuant to the terms of the Equity Purchase Agreement, Premier Venture committed to purchase up to $2,000,000 of our common stock during the Open Period. From time to time during the Open Period, the Company may deliver a drawdown notice to Premier Venture which states the dollar amount that the Company intends to sell to Premier Venture on a date specified in the put notice (the " Put Notice VWAP The Company registered 16,397,960 shares in accordance with a certain Registration Rights Agreement and Equity Purchase Agreement, each dated December 10, 2014. The percentage of the total outstanding common stock being registered to be offered by the Selling Security Holders is 35.5% based upon the 46,116,621 common shares if all 16,397,960 were to be issued. In consideration for the execution and delivery of the Equity Purchase Agreement by Premier Venture, During the three months ended July 31, 2015, the Company issued Premier Venture 71,429 shares of common stock as initial commitment and 459,939 shares of common stock as additional commitment. On May 1, 2015 the Board of Directors authorized the increase of issue and outstanding shares of the Company's stock by 37,056 for cash of $1,816. The shares are fully paid for and non-assessable and are being issued pursuant to the equity purchase agreement with the Premier Venture Partners, LLC dated December 10, 2014 and the 1st Put Notice dated May 1st, 2015. On May 8, 2015 the Board of Directors authorized the increase of issue and outstanding shares of the Company's stock by 37,336 for cash of $1,568. The shares are fully paid for and non-assessable and are being issued pursuant to the equity purchase agreement with the Premier Venture Partners, LLC dated December 10, 2014 and the 2nd Put Notice dated May 8th, 2015. On June 3, 2015 the Board of Directors authorized the increase of issue and outstanding shares of the Company's stock by 58,090 for cash of $2,033. The shares are fully paid for and non-assessable and are being issued pursuant to the equity purchase agreement with the Premier Venture Partners, LLC dated December 10, 2014 and the 3rd Put Notice dated June 3, 2015. There were 30,432,600 and 29,768,750 common shares issued and outstanding at July 31, 2015 and April 30, 2015 respectively. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Jul. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4. PROPERTY AND EQUIPMENT The following table summarizes the property and Equipment. July 31, 2015 April 30, 2015 Property and equipment $ 2,079 $ 2,079 Accumulated depreciation (935 ) (842 ) $ 1,144 $ 1,237 During the three months ended July 31, 2015 and 2014, the depreciation was $93 and $132, respectively. |
OPTIONS
OPTIONS | 3 Months Ended |
Jul. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
OPTIONS | NOTE 5. OPTIONS The options have been granted in conjunction with an employment agreement. The following table summarizes the options at July 31, 2015 Exercise Prices Number of Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Actual Number Exercisable Weighted Average Exercise Price $ 0.75 2,013,500 1.88 $ 0.75 504,500 $ 0.75 2,013,500 1.88 $ 0.75 504,500 $ 0.75 Transactions involving the Company's option issuance are summarized as follows: Number of Stock Options Weighted Average Price Per Share Outstanding at April 30, 2015 2,013,500 $ 0.75 Granted - - Exercised - - Cancel or expired - - Outstanding at July 31, 2015 2,013,500 $ 0.75 Options yet to be vested 1,509,000 Options vested at July 31, 2015 504,500 |
WARRANTS
WARRANTS | 3 Months Ended |
Jul. 31, 2015 | |
Warrants and Rights Note Disclosure [Abstract] | |
WARRANTS | NOTE 6. WARRANTS The warrants were issued in conjunction with certain common stock offerings. Transactions involving the Company's warrants issuance are summarized as follows: Number of Warrants Weighted Average Price Per Share Outstanding at April 30, 2015 1,100,000 $ 1.00 Granted - - Exercised - - Cancel or expired (1,100,000 ) $ 1.00 Outstanding at July 31, 2015 - - |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 3 Months Ended |
Jul. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITY | NOTE 7. DERIVATIVE LIABILITY The Company reviews the terms of equity purchase agreement and the terms of convertible debt issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method. Equity purchase agreement with Premier Venture Partners On December 10, 2014, the Company entered into an equity purchase agreement with Premier Venture Partners. Pursuant to the terms of the Equity Purchase Agreement, Premier Venture committed to purchase up to $2,000,000 of our common stock during the Open Period. From time to time during the Open Period, the Company may deliver a drawdown notice to Premier Venture which states the dollar amount that the Company intends to sell to Premier Venture on a date specified in the put notice (the "Put Notice"). The maximum investment amount per notice shall not exceed the lesser of (i) 200% of the average daily trading volume of our common stock on the five trading days prior to the day the Put Notice is received by Premier Venture and (ii) 110% of any previous put amount during the maximum thirty-six (36) month period (however the amount for the preceding (ii) shall never be less than 70,000 shares). The total purchase price to be paid, in connection to the Put Notice, by Premier Venture shall be calculated at a thirty percent (30%) discount to the lowest individual daily volume weighted average price of the common stock of our company during such trading day ("VWAP") of during the five (5) consecutive trading days immediately after the applicable date of the Put Notice, notwithstanding certain provisions pursuant to the Equity Purchase Agreement, less six hundred dollars ($600). There is a derivative in the Equity Purchase Agreement. The Company evaluated the terms of the conversion features of the equity purchase agreement in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging - Contracts in Entity's Own Stock and determined it is indexed to the Company's common stock and that the conversion features meet the definition of a liability and therefore bifurcated the conversion feature and accounted for it as a separate derivative liability. The Company used the following Black-Scholes assumptions in arriving at the fair value of this derivative. Stock price $0.055 Expected term 0.36 year Expected volatility 181.5% Risk free interest rate 0.08% Dividend yield 0 The continuity schedule of this derivative is as follows: Balance -April 30, 2015 $ 1,768,464 Fair Value Adjustment (288,618 ) Balance - July 31, 2015 $ 1,479,846 Convertible Promissory Note with Iconic Holdings On April 9, 2015, we entered into a 10% Convertible Promissory Note with Iconic Holdings for the amount of $60,500. The irrevocable transfer agent instructions were issued. The Stock Price shall be equal to 60% of the lowest trading price of the Company's common stock during the 15 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note. There is a derivative in the loan agreement. Because the warrant values exceeded the note values after the beneficial conversion feature discount, the warrants have been bifurcated out and recorded separately. The initial value was the fair value less the fair value of the debt discount. The difference between the amortized fair value and the revalued fair value at each reporting period is recorded as a derivative liability. This derivative liability will change every reporting period based on the current market conditions. The Company used the following Black-Scholes assumptions in arriving at the fair value of the warrants. Stock price $0.55 Expected term 0.69 year Expected volatility 213.8% Risk free interest rate 0.14% Dividend yield 0 The continuity schedule of this derivative is as follows: Balance -April 30, 2015 $ - Derivative Liability 70,924 Fair Value Adjustment 24,112 Balance - July 31, 2015 $ 95,036 |
DUE TO RELATED PARTY
DUE TO RELATED PARTY | 3 Months Ended |
Jul. 31, 2015 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY | NOTE 8.DUE TO RELATED PARTY As at July 31, 2015 and April 30, 2015, the Company was obligated to a director, who is also an officer, for a non-interest bearing demand loan with a balance of $24,000 and $8,632, respectively. Interest is immaterial. |
GOING CONCERN AND LIQUIDITY CON
GOING CONCERN AND LIQUIDITY CONSIDERATIONS | 3 Months Ended |
Jul. 31, 2015 | |
Going Concern And Liquidity Considerations [Abstract] | |
GOING CONCERN AND LIQUIDITY CONSIDERATIONS | NOTE 9.GOING CONCERN AND LIQUIDITY CONSIDERATIONS The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As at July 31, 2015, the Company had an accumulated deficit of $982,735, and a negative working capital of $1,672,477 and has earned $38,690 in revenues since inception. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company depends upon capital to be derived from future financing activities such as subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Company's business plan, the ability to raise capital in the future, the ability to expand its customer base, and the ability to hire key employees to provide services. There may be other risks and circumstances that management may be unable to predict The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The interim financial information referred to above has been prepared and presented in conformity with accounting principles generally accepted in the United States of America (GAAP) applicable to interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company's significant accounting policies, refer to the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended April 30, 2015 filed with the Securities and Exchange Commission on August 13, 2015. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company's periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. Any account pronouncements will not effect either going concern or revenue. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | July 31, 2015 April 30, 2015 Property and equipment $ 2,079 $ 2,079 Accumulated depreciation (935 ) (842 ) $ 1,144 $ 1,237 |
OPTIONS (Tables)
OPTIONS (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of summary of options | Exercise Prices Number of Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Actual Number Exercisable Weighted Average Exercise Price $ 0.75 2,013,500 1.88 $ 0.75 504,500 $ 0.75 2,013,500 1.88 $ 0.75 504,500 $ 0.75 |
Schedule of transactions involving option issuance | Number of Stock Options Weighted Average Price Per Share Outstanding at April 30, 2015 2,013,500 $ 0.75 Granted - - Exercised - - Cancel or expired - - Outstanding at July 31, 2015 2,013,500 $ 0.75 Options yet to be vested 1,509,000 Options vested at July 31, 2015 504,500 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule of transactions involving warrants issuance | Number of Warrants Weighted Average Price Per Share Outstanding at April 30, 2015 1,100,000 $ 1.00 Granted - - Exercised - - Cancel or expired (1,100,000 ) $ 1.00 Outstanding at July 31, 2015 - - |
DERIVATIVE LIABILITY (Tables)
DERIVATIVE LIABILITY (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Premier Venture Partners | Equity purchase agreement | |
Derivative [Line Items] | |
Schedule of fair value measurements assumptions of derivative | Stock price $0.055 Expected term 0.36 year Expected volatility 181.5% Risk free interest rate 0.08% Dividend yield 0 |
Schedule of continuity of derivative | Balance -April 30, 2015 $ 1,768,464 Fair Value Adjustment (288,618 ) Balance - July 31, 2015 $ 1,479,846 |
Iconic Holdings | Convertible Promissory Note | |
Derivative [Line Items] | |
Schedule of fair value measurements assumptions of derivative | Stock price $0.55 Expected term 0.69 year Expected volatility 213.8% Risk free interest rate 0.14% Dividend yield 0 |
Schedule of continuity of derivative | Balance -April 30, 2015 $ - Derivative Liability 70,924 Fair Value Adjustment 24,112 Balance - July 31, 2015 $ 95,036 |
CAPITAL STOCK (Detail Textuals)
CAPITAL STOCK (Detail Textuals) - USD ($) | Jun. 03, 2015 | May. 08, 2015 | Dec. 10, 2014 | May. 01, 2015 | Jul. 31, 2015 | Apr. 30, 2015 |
Schedule Of Capital Stock [Line Items] | ||||||
Common Stock, shares authorized | 850,000,000 | 850,000,000 | ||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | ||||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Common stock, voting rights | one vote | |||||
Common Stock, shares issued | 30,432,600 | 29,768,750 | ||||
Common Stock, shares outstanding | 30,432,600 | 29,768,750 | ||||
Percentage of total outstanding common stock registered | 35.50% | |||||
Number of shares registered | 46,116,621 | |||||
Common stock issued under agreement | 16,397,960 | |||||
Premier Venture Partners | Minimum | ||||||
Schedule Of Capital Stock [Line Items] | ||||||
Number of shares committed | 70,000 | |||||
Equity purchase agreement | ||||||
Schedule Of Capital Stock [Line Items] | ||||||
Number of shares registered | 16,397,960 | |||||
Equity purchase agreement | Premier Venture Partners | ||||||
Schedule Of Capital Stock [Line Items] | ||||||
Maximum investment amount, description | The maximum investment amount per notice shall not exceed the lesser of (i) 200% of the average daily trading volume of our common stock on the five trading days prior to the day the Put Notice is received by Premier Venture and (ii) 110% of any previous put amount during the maximum thirty-six (36) month period (however the amount for the preceding (ii) shall never be less than 70,000 shares). | |||||
Total purchase price, description | The total purchase price to be paid, in connection to the Put Notice, by Premier Venture shall be calculated at a thirty percent (30%) discount to the lowest individual daily volume weighted average price of the common stock of our company during such trading day ("VWAP") of during the five (5) consecutive trading days immediately after the applicable date of the Put Notice, notwithstanding certain provisions pursuant to the Equity Purchase Agreement, less six hundred dollars ($600). | |||||
Number of shares issued | 71,429 | |||||
Common stock shares issued as additional commitment | 459,939 | |||||
Equity purchase agreement | Premier Venture Partners | Maximum | ||||||
Schedule Of Capital Stock [Line Items] | ||||||
Number of shares committed | 2,000,000 | |||||
Equity purchase agreement | Premier Venture Partners | Board of Directors | ||||||
Schedule Of Capital Stock [Line Items] | ||||||
Value of stock issued | $ 2,033 | $ 1,568 | $ 1,816 | |||
Number of shares issued | 58,090 | 37,336 | 37,056 | |||
Registration Rights Agreement | ||||||
Schedule Of Capital Stock [Line Items] | ||||||
Number of shares registered | 16,397,960 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Property, Plant and Equipment [Abstract] | ||
Property and equipment | $ 2,079 | $ 2,079 |
Accumulated depreciation | (935) | (842) |
Property and equipment, net | $ 1,144 | $ 1,237 |
PROPERTY AND EQUIPMENT (Detail
PROPERTY AND EQUIPMENT (Detail Textuals) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 93 | $ 132 |
OPTIONS (Details)
OPTIONS (Details) - $ / shares | 3 Months Ended | |
Jul. 31, 2015 | May. 01, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding | $ 0.75 | $ 0.75 |
Number of Stock Options Outstanding | 2,013,500 | 2,013,500 |
Weighted Average Remaining Contractual Life (Years) | 1 year 10 months 17 days | |
Actual Number Exercisable | 504,500 | |
Weighted Average Exercise Price, Exercisable | $ 0.75 | |
Exercise Prices $0.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding | $ 0.75 | |
Number of Stock Options Outstanding | 2,013,500 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 10 months 17 days | |
Actual Number Exercisable | 504,500 | |
Weighted Average Exercise Price, Exercisable | $ 0.75 |
OPTIONS (Details 1)
OPTIONS (Details 1) - Jul. 31, 2015 - $ / shares | Total |
Number of Stock Options | |
Outstanding at April 30, 2015 | 2,013,500 |
Granted | |
Exercised | |
Cancel or expired | |
Outstanding at July 31, 2015 | 2,013,500 |
Options yet to be vested | 1,509,000 |
Options vested at July 31, 2015 | 504,500 |
Weighted Average Price Per Share | |
Outstanding at April 30, 2015 | $ 0.75 |
Granted | |
Exercised | |
Cancel or expired | |
Outstanding at July 31, 2015 | $ 0.75 |
WARRANTS (Details)
WARRANTS (Details) - 3 months ended Jul. 31, 2015 - $ / shares | Total |
Number of Warrants | |
Outstanding at April 30, 2015 | 1,100,000 |
Granted | |
Exercised | |
Cancel or expired | (1,100,000) |
Outstanding at July 31, 2015 | |
Weighted Average Price Per Share | |
Outstanding at April 30, 2015 | $ 1 |
Granted | |
Exercised | |
Cancel or expired | $ 1 |
Outstanding at July 31, 2015 |
DERIVATIVE LIABILITY (Details)
DERIVATIVE LIABILITY (Details) - Jul. 31, 2015 - $ / shares | Total |
Premier Venture Partners | Equity purchase agreement | |
Derivative [Line Items] | |
Stock price | $ 0.055 |
Expected term | 4 months 10 days |
Expected volatility | 181.50% |
Risk free interest rate | 0.08% |
Dividend yield | 0.00% |
Iconic Holdings | Convertible Promissory Note | |
Derivative [Line Items] | |
Stock price | $ 0.55 |
Expected term | 8 months 8 days |
Expected volatility | 213.80% |
Risk free interest rate | 0.14% |
Dividend yield | 0.00% |
DERIVATIVE LIABILITY (Details 1
DERIVATIVE LIABILITY (Details 1) - Jul. 31, 2015 - USD ($) | Total |
Derivative [Line Items] | |
Fair Value Adjustment | $ 193,582 |
Balance - July 31, 2015 | 1,574,882 |
Premier Venture Partners | Equity purchase agreement | |
Derivative [Line Items] | |
Balance - April 30, 2015 | 1,768,464 |
Fair Value Adjustment | (288,618) |
Balance - July 31, 2015 | $ 1,479,846 |
Iconic Holdings | Convertible Promissory Note | |
Derivative [Line Items] | |
Balance - April 30, 2015 | |
Derivative Liability | $ 70,924 |
Fair Value Adjustment | 24,112 |
Balance - July 31, 2015 | $ 95,036 |
DERIVATIVE LIABILITY (Detail Te
DERIVATIVE LIABILITY (Detail Textuals) - USD ($) | Dec. 10, 2014 | Jul. 31, 2015 | Apr. 09, 2015 |
Premier Venture Partners | Minimum | |||
Derivative [Line Items] | |||
Number of shares committed | 70,000 | ||
Premier Venture Partners | Equity purchase agreement | |||
Derivative [Line Items] | |||
Maximum investment amount, description | The maximum investment amount per notice shall not exceed the lesser of (i) 200% of the average daily trading volume of our common stock on the five trading days prior to the day the Put Notice is received by Premier Venture and (ii) 110% of any previous put amount during the maximum thirty-six (36) month period (however the amount for the preceding (ii) shall never be less than 70,000 shares). | ||
Total purchase price, description | The total purchase price to be paid, in connection to the Put Notice, by Premier Venture shall be calculated at a thirty percent (30%) discount to the lowest individual daily volume weighted average price of the common stock of our company during such trading day ("VWAP") of during the five (5) consecutive trading days immediately after the applicable date of the Put Notice, notwithstanding certain provisions pursuant to the Equity Purchase Agreement, less six hundred dollars ($600). | ||
Premier Venture Partners | Equity purchase agreement | Maximum | |||
Derivative [Line Items] | |||
Number of shares committed | 2,000,000 | ||
Iconic Holdings | Convertible Promissory Note | |||
Derivative [Line Items] | |||
Percentage of convertible promissory note | 10.00% | ||
Convertible promissory note, amount | $ 60,500 | ||
Percentage of stock price | 60.00% |
DUE TO RELATED PARTY (Detail Te
DUE TO RELATED PARTY (Detail Textuals) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Related Party Transactions [Abstract] | ||
Due to director | $ 24,000 | $ 8,632 |
GOING CONCERN AND LIQUIDITY C30
GOING CONCERN AND LIQUIDITY CONSIDERATIONS (Detail Textuals) - USD ($) | 3 Months Ended | 64 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Apr. 30, 2015 | |
Going Concern And Liquidity Considerations [Abstract] | ||||
Accumulated deficit | $ (982,735) | $ (982,735) | $ (1,147,259) | |
Working capital (deficiency) | $ (1,672,477) | (1,672,477) | ||
Revenues | $ 38,690 |