Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'EXP Realty International Corp | ' |
Entity Central Index Key | '0001495932 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 47,661,315 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $225,513 | $58,308 |
Restricted cash | 81,333 | 61,687 |
Accounts receivable, net | 119,355 | 71,449 |
Prepaids and other assets | 16,872 | 16,545 |
TOTAL CURRENT ASSETS | 443,073 | 207,989 |
OTHER ASSETS | ' | ' |
Fixed assets, net | 7,936 | 9,784 |
TOTAL OTHER ASSETS | 7,936 | 9,784 |
TOTAL ASSETS | 451,009 | 217,773 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 94,394 | 51,335 |
Customer deposits | 81,333 | 61,687 |
Accrued expenses | 153,151 | 121,233 |
Due to related parties | 20,577 | 102,418 |
Accrued interest | 7,073 | 5,503 |
Current portion of notes payable | ' | 15,000 |
TOTAL CURRENT LIABILITIES | 356,528 | 357,176 |
LONG TERM LIABILITIES | ' | ' |
Notes payable | 61,887 | 61,887 |
TOTAL LIABILITIES | 418,415 | 419,063 |
Commitments and Contingencies | ' | ' |
STOCKHOLDERS' EQUITY / (DEFICIT) | ' | ' |
Common Stock, 7,700,000,000 shares, $0.0001 par value authorized; 47,661,315 and 1,403,010,000 issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 477 | 401 |
Additional paid-in capital | 1,378,406 | 192,930 |
Accumulated deficit | -1,346,289 | -394,621 |
TOTAL EQUITY / (DEFICIT) | 32,594 | -201,290 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY / (DEFICIT) | $451,009 | $217,773 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock shares authorized | 7,700,000,000 | 7,700,000,000 |
Common stock par value | $0.00 | $0.00 |
Common stock shares issued | 47,661,315 | 1,403,010,000 |
Common stock shares outstanding | 47,661,315 | 1,403,010,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Revenues | $3,069,592 | $1,638,435 | $8,208,672 | $4,788,711 |
Operating expenses | ' | ' | ' | ' |
Cost of revenues | 2,615,845 | 1,367,709 | 6,839,199 | 4,038,589 |
General and administrative | 893,045 | 206,601 | 1,919,627 | 588,120 |
Professional fees | 194,621 | 60,687 | 335,703 | 140,509 |
Sales and marketing | 21,497 | 31,722 | 63,527 | 79,881 |
Total expenses | 3,725,008 | 1,666,719 | 9,158,056 | 4,847,099 |
Net income from operations | -655,416 | -28,284 | -949,384 | -58,388 |
Other expenses | ' | ' | ' | ' |
Interest expense | -464 | -468 | -1,570 | -1,608 |
Total other expenses | -464 | -468 | -1,570 | -1,608 |
Loss before income tax expense | -655,880 | -28,752 | -950,954 | -59,996 |
Income tax expense | 12,906 | -312 | -711 | -1,326 |
Net loss | ($642,974) | ($29,064) | ($951,665) | ($61,322) |
Net loss per share - basic and diluted | $0 | $0 | $0 | $0 |
Weighted average shares outstanding - basic and diluted | 1,192,717,006 | 1,403,010,000 | 1,332,298,470 | 1,403,010,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES | ' | ' |
Net loss | ($951,665) | ($61,322) |
Adjustments to reconcile net (loss) to cash used in operating activities: | ' | ' |
Depreciation | 2,341 | 5,033 |
Stock compensation expense | 973,398 | ' |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -47,906 | 30,803 |
Accountants receivable, related party | ' | -3,026 |
Prepaids and other assets | -327 | 17,738 |
Accounts payable | 43,059 | 21,146 |
Accrued expenses | 31,918 | -29,968 |
Due to related parties | 38,075 | -3,687 |
Accrued interest | 1,570 | 1,608 |
NET CASH USED BY OPERATING ACTIVITIES | 90,463 | -21,675 |
INVESTMENT ACTIVITIES | ' | ' |
Acquisition of property and equipment | -493 | ' |
CASH (USED) BY INVESTMENT ACTIVITIES | -493 | ' |
FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of common stock | 90,235 | ' |
Bank indebtedness | ' | -745 |
Principal payments of notes payable | -15,000 | -7,500 |
Advances from related parties | 2,000 | 15,019 |
CASH PROVIDED BY FINANCING ACTIVITIES | 77,235 | 6,774 |
Net change in cash | 167,205 | -14,901 |
Cash and cash equivalents, beginning of period | 58,308 | 73,209 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 225,513 | 58,308 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FOR: | ' | ' |
Cash paid for interest | ' | ' |
Cash paid for taxes | $711 | $1,326 |
1_Background_and_Basis_of_Pres
1. Background and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
1. Background and Basis of Presentation | ' |
eXp Realty International Corporation formerly known as Desert Canadians, Ltd. (the “Company” or “eXp”) was incorporated in the State of Delaware on July 30, 2008. The Company is a cloud-based real estate brokerage operating in 29 States and in Ontario, Canada. As a cloud-based real estate brokerage for the residential real estate market, eXp has embraced and adopted a number of cloud-based technologies in order to grow an international brokerage without the burden of physical bricks and mortar or redundant staffing costs. | |
The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month period ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
2. Summary of Significant Accounting Policies | ' |
a) Basis of Presentation and Fiscal Year | |
The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States, and are expressed in US dollars. All material intercompany accounts and transactions have been eliminated in consolidation. As disclosed in our 8-K filed September 27th, 2013 the Company has changed its fiscal year end to December 31. | |
b) Use of Estimates | |
The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to 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) Comprehensive Loss | |
There were no components of comprehensive loss other than net loss for the three and nine months ended September 30, 2013 and 2012. | |
d) Recently Issued Accounting Pronouncements | |
There have been no recently issued accounting pronouncements through the date of this report that we believe will have a material impact on our financial position, results of operations, or cash flows. |
3_Related_Party_Transactions
3. Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
3. Related Party Transactions | ' |
As of September 30, 2013, the Company was indebted to the CEO of the Company for $20,577 for expenses paid for on behalf of the Company. As of December 31, 2012, the Company was indebted to the prior President of the Company for $102,418 for expenses paid for on behalf of the Company and advances. Amounts due to related parties were non-interest bearing, unsecured and due on demand. |
4_Stockholders_Equity
4. Stockholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
4. Stockholders' Equity | ' |
During the 3 months ended March 31, 2013, we issued 365,015 shares of common stock to satisfy $109,500 due to related parties. The amounts due were composed of $ 92,668 of cash advances and $16,832 of expense reimbursements outstanding at the time of issuance. We also issued 214,120 shares of common stock for cash to investors in private placements between $0.15 and $0.20 per share for receipts of cash totaling $33,734. | |
During the 3 months ended June 30, 2013, we issued 188,335 shares of common stock for cash to investors in private placements between $0.20 and $0.30 per share for receipts of cash totaling $51,251. In addition we issued 613,598 shares of common stock for services valued at $122,720 to vendors. | |
During the 3 months ended September 30, 2013, we issued 17,500 shares of common stock for cash to investors in private placements at $0.30 per shares for receipts of cash totaling $5,250. | |
During the 3 months ended September 30, 2013 the Company effected a thirty-five-to-one forward stock split of the issued and outstanding shares of common stock. | |
During the 3 months ended September 30, 2013 our President forfeited and the Company subsequently cancelled 1,393,350,000 (post-split) shares of common stock. | |
During the 3 months ended September 30, 2013 we issued 37,216,345 shares of common stock to shareholders of eXp Realty International Inc. as part of the business combination. |
5_Stock_Based_Compensation
5. Stock Based Compensation | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
5. Stock Based Compensation | ' | ||||||||||||||
During the periods ended September 30, 2013 and December 31, 2012 the Company approved the issuance of stock options to certain employees, officers, directors, and service provider at the sole discretion of the Board of Directors. | |||||||||||||||
The Company accounts for stock based compensation based on the intrinsic value of the awards and re-measures the intrinsic value at each reporting date through the date of exercise or other settlement. The final measure of compensation cost is recognized at the intrinsic value of the instrument at the date it is settled. Compensation cost for each period until settlement is based on the change in the intrinsic value of the instrument in each reporting period. | |||||||||||||||
The Company’s currently issued stock options vest over periods ranging from 0 to 4 years and are exercisable for a period of 10 years. | |||||||||||||||
The Company’s stock option activity is as follows: | |||||||||||||||
Options | Weighted Avg Price | Instrinsic Value | |||||||||||||
Balance, December 31, 2012 | 5,486,003 | $ | 0.13 | $ | 0.17 | ||||||||||
Granted | 2,187,997 | 0.17 | 0.13 | ||||||||||||
Exercised | – | – | – | ||||||||||||
Forfeited | – | – | – | ||||||||||||
Balance, September 30, 2013 | 7,674,000 | $ | 0.14 | $ | 0.16 | ||||||||||
Exercisable at September 30, 2013 | 1,398,450 | $ | 0.13 | $ | 0.17 | ||||||||||
Vested at September 30, 2013 | 5,182,524 | $ | 0.14 | $ | 0.16 | ||||||||||
For the nine months ended September 30, 2013 the Company’s stock options had an intrinsic value between $0.03 and $0.17 as compared to the nine months ended September 30, 2012 which had an intrinsic value of $0.00. The Company recognized stock option expense of $338,481 and $0 for the nine months ended September 30, 2013 and September 30, 2012, respectively. | |||||||||||||||
As part of the merger each outstanding option to purchase shares of eXp Realty International, Inc. were converted into options entitling the holder to purchase such number of shares of our common stock that is equal to 7.5 times the number of shares of eXp Realty International, Inc. This transaction required accounting recognition consistent with a modification of an award and the incremental cost associated with this modification to be recognized as of the date of modification. On September 27, 2013 the Company recognized an additional $512,197 of incremental cost associated with this conversion. |
6_Commitments_and_Contingencie
6. Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
6. Commitments and Contingencies | ' |
The Company is subject to legal proceedings and claims that arise in the ordinary course of business. In the opinion of management the ultimate liability with respect to current proceedings and claims will not have a material adverse effect upon the Company’s financial position or results of operations. |
2_Summary_of_Significant_Accou1
2. Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
a) Basis of Presentation and Fiscal Year | ' |
a) Basis of Presentation and Fiscal Year | |
The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States, and are expressed in US dollars. All material intercompany accounts and transactions have been eliminated in consolidation. As disclosed in our 8-K filed September 27th, 2013 the Company has changed its fiscal year end to December 31. | |
b) Use of Estimates | ' |
b) Use of Estimates | |
The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to 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) Comprehensive Loss | ' |
c) Comprehensive Loss | |
There were no components of comprehensive loss other than net loss for the three and nine months ended September 30, 2013 and 2012. | |
d) Recently Issued Accounting Pronouncements | ' |
d) Recently Issued Accounting Pronouncements | |
There have been no recently issued accounting pronouncements through the date of this report that we believe will have a material impact on our financial position, results of operations, or cash flows. |
5_Stock_Based_Compensation_Tab
5. Stock Based Compensation (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Schedule of stock options | ' | ||||||||||||||
Options | Weighted Avg Price | Instrinsic Value | |||||||||||||
Balance, December 31, 2012 | 5,486,003 | $ | 0.13 | $ | 0.17 | ||||||||||
Granted | 2,187,997 | 0.17 | 0.13 | ||||||||||||
Exercised | – | – | – | ||||||||||||
Forfeited | – | – | – | ||||||||||||
Balance, September 30, 2013 | 7,674,000 | $ | 0.14 | $ | 0.16 | ||||||||||
Exercisable at September 30, 2013 | 1,398,450 | $ | 0.13 | $ | 0.17 | ||||||||||
Vested at September 30, 2013 | 5,182,524 | $ | 0.14 | $ | 0.16 |
3_Related_Party_Transactions_N
3. Related Party Transactions (Narrative) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Related Party Transactions Narrative | ' | ' |
Due to related parties | $20,577 | $102,418 |
4_Stockholders_Equity_Narrativ
4. Stockholders' Equity (Narrative) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Stockholders Equity Narrative | ' | ' | ' |
Common stock issued to satisfy debt to related parties, shares | ' | ' | 365,015 |
Common stock issued to satisfy debt to related parties, value | ' | ' | $109,500 |
Common stock issued for cash, shares | 17,500 | 188,335 | 214,120 |
Common stock issued for cash, value | 5,250 | 51,251 | 33,734 |
Common stock issued for services, shares | ' | 612,598 | ' |
Common stock issued for services, value | ' | $122,720 | ' |
Forward stock split, shares cancelled | -1,393,350,000 | ' | ' |
Stock issued for acquisition, shares | 37,216,345 | ' | ' |
5_Stock_Based_Compensation_Opt
5. Stock Based Compensation - Option Activity (Details) (Stock Options, USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options | ' |
Options | ' |
Beginning balance | 5,486,003 |
Granted | 2,187,997 |
Exercised | 0 |
Forfeited | 0 |
Ending balance | 7,674,000 |
Exercisable | 1,398,450 |
Vested | 5,182,524 |
Weighted Average Price | ' |
Beginning balance | $0.13 |
Granted | $0.17 |
Ending balance | $0.14 |
Exercisable | $0.13 |
Vested | $0.14 |
Intrinsic Value | ' |
Beginning balance | $0.17 |
Granted | $0.13 |
Ending balance | $0.16 |
Exercisable | $0.17 |
Vested | $0.16 |
5_Stock_Based_Compensation_Nar
5. Stock Based Compensation (Narrative) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock option expense | $338,481 | $0 |
Incremental cost associated with conversion of options | $512,197 | ' |
Stock Options | ' | ' |
Vesting period | '0 to 4 years | ' |
Exercisable period | '10 years | ' |