Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 14, 2014 | |
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-Jun-14 | ' |
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 | ' | 48,053,653 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $205,599 | $100,056 |
Restricted cash | 76,804 | 38,198 |
Accounts receivable, net of allowance $5,587 and $2,329, respectively | 194,229 | 99,640 |
Accounts receivable, related party | 7,950 | 8,200 |
Prepaids and other assets | 83,132 | 39,793 |
TOTAL CURRENT ASSETS | 567,714 | 285,887 |
OTHER ASSETS | ' | ' |
Fixed assets, net | 75,630 | 44,854 |
TOTAL OTHER ASSETS | 75,630 | 44,854 |
TOTAL ASSETS | 643,344 | 330,741 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 60,170 | 55,826 |
Customer deposits | 76,804 | 38,198 |
Accrued expenses | 318,586 | 130,244 |
Due to related parties | 5,761 | 18,232 |
Accrued interest | 8,467 | 7,537 |
Current portion of notes payable | 61,887 | 0 |
TOTAL CURRENT LIABILITIES | 531,675 | 250,037 |
LONG TERM LIABILITIES | ' | ' |
Notes payable | 0 | 61,887 |
TOTAL LIABILITIES | 531,675 | 311,924 |
Commitments and Contingencies | ' | ' |
STOCKHOLDERS' EQUITY / (DEFICIT) | ' | ' |
Common Stock, 7,700,000,000 shares, $0.00001 par value authorized; 48,053,653 and 47,795,317 issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 481 | 478 |
Additional paid-in capital | 1,702,216 | 1,531,821 |
Accumulated deficit | -1,590,970 | -1,513,482 |
Accumulated other comprehensive (loss) | -58 | 0 |
TOTAL EQUITY / (DEFICIT) | 111,669 | 18,817 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY / (DEFICIT) | $643,344 | $330,741 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $3,149 | $2,329 |
Common stock shares authorized | 7,700,000,000 | 7,700,000,000 |
Common stock par value | $0.00 | $0.00 |
Common stock shares issued | 48,053,653 | 47,795,317 |
Common stock shares outstanding | 48,053,653 | 47,795,317 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Revenues | $3,550,011 | $3,166,377 | $5,934,080 | $5,138,687 |
Operating expenses | ' | ' | ' | ' |
Cost of revenues | 2,978,108 | 2,619,158 | 4,999,315 | 4,223,354 |
General and administrative | 468,398 | 527,130 | 855,238 | 1,002,767 |
Professional fees | 50,205 | 98,289 | 129,847 | 154,092 |
Sales and marketing | 15,502 | 18,481 | 29,950 | 42,030 |
Total expenses | 3,512,213 | 3,263,058 | 6,014,350 | 5,422,243 |
Net income (loss) from operations | 37,798 | -96,681 | -80,270 | -283,556 |
Other expenses | ' | ' | ' | ' |
Other income | 1,598 | 393 | 4,212 | 393 |
Interest expense | -465 | -464 | -930 | -1,106 |
Total other income and (expenses) | 1,133 | -71 | 3,282 | -713 |
Income (loss) before income tax expense | 38,931 | -96,752 | -76,988 | -284,269 |
Income tax expense | -500 | -10,838 | -500 | -12,272 |
Net income (loss) | 38,431 | -107,590 | -77,488 | -296,541 |
Net loss per share - basic and diluted | $0 | $0 | $0 | ($0.01) |
Weighted average shares outstanding - basic and diluted | 48,014,970 | 40,097,232 | 47,944,736 | 40,092,742 |
Other comprehensive (loss) | ' | ' | ' | ' |
Foreign currency translation (loss) | 949 | 0 | -58 | 0 |
Comprehensive income (loss) | $39,380 | ($107,590) | ($77,546) | ($296,541) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net loss | ($77,488) | ($296,541) |
Adjustments to reconcile net loss to cash used in operating activities: | ' | ' |
Depreciation | 2,225 | 1,619 |
Stock compensation expense | 59,233 | 122,720 |
Stock option expense | 51,714 | 268,627 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -94,589 | 30,404 |
Accountants receivable, related party | 250 | -7,647 |
Prepaids and other assets | -43,339 | -643 |
Accounts payable | 4,344 | -4,957 |
Accrued expenses | 188,342 | 42,992 |
Due to related parties | -12,471 | 34,672 |
Accrued interest | 930 | 1,106 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 79,152 | 192,352 |
INVESTMENT ACTIVITIES | ' | ' |
Acquisition of property and equipment | -33,000 | -493 |
CASH (USED) BY INVESTMENT ACTIVITIES | -33,000 | -493 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of common stock | 59,450 | 84,987 |
Principal payments of notes payable | 0 | -15,000 |
CASH PROVIDED BY FINANCING ACTIVITIES | 59,450 | 69,987 |
Net change in cash | 105,601 | 261,846 |
Effect of foreign exchange on cash | -58 | 0 |
Cash and cash equivalents, beginning of period | 100,056 | 58,308 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 205,599 | 320,154 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FOR: | ' | ' |
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $500 | $12,547 |
1_Background_and_Basis_of_Pres
1. Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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. In September of 2013 we completed a merger transaction with eXp Acquisition Corp. (surviving corporation) and eXp Realty International Inc. and its subsidiaries. Upon completion of the merger eXp Realty International Inc. ceased to exist. Also in connection with the merger agreement and immediately thereafter our board of directors also approved a change in our fiscal year end from June 30 to December 31. | |
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 six month period ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
2. Summary of Significant Accounting Policies | ' |
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 upon consolidation. As disclosed in our 8-K filed September 27th, 2013 the Company has changed its fiscal year end to December 31. | |
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. | |
Foreign currency translation | |
The Company’s functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted ASC 740, Foreign Currency Translation Matters. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |
Other Comprehensive Loss | |
Other comprehensive loss for the six months ended June 30, 2014 consisted of foreign exchange translation in the amount of $58. Other comprehensive loss for the six months ended June 30, 2013 was nil. | |
Recently Issued Accounting Pronouncements | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. The objective of this update is to 1) remove inconsistencies and weaknesses in revenue requirements, 2) provide a robust framework for addressing revenue recognition issues, 3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets 4) provide more useful information to users of financial statements through improved disclosure requirements, and 5) simplify the preparation of financial statements. This update is effective in annual reporting periods beginning after December 15, 2016 and the interim periods within that year. The Company will be evaluating the impact of this update as it pertains to the Company’s financial statements and other required disclosures on an on-going basis until its eventual adoption and incorporation. |
3_Related_Party_Transactions
3. Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
3. Related Party Transactions | ' |
As of June 30, 2014, the Company was indebted to the CEO of the Company for $5,761 for expenses paid for on behalf of the Company. As of December 31, 2013, the Company was indebted to the CEO of the Company for $18,232 for expenses paid for on behalf of the Company and advances. Amounts due to related parties are non-interest bearing, unsecured and due on demand. |
4_Stockholders_Equity
4. Stockholders' Equity | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
4. Stockholders' Equity | ' |
During the six months ended June 30, 2014, we issued 198,333 shares of common stock for cash to investors in private placements of $0.30 per share for receipts of cash totaling $59,450. |
5_Stock_Based_Compensation
5. Stock Based Compensation | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
5. Stock Based Compensation | ' | ||||||||||||||
The Company has approved the issuance of stock options to certain employees, officers, directors, and service providers 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, 2013 | 7,674,000 | $ | 0.14 | $ | 0.16 | ||||||||||
Granted | – | – | – | ||||||||||||
Exercised | – | – | – | ||||||||||||
Forfeited | (462,521 | ) | 0.15 | 0.15 | |||||||||||
Balance, June 30, 2014 | 7,211,479 | $ | 0.14 | $ | 0.16 | ||||||||||
Exercisable at June 30, 2014 | 4,551,660 | $ | 0.13 | $ | 0.17 | ||||||||||
Vested at June 30, 2014 | 5,810,117 | $ | 0.14 | $ | 0.16 | ||||||||||
For the six months ended June 30, 2014 the Company’s stock options had an intrinsic value between $0.03 and $0.17. The Company recognized stock option expense of $51,714 and $268,627 for the six months ended June 30, 2014 and June 30, 2013, respectively. |
6_Commitments_and_Contingencie
6. Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
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) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Fiscal Year | ' |
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 upon consolidation. As disclosed in our 8-K filed September 27th, 2013 the Company has changed its fiscal year end to December 31. | |
Use of Estimates | ' |
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. | |
Foreign currency translation | ' |
Foreign currency translation | |
The Company’s functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted ASC 740, Foreign Currency Translation Matters. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |
Comprehensive Loss | ' |
Other Comprehensive Loss | |
Other comprehensive loss for the six months ended June 30, 2014 consisted of foreign exchange translation in the amount of $58. Other comprehensive loss for the six months ended June 30, 2013 was nil. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. The objective of this update is to 1) remove inconsistencies and weaknesses in revenue requirements, 2) provide a robust framework for addressing revenue recognition issues, 3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets 4) provide more useful information to users of financial statements through improved disclosure requirements, and 5) simplify the preparation of financial statements. This update is effective in annual reporting periods beginning after December 15, 2016 and the interim periods within that year. The Company will be evaluating the impact of this update as it pertains to the Company’s financial statements and other required disclosures on an on-going basis until its eventual adoption and incorporation. |
5_Stock_Based_Compensation_Tab
5. Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Schedule of stock options | ' | ||||||||||||||
Options | Weighted Avg Price | Instrinsic Value | |||||||||||||
Balance, December 31, 2013 | 7,674,000 | $ | 0.14 | $ | 0.16 | ||||||||||
Granted | – | – | – | ||||||||||||
Exercised | – | – | – | ||||||||||||
Forfeited | (462,521 | ) | 0.15 | 0.15 | |||||||||||
Balance, June 30, 2014 | 7,211,479 | $ | 0.14 | $ | 0.16 | ||||||||||
Exercisable at June 30, 2014 | 4,551,660 | $ | 0.13 | $ | 0.17 | ||||||||||
Vested at June 30, 2014 | 5,810,117 | $ | 0.14 | $ | 0.16 |
3_Related_Party_Transactions_D
3. Related Party Transactions (Details Narrative) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ' | ' |
Due to related parties | $5,761 | $18,232 |
4_Stockholders_Equity_Details_
4. Stockholders' Equity (Details Narrative) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Common stock issued for cash, shares | 198,333 |
Common stock issued for cash, value | $59,450 |
5_Stock_Based_Compensation_Opt
5. Stock Based Compensation - Option Activity (Details) (Stock Options, USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Stock Options | ' |
Options | ' |
Beginning balance | 7,674,000 |
Granted | 0 |
Exercised | 0 |
Forfeited | -462,521 |
Ending balance | 7,211,479 |
Exercisable | 4,551,660 |
Vested | 5,810,117 |
Weighted Average Price | ' |
Beginning balance | $0.14 |
Granted | ' |
Exercised | ' |
Forfeited | $0.15 |
Ending balance | $0.14 |
Exercisable | $0.13 |
Vested | $0.14 |
Intrinsic Value | ' |
Beginning balance | $0.16 |
Granted | ' |
Forfeited | $0.15 |
Ending balance | $0.16 |
Exercisable | $0.17 |
Vested | $0.16 |
5_Stock_Based_Compensation_Det
5. Stock Based Compensation (Details Narrative) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Intrinsic stock value | '$0.03 and $0.17 | ' |
Stock option expense | $51,714 | $268,627 |
Stock Options | ' | ' |
Vesting period | '0 to 4 years | ' |
Exercisable period | '10 years | ' |