Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2016 | Sep. 30, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | SOLAR QUARTZ TECHNOLOGIES CORPORATION | |
Entity Central Index Key | 1,497,649 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 224,426,229 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
Current assets | ||
Cash and cash equivalents | $ 98 | $ 35 |
Other receivables | 966 | |
Total current assets | 98 | 1,001 |
Debt issuance costs | ||
Total assets | 98 | 1,001 |
Current liabilities | ||
Accounts payable | 55,030 | 51,212 |
Accrued interest payable | 38,696 | 36,044 |
Accrued liabilities | 19,635 | 17,511 |
Short term notes payable | 85,000 | 85,000 |
Other liabilities | 92 | 92 |
Current portion of notes payable, net of discount $- and $71,754 | 70,747 | 70,747 |
Total current liabilities | 269,201 | 260,606 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Preferred stock, $0.00001 par value; 5,000,000 shares authorized; none issued or outstanding | ||
Common stock, $0.00001 par value; 100,000,000 and 50,000,000 shares authorized; 1,002,134 and 1,002,14 shares issued and outstanding | 1,002 | 1,002 |
Additional paid-in capital | 6,318,920 | 6,318,920 |
Accumulated deficit | (6,589,025) | (6,579,527) |
Total stockholders' deficit | (269,103) | (259,605) |
Total liabilities and stockholders' deficit | $ 98 | $ 1,001 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
Current liabilities | ||
Current portion of notes payable, net of discount | $ 71,754 | |
Stockholders' equity | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, authorized shares | 100,000,000 | 50,000,000 |
Common stock, issued shares | 1,002,134 | 100,214 |
Common stock, outstanding shares | 1,002,134 | 100,214 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | ||
Oil and gas sales | ||
Costs and expenses | ||
Lease operating expense | ||
Production taxes | ||
Depreciation, depletion and amortization | ||
Impairment of O&G properties | ||
Asset retirement obligation accretion | ||
General and administrative | 4,720 | 4,232 |
Total costs and expenses | 4,720 | 4,232 |
Loss from operations | (4,720) | (4,232) |
Other income (expense) | ||
Other income | ||
Interest income | ||
Interest expense | (2,653) | (4,276) |
Other interest costs | (2,125) | (1,250) |
Gain on debt extinguishment | 47,720 | |
Total other income (expense) | (4,778) | 42,194 |
Net Income (Loss) before income taxes | (9,498) | 37,962 |
Provision for income taxes | ||
Net Income (Loss) | $ (9,498) | $ 37,962 |
Income (Loss) per share: | ||
Basic and diluted | $ (0.01) | $ 0.04 |
Weighted average shares outstanding | 1,002,134 | 991,119 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||
Net Income (loss) | $ (9,498) | $ 37,962 |
Adjustments to reconcile net income/(loss) to net cash from operating activities: | ||
Gain on debt extinguishment | (47,720) | |
Change in operating assets and liabilities: | ||
Other assets | 966 | |
Accounts payable | 3,818 | 3,586 |
Accrued interest payable | 2,652 | (3,547) |
Accrued liabilities | 2,124 | 1,250 |
Other liabilities | 410 | |
Net cash from operating activities | 63 | (248) |
Cash flows from investing activities | ||
Capital expenditures on oil and gas properties | ||
Net cash from investing activities | ||
Cash flows from financing activities | ||
Issuance of common stock | 12 | |
Net cash from financing activities | 12 | |
Net change in cash and cash equivalents | 63 | (236) |
Cash and cash equivalents | ||
Beginning of period | 35 | 5 |
End of period | $ 98 | $ (231) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 1 - BASIS OF PRESENTATION | These consolidated financial statements of Solar Quartz Technologies Corporation (Solar Quartz or the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to Securities and Exchange Commission (SEC) rules and regulations. These financial statements should be read along with Solar Quartzs audited financial statements as of September 30, 2016. Going Concern Future issuances of the Company's equity or debt securities will be required in order for the Company to finance operations and continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of these aforementioned uncertainties. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | As of December 31, 2016, Solar Quartzs significant accounting policies were consistent with those discussed in the audited financial statements as of September 30, 2016. Earnings (Loss) Per Share |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 3 - SUBSEQUENT EVENT | On July 1, 2017 the company acquired all of the shares of Solar Quartz Technologies Limited, a company incorporated in New Zealand (SQTNZ). These shares were purchased from Solar Quartz Technologies, Inc. (SQTI). The agreed value of that companys assets is US$530 million. We subsequently changed our name from Vanguard Energy Corporation to Solar Quartz Technologies Corporation in Colorado and with FINRA, and have also been cleared by FINRA to use the new trading symbol SQTX. In July 2017 the Company issued 213,402,755 new shares of common stock to SQTI in exchange for 122 (100%) of the common shares of SQTNZ. The issuance of these shares was equivalent to 95% of the Company's shares issued, after we issue an additional 10,021,340 shares of common stock to those holders of our common stock immediately prior to the acquisition. The Company does not anticipate any further reorganization of its common stock. We are currently preparing filing all necessary reports to the SEC with audited financial statements to resume our status as fully reporting with the SEC, and subsequently apply to trade on the more senior OTCQX exchange or NASDAQ. SQTNZ is a corporation that has no prior business activity other than being the title owner of the exclusive mining and development rights for two High Purity Quartz (HPQ) Silica deposits known as Quartz Hill (represented by leases ML 30235, ML 30236 and ML 30237) and White Springs (represented by leases ML 30238 and ML 30239) located in North Queensland, Australia. Together they contain deposits in excess of 15 million tons of 99% pure High Purity Quartz which is feedstock in high demand in the marketplace to be used in the production of High Purity Quartz Sand (HPQS) based on independent professional reports. HPQS is an essential primary material for the manufacture of: Photo-Voltaic (PV) solar panels; Semiconductors; all High-end Electronic products; Fiber Optical cables; Halogen Lamps; HD and LCD television screens; and Epoxy Mounding Compounds (EMC). |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 3 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - CONVERTIBLE NOTES PAYABLE | At December 31, 2016, convertible notes totaling $70,747 remained outstanding together with accrued interest of $38,696. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 5 - INCOME TAXES | The Company estimates its annual effective income tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which the Company operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur. The Company recorded no income tax expense for the three-month period ended December 31, 2016 because the Company estimates it will record no income tax expense for the tax year ending September 30, 2017. The Company has a valuation allowance that fully offsets net deferred tax assets. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 6 - STOCKHOLDERS' EQUITY | Preferred Stock Common Stock Treasury Stock Common shares of 866,350 and 23,025 were issued in conjunction with the settlement of debt during the years ended September 30, 2016 and 2015, respectively, resulting in increases to common stock of $866 and $23, respectively and additional paid-in capital of $796,702 and $0, respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 7 - STOCK-BASED COMPENSATION | On January 10, 2011, the Board of Directors approved a Non-Qualified Stock Option Plan (the "Plan") which authorizes the issuance of up to 1,500,000 shares of Company common stock to persons that exercise options granted pursuant to the Plan. The Company's employees, directors, officers, consultants and advisors are eligible to be granted options pursuant to the Plan, provided however, that bona fide services must be rendered by such consultants or advisors, and such services must not be in connection with the offer or sale of securities in a capital-raising transaction. As of December 31, 2016, no options were outstanding. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 8 - COMMITMENTS AND CONTINGENCIES | Office Lease |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Earnings (Loss) Per Share | Basic earnings (loss) per share have been calculated based upon the weighted-average number of common shares outstanding. Diluted earnings per share have been calculated based upon the weighted-average number of common and potential common shares. The calculation of diluted weighted-average shares outstanding for the three-month periods ended December 31, 2016 and 2015 excludes 62,974 and 79,474 shares, respectively, issuable pursuant to outstanding warrants, stock options and debt conversion features because their effect is anti-dilutive. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Details Narrative] - shares | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Warrants, stock options and debt conversion features [Member] | ||
Anti-Dilutive securities excluded from the computation of earning per share, shares | 62,974 | 79,474 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2016 | Jul. 01, 2017 | |
Subsequent Event [Member] | |||
Description for High Purity Quartz Silica deposits | Quartz Hill (represented by leases ML 30235, ML 30236 and ML 30237) and White Springs (represented by leases ML 30238 and ML 30239) located in North Queensland, Australia. Together they contain deposits in excess of 15 million tons of 99% pure High Purity Quartz which is feedstock in high demand in the marketplace to be used in the production of High Purity Quartz Sand (HPQS) according to independent professional reports | ||
SQTNZ [Member] | Subsequent Event [Member] | |||
Business acquisition acquired entity, total assets | $ 530,000,000 | ||
Ownership interest acquired | 100.00% | ||
Business acquisition, shares acquired from SQTI | 122 | ||
SQTI [Member] | Subsequent Event [Member] | |||
Business acquisition consideration transferred, shares issued | 213,402,755 | ||
Business acquisition shares issued or issuable, percentage | 95.00% | ||
Additional common stock shares reserved for future issuance | 10,021,340 | ||
Solar Quartz Technologies Limited [Member] | |||
State of Incorporation | New Zealand |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
Convertible debt | $ 70,747 | $ 70,747 |
Accrued interest payable | 38,696 | $ 36,044 |
Convertible Notes Payable [Member] | ||
Convertible debt | 70,747 | |
Accrued interest payable | $ 38,696 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Jul. 31, 2017 | Dec. 31, 2016 | |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 | ||
Common stock, authorized shares | 50,000,000 | 100,000,000 | ||
Common stock, par value | $ 0.00001 | $ 0.00001 | ||
Treasury shares | 14,355 | |||
Common Stock | ||||
Issuance of shares for debt settlement, Shares | 866,350 | 23,025 | ||
Issuance of shares for debt settlement, Amount | $ 866 | $ 23 | ||
Additional Paid-In Capital | ||||
Issuance of shares for debt settlement, Amount | $ 796,702 | $ 0 | ||
Subsequent Event [Member] | ||||
Preferred stock, authorized shares | 10,000,000 | |||
Common stock, authorized shares | 500,000,000 | |||
Common stock, par value | $ 0.00001 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details Narrative) | Jan. 10, 2011shares |
Non-Qualified Stock Option Plan [Member] | Maximum [Member] | |
Common stock shares issuable upon exercise of options | 1,500,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Office Lease periodic payments | ||
Woodlands, Texas [Member] | ||
Office Lease periodic payments | $ 197 | |
Frequency of periodic payments | Monthly | |
Lease description | The Company leases a virtual office lease in The Woodlands, Texas until June 30, 2019 at $197 per month. |