Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 29, 2016 | Jun. 15, 2016 | Aug. 31, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | ON THE MOVE SYSTEMS CORP. | ||
Entity Central Index Key | 1,498,148 | ||
Document Type | 10-K | ||
Trading Symbol | OMVS | ||
Document Period End Date | Feb. 29, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --02-29 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 2,380,535 | ||
Entity Common Stock, Shares Outstanding | 5,098,816 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 2,223 | $ 2,679 |
Accounts receivable | $ 5,250 | |
Prepaid expenses | $ 3,484 | |
Total current assets | 5,707 | $ 7,929 |
Fixed assets net of accumulated depreciation of $182 and $11,874, respectively | 3,739 | 80,130 |
TOTAL ASSETS | 9,446 | 88,059 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 302,136 | $ 307,842 |
Advances payable | 1,594 | |
Current portion of convertible notes payable, net of discount of $422,298 and $380,949, respectively | 515,418 | $ 448,599 |
Short term convertible notes payable, net of discount of $7,333 and $0, respectively | 38,667 | |
Current portion of accrued interest payable | 185,447 | $ 124,379 |
Current portion of capital lease | 3,775 | 5,645 |
Total current liabilities | 1,047,037 | 886,465 |
Convertible notes payable, net of discount of $500,485 and $500,339, respectively. | $ 418,521 | 22,620 |
Convertible note to related party | 164,190 | |
Accrued interest payable | $ 105,492 | 20,200 |
Capital lease obligation | 7,378 | 22,080 |
TOTAL LIABILITIES | $ 1,578,428 | $ 1,115,555 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Common Stock, $0.001 par value; 480,000,000 shares authorized; 4,908,816 and 75,360 shares issued and outstanding at February 29, 2016 and February 28, 2015, respectively | $ 4,909 | $ 75 |
Preferred Stock, undesignated; 19,000,000 shares authorized; no shares issued and outstanding at February 29, 2016 and February 28, 2015, respectively | ||
Series E Preferred Stock, $0.001 par value; 1,000,000 shares authorized; 1,000,000 shares issued and outstanding at February 29, 2016 and February 28, 2015, respectively | $ 1,000 | $ 1,000 |
Additional paid-in capital | 6,072,872 | 5,351,237 |
Accumulated deficit | (7,647,763) | (6,379,808) |
Total stockholders' deficit | (1,568,982) | (1,027,496) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 9,446 | $ 88,059 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Fixed assets, accumulated depreciation | $ 182 | $ 11,874 |
Current convertible notes payable, discount | (422,298) | $ (380,949) |
Short term convertible notes payable, discount | (7,333) | |
Convertible notes payable, discount | $ (500,485) | $ (500,339) |
Common Stock, par value (in dollars per shares) | $ 0.001 | $ 0.001 |
Common Stock, authorized | 480,000,000 | 480,000,000 |
Common Stock, issued | 4,908,816 | 75,360 |
Common Stock, outstanding | 4,908,816 | 75,360 |
Preferred Stock undesignated, authorized | 19,000,000 | 19,000,000 |
Preferred Stock undesignated, issued | 0 | 0 |
Preferred Stock undesignated, outstanding | 0 | 0 |
Series E Preferred Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Series E Preferred Stock, authorized | 1,000,000 | 1,000,000 |
Series E Preferred Stock, issued | 1,000,000 | 1,000,000 |
Series E Preferred Stock, outstanding | 1,000,000 | 1,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Income Statement [Abstract] | ||
REVENUE | $ 6,750 | |
OPERATING EXPENSES | ||
Expenses related to joint ventures | 63,178 | |
General and administrative expenses | $ 572,471 | $ 595,679 |
Gain on disposal of fixed assets | (1,808) | |
Impairment of fixed assets | 49,302 | |
Operating Loss | (619,965) | $ (652,107) |
OTHER INCOME (EXPENSE) | ||
Interest expense | (647,990) | (375,412) |
Total other income (expense) | (647,990) | (375,412) |
Loss from continuing operations | $ (1,267,955) | (1,027,519) |
Loss from discontinued operations | (21,909) | |
NET LOSS | $ (1,267,955) | $ (1,049,428) |
NET LOSS PER COMMON SHARE - Basic and fully diluted | ||
Continuing operations (in dollars per share) | $ (0.44) | $ (16.89) |
Discontinued operations (in dollars per share) | (0.36) | |
Net loss per common share (in dollars per share) | $ (0.44) | $ (17.25) |
COMMON SHARES OUTSTANDING Basic and fully diluted (in shares) | 2,881,703 | 60,820 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGE IN SHAREHOLDERS' DEFICIT - USD ($) | Common Stock [Member] | Series E Preferred Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Beginning at Feb. 28, 2014 | $ 46 | $ 4,583,506 | $ (5,330,380) | $ (746,828) | |
Balance at Beginning (in shares) at Feb. 28, 2014 | 46,200 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued for debt conversion | $ 29 | 145,771 | 145,800 | ||
Common stock issued for debt conversion (in shares) | 29,160 | ||||
Preferred stock issued for services | $ 1,000 | 99,000 | 100,000 | ||
Preferred stock issued for services (in shares) | 1,000,000 | ||||
Discount on issuance of convertible note payable | $ 522,959 | 522,959 | |||
Net loss | $ (1,049,428) | (1,049,428) | |||
Balance at Ending at Feb. 28, 2015 | $ 75 | $ 5,351,237 | $ (6,379,808) | (1,027,496) | |
Balance at Ending (in shares) at Feb. 28, 2015 | 75,360 | 1,000,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued for debt conversion | $ 4,823 | 195,006 | $ 199,829 | ||
Common stock issued for debt conversion (in shares) | 4,822,667 | 433,478,445 | |||
Preferred stock issued for services | $ 11 | 4,581 | $ 4,592 | ||
Preferred stock issued for services (in shares) | 10,556 | ||||
Share rounding on reverse split (in shares) | 233 | ||||
Beneficial conversion feature on issuance of convertible note payable | $ 522,048 | 522,048 | |||
Net loss | $ (1,267,955) | (1,267,955) | |||
Balance at Ending at Feb. 29, 2016 | $ 4,909 | $ 6,072,872 | $ (7,647,763) | $ (1,568,982) | |
Balance at Ending (in shares) at Feb. 29, 2016 | 4,908,816 | 1,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (1,267,955) | $ (1,049,428) |
Add: loss from discontinued operations | (21,909) | |
Loss from continuing operations | $ (1,267,955) | (1,027,519) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of discount on convertible note payable | 481,220 | $ 256,695 |
Common stock issued for services | 4,592 | |
Depreciation | 18,583 | $ 11,874 |
Gain on disposal of fixed assets | (1,808) | |
Impairment of fixed assets | $ 49,302 | |
Preferred stock issued for services | $ 100,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | $ 5,250 | $ (5,250) |
Prepaid expenses | (3,484) | |
Accounts payable and accrued liabilities | (5,706) | $ 194,360 |
Accrued interest payable | 164,166 | 116,196 |
NET CASH USED IN OPERATING ACTIVITIES | $ (555,840) | (353,644) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of fixed assets | (30,000) | |
NET CASH USED IN INVESTING ACTIVITIES | (30,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from advances | $ 523,642 | $ 392,922 |
Proceeds from convertible promissory note | 38,000 | |
Repayment of capital lease | (6,258) | $ (4,279) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | $ 555,384 | 388,643 |
CASH FLOWS FROM DISCONTINUED OPERATIONS | ||
Net cash used in operating activities | (25,405) | |
Cash used in discontinued financing activities | (7,098) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | (32,503) | |
NET DECREASE IN CASH | $ (456) | (27,504) |
CASH, at the beginning of the period | 2,679 | 30,183 |
CASH, at the end of the period | 2,223 | $ 2,679 |
Cash paid during the period for: | ||
Interest | $ 2,602 | |
Income taxes | ||
Noncash investing and financing transaction: | ||
Refinancing of advances into convertible notes payable | $ 522,048 | $ 522,959 |
Beneficial conversion discount on convertible note payable | 522,048 | $ 522,959 |
Original issue discount on convertible notes payable | 6,000 | |
Conversion of convertible notes payable and accrued interest payable into common stock | $ 199,829 | $ 145,800 |
Convertible note issued for reduction in accounts payable | 164,190 | |
Automobile acquired under capital lease | $ 11,766 | 32,004 |
Equipment acquired with accounts payable | $ 30,000 |
Background Information
Background Information | 12 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background Information | Note 1. Background Information On the Move Systems Corp. (we, us, our, OMVS, or the Company) was incorporated in Nevada on March 25, 2010. We reincorporated into Nevada on February 17, 2015. Our year-end is February 28. Our business focus is transportation services. We are currently exploring the on-demand logistics market by developing a network of logistics partnerships and transportation-related technology services. We are currently exploring the online, on-demand logistics market by developing a shared economy network of trucking partnerships. We are in the process of building a shared economy app designed to put independent drivers and brokers together for more efficient pricing and booking, optimized operations and quick delivery turnarounds. We have signed a letter of intent with a Houston-area software design firm regarding development of such a platform. This app, when released, will revolutionize the trucking industry by connecting national and local carriers, enabling each to maximize revenues and reduce costs. |
Going Concern
Going Concern | 12 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
Going Concern | Note 2. Going Concern For the fiscal year ended February 29, 2016, the Company had a net loss of $1,267,955 and negative cash flow from operating activities of $555,840. As of February 29, 2016, the Company has negative working capital of $1,041,330. These factors raise a substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern. The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business. Management has plans to address the Companys financial situation as follows: In the near term, management plans to continue to focus on raising the funds necessary to implement the Companys business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Companys financial obligations. There is no assurance, however, that lenders will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raises doubts about the Companys ability to continue as a going concern. In the long term, management believes that the Companys projects and initiatives will be successful and will provide cash flow to the Company that will be used to finance the Companys future growth. However, there can be no assurances that the Companys planned activities will be successful, or that the Company will ultimately attain profitability. The Companys long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Significant Accounting Policies The significant accounting policies that the Company follows are: Basis of Presentation These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and with the rules of the Securities and Exchange Commission (SEC) Principles of Consolidation The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Use of Estimates The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For the purpose of the financial statements, cash equivalents include all highly liquid investments with maturity of three months or less. Cash and cash equivalents were $2,223 and $2,679 at February 29, 2016 and February 28, 2015, respectively. Accounts Receivable and Allowance for Doubtful Accounts Pursuant to FASB ASC paragraph 310-10-35-47 trade receivables that management has the intent and ability to hold for the foreseeable future shall be reported in the balance sheet at outstanding principal adjusted for any charge-offs and the allowance for doubtful accounts. The Company follows FASB ASC paragraphs 310-10-35-7 through 310-10-35-10 to estimate the allowance for doubtful accounts. Pursuant to FASB ASC paragraph 310-10-35-9, losses from uncollectible receivables shall be accrued when both of the following conditions are met: (a) Information available before the financial statements are issued or are available to be issued (as discussed in Section 855-10-25) indicates that it is probable that an asset has been impaired at the date of the financial statements, and (b) The amount of the loss can be reasonably estimated. Those conditions may be considered in relation to individual receivables or in relation to groups of similar types of receivables. If the conditions are met, accrual shall be made even though the particular receivables that are uncollectible may not be identifiable. The Company reviews individually each trade receivable for collectability and performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customers current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and general economic conditions that may affect a clients ability to pay. Bad debt expense is included in general and administrative expenses, if any. Pursuant to FASB ASC paragraph 310-10-35-41 Credit losses for trade receivables (uncollectible trade receivables), which may be for all or part of a particular trade receivable, shall be deducted from the allowance. The related trade receivable balance shall be charged off in the period in which the trade receivables are deemed uncollectible. Recoveries of trade receivables previously charged off shall be recorded when received. The Company charges off its trade account receivables against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company had no allowance for bad debt as of February 29, 2016 and February 28, 2015. Fixed Assets Fixed assets of the Company include vehicles and are stated at cost. In accordance with ASC Topic 360 Property, Plant and Equipment Depreciation is provided principally on the straight-line method over the estimated useful lives of the asset for. Our delivery van is depreciated over three years. Impairment of long-lived assets Long-lived assets, including fixed assets and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. During the year ended February 29, 2016, we determined that we needed to impair our trailers and our leased delivery van, and recognized impairment expense of $49,302. Revenue and cost recognition In accordance with ASC 605 , Revenue Recognition Advertising Costs The Companys policy is to expense advertising costs when they are incurred. Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes Earnings (Loss) Per Share Basic loss per share is computed in accordance with ASC Topic 260, Earnings per Share In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. The Companys convertible debt is considered anti-dilutive due to the Companys net loss for the twelve months ended February 29, 2016 and 2015. As a result, the Company did not have any potentially dilutive common shares for those periods. For the three months ended October 31, 2014 and 2013, potentially issuable shares as a result of conversions of convertible notes payable have been excluded from the calculation. At February 29, 2016, the Company had 433,478,445 potentially issuable shares upon the conversion of convertible notes payable and interest. Based on our stock price on February 29, 2016, the value of these shares if exercised would be $184,243,230. Related Parties The Company follows ASC 850, Related Party Disclosures Financial Instruments The Companys balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period between the origination of these instruments and their expected realization. FASB Accounting Standards Codification (ASC) 820 Fair Value Measurements and Disclosures Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of February 29, 2016. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, and accrued expenses. The fair value of the Companys notes payable is estimated based on current rates that would be available for debt of similar terms that is not significantly different from its stated value. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform with the current year presentation. Commitments and Contingencies The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. See Note 14 for a discussion of the Companys commitments and contingencies. Subsequent events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. Recently Issued Accounting Pronouncements We have reviewed the FASB issued Accounting Standards Update (ASU) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporations reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which modifies the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from all leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, which is the year ending February 29, 2020 for the Company. Early application is permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on their financial position and results of operations. |
Disposal of Crawford Mobile Ins
Disposal of Crawford Mobile Installation Corp. | 12 Months Ended |
Feb. 29, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal of Crawford Mobile Installation Corp. | Note 4. Disposal of Crawford Mobile Installation Corp. The Company has defaulted on the $90,000 promissory note to John Crawford that was signed on March 25, 2011. Per the terms of the note, upon default the Company is to provide Mr. Crawford with 100% of the shares that it holds in Crawford Mobile Installation Corp (CMIC). On September 1, 2014, the Company notified Mr. Crawford that it was in default on the note, triggering the transfer of CMIC to Mr. Crawford. As a result of the notice of default on the note payable to Mr. Crawford and effective August 31, 2014, the Company determined that assets related to discontinued operations were impaired. The Company wrote down assets related to discontinued operations to their net realizable value and recognized a loss of $6,425. On September 1, 2014, all of the assets and liabilities of CMIC reverted to Mr. Crawford. We recognized no additional gain or loss on this transaction on September 1, 2014. The Company recognizes CMIC as a discontinued operation, in accordance with ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity There were no assets and liabilities of discontinued operations as of February 29, 2016 and February 28, 2015. Income and Expenses of Discontinued Operations Year ended February 28, 2015 Revenue $ 50,027 Cost of goods sold 28,677 Gross profit 21,350 General and administrative expenses 43,259 Loss due to CMIC $ (21,909 ) Total loss on CMIC in consolidated statements of operations (21,909 ) |
Advances
Advances | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Advances | Note 5. Advances During the years ended February 29, 2016 and February 28, 2015, the Company received unsecured advances totaling $523,642 and $392,922, respectively. These advances are non-interest bearing and payable on demand. Vista View Ventures, Inc. provided $522,048 and $392,922 of these advances for years ended February 29, 2016 and February 28, 2015, respectively. As discussed in note 6, the advances were paid from Vista View Ventures Inc. to KMDA and then by KMDA to the Company on behalf of Vista View Ventures, Inc. These advances are typically converted to convertible notes on a quarterly basis. During the years ended February 29, 2016 and February 28, 2015, we refinanced $522,048 and $522,959, respectively, of non-interest bearing advances into convertible notes. See Note 7. At February 29, 2016 and February 28, 2015, we did not owe Vista View Ventures Inc. anything for advances provided to us. At February 29, 2016 and February 28, 2015, we owed a third party. $1,594 and $0, respectively, for advances provided to us. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Feb. 29, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6. Related Party Transactions Our officers and are involved in other business activities and may, in the future, become involved in other business opportunities that become available. They may face a conflict in selecting between the Company and other business interests. We have not formulated a policy for the resolution of such conflicts. During the years ended February 29, 2016 and February 28, 2015, we paid Robert Wilson $108,461 and $130,000, respectively, for his services as CEO. Conversion of Related Party Convertible Note On April 1, 2015, Panama iPhone Corp. (formerly Masclo Investment Corporation), a significant shareholder of the Company, converted $100,000 of principal and accrued interest on the convertible note dated January 31, 2015 into 1,000,000 shares of common stock. As of February 29, 2016, the remaining principal balance on the convertible note was $66,889. On June 25, 2015, Panama iPhone Corp. converted $68,447 of principal and accrued interest on the convertible note dated January 31, 2015 into 684,467 shares of common stock. As of February 29, 2016, there was remaining principal balance or accrued interest on the convertible note. Services Provided by KM Delaney & Assoc. During the year ended February 29, 2016 and 2015, KM Delaney & Associates (KMDA), a service provider to the Company, has provide office space and certain administrative functions to us under a management services agreement. The services provide include a furnished executive suite, use of office equipment and supplies, accounting and bookkeeping services, treasury and cash management services, financial reporting, and other support staffing requirements. The management services agreement calls for monthly payments of $18,000 during calendar year 2015 and $17,550 during calendar 2016. As part of the services provided to the Company, KMDA receives the advances from the lender (See note 4) and disburses those funds to us. During the years ended February 29, 2016 and 2015, KMDA billed us $202,354 and $187,111, respectively, for those services. As of February 29, 2016 and February 28, 2015, we owed KMDA $198,568 and $217,589, respectively. These amounts are included in accounts payable on the balance sheet. Lease of Delivery Van In December 2015, we leased a delivery van from an individual. The lessor is a relative of the owner of KMDA. The lease calls for monthly payments of $350 for a period of three years. The lease cost includes the operating cost and insurance on the van. We determined that the lease should be accounted for as a capital lease. We recorded the van as a fixed asset based on the present value of the future lease payments of $11,766. We immediately impaired the value of the van by comparing the present value of the future lease payments to the fair market value of the van and recognized impairment of $7,845. |
Convertible Notes Payable
Convertible Notes Payable | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | Note 7. Convertible Notes Payable Convertible notes payable consist of the following as of February 29, 2016 and February 28, 2015 : Issued Maturity Interest Rate Conversion Rate per Share Balance February 29, 2016 Balance February 28, 2015 February 28, 2011 February 27, 2013 7% $0.015 $ 32,600 $ 32,600 January 31, 2013 February 28, 2016 10% $0.01 120,562 138,395 May 31, 2013 November 30,2016 10% $0.01 261,595 261,595 November 30, 2013 November 30, 2017 10% $0.01 396,958 396,958 August 31, 2014 August 31, 2016 10% $0.002 355,652 355,652 November 30, 2014 November 30, 2016 10% $0.002 103,950 103,950 February 28, 2015 February 28, 2017 10% $0.001 63,357 63,357 May 31, 2015 May 31, 2017 10% $1.00 65,383 August 31, 2015 August 31, 2017 10% $0.30 91,629 November 30, 2015 November 30, 2018 10% $0.30 269,791 February 3, 2016 February 3, 2017 5% 49% discount 46,000 February 29, 2016 February 28, 2019 10% 60% discount 95,245 Total convertible notes payable $ 1,902,722 $ 1,352,507 Less: short-term convertible notes payable (46,000 ) Less: current portion of convertible notes payable (937,716 ) (829,548 ) Less: discount on noncurrent convertible notes payable (500,485 ) (500,339 ) Convertible notes payable, net of discount $ 418,521 $ 22,620 Current portion of convertible notes payable 937,716 829,548 Less: discount on current portion of convertible notes payable (422,298 ) (380,949 ) Current portion of convertible notes payable, net of discount $ 515,418 $ 448,599 Short-term convertible notes 46,000 Less: discount on short-term convertible notes (7,333 ) Short-term convertible notes, net of discount $ 38,667 $ All of the notes above are unsecured. The notes dated February 28, 2011 and January 31, 2013 are currently is in default and bear default interest at 18% per annum. Convertible notes issued During the year ended February 29, 2016, we refinanced $522,048 of non-interest bearing advances into a convertible note. All principal and accrued interest is payable on the maturity date. Issued Maturity Interest Rate Conversion Rate per Share Amount of Note Original Issue Discount Beneficial Conversion Feature May 31, 2015 May 31, 2017 10% $ 1.00 $ 65,383 $ $ 65,383 August 31, 2015 August 31, 2017 10% 0.30 91,629 91,629 November 30, 2015 November 30, 2018 10% 0.30 269,791 269,791 February 3, 2016 February 3, 2017 5% 49% discount (1) 46,000 6,000 February 29, 2016 February 28, 2019 10% 60% discount (2) 95,245 95,245 Total $ 568,048 $ 6,000 $ 522,048 __________ (1) This note is convertible beginning six months after the date of issuance at 49% discount to the lowest trading price over the preceding 20 trading days (2) This note is convertible at a 60% discount to the volume weighted average closing price over the preceding five trading days, subject to the condition that the conversion price shall never be less than $0.01 per share. During the year ended February 28, 2018, we refinanced $522,959 of non-interest bearing advances into a convertible note. All principal and accrued interest is payable on the maturity date. Issued Maturity Interest Rate Conversion Rate per Share Amount of Note Beneficial Conversion Feature August 31, 2014 August 31, 2016 10% $ 0.002 $ 355,652 $ 355,652 November 30, 2014 November 30, 2016 10% 0.002 103,950 103,950 February 28, 2015 February 28, 2017 10% 0.001 63,357 63,357 Total $ 522,959 $ 522,959 The Company evaluated the terms of the notes in accordance with ASC Topic No. 815 40, Derivatives and Hedging - Contracts in Entitys Own Stock Conversions to common stock During year ended February 29, 2016, the holders of the Convertible Note Payable dated January 31, 2013 elected to convert principal and accrued interest in the amounts shown below into shares of common stock at a rate of $0.01 per share. No gain or loss was recognized on the conversions as they occurred within the terms of the agreement that provided for conversion. Date Amount Converted Number of Shares Issued April 22, 2015 $ 500 50,000 April 23, 2015 500 50,000 May 20, 2015 1,650 165,000 May 21, 2015 250 25,000 June 11, 2015 600 60,000 June 19, 2015 400 40,000 July 1, 2015 1,200 120,000 July 10, 2015 450 45,000 July 16, 2015 940 94,000 July 17, 2015 950 95,000 August 3, 2015 1,450 145,000 August 5, 2015 1,670 167,000 August 10, 2015 1,930 193,000 August 13, 2015 1,000 100,000 August 24, 2015 540 54,000 August 25, 2015 800 80,000 September 11, 2015 1,200 120,000 September 17, 2015 875 87,500 September 24, 2015 1,720 172,000 September 29, 2015 600 60,000 October 2, 2015 1,290 129,000 October 14, 2015 1,020 102,000 October 16, 2015 3,014 301,400 December 22, 2015 3,010 301,000 January 7, 2016 800 80,000 January 18, 2016 1,493 149,300 February 17, 2016 1,530 153,000 Total $ 31,382 3,138,200 During the year ended February 28, 2015, the holders of the Convertible Note Payable dated January 31, 2013 elected to convert principal and accrued interest in the amounts shown below into shares of common stock at a rate of $0.01 per share. No gain or loss was recognized on the conversions as they occurred within the terms of the agreement that provided for conversion. Date Amount Converted Number of Shares Issued March 24, 2014 $ 10,000 2,000 April 25, 2014 10,000 2,000 May 8, 2014 10,000 2,000 May 16, 2014 4,800 960 June 3, 2014 10,000 2,000 June 12, 2014 10,000 2,000 July 18, 2014 12,000 2,400 August 14, 2014 14,000 2,800 September 24, 2014 15,000 3,000 December 5, 2014 16,000 3,200 January 2, 2015 17,000 3,400 February 6, 2015 17,000 3,400 Total $ 145,800 29,160 |
Convertible Notes Payable to Re
Convertible Notes Payable to Related Party | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable to Related Party | Note 8. Convertible Notes Payable to Related Party Convertible notes payable to related parties consist of the following at February 29, 2016 and February 28, 2015: Issued Maturity Interest Rate Conversion Rate per Share Balance February 29, 2016 Balance February 28, 2015 January 31, 2015 February 28, 2017 10% $0.10 $ $ 164,190 Total convertible notes payable to related party 164,190 Less: current portion of related party convertible notes payable Less: discount on noncurrent related party convertible notes payable Long-term convertible notes payable to related party, net of discount $ $ 164,190 On January 31, 2015, we issued a convertible note payable for $164,190 to Panama iPhone Corp., a significant shareholder of the Company. The note proceeds were used to reduce our accounts payable by the same amount. The note matures on February 28, 2017. This note is unsecured, bears interest at 10%, and is convertible into shares of common stock at a rate of $0.10 per share. The Company evaluated the terms of the notes in accordance with ASC Topic No. 815 40, Derivatives and Hedging - Contracts in Entitys Own Stock Conversions to Common Stock On April 1, 2015, Panama iPhone Corp. (formerly Masclo Investment Corporation) converted $100,000 of principal and accrued interest on the convertible note dated January 31, 2015 into 1,000,000 shares of common stock. As of February 29, 2016, the remaining principal balance on the convertible note was $66,889. On June 25, 2015, Panama iPhone Corp. converted $68,447 of principal and accrued interest on the convertible note dated January 31, 2015 into 684,467 shares of common stock. As of February 29, 2016, there was remaining principal balance or accrued interest on the convertible note. |
Fixed Assets
Fixed Assets | 12 Months Ended |
Feb. 29, 2016 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Note 9. Fixed Assets Racecar Lease On May 1, 2014, the Company entered into a capital lease agreement to acquire a racecar, which will be used in our Xperience business segment. The racecar was recorded at the present value of the future minimum lease payments in the amount of $32,004. On February 29, 2016, we came to a mutual agreement with our vendor to discontinue the lease on our racecar. We had originally leased the racecar on May 1, 2014. The lease called for 60 monthly payments of $680. Upon disposal of the racecar, we recognized a gain on the disposal of $1,808. Tri-axel Trailers On August 14, 2014, we purchased ten 53-foot tri-axle trailers for $60,000 to be used in its specialty transportation segment. We paid a $15,000 down payment and have paid an additional $15,000 toward this purchase. The remaining $30,000 is included in accounts payable as of February 28, 2015. On August 14, 2014, we purchased ten 53-foot tri-axle trailers for $60,000 to be used in our specialty transportation segment. As of February 29, 2016, we determined that the value of the trailers was impaired and recognized loss on impairment of $41,458. We have paid $30,000 toward this purchase. The remaining $30,000 is included in accounts payable as of February 29, 2016. Delivery Van Lease On December 23, 2015, we agreed to lease for a delivery van, beginning January 10, 2015. The lease agreements stipulated 36 monthly payments of $350. The lease for the delivery van meets the accounting criteria for a capital lease covering over 75% of the economic life of the asset. Upon the start of the lease, we determined that the present value of minimum lease payments exceeded the fair market value, and we recorded the delivery van asset at $3,921 and recognized an impairment expense of $7,844. Depreciation Depreciation on the leased vehicle is provided on the straight-line method over the five-year term of the lease. Depreciation of the trailers is calculated on the straight-line method over the estimated useful lives of five years. The Company recognized depreciation expense of $18,583 and $11,874 during the years ended February 29, 2016 and February 28, 2015, respectively. |
Capital Lease Obligations
Capital Lease Obligations | 12 Months Ended |
Feb. 29, 2016 | |
Capital Lease Obligations [Abstract] | |
Capital Lease Obligations | Note 10. Capital Lease Obligations February 29, 2016 February 28, 2015 Capital lease race car, interest at 10%, payments of $680 per month, term 5 years $ 11,153 $ 27,725 Capital lease delivery van, interest at 4.5%, payments of $350 per month, term 3 years. Less: current portion of capital lease obligations 3,775 5,645 $ 7,378 $ 22,080 Capital Leases-Future Minimum Lease Payments The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of February 29, 2016 are as follows: For the periods ending February 28, 2017 $ 4,200 2018 4,200 2019 3,500 2020 2021 Total minimum lease payments $ 11,900 Total minimum lease payments $ 11,900 Less: Amount representing interest (747 ) Present value of net minimum lease and debt payments 11,153 Less: Current maturities of capitalized lease obligation and debt (3,775 ) Long-term capitalized lease obligation $ 7,378 |
Debt Payment Obligations
Debt Payment Obligations | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Debt Payment Obligations | Note 11. Debt Payment Obligations Years ending February 28, 2017 2018 2019 2020 2021 Total Convertible notes $ 983,716 $ 553,970 $ 365,036 $ 1,902,722 Capital lease $ 4,200 $ 4,200 $ 3,500 $ 11,900 Total $ 987,916 $ 558,170 $ 368,536 $ 1,914,622 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Feb. 29, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 12. Stockholders Equity Conversion of convertible notes payable During the year ended February 29, 2016, we issued 1,684,467 share of common stock to Panama iPhone Corp., a significant shareholder in the Company, upon conversion of principal and accrued interest on a convertible note payable of $168,447. See Note 7. During the year ended February 29, 2016, we issued 3,138,200 shares of common stock upon the conversion of principal and accrued interest on a convertible note for $31,382. See Note 6. Common stock issued for Services On February 18, 2016 we issued 10,556 shares of common stock as a finders fee for the convertible promissory note issued February 3, 2016. The shares were valued at $4,592 based on the fair market value of the stock on the date it was issued. We recognized a expense of finders fee of $4,592. Preferred Stock On May 8, 2014, the board of directors designated 1,000,000 shares of Series E preferred stock. The Series E preferred stock has a par value of $0.001 and ranks subordinate to the Companys common stock. The outstanding shares of Series E preferred stock have the right to take action by written consent or vote based on the number of votes equal to twice the number of votes of all outstanding shares of capital stock. On the same date, the Company issued 1,000,000 shares of Series E preferred stock to Panama Iphone Corporation, formerly known as Masclo Investment Corporation, a Panama corporation, (Panama Iphone) for compensation. Panama Iphone owned 9,000,000 shares of common stock of the Company prior to this transaction. The Series E preferred stock was valued at $100,000 based on the fair market value of the controlling interest in the Company. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13. Income Taxes There is no current or deferred income tax expense or benefit for the period ended February 29, 2016 and February 28, 2015. The provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The items causing this difference for the years ended February 29, 2016 and February 28, 2015 are as follows. 2016 2015 Tax benefit at U.S. statutory rate $ 443,784 $ 356,806 Valuation allowance (443,784 ) (356,806 ) $ $ The Company has not recognized an income tax benefit for the period based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the current period presented is offset by a valuation allowance (100%) established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. The tax returns for fiscal years 2011 through 2016 are still open for review by the Internal Revenue Service. As of February 29, 2016, the Company had United States net operating loss carryforwards (NOLs) of approximately $3,017,000, which begin to expire in 2023. These NOLs may be used to offset future taxable income, to the extent we generate any taxable income, and thereby reduce or eliminate our future federal income taxes otherwise payable. Section 382 of the Internal Revenue Code imposes limitations on a corporations ability to utilize NOLs if it experiences an ownership change as defined in Section 382. We may be found to have experienced an ownership change under Section 382 as a result of events in the past or the issuance of shares of common stock upon a conversion of notes. If so, the use of our NOLs against our future taxable income may be subject to an annual limitation under Section 382. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. Commitments and Contingencies Litigation On October 12, 2015, we received notice that the Company had been sued in the United States District Court for the Central District of California. The plaintiff alleges that we obtained certain trade secrets through a third party also named in the suit. The case was dismissed in December 2015 for lack of jurisdiction. In February 2016, we received notice that the Company had been sued in the Clark County District Court of Nevada. The plaintiff alleges that we obtained certain trade secrets through a third party also named in the suit. We believe the suit is without merit and intend to vigorously defend it. We have not accrued any liability for this lawsuit as we believe that the likelihood of an unfavorable outcome is remote. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Feb. 29, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events On March 1, 2016, the holder of the convertible promissory note dated January 31, 2013, converted $1,900 of principal and accrued interest into 190,000 shares of common stock. On March 22, 2016, we issued a Convertible Promissory Note with a face value of $40,000 for cash proceeds of $33,500. The note is unsecured and bears interest at 5% per year. It is payable along with interest on March 22, 2017. The note is convertible beginning six months after the date of issuance at a 49% discount to the lowest trading price during the 20-day period prior to conversion. |
Significant Accounting Polici22
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and with the rules of the Securities and Exchange Commission (SEC) |
Principles of Consolidation | Principles of Consolidation The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purpose of the financial statements, cash equivalents include all highly liquid investments with maturity of three months or less. Cash and cash equivalents were $2,223 and $2,679 at February 29, 2016 and February 28, 2015, respectively. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Pursuant to FASB ASC paragraph 310-10-35-47 trade receivables that management has the intent and ability to hold for the foreseeable future shall be reported in the balance sheet at outstanding principal adjusted for any charge-offs and the allowance for doubtful accounts. The Company follows FASB ASC paragraphs 310-10-35-7 through 310-10-35-10 to estimate the allowance for doubtful accounts. Pursuant to FASB ASC paragraph 310-10-35-9, losses from uncollectible receivables shall be accrued when both of the following conditions are met: (a) Information available before the financial statements are issued or are available to be issued (as discussed in Section 855-10-25) indicates that it is probable that an asset has been impaired at the date of the financial statements, and (b) The amount of the loss can be reasonably estimated. Those conditions may be considered in relation to individual receivables or in relation to groups of similar types of receivables. If the conditions are met, accrual shall be made even though the particular receivables that are uncollectible may not be identifiable. The Company reviews individually each trade receivable for collectability and performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customers current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and general economic conditions that may affect a clients ability to pay. Bad debt expense is included in general and administrative expenses, if any. Pursuant to FASB ASC paragraph 310-10-35-41 Credit losses for trade receivables (uncollectible trade receivables), which may be for all or part of a particular trade receivable, shall be deducted from the allowance. The related trade receivable balance shall be charged off in the period in which the trade receivables are deemed uncollectible. Recoveries of trade receivables previously charged off shall be recorded when received. The Company charges off its trade account receivables against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company had no allowance for bad debt as of February 29, 2016 and February 28, 2015. |
Fixed Assets | Fixed Assets Fixed assets of the Company include vehicles and are stated at cost. In accordance with ASC Topic 360 Property, Plant and Equipment Depreciation is provided principally on the straight-line method over the estimated useful lives of the asset for. Our delivery van is depreciated over three years. |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets, including fixed assets and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset exceeds its fair value. During the year ended February 29, 2016, we determined that we needed to impair our trailers and our leased delivery van, and recognized impairment expense of $49,302. |
Revenue and cost recognition | Revenue and cost recognition In accordance with ASC 605 , Revenue Recognition |
Advertising Costs | Advertising Costs The Companys policy is to expense advertising costs when they are incurred. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic loss per share is computed in accordance with ASC Topic 260, Earnings per Share In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. The Companys convertible debt is considered anti-dilutive due to the Companys net loss for the twelve months ended February 29, 2016 and 2015. As a result, the Company did not have any potentially dilutive common shares for those periods. For the three months ended October 31, 2014 and 2013, potentially issuable shares as a result of conversions of convertible notes payable have been excluded from the calculation. At February 29, 2016, the Company had 433,478,445 potentially issuable shares upon the conversion of convertible notes payable and interest. Based on our stock price on February 29, 2016, the value of these shares if exercised would be $184,243,230. |
Related Parties | Related Parties The Company follows ASC 850, Related Party Disclosures |
Financial Instruments | Financial Instruments The Companys balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period between the origination of these instruments and their expected realization. FASB Accounting Standards Codification (ASC) 820 Fair Value Measurements and Disclosures Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of February 29, 2016. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, and accrued expenses. The fair value of the Companys notes payable is estimated based on current rates that would be available for debt of similar terms that is not significantly different from its stated value. |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior year financial statements to conform with the current year presentation. |
Commitments and Contingencies | Reclassifications Certain reclassifications have been made to the prior year financial statements to conform with the current year presentation. |
Subsequent events | Subsequent events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements We have reviewed the FASB issued Accounting Standards Update (ASU) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporations reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which modifies the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from all leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, which is the year ending February 29, 2020 for the Company. Early application is permitted. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on their financial position and results of operations. |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of convertible notes payable | Convertible notes payable consist of the following as of February 29, 2016 and February 28, 2015 : Issued Maturity Interest Rate Conversion Rate per Share Balance February 29, 2016 Balance February 28, 2015 February 28, 2011 February 27, 2013 7% $0.015 $ 32,600 $ 32,600 January 31, 2013 February 28, 2016 10% $0.01 120,562 138,395 May 31, 2013 November 30,2016 10% $0.01 261,595 261,595 November 30, 2013 November 30, 2017 10% $0.01 396,958 396,958 August 31, 2014 August 31, 2016 10% $0.002 355,652 355,652 November 30, 2014 November 30, 2016 10% $0.002 103,950 103,950 February 28, 2015 February 28, 2017 10% $0.001 63,357 63,357 May 31, 2015 May 31, 2017 10% $1.00 65,383 August 31, 2015 August 31, 2017 10% $0.30 91,629 November 30, 2015 November 30, 2018 10% $0.30 269,791 February 3, 2016 February 3, 2017 5% 49% discount 46,000 February 29, 2016 February 28, 2019 10% 60% discount 95,245 Total convertible notes payable $ 1,902,722 $ 1,352,507 Less: short-term convertible notes payable (46,000 ) Less: current portion of convertible notes payable (937,716 ) (829,548 ) Less: discount on noncurrent convertible notes payable (500,485 ) (500,339 ) Convertible notes payable, net of discount $ 418,521 $ 22,620 Current portion of convertible notes payable 937,716 829,548 Less: discount on current portion of convertible notes payable (422,298 ) (380,949 ) Current portion of convertible notes payable, net of discount $ 515,418 $ 448,599 Short-term convertible notes 46,000 Less: discount on short-term convertible notes (7,333 ) Short-term convertible notes, net of discount $ 38,667 $ |
Schedule of convertible notes issued | During the year ended February 29, 2016, we refinanced $522,048 of non-interest bearing advances into a convertible note. All principal and accrued interest is payable on the maturity date. Issued Maturity Interest Rate Conversion Rate per Share Amount of Note Original Issue Discount Beneficial Conversion Feature May 31, 2015 May 31, 2017 10% $ 1.00 $ 65,383 $ $ 65,383 August 31, 2015 August 31, 2017 10% 0.30 91,629 91,629 November 30, 2015 November 30, 2018 10% 0.30 269,791 269,791 February 3, 2016 February 3, 2017 5% 49% discount (1) 46,000 6,000 February 29, 2016 February 28, 2019 10% 60% discount (2) 95,245 95,245 Total $ 568,048 $ 6,000 $ 522,048 __________ (1) This note is convertible beginning six months after the date of issuance at 49% discount to the lowest trading price over the preceding 20 trading days (2) This note is convertible at a 60% discount to the volume weighted average closing price over the preceding five trading days, subject to the condition that the conversion price shall never be less than $0.01 per share. During the year ended February 28, 2018, we refinanced $522,959 of non-interest bearing advances into a convertible note. All principal and accrued interest is payable on the maturity date. Issued Maturity Interest Rate Conversion Rate per Share Amount of Note Beneficial Conversion Feature August 31, 2014 August 31, 2016 10% $ 0.002 $ 355,652 $ 355,652 November 30, 2014 November 30, 2016 10% 0.002 103,950 103,950 February 28, 2015 February 28, 2017 10% 0.001 63,357 63,357 Total $ 522,959 $ 522,959 |
Schedule of conversions to common stock | During year ended February 29, 2016, the holders of the Convertible Note Payable dated January 31, 2013 elected to convert principal and accrued interest in the amounts shown below into shares of common stock at a rate of $0.01 per share. Date Amount Converted Number of Shares Issued April 22, 2015 $ 500 50,000 April 23, 2015 500 50,000 May 20, 2015 1,650 165,000 May 21, 2015 250 25,000 June 11, 2015 600 60,000 June 19, 2015 400 40,000 July 1, 2015 1,200 120,000 July 10, 2015 450 45,000 July 16, 2015 940 94,000 July 17, 2015 950 95,000 August 3, 2015 1,450 145,000 August 5, 2015 1,670 167,000 August 10, 2015 1,930 193,000 August 13, 2015 1,000 100,000 August 24, 2015 540 54,000 August 25, 2015 800 80,000 September 11, 2015 1,200 120,000 September 17, 2015 875 87,500 September 24, 2015 1,720 172,000 September 29, 2015 600 60,000 October 2, 2015 1,290 129,000 October 14, 2015 1,020 102,000 October 16, 2015 3,014 301,400 December 22, 2015 3,010 301,000 January 7, 2016 800 80,000 January 18, 2016 1,493 149,300 February 17, 2016 1,530 153,000 Total $ 31,382 3,138,200 During the year ended February 28, 2015, the holders of the Convertible Note Payable dated January 31, 2013 elected to convert principal and accrued interest in the amounts shown below into shares of common stock at a rate of $0.01 per share. Date Amount Converted Number of Shares Issued March 24, 2014 $ 10,000 2,000 April 25, 2014 10,000 2,000 May 8, 2014 10,000 2,000 May 16, 2014 4,800 960 June 3, 2014 10,000 2,000 June 12, 2014 10,000 2,000 July 18, 2014 12,000 2,400 August 14, 2014 14,000 2,800 September 24, 2014 15,000 3,000 December 5, 2014 16,000 3,200 January 2, 2015 17,000 3,400 February 6, 2015 17,000 3,400 Total $ 145,800 29,160 |
Convertible Notes Payable to 24
Convertible Notes Payable to Related Party (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of convertible notes payable to related parties | Convertible notes payable to related parties consist of the following at February 29, 2016 and February 28, 2015: Issued Maturity Interest Rate Conversion Rate per Share Balance February 29, 2016 Balance February 28, 2015 January 31, 2015 February 28, 2017 10% $0.10 $ $ 164,190 Total convertible notes payable to related party 164,190 Less: current portion of related party convertible notes payable Less: discount on noncurrent related party convertible notes payable Long-term convertible notes payable to related party, net of discount $ $ 164,190 |
Capital Lease Obligations (Tabl
Capital Lease Obligations (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Capital Lease Obligations [Abstract] | |
Schedule of capital lease obligation | February 29, 2016 February 28, 2015 Capital lease race car, interest at 10%, payments of $680 per month, term 5 years $ 11,153 $ 27,725 Capital lease delivery van, interest at 4.5%, payments of $350 per month, term 3 years. Less: current portion of capital lease obligations 3,775 5,645 $ 7,378 $ 22,080 |
Schedule of future minimum lease payments and present value required under the capital leases | The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of February 29, 2016 are as follows: For the periods ending February 28, 2017 $ 4,200 2018 4,200 2019 3,500 2020 2021 Total minimum lease payments $ 11,900 Total minimum lease payments $ 11,900 Less: Amount representing interest (747 ) Present value of net minimum lease and debt payments 11,153 Less: Current maturities of capitalized lease obligation and debt (3,775 ) Long-term capitalized lease obligation $ 7,378 |
Debt Payment Obligations (Table
Debt Payment Obligations (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of debt payment obligations | Years ending February 28, 2017 2018 2019 2020 2021 Total Convertible notes $ 983,716 $ 553,970 $ 365,036 $ 1,902,722 Capital lease $ 4,200 $ 4,200 $ 3,500 $ 11,900 Total $ 987,916 $ 558,170 $ 368,536 $ 1,914,622 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of statutory federal income tax rate | The items causing this difference for the years ended February 29, 2016 and February 28, 2015 are as follows. 2016 2015 Tax benefit at U.S. statutory rate $ 443,784 $ 356,806 Valuation allowance (443,784 ) (356,806 ) $ $ |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Accounting Policies [Abstract] | ||
Net loss | $ (1,267,955) | $ (1,049,428) |
Negative cash flow from operating activities | (555,840) | |
Working capital | $ (1,041,330) |
Significant Accounting Polici29
Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2014 | |
Cash and cash equivalents | $ 2,223 | $ 2,679 | $ 30,183 |
Asset impairment charges | $ 49,302 | ||
Revenue | $ 6,750 | ||
Number of shares to be issued upon conversion of convertible debt | 433,478,445 | ||
Value of shares to be issued upon conversion of convertible debt | $ 184,243,230 | ||
Debt issuance cost | 2,000 | ||
Sales Revenue [Member] | Customer Concentration Risk [Member] | |||
Revenue | 9,143 | ||
Delivery Van Lease [Member] | |||
Asset impairment charges | $ 7,845 |
Disposal of Crawford Mobile I30
Disposal of Crawford Mobile Installation Corp. (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Total loss on CMIC in consolidated statements of operations | $ 21,909 | |
Crawford Mobile Installation Corp [Member] | ||
Revenue | 50,027 | |
Cost of goods sold | 28,677 | |
Gross profit | 21,350 | |
General and administrative expenses | 43,259 | |
Loss due to CMIC | (21,909) | |
Total loss on CMIC in consolidated statements of operations | $ (21,909) |
Disposal of Crawford Mobile I31
Disposal of Crawford Mobile Installation Corp. (Details Narrative) - Crawford Mobile Installation Corp [Member] | 12 Months Ended |
Feb. 29, 2016USD ($) | |
Ownership percentage | 100.00% |
Loss recognized on assets write down | $ 6,425 |
Promissory Notes [Member] | |
Debt default amount | $ 90,000 |
Advances (Details Narrative)
Advances (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Proceeds from advances | $ 523,642 | $ 392,922 |
Debt conversion amount converted | 522,048 | $ 522,959 |
Advances payable | 1,594 | |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | ||
Debt conversion amount converted | 522,048 | $ 392,922 |
Third party [Member] | ||
Advances payable | $ 1,594 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Dec. 23, 2015 | Jun. 25, 2015 | Apr. 01, 2015 | Feb. 29, 2016 | Feb. 28, 2015 |
Debt conversion amount converted | $ 522,048 | $ 522,959 | |||
Remaining convertible note payable to related party | $ 1,902,722 | 1,352,507 | |||
Long-term convertible notes payable to related party, net of discount | $ 164,190 | ||||
Asset impairment charges | $ 49,302 | ||||
Delivery Van Lease [Member] | |||||
Monthly rental payment | $ 350 | ||||
Number of monthly installements | 36 months | ||||
Present value of minimum lease payments | $ 11,766 | ||||
Asset impairment charges | $ 7,844 | 7,845 | |||
5% Convertible Note Due February 3, 2017 [Member] | |||||
Debt conversion amount converted | $ 31,382 | ||||
Number of common stock shares issued | 3,138,200 | ||||
Remaining convertible note payable to related party | $ 46,000 | ||||
Panama iPhone Corp. [Member] | 5% Convertible Note Due February 3, 2017 [Member] | |||||
Debt conversion amount converted | $ 68,447 | $ 100,000 | $ 168,447 | ||
Number of common stock shares issued | 684,467 | 1,000,000 | 1,684,467 | ||
Remaining convertible note payable to related party | $ 66,889 | ||||
Long-term convertible notes payable to related party, net of discount | $ 164,190 | ||||
KM Delaney & Associates [Member] | |||||
Advances from lender | $ 202,354 | 187,111 | |||
Due to related parties | 198,568 | 217,589 | |||
KM Delaney & Associates [Member] | Management Services Agreement [Member] | |||||
Monthly payments | 18,000 | 17,550 | |||
Robert Wilson [Member] | |||||
Compensation for services | $ 108,461 | $ 130,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | ||
Total convertible notes payable | $ 1,902,722 | $ 1,352,507 | |
Less: short-term convertible notes payable | (46,000) | ||
Less: current portion of convertible notes payable | (937,716) | $ (829,548) | |
Less: discount on noncurrent convertible notes payable | (500,485) | (500,339) | |
Convertible notes payable, net of discount | 418,521 | 22,620 | |
Current portion of convertible notes payable | 937,716 | 829,548 | |
Less: discount on current portion of convertible notes payable | (422,298) | (380,949) | |
Current portion of convertible notes payable, net of discount | 515,418 | $ 448,599 | |
Short-term convertible notes | 46,000 | ||
Less: discount on short-term convertible notes | (7,333) | ||
Short-term convertible notes, net of discount | $ 38,667 | ||
7% Convertible Note Due February 27, 2013 [Member] | |||
Issuance date | Feb. 28, 2011 | Feb. 28, 2011 | |
Conversion rate per share | $ 0.015 | $ 0.015 | |
Total convertible notes payable | $ 32,600 | $ 32,600 | |
10% Convertible Note Due February 28, 2016 [Member] | |||
Issuance date | Jan. 31, 2013 | Jan. 31, 2013 | |
Conversion rate per share | $ 0.01 | $ 0.01 | |
Total convertible notes payable | $ 120,562 | $ 138,395 | |
10% Convertible Note Due November 30,2016 [Member] | |||
Issuance date | May 31, 2013 | May 31, 2013 | |
Conversion rate per share | $ 0.01 | $ 0.01 | |
Total convertible notes payable | $ 261,595 | $ 261,595 | |
10% Convertible Note Due November 30, 2017 [Member] | |||
Issuance date | Nov. 30, 2013 | Nov. 30, 2013 | |
Conversion rate per share | $ 0.01 | $ 0.01 | |
Total convertible notes payable | $ 396,958 | $ 396,958 | |
10% Convertible Note Due August 31, 2016 [Member] | |||
Issuance date | Aug. 31, 2014 | Aug. 31, 2014 | |
Conversion rate per share | $ 0.002 | $ 0.002 | |
Total convertible notes payable | $ 355,652 | $ 355,652 | |
10% Convertible Note Due November 30, 2016 [Member] | |||
Issuance date | Nov. 30, 2014 | Nov. 30, 2014 | |
Conversion rate per share | $ 0.002 | $ 0.002 | |
Total convertible notes payable | $ 103,950 | $ 103,950 | |
10% Convertible Note Due February 28, 2017 [Member] | |||
Issuance date | Feb. 28, 2015 | Feb. 28, 2015 | |
Conversion rate per share | $ 0.001 | $ 0.001 | |
Total convertible notes payable | $ 63,357 | $ 63,357 | |
10% Convertible Note Due May 31, 2017 [Member] | |||
Issuance date | May 31, 2015 | ||
Conversion rate per share | $ 1 | ||
Total convertible notes payable | $ 65,383 | ||
10% Convertible Note Due August 31, 2017 [Member] | |||
Issuance date | Aug. 31, 2015 | ||
Conversion rate per share | $ 0.30 | ||
Total convertible notes payable | $ 91,629 | ||
10% Convertible Note Due November 30, 2018 [Member] | |||
Issuance date | Nov. 30, 2015 | ||
Conversion rate per share | $ 0.30 | ||
Total convertible notes payable | $ 269,791 | ||
5% Convertible Note Due February 3, 2017 [Member] | |||
Issuance date | Feb. 3, 2016 | ||
Description of conversion feature | [1] | 49% discount | |
Total convertible notes payable | $ 46,000 | ||
10% Convertible Note Due February 28, 2019 [Member] | |||
Issuance date | Feb. 29, 2016 | ||
Description of conversion feature | [2] | 60% discount | |
Total convertible notes payable | $ 95,245 | ||
[1] | This note is convertible beginning six months after the date of issuance at 49% discount to the lowest trading price over the preceding 20 trading days | ||
[2] | This note is convertible at a 60% discount to the volume weighted average closing price over the preceding five trading days, subject to the condition that the conversion price shall never be less than $0.01 per share. |
Convertible Notes Payable (De35
Convertible Notes Payable (Details 1) - USD ($) | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | ||
Amount of Note | $ 1,902,722 | $ 1,352,507 | |
Original Issue Discount | 6,000 | ||
Beneficial Conversion Feature | $ 522,048 | $ 522,959 | |
10% Convertible Note Due May 31, 2017 [Member] | |||
Issuance Date | May 31, 2015 | ||
Conversion Rate per Share | $ 1 | ||
Amount of Note | $ 65,383 | ||
Beneficial Conversion Feature | $ 65,383 | ||
10% Convertible Note Due August 31, 2017 [Member] | |||
Issuance Date | Aug. 31, 2015 | ||
Conversion Rate per Share | $ 0.30 | ||
Amount of Note | $ 91,629 | ||
Beneficial Conversion Feature | $ 91,629 | ||
10% Convertible Note Due November 30, 2018 [Member] | |||
Issuance Date | Nov. 30, 2015 | ||
Conversion Rate per Share | $ 0.30 | ||
Amount of Note | $ 269,791 | ||
Beneficial Conversion Feature | $ 269,791 | ||
5% Convertible Note Due February 3, 2017 [Member] | |||
Issuance Date | Feb. 3, 2016 | ||
Description of conversion feature | [1] | 49% discount | |
Amount of Note | $ 46,000 | ||
Original Issue Discount | $ 6,000 | ||
Beneficial Conversion Feature | |||
10% Convertible Note Due February 28, 2019 [Member] | |||
Issuance Date | Feb. 29, 2016 | ||
Description of conversion feature | [2] | 60% discount | |
Amount of Note | $ 95,245 | ||
Original Issue Discount | |||
Beneficial Conversion Feature | $ 95,245 | ||
[1] | This note is convertible beginning six months after the date of issuance at 49% discount to the lowest trading price over the preceding 20 trading days | ||
[2] | This note is convertible at a 60% discount to the volume weighted average closing price over the preceding five trading days, subject to the condition that the conversion price shall never be less than $0.01 per share. |
Convertible Notes Payable (De36
Convertible Notes Payable (Details 2) - USD ($) | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 29, 2016 | Feb. 28, 2015 | |
Amount of Note | $ 1,902,722 | $ 1,352,507 | |
Beneficial Conversion Feature | $ 522,048 | $ 522,959 | |
10% Convertible Note Due August 31, 2016 [Member] | |||
Issuance Date | Aug. 31, 2014 | Aug. 31, 2014 | |
Conversion Rate per Share | $ 0.002 | $ 0.002 | |
Amount of Note | $ 355,652 | $ 355,652 | |
10% Convertible Note Due November 30, 2016 [Member] | |||
Issuance Date | Nov. 30, 2014 | Nov. 30, 2014 | |
Conversion Rate per Share | $ 0.002 | $ 0.002 | |
Amount of Note | $ 103,950 | $ 103,950 | |
10% Convertible Note Due February 28, 2017 [Member] | |||
Issuance Date | Feb. 28, 2015 | Feb. 28, 2015 | |
Conversion Rate per Share | $ 0.001 | $ 0.001 | |
Amount of Note | $ 63,357 | $ 63,357 | |
Subsequent Event [Member] | |||
Amount of Note | $ 522,959 | ||
Beneficial Conversion Feature | $ 522,959 | ||
Subsequent Event [Member] | 10% Convertible Note Due August 31, 2016 [Member] | |||
Issuance Date | Aug. 31, 2014 | ||
Conversion Rate per Share | $ 0.002 | ||
Amount of Note | $ 355,652 | ||
Beneficial Conversion Feature | $ 355,652 | ||
Subsequent Event [Member] | 10% Convertible Note Due November 30, 2016 [Member] | |||
Issuance Date | Nov. 30, 2014 | ||
Conversion Rate per Share | $ 0.002 | ||
Amount of Note | $ 103,950 | ||
Beneficial Conversion Feature | $ 103,950 | ||
Subsequent Event [Member] | 10% Convertible Note Due February 28, 2017 [Member] | |||
Issuance Date | Feb. 28, 2015 | ||
Conversion Rate per Share | $ 0.001 | ||
Amount of Note | $ 63,357 | ||
Beneficial Conversion Feature | $ 63,357 |
Convertible Notes Payable (De37
Convertible Notes Payable (Details 3) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Amount converted | $ 522,048 | $ 522,959 |
10% Convertible Note Due February 28, 2016 [Member] | ||
Amount converted | $ 31,382 | $ 145,800 |
Number of shares issued | 3,138,200 | 29,160 |
10% Convertible Note Due February 28, 2016 [Member] | April 22, 2015 [Member] | ||
Amount converted | $ 500 | |
Number of shares issued | 50,000 | |
10% Convertible Note Due February 28, 2016 [Member] | April 23, 2015 [Member] | ||
Amount converted | $ 500 | |
Number of shares issued | 50,000 | |
10% Convertible Note Due February 28, 2016 [Member] | May 20, 2015 [Member] | ||
Amount converted | $ 1,650 | |
Number of shares issued | 165,000 | |
10% Convertible Note Due February 28, 2016 [Member] | May 21, 2015 [Member] | ||
Amount converted | $ 250 | |
Number of shares issued | 25,000 | |
10% Convertible Note Due February 28, 2016 [Member] | June 11, 2015 [Member] | ||
Amount converted | $ 600 | |
Number of shares issued | 60,000 | |
10% Convertible Note Due February 28, 2016 [Member] | June 19, 2015 [Member] | ||
Amount converted | $ 400 | |
Number of shares issued | 40,000 | |
10% Convertible Note Due February 28, 2016 [Member] | July 1, 2015 [Member] | ||
Amount converted | $ 1,200 | |
Number of shares issued | 120,000 | |
10% Convertible Note Due February 28, 2016 [Member] | July 10, 2015 [Member] | ||
Amount converted | $ 450 | |
Number of shares issued | 45,000 | |
10% Convertible Note Due February 28, 2016 [Member] | July 16, 2015 [Member] | ||
Amount converted | $ 940 | |
Number of shares issued | 94,000 | |
10% Convertible Note Due February 28, 2016 [Member] | July 17, 2015 [Member] | ||
Amount converted | $ 950 | |
Number of shares issued | 95,000 | |
10% Convertible Note Due February 28, 2016 [Member] | August 3, 2015 [Member] | ||
Amount converted | $ 1,450 | |
Number of shares issued | 145,000 | |
10% Convertible Note Due February 28, 2016 [Member] | August 5, 2015 [Member] | ||
Amount converted | $ 1,670 | |
Number of shares issued | 167,000 | |
10% Convertible Note Due February 28, 2016 [Member] | August 10, 2015 [Member] | ||
Amount converted | $ 1,930 | |
Number of shares issued | 193,000 | |
10% Convertible Note Due February 28, 2016 [Member] | August 13, 2015 [Member] | ||
Amount converted | $ 1,000 | |
Number of shares issued | 100,000 | |
10% Convertible Note Due February 28, 2016 [Member] | August 24, 2015 [Member] | ||
Amount converted | $ 540 | |
Number of shares issued | 54,000 | |
10% Convertible Note Due February 28, 2016 [Member] | August 25, 2015 [Member] | ||
Amount converted | $ 800 | |
Number of shares issued | 80,000 | |
10% Convertible Note Due February 28, 2016 [Member] | September 11, 2015 [Member] | ||
Amount converted | $ 1,200 | |
Number of shares issued | 120,000 | |
10% Convertible Note Due February 28, 2016 [Member] | September 17, 2015 [Member] | ||
Amount converted | $ 875 | |
Number of shares issued | 87,500 | |
10% Convertible Note Due February 28, 2016 [Member] | September 24, 2015 [Member] | ||
Amount converted | $ 1,720 | |
Number of shares issued | 172,000 | |
10% Convertible Note Due February 28, 2016 [Member] | September 29, 2015 [Member] | ||
Amount converted | $ 600 | |
Number of shares issued | 60,000 | |
10% Convertible Note Due February 28, 2016 [Member] | October 2, 2015 [Member] | ||
Amount converted | $ 1,290 | |
Number of shares issued | 129,000 | |
10% Convertible Note Due February 28, 2016 [Member] | October 14, 2015 [Member] | ||
Amount converted | $ 1,020 | |
Number of shares issued | 102,000 | |
10% Convertible Note Due February 28, 2016 [Member] | October 16, 2015 [Member] | ||
Amount converted | $ 3,014 | |
Number of shares issued | 301,400 | |
10% Convertible Note Due February 28, 2016 [Member] | December 22, 2015 [Member] | ||
Amount converted | $ 3,010 | |
Number of shares issued | 301,000 | |
10% Convertible Note Due February 28, 2016 [Member] | January 7, 2016 [Member] | ||
Amount converted | $ 800 | |
Number of shares issued | 80,000 | |
10% Convertible Note Due February 28, 2016 [Member] | January 18, 2016 [Member] | ||
Amount converted | $ 1,493 | |
Number of shares issued | 149,300 | |
10% Convertible Note Due February 28, 2016 [Member] | February 17, 2016 [Member] | ||
Amount converted | $ 1,530 | |
Number of shares issued | 153,000 | |
10% Convertible Note Due February 28, 2016 [Member] | March 24, 2014 [Member] | ||
Amount converted | $ 10,000 | |
Number of shares issued | 2,000 | |
10% Convertible Note Due February 28, 2016 [Member] | April 25, 2014 [Member] | ||
Amount converted | $ 10,000 | |
Number of shares issued | 2,000 | |
10% Convertible Note Due February 28, 2016 [Member] | May 8, 2014 [Member] | ||
Amount converted | $ 10,000 | |
Number of shares issued | 2,000 | |
10% Convertible Note Due February 28, 2016 [Member] | May 16, 2014 [Member] | ||
Amount converted | $ 4,800 | |
Number of shares issued | 960 | |
10% Convertible Note Due February 28, 2016 [Member] | June 3, 2014 [Member] | ||
Amount converted | $ 10,000 | |
Number of shares issued | 2,000 | |
10% Convertible Note Due February 28, 2016 [Member] | June 12, 2014 [Member] | ||
Amount converted | $ 10,000 | |
Number of shares issued | 2,000 | |
10% Convertible Note Due February 28, 2016 [Member] | July 18, 2014 [Member] | ||
Amount converted | $ 12,000 | |
Number of shares issued | 2,400 | |
10% Convertible Note Due February 28, 2016 [Member] | August 14, 2014 [Member] | ||
Amount converted | $ 14,000 | |
Number of shares issued | 2,800 | |
10% Convertible Note Due February 28, 2016 [Member] | September 24, 2014 [Member] | ||
Amount converted | $ 15,000 | |
Number of shares issued | 3,000 | |
10% Convertible Note Due February 28, 2016 [Member] | December 5, 2014 [Member] | ||
Amount converted | $ 16,000 | |
Number of shares issued | 3,200 | |
10% Convertible Note Due February 28, 2016 [Member] | January 2, 2015 [Member] | ||
Amount converted | $ 17,000 | |
Number of shares issued | 3,400 | |
10% Convertible Note Due February 28, 2016 [Member] | February 6, 2015 [Member] | ||
Amount converted | $ 17,000 | |
Number of shares issued | 3,400 |
Convertible Notes Payable (De38
Convertible Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Beneficial conversion discount on convertible note payable | $ 522,048 | $ 522,959 |
Amortization of discount on convertible note payable | 481,220 | $ 256,695 |
10% Convertible Note Due February 28, 2019 [Member] | ||
Beneficial conversion discount on convertible note payable | $ 95,245 | |
10% Convertible Note Due February 28, 2019 [Member] | Minimum [Member] | ||
Conversion rate per share | $ 0.01 | |
7% Convertible Note Due February 27, 2013 [Member] | ||
Debt defult interest rate | 18.00% | |
Conversion rate per share | $ 0.015 | $ 0.015 |
10% Convertible Note Due February 28, 2016 [Member] | ||
Debt defult interest rate | 18.00% | |
Conversion rate per share | $ 0.01 | $ 0.01 |
Convertible Notes Payable to 39
Convertible Notes Payable to Related Party (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Total convertible notes payable to related party | $ 164,190 | |
Less: discount on noncurrent related party convertible notes payable | $ (422,298) | (380,949) |
Long-term convertible notes payable to related party, net of discount | 164,190 | |
5% Convertible Note Due February 3, 2017 [Member] | ||
Issued | Feb. 3, 2016 | |
Panama iPhone Corp. [Member] | 5% Convertible Note Due February 3, 2017 [Member] | ||
Issued | Jan. 31, 2015 | |
Total convertible notes payable to related party | $ 164,190 | |
Less: current portion of related party convertible notes payable | ||
Less: discount on noncurrent related party convertible notes payable | ||
Common stock conversion rate | $ 0.10 | |
Debt face amount | $ 164,190 | |
Long-term convertible notes payable to related party, net of discount | $ 164,190 |
Convertible Notes Payable to 40
Convertible Notes Payable to Related Party (Details Narrative) - USD ($) | Jun. 25, 2015 | Apr. 01, 2015 | Feb. 29, 2016 | Feb. 28, 2015 |
Debt conversion amount converted | $ 522,048 | $ 522,959 | ||
Remaining convertible note payable to related party | 1,902,722 | $ 1,352,507 | ||
5% Convertible Note Due February 3, 2017 [Member] | ||||
Debt conversion amount converted | $ 31,382 | |||
Number of common stock shares issued | 3,138,200 | |||
Remaining convertible note payable to related party | $ 46,000 | |||
Panama iPhone Corp. [Member] | 5% Convertible Note Due February 3, 2017 [Member] | ||||
Debt conversion amount converted | $ 68,447 | $ 100,000 | $ 168,447 | |
Number of common stock shares issued | 684,467 | 1,000,000 | 1,684,467 | |
Remaining convertible note payable to related party | $ 66,889 |
Fixed Assets (Details Narrative
Fixed Assets (Details Narrative) | Dec. 23, 2015USD ($)Number | Aug. 14, 2014USD ($)Number | Feb. 29, 2016USD ($)Number | Feb. 28, 2015USD ($) | May 01, 2014USD ($) |
Present value of the future minimum lease payments | $ 11,900 | ||||
Initial down payment toward purchase | $ 30,000 | ||||
Impairment of fixed assets | $ 49,302 | ||||
Depreciation | 18,583 | $ 11,874 | |||
Race Car Lease [Member] | Xperience Business Segment [Member] | |||||
Present value of the future minimum lease payments | $ 32,004 | ||||
Monthly rental payment | $ 680 | ||||
Number of monthly installements | Number | 60 | ||||
Gain on disposal of asset | $ 1,808 | ||||
Useful life | 5 years | ||||
53-foot Tri-Axle Trailers [Member] | Transportation Segment [Member] | |||||
Number of assets purchased | Number | 10 | ||||
Total purchase price | $ 60,000 | ||||
Initial down payment toward purchase | 15,000 | ||||
Additional payemnt toward purchase | 15,000 | ||||
Impairment of fixed assets | $ 41,458 | ||||
Accounts payable | $ 30,000 | $ 30,000 | |||
Useful life | 5 years | ||||
Delivery Van Lease [Member] | |||||
Present value of the future minimum lease payments | $ 3,921 | ||||
Monthly rental payment | $ 350 | ||||
Number of monthly installements | Number | 36 | ||||
Impairment of fixed assets | $ 7,844 | $ 7,845 | |||
Description of capital lease accounting criteria | Delivery van meets the accounting criteria for a capital lease covering over 75% of the economic life of the asset. |
Capital Lease Obligations (Deta
Capital Lease Obligations (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Total | $ 11,153 | |
Less: current portion of capital lease obligations | 3,775 | $ 5,645 |
Long-term capitalized lease obligation | 7,378 | 22,080 |
Race Car Lease [Member] | ||
Total | 11,153 | $ 27,725 |
Monthly rental payment | $ 680 | |
Lease interest rate | 10.00% | |
Lease terms | 5 years | |
Delivery Van Lease [Member] | ||
Total | ||
Monthly rental payment | $ 350 | |
Lease interest rate | 4.50% | |
Lease terms | 3 years |
Capital Lease Obligations (De43
Capital Lease Obligations (Details 1) - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 4,200 | |
2,018 | 4,200 | |
2,019 | $ 3,500 | |
2,020 | ||
2,021 | ||
Total minimum lease payments | $ 11,900 | |
Total minimum lease payments | 11,900 | |
Less: Amount representing interest | (747) | |
Present value of net minimum lease and debt payments | 11,153 | |
Less: Current maturities of capitalized lease obligation and debt | 3,775 | $ 5,645 |
Long-term capitalized lease obligation | $ 7,378 | $ 22,080 |
Debt Payment Obligations (Detai
Debt Payment Obligations (Details) | Feb. 29, 2016USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | $ 987,916 |
2,018 | 558,170 |
2,019 | $ 368,536 |
2,020 | |
2,021 | |
Total | $ 1,914,622 |
Convertible Notes [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | 983,716 |
2,018 | 553,970 |
2,019 | $ 365,036 |
2,020 | |
2,021 | |
Total | $ 1,902,722 |
Capital Lease Obligations [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | 4,200 |
2,018 | 4,200 |
2,019 | $ 3,500 |
2,020 | |
2,021 | |
Total | $ 11,900 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Feb. 18, 2016 | Jun. 25, 2015 | Apr. 01, 2015 | May 08, 2014 | Feb. 29, 2016 | Feb. 28, 2015 |
Debt conversion amount converted | $ 522,048 | $ 522,959 | ||||
Value of shares issued for services | $ 4,592 | $ 100,000 | ||||
Number of preferred stock authorized | 19,000,000 | 19,000,000 | ||||
Number of common shares owned | 4,908,816 | 75,360 | ||||
Series E Preferred Stock [Member] | ||||||
Number of preferred stock authorized | 1,000,000 | |||||
Description of voting rights | Have the right to take action by written consent or vote based on the number of votes equal to twice the number of votes of all outstanding shares of capital stock. | |||||
Preferred Stock, par value (in dollars per shares) | $ 0.01 | |||||
5% Convertible Note Due February 3, 2017 [Member] | ||||||
Debt conversion amount converted | $ 31,382 | |||||
Number of common stock shares issued | 3,138,200 | |||||
5% Convertible Note Due February 3, 2017 [Member] | ||||||
Number of shares issued for services | 10,556 | |||||
Value of shares issued for services | $ 4,592 | |||||
Expense recognized | $ 4,592 | |||||
Panama iPhone Corp. [Member] | Series E Preferred Stock [Member] | ||||||
Number of shares issued | 1,000,000 | |||||
Value of shares issued | $ 100,000 | |||||
Number of common shares owned | 9,000,000 | |||||
Panama iPhone Corp. [Member] | 5% Convertible Note Due February 3, 2017 [Member] | ||||||
Debt conversion amount converted | $ 68,447 | $ 100,000 | $ 168,447 | |||
Number of common stock shares issued | 684,467 | 1,000,000 | 1,684,467 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Income Tax Disclosure [Abstract] | ||
Tax benefit at U.S. statutory rate | $ 443,784 | $ 356,806 |
Valuation allowance | $ (443,784) | $ (356,806) |
Income tax expense (benefit) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Feb. 29, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforwards | $ 3,017,000 |
Expire date | 2,023 |
Percentage of change in valuation allowance | 100.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Mar. 22, 2016USD ($) | Mar. 01, 2016USD ($)Number | Feb. 29, 2016 | |
5% Convertible Note Due March 22, 2017 [Member] | ||||
Description of conversion | [1] | 60% discount | ||
Subsequent Event [Member] | 10% Convertible Note Due February 28, 2016 [Member] | ||||
Principal and accrued interest | $ 1,900 | |||
Number of common shares issued upon conversion | Number | 190,000 | |||
Subsequent Event [Member] | 5% Convertible Note Due March 22, 2017 [Member] | ||||
Face amount | $ 40,000 | |||
Proceeds from issuance of debt | $ 33,500 | |||
Description of conversion | Note is convertible beginning six months after the date of issuance at a 49% discount to the lowest trading price during the 20-day period prior to conversion. | |||
[1] | This note is convertible at a 60% discount to the volume weighted average closing price over the preceding five trading days, subject to the condition that the conversion price shall never be less than $0.01 per share. |