Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Oct. 31, 2013 | Dec. 16, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'XUMANII INTERNATIONAL HOLDINGS CORP | ' |
Entity Central Index Key | '0001499274 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-13 | ' |
Amendment Flag | 'true | ' |
Amendment Description | ' | ' |
EXPLANATORY NOTE | ||
This Amendment No. 1 to the Quarterly Report on Form 10-Q/A (the “Amendment”) amends the Quarterly Report on Form 10-Q of Xumanii International Holdings Corp. (the “Company”) for the quarter ended October 31, 2013 (the “Original Filing”), that was originally filed with the U.S. Securities and Exchange Commission on December 16, 2013. The Amendment is being filed to submit Exhibit 101. The Amendment revises the exhibit index included in Part II, Item 6 of the Original Filing and Exhibit 101 (XBRL interactive data) is included as an exhibit to the Amendment. | ||
In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (“Exchange Act”), new certifications by the Company’s principal executive officer and principal financial officers are filed as exhibits hereto. | ||
Except as described above, the Amendment does not modify or update the disclosures presented in, or exhibits to, the Original Filing in any way. Those sections of the Original Filing that are unaffected by the Amendment are not included herein. The Amendment continues to speak as of the date of the Original Filing. Furthermore, the Amendment does not reflect events occurring after the filing of the Original Filing. Accordingly, the Amendment should be read in conjunction with the Original Filing, as well as the Company’s other filings made with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act subsequent to the filing of the Original Filing. | ||
Current Fiscal Year End Date | '--07-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 271,610,552 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets
Balance Sheets (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Current Assets | ' | ' |
Cash | $118,081 | $38,170 |
Prepaid expenses | 12,276 | 12,276 |
Total Current Assets | 130,357 | 50,446 |
Fixed assets, net | ' | 52,781 |
Total assets | 130,357 | 103,227 |
Current Liabilities | ' | ' |
Accounts payable & accrued liabilities | 116,212 | 49,580 |
Advances from related parties | 78,355 | 48,250 |
Loans payable | 1,145,000 | 1,070,699 |
Note payable | 642,242 | 642,242 |
Total current liabilities | 1,981,809 | 1,810,771 |
Stockholders' Deficit | ' | ' |
Preferred stock, $0.00001 par value; 100,000,000 shares authorized; none issued and outstanding | ' | ' |
Common stock, $0.00001 par value; 450,000,000 shares authorized; 271,610,552 shares issued and outstanding | 2,716 | 2,716 |
Additional Paid in Capital | 102,465 | 81,065 |
Accumulated deficit | 1,956,633 | 1,791,325 |
Total stockholders' deficit | -1,851,452 | -1,707,544 |
Total liabilities and stockholders' deficit | 130,357 | 103,227 |
Preferred Stock A | ' | ' |
Stockholders' Deficit | ' | ' |
Preferred stock, $0.00001 par value; 100,000,000 shares authorized; none issued and outstanding | ' | ' |
Total stockholders' deficit | ' | ' |
Preferred Stock B | ' | ' |
Stockholders' Deficit | ' | ' |
Preferred stock, $0.00001 par value; 100,000,000 shares authorized; none issued and outstanding | ' | ' |
Total stockholders' deficit | ' | ' |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 271,610,552 | 271,610,552 |
Common stock, shares outstanding | 271,610,552 | 271,610,552 |
Preferred Stock A | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Stock B | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Statements_Of_Operations
Statements Of Operations (USD $) | 3 Months Ended | 42 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Operating Expenses: | ' | ' | ' |
General and administrative | $27,364 | $157,891 | $1,176,070 |
Consulting | 46,000 | 60,404 | 391,253 |
Legal and accounting | 8,000 | 13,680 | 241,016 |
Transfer agent | 1,590 | 850 | 5,100 |
Loss on disposal of fixed assets | 52,781 | ' | 52,781 |
Total Operating Expenses | 135,735 | 232,825 | 1,866,220 |
Other Expense: | ' | ' | ' |
Interest expense | 29,573 | 9,167 | 90,413 |
Net loss | ($165,308) | ($241,992) | ($1,956,633) |
Weighted average common shares outstanding - basic and diluted | 271,610,552 | 341,300,300 | ' |
Net loss per common share - basic and diluted | $0 | $0 | ' |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 3 Months Ended | 42 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss | ($165,308) | ($241,992) | ($1,956,633) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' | ' |
Depreciation expense | ' | 2,552 | 19,742 |
Imputed interest | 21,400 | 9,167 | 64,205 |
Loss on disposal of fixed assets | 52,781 | ' | 52,781 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | ' | -27,392 | -12,276 |
Accounts payable & accrued liabilities | 66,632 | ' | 116,212 |
Net cash used in operating activities of operations | -24,495 | -257,665 | -1,715,969 |
CASH FLOW INVESTING ACTIVITIES | ' | ' | ' |
Purchase of fixed assets | ' | 42,771 | 72,523 |
Cash from investments | ' | ' | ' |
Net cash used in investing activities | ' | -42,771 | -72,523 |
CASH FLOW FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | 40,976 |
Proceeds from loans payable | 74,301 | 400,000 | 1,745,121 |
Proceeds from related party loans payable | ' | 392 | 110,982 |
Repayments on related party loans payable | ' | ' | 68,861 |
Advances from related parties | 78,355 | ' | 78,355 |
Repayments of related party advances | -48,250 | ' | ' |
Net cash provided by financing activities | 104,406 | 400,392 | 1,906,573 |
NET CHANGE IN CASH | 79,911 | 106,219 | 118,081 |
CASH AT BEGINNING OF PERIOD | 38,170 | 8,725 | ' |
CASH AT END OF PERIOD | 118,081 | 114,944 | 118,081 |
SUPPLEMENTAL INFORMATION: | ' | ' | ' |
Interest paid | 10 | ' | 10 |
Income tax paid | ' | ' | ' |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Conversion from loans payable to note payable | ' | ' | $642,242 |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 3 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of operations and summary of significant accounting policies | ' |
NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Business | |
Xumanii International Holdings Corp. (“Xumanii” or the “Company”) was incorporated in the State of Nevada on May 6, 2010. The Company maintains its statutory registered agent’s office at Nevada Corporate Headquarter, 101 Convention Center Drive, Suite 700 Las Vegas, Nevada 89109 and the Company’s mailing address and business office is located at 9550 South Eastern Ave. Suite 253-A86, Las Vegas, Nevada 89123. | |
The Company's name and trading symbol were changed from Medora Corp. and MORA effective September 7, 2012 to Xumanii, Inc. and XUII, respectively. Subsequently; the name was changed to Xumanii International Holdings Corp. | |
Xumanii was a platform that broadcasted live events in HD with a new technology that combines hardware and a software platform to broadcast from multiple cameras, wirelessly an event with an extremely low production cost until September 30, 2013. In October 2013, the business plan for Xumanii was changed to enter into the branded tablet market, app market and pursue acquisitions that may be synergistic to the company’s focus in various technologies. | |
The Company is considered as a development stage corporation and has not yet generated or realized any revenues from its business operations. | |
Basis of Presentation | |
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in Xumanii’s Annual Report filed with the SEC on Form 10-K for the year ended July 31, 2013. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which substantially duplicate the disclosure contained in the audited financial statements for fiscal 2013 as reported in the Form 10-K have been omitted. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Basic and Diluted Earnings (Loss) Per Common Share | |
The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss, adjusted on an "as if converted" basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For all periods presented, there were no potentially dilutive securities outstanding. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Fair Value Measurement | |
The Company values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. | |
As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). | |
The three levels of the fair value hierarchy defined by ASC 820 are as follows: | |
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. | |
Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. | |
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments. | |
Income Taxes | |
Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes a deferred tax asset for net operating losses carried forward. The potential benefit of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. | |
Stock-based Compensation | |
The Company estimates the fair value of each stock option award at the grant date by using the Black-Scholes option pricing model and common shares based on the last quoted market price of the Company’s common stock on the date of the share grant. The fair value determined represents the cost for the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As share-based compensation expense is recognized based on awards ultimately expected to vest, the Company reduces the expense for estimated forfeitures based on historical forfeiture rates. Previously recognized compensation costs may be adjusted to reflect the actual for feature rate for the entire award at the end of the vesting period. Excess tax benefits, if any, are recognized as an addition to paid-in capital. | |
Recently Issued Accounting Pronouncements | |
The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
Going_Concern
Going Concern | 3 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Going concern | ' |
NOTE 2 – GOING CONCERN | |
These financial statements have been prepared on a going concern basis, which implies Xumanii will continue to meet its obligations and continue its operations for the next twelve months. As of October 31, 2013, the Company has an accumulated deficit of $1,956,633, limited liquidity and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs for the next twelve month period. The Company’s sole officer and director is unwilling to loan or advance any additional capital to the Company, except for the costs associated with the preparation and filing of reports with the Securities and Exchange Commission (“SEC”). These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The continuation of Xumanii as a going concern is dependent upon financial support from its stockholders, the ability of Xumanii to obtain necessary equity financing to continue operations, and the attainment of profitable operations. Realization value may be substantially different from carrying values as shown and these financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should Xumanii be unable to continue as a going concern. |
Loans_Payable
Loans Payable | 3 Months Ended |
Oct. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Loans payable | ' |
NOTE 3 – LOANS PAYABLE | |
As of October 31, 2013, the Company had the following loans payable outstanding: | |
Interest-free loan of $1,070,000 from Atoll Finance which is due on demand. The Company recorded $21,400 of imputed interest for the three months ended October 31, 2013. | |
$50,000 from a $500,000 convertible note: On October 23, 2013, the Company entered into a convertible third-party promissory note for $500,000 with an initial discount of $50,000. During the three months ended October 31, 2013, the Company received the first advance of $50,000. The note has a maturity date of two years from effective date of each payment and bears and interest rate of 12%. The Company evaluated the conversion feature in the convertible note and determined it created an embedded derivative. The Company determined the embedded derivative has an insignificant fair value and did not recognize any derivative liability on its book. | |
On October 21, 2013, the Company entered into a note payable with a third party for $25,000. This note bears an interest rate of 12% per annum and is due April 21, 2014. |
Note_Payable
Note Payable | 3 Months Ended |
Oct. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Note Payable | ' |
NOTE 4 – NOTE PAYABLE | |
As of October 31, 2013, the Company had a convertible note of $642,242 payable to Atoll Finance, with an interest rate of 5%. The note is unsecured, and is due in December 2013. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Oct. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent events | ' |
NOTE 5 – SUBSEQUENT EVENTS | |
In December 2013, the Company obtained a note payable from a third party for $450,000, which included an original issue discount fee of $150,000. The note bears 12% interest per annum and provides principal reductions to the OID if the Company files a registration statement and is timely approved. | |
On October 10, 2013, the Company entered into a convertible promissory note with a third party for $37,500. The note bears interest at 8% and a maturity date of July 12, 2014. In the event that the note remains unpaid at that date, the Company will pay default interest at 22%. The lender has the right after a period of 180 days to convert the balance outstanding into the Company's common stock at a rate equal to 51% of the average three closing prices during the ten trading days prior to the conversion date. | |
On October 31, 2013, the Company entered into a convertible promissory note with a third party for $50,000. The note bears interest at 8% per annum and with a maturity date of October 31, 2014. In the event that the note remains unpaid at that date, the Company will pay default interest of an additional 8%. The lender has the right after a period of 180 days to convert the balance outstanding into the Company's common stock at a rate equal to 60% of the lowest one day closing prices during the twenty trading days prior to the conversion date. | |
On October 1, 2013, the Company announced that it was to acquire RFID business Trakkers LLC for 2 million preferred shares of Xumanii the preferred shares had a face value of $1, valuing Trakkers at $2 million. This acquisition entered escrow on October 1, 2013. However, the structure of the acquisition was such that it would have added approximately $4 million of debt to the Company while only adding approximately $1.4 million of revenue therefore the Company has taken the view that the is transaction did not meet the conditions required for closing and that it was not in the best interests of the Company to proceed with the acquisition. Therefore the transaction has been canceled and the Company since successfully identified better acquisition opportunities (see below). | |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of business | ' |
Nature of Business | |
Xumanii International Holdings Corp. (“Xumanii” or the “Company”) was incorporated in the State of Nevada on May 6, 2010. The Company maintains its statutory registered agent’s office at Nevada Corporate Headquarter, 101 Convention Center Drive, Suite 700 Las Vegas, Nevada 89109 and the Company’s mailing address and business office is located at 9550 South Eastern Ave. Suite 253-A86, Las Vegas, Nevada 89123. | |
The Company's name and trading symbol were changed from Medora Corp. and MORA effective September 7, 2012 to Xumanii, Inc. and XUII, respectively. Subsequently; the name was changed to Xumanii International Holdings Corp. | |
Xumanii was a platform that broadcasted live events in HD with a new technology that combines hardware and a software platform to broadcast from multiple cameras, wirelessly an event with an extremely low production cost until September 30, 2013. In October 2013, the business plan for Xumanii was changed to enter into the branded tablet market, app market and pursue acquisitions that may be synergistic to the company’s focus in various technologies. | |
The Company is considered as a development stage corporation and has not yet generated or realized any revenues from its business operations. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in Xumanii’s Annual Report filed with the SEC on Form 10-K for the year ended July 31, 2013. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which substantially duplicate the disclosure contained in the audited financial statements for fiscal 2013 as reported in the Form 10-K have been omitted. | |
Use of estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Basic and diluted earnings (loss) per common share | ' |
Basic and Diluted Earnings (Loss) Per Common Share | |
The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss, adjusted on an "as if converted" basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For all periods presented, there were no potentially dilutive securities outstanding. | |
Cash and cash equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Fair Value Measurement | ' |
Fair Value Measurement | |
The Company values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. | |
As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). | |
The three levels of the fair value hierarchy defined by ASC 820 are as follows: | |
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. | |
Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. | |
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments. | |
Income taxes | ' |
Income Taxes | |
Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes a deferred tax asset for net operating losses carried forward. The potential benefit of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. | |
Stock-based Compensation | ' |
Stock-based Compensation | |
The Company estimates the fair value of each stock option award at the grant date by using the Black-Scholes option pricing model and common shares based on the last quoted market price of the Company’s common stock on the date of the share grant. The fair value determined represents the cost for the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As share-based compensation expense is recognized based on awards ultimately expected to vest, the Company reduces the expense for estimated forfeitures based on historical forfeiture rates. Previously recognized compensation costs may be adjusted to reflect the actual for feature rate for the entire award at the end of the vesting period. Excess tax benefits, if any, are recognized as an addition to paid-in capital. | |
Recently issued accounting pronouncements | ' |
Recently Issued Accounting Pronouncements | |
The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
Loans_Payable_Narrative_Detail
Loans Payable (Narrative) (Details) (Loan Payable - Third Party, USD $) | 3 Months Ended | 0 Months Ended | |
Oct. 31, 2013 | Oct. 23, 2013 | Oct. 21, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Face value of note | ' | $500,000 | $25,000 |
Intial discount | ' | 50,000 | ' |
First advance received | $50,000 | ' | ' |
Interest rate on note payable | 12.00% | ' | 12.00% |
Debt instrument maturity terms | 'The note has a maturity date of two years from effective date of each payment | ' | 'April 21, 2014 |
Note_Payable_Narrative_Details
Note Payable (Narrative) (Details) (Convertible Note with Atoll Finance, USD $) | 3 Months Ended |
Oct. 31, 2013 | |
Convertible Note with Atoll Finance | ' |
Convertible debt note | $642,242 |
Interest rate | 5.00% |
Maturity terms | 'December 2013 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (Subsequent Event, USD $) | 0 Months Ended | 0 Months Ended | ||
Oct. 01, 2013 | Dec. 16, 2013 | Oct. 10, 2013 | Oct. 31, 2013 | |
Trakkers LLC | Notes Payable - Third Party | Convertible Promissory Note 37,500 - Third Party | Convertible Promissory Note 50,000 - Third Party | |
Notes payable from third party | ' | $450,000 | $37,500 | $50,000 |
Original discount fee | ' | $150,000 | ' | ' |
Debt instrument interest rate | ' | 12.00% | 8.00% | 8.00% |
Maturity date | ' | ' | 12-Jul-14 | 31-Oct-14 |
Subsequent event description | ' | ' | ' | ' |
In the event that the note remains unpaid at that date, the Company will pay default interest at 22%. The lender has the right after a period of 180 days to convert the balance outstanding into the Company's common stock at a rate equal to 51% of the average three closing prices during the ten trading days prior to the conversion date. | In the event that the note remains unpaid at that date, the Company will pay default interest of an additional 8%. The lender has the right after a period of 180 days to convert the balance outstanding into the Company's common stock at a rate equal to 60% of the lowest one day closing prices during the twenty trading days prior to the conversion date. | |||
Subsequent event description | ' | ' | ' | ' |
On October 1, 2013, the Company announced that it was to acquire RFID business Trakkers LLC for 2 million preferred shares of Xumanii the preferred shares had a face value of $1, valuing Trakkers at $2 million. This acquisition entered escrow on October 1, 2013. However, the structure of the acquisition was such that it would have added approximately $4 million of debt to the Company while only adding approximately $1.4 million of revenue therefore the Company has taken the view that the is transaction did not meet the conditions required for closing and that it was not in the best interests of the Company to proceed with the acquisition. Therefore the transaction has been canceled and the Company since successfully identified better acquisition opportunities |