Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2015 | May. 15, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | FIRST TITAN CORP. | |
Document Period End Date | Mar. 31, 2015 | |
Entity Central Index Key | 1,502,152 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2,015 | |
Entity Filer Category | Smaller Reporting Company | |
Document Fiscal Period Focus | Q2 | |
Entity Common Stock, Shares Outstanding | 35,320,137 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2015 | Sep. 30, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,131 | $ 1,211 |
Accounts receivable | 6,066 | 15,891 |
Prepaid expenses | 12,160 | 12,160 |
Total current assets | 21,357 | 29,262 |
Available for sale securities | 55,309 | 52,379 |
Oil and gas properties | ||
Evaluated property, net of accumulated depletion of $102,598 and $90,880 and net of accumulated impairment of $80,141 and $80,141, respectively | 84,130 | 95,387 |
Unevaluated property | 300,575 | 300,575 |
Total oil and gas properties | 384,705 | 395,962 |
TOTAL ASSETS | 461,371 | 477,603 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | $ 354,551 | 245,876 |
Advances payable | 48,000 | |
Current portion of convertible notes payable, net of discount of $21,817 and $244,752, respectively | $ 168,905 | 247,895 |
Current portion of accrued interest payable | 784 | 4,319 |
Current portion of asset retirement obligation | 14,989 | 14,670 |
Total current liabilities | 539,229 | 560,760 |
Convertible notes payable, net of discount of $397,574 and $267,574, respectively | 46,521 | 8,711 |
Accrued interest payable | 23,665 | 6,964 |
Asset retirement obligation | 5,713 | 5,603 |
TOTAL LIABILITIES | $ 615,128 | $ 582,038 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Common Stock, $0.0001 par value; 250,000,000 shares authorized; 33,720,137 and 25,620,137 shares issued and outstanding at March 31, 2015 and September 30, 2014, respectively | $ 3,372 | $ 2,562 |
Additional paid-in capital | 3,709,257 | 3,232,399 |
Accumulated other comprehensive income | 20,309 | 17,379 |
Accumulated deficit | (3,886,695) | (3,356,775) |
Total stockholders' deficit | (153,757) | (104,435) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 461,371 | $ 477,603 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2015 | Sep. 30, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Evaluated property, accumulated depletion | $ 102,598 | $ 90,880 |
Evaluated property, accumulated impairment | 80,141 | 80,141 |
Discount on convertible notes payable, current portion | 21,817 | 244,752 |
Discount on convertible notes payable, noncurrent portion | $ 397,574 | $ 267,574 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 33,720,137 | 25,620,137 |
Common stock, shares outstanding | 33,720,137 | 25,620,137 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
OIL AND GAS SALES, net | $ 3,236 | $ 21,859 | $ 22,397 | $ 54,069 |
OPERATING EXPENSES | ||||
Lease operating expense | 5,347 | 7,507 | 11,073 | 11,324 |
Depletion, depreciation and amortization | 4,932 | 7,730 | 11,718 | 30,630 |
Accretion expense | $ 428 | $ 178 | $ 860 | $ 526 |
Impairment of oil and gas properties | ||||
General and administrative expenses | $ 142,396 | $ 111,245 | $ 246,822 | $ 276,313 |
LOSS FROM OPERATIONS | (149,867) | (104,801) | (248,076) | (264,724) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (154,411) | (66,761) | (281,844) | (262,359) |
Total | (154,411) | (66,761) | (281,844) | (262,359) |
NET LOSS | $ (304,278) | $ (171,562) | $ (529,920) | $ (527,083) |
NET LOSS PER COMMON SHARE - Basic and diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.04) |
COMMON SHARES OUTSTANDING - Basic and diluted | 30,972,359 | 13,769,286 | 28,959,148 | 12,744,225 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||||
Net loss | $ (304,278) | $ (171,562) | $ (529,920) | $ (527,083) | $ (1,245,170) |
Change in fair value of available-for-sale securities | 2,911 | 18,580 | 2,930 | 23,220 | |
Comprehensive loss | $ (301,367) | $ (152,982) | $ (526,990) | $ (503,863) | $ (1,227,791) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
Balance at Sep. 30, 2013 | $ 245,282 | $ 1,086 | $ 2,355,801 | $ (2,111,605) | |
Balance, shares at Sep. 30, 2013 | 10,863,730 | ||||
Net loss | (1,245,170) | $ (1,245,170) | |||
Other comprehensive income | 17,379 | $ 17,379 | |||
Comprehensive loss | (1,227,791) | ||||
Shares issued for conversion of notes payable | 590,256 | $ 1,476 | $ 588,780 | ||
Shares issued for conversion of notes payable, shares | 14,756,407 | ||||
Discount on issuance of convertible note payable | 276,285 | 276,285 | |||
Imputed interest | 11,533 | 11,533 | |||
Balance at Sep. 30, 2014 | $ (104,435) | $ 2,562 | $ 3,232,399 | $ 17,379 | $ (3,356,775) |
Balance, shares at Sep. 30, 2014 | 25,620,137 | 25,620,137 | |||
Net loss | $ (529,920) | $ (529,920) | |||
Other comprehensive income | 2,930 | $ 2,930 | |||
Comprehensive loss | (526,990) | ||||
Shares issued for conversion of notes payable | 324,000 | $ 810 | $ 323,190 | ||
Shares issued for conversion of notes payable, shares | 8,100,000 | ||||
Discount on issuance of convertible note payable | 151,203 | 151,203 | |||
Imputed interest | 2,465 | 2,465 | |||
Balance at Mar. 31, 2015 | $ (153,757) | $ 3,372 | $ 3,709,257 | $ 20,309 | $ (3,886,695) |
Balance, shares at Mar. 31, 2015 | 33,720,137 | 33,720,137 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net loss | $ (529,920) | $ (527,083) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depletion and accretion | 12,578 | 31,156 |
Amortization of discount on convertible notes payable | 244,138 | 227,065 |
Imputed interest expense | $ 2,465 | 4,600 |
Impairment of oil and gas properties | 35,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable and accrued revenue | $ 9,825 | (11,555) |
Accounts payable and accrued liabilities | 108,675 | $ 74,865 |
Accrued interest payable | 35,241 | |
NET CASH USED IN OPERATING ACTIVITIES | (116,998) | $ (165,952) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Investment in oil and gas properties | (892) | (4,669) |
Investment in joint venture | (35,000) | |
NET CASH USED IN INVESTING ACTIVITIES | (892) | (39,669) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from advances | 119,810 | 203,980 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 119,810 | 203,980 |
NET INCREASE (DECREASE) IN CASH | 1,920 | (1,641) |
CASH, at the beginning of the period | 1,211 | 127,748 |
CASH, at the end of the period | $ 3,131 | $ 126,107 |
Cash paid during the period for: | ||
Interest | ||
Taxes | ||
Noncash investing and financing transaction: | ||
Refinance of advances into convertible notes payable | $ 167,810 | |
Beneficial conversion feature on convertible note payable | 151,203 | |
Conversion of convertible notes payable | 324,000 | $ 158,000 |
Change in fair value of available-for-sale securities | $ 2,930 | $ 23,220 |
General Organization and Busine
General Organization and Business | 6 Months Ended |
Mar. 31, 2015 | |
General Organization and Business [Abstract] | |
General Organization and Business | Note 1. General Organization and Business First Titan Corp., a Florida corporation, was incorporated on September 16, 2010. The Company's year-end is September 30. The Company formed to design and manufacture both panel and engineered/tooled custom vacuum formed instrument panels and wiring harnesses, required for the monitoring of any final product that utilizes a gas or diesel engine source. The Company is currently primarily an oil and gas exploration company. On September 16, 2011, First Titan Corporation created First Titan Energy, LLC to invest in oil and gas properties, greenfield projects and in the development of innovative exploration and production technologies. On September 16, 2011, we formed a new subsidiary company, First Titan Technical, LLC, to commence business operations designing and marketing automotive electronics custom-designed for heavy-duty vehicles. |
Going Concern
Going Concern | 6 Months Ended |
Mar. 31, 2015 | |
Going Concern [Abstract] | |
Going Concern | Note 2 . Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the six months ended March 31, 2015, the Company had a net loss of $ 529,920 and negative cash flow from operating activities of $ 116,998 . As of March 31, 2015, the Company had negative working capital of $ 517,872 . Management does not anticipate having positive cash flow from operations in the near future. These factors raise a substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated 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 Company's financial situation as follows: In the near term, management plans to continue to focus on raising the funds necessary to implement the Company's business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Company's 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 raise doubts about the Company's ability to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 . Summary of Significant Accounting Policies Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended September 30, 2014 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the SEC). The results of operations for the six Consolidated Financial Statements The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, First Titan Energy, LLC and First Titan Technical, LLC, from the date of their formations. Significant intercompany transactions have been eliminated in consolidation. Use of Estimates Credit Risk due to Certain Concentrations We extend credit, primarily in the form of uncollateralized oil and gas sales through the operators of our working interests, to various companies in the oil and gas industry, which results in a concentration of credit risk. The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly affect our overall credit risk. However, we believe that the risk of these unsecured receivables is mitigated by the nature of the companies to which we extend credit. For the six months ended March 31, 2015, two operators accounted for 83 % and 17 % of our oil and gas sales. Those operators account for 74 % and 26 % of accounts receivable as of March 31, 2015. We did not recognize any credit losses during the three months ended March 31, 2015. We have not recognized an allowance for doubtful accounts as of March 31, 2015. Cash and Cash Equivalents For the purpose of the financial statements, cash equivalents include all highly liquid investments with maturity of three 3,131 1,211 Oil and Gas Properties The Company follows the full cost method of accounting for its oil and gas properties, whereby all costs incurred in connection with the acquisition, exploration for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil, in which case the gain or loss is recognized in the statement of operations. Depletion of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the units-of-production method based on proved reserves. The company recognized $ 11,718 and $ 30,630 of depletion during the six months ended March 31, 2015 and 2014 , respectively. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at ten percent, plus the cost of properties not being amortized, if any, plus the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any, less related income taxes. As of March 31, 2015, the Company has oil and gas properties in the amount of $ 300,575 , which are being excluded from amortization because they have not been evaluated to determine whether proved reserves are associated with those properties. Costs in excess of the present value of estimated future net revenues as discussed above are charged to impairment expense. The Company applies the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented. Based on management's review, 100 % of the unproved oil and gas properties balance as of March 31, 2015 are expected to be added to amortization during the year ending September 30, 2015. The table below sets forth the cost of unproved properties excluded from the amortization base as of March 31, 2015 and notes the year in which the associated costs were incurred: Year of Acquisition 2012 2013 2014 2015 Total Acquisition costs $ 153,264 $ 47,311 $ 100,000 $ $ 300,575 Development costs Exploration costs Total $ 153,264 $ 47,311 $ 100,000 $ $ 300,575 Revenue Recognition Sales of crude oil are recognized when the delivery to the purchaser has occurred and title has been transferred. This occurs when oil has been delivered to a pipeline or a tank lifting has occurred. Crude oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location. Common Stock The Company records common stock issuances when all of the legal requirements for the issuance of such common stock have been satisfied. Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes No Earnings (Loss) per Common Share The Company computes basic and diluted earnings per common share amounts in accordance with ASC Topic 260, Earnings per Share no 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 Company's convertible debt is considered anti-dilutive due to the Company's net loss for the six six 36,680,971 Financial Instruments The Company's 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 March 31, 2015. 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 Company's 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. The following table presents assets that were measured and recognized at fair value as of March 31, 2015 and September 30, 2014 and the periods then ended on a recurring and nonrecurring basis: March 31, 2015 Description Level 1 Level 2 Level 3 Total Realized Loss Asset retirement obligation $ $ $ 20,702 $ Available for sale securities 55,309 Totals $ 55,309 $ $ 20,702 $ September 30, 2014 Description Level 1 Level 2 Level 3 Total Realized Loss Asset retirement obligation $ $ $ 20,273 $ Available for sale securities 52,379 Totals $ 52,379 $ $ 20,273 $ Beneficial Conversion Feature Beneficial conversion feature is a non-detachable conversion feature that is in the money at the commitment date. The Company follows the guidance of ASC Subtopic 470 20 470 20 30 470 20 25 5 470 20 30 9 30 12 470 20 30 5 Commitments and Contingencies The Company follows subtopic 450 20 one no 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 corporation's 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 May 2014, the FASB issued the FASB Accounting Standards Update No 2014 09 Revenue from Contracts with Customers (Topic 606 2014 09 This guidance amends the existing FASB Accounting Standards Codification, creating a new Topic 606 Revenue from Contracts with Customer. To achieve that core principle, an entity should apply the following steps: 1 Identify the contract(s) with the customer 2 Identify the performance obligations in the contract 3 Determine the transaction price 4 Allocate the transaction price to the performance obligations in the contract 5 Recognize revenue when (or as) the entity satisfies performance obligations The ASU also provides guidance on disclosures that should be provided to enable financial statement users to understand the nature, amount, timing, and uncertainty of revenue recognition and cash flows arising from contracts with customers. Qualitative and quantitative information is required about the following: 1 Contracts with customers including revenue and impairments recognized, disaggregation of revenue, and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations) 2 Significant judgments and changes in judgments determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations 3 Assets recognized from the costs to obtain or fulfill a contract ASU 2014 09 In June 2014, the FASB issued the FASB Accounting Standards Update No 2014 12 CompensationStock Compensation (Topic 718 Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014 12 The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. In August 2014, the FASB issued the FASB Accounting Standards Update No 2014 15 Presentation of Financial StatementsGoing Concern (Subtopic 205 40 2014 15 In connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one financial statements are issued one financial statements are available to be issued financial statements are issued financial statements are available to be issued one probable 450 When management identifies conditions or events that raise substantial doubt about an entity's ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. The mitigating effect of management's plans should be considered only to the extent that ( 1 2 If conditions or events raise substantial doubt about an entity's ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management's plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): a. Principal conditions or events that raised substantial doubt about the entity's ability to continue as a going concern (before consideration of management's plans) b. Management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations c. Management's plans that alleviated substantial doubt about the entity's ability to continue as a going concern. If conditions or events raise substantial doubt about an entity's ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management's plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity's ability to continue as a going concern one a. Principal conditions or events that raise substantial doubt about the entity's ability to continue as a going concern b. Management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations c. Management's plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements. Reclassification Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. Subsequent events The Company follows the guidance in Section 855 10 50 2010 09 |
Investments in Available for Sa
Investments in Available for Sale Securities | 6 Months Ended |
Mar. 31, 2015 | |
Investments in Available for Sale Securities [Abstract] | |
Investment in Available for Sale Securities | Note 4 . Investments in Available for Sale Securities On October 11, 2013, we entered into an agreement with Biofuels Power Corp. (Biofuels Power) to acquire the common stock of Biofuels Power. Under the terms of the agreement, we will contribute introductions and consulting with respect to marketing and introductions for business. In addition, we will fund up to $ 100,000 in monthly contributions of $ 20,000 . These contributions are solely at the discretion of the Company. In exchange for the contributions, we will receive common stock of Biofuels Power Corp. at two -thirds of the market price of the common stock. During the year ended September 30, 2014, we contributed $ 35,000 to the joint venture through the purchase of Biofuel Power's common stock. As a result, we acquired 194,067 shares of Biofuel Power common stock. The shares were valued at $ 55,309 on March 31, 2015 based on the closing market price of the stock on that date. The shares of common stock owned by the Company represent less than five percent of the outstanding shares of Biofuel Power. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 . Related Party Transactions On March 14, 2014, the Company entered into a participation and operating agreement (the Participation Agreement) with SoHo Resource Holdings I, LLC (SoHo) for the joint acquisition and development of oil and gas leases in Bell, Milam, Falls, Robertson, Limestone, Freestone, Leon, Madison and Brazos counties in Texas (the Target Area). Under the terms of the Participation Agreement, the Company will pay $ 300 per acre for its proportionate share of acreage in the Target Area (the Target Acreage). The Target Acreage, which will not have more than a 25 % royalty burden, will be acquired by SoHo, who will manage all operations under the Participation Agreement. Under the terms of the Participation Agreement, the Company will be invoiced for its share of the Target Acreage cost and will have thirty days to pay its proportionate cost for the Target Acreage. The Company will pay 33.33 % of the drilling and completion costs associated with the wells drilled and/or recompleted on the Target Acreage in order to receive its 25.00 % working interest in the wells until payout and 18.75 % working interest after well payout. Under the terms of the Participation Agreement, the Company must remit its proportionate share of drilling and completion costs within fifteen days of notice by SoHo. G. Jonathan Piña, our former CEO, owns 50 % of the membership interest in SoHo; however, he does not have daily management oversight of SoHo. As of March 31, 2015, the Company had made $ 100,000 in payments to SoHo. |
Advances
Advances | 6 Months Ended |
Mar. 31, 2015 | |
Advances from Third Parties [Abstract] | |
Advances from Third Parties | Note 6 . Advances During the six months ended March 31, 2015, Vista View Ventures, Inc. advanced $ 119,810 167,810 0 48,000 During the six months ended March 31, 2015, we recognized $ 2,465 |
Convertible Notes Payable
Convertible Notes Payable | 6 Months Ended |
Mar. 31, 2015 | |
Convertible Notes Payable [Abstract] | |
Convertible Notes Payable | Note 7. Convertible Notes Payable Convertible notes payable consisted of the following at March 31, 2015 and September 30, 2014: March 31, 2015 September 30, 2014 Convertible note payable in the original principal amount of $ 528,434 September 30, 2015 10 0.04 $ 190,722 $ 492,647 Convertible note payable in the original principal amount of $ 276,825 June 30, 2016 10 0.03 276,285 276,285 Convertible note payable in the original principal amount of $ 118,620 December 31, 2016 10 0.01 118,620 Convertible note payable in the original principal amount of $ 49,190 March 31, 2017 10 0.005 49,190 Total convertible notes payable $ 634,817 $ 768,932 Less: current portion of convertible notes payable (190,722 ) (492,647 ) Less: discount on noncurrent convertible notes payable (397,574 ) (267,574 ) Long-term convertible notes payable, net of discount $ 46,521 $ 8,711 All principal along with accrued interest is payable on the maturity date. The notes are convertible into common stock at the option of the holder. The holder of the notes cannot convert the notes into shares of common stock if that conversion would result in the holder owning more than 4.9 Advances Refinanced into Convertible Promissory Notes During the three months ended March 31, 2015, the Company has signed Convertible Promissory Notes that refinance non-interest bearing advances into convertible notes payable. The Convertible Promissory Notes bear interest at 10 Date Issued Maturity Date Interest Conversion Amount Beneficial Conversion Feature December 31, 2014 December 31, 2016 10 $ 0.01 $ 118,620 $ 102,013 March 31, 2015 March 31, 2017 10 0.005 49,190 49,190 Total $ 167,810 $ 151,203 The Company evaluated the terms of this note in accordance with ASC Topic No 815 40 Derivatives and Hedging - Contracts in Entity's Own Stock 102,013 49,190 The Company evaluated the application of ASC 470 50 40 55 Debtor's Accounting for a Modification or Exchange of Debt Instrument 10 No Conversions to Common Stock During six months ended March 31, 2015, the holders of the Convertible Note Payable dated September 30, 2013 elected to convert principal and accrued interest in the amounts show below into share of common stock at a rate of $ 0.04 Date Amount Converted Number of Shares Issued Unamortized Discount October 15, 2014 $ 48,000 1,200,000 $ 21,578 December 3, 2014 48,000 1,200,000 17,121 January 15, 2015 52,000 1,300,000 17,832 January 30, 2015 56,000 1,400,000 19,095 February 16, 2015 56,000 1,400,000 17,397 March 16, 2015 64,000 1,600,000 15,690 Total $ 324,000 8,100,000 $ 108,713 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 8. Stockholders' Equity Conversion of shares During six months ended March 31, 2015, the holders of our convertible notes elected to convert principal and interest into shares of common stock as detailed below: Date Amount Converted Number of Shares Issued October 15, 2014 $ 48,000 1,200,000 December 3, 2014 48,000 1,200,000 January 15, 2015 52,000 1,300,000 January 30, 2015 56,000 1,400,000 February 16, 2015 56,000 1,400,000 March 16, 2015 64,000 1,600,000 Total $ 324,000 8,100,000 During six months ended March 31, 2015, the Company recognized imputed interest of $2,465 as an increase to shareholders' equity. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9. Subsequent Events On April 1, 2015 140,275 4,711,250 14 10 0.02 April 1, 2017 On May 12, 2015 64,000 1,600,000 |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended September 30, 2014 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the SEC). The results of operations for the six |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries, First Titan Energy, LLC and First Titan Technical, LLC, from the date of their formations. Significant intercompany transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates |
Credit Risk Due to Certain Concentrations | Credit Risk due to Certain Concentrations We extend credit, primarily in the form of uncollateralized oil and gas sales through the operators of our working interests, to various companies in the oil and gas industry, which results in a concentration of credit risk. The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly affect our overall credit risk. However, we believe that the risk of these unsecured receivables is mitigated by the nature of the companies to which we extend credit. For the six months ended March 31, 2015, two operators accounted for 83 % and 17 % of our oil and gas sales. Those operators account for 74 % and 26 % of accounts receivable as of March 31, 2015. We did not recognize any credit losses during the three months ended March 31, 2015. We have not recognized an allowance for doubtful accounts as of March 31, 2015. |
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 3,131 1,211 |
Oil and Gas Properties | Oil and Gas Properties The Company follows the full cost method of accounting for its oil and gas properties, whereby all costs incurred in connection with the acquisition, exploration for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil, in which case the gain or loss is recognized in the statement of operations. Depletion of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the units-of-production method based on proved reserves. The company recognized $ 11,718 and $ 30,630 of depletion during the six months ended March 31, 2015 and 2014 , respectively. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at ten percent, plus the cost of properties not being amortized, if any, plus the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any, less related income taxes. As of March 31, 2015, the Company has oil and gas properties in the amount of $ 300,575 , which are being excluded from amortization because they have not been evaluated to determine whether proved reserves are associated with those properties. Costs in excess of the present value of estimated future net revenues as discussed above are charged to impairment expense. The Company applies the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented. Based on management's review, 100 % of the unproved oil and gas properties balance as of March 31, 2015 are expected to be added to amortization during the year ending September 30, 2015. The table below sets forth the cost of unproved properties excluded from the amortization base as of March 31, 2015 and notes the year in which the associated costs were incurred: Year of Acquisition 2012 2013 2014 2015 Total Acquisition costs $ 153,264 $ 47,311 $ 100,000 $ $ 300,575 Development costs Exploration costs Total $ 153,264 $ 47,311 $ 100,000 $ $ 300,575 |
Revenue Recognition | Revenue Recognition Sales of crude oil are recognized when the delivery to the purchaser has occurred and title has been transferred. This occurs when oil has been delivered to a pipeline or a tank lifting has occurred. Crude oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location. |
Common Stock | Common Stock The Company records common stock issuances when all of the legal requirements for the issuance of such common stock have been satisfied. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes No |
Earnings (Loss) per Common Share | Earnings (Loss) per Common Share The Company computes basic and diluted earnings per common share amounts in accordance with ASC Topic 260, Earnings per Share no 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 Company's convertible debt is considered anti-dilutive due to the Company's net loss for the six six 36,680,971 |
Financial Instruments | Financial Instruments The Company's 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 March 31, 2015. 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 Company's 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. The following table presents assets that were measured and recognized at fair value as of March 31, 2015 and September 30, 2014 and the periods then ended on a recurring and nonrecurring basis: March 31, 2015 Description Level 1 Level 2 Level 3 Total Realized Loss Asset retirement obligation $ $ $ 20,702 $ Available for sale securities 55,309 Totals $ 55,309 $ $ 20,702 $ September 30, 2014 Description Level 1 Level 2 Level 3 Total Realized Loss Asset retirement obligation $ $ $ 20,273 $ Available for sale securities 52,379 Totals $ 52,379 $ $ 20,273 $ |
Beneficial Conversion Feature | Beneficial Conversion Feature Beneficial conversion feature is a non-detachable conversion feature that is in the money at the commitment date. The Company follows the guidance of ASC Subtopic 470 20 470 20 30 470 20 25 5 470 20 30 9 30 12 470 20 30 5 |
Commitments and Contingencies | Commitments and Contingencies The Company follows subtopic 450 20 one no |
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 corporation's 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 May 2014, the FASB issued the FASB Accounting Standards Update No 2014 09 Revenue from Contracts with Customers (Topic 606 2014 09 This guidance amends the existing FASB Accounting Standards Codification, creating a new Topic 606 Revenue from Contracts with Customer. To achieve that core principle, an entity should apply the following steps: 1 Identify the contract(s) with the customer 2 Identify the performance obligations in the contract 3 Determine the transaction price 4 Allocate the transaction price to the performance obligations in the contract 5 Recognize revenue when (or as) the entity satisfies performance obligations The ASU also provides guidance on disclosures that should be provided to enable financial statement users to understand the nature, amount, timing, and uncertainty of revenue recognition and cash flows arising from contracts with customers. Qualitative and quantitative information is required about the following: 1 Contracts with customers including revenue and impairments recognized, disaggregation of revenue, and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations) 2 Significant judgments and changes in judgments determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations 3 Assets recognized from the costs to obtain or fulfill a contract ASU 2014 09 In June 2014, the FASB issued the FASB Accounting Standards Update No 2014 12 CompensationStock Compensation (Topic 718 Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014 12 The amendments clarify the proper method of accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Update requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. In August 2014, the FASB issued the FASB Accounting Standards Update No 2014 15 Presentation of Financial StatementsGoing Concern (Subtopic 205 40 2014 15 In connection with preparing financial statements for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one financial statements are issued one financial statements are available to be issued financial statements are issued financial statements are available to be issued one probable 450 When management identifies conditions or events that raise substantial doubt about an entity's ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate the substantial doubt. The mitigating effect of management's plans should be considered only to the extent that ( 1 2 If conditions or events raise substantial doubt about an entity's ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management's plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes): a. Principal conditions or events that raised substantial doubt about the entity's ability to continue as a going concern (before consideration of management's plans) b. Management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations c. Management's plans that alleviated substantial doubt about the entity's ability to continue as a going concern. If conditions or events raise substantial doubt about an entity's ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management's plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity's ability to continue as a going concern one a. Principal conditions or events that raise substantial doubt about the entity's ability to continue as a going concern b. Management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations c. Management's plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements. |
Reclassification | Reclassification Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. |
Subsequent events | Subsequent events The Company follows the guidance in Section 855 10 50 2010 09 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Costs of Unproved Properties Excluded from Amortization Base | Year of Acquisition 2012 2013 2014 2015 Total Acquisition costs $ 153,264 $ 47,311 $ 100,000 $ $ 300,575 Development costs Exploration costs Total $ 153,264 $ 47,311 $ 100,000 $ $ 300,575 |
Schedule of Assets Measured at Fair Value on a Recurring and Nonrecurring Basis | March 31, 2015 Description Level 1 Level 2 Level 3 Total Realized Loss Asset retirement obligation $ $ $ 20,702 $ Available for sale securities 55,309 Totals $ 55,309 $ $ 20,702 $ September 30, 2014 Description Level 1 Level 2 Level 3 Total Realized Loss Asset retirement obligation $ $ $ 20,273 $ Available for sale securities 52,379 Totals $ 52,379 $ $ 20,273 $ |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 6 Months Ended |
Mar. 31, 2015 | |
Convertible Notes Payable [Abstract] | |
Schedule of Convertible Notes Payable | March 31, 2015 September 30, 2014 Convertible note payable in the original principal amount of $ 528,434 September 30, 2015 10 0.04 $ 190,722 $ 492,647 Convertible note payable in the original principal amount of $ 276,825 June 30, 2016 10 0.03 276,285 276,285 Convertible note payable in the original principal amount of $ 118,620 December 31, 2016 10 0.01 118,620 Convertible note payable in the original principal amount of $ 49,190 March 31, 2017 10 0.005 49,190 Total convertible notes payable $ 634,817 $ 768,932 Less: current portion of convertible notes payable (190,722 ) (492,647 ) Less: discount on noncurrent convertible notes payable (397,574 ) (267,574 ) Long-term convertible notes payable, net of discount $ 46,521 $ 8,711 |
Schedule of Advances Refinanced Into Convertible Promissory Notes | Date Issued Maturity Date Interest Conversion Amount Beneficial Conversion Feature December 31, 2014 December 31, 2016 10 $ 0.01 $ 118,620 $ 102,013 March 31, 2015 March 31, 2017 10 0.005 49,190 49,190 Total $ 167,810 $ 151,203 |
Schedule of Conversion to Common Stock | Date Amount Converted Number of Shares Issued Unamortized Discount October 15, 2014 $ 48,000 1,200,000 $ 21,578 December 3, 2014 48,000 1,200,000 17,121 January 15, 2015 52,000 1,300,000 17,832 January 30, 2015 56,000 1,400,000 19,095 February 16, 2015 56,000 1,400,000 17,397 March 16, 2015 64,000 1,600,000 15,690 Total $ 324,000 8,100,000 $ 108,713 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule of Conversion of Shares | Date Amount Converted Number of Shares Issued October 15, 2014 $ 48,000 1,200,000 December 3, 2014 48,000 1,200,000 January 15, 2015 52,000 1,300,000 January 30, 2015 56,000 1,400,000 February 16, 2015 56,000 1,400,000 March 16, 2015 64,000 1,600,000 Total $ 324,000 8,100,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | |
Going Concern [Abstract] | |||||
Net loss | $ 304,278 | $ 171,562 | $ 529,920 | $ 527,083 | $ 1,245,170 |
Net cash used in operations | 116,998 | $ 165,952 | |||
Negative working capital | $ 517,872 | $ 517,872 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Narrative) (Details) - Mar. 31, 2015 - USD ($) None in scaling factor is -9223372036854775296 | Total |
Concentration Risk [Line Items] | |
Credit losses | |
Allowance for doubtful accounts | |
Potentially dilutive shares outstanding | 36,680,971 |
Accounts Receivable [Member] | Operator One [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 74.00% |
Accounts Receivable [Member] | Operator Two [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 26.00% |
Oil and Gas Sales [Member] | Operator One [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 83.00% |
Oil and Gas Sales [Member] | Operator Two [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 17.00% |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Oil and Gas Properties) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Cost of unproved properties excluded from amortization, period costs: | |||||||
Acquisition costs | $ 100,000 | $ 47,311 | $ 153,264 | ||||
Development costs | |||||||
Exploration costs | |||||||
Total | $ 100,000 | $ 47,311 | $ 153,264 | ||||
Cost of unproved properties excluded from amortization, cumulative costs: | |||||||
Acquisition costs | $ 300,575 | $ 300,575 | |||||
Development costs | |||||||
Exploration costs | |||||||
Total | $ 300,575 | $ 300,575 | |||||
Depletion, depreciation and amortization | $ 4,932 | $ 7,730 | $ 11,718 | $ 30,630 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Financial Instruments) (Details) - USD ($) | Mar. 31, 2015 | Sep. 30, 2014 |
Total Realized Loss [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset retirement obligation | ||
Available for sale securities | ||
Totals | ||
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset retirement obligation | ||
Available for sale securities | $ 55,309 | $ 52,379 |
Totals | $ 55,309 | $ 52,379 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset retirement obligation | ||
Available for sale securities | ||
Totals | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset retirement obligation | $ 20,702 | $ 20,273 |
Available for sale securities | ||
Totals | $ 20,702 | $ 20,273 |
Investments in Available for 25
Investments in Available for Sale Securities (Details) - Biofuels Power Corp. [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Funding to available for sale securities | $ 100,000 | |
Monthly contribution to available for sale securities | 20,000 | |
Purchase of available for sale securities | $ 35,000 | |
Shares common stock acquired | 194,067 | |
Value of common stock acquired | $ 55,309 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 6 Months Ended | 13 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Amount paid to acquire property | $ 892 | $ 4,669 | |
SoHo Resource Holdings I, LLC ("SoHo") [Member] | |||
Related Party Transaction [Line Items] | |||
Amount paid for per acre for its proportinate share of acreage | $ 300 | ||
Percentage of royalty burden acquired | 25.00% | ||
The percentage of drilling cost the company will pay as outlined in Participation Agreement | 33.33% | ||
Percentage of working interest before wells payout | 25.00% | ||
Percentage of working interest after wells payout | 18.75% | ||
Membership interest | 50.00% | 50.00% | |
Amount paid to acquire property | $ 100,000 |
Advances (Details)
Advances (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | |
Advances from Third Parties [Abstract] | |||
Proceeds from advances | $ 119,810 | $ 203,980 | |
Advances payable | $ 48,000 | ||
Imputed interest expense | $ 2,465 | $ 4,600 | |
Refinance of advances into convertible notes payable | $ 167,810 |
Convertible Notes Payable (Sche
Convertible Notes Payable (Schedule of Convertible Notes Payable) (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2015 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | ||
Less: discount on noncurrent convertible notes payable | $ (397,574) | $ (267,574) |
Long-term convertible notes payable, net of discount | 46,521 | 8,711 |
Convertible Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Convertible notes payable | 634,817 | 768,932 |
Less: current portion of convertible notes payable | (190,722) | (492,647) |
Less: discount on noncurrent convertible notes payable | (397,574) | (267,574) |
Long-term convertible notes payable, net of discount | $ 46,521 | 8,711 |
Maximum ownership percentage allowed after converting | 4.90% | |
Convertible Notes Payable [Member] | Note Due On September 30, 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Convertible notes payable | $ 190,722 | 492,647 |
Original principal amount | $ 528,434 | |
Maturity date | Sep. 30, 2015 | |
Interest rate | 10.00% | |
Conversion price per share | $ 0.04 | |
Convertible Notes Payable [Member] | Note Due On June 30, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Convertible notes payable | $ 276,285 | $ 276,285 |
Original principal amount | $ 276,825 | |
Maturity date | Jun. 30, 2016 | |
Interest rate | 10.00% | |
Conversion price per share | $ 0.03 | |
Convertible Notes Payable [Member] | Note Due On December 31, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Convertible notes payable | $ 118,620 | |
Original principal amount | $ 118,620 | |
Maturity date | Dec. 31, 2016 | |
Interest rate | 10.00% | |
Conversion price per share | $ 0.01 | |
Convertible Notes Payable [Member] | Note Due On March 31, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Convertible notes payable | $ 49,190 | |
Original principal amount | $ 49,190 | |
Maturity date | Mar. 31, 2017 | |
Interest rate | 10.00% | |
Conversion price per share | $ 0.005 |
Convertible Notes Payable (Sc29
Convertible Notes Payable (Schedule of Advances Refinanced into Convertible Promissory Notes) (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||
Beneficial conversion feature recognized | $ 151,203 | |
Convertible Notes Payable [Member] | Advances Refinanced Into Convertible Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 10.00% | |
Original principal amount | $ 167,810 | |
Beneficial conversion feature recognized | $ 151,203 | |
Convertible Notes Payable [Member] | Note Due On December 31, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Issuance date | Dec. 31, 2014 | |
Maturity date | Dec. 31, 2016 | |
Interest rate | 10.00% | |
Conversion price per share | $ 0.01 | |
Original principal amount | $ 118,620 | |
Beneficial conversion feature recognized | $ 102,013 | |
Convertible Notes Payable [Member] | Note Due On March 31, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Issuance date | Mar. 31, 2015 | |
Maturity date | Mar. 31, 2017 | |
Interest rate | 10.00% | |
Conversion price per share | $ 0.005 | |
Original principal amount | $ 49,190 | |
Beneficial conversion feature recognized | $ 49,190 |
Convertible Notes Payable (Sc30
Convertible Notes Payable (Schedule of Conversions to Common Stock) (Details) - Mar. 31, 2015 - Convertible Note Payable Dated September 30, 2013 [Member] - USD ($) | Total |
Debt Conversion [Line Items] | |
Debt conversion, amount converted | $ 324,000 |
Debt conversion, shares issued | 8,100,000 |
Conversion price per share | $ 0.04 |
Unamortized discount | $ 108,713 |
Conversion October 15, 2014 [Member] | |
Debt Conversion [Line Items] | |
Debt conversion, conversion date | Oct. 15, 2014 |
Debt conversion, amount converted | $ 48,000 |
Debt conversion, shares issued | 1,200,000 |
Unamortized discount | $ 21,578 |
Conversion December 3, 2014 [Member] | |
Debt Conversion [Line Items] | |
Debt conversion, conversion date | Dec. 3, 2014 |
Debt conversion, amount converted | $ 48,000 |
Debt conversion, shares issued | 1,200,000 |
Unamortized discount | $ 17,121 |
Conversion January 15, 2014 [Member] | |
Debt Conversion [Line Items] | |
Debt conversion, conversion date | Jan. 15, 2015 |
Debt conversion, amount converted | $ 52,000 |
Debt conversion, shares issued | 1,300,000 |
Unamortized discount | $ 17,832 |
Conversion January 30, 2015 [Member] | |
Debt Conversion [Line Items] | |
Debt conversion, conversion date | Jan. 30, 2015 |
Debt conversion, amount converted | $ 56,000 |
Debt conversion, shares issued | 1,400,000 |
Unamortized discount | $ 19,095 |
Conversion February 16, 2015 [Member] | |
Debt Conversion [Line Items] | |
Debt conversion, conversion date | Feb. 16, 2015 |
Debt conversion, amount converted | $ 56,000 |
Debt conversion, shares issued | 1,400,000 |
Unamortized discount | $ 17,397 |
Conversion March 16, 2015 [Member] | |
Debt Conversion [Line Items] | |
Debt conversion, conversion date | Mar. 16, 2015 |
Debt conversion, amount converted | $ 64,000 |
Debt conversion, shares issued | 1,600,000 |
Unamortized discount | $ 15,690 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Stockholders' Equity [Abstract] | ||
Imputed interest | $ 2,465 | $ 11,533 |
Convertible Note Payable Dated September 30, 2013 [Member] | ||
Debt Conversion [Line Items] | ||
Debt conversion, amount converted | $ 324,000 | |
Debt conversion, shares issued | 8,100,000 | |
Convertible Note Payable Dated September 30, 2013 [Member] | Conversion October 15, 2014 [Member] | ||
Debt Conversion [Line Items] | ||
Debt conversion, conversion date | Oct. 15, 2014 | |
Debt conversion, amount converted | $ 48,000 | |
Debt conversion, shares issued | 1,200,000 | |
Convertible Note Payable Dated September 30, 2013 [Member] | Conversion December 3, 2014 [Member] | ||
Debt Conversion [Line Items] | ||
Debt conversion, conversion date | Dec. 3, 2014 | |
Debt conversion, amount converted | $ 48,000 | |
Debt conversion, shares issued | 1,200,000 | |
Convertible Note Payable Dated September 30, 2013 [Member] | Conversion January 15, 2014 [Member] | ||
Debt Conversion [Line Items] | ||
Debt conversion, conversion date | Jan. 15, 2015 | |
Debt conversion, amount converted | $ 52,000 | |
Debt conversion, shares issued | 1,300,000 | |
Convertible Note Payable Dated September 30, 2013 [Member] | Conversion January 30, 2015 [Member] | ||
Debt Conversion [Line Items] | ||
Debt conversion, conversion date | Jan. 30, 2015 | |
Debt conversion, amount converted | $ 56,000 | |
Debt conversion, shares issued | 1,400,000 | |
Convertible Note Payable Dated September 30, 2013 [Member] | Conversion February 16, 2015 [Member] | ||
Debt Conversion [Line Items] | ||
Debt conversion, conversion date | Feb. 16, 2015 | |
Debt conversion, amount converted | $ 56,000 | |
Debt conversion, shares issued | 1,400,000 | |
Convertible Note Payable Dated September 30, 2013 [Member] | Conversion March 16, 2015 [Member] | ||
Debt Conversion [Line Items] | ||
Debt conversion, conversion date | Mar. 16, 2015 | |
Debt conversion, amount converted | $ 64,000 | |
Debt conversion, shares issued | 1,600,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | May. 12, 2015 | Apr. 30, 2015 |
Subsequent Event [Line Items] | ||
Debt conversion, conversion date | May 12, 2015 | |
Debt conversion, amount converted | $ 64,000 | |
Debt conversion, shares issued | 1,600,000 | |
Note Due On April 01, 2017 [Member] | Eaton [Member] | ||
Subsequent Event [Line Items] | ||
Shares of common stock of the Company owned by Eaton, percentage | 14.00% | |
Shares of common stock of the Company owned by Eaton | 4,711,250 | |
Principal amount | $ 140,275 | |
Issuance date | Apr. 1, 2015 | |
Maturity date | Apr. 1, 2017 | |
Interest rate | 10.00% | |
Conversion price per share | $ 0.02 |