Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information | ' |
Entity Registrant Name | 'Technologies Scan Corp. |
Entity Central Index Key | '0001512922 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--03-31 |
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 | 117,650,000 |
Document Fiscal Period Focus | 'Q2 |
Document Fiscal Year Focus | '2014 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash | $1,175 | $721 |
Other receivable | 1,562 | 1,231 |
Other current asset | ' | ' |
Total current assets | 2,737 | 1,952 |
OTHER ASSETS | ' | ' |
Deposit | ' | 70,000 |
Total other assets | ' | 70,000 |
TOTAL ASSETS | 2,737 | 71,952 |
CURRENT LIABILITIES: | ' | ' |
Note Payable | 150,000 | ' |
Accounts payable and accrued expenses | 54,384 | 66,230 |
Derivative liability | 767,183 | ' |
Advances payable to related parties | 191,874 | 190,235 |
Total current liabilities | 1,163,441 | 256,465 |
TOTAL LIABILITIES | 1,163,441 | 256,465 |
STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Common stock, $0.001 par value; 400,000,000 shares authorized, 117,650,000 and 187,650,000 shares issued and outstanding | 117,650 | 187,650 |
Additional paid in capital | 81,300 | 81,300 |
Deficit accumulated during the development stage | -1,358,470 | -452,279 |
Accumulated other comprehensive income | -1,184 | -1,184 |
Total stockholders' equity (deficit) | -1,160,704 | -184,513 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $2,737 | $71,952 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Common stock par value | $0.00 | $0.00 |
Common stock shares authorized | 400,000,000 | 400,000,000 |
Common stock shares issued | 117,650,000 | 187,650,000 |
Common stock shares outstanding | 117,650,000 | 187,650,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 6 Months Ended | 54 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Condensed Statements Of Operations And Comprehensive Loss | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' |
COST OF REVENUES | ' | ' | ' | ' | ' |
GROSS PROFIT | ' | ' | ' | ' | ' |
OPERATING EXPENSES | ' | ' | ' | ' | ' |
Professional fees | 14,587 | 17,050 | 31,217 | 30,655 | 229,811 |
General and administrative | 2,223 | 5,675 | 3,884 | 15,302 | 93,775 |
Derivative Expense | 767,183 | ' | 767,183 | ' | 768,983 |
Research and development | 103,767 | ' | 103,767 | ' | 261,067 |
LOSS FROM OPERATIONS | 887,760 | 22,725 | 906,051 | 45,957 | 1,353,636 |
NET LOSS BEFORE OTHER EXPENSE | -887,760 | -22,725 | -906,051 | -45,957 | -1,353,636 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' | ' |
Foreign currency exchange gain (loss) | -13 | -2,763 | -139 | -3,265 | -4,834 |
Total other expense | -13 | -2,763 | -139 | -3,265 | -4,846 |
NET LOSS | -887,773 | -25,488 | -906,190 | -49,222 | -1,358,470 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 117,650,000 | 114,150,000 | 117,650,000 | 114,150,000 | ' |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $0 | $0 | $0 | $0 | ' |
COMPREHENSIVE LOSS: | ' | ' | ' | ' | ' |
Net loss | -887,773 | -25,488 | -906,190 | -49,222 | -1,358,470 |
Currency translation adjustment | -13 | -2,763 | -139 | -3,265 | -1,184 |
Total comprehensive loss | ($887,786) | ($28,251) | ($906,329) | ($52,487) | ($1,359,654) |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOW (USD $) | 6 Months Ended | 54 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net (loss) | ($906,191) | ($49,222) | ($1,358,470) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ' | ' | ' |
Common stock issued for services | ' | ' | 95,000 |
Change in assets and liabilities | ' | ' | ' |
Increase in Derivative | 767,183 | ' | 767,183 |
Decrease (increase) in other current asset | ' | 573 | ' |
Increase in other receivables | -331 | -758 | -1,562 |
Increase in accounts payable and accrued expenses | -11,846 | 4,535 | 54,384 |
Net cash (used in) operating activities | -151,184 | -44,872 | -443,465 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Debt Financing | 150,000 | ' | 150,000 |
Proceeds from advances payable from shareholders | 1,638 | 50,834 | 19,187 |
Proceeds form the issuance of common stock | ' | ' | 103,950 |
Net cash provided by financing activities | 151,638 | 50,834 | 445,824 |
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS | ' | 39 | -1,184 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 454 | 6,001 | 1,175 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 721 | 225 | ' |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 1,175 | 6,226 | 1,175 |
Common stock issued for subscriptions receivable | ' | ' | ' |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid during the period for: Interest | ' | ' | ' |
Cash paid during the period for: Income Taxes | ' | ' | ' |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit Since Inception | Total |
Beginning Balance, Amount at Mar. 31, 2009 | ' | ' | ' | ' | ' |
Beginning Balance, Shares at Mar. 31, 2009 | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' |
Ending Balance, Amount at Mar. 31, 2010 | ' | ' | ' | ' | ' |
Ending Balance, Shares at Mar. 31, 2010 | ' | ' | ' | ' | ' |
Common Shares Issued for Services, Shares | 79,500,000 | ' | ' | ' | ' |
Common Shares Issued for Services, Amount | 79,500 | 5,000 | ' | ' | 84,500 |
Common Shares Issued for Cash, Shares | 34,650,000 | ' | ' | ' | ' |
Common Shares Issued for Cash, Amount | 34,650 | 69,300 | ' | ' | 103,950 |
Net loss | ' | ' | ' | -263,440 | -263,440 |
Ending Balance, Amount at Mar. 31, 2011 | 114,150 | 74,300 | ' | -263,440 | -74,990 |
Ending Balance, Shares at Mar. 31, 2011 | 114,150,000 | ' | ' | ' | ' |
Foreign currency gain/loss | ' | ' | 1 | ' | 1 |
Net loss | ' | ' | ' | -102,630 | -102,630 |
Ending Balance, Amount at Mar. 31, 2012 | 114,150 | 74,300 | 1 | -366,070 | -177,619 |
Ending Balance, Shares at Mar. 31, 2012 | 114,150,000 | ' | ' | ' | ' |
Common Shares Issued for Services, Shares | 3,500,000 | ' | ' | ' | ' |
Common Shares Issued for Services, Amount | 3,500 | 7,000 | ' | ' | 10,500 |
Foreign currency gain/loss | ' | ' | -1,185 | ' | -1,185 |
Stock issued in share exchange agreement, Shares | 70,000,000 | ' | ' | ' | ' |
Stock issued in share exchange agreement, Amount | 70,000 | ' | ' | ' | 70,000 |
Net loss | ' | ' | ' | -86,209 | -86,209 |
Ending Balance, Amount at Mar. 31, 2013 | 187,650 | 81,300 | -1,184 | -452,279 | -184,513 |
Ending Balance, Shares at Mar. 31, 2013 | 187,650,000 | ' | ' | ' | ' |
Foreign currency gain/loss | ' | ' | ' | ' | 139 |
Cancelled shares, Shares | -70,000,000 | ' | ' | ' | ' |
Cancelled shares, Amount | -70,000 | ' | ' | ' | -70,000 |
Net loss | ' | ' | ' | -906,191 | -906,191 |
Ending Balance, Amount at Sep. 30, 2013 | $117,650 | $81,300 | ($1,184) | ($1,358,470) | ($1,160,704) |
Ending Balance, Shares at Sep. 30, 2013 | 117,650,000 | ' | ' | ' | ' |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2013 | |
Organization And Basis Of Presentation | ' |
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION | ' |
On March 31, 2009, Technologies Scan Corp (a corporation in the development stage) (the “Company”) was incorporated in the State of Nevada as “Pharmascan Corp.” On September 21, 2010, the Company filed a Certificate of Amendment to its Articles of Incorporation and changed its name to Technologies Scan Corp. | |
On May 28, 2013, the Company’s Board of Directors voted to appoint the president of Social Geek Media, Patrick Aubé, as chief executive officer of the Corporation. According, the current Chief Executive Officer Ghislaine St-Hilaire will no longer be CEO but be appointed Executive Vice President. The change in CEO is related to the licensing agreement signed with Social Geed Media which is described in Note 4. | |
The Company was formed to sell their touch screen product called the Infoscan to pharmacies. The Infoscan is a source of professional knowledge for natural products on a user friendly touch screen including a barcode reader tailored to products offered in a pharmacy. The Infoscan guides customers in purchasing over the counter natural products and private label products. | |
Basis of Presentation | |
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations. | |
It is management's opinion, however, that all material adjustments (consisting of normal and recurring adjustments) have been made which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | ||
Sep. 30, 2013 | |||
Summary Of Significant Accounting Policies | ' | ||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
Development Stage Company | |||
The Company is considered to be in the development stage as defined by ASC 915. The Company has devoted substantially all of its efforts to the corporate formation, the raising of capital and attempting to generate customers for the sale of the Company’s products. | |||
Use of estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 reported period. | |||
The Company’s significant estimates include income taxes provision and valuation allowance of deferred tax assets; the fair value of financial instruments; the carrying value and recoverability of long-lived assets, including the values assigned to estimated useful lives of computer equipment; and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. | |||
Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. | |||
Management regularly reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents | |||
The Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased, to be cash equivalents. | |||
Research and Development | |||
The Company accounts for research and development costs in accordance with Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred $157,300 of research and development costs associated with its informatic concept and prototype for the cumulative period March 31, 2009 (Inception) through September 30, 2013. | |||
Foreign Currency Translation and Transaction | |||
The functional currency for Technologies Scan Corp. is the Canadian dollar. The Company translates assets and liabilities to US dollars using period-end exchange rates and translates revenues and expenses using average exchange rates during the period. Exchange gains and losses arising from translation are included as a component of other comprehensive income. | |||
Transactions denominated in currencies other than the functional currency of the legal entity are re-measured to the functional currency of the legal entity at the period-end exchange rates. Any associated transactional currency re-measurement gains and losses are recognized in current operations. | |||
Comprehensive Income | |||
Comprehensive loss reflects changes in equity that results from transactions and economic events from non-owner sources. The Company had $0 in accumulated other comprehensive losses for the six months ended September 30, 2013 and 2012, respectively, from its foreign currency translation. As a result, total comprehensive losses for the six months ended September 30, 2013 and 2012 was $906,329 and $52,487, respectively. | |||
Fair value of financial instruments measured on a recurring basis | |||
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: | |||
Level 1 | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. | ||
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | ||
Level 3 | Pricing inputs that are generally observable inputs and not corroborated by market data. | ||
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. | |||
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s line of credit and notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at September 30, 2013 and March 31, 2013. | |||
Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | |||
It is not however, practical to determine the fair value of advances from stockholders due to their related party nature. | |||
Income Tax Provisions | |||
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income and Comprehensive Income in the period that includes the enactment date. | |||
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. | |||
Revenue Recognition | |||
The criteria for revenue recognition are as follows: | |||
1) | Persuasive evidence of an arrangement exists; | ||
2) | Delivery has occurred or services have been rendered; | ||
3) | The seller’s price to the buyer is fixed or determinable, and | ||
4) | Collectability is reasonably assured. | ||
Determination of criteria (3) and (4) will be based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments will be provided for in the same period the related sales are recorded. | |||
Net income (loss) per common share | |||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. | |||
There were no potentially dilutive shares outstanding for the period ended September 30, 2013 and March 31, 2013. | |||
Related parties | |||
The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. | |||
Pursuant to Section 850-10-20 the Related parties include a. affiliates of the Company, b. Entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity, c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management, d. principal owners of the Company, e. management of the Company, f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, and g. Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. | |||
The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved, b; . adescription of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements, c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period, and d. aamounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. | |||
Commitments and contingencies | |||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | |||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | |||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. | |||
Subsequent events | |||
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. | |||
Recently Issued Accounting Standards | |||
The Company has adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 105-10, Generally Accepted Accounting Principles – Overall (“ASC 105-10”), which was formerly known as SFAS 168. ASC 105-10 establishes the FASB Accounting Standards Codification (the “Codification”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive releases of the Securities and Exchange Commission (the "SEC") under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. All guidance contained in the Codification carries an equal level of authority. The Codification superseded all existing non-SEC accounting and reporting standards and all other non-grandfathered, non-SEC accounting literature not included in the Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates (“ASUs”). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve only to update the Codification, provide background information about the guidance and provide the basis of conclusions on the change(s) in the Codification. References made to FASB guidance throughout this document have been updated for the Codification. | |||
In May 2011, the Financial Accounting Standards Board (FASB) issued authoritative guidance regarding Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which resulted in common requirements for measuring fair value and for disclosing information about fair value measurement under both U.S. GAAP and International Financial Reporting Standards (IFRS), including a consistent definition of the term "fair value." The amendments were effective beginning in the first quarter of 2012, and did not have a material effect on our financial statements. | |||
In June 2011, the FASB issued Accounting Standards Update 2011-05, Presentation of Comprehensive Income. This update amended the provisions of FASB ASC 220-10 by eliminating the option of reporting other comprehensive income in the statement of changes in stockholders’ equity. Companies will have the option of presenting net income and other comprehensive income in a single, continuous statement of comprehensive income or presenting two separate but consecutive statements of net income and comprehensive income. The new presentation requirements are effective for interim and annual periods beginning after December 15, 2011. The adoption of this standard is not anticipated to have a material impact on our financial statements. | |||
In September 2011, the FASB issued Accounting Standards Update 2011-08, Testing Goodwill for Impairment. This update amended the provisions of FASB ASC 350-20-35 by allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity’s financial statements for the most recent annual or interim period have not yet been issued. The adoption of this standard is not anticipated to have a material impact on our financial statements. | |||
The Company has reviewed all other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. |
GOING_CONCERN
GOING CONCERN | 6 Months Ended |
Sep. 30, 2013 | |
Going Concern | ' |
NOTE 3 - GOING CONCERN | ' |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. | |
As reflected in the accompanying financial statements, the Company had an accumulated deficit of $1,358,470 at September 30, 2013, a net loss of $906,190, and net cash used in operating activities of $151,184 for the six months ended September 30, 2013. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
While the Company is attempting to commence operations and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues. | |
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
LICENSING_AGREEMENTS
LICENSING AGREEMENTS | 6 Months Ended |
Sep. 30, 2013 | |
Licensing Agreements | ' |
NOTE 4 - LICENSING AGREEMENTS | ' |
On May 24, 2013, our board of directors approved the execution of a fifteen year license agreement with Social Geek and Patrick Aube. In accordance with the terms and provisions of the License Agreement, Social Geek granted to us and we accepted the rights to an exclusive license for the Proteina21 products, including marketing, selling, and distributing within the United States of America, subject to the terms and conditions set forth in the License Agreement. In further accordance with the terms and provisions of the License Agreement, we will issue to Social Geek a total of 200,000,000 common shares of our restricted common stock in consideration for the acquisition of the exclusive rights to the Proteina21 license for the United States. As of August 5, 2013 the Company has not yet issued any shares to Social Geek. | |
One of our directors, Gilbert Pomereau, is the majority shareholder of 6444245 Canada, Inc., which is the majority shareholder in Social Geek. In accordance with the board of director resolutions, Mr. Pomereau and the board of directors acknowledged the conflict of interest and Mr. Pomereau's fiduciary duties to the Company. Based on the board of directors analysis of the transaction and economic opportunities presented to the Company, the board of directors determined that it was in the best interests of the Company and its shareholders to proceed with closing the transaction with Social Geek. | |
This agreement was cancelled in November 2013 and costs incurred were expensed. | |
Addendum to License Agreement | |
On May 24, 2013, we entered into an addendum to the License Agreement (the "Addendum) with Patrick Aube and Social Geek pursuant to which we shall have an exclusive one year option to acquire the rights to Canada as well as the established client base, and a further exclusive two year option to acquire the rights to Europe. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions | ' |
NOTE 5 - RELATED PARTY TRANSACTIONS | ' |
Advances from Related Parties | |
As of September 30, 2013 , we had advances payable of $78,000 due to six of our shareholders. These advances are non-interest bearing and unsecured. | |
As of September 30, 2013 we had related party advances of $113,874 a due to a director who is also a majority shareholder. These related party advances are non-interest bearing, unsecured, and payable on demand. | |
The total of the two amounts are shown on the balance sheet totaling $191,874. | |
Licensing Agreement | |
A director of the Company, Gilbert Pomereau is also a majority shareholder in Social Geek whom the Company has currently executed a licensing agreement described in Note 4. |
NOTE_PAYABLEDERIVATIVE_LIABILI
NOTE PAYABLE/DERIVATIVE LIABILITY | 6 Months Ended | |
Sep. 30, 2013 | ||
Note Payablederivative Liability | ' | |
Note 6. NOTE PAYABLE/DERIVATIVE LIABILITY | ' | |
1 | On July 31, 2013, we issued a 12% convertible debenture in the principal amount of $100,000 to 6287182 Canada Inc., a private corporation organized under the laws of Canada. In accordance with the terms and provisions of the 6287182 Canada Debenture, we may redeem by paying the principal plus accrued interest and 6287182 Canada has the right to convert the principal into shares of our restricted common stock at a per share price equal to 80% of the average closing price for 5 consecutive days prior to notice of conversion. The 6287182 Canada Debenture is due July 31, 2016 and accrues interest at the rate of 12% per annum. The Company is required to pay the accrued interest quarterly commencing on the date of execution and quarterly thereafter. | |
2 | On July 17, 2013, we issued a 12% convertible debenture in the principal amount of $50,000 to Brevets Futek MSM Ltee, a private corporation organized under the laws of Canada. In accordance with the terms and provisions of the convertible debenture, the Company may redeem by paying the principal plus accrued interest. Brevets Futek MSM Ltee has the right to convert the principal into shares of our restricted common stock at a per share price equal to 80% of the average closing price for 5 consecutive days prior to notice of conversion. The convertible debenture is due July 17, 2016 and accrues interest at the rate of 12% per annum. The Company is required to pay the accrued interest quarterly commencing on the date of execution and quarterly thereafter | |
The Company has calculated under the black schholes module a derivative expense and liability of $767,183 reflecting the discount offered. | ||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Sep. 30, 2013 | |
Stockholders Equity | ' |
NOTE 7 - STOCKHOLDERS' EQUITY | ' |
The Company is authorized to issue 400,000,000 shares of common stock, par value of $0.001. | |
In the year ended March 31, 2013 the Company issued 73,500,000 shares of which 70,000,000 shares were issued to iSpeedzone pursuant to the share exchange agreement (later canceled, see note 8) and 3,500,000 shares were issued to consultants for services provided to the Company. The Company valued the shares for services at $0.003, the average price per share paid by previous investors, which resulted in an expense of $10,500. | |
In the three months ended June 30, 2013, the Company cancelled and was returned the 70,000,000 shares issued to iSpeedzone. | |
The Company has not issued any options or warrants to date. |
CANCELED_SHARE_EXCHANGE_AGREEM
CANCELED SHARE EXCHANGE AGREEMENT WITH iSPEEDZONE | 6 Months Ended |
Sep. 30, 2013 | |
Canceled Share Exchange Agreement With Ispeedzone | ' |
Note 8 - CANCELED SHARE EXCHANGE AGREEMENT WITH iSPEEDZONE | ' |
The December 31, 2012 10-Q filing mentioned the potential share exchange agreement with iSpeezone. All transactions prior to December 31, 2012 relating to the share exchange agreement have been reversed. In the three months ended March 31, 2013, the Company issued 70,000,000 shares pursuant to the shares exchange agreement. The Company valued these 70,000,000 shares at par and recorded a $70,000 deposit asset on the balance sheet as of March 31, 2013. | |
On April 12, 2013, the board of directors of the Company approved the execution of an agreement of rescission with 6285431 Canada Inc., known as "iSpeedzone," a private company organized under the laws of Canada. The Company canceled the 70,000,000 common shares issued to ispeedzone and wrote off the deposit asset of $70,000. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events | ' | |
NOTE 9 - SUBSEQUENT EVENTS | ' | |
Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that other than listed below, no material subsequent events exist. | ||
1 | The Company in November 2013 cancelled its deal with Geek Media. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | ||
Sep. 30, 2013 | |||
Summary Of Significant Accounting Policies Policies | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation | |||
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |||
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations. | |||
It is management's opinion, however, that all material adjustments (consisting of normal and recurring adjustments) have been made which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year. | |||
Development Stage Company | ' | ||
The Company is considered to be in the development stage as defined by ASC 915. The Company has devoted substantially all of its efforts to the corporate formation, the raising of capital and attempting to generate customers for the sale of the Company’s products. | |||
Use of Estimates | ' | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 reported period. | |||
The Company’s significant estimates include income taxes provision and valuation allowance of deferred tax assets; the fair value of financial instruments; the carrying value and recoverability of long-lived assets, including the values assigned to estimated useful lives of computer equipment; and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. | |||
Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. | |||
Management regularly reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents | ' | ||
The Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased, to be cash equivalents. | |||
Research and Development | ' | ||
The Company accounts for research and development costs in accordance with Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred $157,300 of research and development costs associated with its informatic concept and prototype for the cumulative period March 31, 2009 (Inception) through September 30, 2013. | |||
Foreign Cureency Translation and Transaction | ' | ||
The functional currency for Technologies Scan Corp. is the Canadian dollar. The Company translates assets and liabilities to US dollars using period-end exchange rates and translates revenues and expenses using average exchange rates during the period. Exchange gains and losses arising from translation are included as a component of other comprehensive income. | |||
Transactions denominated in currencies other than the functional currency of the legal entity are re-measured to the functional currency of the legal entity at the period-end exchange rates. Any associated transactional currency re-measurement gains and losses are recognized in current operations. | |||
Comprehensive Income | ' | ||
Comprehensive loss reflects changes in equity that results from transactions and economic events from non-owner sources. The Company had $0 in accumulated other comprehensive losses for the six months ended September 30, 2013 and 2012, respectively, from its foreign currency translation. As a result, total comprehensive losses for the six months ended September 30, 2013 and 2012 was $906,329 and $52,487, respectively. | |||
Fair value of financial instruments measured on a recurring basis | ' | ||
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: | |||
Level 1 | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. | ||
Level 2 | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | ||
Level 3 | Pricing inputs that are generally observable inputs and not corroborated by market data. | ||
Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. | |||
The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s line of credit and notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at September 30, 2013 and March 31, 2013. | |||
Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. | |||
It is not however, practical to determine the fair value of advances from stockholders due to their related party nature. | |||
Income Tax Provisions | ' | ||
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income and Comprehensive Income in the period that includes the enactment date. | |||
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. | |||
Revenue Recognition | ' | ||
The criteria for revenue recognition are as follows: | |||
1) | Persuasive evidence of an arrangement exists; | ||
2) | Delivery has occurred or services have been rendered; | ||
3) | The seller’s price to the buyer is fixed or determinable, and | ||
4) | Collectability is reasonably assured. | ||
Determination of criteria (3) and (4) will be based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments will be provided for in the same period the related sales are recorded. | |||
Net income (loss) per common share | ' | ||
Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. | |||
There were no potentially dilutive shares outstanding for the period ended September 30, 2013 and March 31, 2013. | |||
Related parties | ' | ||
The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. | |||
Pursuant to Section 850-10-20 the Related parties include a. affiliates of the Company, b. Entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity, c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management, d. principal owners of the Company, e. management of the Company, f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, and g. Other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. | |||
The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved, b; . adescription of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements, c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period, and d. aamounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. | |||
Commitments and contingencies | ' | ||
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. | |||
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. | |||
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. | |||
Subsequent events | ' | ||
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. | |||
Recently Issued Accounting Standards | ' | ||
The Company has adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 105-10, Generally Accepted Accounting Principles – Overall (“ASC 105-10”), which was formerly known as SFAS 168. ASC 105-10 establishes the FASB Accounting Standards Codification (the “Codification”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP. Rules and interpretive releases of the Securities and Exchange Commission (the "SEC") under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. All guidance contained in the Codification carries an equal level of authority. The Codification superseded all existing non-SEC accounting and reporting standards and all other non-grandfathered, non-SEC accounting literature not included in the Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates (“ASUs”). The FASB will not consider ASUs as authoritative in their own right. ASUs will serve only to update the Codification, provide background information about the guidance and provide the basis of conclusions on the change(s) in the Codification. References made to FASB guidance throughout this document have been updated for the Codification. | |||
In May 2011, the Financial Accounting Standards Board (FASB) issued authoritative guidance regarding Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which resulted in common requirements for measuring fair value and for disclosing information about fair value measurement under both U.S. GAAP and International Financial Reporting Standards (IFRS), including a consistent definition of the term "fair value." The amendments were effective beginning in the first quarter of 2012, and did not have a material effect on our financial statements. | |||
In June 2011, the FASB issued Accounting Standards Update 2011-05, Presentation of Comprehensive Income. This update amended the provisions of FASB ASC 220-10 by eliminating the option of reporting other comprehensive income in the statement of changes in stockholders’ equity. Companies will have the option of presenting net income and other comprehensive income in a single, continuous statement of comprehensive income or presenting two separate but consecutive statements of net income and comprehensive income. The new presentation requirements are effective for interim and annual periods beginning after December 15, 2011. The adoption of this standard is not anticipated to have a material impact on our financial statements. | |||
In September 2011, the FASB issued Accounting Standards Update 2011-08, Testing Goodwill for Impairment. This update amended the provisions of FASB ASC 350-20-35 by allowing an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether it should calculate the fair value of a reporting unit. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity’s financial statements for the most recent annual or interim period have not yet been issued. The adoption of this standard is not anticipated to have a material impact on our financial statements. | |||
The Company has reviewed all other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operation, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 54 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Summary Of Significant Accounting Policies Details Narrative | ' | ' | ' | ' | ' | ' | ' |
Research and Development costs associated with informatic concept and prototype | ' | ' | ' | ' | ' | ' | $157,300 |
Accumulated other comprehensive income | ' | ' | ' | ' | 0 | 0 | ' |
Dilutive potential common shares | ' | 0 | 0 | ' | ' | ' | ' |
Total comprehensive losses | $887,786 | ' | ' | $28,251 | $906,329 | $52,487 | $1,359,654 |
GOING_CONCERN_Details_Narrativ
GOING CONCERN (Details Narrative) (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Going Concern Details Narrative | ' |
Accumulated deficit | $1,358,470 |
Net loss | 906,190 |
Cash used in operating activities | $151,184 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Related Party Transactions Details Narrative | ' | ' |
Advances payable due to shareholders | $78,000 | ' |
Advances payable due to a director, related party | 113,874 | ' |
Advances from Related Parties | $191,874 | $190,235 |
NOTE_PAYABLEDERIVATIVE_LIABILI1
NOTE PAYABLE/DERIVATIVE LIABILITY (Details Narrative) (USD $) | 1 Months Ended | |
Jul. 31, 2013 | Jul. 17, 2013 | |
6287182 Canada Inc [Member] | ' | ' |
Convertible debenture | 12.00% | ' |
Principal amount of convertible debenture | $100,000 | ' |
Debenture due period | '2016-07-31 | ' |
Brevets Futek MSM Ltee [Member] | ' | ' |
Convertible debenture | ' | 12.00% |
Principal amount of convertible debenture | $50,000 | ' |
Debenture due period | '2016-07-17 | ' |
STOCKHOLDERS_EQUITY_Details_Na
STOCKHOLDERS' EQUITY (Details Narrative) (USD $) | 12 Months Ended | 3 Months Ended | |||
Mar. 31, 2013 | Mar. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
ispeedzone [Member] | ispeedzone [Member] | ||||
Authorized Common stock, shares | 400,000,000 | ' | 400,000,000 | ' | ' |
Company issued | $73,500,000 | ' | ' | ' | ' |
Par value of Shares | $0.00 | ' | $0.00 | ' | ' |
Stock issued in share exchange agreement | ' | ' | ' | 70,000,000 | ' |
Stock issued for services | 3,500,000 | ' | ' | ' | ' |
Company valued the shares for services | $0.00 | ' | ' | ' | ' |
Shares issued for services, amount | $10,500 | $84,500 | ' | ' | ' |
Share cancelled and returned | ' | ' | ' | ' | 70,000,000 |
CANCELED_SHARE_EXCHANGE_AGREEM1
CANCELED SHARE EXCHANGE AGREEMENT WITH iSPEEDZONE (Details Narrative) (USD $) | 12 Months Ended | 3 Months Ended |
Mar. 31, 2013 | Mar. 31, 2013 | |
ispeedzone [Member] | ||
Share cancelled and returned | ' | 70,000,000 |
Stock issued in share exchange agreement Value | $70,000 | $70,000,000 |