Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Sep. 07, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | Patriot Berry Farms, Inc. | ||
Entity Central Index Key | 1,522,787 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
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 | 74,789,871 | ||
Entity Public Float | $ 0 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Current assets | ||||||||
Cash | $ 0 | $ 3 | $ 451 | |||||
Note receivable | 0 | 25,000 | ||||||
Total current assets | 0 | 25,000 | 3 | 451 | ||||
Property and Equipment | 0 | 402,765 | 402,765 | 402,765 | 402,765 | |||
Less: Accumulated depreciation | 0 | (167,304) | (5,653) | (3,769) | ||||
Total property and equipment | 0 | 235,461 | 397,112 | 398,996 | 402,765 | |||
Total assets | 0 | 25,000 | 235,461 | 397,112 | 398,999 | 403,216 | ||
Current liabilities | ||||||||
Accounts payable | 70,965 | 81,123 | 79,965 | 77,833 | 84,892 | 78,420 | 86,551 | 24,780 |
Accounts payable - related party | 193,579 | 163,579 | 133,579 | 128,579 | 103,548 | 73,548 | 43,548 | 129,613 |
Accrued expenses | 300,000 | 287,500 | 275,000 | 262,500 | 250,000 | 187,500 | 125,000 | |
Related party advances | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | ||
Note payable - current | 200,000 | 200,000 | 200,000 | 200,000 | ||||
Total current liabilities | 574,544 | 542,202 | 498,544 | 478,912 | 648,440 | 549,468 | 455,099 | 354,393 |
Total liabilities | 574,544 | 542,202 | 498,544 | 478,912 | 648,440 | 549,468 | 455,099 | 354,393 |
Commitments and contingencies | ||||||||
Stockholders' Equity | ||||||||
Common stock, par value $0.001, 100,000,000 shares authorized, 73,399,871, 73,399,871 and 71,729,871 issued and outstanding as of March 31, 2016, 2015 and 2014, respectively | 73,400 | 73,400 | 73,400 | 73,400 | 73,400 | 73,400 | 73,400 | 71,730 |
Additional paid in capital | 1,921,455 | 1,921,455 | 1,921,455 | 1,921,455 | 1,921,455 | 1,921,418 | 1,920,761 | 972,466 |
Accumulated Deficit | (2,569,399) | (2,537,057) | (2,493,399) | (2,448,767) | (2,407,834) | (2,147,174) | (2,050,261) | (995,373) |
Total stockholder's equity (deficit ) | (574,544) | (542,202) | (498,544) | (453,912) | (412,979) | (152,356) | 56,100 | 48,823 |
Total liabilities and stockholder's equity (deficit ) | $ 0 | $ 25,000 | $ 235,461 | $ 397,112 | $ 398,999 | $ 403,216 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Stockholders' Equity | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 71,729,871 |
Common stock, shares outstanding | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 71,729,871 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues | |||||||||||||||||
Product sales | $ 117,120 | $ 117,120 | $ 117,120 | $ 117,120 | |||||||||||||
Total revenues | 117,120 | 117,120 | 117,120 | 117,120 | |||||||||||||
Cost of products sold | 29,120 | 29,120 | 29,120 | 29,120 | |||||||||||||
Gross profit | 88,000 | 88,000 | 88,000 | 88,000 | |||||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative | 31,158 | 32,132 | 39,972 | 53,661 | 114,542 | 134,577 | 94,804 | 104,207 | 72,104 | 249,119 | 155,322 | 103,261 | 302,780 | 250,127 | 123,104 | 339,288 | 354,255 |
Stock compensation expense | 12,500 | 12,500 | 12,500 | 62,500 | 140,000 | 750,000 | 125,000 | 300,000 | 25,000 | 890,000 | 300,000 | 37,500 | 952,500 | 425,000 | 50,000 | 1,015,000 | 550,000 |
Impairment | 159,766 | ||||||||||||||||
Depreciation | 461 | 1,884 | 1,885 | 1,884 | 461 | 3,769 | 461 | 5,653 | 461 | 7,539 | |||||||
Total operating expenses | 43,658 | 44,632 | 52,933 | 118,045 | 256,427 | 886,461 | 219,804 | 404,207 | 97,565 | 1,142,888 | 455,322 | 141,223 | 1,260,933 | 675,127 | 173,565 | 1,521,593 | 904,255 |
Loss from operations | (43,658) | (44,632) | (52,933) | (118,045) | (256,427) | (798,461) | (219,804) | (404,207) | (97,565) | (1,054,888) | (455,322) | (141,223) | (1,172,933) | (675,127) | (173,565) | (1,433,593) | (904,255) |
Other (expenses)/income | |||||||||||||||||
Gain on settlement of debt | 12,000 | 21,132 | 12,000 | 12,000 | 21,132 | 12,000 | 21,132 | ||||||||||
Total other (expense)/income | 12,000 | 21,132 | 12,000 | 12,000 | 21,132 | 12,000 | 21,132 | ||||||||||
Net loss | $ (43,658) | $ (44,632) | $ (40,933) | $ (96,913) | $ (256,427) | $ (798,461) | $ (219,804) | $ (404,207) | $ (85,565) | $ (1,054,888) | $ (455,322) | $ (129,223) | $ (1,151,801) | $ (675,127) | $ (161,565) | $ (1,412,461) | $ (904,255) |
Basic and diluted loss per common share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.01) | $ 0 | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
Weighted average shares outstanding basic & diluted | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,382,480 | 71,884,157 | 71,291,393 | 69,920,405 | 73,399,871 | 72,637,412 | 69,820,750 | 73,399,871 | 72,892,489 | 70,385,654 | 73,399,871 | 73,017,597 | 70,697,050 |
Statement of Stockholders Equit
Statement of Stockholders Equity (Deficit) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Amount at Mar. 31, 2013 | $ 69,720 | $ (23,170) | $ (91,118) | $ (44,568) |
Beginning Balance, Shares at Mar. 31, 2013 | 69,720,000 | |||
Issuance of common stock for cash at $0.50 per share, Amount | $ 920 | 459,080 | 460,000 | |
Issuance of common stock for cash at $0.50 per share, Shares | 920,000 | |||
Issuance of common stock for services provided at $0.50 per share, Amount | $ 850 | 424,150 | 425,000 | |
Issuance of common stock for services provided at $0.50 per share, Shares | 850,000 | |||
Conversion of related party advances to common stock at $0.40 per share, Amount | $ 240 | 95,709 | 95,949 | |
Conversion of related party advances to common stock at $0.40 per share, Shares | 239,871 | |||
Contributed capital - services | 1,000 | 1,000 | ||
Contributed capital – debt forgiveness | 15,697 | 15,697 | ||
Net loss | (904,255) | (904,255) | ||
Ending Balance, Amount at Mar. 31, 2014 | $ 71,730 | 972,466 | (995,373) | 48,823 |
Ending Balance, Shares at Mar. 31, 2014 | 71,729,871 | |||
Net loss | (1,054,888) | |||
Ending Balance, Amount at Sep. 30, 2014 | 56,100 | |||
Beginning Balance, Amount at Mar. 31, 2014 | $ 71,730 | 972,466 | (995,373) | 48,823 |
Beginning Balance, Shares at Mar. 31, 2014 | 71,729,871 | |||
Net loss | (1,151,801) | |||
Ending Balance, Amount at Dec. 31, 2014 | (152,356) | |||
Beginning Balance, Amount at Mar. 31, 2014 | $ 71,730 | 972,466 | (995,373) | 48,823 |
Beginning Balance, Shares at Mar. 31, 2014 | 71,729,871 | |||
Contributed capital – debt forgiveness | ||||
Sale of Common Stock, net of offering costs, Amount | $ 120 | 59,845 | 59,965 | |
Sale of Common Stock, net of offering costs, Shares | 120,000 | |||
Related party capital contribution | 125,694 | 125,694 | ||
Settlement of Debt | 125,000 | 125,000 | ||
Common stock issued for service, Amount | $ 1,550 | 763,450 | 765,000 | |
Common stock issued for service, Shares | 1,550,000 | |||
Net loss | (1,412,461) | (1,412,461) | ||
Ending Balance, Amount at Mar. 31, 2015 | $ 73,400 | 1,921,455 | (2,407,834) | (412,979) |
Ending Balance, Shares at Mar. 31, 2015 | 73,399,871 | |||
Beginning Balance, Amount at Sep. 30, 2014 | 56,100 | |||
Net loss | (96,913) | |||
Ending Balance, Amount at Dec. 31, 2014 | (152,356) | |||
Beginning Balance, Amount at Mar. 31, 2015 | $ 73,400 | 1,921,455 | (2,407,834) | (412,979) |
Net loss | (40,933) | |||
Ending Balance, Amount at Jun. 30, 2015 | (453,912) | |||
Beginning Balance, Amount at Mar. 31, 2015 | $ 73,400 | 1,921,455 | (2,407,834) | (412,979) |
Beginning Balance, Shares at Mar. 31, 2015 | 73,399,871 | |||
Net loss | (85,565) | |||
Ending Balance, Amount at Sep. 30, 2015 | (498,544) | |||
Beginning Balance, Amount at Mar. 31, 2015 | $ 73,400 | 1,921,455 | (2,407,834) | (412,979) |
Beginning Balance, Shares at Mar. 31, 2015 | 73,399,871 | |||
Net loss | (129,223) | |||
Ending Balance, Amount at Dec. 31, 2015 | (542,202) | |||
Beginning Balance, Amount at Mar. 31, 2015 | $ 73,400 | 1,921,455 | (2,407,834) | (412,979) |
Beginning Balance, Shares at Mar. 31, 2015 | 73,399,871 | |||
Contributed capital – debt forgiveness | ||||
Net loss | (161,565) | (161,565) | ||
Ending Balance, Amount at Mar. 31, 2016 | $ 73,400 | $ 1,921,455 | $ (2,569,399) | (574,544) |
Ending Balance, Shares at Mar. 31, 2016 | 73,399,871 | |||
Beginning Balance, Amount at Jun. 30, 2015 | (453,912) | |||
Net loss | (44,632) | |||
Ending Balance, Amount at Sep. 30, 2015 | (498,544) | |||
Net loss | (43,658) | |||
Ending Balance, Amount at Dec. 31, 2015 | $ (542,202) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ (43,658) | $ (44,632) | $ (40,933) | $ (96,913) | $ (256,427) | $ (798,461) | $ (219,804) | $ (85,565) | $ (1,054,888) | $ (455,322) | $ (129,223) | $ (1,151,801) | $ (675,127) | $ (161,565) | $ (1,412,461) | $ (904,255) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Stock compensation expenses | 12,500 | 12,500 | 12,500 | 62,500 | 140,000 | 750,000 | 125,000 | 25,000 | 890,000 | 300,000 | 37,500 | 952,500 | 425,000 | 50,000 | 1,015,000 | 550,000 |
Depreciation | 461 | 1,884 | 1,885 | 1,884 | 461 | 3,769 | 461 | 5,653 | 461 | 7,539 | ||||||
Gain on settlement of accounts payable | (12,000) | (21,132) | (12,000) | (12,000) | (21,132) | (12,000) | (21,132) | |||||||||
Impairment | 159,766 | |||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts payable | 8,073 | 81,244 | (1,633) | |||||||||||||
Accounts payable and accrued expenses | 14,941 | 615 | 17,073 | 61,771 | (10,765) | 18,231 | 74,772 | (14,310) | ||||||||
Accounts payable - related party | 25,031 | 8,935 | 30,031 | 38,935 | 11,000 | 60,031 | 68,935 | 90,031 | 98,935 | 4,613 | ||||||
Net cash used in operating activities | (37,027) | (25,000) | (60,413) | (155,087) | (25,000) | (71,073) | (264,437) | (25,000) | (71,110) | (351,275) | ||||||
Cash flows from investing activities: | ||||||||||||||||
Blueberry farm acquisition | (122,765) | (122,765) | ||||||||||||||
Proceeds from sale of blueberry Farm | 25,000 | 25,000 | 25,000 | |||||||||||||
Note receivable | ||||||||||||||||
Purchases of property and equipment | (20,000) | |||||||||||||||
Net cash used in investing activities | 25,000 | (20,000) | 25,000 | (122,765) | 25,000 | (122,765) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Net proceeds from related party advances | 86,651 | 10,000 | 88,531 | 10,000 | 90,916 | |||||||||||
Repayment of note payable | (80,000) | |||||||||||||||
Issuance of common stock for cash | 59,965 | 59,965 | 100,000 | 59,965 | 300,000 | 59,965 | 460,000 | |||||||||
Contributed capital | 1,000 | 657 | 1,000 | 694 | 1,000 | |||||||||||
Net cash provided by financing activities | 59,965 | 59,965 | 187,651 | 70,622 | 389,531 | 70,659 | 471,916 | |||||||||
Net increase in cash | 22,938 | (448) | 12,564 | (451) | 2,329 | (451) | (2,214) | |||||||||
Cash at the beginning of the period | 3 | 23,389 | 451 | 15,139 | 451 | 2,575 | 451 | 2,575 | 451 | 2,575 | ||||||
Cash at the end of the period | $ 3 | 23,389 | $ 4,904 | 3 | 15,139 | 4,904 | 451 | |||||||||
Supplemental Cash Flow Information: | ||||||||||||||||
Cash paid for income taxes | ||||||||||||||||
Cash paid for interest | ||||||||||||||||
Non-cash investing and financing transactions: | ||||||||||||||||
Contributed capital – debt forgiveness | 15,697 | |||||||||||||||
Conversion of related party advances to common stock | 95,949 | $ 95,949 | 95,949 | |||||||||||||
Satisfaction of debt on sale of blueberry farm | 200,000 | 200,000 | 200,000 | 200,000 | ||||||||||||
Settlement of debt | $ 125,000 | 125,000 | ||||||||||||||
Note issuance on sale of blueberry Farm | $ 25,000 | $ (25,000) | $ (25,000) | $ 280,000 |
Organization
Organization | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 1 - ORGANIZATION | Patriot Berry Farms, Inc. (Patriot or the Company) was incorporated in the State of Nevada on December 15, 2010 under the name of Gaia Remedies, Inc. Patriot is in the business of acquiring and establishing profitable berry farms throughout the United States. The main focus of the Company is on blueberry production with a secondary focus on strawberry and raspberry production. On July 1, 2014, the Board of Directors and majority shareholders of the Company approved an amendment to the Articles of Incorporation of the Company to change its name from Patriot Berry Farms, Inc. to Patriot Cannabis Farms, Inc. As of the date of this quarterly report, the name change has not been effected. | Patriot Berry Farms, Inc. (Patriot or the Company) was incorporated in the State of Nevada on December 15, 2010 under the name of Gaia Remedies, Inc. Patriot is in the business of acquiring and establishing profitable berry farms throughout the United States. On July 1, 2014, the Board of Directors and majority shareholders of the Company approved an amendment to the Articles of Incorporation of the Company to change its name from Patriot Berry Farms, Inc. to Patriot Cannabis Farms, Inc. As of the date of this quarterly report, the name change has not been effected. In April 2015, the company sold the blueberry farm and currently has minimal operations. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
Note 2 - SIGNIFICANT ACCOUNTING POLICIES | USE OF ESTIMATES The preparation of the Companys financial statements in conformity with accounting principles generally accepted in the United States 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Companys periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $3, $0, $0, $0 and $0 in cash as of September 30, December 31, 2014 and June 30, September 30, December 31, 2015, respectively. PROPERTY AND EQUIPMENT Property and equipment are stated at cost less accumulated depreciation. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation is computed by applying the straight-line method over the estimated useful lives which are generally seven years. LONG-LIVED ASSETS We review our long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of such long-lived asset or group of long-lived assets (collectively referred to as "the asset") may not be recoverable. Such circumstances include, but are not limited to: · a significant decrease in the market price of the asset; · a significant change in the extent or manner in which the asset is being used; · a significant change in the business climate that could affect the value of the asset; · a current period loss combined with projection of continuing loss associated with use of the asset; · a current expectation that, more likely than not, the asset will be sold or otherwise disposed of before the end of its previously estimated useful life. We continually evaluate whether such events and circumstances have occurred. When such events or circumstances exist, the recoverability of the asset's carrying value shall be determined by estimating the undiscounted future cash flows (cash inflows less associated cash outflows) that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset. To date, no such impairment has occurred. To the extent such events or circumstances occur that could affect the recoverability of our long-lived assets, we may incur charges for impairment in the future. INCOME TAXES The Company accounts for income taxes under FASB ASC 740 "Income Taxes." REVENUE RECOGNITION The Company derives revenue from the sale of agricultural products. In accordance with ASC 605, Revenue Recognition, STOCK-BASED COMPENSATION The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50 "Equity - Based Payments to Non-Employees." a b NET INCOME OR (LOSS) PER SHARE OF COMMON STOCK The Company has adopted ASC 260 Earnings per Share, The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. | USE OF ESTIMATES The preparation of the Companys financial statements in conformity with accounting principles generally accepted in the United States 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Companys periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $0, $0 and $451 in cash as of March 31, 2016, 2015 and 2014, respectively. PROPERTY AND EQUIPMENT Property and equipment are stated at cost less accumulated depreciation. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation is computed by applying the straight-line method over the estimated useful lives which are generally seven years. LONG-LIVED ASSETS We review our long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of such long-lived asset or group of long-lived assets (collectively referred to as "the asset") may not be recoverable. Such circumstances include, but are not limited to: · a significant decrease in the market price of the asset; · a significant change in the extent or manner in which the asset is being used; · a significant change in the business climate that could affect the value of the asset; · a current period loss combined with projection of continuing loss associated with use of the asset; · a current expectation that, more likely than not, the asset will be sold or otherwise disposed of before the end of its previously estimated useful life. We continually evaluate whether such events and circumstances have occurred. When such events or circumstances exist, the recoverability of the asset's carrying value shall be determined by estimating the undiscounted future cash flows (cash inflows less associated cash outflows) that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset. To date, no such impairment has occurred. To the extent such events or circumstances occur that could affect the recoverability of our long-lived assets, we may incur charges for impairment in the future. INCOME TAXES The Company accounts for income taxes under FASB ASC 740 "Income Taxes." REVENUE RECOGNITION The Company derives revenue from the sale of agricultural products. In accordance with ASC 605, Revenue Recognition, STOCK-BASED COMPENSATION The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50 "Equity - Based Payments to Non-Employees." a b NET INCOME OR (LOSS) PER SHARE OF COMMON STOCK The Company has adopted ASC 260 Earnings per Share, The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. |
Going Concern
Going Concern | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 3 - GOING CONCERN | The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of September 30, December 31 2014 and June 30, September 30, December 31, 2015, the Company has an accumulated deficit of $1,925,261, $1,959,674, $2,186,267, $2,218,399 and $2,249,557, respectively. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the next twelve months. The ability of the Company is dependent upon, among other things, obtaining additional financing to continue operations. In response to this and other potential problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. | The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of March 31, 2016 and 2015, the Company has an accumulated deficit of $2,269,399 and $1,998,068. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the next twelve months. The ability of the Company to continue its operations is dependent upon, among other things, obtaining additional financing. In response to this and other potential problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Property and Equipement
Property and Equipement | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 4 - PROPERTY AND EQUIPMENT | In November 2013, the Company acquired an operational blueberry farm in Levy County, Florida, including equipment (Harmon Blueberry Farm). In accordance with the terms of the contract the total purchase price was $402,765. The Company paid $122,765 in cash and issued a note for $280,000 (the Note). The Note is non-interest bearing and requires payments of principal in the amount of $20,000 in fourteen (14) equal monthly installments until paid in full. During the quarter ended September 30, December 31, 2014 the Company was unable to make its monthly installment, resulting in a note payable balance of $200,000 and $6,000 penalty fees for the quarters ended September 30 and December 30, 2014. In April 2015, the Company sold the blueberry farm including equipment at a selling price of $235,000. In addition, the Company and the Buyer entered into a note receivable for $25,000 of the total amount of $235,000 that shall be paid by July 15, 2015. The net proceeds received upon sale of the farm is $4,970, after repaying $200,000 notes payable balance and $5,030 transaction fees incurred. Accordingly, as of June 30, September 30 and December 31, 2015, the outstanding balance of the Note is $0 and the accrued penalty fees were forgiven. During the year ended March 31, 2015, $159,766 in impairment loss was recognized. Property and equipment consists of the following: September 30, 2014 December 31, 2014 June 30, 2015 September 30, 2015 December 31, 2015 Land $ 350,000 $ 350,000 $ - $ - $ - Equipment 52,765 52,765 - - - Total assets acquired 402,765 402,765 - - - Less: Accumulated depreciation (3,769 ) (5,653 ) - - - Property and equipment, net $ 398,996 397,112 $ - $ - $ - During the quarter ended September 30, December 31, 2014 and June 30, September 30, December 31, 2015, , the Company recorded depreciation expenses of $3,769, $5,653, $461, $461 and $461 respectively. | In November 2013, the Company acquired an operational blueberry farm in Levy County, Florida, including equipment (Harmon Blueberry Farm). In accordance with the terms of the contract the total purchase price was $402,765. The Company paid $122,765 in cash and issued a note for $280,000 (the Note). The Note is non-interest bearing and requires payments of principal in the amount of $20,000 in fourteen (14) equal monthly installments until paid in full. During the year ended March 31, 2015 the Company was unable to make its monthly installments, resulting in a note payable balance of $ $200,000 and $12,000 of accrued penalties as of March 31, 2015. In April 2015, the Company sold the blueberry farm including equipment at a selling price of $235,000 to the original seller. The Company and the Buyer entered into a mortgage note for $25,000 of the total $235,000 which shall be paid by the buyer before or on July 15, 2015 instead of upon closing of the sale. The net proceeds received upon sale of the farm is $4,970, after repaying $200,000 notes payable balance and $5,030 transaction fees incurred. Accordingly, as of March 31, 2016, the outstanding balance of the Note Payable is $0 and the accrued penalty fees of $12,000 were forgiven. During the year ended March 31, 2015, $159,766 impairment loss was recognized. Property and equipment consists of the following: March 31, 2016 March 31, 2015 March 31, 2014 Land $ - $ 350,000 $ 350,000 Equipment - 52,765 52,765 Total assets acquired - 402,765 402,765 Less: Accumulated depreciation - (167,304 ) - Property and equipment, net $ - 235,461 402,765 During the year ended March 31, 2016, 2015 and 2014, the Company recorded depreciation expenses of $461, $7,538 and $0. |
Note Receivable
Note Receivable | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 5 - NOTE RECEIVABLE | In April 2015, the Company sold the blueberry farm including equipment at a selling price of $235,000. The Company and the Buyer entered into a note receivable that $25,000 of the total amount of $235,000 shall be paid by the buyer to the Company before or on July 15, 2015 instead of upon closing of the farm sale. The note receivable is non-interest bearing and may be prepaid in whole or in part at any time without penalty. As of June 30, September 30 and December 31, 2015, the receivable balance is $25,000, $0 and $0, respectively. | In April 2015, the Company sold the blueberry farm including equipment at a selling price of $235,000. The Company and the Buyer entered into a mortgage note that $25,000 of the total $235,000 shall be paid by the buyer to the Company before or on July 15, 2015 instead of upon closing of the farm sale. The note receivable is non-interest bearing and may be prepaid in whole or in part at any time without penalty. As of March 31, 2016, $25,000 was received and receivable balance is $0. |
Revenues
Revenues | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 6 - REVENUES | Exclusive Blueberry Sales Agreement On April 4, 2014, the Company, through Douglas Harmon (the Grower), who is the Companys Farm Manager (the Farm), entered into an exclusive sales agreement (the Agreement) with Dole Berry Company (Dole). Pursuant to the Agreement, Dole will be acting as the exclusive sales agent of the Company to market and sell all of the blueberries produced from the Farm for a period of five (5) harvest years beginning January 1, 2014 until December 31, 2018 unless terminated earlier. The Company shall receive advances equal to $1.00 per pound of finished product weight each week minus receiving and handling charges, as well as 10% commission to be paid to Dole. The Company will pay to the Grower a commission equal to 2% of the revenues from the sales of finished products. The Company had sales of $0 for the three months ended September 30, December 31, 2014 and June 30, September 30, December 31, 2015. For the six months ended September 30, 2014 and nine months ended December 31, 2014, the Company had sales of $117,120. Sales in connection with the Agreement represented 88% of sales during the six months ended September 30, 2014 and nine months ended December 31, 2014. | Exclusive Blueberry Sales Agreement On April 4, 2014, the Company, through Douglas Harmon (the Grower), who is the Companys Farm Manager (the Farm), entered into an exclusive sales agreement (the Agreement) with Dole Berry Company (Dole). Pursuant to the Agreement, Dole will be acting as the exclusive sales agent of the Company to market and sell all of the blueberries produced from the Farm for a period of five (5) harvest years beginning January 1, 2014 until December 31, 2018 unless terminated earlier. The Company shall receive advances equal to $1.00 per pound of finished product weight each week minus receiving and handling charges, as well as 10% commission to be paid to Dole. The Company will pay to the Grower a commission equal to 2% of the revenues from the sales of finished products. The Company had sales of $0, $117,120 and $0 for the year ended March 31, 2016, 2015 and 2014, respectively. Sales in connection with the Agreement represented 88% of sales during the year ended March 31, 2015. |
Related Party Advances
Related Party Advances | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 7 - RELATED PARTY ADVANCES | During the six months ended September 30, and nine months ended December 31, 2013, the Companys former President advanced $86,651 and $88,531 to fund certain operating expenses. In September 2013, the Companys board of directors voted to convert $95,949 of the then-existing related party advances balance into shares of its common stock at $0.40 per share, for a total of 239,871 shares of common stock. As of September 30 and December 31, 2013, the balance of related party advances is $11,432 and $13,312, respectively. In December 2014, the Companys President advanced $10,000 to pay the outstanding balance per settlement of the consulting agreement on behalf of the Company. These advances were non-interest bearing, due upon demand and unsecured. As of September 30, December 31, 2014 and June 30, September 30, December 31, 2015, the balance of related party advances is $0, $10,000, $10,000, $10,000 and $10,000, respectively. | During the year ended March 31, 2014 the Companys former President advanced $90,916 to fund certain operating expenses. In September 2013, the Companys board of directors voted to convert $95,949 of the then-existing related party advances balance into shares of its common stock at $0.40 per share, for a total of 239,871 shares of common stock. The remaining balance of $15,697 owed to the former President was forgiven and recorded in additional paid in capital as contributed capital. During the year ended March 31, 2015, the Companys President advanced $10,000 to pay the settlement of the outstanding balance of consulting agreement on behalf of the Company. These advances were non-interest bearing, due upon demand and unsecured. As of March 31, 2016, 2015 and 2014, the balance of related party advances is $10,000, $10,000 and $0. |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
Note 8 - RELATED PARTY TRANSACTIONS | In May 2013, the Company entered into a formal employment agreement with its former President. Pursuant to the terms of the agreement, the Companys former President was appointed to act in its capacity for an initial period of three years, and at an annual salary of $120,000. On March 21, 2014, the Company entered into a formal employment agreement with its newly appointed President, whereby the Company agreed to remit an annual salary of $120,000, payable monthly, for services rendered. On June 23, 2014, the Company amended the Cattlin Employment agreement (the Cattlin Addendum), pursuant to which the Company agreed to issue Daniel Cattlin, the sole officer and director of the Company, 1,500,000 shares of Common Stock upon execution of the addendum, and 500,000 shares of Common Stock upon each one year anniversary of the addendum's effective date. Furthermore, the Company entered into a consulting agreement with its former President, whereby the Company agreed to remit $3,000 per month for services rendered on its behalf. In July 2014, the consulting agreement was terminated and the payable balance of $125,000 in stock based compensation was forgiven and recorded in additional paid in capital as contributed capital. During the three months ended September 30 and December 31, 2013, the Company incurred $30,000 in salaries, $250,000 and $125,000 in stock based compensation to its former President. During the three months ended September 30, December 31 2014 and June 30, September 30, December 31 2015, the Company incurred total of $0 in salaries and $0 in stock based compensation to its former President. During the six months ended September 30 and nine months ended December 31, 2013, the Company incurred $60,000 and $90,000 in salaries, $250,000 and $375,000 in stock based compensation to its former President. During the six months ended September 30 2014, nine months ended December 31 2014, three months ended June 30 2015, six months ended September 30 2015, and nine months ended December 31 2015, the Company incurred total of $0 in salaries and $0 in stock based compensation to its former President. During the three months ended September 30 and December 31 2013, the Company incurred $0 in salaries and $0, in stock based compensation to its current President. During the three months ended September 30, December 31, 2014 and June 30, September 30, December 31, 2015, the Company incurred $30,000 in salaries and $0 in stock based compensation to its current President. During the six months ended September 30, 2014, nine months ended December 31, 2014, three months ended June 30, 2015, six months ended September 30, 2015, and nine months ended December 31, 2015, the Company incurred total of $60,000, $90,000, $30,000, $60,000 and $90,000 in salaries and $750,000, $750,000, $0, $0, and $0 in stock based compensation to its former President, respectively. As of September 30, December 31, 2014 and June 30, September 30, December 31, 2015, the balance in accounts payable- related party is $43,548, $73,548, $128,579, $133,579 and $163,579. | In May 2013, the Company entered into a formal employment agreement with its former President. Pursuant to the terms of the agreement, the Companys former President was appointed to act in its capacity for an initial period of three years, and at an annual salary of $120,000. On March 21, 2014, the Company entered into a formal employment agreement with its newly appointed President, whereby the Company agreed to remit an annual salary of $120,000, payable monthly, for services rendered. On June 23, 2014, the Company amended the Cattlin Employment agreement (the Cattlin Addendum), pursuant to which the Company agreed to issue Daniel Cattlin, the sole officer and director of the Company, 1,500,000 shares of Common Stock upon execution of the addendum, and 500,000 shares of Common Stock upon each one year anniversary of the addendum's effective date. Furthermore, the Company entered into a consulting agreement with its former President, whereby the Company agreed to remit $3,000 per month for services rendered on its behalf. In July 2014, the consulting agreement was terminated and the payable balance of $125,000 in stock based compensation was forgiven and recorded in additional paid in capital as contributed capital. During the year ended March 31, 2016, 2015 and 2014, the Company incurred total of $0, $1,935 and $113,955 in salaries and $0, $0, $500,000 in stock based compensation to its former President. During the year ended March 31, 2016, 2015 and 2014, the Company incurred total of $120,000, $120,000 and $3,548 in salaries and $0, $750,000 and $0 in stock based compensation to its current President. As of March 31, 2016, 2015 and 2014, the balance in accounts payable- related party is $193,579, $103,548 and $129,613. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 9 - STOCKHOLDERS' EQUITY | In August 2013, the Company issued 200,000 shares of common stock, par value $0.001 for $100,000 cash. In September 2013, the Companys board of directors voted to convert $95,949 of related party advances by its President into shares of common stock, par value $0.001 at $0.40 per share, resulting in a total issuance of 239,871 shares of common stock. In September 2013, the Companys board of directors voted to issue its former President 250,000 shares of fully vested, issuable common stock as compensation, in addition to any existing compensation agreed to. Further, upon each quarter end beginning September 30, 2013, and continuing for the term of the former Presidents employment with the Company, an additional 250,000 shares of the Companys common stock shall become vested and issuable. Accordingly, the Company has issued 750,000 shares of common stock, par value $0.001 to its former President for compensation of services rendered. These shares have been valued at $0.50 per share and $375,000 has been expensed as stock compensation expense for the year ended March 31, 2014. In addition, the Company incurred $125,000 in stock compensation expense, which represents 250,000 shares of common stock, par value $0.001, earned by the Companys former President for services rendered during the three month period ended March 31, 2014. These shares have not been issued and, accordingly, the $125,000 has been accrued for as of March 31, 2014 and is recorded in accounts payable related party. In September 2013, the Company issued 100,000 shares of its common stock, par value $0.001, to two parties for services rendered. These shares have been valued at $0.50 per share and $50,000 has been expensed as stock compensation expense for the year ended March 31, 2014. In October 2013, the Company issued 100,000 shares of its common stock, par value $0.001 per share, for $50,000 in cash. In November 2013, the Company issued 300,000 shares of its common stock, par value $0.001 per share, for $150,000 in cash. In January 2014, the Company issued 120,000 shares of its common stock, par value $0.001 per share, for $60,000 in cash. In February 2014, the Company issued 160,000 shares of its common stock, par value $0.001 per share, for $80,000 in cash. In March 2014, the Company issued 40,000 shares of its common stock, par value $0.001 per share, for $20,000 in cash. In May 2014, the Company issued 120,000 shares of its common stock, par value $0.001 per share, for $60,000 in cash. In June 2014, the Company issued 1,500,000 shares of its common stock to its current President, par value $0.001 per share, for the service rendered. These shares have been valued at $0.50 per share and $750,000 has been expensed as stock based compensation for the year ended March 31, 2015. In August 2014, the Company issued 50,000 shares of its common stock to its consultant, par value $0.001 per share, for the service rendered per consulting agreement. These shares have been valued at $0.30 per share and $15,000 has been expensed as stock based compensation for the year ended March 31, 2015. As of September 30, December 31, 2014 and June 30, September 30, December 31, 2015, 73,399,871 shares of common stock were issued and outstanding. | In March 2014, the Company issued 40,000 shares of its common stock, par value $0.001 per share, for $20,000 in cash. In May 2014, the Company issued 120,000 shares of its common stock, par value $0.001 per share, for $60,000 in cash. In June 2014, the Company issued 1,500,000 shares of its common stock to its current President, par value $0.001 per share, for the service rendered. These shares have been valued at $0.50 per share and $750,000 has been expensed as stock based compensation for the year ended March 31, 2015. In August 2014, the Company issued 50,000 shares of its common stock to its consultant, par value $0.001 per share, for the service rendered per consulting agreement. These shares have been valued at $0.30 per share and $15,000 has been expensed as stock based compensation for the year ended March 31, 2015. As of March 31, 2016, 2015 and 2014, 73,399,871, 73,399,871 and 71,729,871 shares of common stock were issued and outstanding, respectively. |
Committments
Committments | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
Note 10 - COMMITTMENTS | In May 2013, the Company entered into an investment agreement with a third-party (the Investor) whereby the Investor agreed to invest up to $8,500,000 in exchange for the Companys common stock. The Investors investment in common stock of the Company is to be made in multiple closings between May 2013 and May 2015 pursuant to the agreement. On July 24, 2013, the Investor cancelled its investment agreement. In August 2013, the Company hired a Director of Farming and entered into an agreement, wherein the Company will pay a fee of $5,000 per month to the director for a period of 24 months in exchange for assistance in identifying, underwriting, and negotiating the terms of potential farm acquisitions on the Companys behalf. Further, the director will assist the Company in the development of its operations and distribution, amongst other responsibilities. Upon the expiration of the initial 24 months of the agreement, the Company will ascertain if an increase in the monthly fee is warranted. In November 2014, the agreement was terminated and settled with $10,000 payment in full satisfaction to the outstanding balance of $24,000. In December 2013, the Company entered into an agreement with a third-party for a period of six (6) months, wherein the Company will pay a fee of $2,000 per month in exchange for advisory services, including providing information and suggestions for improvement of production systems of berry crops, particularly blueberry, and on farms or properties being considered for purchase by the Company. Accordingly, during the year ended March 31, 2014, the Company had incurred $8,000 pursuant to the terms of the agreement, which amount is included in selling, general and administrative expense. In November 2014, the agreement was terminated and $8,000 payable is still outstanding as of March 31, 2016 and 2015. During the three months ended September 30, December 31 2014 and 2013, the Company incurred $21,000, $7,000, $13,000 and $24,000 in advisory fees, which amount were included in selling, general and administrative expense and $15,000, $0, $50,000 and $0 in stock based compensation, pursuant to the terms of the agreement, which amount were included in stock based compensation, respectively. During the six months ended September 30 2014, nine months ended December 31 2014 and six months ended September 30 2013, nine months ended December 31 2013, the Company incurred total of $42,000, $49,000, $13,000 and $37,000 in advisory fees, which amount were included in selling, general and administrative expense and $15,000, $15,000, $50,000 and $50,000 in stock based compensation which amount were included in stock based compensation, respectively. | In May 2013, the Company entered into an investment agreement with a third-party (the Investor) whereby the Investor agreed to invest up to $8,500,000 in exchange for the Companys common stock. The Investors investment in common stock of the Company is to be made in multiple closings between May 2013 and May 2015 pursuant to the agreement. On July 24, 2013, the Investor cancelled its investment agreement. In August 2013, the Company hired a Director of Farming and entered into an agreement, wherein the Company will pay a fee of $5,000 per month to the director for a period of 24 months in exchange for assistance in identifying, underwriting, and negotiating the terms of potential farm acquisitions on the Companys behalf. Further, the director will assist the Company in the development of its operations and distribution, amongst other responsibilities. Upon the expiration of the initial 24 months of the agreement, the Company will ascertain if an increase in the monthly fee is warranted. In November 2014, the agreement was terminated and settled with $10,000 payment in full satisfaction to the outstanding balance of $24,000. In December 2013, the Company entered into an agreement with a third-party for a period of six (6) months, wherein the Company will pay a fee of $2,000 per month in exchange for advisory services, including providing information and suggestions for improvement of production systems of berry crops, particularly blueberry, and on farms or properties being considered for purchase by the Company. Accordingly, during the year ended March 31, 2014, the Company had incurred $8,000 pursuant to the terms of the agreement, which amount is included in selling, general and administrative expense. In November 2014, the agreement was terminated and $8,000 payable is still outstanding as of March 31, 2016 and 2015. During the year ended March 31, 2016, 2015 and 2014, the Company incurred $0, $49,000 and $63,000 in advisory fees, which amount were included in selling, general and administrative expense and $0, $15,000 and $50,000 in stock based compensation, which amount were included in stock based compensation, respectively. |
Gain on Settlement of Debt
Gain on Settlement of Debt | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 11 - GAIN ON SETTLEMENT OF DEBT | In April 2015, the Company and its note payable holder reached agreement to forgive total of $12,000 accrued penalty expenses. In December 2014, the Company and two vendors reached a settlement on certain outstanding accounts payable. The vendor forgave total of $21,132 related to previous services provided. During the three months ended September 30, December 31 2014 and June 30, September 30, December 31 2015, the Company recorded a gain on settlement of accounts payable of $0, $21,132, $12,000, $0 and $0, respectively. During the six months ended September 30 2014, nine months ended December 31 2014, three months ended June 30 2015, six months ended September 30 2015, and nine months ended December 31 2015, the Company recorded a gain on settlement of accounts payable of $0, $21,132, $12,000, $12,000 and $12,000, respectively. | In April 2015, the Company and its note payable holder forgave $12,000 in accrued penalty expenses in connection with the sale of the blueberry farm to him. In December 2014, the Company and two vendors reached a settlement on certain outstanding accounts payable. The vendor forgave total of $21,132 related to previous services provided. During the years ended March 31, 2016 and 2015, the Company recorded a gain on settlement of accounts payable of $12,000 and $21,132, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 12 - INCOME TAXES | We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. When it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carryforward period. The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the years ended March 31, 2016, 2015 and 2014, respectively, under ASC 740. We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit on the balance sheet. The Company is subject to United States income taxes at a rate of 34%. Operating loss carry forwards totaled $2,269,000, $1,998,000 and $995,374 as of March 31, 2016, 2015 and 2014, respectively, and will begin to expire in 2033. Accordingly deferred Federal and State tax assets of approximately $92,300, $80,900 and $120,500, respectively, were offset by a valuation allowance. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 13 - SUBSEQUENT EVENTS | On July 25, 2016, the Company issued 1,000,000 shares of its common stock to its current President, par value $0,001 per share, for the service rendered. These shares have been valued at $0.50 per share for the quarters ended June 30, September 30, and December 31, 2014 and March 31, 2015 and at $0.10 per share for the quarters ended June 30, September 30 and December 31, 2015 and March 31, 2016. The stock compensation was recognized over the service period. On July 29, 2016, the Company issued 100,000 shares of Companys common stock to its current President, in consideration to reimburse $10,000 settlement payment that was advanced by its current President on behalf of the Company in December 2014. On July 7, 2016, the current President advanced $29,000 to pay certain accounts payable on behalf of the Company. On July 29, 2016, the Company issued 290,000 shares of Companys common stock to its current President to reimburse $29,000 paid on behalf of the Company. | On July 25, 2016, the Company issued 1,000,000 shares of its common stock to its current President, par value $0,001 per share, in connection with his employment agreement. These shares have been valued at $0.50 and $0.10 per share and were accrued as stock based compensation over the service periods. On July 29, 2016, the Company issued 100,000 shares of Companys common stock to its current President, in consideration to reimburse $10,000 settlement payment that was advanced by its current President on behalf of the Company in December 2014. On July 7, 2016, the current President advanced $29,000 to pay certain accounts payable on behalf of the Company. On July 29, 2016, the Company issued 290,000 shares of Companys common stock to its current President to reimburse $29,000 paid on behalf of the Company. |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Significant Accounting Policies Policies | ||
USE OF ESTIMATES | The preparation of the Companys financial statements in conformity with accounting principles generally accepted in the United States 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Companys periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. | The preparation of the Companys financial statements in conformity with accounting principles generally accepted in the United States 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Companys periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company. |
CASH AND CASH EQUIVALENTS | Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $3, $0, $0, $0 and $0 in cash as of September 30, December 31, 2014 and June 30, September 30, December 31, 2015, respectively. | Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $0, $0 and $451 in cash as of March 31, 2016, 2015 and 2014, respectively. |
PROPERTY AND EQUIPMENT | Property and equipment are stated at cost less accumulated depreciation. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation is computed by applying the straight-line method over the estimated useful lives which are generally seven years. | Property and equipment are stated at cost less accumulated depreciation. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation is computed by applying the straight-line method over the estimated useful lives which are generally seven years. |
LONG-LIVED ASSETS | We review our long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of such long-lived asset or group of long-lived assets (collectively referred to as "the asset") may not be recoverable. Such circumstances include, but are not limited to: · a significant decrease in the market price of the asset; · a significant change in the extent or manner in which the asset is being used; · a significant change in the business climate that could affect the value of the asset; · a current period loss combined with projection of continuing loss associated with use of the asset; · a current expectation that, more likely than not, the asset will be sold or otherwise disposed of before the end of its previously estimated useful life. We continually evaluate whether such events and circumstances have occurred. When such events or circumstances exist, the recoverability of the asset's carrying value shall be determined by estimating the undiscounted future cash flows (cash inflows less associated cash outflows) that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset. To date, no such impairment has occurred. To the extent such events or circumstances occur that could affect the recoverability of our long-lived assets, we may incur charges for impairment in the future. | We review our long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of such long-lived asset or group of long-lived assets (collectively referred to as "the asset") may not be recoverable. Such circumstances include, but are not limited to: · a significant decrease in the market price of the asset; · a significant change in the extent or manner in which the asset is being used; · a significant change in the business climate that could affect the value of the asset; · a current period loss combined with projection of continuing loss associated with use of the asset; · a current expectation that, more likely than not, the asset will be sold or otherwise disposed of before the end of its previously estimated useful life. We continually evaluate whether such events and circumstances have occurred. When such events or circumstances exist, the recoverability of the asset's carrying value shall be determined by estimating the undiscounted future cash flows (cash inflows less associated cash outflows) that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset. To date, no such impairment has occurred. To the extent such events or circumstances occur that could affect the recoverability of our long-lived assets, we may incur charges for impairment in the future. |
INCOME TAXES | The Company accounts for income taxes under FASB ASC 740 "Income Taxes." | The Company accounts for income taxes under FASB ASC 740 "Income Taxes." |
REVENUE RECOGNITION | The Company derives revenue from the sale of agricultural products. In accordance with ASC 605, Revenue Recognition, | The Company derives revenue from the sale of agricultural products. In accordance with ASC 605, Revenue Recognition, |
STOCK-BASED COMPENSATION | The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50 "Equity - Based Payments to Non-Employees." a b | The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC 505-50 "Equity - Based Payments to Non-Employees." a b |
NET INCOME OR (LOSS) PER SHARE OF COMMON STOCK | The Company has adopted ASC 260 Earnings per Share, The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. | The Company has adopted ASC 260 Earnings per Share, The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2016 | |
Property And Equipment Tables | ||
Property and equipment | Property and equipment consists of the following: September 30, 2014 December 31, 2014 June 30, 2015 September 30, 2015 December 31, 2015 Land $ 350,000 $ 350,000 $ - $ - $ - Equipment 52,765 52,765 - - - Total assets acquired 402,765 402,765 - - - Less: Accumulated depreciation (3,769 ) (5,653 ) - - - Property and equipment, net $ 398,996 397,112 $ - $ - $ - | Property and equipment consists of the following: March 31, 2016 March 31, 2015 March 31, 2014 Land $ - $ 350,000 $ 350,000 Equipment - 52,765 52,765 Total assets acquired - 402,765 402,765 Less: Accumulated depreciation - (167,304 ) - Property and equipment, net $ - 235,461 402,765 |
Significant Accounting Polici22
Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Significant Accounting Policies Details Narrative | ||||||||
Cash | $ 0 | $ 3 | $ 451 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Going Concern Details Narrative | ||||||||
Deficit accumulated during the development stage | $ (2,569,399) | $ (2,537,057) | $ (2,493,399) | $ (2,448,767) | $ (2,407,834) | $ (2,147,174) | $ (2,050,261) | $ (995,373) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Property And Equipment Details | ||||||||
Land | $ 350,000 | $ 350,000 | $ 350,000 | $ 350,000 | ||||
Equipment | 52,765 | 52,765 | 52,765 | 52,765 | ||||
Total assets acquired | 402,765 | 402,765 | 402,765 | 402,765 | ||||
Less: Accumulated depreciation | 0 | (167,304) | (5,653) | (3,769) | ||||
Property and equipment, net | $ 0 | $ 235,461 | $ 397,112 | $ 398,996 | $ 402,765 |
Property and Equipment (Detai25
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property And Equipment Details Narrative | |||||||||||||||||
Note payable - current | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | |||||||||||
Accrued penalty fees | 0 | 0 | 0 | 3,000 | 200,000 | 0 | 200,000 | 0 | 3,000 | 12,000 | 12,000 | ||||||
Impairment | 159,766 | ||||||||||||||||
Depreciation | $ 461 | $ 1,884 | $ 1,885 | $ 1,884 | $ 461 | $ 3,769 | $ 461 | $ 5,653 | $ 461 | $ 7,539 |
Note Receivable (Details Narrat
Note Receivable (Details Narrative) - USD ($) | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015 | Dec. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Note Receivable Details Narrative | ||||||||
Note receivable | $ 0 | $ 25,000 | ||||||
Proceeds from sale of Blueberry Farm | $ 25,000 | $ 25,000 | $ 25,000 |
Revenues (Details Narrative)
Revenues (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues Details Narrative | |||||||||||||||||
Product sales | $ 117,120 | $ 117,120 | $ 117,120 | $ 117,120 | |||||||||||||
Sales Agreement | 88.00% | 88.00% |
Related Party Advances (Details
Related Party Advances (Details Narrative) - USD ($) | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | |
Related Party Advances Details Narrative | ||||||||||
Related party advances | $ 11,432 | $ (10,000) | $ (10,000) | $ 13,312 | $ (10,000) | $ (10,000) | $ (10,000) | $ (10,000) | ||
Net proceeds from related party advances | $ 86,651 | $ 10,000 | $ 88,531 | $ 10,000 | $ 90,916 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Accounts payable - related party | $ 163,579 | $ 133,579 | $ 128,579 | $ 73,548 | $ 43,548 | $ 133,579 | $ 43,548 | $ 163,579 | $ 73,548 | $ 193,579 | $ 103,548 | $ 129,613 | ||||
Former President [Member] | ||||||||||||||||
Salary | 0 | 0 | 0 | 0 | 0 | $ 30,000 | $ 30,000 | 0 | 0 | $ 60,000 | 0 | 0 | $ 90,000 | 0 | 1,935 | 113,955 |
Stock-based compensation | 0 | 0 | 0 | 0 | 0 | 125,000 | 250,000 | 0 | 0 | $ 250,000 | 0 | 0 | $ 375,000 | 0 | 0 | 500,000 |
President [Member] | ||||||||||||||||
Salary | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 0 | 0 | 60,000 | 60,000 | 90,000 | 90,000 | 120,000 | 120,000 | 3,548 | ||
Stock-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 750,000 | $ 0 | $ 750,000 | $ 0 | $ 750,000 | $ 0 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - shares | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Stockholders Equity Details Narrative | ||||||||
Common stock, shares issued | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 71,729,871 |
Common stock, shares outstanding | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 73,399,871 | 71,729,871 |
Committments (Details Narrative
Committments (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Committments Details Narrative | |||||||||||
Agreement cost | $ 8,000 | $ 8,000 | |||||||||
Advisory fees | $ 24,000 | $ 13,000 | $ 7,000 | $ 21,000 | $ 42,000 | $ 13,000 | $ 49,000 | $ 37,000 | 0 | 49,000 | $ 63,000 |
Selling, general and administrative expense | $ 0 | $ 50,000 | $ 0 | $ 15,000 | $ 15,000 | $ 50,000 | $ 15,000 | $ 50,000 | $ 0 | $ 15,000 | $ 50,000 |
Gain on Settlement of Debt (Det
Gain on Settlement of Debt (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Gain On Settlement Of Debt Details Narrative | |||||||||||||||||
Gain on settlement of debt | $ 12,000 | $ 21,132 | $ 12,000 | $ 12,000 | $ 21,132 | $ 12,000 | $ 21,132 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes Details Narrative | |||
Operating loss carry forwards | $ 2,269,400 | $ 1,998,069 | $ 995,374 |
Operating loss carry forwards expire | 2,033 |