Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Oct. 31, 2015 | Dec. 21, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | ARISTOCRAT GROUP CORP. | |
Entity Central Index Key | 1,527,027 | |
Document Type | 10-Q | |
Trading Symbol | ASCC | |
Document Period End Date | Oct. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --07-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,833,557 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) | Oct. 31, 2015 | Jul. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 8,816 | $ 7,411 |
Accounts receivable | 2,224 | 8,585 |
Prepaid expenses | 48,853 | 37,103 |
Inventory | 53,258 | 10,365 |
Total current assets | 113,151 | 63,464 |
Fixed assets net of accumulated depreciation of $1,929 and $1,520, respectively | 6,206 | 6,615 |
Security deposits | 1,367 | 1,367 |
TOTAL ASSETS | 120,724 | 71,446 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 108,044 | $ 210,793 |
Advances payable | 18,385 | |
Current portion of convertible notes payable, net of discount of $587,765 and $512,883, respectively | 666,197 | $ 409,518 |
Current portion of accrued interest payable | 129,063 | 85,275 |
Total current liabilities | 921,689 | 705,586 |
Convertible notes payable, net of discount of $1,287,519 and $1,093,340, respectively | 44,991 | 49,609 |
Accrued interest payable | $ 40,539 | 44,886 |
Accrued interest payable to related party | 5,611 | |
TOTAL LIABILITIES | $ 1,007,219 | $ 805,692 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Common Stock, $0.001 par value; 480,000,000 shares authorized; 2,655,557 and 2,010,628 shares issued and outstanding at October 31, 2015 and July 31, 2015, respectively | $ 2,656 | $ 2,011 |
Preferred Stock, $0.001 stated value; 20,000,000 shares authorized; 1,000,000 shares issued and outstanding at October 31, 2015 and July 31, 2015 | 1,000 | 1,000 |
Additional paid-in capital | 3,921,231 | 3,382,525 |
Accumulated deficit | (4,811,382) | (4,119,782) |
Total stockholders' deficit | (886,495) | (734,246) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 120,724 | $ 71,446 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) | Oct. 31, 2015 | Jul. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 1,929 | $ 1,520 |
Current portion of convertible notes payable, net of discount | 587,765 | 512,883 |
Noncurrent portion of convertible notes payable, net of discount | $ 1,287,519 | $ 1,093,340 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 480,000,000 | 480,000,000 |
Common Stock, shares issued | 2,655,557 | 2,010,628 |
Common Stock, shares outstanding | 2,655,557 | 2,010,628 |
Preferred Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, shares issued | 1,000,000 | 1,000,000 |
Preferred Stock, shares outstanding | 1,000,000 | 1,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Income Statement [Abstract] | ||
REVENUE | $ 14,301 | $ 24,840 |
COST OF GOODS SOLD | 11,285 | 17,681 |
GROSS PROFIT | 3,016 | 7,159 |
OPERATING EXPENSES | ||
Sales and marketing expenses | 122,232 | 127,291 |
General and administrative expenses | 268,264 | 213,145 |
Total operating expenses | 390,496 | 340,436 |
LOSS FROM OPERATIONS | (387,480) | (333,277) |
OTHER INCOME (EXPENSE) | ||
Interest expense | (304,120) | (74,269) |
NET LOSS | $ (691,600) | $ (407,546) |
NET LOSS PER COMMON SHARE - Basic and diluted (in dollars per share) | $ (0.3) | $ (0.52) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted (in shares) | 2,281,571 | 780,418 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT (UNAUDITED) - 3 months ended Oct. 31, 2015 - USD ($) | Common Stock [Member] | Series E Preferred Stock [Member] | Additional Paid In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance At Beginning at Jul. 31, 2015 | $ 2,011 | $ 1,000 | $ 3,382,525 | $ (4,119,782) | $ (734,246) |
Balance At Beginning (in shares) at Jul. 31, 2015 | 2,010,628 | 1,000,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued for conversion of debt | $ 631 | 11,987 | 12,618 | ||
Common stock issued for conversion of debt (in shares) | 630,900 | ||||
Common stock issued for conversion of related party debt | $ 14 | 5,597 | 5,611 | ||
Common stock issued for conversion of related party debt (in shares) | 14,029 | ||||
Discount on issuance of convertible note payable | $ 521,122 | 521,122 | |||
Net Loss | $ (691,600) | (691,600) | |||
Balance At Ending at Oct. 31, 2015 | $ 2,656 | $ 1,000 | $ 3,921,231 | $ (4,811,382) | $ (886,495) |
Balance At Ending (in shares) at Oct. 31, 2015 | 2,655,557 | 1,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net loss | $ (691,600) | $ (407,546) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of discount on convertible note payable | 252,061 | 48,395 |
Depreciation | 409 | 249 |
Changes in operating assets and liabilities: | ||
Accounts receivable and accrued revenue | 6,361 | (9,468) |
Inventory | (42,893) | (79,130) |
Prepaid expenses | (11,750) | 51,698 |
Accounts payable and accrued liabilities | (102,749) | 45,513 |
Accrued interest payable | 52,059 | 25,873 |
NET CASH USED IN OPERATING ACTIVITIES | $ (538,102) | (324,416) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of fixed assets | (8,135) | |
NET CASH USED IN INVESTING ACTIVITIES | (8,135) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from advances | $ 539,507 | 331,561 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 539,507 | 331,561 |
NET INCREASE (DECREASE) IN CASH | 1,405 | (990) |
CASH, at the beginning of the period | 7,411 | 13,103 |
CASH, at the end of the period | $ 8,816 | $ 12,113 |
Cash paid during the period for: | ||
Interest | ||
Taxes | ||
Noncash investing and financing transaction: | ||
Refinance of advances into convertible notes payable | $ 521,122 | $ 331,561 |
Noncurrent convertible notes payable reclassified to current convertible notes payable | 331,561 | |
Beneficial conversion discount on convertible note payable | 521,122 | $ 331,561 |
Conversion of convertible notes payable into common stock | 12,618 | |
Conversion of convertible note payable to related party into common stock | $ 5,611 |
General Organization and Busine
General Organization and Business | 3 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Organization and Business | Note 1. General Organization and Business Aristocrat Group Corp., a Nevada corporation, was incorporated on July 20, 2011. Our year-end is July 31. On October 17, 2012, we formed Luxuria Brands LLC as a wholly owned subsidiary. On January 10, 2013, we formed Level Two Holdings, LLC as our wholly owned subsidiary. On January 15, 2013, we formed Top Shelf Distributing, LLC (Top Shelf) as our wholly owned subsidiary. Top Shelf is focused on developing our distilled spirits line of business and currently markets and sells RWB Ultra Premium Handcrafted Vodka (RWB Vodka). |
Going Concern
Going Concern | 3 Months Ended |
Oct. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the three months ended October 31, 2015, the Company had a net loss of $691,600 and negative cash flow from operating activities of $538,102. As of October 31, 2015, the Company had negative working capital of $808,538. Management does not anticipate having positive cash flow from operations in the near future. These factors raise a substantial doubt about the Companys ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern. The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or implement its business plan. Without additional capital, the Company will not be able to remain in business. Management has plans to address the Companys financial situation as follows: In the near term, management plans to continue to focus on raising the funds necessary to implement the Companys business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Companys financial obligations. There is no assurance, however, that lenders will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raise doubts about the Companys ability to continue as a going concern. In the long term, management believes that the Companys projects and initiatives will be successful and will provide cash flow to the Company, which will be used to finance the Companys future growth. However, there can be no assurances that the Companys planned activities will be successful, or that the Company will ultimately attain profitability. The Companys long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended July 31, 2015 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the SEC). The results of operations for the three-month period ended October 31, 2015 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2016. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Inventory Inventory consists solely of finished goods, which consist entirely of bottled vodka. Inventory is recorded at weighted average cost. Significant Concentrations During the three months ended October 31, 2015, two customers generated 44% and 9% of our revenue. As of October 31, 2015, those two customers represented 4% and 0% of our accounts receivable. All accounts receivable from these customers were received subsequent to the end of the period. All of the Companys inventory was manufactured by a single supplier during the three months ended October 31, 2015. The Company believes that, in the event that its significant customers are unable to continue to purchase the Companys product, there are a substantial number of alternative buyers for its product at a competitive price. The Company believes that, in the event that its supplier is unable to continue to supply the Companys product, there are alternative suppliers for its product at a competitive price. |
Related Party Transaction
Related Party Transaction | 3 Months Ended |
Oct. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Note 4. Related Party Transaction On September 1, 2015, Bloise International Corporation, a significant shareholder of the Company, converted $5,611 of accrued interest on a convertible note into 14,029 shares of our common stock. |
Advances
Advances | 3 Months Ended |
Oct. 31, 2015 | |
Advances | |
Advances | Note 5. Advances During the three months ended October 31, 2015 and 2014, the Company received net, non-interest bearing advances totaling $539,507 and $331,561, respectively. Vista View Ventures, Inc. provided $521,122 and $331,561 of these advances for the three months ended October 31, 2015 and 2014, respectively. These advances are not collateralized, non-interest bearing and are due on demand. The advances were paid from Vista View Ventures Inc. to KM Delaney and Assoc. (See Note 8.) (KMDA) and then by KMDA to the Company on behalf of Vista View Ventures Inc. These advances are typically converted to convertible notes payable on a quarterly basis as discussed below. As of October 31, 2015 and July 31, 2015, advances in the amount of $18,385 and $0, respectively, are due under advances from third parties and are included in current liabilities on the consolidated balance sheets. |
Convertible Notes Payable
Convertible Notes Payable | 3 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | Note 6. Convertible Notes Payable Convertible notes payable due to Vista View Ventures Inc. consisted of the following at October 31, 2015 and July 31, 2015: October 31, 2015 July 31, 2015 Convertible note in the original principal amount of $516,920, issued October 31, 2013 and due October 31, 2015, bearing interest at 10% per year, convertible into common stock at a rate of $0.02 per share 320,342 320,342 Convertible note in the original principal amount of $83,265, issued November 30, 2013 and due November 30, 2015, bearing interest at 10% per year, convertible into common stock at a rate of $0.01 per share 83,265 83,265 Convertible note in the original principal amount of $117,719, issued January 31, 2014 and due January 31, 2016, bearing interest at 10% per year, convertible into common stock at a rate of $0.01 per share 117,719 117,719 Convertible note in the original principal amount of $401,075, issued July 31, 2014 and due July 31, 2016, bearing interest at 10% per year, convertible into common stock at a rate of $0.01 per share 401,075 401,075 Convertible note in the original principal amount of $331,561, issued October 31, 2014 and due October 31, 2016, bearing interest at 10% per year, convertible into common stock at a rate of $0.01 per share 331,561 331,561 Convertible note in the original principal amount of $269,815, issued January 31, 2015 and due January 31, 2017, bearing interest at 10% per year, convertible into common stock at a rate of $0.025 per share 269,815 269,815 Convertible note in the original principal amount of $266,112, issued April 30, 2015 and due April 30, 2017, bearing interest at 10% per year, convertible into common stock at a rate of $0.90 per share 266,112 266,112 Convertible note in the original principal amount of $275,461, issued July 31, 2015 and due July 31, 2017, bearing interest at 10% per year, convertible into common stock at a rate of $0.80 per share. 275,461 275,461 Convertible note in the original principal amount of $521,122, issued October 31, 2015 and due October 31, 2018, bearing interest at 10% per year, convertible into common stock at a rate of $0.45 per share. 521,122 Total convertible notes payable 2,586,472 2,065,350 Less: current portion of convertible notes payable (1,253,962 ) (922,401 ) Less: discount on noncurrent convertible notes payable (1,287,519 ) (1,093,340 ) Long-term convertible notes payable, net of discount $ 44,991 $ 49,609 Current portion of convertible notes payable 1,253,962 922,401 Less: discount on current convertible notes payable (587,765 ) (512,883 ) Current convertible notes payable, net of discount $ 666,197 $ 409,518 All principal along with accrued interest is payable on the maturity date. The notes are convertible into common stock at the option of the holder. The holder of the notes cannot convert the notes into shares of common stock if that conversion would result in the holder owning more than 4.9% of the outstanding stock of the Company. Convertible notes issued During the three months ended October 31, 2015, the Company signed convertible promissory notes that refinance non-interest bearing advances into convertible notes payable. The convertible promissory notes bear interest at 10% per annum and are payable along with accrued interest. The convertible promissory note and unpaid accrued interest are convertible into common stock at the option of the holder. Date Issued Maturity Date Interest Rate Conversion Rate Amount of Note October 31, 2015 October 31, 2018 10 % $ 0.45 $ 521,122 $ 521,122 The Company evaluated the terms of the new notes in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging - Contracts in Entitys Own Stock The Company amortized $252,061 and $48,395 of the discount on the convertible notes payable to interest expense during the three months ended October 31, 2015 and 2014. Conversions into Common Stock During three months ended October 31, 2015, the holder of our convertible promissory note dated October 31, 2013, elected to convert $12,618 of accrued interest into 630,900 shares of common stock at a rate of $0.02 per share. During three months ended October 31, 2015, Bloise International, elected to convert $5,611 of accrued interest into 14,029 shares of common stock at a rate of $0.40 per share. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Oct. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 7. Stockholders Equity Conversion of shares During three months ended October 31, 2015, the holders of our convertible notes elected to convert principal and interest into shares of common stock as detailed below: Date Amount Converted Number of Shares Issued August 14, 2015 $ 840 42,000 August 24, 2015 1,770 88,500 September 1, 2015 5,611 14,029 September 2, 2015 420 21,000 September 11, 2015 1,780 89,000 September 24, 2015 2,700 135,000 October 8, 2015 690 34,500 October 16, 2015 4,418 220,900 Total $ 18,229 644,929 |
Commitments
Commitments | 3 Months Ended |
Oct. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 8. Commitments During the three months ended October 31, 2015 and 2014, KMDA has provided office space and certain administrative functions to the Company. The services provided include a furnished executive suite, use of office equipment and supplies, accounting and bookkeeping services, treasury and cash management services, financial reporting, and other support staffing requirements. As a part of the services provided to the Company, KMDA receives the advances from the lender (See Note 5.) and disburses those funds to the Company. During the three months ending October 31, 2015 and 2014, KMDA billed the Company $47,626 and $31,791, respectively, for those services. At October 31, 2015, no amounts were owed for these services. We rent office space in Las Vegas, Nevada; Houston, Texas and Vancouver, British Columbia. We also rent warehouse space in Houston, Texas. All leases are short-term with expiration dates of one year or less from the origination date. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Oct. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9. Subsequent Events On November 16, 2015, the holders of the convertible promissory note dated October 31, 2013, converted $3,560 of accrued interest into 178,000 share of our common stock. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended July 31, 2015 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the SEC). The results of operations for the three-month period ended October 31, 2015 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2016. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Inventory | Inventory Inventory consists solely of finished goods, which consist entirely of bottled vodka. Inventory is recorded at weighted average cost. |
Significant Concentrations | Significant Concentrations During the three months ended October 31, 2015, two customers generated 44% and 9% of our revenue. As of October 31, 2015, those two customers represented 4% and 0% of our accounts receivable. All accounts receivable from these customers were received subsequent to the end of the period. All of the Companys inventory was manufactured by a single supplier during the three months ended October 31, 2015. The Company believes that, in the event that its significant customers are unable to continue to purchase the Companys product, there are a substantial number of alternative buyers for its product at a competitive price. The Company believes that, in the event that its supplier is unable to continue to supply the Companys product, there are alternative suppliers for its product at a competitive price. |
Convertible notes payable (Tabl
Convertible notes payable (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of convertible notes payable | Convertible notes payable due to Vista View Ventures Inc. consisted of the following at October 31, 2015 and July 31, 2015: October 31, 2015 July 31, 2015 Convertible note in the original principal amount of $516,920, issued October 31, 2013 and due October 31, 2015, bearing interest at 10% per year, convertible into common stock at a rate of $0.02 per share 320,342 320,342 Convertible note in the original principal amount of $83,265, issued November 30, 2013 and due November 30, 2015, bearing interest at 10% per year, convertible into common stock at a rate of $0.01 per share 83,265 83,265 Convertible note in the original principal amount of $117,719, issued January 31, 2014 and due January 31, 2016, bearing interest at 10% per year, convertible into common stock at a rate of $0.01 per share 117,719 117,719 Convertible note in the original principal amount of $401,075, issued July 31, 2014 and due July 31, 2016, bearing interest at 10% per year, convertible into common stock at a rate of $0.01 per share 401,075 401,075 Convertible note in the original principal amount of $331,561, issued October 31, 2014 and due October 31, 2016, bearing interest at 10% per year, convertible into common stock at a rate of $0.01 per share 331,561 331,561 Convertible note in the original principal amount of $269,815, issued January 31, 2015 and due January 31, 2017, bearing interest at 10% per year, convertible into common stock at a rate of $0.025 per share 269,815 269,815 Convertible note in the original principal amount of $266,112, issued April 30, 2015 and due April 30, 2017, bearing interest at 10% per year, convertible into common stock at a rate of $0.90 per share 266,112 266,112 Convertible note in the original principal amount of $275,461, issued July 31, 2015 and due July 31, 2017, bearing interest at 10% per year, convertible into common stock at a rate of $0.80 per share. 275,461 275,461 Convertible note in the original principal amount of $521,122, issued October 31, 2015 and due October 31, 2018, bearing interest at 10% per year, convertible into common stock at a rate of $0.45 per share. 521,122 Total convertible notes payable 2,586,472 2,065,350 Less: current portion of convertible notes payable (1,253,962 ) (922,401 ) Less: discount on noncurrent convertible notes payable (1,287,519 ) (1,093,340 ) Long-term convertible notes payable, net of discount $ 44,991 $ 49,609 Current portion of convertible notes payable 1,253,962 922,401 Less: discount on current convertible notes payable (587,765 ) (512,883 ) Current convertible notes payable, net of discount $ 666,197 $ 409,518 |
Schedule of convertible notes issued | The convertible promissory note and unpaid accrued interest are convertible into common stock at the option of the holder. Date Issued Maturity Date Interest Rate Conversion Rate Amount of Note October 31, 2015 October 31, 2018 10 % $ 0.45 $ 521,122 $ 521,122 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of conversions into common stock | During three months ended October 31, 2015, the holders of our convertible notes elected to convert principal and interest into shares of common stock as detailed below: Date Amount Converted Number of Shares Issued August 14, 2015 $ 840 42,000 August 24, 2015 1,770 88,500 September 1, 2015 5,611 14,029 September 2, 2015 420 21,000 September 11, 2015 1,780 89,000 September 24, 2015 2,700 135,000 October 8, 2015 690 34,500 October 16, 2015 4,418 220,900 Total $ 18,229 644,929 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ (691,600) | $ (407,546) |
Cash flow from operations | (538,102) | $ (324,416) |
Working capital | $ 808,538 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Details Narrative) - Customer Concentration Risk [Member] | 3 Months Ended |
Oct. 31, 2015N | |
Revenue [Member] | |
Number of customer | 2 |
Revenue [Member] | Customer One [Member] | |
Percentage of concentration risk | 44.00% |
Revenue [Member] | Customer Two [Member] | |
Percentage of concentration risk | 9.00% |
Accounts Receivable [Member] | |
Number of customer | 2 |
Accounts Receivable [Member] | Customer One [Member] | |
Percentage of concentration risk | 4.00% |
Accounts Receivable [Member] | Customer Two [Member] | |
Percentage of concentration risk | 0.00% |
Related Party Transaction (Deta
Related Party Transaction (Details Narrative) - Bloise International Corporation [Member] - USD ($) | Sep. 01, 2015 | Oct. 31, 2015 |
Debt instrument, accrued interest | $ 5,611 | $ 5,611 |
Number of common shares issued upon conversion | 14,029 | 14,029 |
Advances (Details Narrative)
Advances (Details Narrative) - USD ($) | 3 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | |
Proceeds from advances | $ 539,507 | $ 331,561 | |
Advances payable | 18,385 | ||
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | |||
Proceeds from advances | $ 521,122 | $ 331,561 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2015 | Jul. 31, 2015 | |
Total convertible notes payable | $ 521,122 | |
Less: discount on noncurrent convertible notes payable | 1,287,519 | $ 1,093,340 |
Long-term convertible notes payable, net of discount | 44,991 | 49,609 |
Less: discount on current portion of convertible notes payable | 587,765 | 512,883 |
Long-term convertible notes payable, net of discount | 666,197 | 409,518 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | ||
Total convertible notes payable | 2,586,472 | 2,065,350 |
Less: current portion of convertible notes payable | (1,253,962) | (922,401) |
Less: discount on noncurrent convertible notes payable | (1,287,519) | (1,093,340) |
Long-term convertible notes payable, net of discount | 44,991 | 49,609 |
Current portion of convertible notes payable | (1,253,962) | (922,401) |
Less: discount on current portion of convertible notes payable | (587,765) | (512,883) |
Long-term convertible notes payable, net of discount | 666,197 | $ 409,518 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due November 30, 2013 [Member] | ||
Debt instrument, face amount | $ 516,920 | |
Issuance Date | Oct. 31, 2013 | Oct. 31, 2013 |
Conversion Price (in dollars per share) | $ 0.02 | $ 0.02 |
Total convertible notes payable | $ 320,342 | $ 320,342 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due November 30, 2015 [Member] | ||
Debt instrument, face amount | $ 83,265 | |
Issuance Date | Nov. 30, 2013 | Nov. 30, 2013 |
Conversion Price (in dollars per share) | $ 0.01 | $ 0.01 |
Total convertible notes payable | $ 83,265 | $ 83,265 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due January 31, 2016 [Member] | ||
Debt instrument, face amount | $ 117,719 | |
Issuance Date | Jan. 31, 2014 | Jan. 31, 2014 |
Conversion Price (in dollars per share) | $ 0.01 | $ 0.01 |
Total convertible notes payable | $ 117,719 | $ 117,719 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due July 31, 2016 [Member] | ||
Debt instrument, face amount | $ 401,075 | |
Issuance Date | Jul. 31, 2014 | Jul. 31, 2014 |
Conversion Price (in dollars per share) | $ 0.01 | $ 0.01 |
Total convertible notes payable | $ 401,075 | $ 401,075 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due October 31, 2016 [Member] | ||
Debt instrument, face amount | $ 331,561 | |
Issuance Date | Oct. 31, 2014 | Oct. 31, 2014 |
Conversion Price (in dollars per share) | $ 0.01 | $ 0.01 |
Total convertible notes payable | $ 331,561 | $ 331,561 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due January 31, 2017 [Member] | ||
Debt instrument, face amount | $ 269,815 | |
Issuance Date | Jan. 31, 2015 | Jan. 31, 2015 |
Conversion Price (in dollars per share) | $ 0.025 | $ 0.025 |
Total convertible notes payable | $ 269,815 | $ 269,815 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due April 30, 2017 [Member] | ||
Debt instrument, face amount | $ 266,112 | |
Issuance Date | Apr. 30, 2015 | Apr. 30, 2015 |
Conversion Price (in dollars per share) | $ 0.90 | $ 0.90 |
Total convertible notes payable | $ 266,112 | $ 266,112 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due July 31, 2017 [Member] | ||
Debt instrument, face amount | $ 275,461 | |
Issuance Date | Jul. 31, 2015 | Jul. 31, 2015 |
Conversion Price (in dollars per share) | $ 0.80 | $ 0.80 |
Total convertible notes payable | $ 275,461 | $ 275,461 |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due October 31, 2018 [Member] | ||
Debt instrument, face amount | $ 521,122 | |
Issuance Date | Oct. 31, 2015 | |
Conversion Price (in dollars per share) | $ 0.45 | |
Total convertible notes payable | $ 521,122 |
Convertible Notes Payable (De24
Convertible Notes Payable (Details 1) - USD ($) | 3 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | |
Total convertible notes payable | $ 521,122 | ||
Beneficial conversion discount | 521,122 | $ 331,561 | |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | |||
Total convertible notes payable | 2,586,472 | $ 2,065,350 | |
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due October 31, 2018 [Member] | |||
Total convertible notes payable | $ 521,122 | ||
Conversion Price (in dollars per share) | $ 0.45 | ||
Issuance Date | Oct. 31, 2015 |
Convertible Notes Payable (De25
Convertible Notes Payable (Details Narrative) - USD ($) | Sep. 01, 2015 | Oct. 31, 2015 | Oct. 31, 2014 |
Beneficial conversion discount | $ 521,122 | $ 331,561 | |
Amortization of discount on the convertible notes payable | 252,061 | $ 48,395 | |
Convertible Notes Payable Due October 31, 2013 [Member] | |||
Debt instrument, accrued interest | $ 12,618 | ||
Number of common shares issued upon conversion | 630,900 | ||
Conversion Price (in dollars per share) | $ 0.02 | ||
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | |||
Maximum percentage of ownership interest | 4.90% | ||
Amortized discount effective interest rate | 191.56% | ||
Bloise International Corporation [Member] | |||
Debt instrument, accrued interest | $ 5,611 | $ 5,611 | |
Number of common shares issued upon conversion | 14,029 | 14,029 | |
Conversion Price (in dollars per share) | $ 0.40 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Amount Converted | $ 12,618 | |
Convertible Notes Payable [Member] | ||
Amount Converted | $ 18,229 | |
Number of Shares Issued | 644,929 | |
Convertible Notes Payable [Member] | August 14, 2015 [Member] | ||
Amount Converted | $ 840 | |
Number of Shares Issued | 42,000 | |
Convertible Notes Payable [Member] | August 24, 2015 [Member] | ||
Amount Converted | $ 1,770 | |
Number of Shares Issued | 88,500 | |
Convertible Notes Payable [Member] | September 1, 2015 [Member] | ||
Amount Converted | $ 5,611 | |
Number of Shares Issued | 14,029 | |
Convertible Notes Payable [Member] | September 2, 2015 [Member] | ||
Amount Converted | $ 420 | |
Number of Shares Issued | 21,000 | |
Convertible Notes Payable [Member] | September 11, 2015 [Member] | ||
Amount Converted | $ 1,780 | |
Number of Shares Issued | 89,000 | |
Convertible Notes Payable [Member] | September 24, 2015 [Member] | ||
Amount Converted | $ 2,700 | |
Number of Shares Issued | 135,000 | |
Convertible Notes Payable [Member] | October 8, 2015 [Member] | ||
Amount Converted | $ 690 | |
Number of Shares Issued | 34,500 | |
Convertible Notes Payable [Member] | October 16, 2015 [Member] | ||
Amount Converted | $ 4,418 | |
Number of Shares Issued | 220,900 |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
KM Delaney & Assoc. [Member] | ||
Administrative services | $ 47,626 | $ 31,791 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Nov. 16, 2015 | Oct. 31, 2015 | Oct. 31, 2014 |
Debt instrument, accrued interest | $ 12,618 | ||
Convertible Notes Payable Due October 31, 2013 [Member] | |||
Number of common shares issued upon conversion | 630,900 | ||
Subsequent Event [Member] | Convertible Notes Payable Due October 31, 2013 [Member] | |||
Debt instrument, accrued interest | $ 3,560 | ||
Number of common shares issued upon conversion | 178,000 |