Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2015 | Jul. 13, 2015 | Jun. 30, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2015 | ||
Trading Symbol | wter | ||
Entity Registrant Name | ALKALINE WATER Co INC | ||
Entity Central Index Key | 1,532,390 | ||
Current Fiscal Year End Date | --08-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 133,045,825 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 7,905,464 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2015 | Mar. 31, 2014 |
Current assets: | ||
Cash | $ 90,113 | $ 2,665 |
Accounts receivable, net | 416,373 | 166,404 |
Inventory | 193,355 | 57,965 |
Prepaid Expenses and other current assets | 17,500 | 0 |
Deferred financing cost | 0 | 54,288 |
Total current assets | 717,341 | 281,322 |
Fixed assets, net | 1,199,900 | 286,986 |
Total assets | 1,917,241 | 568,308 |
Current liabilities: | ||
Accounts payable | 562,499 | 320,154 |
Accounts payable - related party | 43,036 | 18,403 |
Accrued expenses | 160,437 | 56,601 |
Accrued interest | 0 | 19,829 |
Revolving financing | 242,875 | 83,348 |
Current portion of capital leases | 209,544 | 0 |
Derivative liability | 194,940 | 337,988 |
Total current liabilities | 1,413,331 | 836,323 |
Long-term liabilities | ||
Capitalize leases | 233,770 | 0 |
Total Long-term liabilities | 233,770 | 0 |
Total liabilities | 1,647,101 | 836,323 |
Redeemable convertible Preferred stock | 0 | 83,820 |
Stockholders' equity (deficit): | ||
Preferred stock - $0.001 par value, 100,000,000 shares authorized. Series A issued 20,000,000 | 20,000 | 20,000 |
Common stock, Class A, $0.001 par value, 1,125,000,000 shares authorized, 124,495,826 and 81,602,175 shares issued and outstanding as of March 31, 2015 and March 31, 2014, respectively | 124,496 | 81,602 |
Additional paid in capital | 11,777,994 | 4,059,464 |
Common stock issuable | 0 | 0 |
Deficit accumulated | (11,652,350) | (4,512,901) |
Total stockholders' equity (deficit) | 270,140 | (351,835) |
Total liabilities and stockholders' Equity (deficit) | $ 1,917,241 | $ 568,308 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2015 | Mar. 31, 2014 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Preferred Stock, Shares Issued | 20,000,000 | 20,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 1,125,000,000 | 1,125,000,000 |
Common Stock, Shares, Issued | 124,495,826 | 81,602,175 |
Common Stock, Shares, Outstanding | 124,495,826 | 81,602,175 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Revenue | $ 3,700,476 | $ 552,699 |
Cost of goods sold | 2,532,436 | 411,851 |
Gross profit | 1,168,040 | 140,848 |
Operating expenses: | ||
Sales and marketing expenses | 1,386,671 | 464,081 |
General and administrative | 6,520,451 | 3,852,773 |
General and administrative - related party | 0 | 62,092 |
Depreciation expense | 175,036 | 42,407 |
Total operating expenses | 8,082,158 | 4,421,353 |
Other Income (expenses): | ||
Interest expense | (26,241) | (11,055) |
Interest income | 11 | 0 |
Interest expense on redeemable preferred stock | (40,383) | (468,256) |
Fees paid on credit line | (27,283) | (8,603) |
Amortization of deferred financing cost | (43,149) | 0 |
Placement agent fee to acquired credit line | 0 | (10,000) |
Amortization of debt discount | (414,370) | (107,532) |
Other expenses | (11) | (1,530) |
Other income - related party | 0 | 40,029 |
Change in derivative liability | 326,095 | 617,939 |
Total other expense | (225,331) | 50,992 |
Net loss | $ (7,139,449) | $ (4,229,513) |
Weighted average number of common shares outstanding - basic and fully dulitive | 111,704,823 | 80,220,729 |
Net loss per share basic and fully diluted | $ (0.06) | $ (0.05) |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Deficit Accumulated During Development Stage [Member] | Total |
Beginning Balance at Mar. 31, 2013 | $ 77,500 | $ 176,405 | $ (283,388) | $ (29,483) | |
Beginning Balance (Shares) at Mar. 31, 2013 | 77,500,000 | ||||
Common stock for conversion of notes and interest payable | $ 574 | 229,295 | 229,869 | ||
Common stock for conversion of notes and interest payable (Shares) | 574,675 | ||||
Common stock issued for cash | $ 2,563 | 1,022,438 | 1,025,001 | ||
Common stock issued for cash (Shares) | 2,562,500 | ||||
Common stock issued for services | $ 965 | 2,631,326 | 2,632,291 | ||
Common stock issued for services (Shares) | 965,000 | ||||
Issuance of Series A preferred stock to officers | $ 20,000 | 20,000 | |||
Issuance of Series A preferred stock to officers (Shares) | 20,000,000 | ||||
Net (loss) | (4,229,513) | (4,229,513) | |||
Ending Balance at Mar. 31, 2014 | $ 20,000 | $ 81,602 | 4,059,464 | (4,512,901) | (351,835) |
Ending Balance (Shares) at Mar. 31, 2014 | 20,000,000 | 81,602,175 | |||
Value of warrants issued with Capital lease agreement | 309,029 | 309,029 | |||
Shares issued for cash Private Placement | $ 17,333 | 2,342,643 | 2,359,976 | ||
Shares issued for cash Private Placement (Shares) | 17,333,329 | ||||
Shares issued to contractors | $ 6,503 | 939,620 | 946,123 | ||
Shares issued to contractors (Shares) | 6,502,500 | ||||
Shares issued to employees | $ 3,550 | 351,805 | 355,355 | ||
Shares issued to employees (Shares) | 3,550,000 | ||||
Warrant exercises | $ 14,529 | 1,439,275 | 1,453,804 | ||
Warrant exercises (Shares) | 14,529,256 | ||||
Stock Options issued to employees | 2,428,782 | 2,428,782 | |||
Option exercises | $ 182 | 1,638 | 1,820 | ||
Option exercises (Shares) | 182,000 | ||||
Fees paid on stock issuances | (346,295) | (346,295) | |||
Shares issued with conversion Preferred Series B | $ 797 | 252,033 | 252,830 | ||
Shares issued with conversion Preferred Series B (Shares) | 796,566 | ||||
Net (loss) | (7,139,449) | (7,139,449) | |||
Ending Balance at Mar. 31, 2015 | $ 20,000 | $ 124,496 | $ 11,777,994 | $ (11,652,350) | $ 270,140 |
Ending Balance (Shares) at Mar. 31, 2015 | 20,000,000 | 124,495,826 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (7,139,449) | $ (4,229,513) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Bad Debt expense | 6,225 | 10,000 |
Depreciation expense | 175,036 | 42,407 |
Interest expense converted to common stock | 0 | 3,555 |
Shares issued for services | 3,730,263 | 2,652,291 |
Amortization of debt discount & debt financing cost | 457,518 | 107,532 |
Interest expense on redeemable preferred stock on initial issuance | 0 | 455,926 |
Change in derivative liabilities | (326,095) | (617,939) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (256,194) | (161,294) |
Inventory | (135,390) | (50,392) |
Prepaid expenses and other current assets | (17,500) | 0 |
Accounts payable | 244,165 | 307,504 |
Accounts payable - related party | 24,633 | 17,913 |
Accrued expenses | 103,836 | 51,201 |
Accrued interest | (19,829) | 19,829 |
Net cash used in operating activities | (3,152,781) | (1,390,980) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of fixed assets | (352,169) | (276,310) |
Net cash used in investing activities | (352,169) | (276,310) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from revolving financing | 159,527 | 83,348 |
Proceeds from sale of common stock, net | 2,361,999 | 1,100,000 |
Proceeds from the exercise of warrants, net | 1,344,630 | 0 |
Repayment of capital lease | (26,588) | 0 |
Repayment of redeemable preferred shares | (247,170) | 0 |
Proceeds from sale of mandatory redeemable preferred stock, net | 0 | 422,000 |
Net cash provided by financing activities | 3,592,398 | 1,605,348 |
NET CHANGE IN CASH | 87,448 | (61,942) |
CASH AT BEGINNING OF PERIOD | 2,665 | 64,607 |
CASH AT END OF PERIOD | 90,113 | 2,665 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | 46,070 | 0 |
Income taxes paid | 0 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Debt converted to common stock | 0 | 229,870 |
Derivative liability on redeemable preferred stock | 0 | 422,000 |
Preferred stock conversion to common stock | 252,830 | 0 |
Deferred discount on conversion of preferred stock | 56,098 | 0 |
Fair value of derivate liability at issuance of Warrants | 389,710 | 0 |
Fair value of derivative liability at exercise | 150,566 | 0 |
Exercise of stock options with accounts payable | 1,820 | 0 |
Capitalized lease | 735,781 | 0 |
Warrant issued for deferred financing cost | $ 309,028 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The audited consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in U.S. dollars, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. Principles of consolidation For the period from June 19, 2012 to March 31, 2015, the consolidated financial statements include the accounts of Alkaline Water Corp. (an Arizona Corporation) and Alkaline 88 LLC (formerly Alkaline 84, LLC) (an Arizona Limited Liability Company). For the period from April 1, 2013 to March 31, 2015, the consolidated financial statements include the accounts of The Alkaline Water Company Inc. (a Nevada Corporation), Alkaline Water Corp. (an Arizona Corporation) and Alkaline 88, LLC (an Arizona Limited Liability Company). All significant intercompany balances and transactions have been eliminated. The Alkaline Water Company Inc. (a Nevada Corporation), Alkaline Water Corp. (an Arizona Corporation) and Alkaline 88, LLC (an Arizona Limited Liability Company) will be collectively referred herein to as the “Company”. Any reference herein to “The Alkaline Water Company Inc.”, the “Company”, “we”, “our” or “us” is intended to mean The Alkaline Water Company Inc., including the subsidiaries indicated above, unless otherwise indicated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of three months or less to be considered cash equivalents. The carrying value of these investments approximates fair value. The Company had $90,113 and $2,665 in cash and cash equivalents at March 31, 2015 and 2014, respectively. Accounts Receivable and Allowance for Doubtful Accounts The Company generally does not require collateral, and the majority of its trade receivables are unsecured. The carrying amount for accounts receivable approximates fair value. Accounts receivable consisted of the following as of March 31, 2015 and 2014: 2015 2014 Trade receivables $ 426,862 $ 176,404 Less: Allowance for doubtful accounts (10,889 ) (10,000 ) Net accounts receivable $ 416,373 $ 166,404 Accounts receivable are periodically evaluated for collectability based on past credit history with clients. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions. Inventory Inventory represents raw and blended chemicals and other items valued at the lower of cost or market with cost determined using the weight average method which approximates first-in first-out method, and with market defined as the lower of replacement cost or realizable value. As of March 31, 2015 and 2014, inventory consisted of the following: 2015 2014 Raw materials $ 145,329 $ 24,022 Finished goods 48,026 33,943 Total inventory $ 193,355 $ 57,965 Property and equipment The Company records all property and equipment at cost less accumulated depreciation. Improvements are capitalized while repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful life of the assets or the lease term, whichever is shorter. Depreciation periods are as follows for the relevant fixed assets: Equipment 5 years Equipment under capital lease 3 years or term of the lease Stock-based Compensation The Company accounts for stock-based compensation to employees in accordance with FASB ASC 718. Stock-based compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of stock-based payments using the Black-Scholes option-pricing model for common stock options and warrants and the closing price of the Company’s common stock for common share issuances. Advertising Advertising costs are charged to operations when incurred. Advertising expenses for the years ended March 31, 2015 and 2014 were $499,978 and $160,464, respectively. Revenue recognition The Company recognizes revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount to be paid by the customer is fixed or determinable; and (4) the collection of such amount is probable. The Company records revenue when it is realizable and earned upon shipment of the finished products. The Company does not accept returns due to the nature of the product. However, we will provide credit to our customers for damaged goods. Fair Value Measurements The valuation of our embedded derivatives and warrant derivatives are determined primarily by the multinomial distribution (Lattice) model. An embedded derivative is a derivative instrument that is embedded within another contract, which under the convertible note (the host contract) includes the right to convert the note by the holder, certain default redemption right premiums and a change of control premium (payable in cash if a fundamental change occurs). In accordance with Accounting Standards Codification ("ASC") 815 “ Accounting for Derivative Instruments and Hedging Activities” Level 1 unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. Level 2 inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Level 3 unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. To determine the fair value of our embedded derivatives, management evaluates assumptions regarding the probability of certain future events. Other factors used to determine fair value include our period end stock price, historical stock volatility, risk free interest rate and derivative term. The fair value recorded for the derivative liability varies from period to period. This variability may result in the actual derivative liability for a period either above or below the estimates recorded on our consolidated financial statements, resulting in significant fluctuations in other income (expense) because of the corresponding non-cash gain or loss recorded. Concentration The Company has 4 major customers that together account for 64% ( 23%, 18%, 12% and 11%, respectively) of accounts receivable at March 31, 2015, and 3 customers that together account for 47% ( 14%, 12%, and 11%, respectively) of the total revenues earned for the year ended March 31, 2015. The Company has 5 vendors that accounted for 77% ( 19%, 16%, 16%, 15% and 11%, respectively) of purchases for the year ended March 31, 2015. The Company has 3 major customers that together account for 60% ( 18%, 14%, 14% and 14%, respectively) of accounts receivable at March 31, 2014, and 5 customers that together account for 66% ( 20%, 16%, 15%, 8% and 6%, respectively) of the total revenues earned for the year ended March 31, 2014. The Company has 3 vendors that accounted for 56% ( 29%, 14%, and 13%, respectively) of purchases for the year ended March 31, 2014. Income Taxes In accordance with ASC 740 “ Accounting for Income Taxes Basic and Diluted Loss Per Share Basic and diluted earnings or loss per share (“EPS”) amounts in the consolidated financial statements are computed in accordance Accounting Standard Codification (ASC) 260 – 10 “ Earnings per Share Business Segments The Company operates on one segment in one geographic location the United States of America and, therefore, segment information is not presented. Fair Value of Financial Instruments The carrying amounts of the company’s financial instruments including accounts payable, accrued expenses, and notes payable approximate fair value due to the relative short period for maturity these instruments. Environmental Costs Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company’s commitments to a plan of action based on the then known facts. The Company incurred no environmental expenses during the years ended March 31, 2015 and 2014, respectively. Reclassification Certain accounts in the prior period were reclassified to conform to the current period financial statements presentation. Recent pronouncements In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage that in prior years it had been in the development stage. The Company early adopt ASU No. 2014-10 during the second quarter of the year ended March 31, 2015. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements— Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. Currently, there is no guidance under U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). For the period ended December 31, 2014, management evaluated the Company’s ability to continue as a going concern and concluded that substantial doubt has not been alleviated about the Company’s ability to continue as a going concern. While the Company continues to explore further significant sources of financing, management’s assessment was based on the uncertainty related to the amount and nature of such financing over the next twelve months. The Company has evaluated other recent accounting pronouncements through June 2015 and believes that none of them will have a material effect on our financial statements. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Mar. 31, 2015 | |
GOING CONCERN [Text Block] | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability and/or acquisition and sale of assets and the satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged substantially in financing activities, developing its business plan and building its initial customer and distribution base for its products. As a result, the Company incurred accumulated net losses from Inception (June 19, 2012) through the period ended March 31, 2015 of $(11,652,350). In addition, the Company’s development activities since inception have been financially sustained through debt and equity financing. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2015 | |
PROPERTY AND EQUIPMENT [Text Block] | NOTE 3 – PROPERTY AND EQUIPMENT Fixed assets consisted of the following at: March 31, 2015 March 31, 2014 Machinery and Equipment $ 625,766 $ 273,597 Machinery under Capital Lease 735,781 - Office Equipment 53,631 53,631 Leasehold Improvements 3,979 3,979 Less: Accumulated Depreciation (219,257 ) (44,221 Fixed Assets, net $ 1,199,900 $ 286,986 Depreciation expense for the years ended March 31, 2015 and 2014 was $175,036 and $42,407, respectively. |
EQUIPMENT DEPOSITS - RELATED PA
EQUIPMENT DEPOSITS - RELATED PARTY | 12 Months Ended |
Mar. 31, 2015 | |
EQUIPMENT DEPOSITS - RELATED PARTY [Text Block] | NOTE 4 – EQUIPMENT DEPOSITS – RELATED PARTY The Company paid deposits on equipment to Water Engineering Solutions, LLC, a related party, as follows: May 1, 2014 $690,000, June 27, 2014 $21,500, July 1, 2014 $115,000, August 7, 2014 $10,000, August 5, 2014 $5,000, August 19, 2014 $2,000, August 22, 2014 $100,000, October 14, 2014 $70,000, November 4, 2014 $7,676, and November 7, 2014 $5,002. The Company received equipment valued at $274,769 and reduced the deposit on equipment. As of December 31, 2014, the total amount of deposits for equipment is $188,289. On February 12, 2015 Water Engineering Solutions LLC refunded $200,000 related to the deposit as the order for a new machine had been deferred until late summer 2015. The equipment is being manufactured by and under an exclusive manufacturing contract from Water Engineering Solutions, LLC, an entity that is controlled and majority owned by Steven P. Nickolas and Richard A. Wright, for the production of our alkaline water. |
REVOLVING FINANCING
REVOLVING FINANCING | 12 Months Ended |
Mar. 31, 2015 | |
REVOLVING FINANCING [Text Block] | NOTE 5 – REVOLVING FINANCING On February 20, 2014, The Alkaline Water Company Inc., and subsidiaries, Alkaline 88, LLC and Alkaline Water Corp., entered into a revolving accounts receivable funding agreement with Gibraltar Business Capital, LLC (“Gibraltar”). Under the agreement, from time to time, the Company agreed to tender to Gibraltar all of our accounts (which is defined as our rights to payment whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned or otherwise disposed of, or (ii) for services rendered or to be rendered, or (iii) as otherwise defined in the Uniform Commercial Code of the State of Illinois). Gibraltar will have the right, but will not be obligated, to purchase such accounts tendered in its sole discretion. If Gibraltar purchases such accounts, Gibraltar will make cash advances to us as the purchase price for the purchased accounts. The Company assumed full risk of non-payment and unconditionally guaranteed the full and prompt payment of the full face amount of all purchased accounts. We also agreed to direct all parties obligated to pay the accounts to send all payments for all accounts directly to Gibraltar. All collections from accounts will be applied to our indebtedness, which is defined as the amount owed by us to Gibraltar from time to time, i.e., all cash advances, plus all charges, plus all other amounts owning from us to Gibraltar pursuant to the agreement, less all collections retained by Gibraltar from either purchased accounts or from us which are applied to indebtedness, unless Gibraltar elects to hold any such collections to establish reserves to secure payment of any purchased accounts. In consideration of Gibraltar’s purchase of the accounts, the Company agreed to pay Gibraltar interest on the indebtedness outstanding at the rate of 8% per annum plus the prime rate in effect at the end of each month with the prime rate for these purposes never being less than 3.25% per annum, calculated on a 360 -day year and payable monthly. In addition, the Company agreed to pay to Gibraltar a monthly collateral/management fee in the amount of 0.5% calculated on the average daily borrowing amount for the given month and an unused line fee of 0.25% monthly based on the difference between the actual line of credit and the average daily borrowing amount for the given month. The Company also agreed to pay to Gibraltar upon execution of the agreement and as of the commencement of each renewal term, a closing cost of 1% of the initial indebtedness in addition to the amount of any other credit accommodations granted from Gibraltar, which amount will be deducted from the first cash advances. The initial indebtedness is $500,000. The Company may request an increase to the initial indebtedness in $500,000 increments up to $5,000,000, subject the Company’s financial performance and/or projections are satisfactory to Gibraltar, and absent an event of default. The Company also granted to Gibraltar a security interest in all of our presently-owned and hereafter-acquired personal and fixture property, wherever located. The agreement will continue until the first to occur of (i) demand by Gibraltar; or (ii) 24 months from the first day of the month following the date that the first purchased account is purchased and will be automatically renewed for successive periods of 12 months thereafter unless, at least 30 days prior to the end of the term, we give Gibraltar notice of our intention to terminate the agreement. In addition, we will be able to exit the agreement at any time for a fee of 2% of the line of credit in place at the time of prepayment. On March 31, 2015 the amount borrowed on this facility was $242,875. |
DERIVATIVE LIABILITY
DERIVATIVE LIABILITY | 12 Months Ended |
Mar. 31, 2015 | |
DERIVATIVE LIABILITY [Text Block] | NOTE 6 – DERIVATIVE LIABILITY On November 7, 2013, we sold to certain institutional investors 10% Series B Convertible Preferred Shares which are subject to mandatory redemption and include down-round provisions that reduce the exercise price of a warrant and convertible instrument. As required by ASC 815 “Derivatives and Hedging”, if the Company either issues equity shares for a price that is lower than the exercise price of those instruments or issues new warrants or convertible instruments that have a lower exercise price, the investors will be entitled to down-round protection. The Company evaluated whether its warrants and convertible debt instruments contain provisions that protect holders from declines in its stock price or otherwise could result in modification of either the exercise price or the shares to be issued under the respective warrant agreements. The Company determined that a portion of its outstanding warrants and conversion instruments contained such provisions thereby concluding they were not indexed to the Company’s own stock and therefore a derivative instrument. Between April 16, 2014 and April 24, 2014, the Company redeemed 247 shares of the 10% Series B Preferred Stock for $247,171 plus accrued interest of $46,456 and a $10,212 penalty related to the delayed registration. The effect of this redemption resulted in a reduction of $56,098 derivative liability. On May 1, 2014, the Company completed the offering and sale of an aggregate of 17,333,329 shares of our common stock and warrants to purchase an aggregate of 8,666,665 shares of our common stock, for aggregate gross proceeds of $2,599,999. Each share of common stock sold in the offering was accompanied by a warrant to purchase one-half of a share of common stock at an exercise price of $0.15 per share for a period of five years from the date of issuance. Each share of common stock, together with each warrant was sold at a price of $0.15. The warrants include down-round provisions that reduce the exercise price of a warrant and convertible instrument. As required by ASC 815 “Derivatives and Hedging”, if the Company either issues equity shares for a price that is lower than the exercise price of those instruments or issues new warrants or convertible instruments that have a lower exercise price, the investors will be entitled to down-round protection. The Company evaluated whether its warrants and convertible debt instruments contain provisions that protect holders from declines in its stock price or otherwise could result in modification of either the exercise price or the shares to be issued under the respective warrant agreements. The Company determined that a portion of its outstanding warrants and conversion instruments contained such provisions thereby concluding were not indexed to the Company’s own stock and therefore a derivative instrument. On August 20, 2014, the Company entered into a warrant amendment agreement with certain holders of the Company’s outstanding common stock purchase warrants whereby the Company agreed to reduce the exercise price of the Existing Warrants to $0.10 per share in consideration for the immediate exercise of the Existing Warrants by the Holders and the Holders are to be issued new common stock purchase warrants of the Company in the form of the Existing Warrants to purchase up to a number of shares of our common stock equal to the number of Existing Warrants exercised by the Holders, provided that the exercise price of the New Warrants will be $0.125 per share, subject to adjustment in the New Warrants. Each New Warrant has a term of five years from the date of issuance. Each share of common stock, together with each warrant was sold at a price of $0.125. The warrants include down-round provisions that reduce the exercise price of a warrant and convertible instrument. As required by ASC 815 “Derivatives and Hedging”, if the Company either issues equity shares for a price that is lower than the exercise price of those instruments or issues new warrants or convertible instruments that have a lower exercise price, the investors will be entitled to down-round protection. The Company evaluated whether its warrants and convertible debt instruments contain provisions that protect holders from declines in its stock price or otherwise could result in modification of either the exercise price or the shares to be issued under the respective warrant agreements. The Company determined that a portion of its outstanding warrants and conversion instruments contained such provisions thereby concluding they were not indexed to the Company’s own stock and therefore a derivative instrument. The derivative liability was increased by $167,384 as a result of the issued warrants. On August 21, 2014, pursuant to the Warrant Amendment Agreement, the Company issued an aggregate of 9,829,455 shares of the Company’s common stock upon exercise of the Existing Warrants at an exercise price of $0.10 per share for aggregate gross proceeds of $982,945. An aggregate of 8,666,664 shares of our common stock issued upon exercise of the Existing Warrants. The derivative liability was reduced by $168,273 as a result of the warrants exercised. Pursuant to the engagement agreement dated March 12, 2014 with H.C. Wainwright & Co., LLC (“Wainwright”), Wainwright agreed to act as our exclusive placement agent in connection with the offering. Pursuant to the engagement agreement, the Company, we issued warrants to purchase an aggregate of 5.5% of the aggregate number of shares of our common stock sold in the offering, or 953,333, to Wainwright and its designees. These warrants have an exercise price of $0.1875 per share and expire on April 16, 2019. The warrants include down-round provisions that reduce the exercise price of a warrant and convertible instrument. As required by ASC 815 “Derivatives and Hedging”, if the Company either issues equity shares for a price that is lower than the exercise price of those instruments or issues new warrants or convertible instruments that have a lower exercise price, the investors will be entitled to down-round protection. The Company evaluated whether its warrants and convertible debt instruments contain provisions that protect holders from declines in its stock price or otherwise could result in modification of either the exercise price or the shares to be issued under the respective warrant agreements. The Company determined that a portion of its outstanding warrants and conversion instruments contained such provisions thereby concluding they were not indexed to the Company’s own stock and therefore a derivative instrument. The range of significant assumptions which the Company used to measure the fair value of warrant liabilities (a level 3 input) at April 24, 2014 is as follows: Conversion feature Stock price $ 0 .3275 Term (Years) Less than 1 Volatility 331% Exercise prices $ 0.43 Dividend yield 0% The range of significant assumptions which the Company used to measure the fair value of warrant liabilities (a level 3 input) at May 1, 2014 is as follows: Placement Agent Issuance Warrants Warrants Stock price $ 0.15 $ 0.15 Term (Years) 5 5 Volatility 306% 306% Exercise prices $ 0.15 $ 0.1875 Dividend yield 0% 0% The range of significant assumptions which the Company used to measure the fair value of warrant liabilities (a level 3 input) at August 20, 2014 is as follows: New Warrants Stock price $ 0.12 Term (Years) 5 Volatility 247% Exercise prices $ 0.125 Dividend yield 0% The range of significant assumptions which the Company used to measure the fair value of warrant liabilities (a level 3 input) at August 21, 2014 is as follows: Existing Warrants Stock price $ 0.17 Term (Years) 5 Volatility 247% Exercise prices $ 0.10 Dividend yield 0% The range of significant assumptions which the Company used to measure the fair value of warrant liabilities (a level 3 input) at March 31, 2015 is as follows: Warrants (including placement agent) Stock price $ 0.1081 Term (Years) 4 to 5 Volatility 148% Exercise prices $ 0.55 to 0.125 Dividend yield 0% The following table sets forth the fair value hierarchy within our financial assets and liabilities by level that were accounted for at fair value on a recurring basis as of May 1, 2014. Fair Value Measurement at May 1, 2014 Carrying Value at May 1, 2014 Level 1 Level 2 Level 3 Liabilities: Derivative warrant liability $ 216,236 $ - $ - $ 216,236 Derivative placement agent warrant liability $ 23,787 $ - $ - $ 23,787 Total derivative liability $ 240,023 $ - $ - $ 240,023 The following table sets forth the fair value hierarchy added to our financial liabilities by level that were accounted for at fair value on a recurring basis as of August 21, 2014. Fair Value Measurement at August 21, 2014 Carrying Value at August 21, 2014 Level 1 Level 2 Level 3 Liabilities: Derivative warrant liability $ 149,687 $ - $ - $ 149,687 The following table sets forth the fair value hierarchy within our financial assets and liabilities by level that were accounted for at fair value on a recurring basis as of December 31, 2014. Fair Value Measurement at December 31, 2014 Carrying Value at March 31, 2015 Level 1 Level 2 Level 3 Liabilities: Derivative convertible debt liability $ - $ - $ - $ - Derivative warrant liability $ 176,486 $ - $ - $ 176,486 Derivative warrants liability on $ 18,454 $ - $ - $ 18,454 Total derivative liability $ 194,940 $ - $ - $ 194,940 The Company analyzed the warrants and conversion feature under ASC 815 “Derivatives and Hedging” to determine the derivative liability. The Company estimated the fair value of these derivatives using a multinomial distribution (Lattice) valuation model. The fair value of these warrant liabilities at March 31, 2015 was $194,940 and the conversion feature liability was $0. At March 31, 2014 the fair value of these warrant liabilities was $209,320 and the conversion feature liability was $128,668. Changes in the derivative liability for the period ended March 31, 2015 consist of: Year Ended March 31, 2015 Derivative liability at March 31, 2014 $ 337,988 Redemption of convertible preferred stock (56,098 ) Warrants issued May 1, 2014 216,236 Placement agent warrants May 1, 2014 23,787 Exercise of Warrants August 21, 2014 (168,273 ) Insurance of warrants August 21, 2014 167,395 Change in derivative liability-mark to market (326,095) Derivative liability at March 31, 2015 $ 194,940 |
PREFERRED SHARES SUBJECT TO MAN
PREFERRED SHARES SUBJECT TO MANDATORY REDEMPTION | 12 Months Ended |
Mar. 31, 2015 | |
PREFERRED SHARES SUBJECT TO MANDATORY REDEMPTION [Text Block] | NOTE 7 – PREFERRED SHARES SUBJECT TO MANDATORY REDEMPTION Convertible preferred shares On November 7, 2013, the Company sold to certain institutional investors an aggregate of 500 shares of our 10% Series B Convertible Preferred Stock (“Series B Preferred Stock”) at a stated value of $1,000 per share of Series B Preferred Stock for gross proceeds of $500,000. Additionally the investors also received Series A, Series B and Series C common stock purchase warrants. The Series A warrants will be exercisable into 1,162,791 shares of our common stock at an exercise price of $0.55 per share, the Series B warrants will be exercisable into 1,162,791 shares of our common stock at an exercise price of $0.43 per share and the Series C warrants will be exercisable into 1,162,791 shares our common stock at an exercise price of $0.55 per share. Holders of the Series B Preferred Stock will be entitled to receive cumulative dividends at the rate per share (as a percentage of the stated value per share) of 10% per annum, payable semi-annually. Each share of the Series B Preferred Stock will be convertible at the option of the holder thereof into that number of shares of common stock determined by dividing the stated value of such share of the Series B Preferred Stock by the conversion price of $0.43, subject to later adjustment. On November 4, 2013, we also entered into a registration rights agreement with the investors pursuant to which we are obligated to file a registration statement to register the resale of the shares of common stock issuable upon conversion of the Series B Preferred Stock and upon exercise of the Warrants. Between April 16, 2014 and April 22, 2014, the holders of our Series B Preferred Stock exercised their right to have the Company redeem their shares whereby we redeemed 247.17 shares of Series B Preferred Stock for $303,839, which included accrued interest of $46,456 and a penalty for late registration of $10,212. The remaining portion of the Series B Preferred Stock, or 252.83 shares, was converted into 796,566 of our common shares at a conversion price of $0.3174 per share. Effective November 7, 2013, the Company issued common stock purchase warrants to the placement agent and its designees as compensation for the services provided by the placement agent in connection with our private placement of 500.00028 shares Series B Preferred Stock, which was completed on November 7, 2013. The warrants issued to the placement agent and its designees are exercisable into an aggregate of 116,279 shares of our common stock with an exercise price of $0.55 per share and have a term of exercise of five years. The Company issued the warrants to six accredited investors and paid certain transactional costs of $78,000. For the period ended December 31, 2014 the Company recorded $54,288 of amortization of the debt discount and deferred financing cost. The Series B Preferred Stock included down-round provisions that reduce the exercise price of a warrant and convertible instrument as required by ASC 815 “Derivatives and Hedging”. The aggregate of the derivative liability at issuance was $955,927, which was recorded as amortization of debt discount at issuance and amortized $360,082 cost over the redemption period. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 12 Months Ended |
Mar. 31, 2015 | |
STOCKHOLDERS EQUITY [Text Block] | NOTE 8 – STOCKHOLDERS’ EQUITY Preferred Shares On October 7, 2013, the Company amended its articles of incorporation to create 100,000,000 shares of preferred stock by filing a Certificate of Amendment to Articles of Incorporation with the Secretary of State of Nevada. The preferred stock may be divided into and issued in series, with such designations, rights, qualifications, preferences, limitations and terms as fixed and determined by our board of directors. Grant of Series A Preferred Stock On October 8, 2013, the Company issued a total of 20,000,000 shares of non-convertible Series A Preferred Stock to Steven A. Nickolas and Richard A. Wright ( 10,000,000 shares to each), our directors and executive officers, in consideration for the past services, at a deemed value of $0.001 per share. The company valued these shares based on the cost considering the time and average billing rate of these individuals and recorded a $20,000 stock compensation cost for the year ended March 31, 2014. Common Stock We are authorized to issue 1,125,000,000 shares of $0.001 par value common stock. On May 31, 2013, we effected a 15 -for- 1 forward stock split of our $0.001 par value common stock. All shares and per share amounts have been retroactively restated to reflect such split. Prior to the acquisition of Alkaline Water Corp., we had 109,500,000 shares of common stock issued and outstanding. On May 31, 2013, we issued 43,000,000 shares in exchange for a 100% interest in Alkaline Water Corp. For accounting purposes, the acquisition of Alkaline Water Corp. by The Alkaline Water Company Inc. has been recorded as a reverse acquisition of a company and recapitalization of Alkaline Water Corp. based on the factors demonstrating that Alkaline Water Corp. represents the accounting acquirer. Consequently, after the closing of this agreement we adopted the business of Alkaline Water Corp.’s wholly-owned subsidiary, Alkaline 88, LLC. As part of the acquisition, the former management of the Company agreed to cancel 75,000,000 shares of common stock. Sale of Restricted Shares On May 1, 2014, the Company completed the offering and sale of an aggregate of 17,333,329 shares of our common stock and warrants to purchase an aggregate of 8,666,665 shares of our common stock, for aggregate gross proceeds of $2,599,999. Each share of common stock the Company sold in the offering was accompanied by a warrant to purchase one-half of a share of common stock at an exercise price of $0.15 per share for a period of five years from the date of issuance. Each share of common stock, together with each warrant was sold at a price of $0.15. Pursuant to the engagement agreement dated March 12, 2014 with H.C. Wainwright & Co., LLC (“Wainwright”), Wainwright agreed to act as our exclusive placement agent in connection with the offering. Pursuant to the engagement agreement, the Company paid Wainwright a cash placement fee equal to 8% of the aggregate gross proceeds from the offering, or $208,000, and a non-accountable expense allowance equal to 1% of the aggregate gross proceeds from the offering, or $26,000. In addition, we issued warrants to purchase an aggregate of 5.5% of the aggregate number of shares of our common stock sold in the offering, or 953,333, to Wainwright and its designees. These warrants have an exercise price of $0.1875 per share and expire on April 16, 2019. On October 8, 2013, the Company issued an aggregate of 1,250,000 shares of our common stock to three investors in a non-brokered private placement, at a purchase price of $0.40 per share for gross proceeds of $500,000. In addition, the Company issued 1,250,000 warrants with an exercise price of $0.50 per share and 650,000 warrants with an exercise prices of $0.60 per share to a finder in connection with this private placement. Each unit consisted of one share purchase warrant entitling the holder to purchase, for a period of two years from issuance, one share of our common stock at an exercise price of $0.50 per share and one-half of one share purchase warrant, with each whole share purchase warrant entitling the holder to purchase, for a period of two years from issuance, one share of our common stock at an exercise price of $0.60 per share. On May 31, 2013, the Company sold 1,312,500 units at $0.40 per share for total cash of $525,000. Each unit consisted of one share of common stock, one warrant which entitles the holder to purchase one share of common stock for a period of 2 years with an exercise price of $0.50 per share, and 1/2 warrant which entitles the holder to purchase 1/2 share of common stock for a period of 2 years with an exercise price of $0.60 per share. On May 31, 2013, the Company converted principal amount of $225,000 and accrued interest of $4,870 into 574,675 units at $0.40 per share for total debt converted of $229,870. Each unit consisted of one share of common stock, one warrant which entitles the holder to purchase one share of common stock for a period of 2 years with an exercise price of $0.50 per share, and 1/2 warrant which entitles the holder to purchase 1/2 share of common stock for a period of 2 years with an exercise price of $0.60 per share. Common Stock Issued for Services On August 8, 2013, the Company entered into a service contract that included the issuance of 250,000 common shares. These shares were valued at fair value of $0.55 per share and have been charged as stock compensation to general and administrative expense. Effective October 10, 2013, the Company issued 200,000 shares of common stock to a consultant in consideration for services rendered by the consultant to our company. Between December 13, 2013 and December 20, 2013, the Company issued 170,000 common shares to consultants for services rendered. These shares were valued at fair value of $59,300 and have been charged as stock compensation to general and administrative expense. On December 20, 2013, the Company issued 65,000 common shares to employees for services rendered. These shares were valued at fair value of $0.327 per share and have been charged as stock compensation to general and administrative expense. Between January 2, 2014 and January 14, 2014, the Company issued 280,000 shares of common stock to various consultants in consideration for services rendered by the consultants to the company. These shares were valued at fair value of $76,500 and have been charged as stock compensation to general and administrative expense. On May 15, 2014, the Company issued 100,000 restricted common shares to consultant for services rendered and were valued at the market value on that date of $0.150 per share. On June 2, 2014, the Company issued 100,000 restricted common shares to consultant for services rendered and were valued at the market value on that date of $0.130 per share. On June 6, 2014, the Company issued 1,000,000 restricted common shares to consultant for services rendered and were valued at the market value on that date of $0.134 per share. On June 11, 2014, the Company issued 250,000 restricted common shares to consultant for services rendered and were valued at the market value on that date of $0.121 per share. On July 3, 2014, the Company entered into an agreement with a third-party to provide consulting services. The compensation in the agreement was $25,000 in cash upon execution of the agreement and the issuance of 350,000 of the Company’s common shares as follows: 175,000 common shares upon execution of the agreement, 70,000 common shares on or before July 15, 2014, 70,000 common shares on or before August 15, 2014 and 35,000 common shares on or before September 15, 2014. On August 1, 2014, the Company issued 1,000,000 common shares to a consultant for services rendered that were valued at the market value on that date of $0.175 per share. On August 7, 2014, the Company entered into an agreement with a third-party to provide consulting services. The compensation in the agreement was for 2,000,000 of the Company’s common shares to be issued as follows: 500,000 common shares on the date of the execution of the agreement, 500,000 common shares on the date that is 45 days from the execution date, 500,000 common shares on the date that is 90 days from the execution date, and 500,000 common shares on the date that is 135 days from the execution date. On September 2, 2014, the Company issued 50,000 common shares to consultant for services rendered that were valued at the market value on that date of $0.135 per share. On September 30, 2014, the Company issued 300,000 common shares to consultant for services rendered that were valued at the market value on that date of $0.108 per share. On October 1, 2014, the Company issued 40,000 common shares to consultant for services rendered that were valued at the market value on that date of $0.113 per share. On January 15, 2015, the Company issued 50,000 common shares to consultant for services rendered that were valued at the market value on that date of $0.07 per share. On February 18, 2015, the Company issued 1,225,000 common shares to consultants for services rendered that were valued at the market value on that date of $0.10 per share. On February 18, 2015, the Company issued 3,550,000 common shares to employees for services rendered that were valued at the market value on that date of $0.10 per share. |
OPTIONS AND WARRANTS
OPTIONS AND WARRANTS | 12 Months Ended |
Mar. 31, 2015 | |
OPTIONS AND WARRANTS [Text Block] | NOTE 9 – OPTIONS AND WARRANTS Stock Option Awards On October 9, 2013, the Company granted a total of 6,000,000 stock options to Steven A. Nickolas and Richard A. Wright ( 3,000,000 stock options to each). The stock options are exercisable at the exercise price of $0.605 per share for a period of ten years from the date of grant. The stock options vest as follows: (i) 1,000,000 upon the date of grant; and (ii) 500,000 per quarter until fully vested. On May 12, 2014, the Company granted a total of 820,000 stock options to employees and consultants. The stock options are exercisable at the exercise price of $0.15 per share for a period of ten years from the date of grant. 502,500 stock options vested upon the date of grant, 116,250 stock options vest on December 31, 2014, 116,250 stock options vest on December 31, 2014 and 85,000 stock options vest on December 31, 2014. On May 12, 2014, the Company granted a total of 1,200,000 stock options Steven A. Nickolas and Richard A. Wright ( 600,000 stock options to each). The stock options are exercisable at the exercise price of $0.165 per share for a period of ten years from the date of grant. 1,200,000 stock options vested upon the date of grant. On May 16, 2014, the Company granted a total of 250,000 stock options to a consultant. The stock options are exercisable at the exercise price of $0.143 per share for a period of ten years from the date of grant. 62,500 stock options vested upon the date of grant, 62,500 stock options vest on December 31, 2014, 62,500 stock options vest on December 31, 2014 and 62,500 stock options vest on December 31, 2014. On May 21, 2014, the Company granted a total of 6,000,000 stock options Steven A. Nickolas and Richard A. Wright ( 3,000,000 stock options to each). The stock options are exercisable at the exercise price of $0.1455 per share for a period of ten years from the date of grant. 3,000,000 stock options vested upon the date of grant and the 3,000,000 stock options will vest on November 21, 2014. On October 31, 2014, the Company amended the 2013 Equity Incentive Plan to, among other things, increase the number of shares of stock of the company available for the grant of awards under the plan from 20,000,000 shares to 35,000,000 shares. On October 31, 2014, the Company reduced the exercise price of an aggregate of 6,000,000 stock options granted on October 9, 2013 to Steven P. Nickolas and Richard A. Wright, our directors and executive officers, to $0.15 per share and extended the exercise date to October 9, 2023. On February 18, 2015, the Company reduced the exercise price of an aggregate of 1,600,000 stock options granted on to Steven P. Nickolas and Richard A. Wright, our directors and executive officers, to $0.115 per share an exercise date to February 18, 2020, with vested immediately. On February 18, 2015, the Company granted a total of 1,300,000 stock options to employees and consultants. The stock options are exercisable at the exercise price of $0.10 per share for a period of ten years from the date of grant. 887,500 stock options vested by March 31, 2015, 137,500 stock options vest on June 30, 2015, 137,500 stock options vest on September 30, 2015 and 137,500 stock options vest on December 31, 2015. For the period ended March 31, 2015 and March 31, 2014, the Company has recognized compensation expense of $2,428,782 and $2,225,736, respectively, on the stock options granted that vested. The fair value of the unvested shares is $0 as of March 31, 2015. The aggregate intrinsic value of these options was $38,735 at March 31, 2015. Stock option activity summary covering options is presented in the table below: Weighted- Weighted- Average Average Remaining Number of Exercise Contractual Shares Price Term (years) Outstanding at March 31, 2014 6,000,000 $ 0.61 8.8 Granted 17,352,000 $ 0.14 9.1 Exercised (182,000 ) $ 0.01 9.5 Expired/Forfeited (6,000,000 ) $ - 8.5 Outstanding at March 31, 2015 17,170,000 $ 0.14 8.5 Exercisable at March 31, 2015 16,907,500 $ 0.14 8.5 Warrants The following is a summary of the status of all of our warrants as of March 31, 2015 and changes during the twelve months ended on that date: Weighted- Number Average of Warrants Exercise Price Outstanding at March 31, 2014 8,310,415 $ 0.52 Granted 29,249,253 0.13 Exercised (14,529,256 ) (0.31 ) Cancelled - 0.00 Outstanding at March 31, 2015 23,030,412 0.14 Warrants exercisable at March 31, 2015 21,313,672 $ 0.14 The following table summarizes information about stock warrants outstanding and exercisable at March 31, 2015: STOCK WARRANTS OUTSTANDING AND EXERCISABLE Weighted- Average Number of Remaining Warrants Contractual Exercise Price Outstanding Life in Years $0.1000 3,383,260 4.9 $0.1250 16,245,995 4.0 $0.1875 953,333 4.1 $0.2500 2,325,582 1.8 $0.5500 116,279 2.4 $0.6000 5,963 .3 The Company agreed to reduce the exercise price of certain existing warrants to $0.10 per share in consideration for the immediate exercise of the existing warrants by the holders. As consideration, the holders were issued new common stock purchase warrants of the Company to purchase up to a number of shares of our common stock equal to the number of existing warrants exercised by the holders, provided that the exercise price of the new warrants will be $0.125 per share. On August 21, 2014, pursuant to a Warrant Amendment Agreement, the Company issued an aggregate of 9,829,455 shares of the Company’s common stock upon the exercise of Existing Warrants at an exercise price of $0.10 per share for aggregate gross proceeds of $982,945. Simultaneously, the Company issued new warrants to purchase an aggregate of 9,829,455 shares of our common stock with a term of 5 years and exercise price of $0.125 per warrant share. The Company recorded this issuance in additional paid-in capital. On October 7, 2014, pursuant to a Warrant Amendment Agreement, the Company issued an aggregate of 4,699,800 shares of the Company’s common stock upon exercise of the Existing Warrants at an exercise price of $0.10 per share for aggregate gross proceeds of $469,980. Simultaneously, the Company issued new warrants to purchase an aggregate of 4,699,800 shares of our common stock with a term of 5 years and exercise price of $0.125 per warrant share. The Company recorded this issuance in additional paid-in capital. On October 22, 2014, the Company entered into a master lease agreement with Veterans Capital Fund, LLC (the “Lessor”) for the secured lease line of credit financing in an amount not to exceed $600,000. The lease is expected to be secured by three new alkaline generating electrolysis system machines. Our wholly-owned subsidiary, Alkaline 88, LLC, and Water Engineering Solutions, LLC acted as co-lessees. Water Engineering Solutions, LLC is an entity that is controlled and owned by our President, Chief Executive Officer, director and major stockholder, Steven P. Nickolas, and our Vice-President, Secretary, Treasurer and director, Richard A. Wright. Pursuant to the master lease agreement, the Lessor agreed to lease to us the equipment described in any equipment schedule signed by us and approved by the Lessor. It is expected that any lease under the master lease agreement will be structured for a three year lease term with fixed monthly lease rental payments based on a monthly lease rate factor of 3.4667% of the Lessor’s capital cost. In connection with the entering into the master lease agreement, the Company also entered into a warrant agreement with the Lessor, pursuant to which the Company agreed to issue a warrant to purchase 3,600,000 shares of our common stock to the Lessor and/or its affiliates at an exercise price of $0.125 per share for a period of five years. 900,000 shares vested. On February 25, 2015, the Company amended the master lease agreement with Veterans Capital Fund, LLC for the increase in the secured lease line of credit financing to an amount not to exceed $800,000. The lease was secured by new alkaline generating electrolysis system machines by our wholly-owned subsidiary, Alkaline 88, LLC, and Water Engineering Solutions, LLC. Water Engineering Solutions, LLC is an entity that is controlled and owned by our President, Chief Executive Officer, director and major stockholder, Steven P. Nickolas, and our Vice-President, Secretary, Treasurer and director, Richard A. Wright. Pursuant to the master lease agreement, the Lessor agreed to lease to us the equipment described in any equipment schedule signed by us and approved by the Lessor. It is expected that any lease under the master lease agreement will be structured for a three year lease term with fixed monthly lease rental payments based on a monthly lease rate factor of 3.4667% of the Lessor’s capital cost. In connection with the entering into the master lease agreement, the Company entered into a warrant agreement with the Lessor, pursuant to which the Company agreed to cancel the previous issued warrant for 3,600,000 and issue a warrant to purchase 5,100,000 shares of our common stock to the Lessor and/or its affiliates at an exercise price of $0.10 per share for a period of five years. 900,000 shares vested on October 22, 2014, 665,822 shares on October 28, 2014, 680,277 shares on December 22, 2014, 347,271 shares on February 3, 2015 and 789,940 shares on March 5, 2015. The remaining 905,267 shares will vest on a pro rata basis according to any mounts the Lessor funds pursuant to any lease schedules under the master lease agreement, provided that if we draw on 90% or more of the total lease line under the master lease agreement, then all such shares will be deemed to be vested. The Company recorded the bifurcated value of $309,028 of the warrants issued as additional paid in capital, the value was determine using a Black-Scholes, a level 3 valuation measure. The fair value of the warrants granted during the period ended December 31, 2014 was estimated at the date of master lease agreement using the Black-Scholes option-pricing model and a level 3 valuation measure, with the following assumptions: Market value of stock on grant date $ 0.1245 Risk-free interest rate (1) 1.47% Dividend yield 0.00% Volatility factor 165% Weighted average expected life (years) (2) 5 Expected forfeiture rate 0.00% The Company evaluated these warrants under (ASC) 870-20 “Debt with Conversion and other Options” and concluded that these leases were debt instruments with detachable warrants. The Company recorded a reduction in capital leases liability based on the bifurcated relative fair value of the vested warrants of $309,028 and the related capital lease payable. The Company will amortize over the terms of the lease. For the period ended March 31, 2015 the Company amortized $43,148 as interest expense related to capital lease discount cost on these warrants. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2015 | |
RELATED PARTY TRANSACTIONS [Text Block] | NOTE 10 – RELATED PARTY TRANSACTIONS On October 31, 2014, the Company amended the 2013 Equity Incentive Plan to, among other things, increase the number of shares of stock of the Company available for the grant of awards under the plan from 20,000,000 shares to 35,000,000 shares. On October 31, 2014, the Company reduced the exercise price of an aggregate of 6,000,000 stock options granted to Steven P. Nickolas and Richard A. Wright, our directors and executive officers, to $0.15 per share as noted below: New Exercise Old Exercise Price per Number of Stock Name of Optionee Grant Date Price per Share Share Expiration Date Options Steven P. Nickolas October 9, 2013 $ 0.605 $ 0.15 October 9, 2023 3,000,000 Richard A. Wright October 9, 2013 $ 0.605 $ 0.15 October 9, 2023 3,000,000 On May 21, 2014, the Company granted a total of 6,000,000 stock options Steven A. Nickolas and Richard A. Wright ( 3,000,000 stock options to each). The stock options are exercisable at the exercise price of $0.1455 per share for a period of ten years from the date of grant. 3,000,000 stock options vested upon the date of grant and 3,000,000 stock options will vest on November 21, 2014. On October 9, 2013, the Company granted a total of 6,000,000 stock options to Steven A. Nickolas and Richard A. Wright ( 3,000,000 stock options to each). The stock options are exercisable at the exercise price of $0.605 per share for a period of ten years from the date of grant. The stock options vest as follows: (i) 1,000,000 upon the date of grant; and (ii) 500,000 per quarter until fully vested. On October 8, 2013, the Company issued a total of 20,000,000 shares of non-convertible Series A Preferred Stock to Steven A. Nickolas and Richard A. Wright ( 10,000,000 shares to each), our directors and executive officers, in consideration for the past services, at a deemed value of $0.001 per share. We valued these shares based on the cost considering the time and average billing rate of these individuals and recorded a $20,000 stock compensation cost for the year ended March 31, 2014. On April 2, 2014, the Company entered into a sale-leaseback transaction with Water Engineering Solutions LLC, an entity that is controlled and owned by an officer, director and shareholder, for specialized equipment with an original cost of $208,773 and that was acquired in August 2013. The Company received proceeds of $188,000 in April 2014. The lease terms are 60 monthly payments of $3,812, payable 30 days after installation of the equipment and a purchase option of $1.00. The Company recorded a loss on sales leaseback of $20,773. As of March 31, 2014, the Company had $0 in equipment deposits with an entity that is controlled and owned by an officer, director and shareholder of the Company. During the year ended March 31, 2014, the Company provided $201,900 of deposits on equipment used to produce our alkaline water to an entity that is controlled and owned by an officer, director and shareholder of the Company. During the month of March 2014, these funds were returned to the Company. During the year ended March 31, 2014 the Company acquired equipment of $208,773 and $10,287 from an entity that is controlled and majority-owned by an officer, director and shareholder of the Company. On January 17, 2014 the Company entered into an equipment lease with Water Engineering Solutions LLC, an entity that is controlled and owned by an officer, director and shareholder, for specialized equipment used to make our alkaline water totaling $190,756 and agreed to a 60 -month term at $2,512 per month and a final payment of $28,585. On February 12, 2014 the Company amended this lease, as noted above, with equipment deposits of $201,900 being returned to the Company. In addition the lease terms were amended to 60 monthly payments of $3,864, payable 30 days after installation of the equipment and a purchase option of $1.00. On August 1, 2013, the Company entered into a 3 -year sub-lease agreement requiring a monthly payment of $2,085 for office space in Scottsdale, Arizona, with a basic monthly lease increase of 8% and 7% on each anniversary date. The Company or the landlord can cancel the lease with 30 days’ notice. The sub-lessor is an entity owned by the Company’s Chief Executive Officer and President. Under the terms of the exclusive manufacturing agreement entered into on April 15, 2013 between the Company and Water Engineering Solutions LLC, a related party, the Company paid $690,000 on May 1 2014 for specialized equipment used in the production of our alkaline water. Under this agreement, the Company paid deposits on equipment as follows: May 1, 2014 $690,000, June 27, 2014 $21,500, July 1, 2014 $115,000, August 7, 2014 $10,000, August 5, 2014 $5,000, August 19, 2014 $2,000, August 22, 2014 $100,000, October 14, 2014 $70,000, November 4, 2014 $7,676 and November 7, 2014 $5,002. The Company received equipment valued at $278,769 and reduced the deposit on equipment. Water Engineering Solutions, LLC is an entity that is controlled and majority owned by Steven P. Nickolas and Richard A. Wright for the production of our alkaline water. During the year ended March 31, 2014, the Company had a total of $62,092, in general and administrative expenses with related parties. Of that total for year ended March 31, 2014, $33,592 was consulting fees to an officer, director and shareholder of the Company, $12,000 was rent to an entity that is controlled and owned by an officer, director and shareholder of the Company and $16,500 was professional fees to an entity that is controlled and owned by an officer, director and shareholder. During the year ended March 31, 2014, the Company recorded as other related party income a total of $40,029 to an entity that is controlled and owned by an officer, director and shareholder of the Company. The income reflects the Company’s estimate of vehicle rent and labor of an employee when utilized by the related party. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2015 | |
INCOME TAXES [Text Block] | NOTE 11 – INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recorded the valuation allowance due to the uncertainty of future realization of federal and state net operating loss carryforwards. The deferred income tax assets are comprised of the following at March 31: 2015 2014 Deferred income tax assets: $ 1,270,000 $ 260,000 Valuation allowance (1,270,000 ) (260,000 ) Net total $ - $ - At March 31, 2015, the Company had net operating loss carryforwards of approximately $3,190,000 and net operating loss carryforwards expire in 2023 through 2034. The valuation allowance was increased by $1,010,000 during the year ended March 31, 2015. The current income tax benefit of $1,270,000 and $260,000 generated for the years ended March 31, 2015 and 2014, respectively, was offset by an equal increase in the valuation allowance. The valuation allowance was increased due to uncertainties as to the Company’s ability to generate sufficient taxable income to utilize the net operating loss carryforwards and other deferred income tax items. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. As of March 31, 2015, the Company has no unrecognized uncertain tax positions, including interest and penalties. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 12 – COMMITMENTS AND CONTINGENCIES Leases The Company has long-term leases for its offices under cancelable operating leases from August 1, 2013 through July 31, 2016. At March 31, 2014, future minimum contractual obligations were as follows: Facilities Equipment Year ending March 31, 2016 $ 56,333 $ 10,436 Year ending March 31, 2017 94,293 10,436 Year ending March 31, 2018 87,648 4,348 Year ending March 31, 2018 42,000 - Total Minimum Lease Payments: $ 280,274 $ 25,220 On October 3, 2014, the Company entered into a 3 -year sub-lease agreement requiring a monthly payment of $5,000 for office space in Scottsdale, Arizona, with a basic monthly lease increase to $6,000 per month in second year of the lease and to $7,000 per month in the third year of the lease. The Company shall have the option to extend this lease for one (1) additional three (3) year term for increased monthly rent. On August 1, 2013 the Company entered into a 3 -year sub-lease agreement requiring a monthly payment of $2,085 for office space in Scottsdale, Arizona, with a basic monthly lease increase of 8% and 7% on each anniversary date. The Company or the landlord can cancel the lease with 30 days’ notice. The sub-lessor is an entity owned by the Company’s Chief Executive Officer and President. On August 2, 2013 the Company entered into a 4 -year lease agreement for certain office equipment requiring a monthly payment of $870. |
CAPITAL LEASE
CAPITAL LEASE | 12 Months Ended |
Mar. 31, 2015 | |
CAPITAL LEASE [Text Block] | NOTE 13 – CAPITAL LEASE On January 17, 2014, the Company entered into an equipment lease with Water Engineering Solutions LLC, an entity that is controlled and owned by an officer, director and shareholder, for specialized equipment used to make our alkaline water with a stated value of $190,756 and agreed to a 60 month term at $3,864 per month and a purchase option of $1 which commenced on May 1, 2014. On April 2, 2014, the Company entered into a capital lease agreement with Water Engineering Solutions LLC, an entity that is controlled and owned by an officer, director and shareholder, for specialized equipment used to make our alkaline water with a stated value of $188,000, terms of 60 monthly payments of $3,812, payable 30 days after installation of the equipment and a purchase option of $1.00 which commenced on July 1, 2014. On October 22, 2014 the Company agreed to purchase the specialized equipment use to make our alkaline water that were previously reflected as capital lease on January 17, 2014 and April 2, 2014. During the quarter ended December 31, 2014, the Company purchased these capital leases of specialized equipment for $347,161, the lease liability on the date of purchase. On October 22, 2014, the Company entered into a master lease agreement with Veterans Capital Fund, LLC (the “Lessor”) for the secured lease line of credit financing in an amount not to exceed $600,000. The lease is expected to be secured by three new alkaline generating electrolysis system machines. Our wholly-owned subsidiary, Alkaline 88, LLC, and Water Engineering Solutions, LLC acted as co-lessees. Water Engineering Solutions, LLC is an entity that is controlled and owned by our President, Chief Executive Officer, director and major stockholder, Steven P. Nickolas, and our Vice-President, Secretary, Treasurer and director, Richard A. Wright. Pursuant to the master lease agreement, the Lessor agreed to lease to us the equipment described in any equipment schedule signed by us and approved by the Lessor. It is expected that any lease under the master lease agreement will be structured for a three year lease term with fixed monthly lease rental payments based on a monthly lease rate factor of 3.4667% of the Lessor’s capital cost. In connection with the entering into the master lease agreement, the Company also entered into a warrant agreement with the Lessor, pursuant to which the Company agreed to issue a warrant to purchase 3,600,000 shares of our common stock to the Lessor and/or its affiliates at an exercise price of $0.125 per share for a period of five years. 900,000 shares vested. On February 25, 2015, the Company amended the master lease agreement with Veterans Capital Fund, LLC for the increase in the secured lease line of credit financing to an amount not to exceed $800,000. The lease was secured by new alkaline generating electrolysis system machines by our wholly-owned subsidiary, Alkaline 88, LLC, and Water Engineering Solutions, LLC. Water Engineering Solutions, LLC is an entity that is controlled and owned by our President, Chief Executive Officer, director and major stockholder, Steven P. Nickolas, and our Vice-President, Secretary, Treasurer and director, Richard A. Wright. Pursuant to the master lease agreement, the Lessor agreed to lease to us the equipment described in any equipment schedule signed by us and approved by the Lessor. It is expected that any lease under the master lease agreement will be structured for a three year lease term with fixed monthly lease rental payments based on a monthly lease rate factor of 3.4667% of the Lessor’s capital cost. In connection with the entering into the master lease agreement, the Company entered into a warrant agreement with the Lessor, pursuant to which the Company agreed to cancel the previous issued warrant for 3,600,000 and issue a warrant to purchase 5,100,000 shares of our common stock to the Lessor and/or its affiliates at an exercise price of $0.10 per share for a period of five years. 900,000 shares vested on October 22, 2014, 665,822 shares on October 28, 2014, 680,277 shares on December 22, 2014, 347,271 shares on February 3, 2015 and 789,940 shares on March 5, 2015. The remaining 905,267 shares will vest on a pro rata basis according to any mounts the Lessor funds pursuant to any lease schedules under the master lease agreement, provided that if we draw on 90% or more of the total lease line under the master lease agreement, then all such shares will be deemed to be vested. The Company recorded the bifurcated value of $309,028 of the warrants issued as additional paid in capital, the value was determine using a Black-Scholes, a level 3 valuation measure. During the year ended March 31, 2015 the Company agreed to lease the specialized equipment used to make our alkaline water with a value of $735,781 under the above Master Lease agreement. The Company evaluated this lease under (ASC) 840-30 “Leases- Capital Leases” and concluded that these lease where a capital asset. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2015 | |
SUBSEQUENT EVENTS [Text Block] | NOTE 14 – SUBSEQUENT EVENTS On April 7, 2015, the Company issued 2,000,000 restricted common shares to consultant for services rendered that were valued at the market value on that date of $0.07 per share. On April 10, 2015, the Company issued 1,500,000 restricted common shares to consultant for services rendered that were valued at the market value on that date of $0.097 per share. On April 27, 2015, the Company issued 2,000,000 restricted common shares to consultant for services rendered that were valued at the market value on that date of $0.08 per share. On May 1, 2015, the Company issued 250,000 restricted common shares to consultant for services rendered that were valued at the market value on that date of $0.08 per share. On May 6, 2015, the Company issued 3,000,000 restricted common shares to consultant for services rendered that were valued at the market value on that date of $0.097 per share. On May 22, 2015, the Company issued 1,000,000 restricted common shares to consultant for services rendered that were valued at the market value on that date of $0.079 per share. In consideration for the consulting services to be rendered to our company pursuant to a consulting agreement effective as of April 7, 2015, we issued 2,000,000 shares of our common stock to a consultant effective as of April 7, 2015. The issuance of these shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933. In consideration for the consulting services to be rendered to our company pursuant to a service agreement effective as of April 10, 2015, we issued 1,500,000 shares of our common stock to a consultant effective as of April 10, 2015 and agreed to issue up to an additional 1,500,000 shares of our common stock upon the 180th day anniversary of the service agreement. The issuance of these shares was and will be exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933. In consideration for the consulting services to be rendered to our company pursuant to a consulting agreement effective as of May 1, 2015, we issued an aggregate of 250,000 shares of our common stock to a consultant effective as of May 1, 2015. The issuance of these shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933. On May 7, 2015, we sold 1,428,571 units of our securities at a price of $0.07 per unit for gross proceeds of $100,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On May 8, 2015, we sold 714,286 units of our securities at a price of $0.07 per unit for gross proceeds of $50,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On May 11, 2015, we entered into a securities purchase agreement with Assurance Funding Solutions LLC, pursuant to which we sold a secured term note of our company in the aggregate principal amount of $250,000, together with 1,000,000 shares of our common stock, in consideration for $250,000. The secured term note bears interest at the rate of 15% per annum and matures on May 11, 2016. We may prepay the note by paying the holder 110% of the principal amount outstanding together with accrued but unpaid interest thereon, provided that we provide written notice to the holder at least 30 days prior to the date of prepayment. Pursuant to the securities purchase agreement, we paid Assurance Funding Solutions LLC $10,000 for legal fees incurred by it and granted it piggyback registration rights. In connection with the securities purchase agreement, we also entered into a general security agreement dated May 11, 2015 with Assurance Funding Solutions LLC. The issuance and sale of securities by us under the securities purchase agreement with Assurance Funding Solutions LLC was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933 and Rule 506 promulgated thereunder. On June 11, 2015, we sold 714,286 units of our securities at a price of $0.07 per unit for gross proceeds of $50,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On June 19, 2015, we sold 2,582,857 units of our securities at a price of $0.07 per unit for gross proceeds of $180,800. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On June 26, 2015, we sold 714,286 units of our securities at a price of $0.07 per unit for gross proceeds of $50,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On June 29, 2015, we sold 714,286 units of our securities at a price of $0.07 per unit for gross proceeds of $50,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On June 30, 2015, we sold 714,286 units of our securities at a price of $0.07 per unit for gross proceeds of $50,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On June 30 2015, we sold 357,143 units of our securities at a price of $0.07 per unit for gross proceeds of $25,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On June 30, 2015, we sold 357,143 units of our securities at a price of $0.07 per unit for gross proceeds of $25,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On June 30, 2015, we sold 357,143 units of our securities at a price of $0.07 per unit for gross proceeds of $25,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On July 1, 2015, we sold 357,143 units of our securities at a price of $0.07 per unit for gross proceeds of $25,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On July 2, 2015, we sold 500,000 units of our securities at a price of $0.07 per unit for gross proceeds of $35,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. On July 6, 2015, we sold 357,143 units of our securities at a price of $0.07 per unit for gross proceeds of $25,000. Each unit consists of one share of our common stock and one non-transferable common stock purchase warrant, with each common stock purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.10 per share for a period of two years. We issued the securities to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) relying on Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Basis of presentation [Policy Text Block] | Basis of presentation The audited consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in U.S. dollars, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. |
Principles of consolidation [Policy Text Block] | Principles of consolidation For the period from June 19, 2012 to March 31, 2015, the consolidated financial statements include the accounts of Alkaline Water Corp. (an Arizona Corporation) and Alkaline 88 LLC (formerly Alkaline 84, LLC) (an Arizona Limited Liability Company). For the period from April 1, 2013 to March 31, 2015, the consolidated financial statements include the accounts of The Alkaline Water Company Inc. (a Nevada Corporation), Alkaline Water Corp. (an Arizona Corporation) and Alkaline 88, LLC (an Arizona Limited Liability Company). All significant intercompany balances and transactions have been eliminated. The Alkaline Water Company Inc. (a Nevada Corporation), Alkaline Water Corp. (an Arizona Corporation) and Alkaline 88, LLC (an Arizona Limited Liability Company) will be collectively referred herein to as the “Company”. Any reference herein to “The Alkaline Water Company Inc.”, the “Company”, “we”, “our” or “us” is intended to mean The Alkaline Water Company Inc., including the subsidiaries indicated above, unless otherwise indicated. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of three months or less to be considered cash equivalents. The carrying value of these investments approximates fair value. The Company had $90,113 and $2,665 in cash and cash equivalents at March 31, 2015 and 2014, respectively. |
Accounts Receivable and Allowance for Doubtful Accounts [Policy Text Block] | Accounts receivable are periodically evaluated for collectability based on past credit history with clients. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions. |
Inventory [Policy Text Block] | Inventory Inventory represents raw and blended chemicals and other items valued at the lower of cost or market with cost determined using the weight average method which approximates first-in first-out method, and with market defined as the lower of replacement cost or realizable value. As of March 31, 2015 and 2014, inventory consisted of the following: 2015 2014 Raw materials $ 145,329 $ 24,022 Finished goods 48,026 33,943 Total inventory $ 193,355 $ 57,965 |
Property and equipment [Policy Text Block] | Property and equipment The Company records all property and equipment at cost less accumulated depreciation. Improvements are capitalized while repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful life of the assets or the lease term, whichever is shorter. Depreciation periods are as follows for the relevant fixed assets: Equipment 5 years Equipment under capital lease 3 years or term of the lease |
Stock-based compensation [Policy Text Block] | Stock-based Compensation The Company accounts for stock-based compensation to employees in accordance with FASB ASC 718. Stock-based compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of stock-based payments using the Black-Scholes option-pricing model for common stock options and warrants and the closing price of the Company’s common stock for common share issuances. |
Advertising [Policy Text Block] | Advertising Advertising costs are charged to operations when incurred. Advertising expenses for the years ended March 31, 2015 and 2014 were $499,978 and $160,464, respectively. |
Revenue recognition [Policy Text Block] | Revenue recognition The Company recognizes revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount to be paid by the customer is fixed or determinable; and (4) the collection of such amount is probable. The Company records revenue when it is realizable and earned upon shipment of the finished products. The Company does not accept returns due to the nature of the product. However, we will provide credit to our customers for damaged goods. |
Fair Value Measurements [Policy Text Block] | Fair Value Measurements The valuation of our embedded derivatives and warrant derivatives are determined primarily by the multinomial distribution (Lattice) model. An embedded derivative is a derivative instrument that is embedded within another contract, which under the convertible note (the host contract) includes the right to convert the note by the holder, certain default redemption right premiums and a change of control premium (payable in cash if a fundamental change occurs). In accordance with Accounting Standards Codification ("ASC") 815 “ Accounting for Derivative Instruments and Hedging Activities” Level 1 unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. Level 2 inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Level 3 unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. To determine the fair value of our embedded derivatives, management evaluates assumptions regarding the probability of certain future events. Other factors used to determine fair value include our period end stock price, historical stock volatility, risk free interest rate and derivative term. The fair value recorded for the derivative liability varies from period to period. This variability may result in the actual derivative liability for a period either above or below the estimates recorded on our consolidated financial statements, resulting in significant fluctuations in other income (expense) because of the corresponding non-cash gain or loss recorded. |
Concentration [Policy Text Block] | Concentration The Company has 4 major customers that together account for 64% ( 23%, 18%, 12% and 11%, respectively) of accounts receivable at March 31, 2015, and 3 customers that together account for 47% ( 14%, 12%, and 11%, respectively) of the total revenues earned for the year ended March 31, 2015. The Company has 5 vendors that accounted for 77% ( 19%, 16%, 16%, 15% and 11%, respectively) of purchases for the year ended March 31, 2015. The Company has 3 major customers that together account for 60% ( 18%, 14%, 14% and 14%, respectively) of accounts receivable at March 31, 2014, and 5 customers that together account for 66% ( 20%, 16%, 15%, 8% and 6%, respectively) of the total revenues earned for the year ended March 31, 2014. The Company has 3 vendors that accounted for 56% ( 29%, 14%, and 13%, respectively) of purchases for the year ended March 31, 2014. |
Income Taxes [Policy Text Block] | Income Taxes In accordance with ASC 740 “ Accounting for Income Taxes |
Basic and Diluted Loss Per Share [Policy Text Block] | Basic and Diluted Loss Per Share Basic and diluted earnings or loss per share (“EPS”) amounts in the consolidated financial statements are computed in accordance Accounting Standard Codification (ASC) 260 – 10 “ Earnings per Share |
Business Segments [Policy Text Block] | Business Segments The Company operates on one segment in one geographic location the United States of America and, therefore, segment information is not presented. |
Fair value of financial instruments [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of the company’s financial instruments including accounts payable, accrued expenses, and notes payable approximate fair value due to the relative short period for maturity these instruments. |
Environmental Costs [Policy Text Block] | Environmental Costs Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company’s commitments to a plan of action based on the then known facts. The Company incurred no environmental expenses during the years ended March 31, 2015 and 2014, respectively. |
Reclassification [Policy Text Block] | Reclassification Certain accounts in the prior period were reclassified to conform to the current period financial statements presentation. |
Recent pronouncements [Policy Text Block] | Recent pronouncements In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage that in prior years it had been in the development stage. The Company early adopt ASU No. 2014-10 during the second quarter of the year ended March 31, 2015. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements— Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. Currently, there is no guidance under U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). For the period ended December 31, 2014, management evaluated the Company’s ability to continue as a going concern and concluded that substantial doubt has not been alleviated about the Company’s ability to continue as a going concern. While the Company continues to explore further significant sources of financing, management’s assessment was based on the uncertainty related to the amount and nature of such financing over the next twelve months. The Company has evaluated other recent accounting pronouncements through June 2015 and believes that none of them will have a material effect on our financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Schedule of Accounts Receivable [Table Text Block] | 2015 2014 Trade receivables $ 426,862 $ 176,404 Less: Allowance for doubtful accounts (10,889 ) (10,000 ) Net accounts receivable $ 416,373 $ 166,404 |
Schedule of Inventory, Current [Table Text Block] | 2015 2014 Raw materials $ 145,329 $ 24,022 Finished goods 48,026 33,943 Total inventory $ 193,355 $ 57,965 |
Straight-line Method of Depreciation [Table Text Block] | Equipment 5 years Equipment under capital lease 3 years or term of the lease |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Schedule of Property, Plant and Equipment [Table Text Block] | March 31, 2015 March 31, 2014 Machinery and Equipment $ 625,766 $ 273,597 Machinery under Capital Lease 735,781 - Office Equipment 53,631 53,631 Leasehold Improvements 3,979 3,979 Less: Accumulated Depreciation (219,257 ) (44,221 Fixed Assets, net $ 1,199,900 $ 286,986 |
DERIVATIVE LIABILITY (Tables)
DERIVATIVE LIABILITY (Tables) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2014 | Aug. 21, 2014 | Aug. 20, 2014 | May. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2015 | |
Schedule of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions [Table Text Block] | Existing Warrants Stock price $ 0.17 Term (Years) 5 Volatility 247% Exercise prices $ 0.10 Dividend yield 0% | New Warrants Stock price $ 0.12 Term (Years) 5 Volatility 247% Exercise prices $ 0.125 Dividend yield 0% | Placement Agent Issuance Warrants Warrants Stock price $ 0.15 $ 0.15 Term (Years) 5 5 Volatility 306% 306% Exercise prices $ 0.15 $ 0.1875 Dividend yield 0% 0% | Conversion feature Stock price $ 0 .3275 Term (Years) Less than 1 Volatility 331% Exercise prices $ 0.43 Dividend yield 0% | Warrants (including placement agent) Stock price $ 0.1081 Term (Years) 4 to 5 Volatility 148% Exercise prices $ 0.55 to 0.125 Dividend yield 0% | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value Measurement at December 31, 2014 Carrying Value at March 31, 2015 Level 1 Level 2 Level 3 Liabilities: Derivative convertible debt liability $ - $ - $ - $ - Derivative warrant liability $ 176,486 $ - $ - $ 176,486 Derivative warrants liability on $ 18,454 $ - $ - $ 18,454 Total derivative liability $ 194,940 $ - $ - $ 194,940 | Fair Value Measurement at August 21, 2014 Carrying Value at August 21, 2014 Level 1 Level 2 Level 3 Liabilities: Derivative warrant liability $ 149,687 $ - $ - $ 149,687 | Fair Value Measurement at May 1, 2014 Carrying Value at May 1, 2014 Level 1 Level 2 Level 3 Liabilities: Derivative warrant liability $ 216,236 $ - $ - $ 216,236 Derivative placement agent warrant liability $ 23,787 $ - $ - $ 23,787 Total derivative liability $ 240,023 $ - $ - $ 240,023 | |||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Year Ended March 31, 2015 Derivative liability at March 31, 2014 $ 337,988 Redemption of convertible preferred stock (56,098 ) Warrants issued May 1, 2014 216,236 Placement agent warrants May 1, 2014 23,787 Exercise of Warrants August 21, 2014 (168,273 ) Insurance of warrants August 21, 2014 167,395 Change in derivative liability-mark to market (326,095) Derivative liability at March 31, 2015 $ 194,940 |
OPTIONS AND WARRANTS (Tables)
OPTIONS AND WARRANTS (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted- Weighted- Average Average Remaining Number of Exercise Contractual Shares Price Term (years) Outstanding at March 31, 2014 6,000,000 $ 0.61 8.8 Granted 17,352,000 $ 0.14 9.1 Exercised (182,000 ) $ 0.01 9.5 Expired/Forfeited (6,000,000 ) $ - 8.5 Outstanding at March 31, 2015 17,170,000 $ 0.14 8.5 Exercisable at March 31, 2015 16,907,500 $ 0.14 8.5 |
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | Weighted- Number Average of Warrants Exercise Price Outstanding at March 31, 2014 8,310,415 $ 0.52 Granted 29,249,253 0.13 Exercised (14,529,256 ) (0.31 ) Cancelled - 0.00 Outstanding at March 31, 2015 23,030,412 0.14 Warrants exercisable at March 31, 2015 21,313,672 $ 0.14 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | STOCK WARRANTS OUTSTANDING AND EXERCISABLE Weighted- Average Number of Remaining Warrants Contractual Exercise Price Outstanding Life in Years $0.1000 3,383,260 4.9 $0.1250 16,245,995 4.0 $0.1875 953,333 4.1 $0.2500 2,325,582 1.8 $0.5500 116,279 2.4 $0.6000 5,963 .3 |
Schedule of Share-based Payment Award, Warrants, Valuation Assumptions [Table Text Block] | Market value of stock on grant date $ 0.1245 Risk-free interest rate (1) 1.47% Dividend yield 0.00% Volatility factor 165% Weighted average expected life (years) (2) 5 Expected forfeiture rate 0.00% |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Schedule of Stock Options for Directors and Executive Officers [Table Text Block] | New Exercise Old Exercise Price per Number of Stock Name of Optionee Grant Date Price per Share Share Expiration Date Options Steven P. Nickolas October 9, 2013 $ 0.605 $ 0.15 October 9, 2023 3,000,000 Richard A. Wright October 9, 2013 $ 0.605 $ 0.15 October 9, 2023 3,000,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred income tax assets: $ 1,270,000 $ 260,000 Valuation allowance (1,270,000 ) (260,000 ) Net total $ - $ - |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Facilities Equipment Year ending March 31, 2016 $ 56,333 $ 10,436 Year ending March 31, 2017 94,293 10,436 Year ending March 31, 2018 87,648 4,348 Year ending March 31, 2018 42,000 - Total Minimum Lease Payments: $ 280,274 $ 25,220 |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - 12 months ended Mar. 31, 2015 | USD ($) |
Summary Of Significant Accounting Policies 1 | $ 90,113 |
Summary Of Significant Accounting Policies 2 | 2,665 |
Summary Of Significant Accounting Policies 3 | 499,978 |
Summary Of Significant Accounting Policies 4 | $ 160,464 |
Summary Of Significant Accounting Policies 5 | 4 |
Summary Of Significant Accounting Policies 6 | 64.00% |
Summary Of Significant Accounting Policies 7 | 23.00% |
Summary Of Significant Accounting Policies 8 | 18.00% |
Summary Of Significant Accounting Policies 9 | 12.00% |
Summary Of Significant Accounting Policies 10 | 11.00% |
Summary Of Significant Accounting Policies 11 | 3 |
Summary Of Significant Accounting Policies 12 | 47.00% |
Summary Of Significant Accounting Policies 13 | 14.00% |
Summary Of Significant Accounting Policies 14 | 12.00% |
Summary Of Significant Accounting Policies 15 | 11.00% |
Summary Of Significant Accounting Policies 16 | 5 |
Summary Of Significant Accounting Policies 17 | 77.00% |
Summary Of Significant Accounting Policies 18 | 19.00% |
Summary Of Significant Accounting Policies 19 | 16.00% |
Summary Of Significant Accounting Policies 20 | 16.00% |
Summary Of Significant Accounting Policies 21 | 15.00% |
Summary Of Significant Accounting Policies 22 | 11.00% |
Summary Of Significant Accounting Policies 23 | 3 |
Summary Of Significant Accounting Policies 24 | 60.00% |
Summary Of Significant Accounting Policies 25 | 18.00% |
Summary Of Significant Accounting Policies 26 | 14.00% |
Summary Of Significant Accounting Policies 27 | 14.00% |
Summary Of Significant Accounting Policies 28 | 14.00% |
Summary Of Significant Accounting Policies 29 | 5 |
Summary Of Significant Accounting Policies 30 | 66.00% |
Summary Of Significant Accounting Policies 31 | 20.00% |
Summary Of Significant Accounting Policies 32 | 16.00% |
Summary Of Significant Accounting Policies 33 | 15.00% |
Summary Of Significant Accounting Policies 34 | 8.00% |
Summary Of Significant Accounting Policies 35 | 6.00% |
Summary Of Significant Accounting Policies 36 | 3 |
Summary Of Significant Accounting Policies 37 | 56.00% |
Summary Of Significant Accounting Policies 38 | 29.00% |
Summary Of Significant Accounting Policies 39 | 14.00% |
Summary Of Significant Accounting Policies 40 | 13.00% |
GOING CONCERN (Narrative) (Deta
GOING CONCERN (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Going Concern 1 | $ (11,652,350) |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Property And Equipment 1 | $ 175,036 |
Property And Equipment 2 | $ 42,407 |
EQUIPMENT DEPOSITS - RELATED 32
EQUIPMENT DEPOSITS - RELATED PARTY (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Equipment Deposits - Related Party 1 | $ 690,000 |
Equipment Deposits - Related Party 2 | 21,500 |
Equipment Deposits - Related Party 3 | 115,000 |
Equipment Deposits - Related Party 4 | 10,000 |
Equipment Deposits - Related Party 5 | 5,000 |
Equipment Deposits - Related Party 6 | 2,000 |
Equipment Deposits - Related Party 7 | 100,000 |
Equipment Deposits - Related Party 8 | 70,000 |
Equipment Deposits - Related Party 9 | 7,676 |
Equipment Deposits - Related Party 10 | 5,002 |
Equipment Deposits - Related Party 11 | 274,769 |
Equipment Deposits - Related Party 12 | 188,289 |
Equipment Deposits - Related Party 13 | $ 200,000 |
REVOLVING FINANCING (Narrative)
REVOLVING FINANCING (Narrative) (Details) - 12 months ended Mar. 31, 2015 | USD ($)mod |
Revolving Financing 1 | 8.00% |
Revolving Financing 2 | 3.25% |
Revolving Financing 3 | 360 |
Revolving Financing 4 | 0.50% |
Revolving Financing 5 | 0.25% |
Revolving Financing 6 | 1.00% |
Revolving Financing 7 | $ 500,000 |
Revolving Financing 8 | 500,000 |
Revolving Financing 9 | $ 5,000,000 |
Revolving Financing 10 | mo | 24 |
Revolving Financing 11 | mo | 12 |
Revolving Financing 12 | d | 30 |
Revolving Financing 13 | 2.00% |
Revolving Financing 14 | $ 242,875 |
DERIVATIVE LIABILITY (Narrative
DERIVATIVE LIABILITY (Narrative) (Details) - 12 months ended Mar. 31, 2015 - USD ($) | Total |
Derivative Liability 1 | 10.00% |
Derivative Liability 2 | 247 |
Derivative Liability 3 | 10.00% |
Derivative Liability 4 | $ 247,171 |
Derivative Liability 5 | 46,456 |
Derivative Liability 6 | 10,212 |
Derivative Liability 7 | $ 56,098 |
Derivative Liability 8 | 17,333,329 |
Derivative Liability 9 | 8,666,665 |
Derivative Liability 10 | $ 2,599,999 |
Derivative Liability 11 | $ 0.15 |
Derivative Liability 12 | $ 0.15 |
Derivative Liability 13 | $ 0.10 |
Derivative Liability 14 | $ 0.125 |
Derivative Liability 15 | $ 0.125 |
Derivative Liability 16 | $ 167,384 |
Derivative Liability 17 | 9,829,455 |
Derivative Liability 18 | $ 0.10 |
Derivative Liability 19 | $ 982,945 |
Derivative Liability 20 | 8,666,664 |
Derivative Liability 21 | $ 168,273 |
Derivative Liability 22 | 5.50% |
Derivative Liability 23 | 953,333 |
Derivative Liability 24 | $ 0.1875 |
Derivative Liability 25 | $ 194,940 |
Derivative Liability 26 | 0 |
Derivative Liability 27 | 209,320 |
Derivative Liability 28 | $ 128,668 |
PREFERRED SHARES SUBJECT TO M35
PREFERRED SHARES SUBJECT TO MANDATORY REDEMPTION (Narrative) (Details) - 12 months ended Mar. 31, 2015 - USD ($) | Total |
Preferred Shares Subject To Mandatory Redemption 1 | 500 |
Preferred Shares Subject To Mandatory Redemption 2 | 10.00% |
Preferred Shares Subject To Mandatory Redemption 3 | $ 1,000 |
Preferred Shares Subject To Mandatory Redemption 4 | $ 500,000 |
Preferred Shares Subject To Mandatory Redemption 5 | 1,162,791 |
Preferred Shares Subject To Mandatory Redemption 6 | $ 0.55 |
Preferred Shares Subject To Mandatory Redemption 7 | 1,162,791 |
Preferred Shares Subject To Mandatory Redemption 8 | $ 0.43 |
Preferred Shares Subject To Mandatory Redemption 9 | 1,162,791 |
Preferred Shares Subject To Mandatory Redemption 10 | $ 0.55 |
Preferred Shares Subject To Mandatory Redemption 11 | 10.00% |
Preferred Shares Subject To Mandatory Redemption 12 | $ 0.43 |
Preferred Shares Subject To Mandatory Redemption 13 | 247.17 |
Preferred Shares Subject To Mandatory Redemption 14 | $ 303,839 |
Preferred Shares Subject To Mandatory Redemption 15 | 46,456 |
Preferred Shares Subject To Mandatory Redemption 16 | $ 10,212 |
Preferred Shares Subject To Mandatory Redemption 17 | 252.83 |
Preferred Shares Subject To Mandatory Redemption 18 | 796,566 |
Preferred Shares Subject To Mandatory Redemption 19 | $ 0.3174 |
Preferred Shares Subject To Mandatory Redemption 20 | 500.00028 |
Preferred Shares Subject To Mandatory Redemption 21 | 116,279 |
Preferred Shares Subject To Mandatory Redemption 22 | $ 0.55 |
Preferred Shares Subject To Mandatory Redemption 23 | $ 78,000 |
Preferred Shares Subject To Mandatory Redemption 24 | 54,288 |
Preferred Shares Subject To Mandatory Redemption 25 | 955,927 |
Preferred Shares Subject To Mandatory Redemption 26 | $ 360,082 |
STOCKHOLDERS EQUITY (Narrative)
STOCKHOLDERS EQUITY (Narrative) (Details) - 12 months ended Mar. 31, 2015 | USD ($)dyr$ / sharesshares |
Stockholders Equity 1 | 100,000,000 |
Stockholders Equity 2 | 20,000,000 |
Stockholders Equity 3 | 10,000,000 |
Stockholders Equity 4 | $ / shares | $ 0.001 |
Stockholders Equity 5 | $ | $ 20,000 |
Stockholders Equity 6 | 1,125,000,000 |
Stockholders Equity 7 | $ | $ 0.001 |
Stockholders Equity 8 | 15 |
Stockholders Equity 9 | 1 |
Stockholders Equity 10 | $ | $ 0.001 |
Stockholders Equity 11 | 109,500,000 |
Stockholders Equity 12 | 43,000,000 |
Stockholders Equity 13 | 100.00% |
Stockholders Equity 14 | 75,000,000 |
Stockholders Equity 15 | 17,333,329 |
Stockholders Equity 16 | 8,666,665 |
Stockholders Equity 17 | $ | $ 2,599,999 |
Stockholders Equity 18 | $ / shares | $ 0.15 |
Stockholders Equity 19 | $ | $ 0.15 |
Stockholders Equity 20 | 8.00% |
Stockholders Equity 21 | $ | $ 208,000 |
Stockholders Equity 22 | 1.00% |
Stockholders Equity 23 | $ | $ 26,000 |
Stockholders Equity 24 | 5.50% |
Stockholders Equity 25 | 953,333 |
Stockholders Equity 26 | $ / shares | $ 0.1875 |
Stockholders Equity 27 | 1,250,000 |
Stockholders Equity 28 | $ / shares | $ 0.40 |
Stockholders Equity 29 | $ | $ 500,000 |
Stockholders Equity 30 | 1,250,000 |
Stockholders Equity 31 | $ / shares | $ 0.50 |
Stockholders Equity 32 | 650,000 |
Stockholders Equity 33 | $ / shares | $ 0.60 |
Stockholders Equity 34 | $ / shares | 0.50 |
Stockholders Equity 35 | $ / shares | $ 0.60 |
Stockholders Equity 36 | 1,312,500 |
Stockholders Equity 37 | $ / shares | $ 0.40 |
Stockholders Equity 38 | $ | $ 525,000 |
Stockholders Equity 39 | yr | 2 |
Stockholders Equity 40 | $ / shares | $ 0.50 |
Stockholders Equity 41 | yr | 2 |
Stockholders Equity 42 | $ / shares | $ 0.60 |
Stockholders Equity 43 | $ | $ 225,000 |
Stockholders Equity 44 | $ | $ 4,870 |
Stockholders Equity 45 | 574,675 |
Stockholders Equity 46 | $ / shares | $ 0.40 |
Stockholders Equity 47 | $ | $ 229,870 |
Stockholders Equity 48 | yr | 2 |
Stockholders Equity 49 | $ / shares | $ 0.50 |
Stockholders Equity 50 | yr | 2 |
Stockholders Equity 51 | $ / shares | $ 0.60 |
Stockholders Equity 52 | 250,000 |
Stockholders Equity 53 | $ / shares | $ 0.55 |
Stockholders Equity 54 | 200,000 |
Stockholders Equity 55 | 170,000 |
Stockholders Equity 56 | $ | $ 59,300 |
Stockholders Equity 57 | 65,000 |
Stockholders Equity 58 | $ / shares | $ 0.327 |
Stockholders Equity 59 | 280,000 |
Stockholders Equity 60 | $ | $ 76,500 |
Stockholders Equity 61 | 100,000 |
Stockholders Equity 62 | $ / shares | $ 0.150 |
Stockholders Equity 63 | 100,000 |
Stockholders Equity 64 | $ / shares | $ 0.130 |
Stockholders Equity 65 | 1,000,000 |
Stockholders Equity 66 | $ / shares | $ 0.134 |
Stockholders Equity 67 | 250,000 |
Stockholders Equity 68 | $ / shares | $ 0.121 |
Stockholders Equity 69 | $ | $ 25,000 |
Stockholders Equity 70 | 350,000 |
Stockholders Equity 71 | 175,000 |
Stockholders Equity 72 | 70,000 |
Stockholders Equity 73 | 70,000 |
Stockholders Equity 74 | 35,000 |
Stockholders Equity 75 | 1,000,000 |
Stockholders Equity 76 | $ / shares | $ 0.175 |
Stockholders Equity 77 | 2,000,000 |
Stockholders Equity 78 | 500,000 |
Stockholders Equity 79 | 500,000 |
Stockholders Equity 80 | d | 45 |
Stockholders Equity 81 | 500,000 |
Stockholders Equity 82 | d | 90 |
Stockholders Equity 83 | 500,000 |
Stockholders Equity 84 | d | 135 |
Stockholders Equity 85 | 50,000 |
Stockholders Equity 86 | $ / shares | $ 0.135 |
Stockholders Equity 87 | 300,000 |
Stockholders Equity 88 | $ / shares | $ 0.108 |
Stockholders Equity 89 | 40,000 |
Stockholders Equity 90 | $ / shares | $ 0.113 |
Stockholders Equity 91 | 50,000 |
Stockholders Equity 92 | $ / shares | $ 0.07 |
Stockholders Equity 93 | 1,225,000 |
Stockholders Equity 94 | $ / shares | $ 0.10 |
Stockholders Equity 95 | 3,550,000 |
Stockholders Equity 96 | $ / shares | $ 0.10 |
OPTIONS AND WARRANTS (Narrative
OPTIONS AND WARRANTS (Narrative) (Details) - 12 months ended Mar. 31, 2015 | USD ($)yr$ / sharesshares |
Options And Warrants 1 | 6,000,000 |
Options And Warrants 2 | 3,000,000 |
Options And Warrants 3 | $ / shares | $ 0.605 |
Options And Warrants 4 | 1,000,000 |
Options And Warrants 5 | 500,000 |
Options And Warrants 6 | 820,000 |
Options And Warrants 7 | $ / shares | $ 0.15 |
Options And Warrants 8 | 502,500 |
Options And Warrants 9 | 116,250 |
Options And Warrants 10 | 116,250 |
Options And Warrants 11 | 85,000 |
Options And Warrants 12 | 1,200,000 |
Options And Warrants 13 | 600,000 |
Options And Warrants 14 | $ / shares | $ 0.165 |
Options And Warrants 15 | 1,200,000 |
Options And Warrants 16 | 250,000 |
Options And Warrants 17 | $ / shares | $ 0.143 |
Options And Warrants 18 | 62,500 |
Options And Warrants 19 | 62,500 |
Options And Warrants 20 | 62,500 |
Options And Warrants 21 | 62,500 |
Options And Warrants 22 | 6,000,000 |
Options And Warrants 23 | 3,000,000 |
Options And Warrants 24 | $ / shares | $ 0.1455 |
Options And Warrants 25 | 3,000,000 |
Options And Warrants 26 | 3,000,000 |
Options And Warrants 27 | 20,000,000 |
Options And Warrants 28 | 35,000,000 |
Options And Warrants 29 | 6,000,000 |
Options And Warrants 30 | $ / shares | $ 0.15 |
Options And Warrants 31 | 1,600,000 |
Options And Warrants 32 | $ / shares | $ 0.115 |
Options And Warrants 33 | 1,300,000 |
Options And Warrants 34 | $ / shares | $ 0.10 |
Options And Warrants 35 | 887,500 |
Options And Warrants 36 | 137,500 |
Options And Warrants 37 | 137,500 |
Options And Warrants 38 | 137,500 |
Options And Warrants 39 | $ | $ 2,428,782 |
Options And Warrants 40 | $ | 2,225,736 |
Options And Warrants 41 | $ | 0 |
Options And Warrants 42 | $ | $ 38,735 |
Options And Warrants 43 | $ / shares | $ 0.10 |
Options And Warrants 44 | $ / shares | $ 0.125 |
Options And Warrants 45 | 9,829,455 |
Options And Warrants 46 | $ / shares | $ 0.10 |
Options And Warrants 47 | $ | $ 982,945 |
Options And Warrants 48 | 9,829,455 |
Options And Warrants 49 | yr | 5 |
Options And Warrants 50 | $ / shares | $ 0.125 |
Options And Warrants 51 | 4,699,800 |
Options And Warrants 52 | $ / shares | $ 0.10 |
Options And Warrants 53 | $ | $ 469,980 |
Options And Warrants 54 | 4,699,800 |
Options And Warrants 55 | yr | 5 |
Options And Warrants 56 | $ / shares | $ 0.125 |
Options And Warrants 57 | $ | $ 600,000 |
Options And Warrants 58 | 3.4667% |
Options And Warrants 59 | 3,600,000 |
Options And Warrants 60 | $ / shares | $ 0.125 |
Options And Warrants 61 | 900,000 |
Options And Warrants 62 | $ | $ 800,000 |
Options And Warrants 63 | 3.4667% |
Options And Warrants 64 | 3,600,000 |
Options And Warrants 65 | 5,100,000 |
Options And Warrants 66 | $ / shares | $ 0.10 |
Options And Warrants 67 | 900,000 |
Options And Warrants 68 | 665,822 |
Options And Warrants 69 | 680,277 |
Options And Warrants 70 | 347,271 |
Options And Warrants 71 | 789,940 |
Options And Warrants 72 | 905,267 |
Options And Warrants 73 | 90.00% |
Options And Warrants 74 | $ | $ 309,028 |
Options And Warrants 75 | $ | 309,028 |
Options And Warrants 76 | $ | $ 43,148 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - 12 months ended Mar. 31, 2015 | USD ($)mod$ / shares$ / moshares |
Related Party Transactions 1 | shares | 20,000,000 |
Related Party Transactions 2 | shares | 35,000,000 |
Related Party Transactions 3 | shares | 6,000,000 |
Related Party Transactions 4 | $ / shares | $ 0.15 |
Related Party Transactions 5 | shares | 6,000,000 |
Related Party Transactions 6 | shares | 3,000,000 |
Related Party Transactions 7 | $ / shares | $ 0.1455 |
Related Party Transactions 8 | shares | 3,000,000 |
Related Party Transactions 9 | shares | 3,000,000 |
Related Party Transactions 10 | shares | 6,000,000 |
Related Party Transactions 11 | shares | 3,000,000 |
Related Party Transactions 12 | $ / shares | $ 0.605 |
Related Party Transactions 13 | 1,000,000 |
Related Party Transactions 14 | 500,000 |
Related Party Transactions 15 | shares | 20,000,000 |
Related Party Transactions 16 | shares | 10,000,000 |
Related Party Transactions 17 | $ / shares | $ 0.001 |
Related Party Transactions 18 | $ 20,000 |
Related Party Transactions 19 | 208,773 |
Related Party Transactions 20 | $ 188,000 |
Related Party Transactions 21 | mo | 60 |
Related Party Transactions 22 | $ 3,812 |
Related Party Transactions 23 | d | 30 |
Related Party Transactions 24 | $ 1 |
Related Party Transactions 25 | 20,773 |
Related Party Transactions 26 | 0 |
Related Party Transactions 27 | 201,900 |
Related Party Transactions 28 | 208,773 |
Related Party Transactions 29 | 10,287 |
Related Party Transactions 30 | $ 190,756 |
Related Party Transactions 31 | 60 |
Related Party Transactions 32 | $ / mo | 2,512 |
Related Party Transactions 33 | $ 28,585 |
Related Party Transactions 34 | $ 201,900 |
Related Party Transactions 35 | mo | 60 |
Related Party Transactions 36 | $ 3,864 |
Related Party Transactions 37 | d | 30 |
Related Party Transactions 38 | $ 1 |
Related Party Transactions 39 | 3 |
Related Party Transactions 40 | $ 2,085 |
Related Party Transactions 41 | 8.00% |
Related Party Transactions 42 | 7.00% |
Related Party Transactions 43 | d | 30 |
Related Party Transactions 44 | $ 690,000 |
Related Party Transactions 45 | 690,000 |
Related Party Transactions 46 | 21,500 |
Related Party Transactions 47 | 115,000 |
Related Party Transactions 48 | 10,000 |
Related Party Transactions 49 | 5,000 |
Related Party Transactions 50 | 2,000 |
Related Party Transactions 51 | 100,000 |
Related Party Transactions 52 | 70,000 |
Related Party Transactions 53 | 7,676 |
Related Party Transactions 54 | 5,002 |
Related Party Transactions 55 | 278,769 |
Related Party Transactions 56 | 62,092 |
Related Party Transactions 57 | 33,592 |
Related Party Transactions 58 | 12,000 |
Related Party Transactions 59 | 16,500 |
Related Party Transactions 60 | $ 40,029 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Income Taxes 1 | $ 3,190,000 |
Income Taxes 2 | 1,010,000 |
Income Taxes 3 | 1,270,000 |
Income Taxes 4 | $ 260,000 |
COMMITMENTS AND CONTINGENCIES40
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - 12 months ended Mar. 31, 2015 | USD ($)d$ / mo |
Commitments And Contingencies 1 | 3 |
Commitments And Contingencies 2 | $ 5,000 |
Commitments And Contingencies 3 | $ / mo | 6,000 |
Commitments And Contingencies 4 | $ / mo | 7,000 |
Commitments And Contingencies 5 | 3 |
Commitments And Contingencies 6 | $ 2,085 |
Commitments And Contingencies 7 | 8.00% |
Commitments And Contingencies 8 | 7.00% |
Commitments And Contingencies 9 | d | 30 |
Commitments And Contingencies 10 | 4 |
Commitments And Contingencies 11 | $ 870 |
CAPITAL LEASE (Narrative) (Deta
CAPITAL LEASE (Narrative) (Details) - 12 months ended Mar. 31, 2015 | USD ($)mod$ / shares$ / moshares |
Capital Lease 1 | $ 190,756 |
Capital Lease 2 | mo | 60 |
Capital Lease 3 | $ / mo | 3,864 |
Capital Lease 4 | $ 1 |
Capital Lease 5 | $ 188,000 |
Capital Lease 6 | mo | 60 |
Capital Lease 7 | $ 3,812 |
Capital Lease 8 | d | 30 |
Capital Lease 9 | $ 1 |
Capital Lease 10 | 347,161 |
Capital Lease 11 | $ 600,000 |
Capital Lease 12 | 3.4667% |
Capital Lease 13 | shares | 3,600,000 |
Capital Lease 14 | $ / shares | $ 0.125 |
Capital Lease 15 | shares | 900,000 |
Capital Lease 16 | $ 800,000 |
Capital Lease 17 | 3.4667% |
Capital Lease 18 | 3,600,000 |
Capital Lease 19 | shares | 5,100,000 |
Capital Lease 20 | $ / shares | $ 0.10 |
Capital Lease 21 | shares | 900,000 |
Capital Lease 22 | shares | 665,822 |
Capital Lease 23 | shares | 680,277 |
Capital Lease 24 | shares | 347,271 |
Capital Lease 25 | shares | 789,940 |
Capital Lease 26 | shares | 905,267 |
Capital Lease 27 | 90.00% |
Capital Lease 28 | $ 309,028 |
Capital Lease 29 | $ 735,781 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - 12 months ended Mar. 31, 2015 | USD ($)d$ / sharesshares | CADdshares |
Subsequent Events 1 | 2,000,000 | 2,000,000 |
Subsequent Events 2 | $ 0.07 | |
Subsequent Events 3 | 1,500,000 | 1,500,000 |
Subsequent Events 4 | $ 0.097 | |
Subsequent Events 5 | 2,000,000 | 2,000,000 |
Subsequent Events 6 | $ 0.08 | |
Subsequent Events 7 | 250,000 | 250,000 |
Subsequent Events 8 | $ 0.08 | |
Subsequent Events 9 | 3,000,000 | 3,000,000 |
Subsequent Events 10 | $ 0.097 | |
Subsequent Events 11 | 1,000,000 | 1,000,000 |
Subsequent Events 12 | $ 0.079 | |
Subsequent Events 13 | shares | 2,000,000 | 2,000,000 |
Subsequent Events 14 | shares | 1,500,000 | 1,500,000 |
Subsequent Events 15 | shares | 1,500,000 | 1,500,000 |
Subsequent Events 16 | shares | 250,000 | 250,000 |
Subsequent Events 17 | shares | 1,428,571 | 1,428,571 |
Subsequent Events 18 | $ 0.07 | |
Subsequent Events 19 | $ | $ 100,000 | |
Subsequent Events 20 | $ 0.10 | |
Subsequent Events 21 | 506 | 506 |
Subsequent Events 22 | shares | 714,286 | 714,286 |
Subsequent Events 23 | $ 0.07 | |
Subsequent Events 24 | $ | $ 50,000 | |
Subsequent Events 25 | $ 0.10 | |
Subsequent Events 26 | 506 | 506 |
Subsequent Events 27 | $ | $ 250,000 | |
Subsequent Events 28 | shares | 1,000,000 | 1,000,000 |
Subsequent Events 29 | $ | $ 250,000 | |
Subsequent Events 30 | 15.00% | 15.00% |
Subsequent Events 31 | 110.00% | 110.00% |
Subsequent Events 32 | d | 30 | 30 |
Subsequent Events 33 | CAD | CAD 10,000 | |
Subsequent Events 34 | shares | 714,286 | 714,286 |
Subsequent Events 35 | $ 0.07 | |
Subsequent Events 36 | $ | $ 50,000 | |
Subsequent Events 37 | $ 0.10 | |
Subsequent Events 38 | shares | 2,582,857 | 2,582,857 |
Subsequent Events 39 | $ 0.07 | |
Subsequent Events 40 | $ | $ 180,800 | |
Subsequent Events 41 | $ 0.10 | |
Subsequent Events 42 | shares | 714,286 | 714,286 |
Subsequent Events 43 | $ 0.07 | |
Subsequent Events 44 | $ | $ 50,000 | |
Subsequent Events 45 | $ 0.10 | |
Subsequent Events 46 | shares | 714,286 | 714,286 |
Subsequent Events 47 | $ 0.07 | |
Subsequent Events 48 | $ | $ 50,000 | |
Subsequent Events 49 | $ 0.10 | |
Subsequent Events 50 | shares | 714,286 | 714,286 |
Subsequent Events 51 | $ 0.07 | |
Subsequent Events 52 | $ | $ 50,000 | |
Subsequent Events 53 | $ 0.10 | |
Subsequent Events 54 | shares | 357,143 | 357,143 |
Subsequent Events 55 | $ 0.07 | |
Subsequent Events 56 | $ | $ 25,000 | |
Subsequent Events 57 | $ 0.10 | |
Subsequent Events 58 | shares | 357,143 | 357,143 |
Subsequent Events 59 | $ 0.07 | |
Subsequent Events 60 | $ | $ 25,000 | |
Subsequent Events 61 | $ 0.10 | |
Subsequent Events 62 | shares | 357,143 | 357,143 |
Subsequent Events 63 | $ 0.07 | |
Subsequent Events 64 | $ | $ 25,000 | |
Subsequent Events 65 | $ 0.10 | |
Subsequent Events 66 | shares | 357,143 | 357,143 |
Subsequent Events 67 | $ 0.07 | |
Subsequent Events 68 | $ | $ 25,000 | |
Subsequent Events 69 | $ 0.10 | |
Subsequent Events 70 | shares | 500,000 | 500,000 |
Subsequent Events 71 | $ 0.07 | |
Subsequent Events 72 | $ | $ 35,000 | |
Subsequent Events 73 | $ 0.10 | |
Subsequent Events 74 | shares | 357,143 | 357,143 |
Subsequent Events 75 | $ 0.07 | |
Subsequent Events 76 | $ | $ 25,000 | |
Subsequent Events 77 | $ 0.10 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 1 | $ 426,862 |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 2 | 176,404 |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 3 | (10,889) |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 4 | (10,000) |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 5 | 416,373 |
Summary Of Significant Accounting Policies Schedule Of Accounts Receivable 6 | $ 166,404 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Property And Equipment Schedule Of Property, Plant And Equipment 1 | $ 625,766 |
Property And Equipment Schedule Of Property, Plant And Equipment 2 | 273,597 |
Property And Equipment Schedule Of Property, Plant And Equipment 3 | 735,781 |
Property And Equipment Schedule Of Property, Plant And Equipment 4 | 0 |
Property And Equipment Schedule Of Property, Plant And Equipment 5 | 53,631 |
Property And Equipment Schedule Of Property, Plant And Equipment 6 | 53,631 |
Property And Equipment Schedule Of Property, Plant And Equipment 7 | 3,979 |
Property And Equipment Schedule Of Property, Plant And Equipment 8 | 3,979 |
Property And Equipment Schedule Of Property, Plant And Equipment 9 | (219,257) |
Property And Equipment Schedule Of Property, Plant And Equipment 10 | (44,221) |
Property And Equipment Schedule Of Property, Plant And Equipment 11 | 1,199,900 |
Property And Equipment Schedule Of Property, Plant And Equipment 12 | $ 286,986 |
Schedule of Share-based Payment
Schedule of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions (Details) | 1 Months Ended | 12 Months Ended | |||
Aug. 21, 2014USD ($) | Aug. 20, 2014USD ($) | May. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Mar. 31, 2015USD ($) | |
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 1 | $ 0 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 2 | $ 1 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 3 | 331.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 4 | 0.43 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 5 | 0.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 1 | 0.15 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 2 | 0.15 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 3 | $ 5 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 4 | $ 5 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 5 | 306.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 6 | 306.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 7 | 0.15 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 8 | 0.1875 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 9 | 0.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 10 | 0.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 1 | 0.12 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 2 | $ 5 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 3 | 247.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 4 | 0.125 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 5 | 0.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 1 | 0.17 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 2 | $ 5 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 3 | 247.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 4 | 0.10 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 5 | 0.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 1 | 0.1081 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 2 | $ 4 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 3 | $ 5 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 4 | 148.00% | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 5 | 0.55 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 6 | 0.125 | ||||
Derivative Liability Schedule Of Share-based Payment Award, Warrant Liabilities, Valuation Assumptions 7 | 0.00% |
Schedule of Derivative Instrume
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2014 | May. 31, 2014 | Mar. 31, 2015 | |
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 1 | $ 216,236 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 2 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 3 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 4 | 216,236 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 5 | 23,787 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 6 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 7 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 8 | 23,787 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 9 | 240,023 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 10 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 11 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 12 | $ 240,023 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 1 | $ 149,687 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 2 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 3 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 4 | $ 149,687 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 1 | $ 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 2 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 3 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 4 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 5 | 176,486 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 6 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 7 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 8 | 176,486 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 9 | 18,454 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 10 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 11 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 12 | 18,454 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 13 | 194,940 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 14 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 15 | 0 | ||
Derivative Liability Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 16 | $ 194,940 |
Schedule of Derivative Liabilit
Schedule of Derivative Liabilities at Fair Value (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Derivative Liability Schedule Of Derivative Liabilities At Fair Value 1 | $ 337,988 |
Derivative Liability Schedule Of Derivative Liabilities At Fair Value 2 | (56,098) |
Derivative Liability Schedule Of Derivative Liabilities At Fair Value 3 | 216,236 |
Derivative Liability Schedule Of Derivative Liabilities At Fair Value 4 | 23,787 |
Derivative Liability Schedule Of Derivative Liabilities At Fair Value 5 | (168,273) |
Derivative Liability Schedule Of Derivative Liabilities At Fair Value 6 | 167,395 |
Derivative Liability Schedule Of Derivative Liabilities At Fair Value 7 | (326,095) |
Derivative Liability Schedule Of Derivative Liabilities At Fair Value 8 | $ 194,940 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) - 12 months ended Mar. 31, 2015 | USD ($) |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 1 | $ 6,000,000 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 2 | 0.61 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 3 | 8.8 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 4 | $ 17,352,000 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 5 | 0.14 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 6 | 9.1 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 7 | $ (182,000) |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0.01 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 9 | 9.5 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 10 | $ (6,000,000) |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 11 | $ 0 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 12 | 8.5 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 13 | $ 17,170,000 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 14 | 0.14 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 15 | 8.5 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 16 | $ 16,907,500 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 17 | 0.14 |
Options And Warrants Schedule Of Share-based Compensation, Stock Options, Activity 18 | 8.5 |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) - 12 months ended Mar. 31, 2015 | USD ($) |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | $ 8,310,415 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | 0.52 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | $ 29,249,253 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | 0.13 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | $ (14,529,256) |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | (0.31) |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7 | $ 0 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8 | 0 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 9 | $ 23,030,412 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 10 | 0.14 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 11 | $ 21,313,672 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 12 | 0.14 |
Schedule of Stockholders' Equ50
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - 12 months ended Mar. 31, 2015 | USD ($) |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $ 0.1000 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | $ 3,383,260 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 3 | 4.9 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 4 | $ 0.12500 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 5 | $ 16,245,995 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 6 | 4 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 7 | $ 0.1875 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 8 | $ 953,333 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 9 | 4.1 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 10 | $ 0.2500 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 11 | $ 2,325,582 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 12 | 1.8 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 13 | $ 0.5500 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 14 | $ 116,279 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 15 | 2.4 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 16 | $ 0.6000 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 17 | $ 5,963 |
Options And Warrants Schedule Of Stockholders' Equity Note, Warrants Or Rights 18 | 0.3 |
Schedule of Share-based Payme51
Schedule of Share-based Payment Award, Warrants, Valuation Assumptions (Details) - 12 months ended Mar. 31, 2015 | USD ($) |
Options And Warrants Schedule Of Share-based Payment Award, Warrants, Valuation Assumptions 1 | 0.1245 |
Options And Warrants Schedule Of Share-based Payment Award, Warrants, Valuation Assumptions 2 | 1.47% |
Options And Warrants Schedule Of Share-based Payment Award, Warrants, Valuation Assumptions 3 | 0.00% |
Options And Warrants Schedule Of Share-based Payment Award, Warrants, Valuation Assumptions 4 | 165.00% |
Options And Warrants Schedule Of Share-based Payment Award, Warrants, Valuation Assumptions 5 | $ 5 |
Options And Warrants Schedule Of Share-based Payment Award, Warrants, Valuation Assumptions 6 | 0.00% |
Schedule of Stock Options for D
Schedule of Stock Options for Directors and Executive Officers (Details) - 12 months ended Mar. 31, 2015 | USD ($) |
Related Party Transactions Schedule Of Stock Options For Directors And Executive Officers 1 | 0.605 |
Related Party Transactions Schedule Of Stock Options For Directors And Executive Officers 2 | 0.15 |
Related Party Transactions Schedule Of Stock Options For Directors And Executive Officers 3 | $ 3,000,000 |
Related Party Transactions Schedule Of Stock Options For Directors And Executive Officers 4 | 0.605 |
Related Party Transactions Schedule Of Stock Options For Directors And Executive Officers 5 | 0.15 |
Related Party Transactions Schedule Of Stock Options For Directors And Executive Officers 6 | $ 3,000,000 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 1 | $ 1,270,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 2 | 260,000 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 3 | (1,270,000) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 4 | (260,000) |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 5 | 0 |
Income Taxes Schedule Of Deferred Tax Assets And Liabilities 6 | $ 0 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) | 12 Months Ended |
Mar. 31, 2015USD ($) | |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 1 | $ 56,333 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 2 | 10,436 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 3 | 94,293 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 4 | 10,436 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 5 | 87,648 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 6 | 4,348 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 7 | 42,000 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 8 | 0 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 9 | 280,274 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 10 | $ 25,220 |