IFAN Financial (IFAN) 10-Q 6 May 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Feb. 28, 2015	4-May-15
Document and Entity Information:
Entity Registrant Name	IFAN Financial, Inc.
Document Type	10-Q
Document Period End Date	28-Feb-15
Amendment Flag	FALSE
Entity Central Index Key	1538123
Current Fiscal Year End Date	-23
Entity Common Stock, Shares Outstanding		83,296,774
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	Yes
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Feb. 28, 2015	Aug. 31, 2014
CURRENT ASSETS
Cash	$14,705	$0
Prepaid expense	46,620	66,620
Advances to Mobicash	0	30,000
TOTAL CURRENT ASSETS	61,325	96,620
Fixed assets, net	2,794	0
License agreement, net	187,450	264,850
Other assets	675	0
Goodwill	4,704,264	0
TOTAL OTHER ASSETS	4,895,183	264,850
TOTAL ASSETS	4,956,508	361,470
CURRENT LIABILITIES
Accounts payable and accrued liabilities	332,482	0
Due to Related Party	226,518	146,187
Note Payable	5,000	0
Common stock payable	254,550	310,000
TOTAL CURRENT LIABILITIES	818,550	456,187
STOCKHOLDERS' EQUITY (DEFICIT)
Convertible preferred stock - Series A, $0.001 par value,10,000,000 shares authorized, 961,858 and 900,000 issued and outstanding, respectively	962	900
Common stock, $0.001 par value, 800,000,000 shares authorized, 83,111,220 and 79,960,020 shares issued and outstanding, respectively	83,111	79,960
Additional paid in capital	5,632,350	-26,576
Accumulated deficit	-1,578,465	-149,001
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	4,137,958	-94,717
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$4,956,508	$361,470

BALANCE_SHEETS_PARENTHETICAL

BALANCE SHEETS (PARENTHETICAL) (USD $)	Feb. 28, 2015	Aug. 31, 2014
PREFERRED STOCK
Convertible Preferred stock - Series A, par value	$0.00	$0.00
Convertible Preferred stock - Series A, authorized	10,000,000	10,000,000
Convertible Preferred stock - Series A, issued	961,858	900,000
COMMON STOCK
Common Stock, Par Value Per Share	$0.00	$0.00
Common Stock, Shares Authorized	800,000,000	800,000,000
Common Stock, Shares Issued	83,111,220	79,960,020
Common Stock, Shares Outstanding	83,111,220	79,960,020

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
REVENUE
Revenues	$0	$0	$0	$0
EXPENSES
Research and Development	73,263	0	176,605	0
Selling, general and administrative	1,143,123	4,178	1,175,459	10,206
Amortization of license agreement	38,700	0	77,400	0
Total Expenses	1,255,086	4,178	1,429,464	10,206
NET LOSS	($1,255,086)	($4,178)	($1,429,464)	($10,206)
BASIC AND DILUTED LOSS PER COMMON SHARE	($0.02)	$0	($0.02)	$0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	81,332,109	7,336,030	80,642,274	7,336,030

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
CASH FLOWS OPERATING ACTIVITIES
Net loss	($1,429,464)	($10,206)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,980	0
Amortization of license agreement	77,400	0
Stock-based compensation	990,029	0
Change in operating assets and Liabilities:
Prepaid expense	20,000	0
Other assets	29,325	0
Accounts payable and accrued expenses	7,715	3,900
NET CASH USED IN OPERATING ACTIVITIES	-303,015	-6,306
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	286,600	0
Due to related party	31,120	5,128
NET CASH PROVIDED BY FINANCING ACTIVITIES	317,720	5,128
NET INCREASE (DECREASE) IN CASH	14,705	-1,178
CASH, BEGINNING OF PERIOD	0	1,355
CASH, END OF PERIOD	14,705	177
Supplemental disclosure of cash flow information:
Cash paid during the period for Interest	0	0
Cash paid during the period for Income taxes	0	0
Noncash investing and financing transactions:
Common stock issued to IFIN	310,000	0
Preferred stock issued for acquisition of Mobicash	$4,330,060	$0

NOTE_1_RESTATEMENT

NOTE 1 - RESTATEMENT	6 Months Ended
	Feb. 28, 2015
Restatement of Prior Year Income [Abstract]
NOTE 1 - RESTATEMENT	NOTE 1 – RESTATEMENT
	In this report on Form 10-Q, we are restating the consolidated balance sheet as of August 31, 2014. The restatement relates to the Company’s accounting treatment in connection with a license agreement entered into with IPIN Debit Network, Inc. (See Note 6). Previously, the Company valued 1,000,000 shares of IPIN common stock received in fiscal year 2014 in connection with the license agreement at the par value of the IPIN common stock ($164,521), and recorded a liability for the same amount to record the Company’s common stock payable to IPIN for 1,000,000 shares. In addition, the Company recorded certain license payments to IPIN as prepaid assets and intangible assets.
	As restated, the Company properly valued the Company’s common stock liability at August 31, 2014 based on the estimated fair value of the consideration paid to IPIN for 1,000,000 shares of the Company’s common stock, or $310,000 and then recorded a corresponding license asset which the Company is amortizing over the initial 2-year license agreement. In addition, the Company is expensing the license payments as the stipulated benchmarks are achieved. The Company has assigned $0 value to the 1,000,000 shares of IPIN common stock received in connection with the IPIN license agreement as it represents a minority interest in a privately-held company with nominal operations and no recurring sources of revenues other than the potential royalties from the license to the Company.
			At August 31, 2014
			As previously reported				As Restated
					Adjustments
	CURRENT ASSETS
	Prepaid expense	$	56,620	$	10,000	$	66,620
	TOTAL CURRENT ASSETS		86,620		10,000		96,620
	Investment		164,521		-164,521		-
	License agreement, net		-		264,850		264,850
	Intangible assets		30,000		-30,000		-
	TOTAL OTHER ASSETS		194,521		70,329		264,850
	TOTAL ASSETS		281,141		80,329		361,470
	LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
	CURRENT LIABILITIES
	Other liability		164,521		-164,521		-
	Common stock payable		-		310,000		310,000
	TOTAL CURRENT LIABILITIES		310,708		145,479		456,187
	STOCKHOLDERS' EQUITY (DEFICIT)
	Accumulated deficit		-83,851		-65,150		-149,001
	TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)		-29,567		-65,150		-94,717
	TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)		281,141		80,329	$	361,470
	The Company will file an amended Form 10-K/A for the year ended August 31, 2014 and Form 10-Q/A for the quarter ended November 30, 2014 to reflect the effect of these changes on the periods presented.

NOTE_2_NATURE_OF_BUSINESS

NOTE 2 - NATURE OF BUSINESS	6 Months Ended
	Feb. 28, 2015
Accounting Policies [Abstract]
NOTE 2 - NATURE OF BUSINESS	NOTE 2 – NATURE OF BUSINESS
	The Company was incorporated in the State of Nevada on June 11, 2010 and established a fiscal year end of August 31. The initial business plan was to develop and distribute an organic clothing line designed for children.
	On April 2014, the Company abandoned the business plan as an organic children’s clothing company. In June 2014, the Company signed an agreement with MobiCash America, Inc. to develop technology solutions in the mobile payment and social media markets. The Company acquired MobiCash America on October 3, 2014.
	The accompanying unaudited interim consolidated financial statements of IFAN Financial, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K/A filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2014 have been omitted

NOTE_3_SUMMARY_OF_SIGNIFICANT_

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Feb. 28, 2015
Disclosure Text Block [Abstract]
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, MobiCash America, Inc. Intercompany balances are eliminated upon consolidation.
	Cash and Cash Equivalents
	The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
	Goodwill
	Goodwill represents the excess of the cost over the fair value of net tangible and intangible assets of acquired businesses. Goodwill is assessed for impairment by applying fair value based tests annually or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. The goodwill impairment test consists of a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit to its carrying value, including goodwill. The second step, if required, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The fair value of a reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the reporting unit. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess.
	Use of Estimates and Assumptions
	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 from those estimates.
	Net Loss per Share
	Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Because the Company incurred a net loss during the periods ended February 2015 and 2014, respectively, diluted loss excludes all potential common shares from diluted loss per share. At February 28, 2015 and August 31, 2014, the Company had 673,300,600 and 630,000,000, respectively, potentially issuable shares upon the conversion of Series A preferred stock into common stock. In addition, at February 28, 2015 and August 31, 2014, the Company had 925,926 and 0, respectively, potentially issuable shares upon the conversion of warrants into common stock.
	Recent Accounting Pronouncements
	Recently issued or adopted accounting pronouncements are not expected to, or did not have, a material impact on our consolidated financial position, results of operations or cash flows.
	Subsequent Events
	The Company evaluated material events occurring between February 28, 2015 and the issuance date of this report for disclosure consideration.

NOTE_4_GOING_CONCERN

NOTE 4 - GOING CONCERN	6 Months Ended
	Feb. 28, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NOTE 4 - GOING CONCERN	NOTE 4 – GOING CONCERN
	The Company’s consolidated financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
	In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
	The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE_5_ACQUISITION

NOTE 5 - ACQUISITION	6 Months Ended
	Feb. 28, 2015
Business Combinations [Abstract]
NOTE 5 - ACQUISITION	NOTE 5 – ACQUISITION
	On October 3, 2014, the Company acquired Mobicash America, Inc. (“Mobicash” d/b/a “Quidme”), a company incorporated under the laws of the State of California, through a Share Exchange Agreement whereby the Company issued 61,858 shares of Series A convertible preferred stock convertible into common stock at a conversion ratio of 700 common shares for 1 Series A preferred stock (the “Conversion Ratio”) to the shareholders of Mobicash. The Company determined that the fair value of the Series A convertible preferred stock was $4,330,060 on October 3, 2014.
	The acquisition was accounted for as a business combination. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on estimates of their respective fair values at the date of acquisition. The Company’s purchase price allocation for the acquired company is preliminary and subject to revision as a more detailed analysis is completed and additional information about the fair value of assets and liabilities becomes available. The amounts related to the acquisition were allocated to the assets acquired and the liabilities assumed on the date of acquisition as follows:
		3-Oct-14
	Total consideration paid	$ 4,330,060
	Fixed assets	4,774
	Total assets acquired	4,774
	Accounts payable and accrued expenses	324,767
	Loans to related party	49,211
	Note payable	5,000
	Total liabilities assumed	378,978
	Net liabilities assumed	($374,204)
	Goodwill	$ 4,704,264

NOTE_6_LICENSE_AGREEMENT

NOTE 6 - LICENSE AGREEMENT	6 Months Ended
	Feb. 28, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
NOTE 6 - LICENSE AGREEMENT	NOTE 6 – LICENSE AGREEMENT
	On May 15, 2014, the Company entered into a two-year License Agreement (the “License Agreement”) with IPIN Debit Network, Inc., a New Brunswick, Canada corporation (“IPIN”) for the Company’s use and distribution of IPIN’s technology, systems and products related to electronic payment processing and its United States Letters Patents. After the two-year period, the License Agreement shall be automatically renewable for successive one-year periods up to an additional ten years provided that IPIN has received a minimum of $5,000,000 in royalty payments for each of the three (3) through twelve (12) successive years from the signing of the License Agreement.
	As consideration for the License Agreement, the Company issued 1,000,000 shares of common stock to IPIN with an estimated grant date fair value of $310,000, for which the Company recorded an intangible asset and a corresponding stock payable until the shares were issued on January 5, 2015. The Company is amortizing the $310,000 license agreement asset over the two-year life of the agreement. At February 28, 2015 and August 31, 2014, the carrying value of the license agreement was $187,450 and $264,850, respectively, in the consolidated balance sheet of the Company. During the six months ended February 28, 2015, the Company has recorded amortization related to the license agreement of $77,400. Pursuant to the License Agreement, the Company was also issued 1,000,000 shares of common stock from IPIN which the Company has determined has a fair value of $0 as it represents a minority interest in a privately-held company with nominal operations and no recurring sources of revenues other than the potential royalties from the license to the Company.
	Pursuant to the License Agreement, the Company was required to pay $250,000 to IPIN in the following amounts upon achieving the below benchmarks:
		a)	$10,000 upon execution of the License Agreement (“Benchmark A”);
		b)	$20,000 when IPIN successfully demonstrates the integration, publishing design, and on-boarding screens of its technology with the Android application package file (“Benchmark B”);
		c)	$20,000 when IPIN successfully integrates the Android app with the IPIN device as demonstrated by transferring the transaction details to the app after a card swipe occurs (“Benchmark C”);
		d)	$60,000 when IPIN successfully demonstrates a card transaction including posting the status to the merchant call back uniform resource locator (“Benchmark D”);
		e)	$60,000 when IPIN successfully demonstrates a front end data base set up that enables an IPIN device user to affect an IPIN device transaction (“Benchmark E”);
		f)	$60,000 when IPIN successfully demonstrates the completed, back-end development of the IPIN device Android app including any and changes needed to support it (“Benchmark F”); and
		g)	$20,000 when IPIN successfully demonstrates the completed testing and deployment for in house participants applying the iPIN device Android app to the iPIN device for Apple iOS app, including testing and deployment (“Benchmark G”).
	During the year ended August 31, 2014, the Company paid IPIN $96,620. The Company achieved Benchmark A and Benchmark B during the year ended August 31, 2014, and expensed $30,000 during the year ended August 31, 2014. During the six months ended February 28, 2015, the Company achieved Benchmark C and recorded $20,000 of expense. The Company has additional benchmarks to be achieved which aggregate to $200,000, of which $46,620 has been paid and is recorded as prepaid expense in the consolidated balance sheet as of February 28, 2015.

NOTE_7_FIXED_ASSETS

NOTE 7 - FIXED ASSETS	6 Months Ended
	Feb. 28, 2015
Property, Plant and Equipment [Abstract]
NOTE 7 - FIXED ASSETS	NOTE 7 – FIXED ASSETS
	The Company’s fixed assets consist of used computer equipment acquired in connection with the acquisition of Mobicash and have a remaining estimated useful life of one year. Property and equipment consist of the following:
		28-Feb-15	31-Aug-14
	Computer and Equipment	$ 4,774	$ -
	Less accumulated depreciation	-1,980	-
	Total	$ 2,794	$ -
	The Company recorded depreciation expense of $1,980 and $0 during the six months ended February 28, 2015 and 2014, respectively.

NOTE_8_NOTE_PAYABLE

NOTE 8 - NOTE PAYABLE	6 Months Ended
	Feb. 28, 2015
Disclosure Text Block [Abstract]
NOTE 8 - NOTE PAYABLE	NOTE 8 – NOTE PAYABLE
	The Company has a $5,000 note payable to an individual due November 2015. The note bears interest at 10% per annum.

NOTE_9_EQUITY

NOTE 9 - EQUITY	6 Months Ended
	Feb. 28, 2015
Equity [Abstract]
NOTE 9 - EQUITY	NOTE 9 – EQUITY
	Common stock
	During the six months ended February 28, 2015, the Company received $36,600 of cash proceeds pursuant to subscription agreements with third parties to purchase the common stock of the Company for $0.25 per share. During the six months ended February 28, 2015, the Company has issued 128,200 shares of common stock pursuant to these subscription agreements. As of February 28, 2015, the Company has recorded a common stock payable of $4,550 as the Company has an obligation to issue the remaining 18,000 shares of common stock pursuant to the subscription agreements.
	During the six months ended February 28, 2015, the Company received $250,000 of cash proceeds pursuant to a subscription agreement with an investor to purchase common stock of the Company for $0.27 per share and an equal number of warrants. As of February 28, 2015, the Company has recorded a common stock payable of $250,000 related to its obligation to issue 925,926 shares of the Company’s common stock. See Warrants below.
	During the six months ended February 28, 2015, the Company issued 2,023,000 shares of common stock for services. The Company recorded stock-based compensation expense of $990,029 based on the grant date fair value of the common stock of the Company.
	During the six months ended February 28, 2015, the Company issued 1,000,000 shares of the Company’s common stock valued at $310,000 to IPIN which were recorded as common stock payable at August 31, 2014. The 1,000,000 shares were issued in January 2015.
	Preferred stock
	The Company issued 61,858 shares of Series A preferred stock convertible into common stock of the Company as consideration for the acquisition of Mobicash. See Note 5.
	Warrants
	Pursuant to a subscription agreement with an investor to purchase the Company’s common stock at $0.27 per share, the Company also issued warrants to the investor to purchase 925,926 shares of the Company’s common stock with a $1.00 exercise price. The warrants expire on December 31, 2015. The Company determined the fair value of the warrants as of their issuance date using the following inputs; 1-year term; 170% volatility; 1% risk free rate; $0 dividends and determined the fair value was approximately $246,000.

NOTE_10_DUE_TO_RELATED_PARTIES

NOTE 10 - DUE TO RELATED PARTIES	6 Months Ended
	Feb. 28, 2015
Related Party Transactions [Abstract]
NOTE 10 - DUE TO RELATED PARTIES	NOTE 10 – DUE TO RELATED PARTIES
	As of February 28, 2015 and August 31, 2014, the Company has related party notes payable of $226,518 and $146,187, respectively, related to services provided to the Company that are non-interest bearing with no specific repayment terms. As of February 28, 2015, there were loans payable to five officers for $180,708, $6,599, $33,961, $3,250 and $2,000, respectively. As of August 31, 2014, there were loans payable to two officers for $128,554 and $17,633, respectively.

NOTE_11_COMMITMENTS_AND_CONTIN

NOTE 11 - COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Feb. 28, 2015
Commitments and Contingencies Disclosure [Abstract]
NOTE 11 - COMMITMENTS AND CONTINGENCIES	NOTE 11 – COMMITMENTS AND CONTINGENCIES
	The Company and certain former owners and officers of Mobicash are in a dispute related to the acquisition of Mobicash by the Company. The Company has not determined if this dispute will result in additional obligations to the Company.

NOTE_12_SUBSEQUENT_EVENTS

NOTE 12 - SUBSEQUENT EVENTS	6 Months Ended
	Feb. 28, 2015
Subsequent Events [Abstract]
NOTE 12 - SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS
	The Company issued 185,554 shares of common stock for services in March 2015.

NOTE_3_SUMMARY_OF_SIGNIFICANT_1

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Feb. 28, 2015
Policy Text Block [Abstract]
Basis of Presentation	Basis of Presentation
	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, MobiCash America, Inc. Intercompany balances are eliminated upon consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents
	The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
Goodwill	Goodwill
	Goodwill represents the excess of the cost over the fair value of net tangible and intangible assets of acquired businesses. Goodwill is assessed for impairment by applying fair value based tests annually or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. The goodwill impairment test consists of a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of a reporting unit to its carrying value, including goodwill. The second step, if required, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The fair value of a reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the price paid to acquire the reporting unit. If the carrying amount of the reporting unit's goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess.
Use of Estimates and Assumptions	Use of Estimates and Assumptions
	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 from those estimates.
Net Loss per Share	Net Loss per Share
	Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Because the Company incurred a net loss during the periods ended February 2015 and 2014, respectively, diluted loss excludes all potential common shares from diluted loss per share. At February 28, 2015 and August 31, 2014, the Company had 673,300,600 and 630,000,000, respectively, potentially issuable shares upon the conversion of Series A preferred stock into common stock. In addition, at February 28, 2015 and August 31, 2014, the Company had 925,926 and 0, respectively, potentially issuable shares upon the conversion of warrants into common stock.
Recently Accounting Pronouncements	Recent Accounting Pronouncements
	Recently issued or adopted accounting pronouncements are not expected to, or did not have, a material impact on our consolidated financial position, results of operations or cash flows.
Subsequent Events	Subsequent Events
	The Company evaluated material events occurring between February 28, 2015 and the issuance date of this report for disclosure consideration.

NOTE_1_RESTATEMENT_Tables

NOTE 1 - RESTATEMENT (Tables)	6 Months Ended
	Feb. 28, 2015
Restatement of Prior Year Income [Abstract]
Restated Financials			At August 31, 2014
			As previously reported				As Restated
					Adjustments
	CURRENT ASSETS
	Prepaid expense	$	56,620	$	10,000	$	66,620
	TOTAL CURRENT ASSETS		86,620		10,000		96,620
	Investment		164,521		-164,521		-
	License agreement, net		-		264,850		264,850
	Intangible assets		30,000		-30,000		-
	TOTAL OTHER ASSETS		194,521		70,329		264,850
	TOTAL ASSETS		281,141		80,329		361,470
	LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
	CURRENT LIABILITIES
	Other liability		164,521		-164,521		-
	Common stock payable		-		310,000		310,000
	TOTAL CURRENT LIABILITIES		310,708		145,479		456,187
	STOCKHOLDERS' EQUITY (DEFICIT)
	Accumulated deficit		-83,851		-65,150		-149,001
	TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)		-29,567		-65,150		-94,717
	TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)		281,141		80,329	$	361,470

NOTE_5_ACQUISITION_Tables

NOTE 5 - ACQUISITION (Tables)	6 Months Ended
	Feb. 28, 2015
Business Combinations [Abstract]
Assets and liabilities assumed on Mobicash acquisition		3-Oct-14
	Total consideration paid	$ 4,330,060
	Fixed assets	4,774
	Total assets acquired	4,774
	Accounts payable and accrued expenses	324,767
	Loans to related party	49,211
	Note payable	5,000
	Total liabilities assumed	378,978
	Net liabilities assumed	($374,204)
	Goodwill	$ 4,704,264

NOTE_7_FIXED_ASSETS_Tables

NOTE 7 - FIXED ASSETS (Tables)	6 Months Ended
	Feb. 28, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment		28-Feb-15	31-Aug-14
	Computer and Equipment	$ 4,774	$ -
	Less accumulated depreciation	-1,980	-
	Total	$ 2,794	$ -

NOTE_1_RESTATEMENT_Details

NOTE 1 - RESTATEMENT (Details) (USD $)	Feb. 28, 2015	Aug. 31, 2014
CURRENT ASSETS
Prepaid expense	$46,620	$66,620
TOTAL CURRENT ASSETS	61,325	96,620
License agreement, net	187,450	264,850
TOTAL OTHER ASSETS	4,895,183	264,850
TOTAL ASSETS	4,956,508	361,470
CURRENT LIABILITIES
Common stock payable	254,550	310,000
TOTAL CURRENT LIABILITIES	818,550	456,187
STOCKHOLDERS' EQUITY (DEFICIT)
Accumulated deficit	-1,578,465	-149,001
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	4,137,958	-94,717
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	4,956,508	361,470
As previously reported
CURRENT ASSETS
Prepaid expense		56,620
TOTAL CURRENT ASSETS		86,620
Investment		164,521
License agreement, net		0
Intangible assets		30,000
TOTAL OTHER ASSETS		194,521
TOTAL ASSETS		281,141
CURRENT LIABILITIES
Other liability		164,521
Common stock payable		0
TOTAL CURRENT LIABILITIES		310,708
STOCKHOLDERS' EQUITY (DEFICIT)
Accumulated deficit		-83,851
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)		-29,567
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)		281,141
Adjustments
CURRENT ASSETS
Prepaid expense		10,000
TOTAL CURRENT ASSETS		10,000
Investment		-164,521
License agreement, net		264,850
Intangible assets		-30,000
TOTAL OTHER ASSETS		70,329
TOTAL ASSETS		80,329
CURRENT LIABILITIES
Other liability		-164,521
Common stock payable		310,000
TOTAL CURRENT LIABILITIES		145,479
STOCKHOLDERS' EQUITY (DEFICIT)
Accumulated deficit		-65,150
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)		-65,150
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)		80,329
As Restated
CURRENT ASSETS
Prepaid expense		66,620
TOTAL CURRENT ASSETS		96,620
Investment		0
License agreement, net		264,850
Intangible assets		0
TOTAL OTHER ASSETS		264,850
TOTAL ASSETS		361,470
CURRENT LIABILITIES
Other liability		0
Common stock payable		310,000
TOTAL CURRENT LIABILITIES		456,187
STOCKHOLDERS' EQUITY (DEFICIT)
Accumulated deficit		-149,001
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)		-94,717
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)		$361,470

NOTE_5_ACQUISITION_Details

NOTE 5 - ACQUISITION (Details) (USD $)	Feb. 28, 2015	Oct. 03, 2014	Aug. 31, 2014
ACQUISITION OF MOBICASH AMERICA, INC.
Total consideration paid		$4,330,060
Fixed assets		4,774
Total assets acquired		4,774
Accounts payable and accrued expenses		324,767
Loans to related party		49,211
Note payable		5,000
Total liabilities assumed		378,978
Net liabilities assumed		-374,204
Goodwill	$4,704,264	$4,704,264	$0

NOTE_5_ACQUISITION_Details_Nar

NOTE 5 - ACQUISITION (Details Narrative)	0 Months Ended
	Oct. 03, 2014
Business Combinations [Abstract]
Company to acquire QUIDME for shares, percent of QUIDME	100.00%
Series A preferred stock issued to Mobicash America, Inc. D/B/A Quidme	61,858
Preferred shares convertible to common stock, ratio	700

NOTE_6_LICENSE_AGREEMENT_Detai

NOTE 6 - LICENSE AGREEMENT (Details Narrative) (USD $)	0 Months Ended	3 Months Ended	12 Months Ended
	Mar. 15, 2014	Feb. 28, 2015	Aug. 31, 2014	15-May-14
Goodwill and Intangible Assets Disclosure [Abstract]
License Agreement with IPIN Debit Network, Inc., years	2 years
Automatic renewal of License Agreement, years	1 year
Automatic renewal of License Agreement, years total	10 years
Minimum royalty payments required for automatic renewal				$5,000,000
Carrying value of the license agreement		187,450	264,850
Total amount due to IPIN from Benchmarks				250,000
Benchmark A Upfront license agreement payment due upon execution				10,000
Benchmark B License Agreement payment				20,000
Benchmark C License Agreement payment				20,000
Benchmark D License Agreement payment				60,000
Benchmark E License Agreement payment				60,000
Benchmark F License Agreement payment				60,000
Benchmark G License Agreement payment				20,000
Prepaid license fee paid		46,620
License fee paid, duration			96,620
Expensed by company pertaining to license		20,000	30,000
Shares received from IPIN		1,000,000
Value of IPIN shares		0
Shares to be issued to IPIN		1,000,000
Common Stock Payable to IPIN		$254,550	$310,000

NOTE_7_FIXED_ASSETS_Details

NOTE 7 - FIXED ASSETS (Details) (USD $)	Feb. 28, 2015	Aug. 31, 2014
Property, Plant and Equipment [Abstract]
Computer and Equipment	$0	$4,774
Less accumulated depreciation	0	-1,980
Total	$0	$2,794

NOTE_8_NOTE_PAYABLE_Details_Na

NOTE 8 - NOTE PAYABLE (Details Narrative) (USD $)	3 Months Ended
	Feb. 28, 2015	Aug. 31, 2014
Disclosure Text Block [Abstract]
Note payable	$5,000	$0
Due date of note payable	1-Nov-15

NOTE_9_EQUITY_Details_Narrativ

NOTE 9 - EQUITY (Details Narrative) (USD $)	0 Months Ended	6 Months Ended		12 Months Ended
	Aug. 04, 2014	Feb. 28, 2015	Feb. 28, 2014	Aug. 31, 2014	Oct. 03, 2014
Cash held in escrow owed to prior management included as contributed capital				$177
Series A Preferred Shares issued for common stock		900,000
Common stock cancelled for Series A Preferred Stock		6,764,887
Percent of company stock represented by cancelled shares		92.00%
Common stock retained by Christopher Mizer		357,143
Stock split, forward ratio	140
Company to acquire QUIDME for shares, percent of QUIDME					100.00%
Series A preferred stock issued to Mobicash America, Inc. D/B/A Quidme					61,858
stock issued for services, shares		990,029	0
Investor #1
Stock issued for cash, value		36,600
Stock issued for cash, price per share		$0.25
Stock issued for cash, shares		128,200
Stock payable		4,550
Shares remaining to be issued from subscription agreements		18,000
Investor #2
Stock issued for cash, value		250,000
Stock issued for cash, price per share		$0.27
Stock payable		$250,000
Shares remaining to be issued from subscription agreements		925,926

NOTE_10_DUE_TO_RELATED_PARTIES1

NOTE 10 - DUE TO RELATED PARTIES (Details Narrative) (USD $)	Feb. 28, 2015	Aug. 31, 2014
Related Party Transactions [Abstract]
Due to Related Party	$226,518	$146,187
Loan due to officer #1	180,708	128,554
Loan due to officer #2	6,599	17,633
Loan due to officer #3	33,961
Loan due to officer #4	3,250
Loan due to officer #5	$2,000

NOTE_12_SUBSEQUENT_EVENTS_Deta

NOTE 12 - SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Common shares issued for services	185,554