Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2015 | Sep. 14, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Skkynet Cloud Systems, Inc. | |
Entity Central Index Key | 1,546,853 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 50,795,500 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 525,072 | $ 977,688 |
Accounts receivable | 139,867 | $ 86,564 |
Inventory | 12,593 | |
Total current assets | 677,532 | $ 1,064,252 |
Property and equipment, net of accumulated depreciation of $71,765 and $70,484 respectively | 2,175 | 3,456 |
Intangible - net | 46,714 | $ 2,248 |
Other assets | 32,420 | |
Total Assets | 758,841 | $ 1,069,956 |
Current Liabilities: | ||
Accounts payable and accrued expenses | $ 58,480 | 58,104 |
Accrued expense - related parties | 6,911 | |
Accrued liabilities - related party | $ 420,224 | 241,926 |
Notes payable - related parties | 153,580 | |
Deferred revenue | $ 91,897 | 44,845 |
Total current liabilities | 570,601 | 505,366 |
Total liabilities | 570,601 | 505,366 |
Stockholders' Equity: | ||
Preferred stock; $0.001 par value, 5,000,000 shares authorized 5,000 shares issued and outstanding | 5 | $ 5 |
Series B Preferred convertible stock: $0.001 par value, 500,000 share authorized,193,661 issued and zero outstanding, respectively | 193,661 | |
Common stock; $0.001 par value, 70,000,000 shares authorized, 50,795,500 and 50,642,500 shares issued and outstanding, respectively | 50,796 | $ 50,643 |
Additional paid-in capital | 2,732,132 | 2,206,424 |
Accumulative other comprehensive income (loss) | (93,509) | 10,846 |
Accumulated deficit | (2,694,845) | (1,703,328) |
Total stockholders' equity | 188,240 | 564,590 |
Total Liabilities and Stockholders' Equity | $ 758,841 | $ 1,069,956 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 |
ASSETS | ||
Net of accumulated depreciation | $ 71,765 | $ 70,484 |
Stockholders' Deficit: | ||
Preferred stock, Par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 5,000,000 | 5,000,000 |
Preferred stock, Issued | 5,000 | 5,000 |
Preferred stock, Outstanding | 5,000 | 5,000 |
Series B Preferred stock, Par value | $ 0.001 | $ 0.001 |
Series B Preferred stock, Authorized | 500,000 | 500,000 |
Series B Preferred stock, Issued | 193,661 | 193,661 |
Series B Preferred stock, Outstanding | 0 | 0 |
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 70,000,000 | 70,000,000 |
Common stock, Issued | 50,795,500 | 50,642,500 |
Common stock, Outstanding | 50,795,500 | 50,642,500 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Consolidated Statements Of Operations And Comprehensive Loss | ||||
Revenue | $ 308,028 | $ 209,578 | $ 849,778 | $ 774,925 |
Direct material costs | 528 | 1,116 | 26,617 | 2,571 |
Gross profit | 307,500 | 208,462 | 823,161 | 742,354 |
Operating Expenses: | ||||
General and administrative | 523,634 | 458,884 | 1,869,620 | 1,264,706 |
Depreciation and amortization | 5,609 | 428 | 16,835 | 1,238 |
Loss from operations | (221,743) | $ (250,850) | (1,063,294) | $ (523,590) |
Other Income (Expenses): | ||||
Other Income | $ (8) | $ 160 | ||
Gain on debt forgiveness | $ 11,982 | |||
Interest expense | $ (2,113) | $ (2,418) | $ (6,409) | $ (7,686) |
Tax refund | 78,026 | |||
Total other income (expenses) | $ (2,121) | $ (2,418) | 71,777 | $ 4,296 |
Net loss | (223,864) | (253,268) | (991,517) | (519,294) |
Foreign currency translation adjustment | (59,543) | (6,908) | (104,355) | (13,671) |
Comprehensive (loss) | $ (283,407) | $ (260,176) | $ (1,095,872) | $ (532,965) |
Net loss per common share attributable to common stockholders (basic and diluted) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.01) |
Weighted average common shares outstanding (basic and diluted): | 50,795,500 | 49,844,000 | 50,784,831 | 49,703,890 |
CONSOLDIATED STATEMENTS OF CASH
CONSOLDIATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (991,517) | $ (519,294) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 16,835 | 1,238 |
Option based compensation | 314,111 | $ 235,822 |
Stock based compensation | $ 37,250 | |
Gain on debt forgivenes | $ (11,982) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | $ (16,214) | 7,216 |
Accounts payable and accrued expenses | (35,588) | $ (11,843) |
Inventory | (5,417) | |
Accrued liabilities - related parties | $ 178,298 | $ (1,002) |
Taxes payable | $ (8,227) | |
Prepaid | $ (21,509) | |
Deferred Income | 43,239 | $ 3,918 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ (480,512) | (304,514) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash paid for purchase of fixed assets | $ (2,020) | |
Cash received, net of cash paid for Nic | $ (1,118) | |
NET CASH USED IN INVESTING ACTIVITIES | (1,118) | $ (2,020) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the sale of common stock | $ 100,000 | 369,750 |
Payments on notes payable - related parties | (39,342) | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | $ 100,000 | 330,408 |
Effect of exchange rate changes on cash | (70,986) | 15,223 |
Net increase (decrease) in cash | (452,616) | 39,457 |
Cash, beginning of period | 977,688 | 365,415 |
Cash, end of period | $ 525,072 | 404,872 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Interest paid | $ 21,007 | |
Income taxes paid | ||
Non-Monetary Transactions | ||
Assets acquired in acquisition through stock issuance | $ 74,500 | |
Preferred series B shares issued for debt- related parties | $ 193,661 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION | Skkynet Cloud Systems, Inc. (Skkynet or the Company) is a Nevada corporation formed on August 31, 2011 and headquartered in Toronto, Canada. Skkynet operates its business through its wholly-owned subsidiary Cogent Real-Time Systems, Inc. (Cogent). Skkynet was formed primarily for the purpose of taking the existing business lines of Cogent and its current and future customers and integrating these businesses with Cloud based systems. On November 1, 2014 the Company acquired Nic Corporation as a wholly owned subsidiary. On February 1, 2015 the Company formed a wholly owned US subsidiary Skkynet, Inc. and wholly owned Canadian subsidiary Skkynet Corp. (See Note 7 Acquisitions) On July 30, 2015 the Company designated 500,000 shares of the preferred stock as Series B Convertible preferred. The Series B shares have a par value of $0.001 and issue value of $1.00 per share. The series B is convertible by the holder into common stock at $1.32 per share. The Company may, any time at its option, redeem the Series B shares at their stated value. The Series B preferred shares hold a 6% per annum accumulative dividend. The accompanying unaudited interim consolidated financial statements of the Company 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 (the SEC), and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys October 31, 2014 Annual Report filed with the SEC on Form 10-K. 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 disclosure contained in the audited financial statements for the most recent fiscal year end October 31, 2014 as reported on Form 10-K, have been omitted. Inventory Inventory consists of hardware used to embed software and is stated at the lower of cost or market. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
NOTE 2 - RELATED PARTY TRANSACTIONS | On July 31, 2012, Andrew Thomas, Shizuka Thomas and Paul Benford converted the salary they had accrued through our subsidiary through July 31, 2012 to notes payable due from that subsidiary. The notes matured on April 29, 2015 and bear an interest rate of 6% per annum on the outstanding balance. Interest payments are due quarterly commencing October 30, 2012. On July 30, 2015 the notes and accrued interest were converted to 193,661 Series B convertible preferred shares for the outstanding principal and interest as of July 30, 2015. Note Balance Interest Total Shares issued Andrew Thomas $ 54,874 $ 5,403 $ 60,241 60,241 Paul Benford $ 85,842 $ 8,761 $ 94,603 94,603 Shizuka Thomas $ 39,197 $ 3,620 $ 38,817 38,817 Total $ 175,887 $ 17,774 $ 193,661 193,661 On January 1, 2012 and April 15, 2012, the Company and its subsidiary entered into employment agreements with four of its officers and directors. As a result of these agreements the Company has accrued compensation for each of the individuals. In addition the Company is accruing director compensation at the rate of $2,500 per director per month. As of July 31, 2015 the accrued liability for compensation was $420,244 As of July 31, 2015 and October 31, 2014, the Company had the following outstanding accrued liabilities due to related parties: As of July 31, 2015 October 31, 2014 Accrued salaries $ 297,424 $ 201,026 Director fees $ 75,000 $ 7,500 Consulting fees $ 47,800 $ 33,400 Accrued liabilities $ 420,224 $ 241,926 Accrued expense $ -- $ 6,911 Total accrued liabilities and accrued expense $ 420,244 $ 248,837 On December 4, 2014, the Company issued 78,000 shares of common stock a $1.282 per share to a related party for $100,000 in cash. |
EQUITY
EQUITY | 9 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
NOTE 3 - EQUITY | On November 1, 2014, the Company issued 50,000 shares of common stock to three individuals with a value of $74,500 for the acquisition of Nic Corporation. (See Note 7 Acquisition) On November 10, 2014, the Company issued 25,000 shares of common stock to one entity with a value of $37,250 for services. On December 4, 2014, the Company issued 78,000 shares of common stock a $1.282 per share to a related party for $ 100,000 in cash. On July 30, 2015, the Company designated 500,000 shares of the preferred stock as Series B Convertible preferred. The Series B shares have a par value of $0.001 and issue value of $1.00 per share. The series B is convertible by the holder into common stock at $1.32 per share. The Company may, any time at its option, redeem the Series B shares at their stated value. The Series B preferred shares hold a 6% per annum accumulative dividend. On July 30, 2015, the Company issued 193,661 shares of Series B convertible preferred stock to three related parties in exchange for the outstanding notes payable and accrued interest of $193,661. |
OPTIONS
OPTIONS | 9 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
NOTE 4 - OPTIONS | The Company, under its 2012 Stock Option Plan, issues option to various officers, directors and consultants. The options vest in equal annual installments over a five year period with the first 20% vested when the options were granted. All of the options are exercisable at a purchase price based on the last trading price of the Companys common stock. On January 19, 2015, the Company issued 106,000 options under the 2012 Stock Option Plan to 4 employees with an exercise price of $1.32 per share. On February 10, 2015, the Company issued 10,000 options to one consultant with exercise price of $1.30. 20% of the option will vest immediately, the additional 20% to vest on February 10 of each successive year. The Company has elected to expense the options over the life of the option as stock based compensation. The expense is calculated with a Black Scholes model to reach the fair value over the length of each option. The total value calculated for option expense is $2,459,889. During the period ended July 31, 2015 the Company expensed $314,111 for options. The unrecognized future balance to be expensed over the term of the options is $1,802,792 The following sets forth the options granted and outstanding as of July 31, 2015: Options Weighted Average Exercise price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic value Outstanding at October 31, 2014 5,270,000 0.51 8.44 2,218,000 5,164,900 Granted 116,000 1.32 9.51 1,113,200 -- Exercised -- -- -- -- Outstanding at July 31, 2015 5,386,000 0.52 8.46 3,331,200 4,284,900 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
NOTE 5 - COMMITMENTS AND CONTINGENCIES | The Company leases office space located at 2233 Argentia Road Suite 306 Mississauga, Ontario Canada L5N 2X7. The offices contain approximately 2,810 square feet of office space and are leased from July 1, 2014 through July 31, 2017. Under the terms of the lease the gross monthly rental cost including common area charges is $6,700 per month. The lease terminates on July, 31, 2017. The yearly rental obligations under the lease agreement are as follows: 2015 $ 7,265 2016 $ 70,567 2017 $ 61,538 2018 $ 0 2029 $ 0 thereafter $ 0 Total $ 139,370 |
DEFERRED REVENUE
DEFERRED REVENUE | 9 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
NOTE 6 - DEFERRED REVENUE | The Company receives part of its revenue from the sale of software support. The revenue received is for one year of support from the date of the support sale. The Company defers the revenue for the future periods in which it is obligated to perform the support service. As of July 31, 2015 the Company had deferred revenue of $91,897. |
ACQUISITION
ACQUISITION | 9 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
NOTE 7 - ACQUISITION | On November 1, 2014, the Company acquired all the outstanding shares of Nic Corporation, based in Japan, for $110,000 in cash plus 50,000 share of common stock. The Company determined in accordance with ASC 805-10-25-6 that the 50,000 shares of common stock was valued at the closing price on the date of purchase at $1.49 for a total value of $74,500. In accordance with purchase acquisition accounting, the company initially allocated the consideration to the net tangible and identifiable intangible assets, based on their estimated fair values as of the date of acquisition. Customer Lists represents the excess of the purchase price over the fair value of the underlying net tangible and identifiable intangible assets. The Company estimates the useful life to the customer list to be three years and thus it is being amortized over a three year period. The amortization for the nine month period that was recorded is $15,571. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The company has not finalized its purchase price allocation and this is preliminary. Cash and cash equivalents $ 108,882 Accounts receivable 37,089 Inventory 7,175 Prepaid 4,726 Intangible asset 62,285 Other assets 6,185 Total Assets 226,342 Accounts payable 31,874 Deposits 3,813 Taxes payable 6,155 Total Liabilities 41,842 Total Purchase Price $ 184,500 The following unaudited consolidated pro forma information gives effect to the Nic Corporation acquisition as if this transaction had occurred at the beginning of the period presented. The following unaudited pro forma information is presented for illustration purposes only and is not necessarily indicative of the results that would have been attained had the acquisition of this business been completed at the beginning of each period presented, nor are they indicative of results that may occur in any future periods. As of July 31, 2015(Unaudited) Three Months Period Nine Months period Revenue $ 231,529 $ 1,140,459 Operating expense $ 566,193 $ 1,560,476 Other income(expense) $ 25,712 $ (23,829 ) Net loss $ (365,213 ) $ (443,847 ) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Related Party Transactions Tables | |
Summary of notes payable related party | On July 30, 2015 the notes and accrued interest were converted to 193,661 Series B convertible preferred shares for the outstanding principal and interest as of July 30, 2015. Note Balance Interest Total Shares issued Andrew Thomas $ 54,874 $ 5,403 $ 60,241 60,241 Paul Benford $ 85,842 $ 8,761 $ 94,603 94,603 Shizuka Thomas $ 39,197 $ 3,620 $ 38,817 38,817 Total $ 175,887 $ 17,774 $ 193,661 193,661 |
Outstanding accrued liabilities due to related parties | As of July 31, 2015 and October 31, 2014, the Company had the following outstanding accrued liabilities due to related parties: As of July 31, 2015 October 31, 2014 Accrued salaries $ 297,424 $ 201,026 Director fees $ 75,000 $ 7,500 Consulting fees $ 47,800 $ 33,400 Accrued liabilities $ 420,224 $ 241,926 Accrued expense $ -- $ 6,911 Total accrued liabilities and accrued expense $ 420,244 $ 248,837 |
OPTIONS (Tables)
OPTIONS (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Options Tables | |
Options granted and outstanding | The following sets forth the options granted and outstanding as of July 31, 2015: Options Weighted Average Exercise price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic value Outstanding at October 31, 2014 5,270,000 0.51 8.44 2,218,000 5,164,900 Granted 116,000 1.32 9.51 1,113,200 -- Exercised -- -- -- -- Outstanding at July 31, 2015 5,386,000 0.52 8.46 3,331,200 4,284,900 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Commitments And Contingencies Tables | |
Lease obligations | The yearly rental obligations under the lease agreement are as follows: 2015 $ 7,265 2016 $ 70,567 2017 $ 61,538 2018 $ 0 2029 $ 0 thereafter $ 0 Total $ 139,370 |
ACQUISITION (Tables)
ACQUISITION (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Acquisition Tables | |
Estimated fair values of the assets acquired and liabilities | The company has not finalized its purchase price allocation and this is preliminary. Cash and cash equivalents $ 108,882 Accounts receivable 37,089 Inventory 7,175 Prepaid 4,726 Intangible asset 62,285 Other assets 6,185 Total Assets 226,342 Accounts payable 31,874 Deposits 3,813 Taxes payable 6,155 Total Liabilities 41,842 Total Purchase Price $ 184,500 |
Consolidated pro forma information | The following unaudited pro forma information is presented for illustration purposes only and is not necessarily indicative of the results that would have been attained had the acquisition of this business been completed at the beginning of each period presented, nor are they indicative of results that may occur in any future periods. As of July 31, 2015(Unaudited) Three Months Period Nine Months period Revenue $ 231,529 $ 1,140,459 Operating expense $ 566,193 $ 1,560,476 Other income(expense) $ 25,712 $ (23,829 ) Net loss $ (365,213 ) $ (443,847 ) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Jul. 31, 2015 - USD ($) | Total |
Total notes payable related parties | $ 175,887 |
Interest | 17,774 |
Total | $ 193,661 |
Shares issued | 193,661 |
Andrew Thomas [Member] | |
Total notes payable related parties | $ 54,874 |
Interest | 5,403 |
Total | $ 60,241 |
Shares issued | 60,241 |
Paul Benford [Member] | |
Total notes payable related parties | $ 85,842 |
Interest | 8,761 |
Total | $ 94,603 |
Shares issued | 94,603 |
Shizuka Thomas [Member] | |
Total notes payable related parties | $ 39,197 |
Interest | 3,620 |
Total | $ 38,817 |
Shares issued | 38,817 |
RELATED PARTY TRANSACTIONS (D18
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 |
Related Party Transactions Details 1 | ||
Accrued salaries | $ 297,424 | $ 201,026 |
Director fees | 75,000 | 7,500 |
Consulting fees | 47,800 | 33,400 |
Accrued liabilities | $ 420,224 | 241,926 |
Accrued expense | 6,911 | |
Total accrued liabilities and accrued expense | $ 420,244 | $ 248,837 |
RELATED PARTY TRANSACTIONS (D19
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 |
Related Party Transactions Details Narrative | ||
Accrued liabilities - related party | $ 420,224 | $ 241,926 |
OPTIONS (Details)
OPTIONS (Details) - 9 months ended Jul. 31, 2015 - USD ($) | Total |
Options Details | |
Outstanding options, Beginning | 5,270,000 |
Options, Granted | 116,000 |
Options, Exercised | |
Outstanding options, Ending | 5,386,000 |
Weighted Average Exercise price, Beginning | $ 0.51 |
Weighted Average Exercise price, Granted | $ 1.32 |
Weighted Average Exercise price, Exercised | |
Weighted Average Exercise price, Ending | $ 0.52 |
Weighted Average Remaining Contract Life, Beginning | 8 years 5 months 9 days |
Weighted Average Remaining Contract Life, Granted | 9 years 6 months 4 days |
Weighted Average Remaining Contract Life, Ending | 8 years 5 months 16 days |
Number of Options Exercisable, Beginning | 2,218,000 |
Number of Options Exercisable, Granted | 1,113,200 |
Number of Options Exercisable, Exercised | |
Number of Options Exercisable, Ending | 3,331,200 |
Aggregate Intrinsic Value, Beginning | $ 5,164,900 |
Aggregate Intrinsic Value, Ending | $ 4,284,900 |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) - USD ($) | 9 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Options Details Narrative | ||
Option based compensation | $ 314,111 | $ 235,822 |
COMMITMENTS AND CONTINGENCIES22
COMMITMENTS AND CONTINGENCIES (Details) | Jul. 31, 2015USD ($) |
Commitments And Contingencies Details | |
2,015 | $ 7,265 |
2,016 | 70,567 |
2,017 | 61,538 |
2,018 | 0 |
2,019 | 0 |
thereafter | 0 |
Total | $ 139,370 |
DEFERRED REVENUE (Details Narra
DEFERRED REVENUE (Details Narrative) - USD ($) | Jul. 31, 2015 | Oct. 31, 2014 |
Deferred Revenue Details Narrative | ||
Deferred revenue | $ 91,897 | $ 44,845 |
ACQUISITION (Details)
ACQUISITION (Details) | Jul. 31, 2015USD ($) |
Acquisition Details | |
Cash and cash equivalents | $ 108,882 |
Accounts receivable | 37,089 |
Inventory | 7,175 |
Prepaid | 4,726 |
Intangible Asset | 62,285 |
Other assets | 6,185 |
Total Assets | 226,342 |
Accounts payable | 31,874 |
Deposits | 3,813 |
Taxes payable | 6,155 |
Total Liabilities | 41,842 |
Total Purchase Price | $ 184,500 |
ACQUISITION (Details 1)
ACQUISITION (Details 1) - Jul. 31, 2015 - USD ($) | Total | Total |
Acquisition Details 1 | ||
Revenues | $ 231,529 | $ 1,140,459 |
Operating Expenses | 566,193 | 1,560,476 |
Other income (expense) | 25,712 | (23,829) |
Net Loss | $ (365,213) | $ (443,847) |