Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | |
Oct. 31, 2014 | Dec. 11, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'MaryJane Group, Inc. | ' |
Entity Central Index Key | '0001554225 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Public Float | ' | $0 |
Entity Common Stock, Shares Outstanding | ' | 20,967,000 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2015 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Assets, Current | ' | ' |
Cash | $26,587 | $3,431 |
Accounts receivable | 11,092 | ' |
Prepaid Expense | 361,265 | 10,149 |
Employee advances | 1,838 | 3,300 |
Assets, Current | 400,782 | 16,880 |
Fixed assets, net | 18,001 | 51,436 |
Security deposit | 24,500 | 10,000 |
Total assets | 443,283 | 78,316 |
Current Liabilities: | ' | ' |
Convertible notes payable, net of debt discount of $182,222 and $0, respectively | 177,278 | 75,000 |
Accounts Payable, Current | 31,740 | 12,358 |
Bank overdraft | ' | 13,757 |
Other Liabilities, Current | 170,906 | 50,223 |
Total current liabilities | 379,924 | 151,338 |
Long-term Liabilities: | ' | ' |
Convertible notes payable, net of debt discount of $111,536 and $0, respectively | 10,064 | ' |
Convertible debentures | 90,000 | 90,000 |
Other liabilities | 3,989 | 506 |
Total long-term liabilities | 104,053 | 90,506 |
Total liabilities | 483,977 | 241,844 |
Commitments and Contingencies | ' | ' |
Stockholders' Deficit: | ' | ' |
Common stock - par value $0.001; 75,000,000 shares authorized; 19,382,000 and 17,860,000 shares issued and outstanding, respectively | 19,382 | 17,860 |
Additional paid in capital | 1,893,230 | 72,076 |
Accumulated deficit | -1,953,306 | -253,464 |
Total stockholders' equity (deficit) | -40,694 | -163,528 |
Total liabilities and stockholders' equity (deficit) | $443,283 | $78,316 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Oct. 31, 2014 | Jul. 10, 2014 | Jun. 30, 2014 | 21-May-14 | 2-May-14 | Apr. 30, 2014 |
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' |
Debt Discount on Convertible notes payable | $111,536 | $33,929 | $36,826 | $41,096 | $37,671 | $0 |
Common Stock, Par Value | $0.00 | ' | ' | ' | ' | $0.00 |
Common Stock, Shares Authorized | 75,000,000 | ' | ' | ' | ' | 75,000,000 |
Common Stock, Shares Issued | 19,382,000 | ' | ' | ' | ' | 17,860,000 |
Common Stock, Shares, Outstanding | 19,382,000 | ' | ' | ' | ' | 17,860,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATION (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $164,293 | ' | $277,232 | ' |
Cost of goods sold | 94,152 | ' | 181,249 | ' |
Gross profit | 70,141 | ' | 95,983 | ' |
Operating Expenses | ' | ' | ' | ' |
General and administration | 1,091,394 | 3,661 | 1,572,854 | 12,226 |
Sales and marketing | 2,515 | ' | 9,632 | ' |
Depreciation | 1,007 | ' | 2,015 | ' |
Total operating expenses | 1,094,916 | 3,661 | 1,584,501 | 12,226 |
Operating loss | -1,024,775 | -3,661 | -1,488,518 | -12,226 |
Other income and (expense) | ' | ' | ' | ' |
Miscellaneous income | 13,324 | ' | 15,919 | ' |
Interest expense | -90,106 | ' | -154,501 | ' |
Loan closing costs | -20,600 | ' | -20,600 | ' |
Disposal of fixed assets | ' | ' | -52,142 | ' |
Total other income (expense) | -97,382 | ' | -211,324 | ' |
Loss before taxes | -1,122,157 | -3,661 | -1,699,842 | -12,226 |
Provision for income taxes | ' | ' | ' | ' |
Net loss | ($1,122,157) | ($3,661) | ($1,699,842) | ($12,226) |
Loss per share, basic and diluted | ($0.06) | $0 | ($0.16) | $0 |
Weighted average number of shares outstanding | 19,096,727 | 18,761,391 | 10,360,000 | 10,246,303 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($1,699,842) | ($12,226) |
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities: | ' | ' |
Depreciation | 2,015 | ' |
Amortization of prepaid expenses | 911,352 | ' |
Amortization of debt discount | 140,318 | ' |
Write off of non-cash consulting costs | 94,650 | ' |
Disposal of fixed assets | 52,142 | ' |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -11,092 | ' |
Other current assets | 8,445 | -10,000 |
Accounts payable | 20,882 | ' |
Bank overdraft | -13,757 | ' |
Other current liabilities | 120,683 | 1,286 |
Other long-term liabilities | 3,483 | ' |
Net cash flows used in operating activities | -370,721 | -20,940 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Security deposit | -14,500 | ' |
Purchase of fixed assets | -2,723 | ' |
Net cash flows used in investing activities | -17,223 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from convertible promissory notes | 411,100 | ' |
Proceeds from sale of common stock | ' | 12,200 |
Net cash flows provided by financing activities | 411,100 | 12,200 |
Increase in cash | 23,156 | -8,740 |
Cash, beginning of period | 3,431 | 11,346 |
Cash, end of period | 26,587 | 2,606 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Interest paid | ' | ' |
Income taxes paid | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING ACTIVITIES: | ' | ' |
Beneficial conversion feature for convertible notes | 434,076 | ' |
Shares issued with employment agreements | 1,162,025 | ' |
Shares issued for services | $111,800 | ' |
THE_COMPANY
THE COMPANY | 6 Months Ended | ||
Oct. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
THE COMPANY | ' | ||
NOTE 1 – THE COMPANY | |||
The MaryJane Group, Inc., f/k/a Pladeo Corp., a Nevada corporation (the “Company”), had ten wholly-owned subsidiaries at October 31, 2014, as listed below: | |||
Date of | |||
Organization or | |||
Incorporation | |||
Mary Jane Tours, LLC | 15-Apr-13 | ||
Mary Jane Entertainment, LLC | 21-May-13 | ||
Mile High Times, LLC | 13-Oct-13 | ||
Capital Growth Corporation | 4-Feb-14 | ||
Dab City Radio, LLC | 16-Feb-14 | ||
Mary Jane Glassworks, LLC | 10-Apr-14 | ||
Bud and Breakfast, LLC | 10-Apr-14 | ||
Mary Jane Hospitality, LLC | 22-Jul-14 | ||
Mary Jane Events, LLC | 22-Jul-14 | ||
Mary Jane Designs, LLC | 28-Aug-14 | ||
On November 21, 2014, the following entities were dissolved; (i) Mary Jane Tours, LLC; (ii) Mile High Times, LLC; (iii) Dab City Radio, LLC; and (iv) Mary Jane Glassworks, LLC. | |||
Unless the context otherwise requires, the Company and the above listed wholly-owned subsidiaries collectively are sometimes referred to as “our Company,” “we,” “our,” or “us.” | |||
Overview of Operating Businesses | |||
On January 1, 2014, the State of Colorado became the first state to legalize the use of recreational marijuana. Colorado residents, who are at least 21 years of age with photo identification, may purchase as much as one ounce of marijuana in a single transaction. Non-Colorado residents, bearing the same identification, may purchase as much as one-quarter ounce. Marijuana cannot be consumed in any public space, including the shops where it was purchased. Our operating subsidiaries, as outlined herein, were formed for the purpose of providing financing to assist Colorado marijuana growers, providing cannabis friendly lodging and to provide value added services of information and entertainment to the consumers supporting the recreational marijuana industry. | |||
Change in Officers | |||
On June 8, 2014, Jose Ramirez, our Chief Operating Officer, tendered his 60-day resignation. We accepted his resignation as Chief Operating Officer and the Board of Directors requested that the resignation take effect immediately rather than in 60 days to allow the Board of Directors to immediately commence a search for his replacement. Mr. Ramirez remained as a member of the Board of Directors until he was removed on July 14, 2014. | |||
On June 27, 2014, we entered into an Executive Employment Agreement (the “Agreement”) with Charles G. Berkowitz wherein Mr. Berkowitz was hired to serve as our Chief Operating Officer for an initial term of three years. The Agreement could have been automatically extended on its anniversary date for subsequent one-year terms unless either party gave notice that they intended not to renew at least three months in advance of the automatic renewal date. Mr. Berkowitz was to receive a base annual salary of $100,000 through December 31, 2014, $125,000 for calendar year 2015 and $150,000 for the remaining initial term. Mr. Berkowitz was to receive a monthly car allowance of not less than $500. Upon execution of the Agreement, Mr. Berkowitz was issued 250,000 shares of our common stock and was to receive an additional 250,000 shares per month for the subsequent nine months for an aggregate issuance of 2,500,000 shares. Mr. Berkowitz agreed not to compete for a period of two years following the end of his employment. On August 29, 2014, our board of directors terminated the Agreement for cause retroactive to August 4, 2014. | |||
Significant Employment Agreements | |||
In May 2014, we entered into an employment agreement with Mark Gaitan to become the Manager of our apparel division and General Manager of our factory and warehouse. We pay Mr. Gaitan an annual base salary of $50,000 per year. As additional consideration, we issued 125,000 shares of our common stock to Mr. Gaitan. On October 24, 2014, Mr. Gaitan’s employment with the Company was terminated. | |||
On August 21, 2014, we entered into an employment agreement with Tyson Broyles to become our Comptroller (the “Broyles Agreement”). We pay Mr. Broyles an annual base salary of $40,000 per year. As additional consideration, we agreed to issue Mr. Broyles an aggregate of Five Hundred Thousand (500,000) shares of our common stock, subject to quarterly issuances. The first 125,000 shares were issued concurrent with the signing of the Broyles Agreement; thereafter, Mr. Broyles was issued 125,000 shares effective September 30, 2014, and will be issued 125,000 on December 31, 2014 and March 31, 2015. In the event Mr. Broyles resigns or is terminated for cause during the first nine months of the Agreement, only those shares issued to him at the time of termination shall be deemed duly issued to and owned by Mr. Broyles. | |||
Office Lease | |||
On July 21, 2014, we relocated our principal office, and that of our subsidiaries, to 910 Sixteenth Street, Suite 412, Denver, Colorado 80202 when we entered into a three-year lease. We lease 1,126 square feet of office space under the lease which expires on July 31, 2017. The monthly lease amount through July 31, 2015 is $1,505; thereafter, it increases to $1,600 and $1,700 on August 1, 2015 and 2016, respectively. The lease permits a one-time extension for a two-year period with the lease amount being increased to $1,800 and $1,900, respectively. | |||
Bed and Breakfast Lease | |||
On April 9, 2014 we entered into a one year lease with the owner of the Adagio Bed and Breakfast (the “Adagio”), located at 1430 Race Street, Denver, Colorado (“Lease”). The Lease commenced April 10, 2014 and expires April 9, 2015. The monthly rent is $9,000 per month, plus 2 1/2% of the monthly gross lodging revenue. As additional consideration, we agreed to issue the owner of the Adagio 10,000 shares of our Common Stock. Pursuant to the terms of the Lease, we were granted the exclusive option to purchase the Adagio for $1,500,000. | |||
On September 4, 2014, we entered into a one year lease with the owners of the Mountain Vista Bed and Breakfast, located at 358 Lagoon Lane, Silverthorne Colorado (the “Mountain Vista Lease”). The Lease commences October 1, 2014 and expires September 30, 2015. The monthly rent is $3,500 per month, plus 2% of the monthly Gross Lodging Sales. As additional consideration, we agreed to issue the owners of the Mountain Vista 10,000 shares of our Common Stock. Pursuant to the terms of the Lease, we were granted the exclusive option to purchase the Mountain Vista at the market value of the premises determined by a commercial appraisal on the option date. | |||
Fiscal year end | |||
We elected April 30th as our fiscal year ending date. | |||
Going concern uncertainty | |||
At October 31, 2014, we had an accumulated deficit of $1,953,484 and for the six months ended October 31, 2014, we incurred losses of $1,700,020. Our ability to continue in business is dependent upon obtaining sufficient financing or attaining profitable operations. However, there can be no assurance that management will be successful in obtaining additional funding or in attaining profitable operations, and therefore, these matters raise substantial doubt about our ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties, nor do they include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. |
BASIS_OF_PRESENTATION_AND_RECE
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Oct. 31, 2014 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 2 – BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
Interim Financial Statements | |
The accompanying unaudited interim condensed consolidated financial statements of The MaryJane Group, Inc. have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The balance sheet at April 30, 2014 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended April 30, 2014 as filed with the SEC on August 29, 2014. | |
Fair Value of Financial Instruments | |
In accordance with the reporting requirements of ASC Topic 825, Financial Instruments, we calculate the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. We do not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis; consequently, we did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet date, nor gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held during the three and six months ended October 31, 2014 or the year ended April 30, 2014. | |
Basic Loss Per Share | |
We calculate earnings (loss) per share (“EPS”) in accordance with ASC Topic 260, Earnings Per Share, which requires the computation and disclosure of two EPS amounts, basic and diluted. Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares outstanding plus all potentially dilutive common shares outstanding during the period. Such potential dilutive common shares consist of convertible debt instruments and warrants to purchase Common Stock of the Company and have been excluded from the diluted earnings per share calculation as they are anti-dilutive due to our reported net loss. | |
Recently Issued and Newly Adopted Accounting Pronouncements | |
There have been no material changes to our significant accounting policies as summarized in NOTE 2 of our Annual Report on Form 10-K for the year ended April 30, 2014. We do not expect that the adoption of any recent accounting pronouncements will have a material impact on our accompanying condensed consolidated financial statements. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current period presentation. |
FIXED_ASSETS
FIXED ASSETS | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
FIXED ASSETS | ' | ||||||||
NOTE 3 – FIXED ASSETS | |||||||||
Fixed assets consist of the following: | |||||||||
31-Oct-14 | 30-Apr-14 | ||||||||
Furniture and fixtures | $ | 20,154 | $ | 19,752 | |||||
Leasehold improvements | 2,320 | — | |||||||
Vans and party buses | — | 24,000 | |||||||
Equipment | — | 16,670 | |||||||
22,474 | 64,022 | ||||||||
Less: accumulated depreciation | (4,473 | ) | (8,986 | ) | |||||
TOTAL PROPERTY AND EQUIPMENT | $ | 18,001 | $ | 51,436 | |||||
Depreciation expense for the three and six months ended October 31, 2014 was $1,007 and $2,015, respectively. We incurred no depreciation expense during the three and six months ended October 31, 2013. |
CONVERTIBLE_PROMISSORY_NOTES
CONVERTIBLE PROMISSORY NOTES | 6 Months Ended |
Oct. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
CONVERTIBLE PROMISSORY NOTES | ' |
NOTE 4 – CONVERTIBLE PROMISSORY NOTES | |
In May and June 2014, we issued an aggregate of $96,000 in Convertible Promissory Notes to an entity (the “May/June 2014 Notes”). The May/June 2014 Notes bear interest at 10% per annum and are due twelve months from the date of issue and are convertible into shares of our Common Stock at $1.00 per share. The beneficial conversion feature (“BCF”) of the May/June 2014 Notes was determined to be $48,976. At October 31, 2014, $24,581 was reported as debt discount and $24,395 was recorded as interest expense on the accompanying condensed consolidated financial statements. | |
On May 2, 2014, pursuant to a Convertible Promissory Note issued on April 30, 2014 (the “April 2014 Note”), we received $50,000 from an entity. The April 2014 Note bears interest at 8% per annum and is due twelve months from the date of issue and is convertible into shares of our Common Stock at $2.00 per share. The BCF for the April 2014 Note was determined to be its full value. At October 31, 2014, $25,171 was reported as debt discount and $24,829 was recorded as interest expense on the accompanying condensed consolidated financial statements. | |
On May 21, 2014 we issued a $50,000 Convertible Promissory Note (the “May 2014 Note”) and a Common Stock Purchase Warrant for the purchase of 125,000 shares of our common stock to an entity for an aggregate of $50,000. The May 2014 Note bears interest at 8% per annum and is due twelve months from the date of issue and is convertible into shares of our common stock at $2.00 per share. The three-year Common Stock Purchase Warrant is exercisable at $1.50 per share. The BCF for the May 2014 Note was determined to be its full value. At October 31, 2014, $28,596 was reported as debt discount and $21,404 was recorded as interest expense on the accompanying condensed consolidated financial statements. | |
On July 10, 2014, we issued a $36,000 Convertible Promissory Note (the “July 2014 Note”), 125,000 shares of our Common Stock and a Common Stock Purchase Warrant for the purchase of 125,000 shares of our common stock to an entity for an aggregate of $36,000. The July 2014 Note converts into shares of our common stock at 80% of the current market price subject to a minimum conversion price of $0.25 per share and a maximum conversion price of $1.50 per share. The three-year Common Stock Purchase Warrant is exercisable at $0.75 per share. The BCF for the July 2014 Note was determined to be its full value. At October 31, 2014, $24,929 was reported as debt discount and $11,071 was recorded as interest expense on the accompanying condensed consolidated financial statements. | |
On September 12, 2014, we issued two 8% Convertible Redeemable Notes each in the amount of $52,500 for an aggregate principal amount of $105,000 (the “First September 2014 Note” and “Second September 2014 Note”). On September 17, 2013 we received payment of $45,000, net of legal fees of $2,500 and finder’s fees of $5,000 under the First September 2014 Note. The First September 2014 Note mature on September 15, 2015 and is convertible into our common stock at a 43% discount of the lowest trading price for the 18 days prior to conversion. The Second September 2014 Note ($45,000 after the payment of $2,500 in legal fees and $5,000 in finder’s fee) is expected to be funded within the next 180 days. On September 15, 2014, the lender issued a promissory note (the “Lender’s Note”) in favor of the Company in the principal amount $52,500 with net cash proceeds to us of $45,000 (after the payment of $2,500 in legal fees and $5,000 in finder’s fee). The Lender’s Note will remain in force until such time as the Second September 2014 Note is fund, at which time the Lender’s Note will be canceled. The BCF for the First September 2014 Note was determined to be its full value. At October 31, 2014, $46,171 was reported as debt discount and $6,329 was recorded as interest expense on the accompanying condensed consolidated financial statements. | |
LONGTERM_LIABILITIES
LONG-TERM LIABILITIES | 6 Months Ended |
Oct. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
LONG-TERM LIABILITIES | ' |
NOTE 5 – LONG-TERM LIABILITIES | |
On August 13, 2014, we issued an 8% Original Issue Discount Convertible Promissory Note in the principal amount of $61,600 (the “August Note”) and a Common Stock Purchase Warrant for the purchase of 513,333 shares of our Common Stock to an entity (the “OID Warrant”). The August Note matures on February 13, 2016 and is convertible into shares of our common stock at a 60% discount to the lowest daily volume weighted average price (“VWAP”) of our common stock for (i) the 20 trading days immediately prior to the original issue date or (ii) the 20 trading days prior to the date of conversion. The five-year OID Warrant is exercisable at $0.132 per share and contains provisions for a cashless exercise. We received net proceeds of $50,000 from this transaction after the payment of $6,000 in legal fees and the original discount of $5,600. The proceeds from the sale of the securities are being used as working capital. The BCF for the August Note was determined to be its full value. At October 31, 2014, $52,800 was reported as debt discount and $8,800 was recorded as interest expense on the accompanying condensed consolidated financial statements. | |
On October 22, 2015, we issued a 10% Secured Convertible Promissory Note in the principal amount of $225,000 (the “October Note”). The October Note is convertible into our Common Stock at $0.25 per share subject to adjustments. The October Note is to be funded in four tranches, the first tranche of $50,000, net of $5,000 in legal fees and the original issue discount of $5,000 was funded on October 22, 2014, and was immediately deemed eligible for conversion. The remaining three tranches in the amount of $50,000 (net of the original issue discount of $5,000) are expected to be funded in the next 180 days and will be deemed eligible conversion on the date of funding. In conjunction with the issuance of the October Note, we issued four warrants to purchase shares of our Common Stock (“Warrant(s)”) (designated Warrant #1, Warrant #2, Warrant #3 and Warrant #4). Warrant #1 is for the purchase of 176,471 shares of our Common Stock. Warrant #s 2, 3 and 4 are for an amount determined by dividing $27,500 by our Common Stock’s market price on the date corresponding with the second, third and fourth funding. |
OTHER_CURRENT_LIABILITIES
OTHER CURRENT LIABILITIES | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
OTHER CURRENT LIABILITIES | ' | ||||||||
NOTE 6 – OTHER CURRENT LIABILITIES | |||||||||
Other current liabilities consist of the following: | |||||||||
31-Oct-14 | 30-Apr-14 | ||||||||
Payroll tax liability | $ | 110,247 | $ | 13,290 | |||||
Accrued lodging taxes | 39,602 | — | |||||||
Accrued interest expense | 10,936 | 236 | |||||||
Accrued payroll | 8,333 | 24,508 | |||||||
Other current liabilities | 1,788 | 499 | |||||||
Accrued outside services | — | 11,690 | |||||||
TOTAL OTHER CURRENT LIABILITIES | $ | 170,906 | $ | 50,223 |
CAPITAL_STOCK
CAPITAL STOCK | 6 Months Ended | ||
Oct. 31, 2014 | |||
Notes to Financial Statements | ' | ||
CAPITAL STOCK | ' | ||
NOTE 7 – CAPITAL STOCK | |||
Common Stock | |||
At October 31 and April 30, 2014, we had 75,000,000 shares of common stock, $0.001 par value authorized (the “Company Shares”), with 19,382,000 and 17,860,000 Company Shares issued and outstanding, respectively. | |||
Common Stock Issuances During the Six Months Ended October 31, 2014 | |||
● | Pursuant to an employment agreement with Charles Berkowitz as described in NOTE 1, we issued Mr. Berkowitz 250,000 shares of our Common Stock having a fair market value on the date of issuance of $212,500. | ||
● | Pursuant to an employment agreement with Mark Gaitan as described in NOTE 1, we issued Mr. Gaitan 125,000 shares of our Common Stock having a fair market value on the date of issuance of $406,250. | ||
● | Pursuant to an employment agreement with Tyson Broyles as described in NOTE 1, we issued Mr. Broyles 125,000 shares of our Common Stock having a fair market value on the date of issuance of $61,250. | ||
● | Pursuant to employment agreements with certain other individuals, we issued an aggregate of 145,000 shares of our Common Stock having an aggregate fair market value on the date of issuance of $473,400. | ||
● | Pursuant to the terms of consulting agreements with certain individuals and/or entities, we issued an aggregate of 185,000 shares of our Common Stock having an aggregate fair market value on the date of issuance of $117,650. | ||
● | Pursuant to the terms of a lease agreement for the Adagio Bed and Breakfast, we issued 10,000 shares of our Common Stock, having a fair market value on the date of issuance of $75,000, to the property owner as additional consideration. | ||
● | Pursuant to the terms of a lease agreement for the Mountain Vista Bed and Breakfast, we issued 10,000 shares of our Common Stock, having a fair market value on the date of issuance of $2,300, to the property owner as additional consideration. | ||
● | Pursuant to the terms of an asset purchase agreement, we issued 2,000 shares of our Common Stock, having a fair market value on the date of issuance of $15,000, to an individual. | ||
● | Pursuant to the terms of a verbal agreement for legal services, we issued an aggregate of 30,000 shares of our Common Stock, having a fair market value on the date of issuance of $10,000, to an individual. | ||
● | Pursuant to the terms of a verbal agreement with a vender, we issued 15,000 shares of our Common Stock in settlement of $1,500 in outstanding accounts payable. | ||
● | We issued an aggregate of 500,000 shares of our Common Stock to two entities and two individuals for an aggregate purchase price of $5,000. | ||
Common Stock Issuances During the Six Months Ended October 31, 2013 | |||
During May and June 2013, we entered into Securities Purchase Agreements with multiple investors for the issuance and sale of our common stock (the “May/June 2013 Private Placement”). The May/June 2013 Private Placement closed on June 21, 2013, through which we sold an aggregate of 1,220,000 shares of our Common Stock at $0.01 per share, for an aggregate purchase price of $12,200. Shares of our common stock included in the May/June 2013 Private Placement was registered pursuant to a Registration Statement on Form S-1 under the Securities Act of 1933, which was deemed effective by the SEC on April 12, 2014 (the “April 12, 2014 Form S-1”). | |||
Warrants to Purchase Common Stock of the Company | |||
We use the Black-Scholes-Merton option pricing model (“Black-Scholes Model”) to determine the fair value of Warrant(s). The Black-Scholes Model is an acceptable model in accordance with GAAP. | |||
Warrant Activity during the Six Months Ended October 31, 2014 | |||
On May 21, 2014, we issued an aggregate of 62,500 Warrants in connection with the issuance of convertible promissory notes (the “May 2014 Warrants”) (see NOTE 4). The May 2014 Warrants have an exercisable term of 3 years and are exercisable at $1.50. The fair value of the May 2014 Warrants of $106,096 was determined by using the Black-Scholes Model on the date of the grant. The relative fair value of the May 2014 Warrants of $33,984 was determined by using the relative fair value calculation method on the date of the grant. Because the BCF for the convertible promissory note associated with the May 2014 Warrants was fully valued, the relative fair value of the May 2014 Warrants was not considered in determining the debt discount for this convertible promissory note. | |||
On July 10, 2014, we issued an aggregate of 125,000 Warrants in connection with the issuance of convertible promissory notes (the “July 2014 Warrants”) (see NOTE 4). The July 2014 Warrants have an exercisable term of 3 years and are exercisable at $0.75. The fair value of the July 2014 Warrants of $48,989 was determined by using the Black-Scholes Model on the date of the grant. The relative fair value of the July 2014 Warrants of $20,751 was determined by using the relative fair value calculation method on the date of the grant. Because the BCF for the convertible promissory note associated with the July 2014 Warrants was fully valued, the relative fair value of the July 2014 Warrants was not considered in determining the debt discount for this convertible promissory note. | |||
On August 13, 2014, we issued an aggregate of 513,333 Warrants in connection with the issuance of convertible promissory notes (the “August 2014 Warrants”) (see NOTE 5). The August 2014 Warrants have an exercisable term of 5 years and are exercisable at $0.132. The fair value of the August 2014 Warrants of $105,383 was determined by using the Black-Scholes Model on the date of the grant. The relative fair value of the August 2014 Warrants of $38,876 was determined by using the relative fair value calculation method on the date of the grant. Because the BCF for the convertible promissory note associated with the August 2014 Warrants was fully valued, the relative fair value of the August 2014 Warrants was not considered in determining the debt discount for this convertible promissory note. | |||
On October 22, 2014, we issued four Warrants (designated Warrant #1, Warrant #2, Warrant #3 and Warrant #4). Warrant #1 is for the purchase of 176,471 shares of our common stock. Warrant #s 2, 3 and 4 are for an amount determined by dividing $27,500 by the our common stock’s market price on the date corresponding with the second, third and fourth funding, in connection with the issuance of convertible promissory notes (the “October 2014 Warrants”) (see NOTE 5). The October 2014 Warrants have an exercisable term of 5 years and are exercisable as defined above in this paragraph. The fair value of the Warrant #1 of $22,378 was determined by using the Black-Scholes Model on the date of the grant. The relative fair value of the Warrant #1 of $16,299 was determined by using the relative fair value calculation method on the date of the grant. Because the BCF for the convertible promissory note associated with the October 2014 Warrants was fully valued, the relative fair value of the October 2014 Warrants was not considered in determining the debt discount for this convertible promissory note. | |||
Warrants to Purchase Common Stock of the Company (continued) | |||
Warrant Activity during the Six Months Ended October 31, 2013 | |||
During the six months ended October 31, 2013, we did not issue any Warrants. | |||
Options to Purchase Common Stock of the Company | |||
Effective May 9, 2014, we established the MaryJane Group, Inc. 2014 Equity Incentive Plan (“2014 Plan”) pursuant to which 1,000,000 shares of our Company Stock were reserved for issuance upon the exercise of options (“2014 Plan Option(s)”). The 2014 Plan was designed to serve as an incentive for retaining our qualified and competent key employees, officers and directors, and certain consultants and advisors. The 2014 Plan Options have an exercise period of ten years from the date of issuance. At October 31, 2014, no options were granted under the 2014 Plan. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Oct. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
NOTE 8 – INCOME TAXES | |
Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We do not expect to pay any significant federal or state income tax for the fiscal year ended April 30, 2015 as a result of the losses recorded during the six months ended October 31, 2014 and the additional losses expected for the remainder of fiscal year ended April 30, 2015 and net operating loss carry forwards from prior years. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. As of October 31, 2014, we maintained a full valuation allowance for all deferred tax assets. Based on these requirements, no provision or benefit for income taxes has been recorded. There were no recorded unrecognized tax benefits at the end of the reporting period. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Oct. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 9 – SUBSEQUENT EVENTS | |
On November 6, 2014, we issued shares of our Common Stock pursuant to the terms of employment agreements as follows: (i) 125,000 shares to Tyson Broyles due to him on September 30, 2014; (ii) 500,000 shares to Lisa Schneider (Ms. Schneider is the wife of our chief executive officer and chief financial officer Joel Schneider.); (iii) 500,000 shares to Brett Schneider for consulting services for the period commencing November 1, 2014 through March 15, 2015 (Brett Schneider is the son of our chief executive officer and chief financial officer Joel Schneider); (iv) 210,000 shares to certain employees pursuant to the terms of employment agreements; and (v) 5,000 shares to an individual as partial consideration for photography work performed on behalf of the Company | |
On November 21, 2014, the following whole-owned subsidiaries were dissolved; (i) Mary Jane Tours, LLC; (ii) Mile High Times, LLC; (iii) Dab City Radio, LLC; and (iv) Mary Jane Glassworks, LLC. | |
On November 24, 2014, we amended an aggregate of $86,000 of Convertible Notes originally issued to TJC Trading, LLC. The original notes were issued on May 15, 2014 ($50,000) and July 10, 2014 ($36,000). The amendment reduces the conversion rate from $1.00 to the lesser of $.10 or 45% discount to the market price of our Common Stock. In connection with this amendment the Company agreed to issue 400,000 restricted shares of its Common Stock to TJC Trading, LLC, simultaneously TJC returned 50,000 shares of free trading shares that were previously issued to them. | |
On November 26, 2014, we issued an 8% Convertible Note in the principal amount of $50,000. The 8% Convertible Note matures on August 26, 2015 and is convertible into our shares of Common Stock at a 45% discount to the market price of our Common Stock. “Market Price” as defined in the 8% Convertible Note means the average lowest two (2) trading prices for our Common Stock during the twenty-five trading day period ending on the latest complete trading day prior to the date of conversion. We received net proceeds of $44,250 from this transaction after payment of $2,750 in expenses and $3,000 in legal fees. The proceeds from the sale of the 8% Convertible Note are being used as working capital. |
BASIS_OF_PRESENTATION_AND_RECE1
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies) | 6 Months Ended |
Oct. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Interim Financial Statements | ' |
Interim Financial Statements | |
The accompanying unaudited interim condensed consolidated financial statements of The MaryJane Group, Inc. have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The balance sheet at April 30, 2014 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended April 30, 2014 as filed with the SEC on August 29, 2014. | |
Fair value of financial instruments | ' |
Fair Value of Financial Instruments | |
In accordance with the reporting requirements of ASC Topic 825, Financial Instruments, we calculate the fair value of its assets and liabilities which qualify as financial instruments under this standard and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. We do not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis; consequently, we did not have any fair value adjustments for assets and liabilities measured at fair value at the balance sheet date, nor gains or losses reported in the statements of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held during the three and six months ended October 31, 2014 or the year ended April 30, 2014. | |
Basic Income (Loss) Per Share | ' |
Basic Loss Per Share | |
We calculate earnings (loss) per share (“EPS”) in accordance with ASC Topic 260, Earnings Per Share, which requires the computation and disclosure of two EPS amounts, basic and diluted. Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of common shares outstanding plus all potentially dilutive common shares outstanding during the period. Such potential dilutive common shares consist of convertible debt instruments and warrants to purchase Common Stock of the Company and have been excluded from the diluted earnings per share calculation as they are anti-dilutive due to our reported net loss. | |
Recently Issued and Newly Adopted Accounting Pronouncements | ' |
Recently Issued and Newly Adopted Accounting Pronouncements | |
There have been no material changes to our significant accounting policies as summarized in NOTE 2 of our Annual Report on Form 10-K for the year ended April 30, 2014. We do not expect that the adoption of any recent accounting pronouncements will have a material impact on our accompanying condensed consolidated financial statements. | |
Reclassifications | ' |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current period presentation. |
FIXED_ASSETS_Tables
FIXED ASSETS (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
31-Oct-14 | 30-Apr-14 | ||||||||
Furniture and fixtures | $ | 20,154 | $ | 19,752 | |||||
Leasehold improvements | 2,320 | — | |||||||
Vans and party buses | — | 24,000 | |||||||
Equipment | — | 16,670 | |||||||
22,474 | 64,022 | ||||||||
Less: accumulated depreciation | (4,473 | ) | (8,986 | ) | |||||
TOTAL PROPERTY AND EQUIPMENT | $ | 18,001 | $ | 51,436 |
OTHER_CURRENT_LIABILITIES_Tabl
OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Current Liabilities [Table Text Block] | ' | ||||||||
31-Oct-14 | 30-Apr-14 | ||||||||
Payroll tax liability | $ | 110,247 | $ | 13,290 | |||||
Accrued lodging taxes | 39,602 | — | |||||||
Accrued interest expense | 10,936 | 236 | |||||||
Accrued payroll | 8,333 | 24,508 | |||||||
Other current liabilities | 1,788 | 499 | |||||||
Accrued outside services | — | 11,690 | |||||||
TOTAL OTHER CURRENT LIABILITIES | $ | 170,906 | $ | 50,223 |
THE_COMPANY_Details_Narrative
THE COMPANY (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Jul. 21, 2014 | Jun. 27, 2014 | Jun. 01, 2014 | 31-May-14 | |
Lease Agreements [Member] | Chief Operating Officer [Member] | Mark Gaitan [Member] | Graphic Designer and Art Coordinator [Member] | ||||||
sqft | |||||||||
Basic Salary | ' | ' | ' | ' | ' | ' | $100,000 | ' | $35,000 |
Car allowance per month | ' | ' | ' | ' | ' | ' | 500 | ' | ' |
Common Shares Issued | 19,382,000 | ' | 19,382,000 | ' | 17,860,000 | ' | 250,000 | 125,000 | 20,000 |
Common Share Outstanding per month | 19,382,000 | ' | 19,382,000 | ' | 17,860,000 | ' | 250,000 | ' | ' |
Convertible Notes, price per share | ' | ' | ' | ' | ' | ' | ' | ' | $2 |
Office Area, square feet | ' | ' | ' | ' | ' | 1,126 | ' | ' | ' |
Rent Paid per Month | ' | ' | ' | ' | ' | 1,505 | ' | ' | ' |
Lease Expiration Date | ' | ' | ' | ' | ' | 31-Jul-17 | ' | ' | ' |
Lease Entension Period | ' | ' | ' | ' | ' | '2 years | ' | ' | ' |
Accumulated deficit | 1,953,306 | ' | 1,953,306 | ' | 253,464 | ' | ' | ' | ' |
Net loss | $1,122,157 | $3,661 | $1,699,842 | $12,226 | ' | ' | ' | ' | ' |
FIXED_ASSETS_Details
FIXED ASSETS (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | |
Property, Plant and Equipment, Gross | $22,474 | ' | $22,474 | ' | $64,022 |
Less: accumulated depreciation | -4,473 | ' | -4,473 | ' | -8,986 |
Property, Plant and Equipment, Net | 18,001 | ' | 18,001 | ' | 51,436 |
Depreciation | 1,007 | ' | 2,015 | ' | ' |
Furniture and Fixtures [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 20,154 | ' | 20,154 | ' | 19,752 |
Leasehold Improvements [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 2,320 | ' | 2,320 | ' | ' |
Vans and party buses [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | ' | ' | ' | 24,000 |
Equipment [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | ' | ' | ' | $16,670 |
CONVERTIBLE_PROMISSORY_NOTES_D
CONVERTIBLE PROMISSORY NOTES (Details Narrative) (USD $) | 0 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 10, 2014 | 21-May-14 | 2-May-14 | Jun. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | |
Convertible Promissory Notes Details Narrative | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Convertible Promissory Notes | $36,000 | $50,000 | $50,000 | $96,000 | $10,064 | ' | $10,064 | ' | ' |
Interest rate on Convertible Promissory Notes (as a percentage) | ' | 8.00% | 8.00% | 10.00% | ' | ' | ' | ' | ' |
Debt Discount on Convertible notes payable | 33,929 | 41,096 | 37,671 | 36,826 | 111,536 | ' | 111,536 | ' | 0 |
Interest Expenses | $2,071 | $8,904 | $12,329 | $12,150 | $90,106 | ' | $154,501 | ' | ' |
LONGTERM_LIABILITIES_Details_N
LONG-TERM LIABILITIES (Details Narrative) (USD $) | Oct. 31, 2014 | Jul. 10, 2014 | Jun. 30, 2014 | 21-May-14 | 2-May-14 | Apr. 30, 2014 | Aug. 13, 2014 | Oct. 22, 2014 |
August Note [Member] | October Note [Member] | |||||||
Proceeds from Issuance of Convertible Promissory Notes | $10,064 | $36,000 | $96,000 | $50,000 | $50,000 | ' | $61,600 | $225,000 |
Interest rate on Convertible Promissory Notes (as a percentage) | ' | ' | 10.00% | 8.00% | 8.00% | ' | 8.00% | 10.00% |
Common Shares Purchased | 19,382,000 | ' | ' | ' | ' | 17,860,000 | 513,333 | 176,471 |
Warrant Excersiable Price | ' | ' | ' | ' | ' | ' | $0.13 | $0.25 |
Legal Fees | ' | ' | ' | ' | ' | ' | 6,000 | 5,000 |
Debt Discount on Convertible notes payable | $111,536 | $33,929 | $36,826 | $41,096 | $37,671 | $0 | $5,600 | $5,000 |
OTHER_CURRENT_LIABILITIES_Deta
OTHER CURRENT LIABILITIES (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Other Current Liabilities Details | ' | ' |
Payroll tax liability | $110,247 | $13,290 |
Accrued lodging taxes | 39,602 | ' |
Accrued interest expense | 10,936 | 236 |
Accrued payroll | 8,333 | 24,508 |
Other current liabilities | 1,788 | 499 |
Accrued outside services | ' | 11,690 |
TOTAL OTHER CURRENT LIABILITIES | $170,906 | $50,223 |
CAPITAL_STOCK_Details_Narrativ
CAPITAL STOCK (Details Narrative) (USD $) | 0 Months Ended | 6 Months Ended | 2 Months Ended | 6 Months Ended | 0 Months Ended | 4 Months Ended | ||||||||
Jul. 10, 2014 | 21-May-14 | Oct. 31, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Jun. 01, 2014 | Jun. 27, 2014 | Oct. 31, 2014 | |
Private Placement [Member] | Private Placement [Member] | Adagio Bed and Breakfast [Member] | Individual [Member] | Vender [Member] | Two Entities And Two Individuals [Member] | Mark Gaitan [Member] | Chief Operating Officer [Member] | Consultant [Member] | ||||||
Common Stock, Par Value | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | 75,000,000 | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Issued | ' | ' | 19,382,000 | ' | 17,860,000 | ' | 1,220,000 | 10,000 | 2,000 | 15,000 | 500,000 | 125,000 | 250,000 | 25,000 |
Common Stock, Shares, Outstanding | ' | ' | 19,382,000 | ' | 17,860,000 | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' |
Proceeds from issuance of common stock | ' | ' | ' | $12,200 | ' | ' | ' | ' | ' | ' | ' | ' | $212,250 | ' |
Fair value of shares issued | ' | ' | ' | ' | ' | 12,200 | ' | 75,000 | 15,000 | 1,500 | 5,000 | ' | ' | 81,250 |
Proceeds from issuance of warrants | $48,989 | $106,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |