Aina Le'a (AIZY) 10-Q/A 14 Sep 15 2016 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Aug. 13, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	AIZY
Entity Registrant Name	Aina Le'a Inc.
Entity Central Index Key	1,554,923
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,099,544

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Assets
Cash and cash equivalents	$ 7,631,852	$ 12,274,233
Restricted cash	85,000	85,000
Prepaid expenses	1,402,757	803,238
Deposits	122,297	110,000
Total current assets	9,241,906	13,272,471
Real estate project in development	31,608,239	30,858,077
Loan fees, net of $15,076,614 and $15,056,929 in accumulated amortization	149,964	169,649
Total assets	41,000,109	44,300,197
Liabilities and shareholders' deficit
Accounts payable	2,612,807	4,091,203
Arbitration award to contractor		2,022,000
Related party note and advances payable	4,836,481	4,791,482
Current portion-contracts payable to land trust	25,625,600	25,625,600
Other liabilities	383,200	383,200
Total current liabilities	33,458,088	36,913,485
Contracts payable to land trust	11,665,962	10,980,127
Total liabilities	$ 45,124,050	$ 47,893,612
Commitments and contingencies (Note 12)
Shareholders' deficit
Preferred Stock, $.001 par value; authorized 10,000,000 shares; None issued and outstanding at June 30 and March 31, 2015, respectively
Common stock, $.001 par value; authorized 50,000,000 shares; 9,099,544 shares issued and outstanding at June 30 and March 31, 2015, respectively	$ 9,100	$ 9,100
Additional paid in capital	31,245,767	31,245,767
Accumulated deficit	(35,378,808)	(34,848,282)
Total shareholders' deficit	(4,123,941)	(3,593,415)
Total liabilities and shareholders' deficit	$ 41,000,109	$ 44,300,197

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Loan fees, accumulated amortization	$ 15,076,614	$ 15,056,929
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, authorized	10,000,000	10,000,000
Preferred Stock, issued	0	0
Preferred Stock, outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	50,000,000	50,000,000
Common stock, issued	9,099,544	9,099,544
Common stock, outstanding	9,099,544	9,099,544

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Expenses
General and administrative	$ 474,989	$ 311,109
Operating loss	(474,989)	(311,109)
Interest expense, net		1,273,998
Other expenses, net	55,537	35,720
Loss from continuing operations before income taxes	(530,526)	(1,620,827)
Provision for income taxes	0	0
Net loss	$ (530,526)	$ (1,620,827)
Basic and diluted net loss per share	$ (0.06)	$ (0.21)
Weighted average number of shares used in calculating basic and diluted loss per share	9,099,544	7,819,544

Statements of Shareholders' Def

Statements of Shareholders' Deficit - USD ($)	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Mar. 31, 2014	$ (12,991,813)	$ 7,820	$ 16,707,907	$ (29,707,540)
Beginning Balance, Shares at Mar. 31, 2014		7,819,544
Net loss	(1,620,827)			(1,620,827)
Ending Balance at Jun. 30, 2014	(14,612,640)	$ 7,820	16,707,907	(31,328,367)
Ending Balance, Shares at Jun. 30, 2014		7,819,544
Net loss	(3,519,915)			(3,519,915)
Sale of common stock	14,539,140	$ 1,280	14,537,860
Sale of common stock, Shares		1,280,000
Ending Balance at Mar. 31, 2015	(3,593,415)	$ 9,100	31,245,767	(34,848,282)
Ending Balance, Shares at Mar. 31, 2015		9,099,544
Net loss	(530,526)			(530,526)
Ending Balance at Jun. 30, 2015	$ (4,123,941)	$ 9,100	$ 31,245,767	$ (35,378,808)
Ending Balance, Shares at Jun. 30, 2015		9,099,544

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows used in operating activities:
Net loss	$ (530,526)	$ (1,620,827)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of loan fees		538,855
Accreted interest		583,992
Non-cash interest expense		111,151
Foreign exchange loss	55,537
Changes in assets and liabilities:
Real estate project in development	(60,179)	(48,172)
Prepaid expenses	(599,519)	(28,994)
Deposits	(12,297)
Accounts payable	(1,478,396)	214,309
Net cash used in operating activities	(2,625,380)	(249,685)
Cash flows from financing activities:
Proceeds from advances and notes payable from related parties	4,999	237,964
Judgement and note payable to contractor	(2,022,000)
Net cash provided by financing activities	(2,017,001)	237,964
Net decrease in cash and cash equivalents	(4,642,381)	(11,721)
Cash and cash equivalents, beginning of period	12,274,233	19,596
Cash and cash equivalents, end of period	7,631,852	7,875
Supplemental Disclosures:
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Non-cash transactions
Foreign currency exchange loss	(55,537)
Accreted interest capitalized into real estate project in development	630,298	$ 583,992
Amortization of loan fees capitalized into real estate project in development	19,684
Accrued interest on notes payable from related parties capitalized into real estate project in development	$ 40,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1—Basis of Presentation Aina Le’a, Inc. (the “Company”) is in the business of acquiring and developing land for residential and commercial development. The Company’s initial project is Phase 1 of the Villages of Aina Le’a (“Villages”) project located on the Kohala Coast on the “Big Island” of Hawaii. The Company intends to construct 384 townhomes (“Lulana Gardens”), 48 villas (Whale’s Point) and develop 70 single family residential lots (“Ho’olei Village”) for sale in Phase 1 and has developed substantial infrastructure and commenced construction of 64 townhomes. The Company was incorporated in the State of Delaware in February 2012. Prior to February 2012, the Company operated as a Nevada limited liability company, Aina Le’a LLC (“LLC”). The LLC was formed in April 2009 with DW Aina Le’a (“DW”) as its managing member and sole owner. In February 2012, the LLC was converted into the Company pursuant to a plan of conversion. In connection with the conversion, the Company issued 5,500,000 shares of common stock to DW. The assets and liabilities of the LLC were recorded by the Company at their historical cost. Since 2012, the Company has issued additional shares of its common stock in exchange for cash and the investors’ beneficial interests in Trust No. 1 (as defined later) and has 9,099,544 shares issued and outstanding as of August 13, 2015. The unaudited condensed financial statements include the accounts of Aina Le’a, Inc. The unaudited condensed financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial information and the rules and regulations promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, such unaudited condensed financial statements do not include all information and footnote disclosures required in annual financial statements. The unaudited condensed financial statements included herein reflect all adjustments, which include only normal, recurring adjustments, that are, in our opinion, necessary to state fairly the results for the periods presented. This Quarterly Report on Form 10-Q should be read in conjunction with our audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended March 31, 2015, which was filed with the SEC on July 13, 2015 (“2015 10-K Report”). The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending March 31, 2016 or any future period.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates. Restricted Cash Restricted cash consists of funds held for a construction bond for waterline infrastructure. The funds will be released when the waterline is completed and accepted by the Waikoloa Village Association. Real Estate Project in Development The real estate project under development is stated at cost. The Company capitalizes all direct costs of the project including land acquisition, planning, design, grading, infrastructure, town home construction, landscaping, taxes, fees and direct project management. General management and administration costs are expensed as incurred. The Company also capitalizes interest and other carrying costs used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for sale. During periods of extended delays, interest capitalization may be suspended, depending on the cause and duration of the delay. Interest capitalization was suspended from April 1, 2010 through March 31, 2015 due to delays caused by difficulties in gaining financing related to zoning challenges by the Hawaii State Land Use Commission. During the three months ended June 30, 2015, the Company resumed development activities and as a result, it capitalized $689,982 in interest. Certain costs are allocated based on the purchase price of individual land parcels identified in the purchase and sale agreement. Land in development includes leasehold interests in land resulting from the transfer of ULFs. The Company performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that the Company considers indicators of impairment include significant decreases in market values and adverse changes in regulatory requirements, including environmental laws. Impairment tests for properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the use of property and its eventual disposition. Measurement of the impairment loss is based on the fair value of the asset. Generally, the Company determines fair value using valuation techniques such as discounted expected future cash flows. Land valuation and impairment of long-lived assets The Company estimates the fair value of the project based upon the expected net proceeds from the sales of the units and lots, giving consideration to selling costs, the absorption period and estimated costs to complete. Proceeds from sales of Lulana Gardens and Ho’olei Village developments are estimated based upon comparable sales transactions and give consideration to affordable housing pricing limitations where applicable. The absorption period used gives consideration to the Company’s need to raise construction funding, complete development and resolve pending litigation. Estimated costs to complete are derived from estimates from the Company’s contractors and consulting engineers and give consideration to current and projected labor and materials costs. As of June 30, 2015 and March 31, 2014, the Company determined that no write down from the carrying value of the project was required. Loan Fees Loan fees related to the Company’s borrowing activities, including commissions on the sale of ULFs, which are accounted for as borrowings, are capitalized and amortized to interest expense over the term of the related borrowing. Contracts Payable to Land Trust In order to raise capital for the initial development of the Villages project, the Company sold undivided land fractions to investors from 2009 through 2014. The ULF agreements require that the Company repurchase the ULFs at a future date for a price higher than the original purchase price. Due to the repurchase provision, the ULF sales are accounted for as debt instruments, Contracts payable to land trust, and the difference between the purchase price and the repurchase price is recognized over the period of the ULF as interest expense, using a method which materially approximates the effective interest method. The Company has acquired the beneficial interests associated with certain of the contracts payable to land trust and in accordance with terms of an agreement with the power of interest of the land trust has presented the balance due net of such amounts. Reclassifications Certain prior year balances accounts have been reclassified on the balance sheet from long-term to current in order to conform to the current year presentation. Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The Company recognizes the tax benefit from uncertain tax positions if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement . The Company’s policy for deducting interest and penalties is to treat interest as interest expense and penalties as taxes. The Company had not accrued any amounts for the payment of interest or penalties related to any uncertain tax positions at June 30 and March 31, 2015, as its review of such positions indicated that such potential positions were minimal. The Company is subject to the examination of its tax returns by tax authorities beginning April 1, 2012. Concentrations and other Risks Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and restricted cash. Cash is held in financial institutions. As of June 30, 2015, the Company had $7,371,010 which is in excess of FDIC insurance limit. As of March 31, 2015, the Company had $12,000,000 in an account which is not covered by FDIC insurance. Restricted cash of $85,000 at June 30 and March 31, 2015, is held by a bonding company. The Company conducts its operations in the State of Hawaii, on the “Big Island” of Hawaii. Consequently, any significant economic downturn in the Hawaiian real estate market could potentially have an effect on the Company’s business, results of operations and financial condition. Capital Asia Group Pte, Ltd (“CAG”) generated substantially all of the Company’s funding through December 2014 through its marketing of the Company’s ULF’s. CAG has the exclusive rights to market and sell the Company’s ULF’s in Asia and Australia. In the event CAG were unable to continue to sell or market ULFs on behalf of the Company it could negatively impact the Company’s operations. Subsequent to December 31, 2014, the Company’s operations have been funded through a private sale of common stock to Shanghai Zhongyou Real Estate Group and a construction loan from Romspen Investment Corporation. The Company has entered into a fixed price contract with a contractor under which the contractor is to construct all the Lulana Gardens units at a fixed, per unit price. The Company has not obtained a performance bond from the contractor. Should the contractor fail to complete its contract or should the contractor seek price increases as a result of increased material or labor costs, the Company may encounter delays or cost increases which could negatively impact its ability to complete the construction, as well as the profitability, of the Lulana Gardens project. Recently Issued Accounting Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs

Related Parties and Transaction

Related Parties and Transactions	3 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Parties and Transactions	Note 3—Related Parties and Transactions The RJW/LLW Irrevocable Family Trust is the Company’s controlling shareholder and its principal beneficiary, Robert Wessels (“Wessels”), serves as the Company’s CEO. Wessels provides management and administrative services to the Company through Relco, a management company controlled by Wessels. Relco received a 5% ownership interest in DW for management services provided to DW and the Company. Wessels has provided personal guarantees on certain notes of the Company with an outstanding balance of approximately $2,400,000 at June 30 and March 31, 2015. From time to time Wessels, DW and Relco have advanced funds to the Company. Such advances are repaid without interest. The Company owed $2,350,703 and $2,345,704 as a result of advances from Wessels, DW and Relco as of June 30 and March 31, 2015, respectively. Additionally, the Company’s CEO has personally indemnified certain sub-contractors for outstanding amounts owed by the contractors. Such amounts are not material at June 30, and March 31, 2015. CAG has the sole and exclusive rights to provide marketing and sales of the Company’s ULFs in Asia and Australia. This agreement is with DW, a shareholder of the Company, and relates to the entire Villages project. A company controlled by the president of CAG holds a 1% interest in DW. In June 2012, the president of CAG loaned the Company $2,000,000. The note bears interest at 8%, is unsecured and is due upon the earlier of: (1) the Company receiving funding from certain loans, (2) when sufficient proceeds have been obtained on townhouse closings or (3) December 31, 2012. The Company was unable to repay the note prior to its due date of December 31, 2012, and the note continues to accrue interest. The balance owed on the note was $2,485,778 and $2,445,778 as of June 30 and March 31, 2015, respectively. No commissions were paid to CAG for the three months ended June 30, 2015 and 2014. Certain relatives of the Company’s CEO serve in consulting capacities as controller and director of investor relations for the Company. For the three months ended June 30, 2015 and 2014, such individuals together earned $48,000 and $30,000, respectively. The Company owed $7,586 and $51,492 to such individuals as of June 30 and March 31, 2015, respectively. The Company’s CEO, Relco, and DW have periodically advanced funds to the Company. These advances from Relco and DW bear no interest, are due on demand and are unsecured. Advances from the CEO, with the exception of unpaid compensation, do not bear interest. Unpaid compensation accrues interest at 12% per annum. Note and advances payable to related parties were comprised of the following as of June 30 and March 31, 2015: June 30, March 31, Advances from DW $ 200,000 $ 200,000 Advances from CEO 2,150,703 2,145,704 Note Payable to CAG president 2,485,778 2,445,778 Total: $ 4,836,481 $ 4,791,482

Real Estate Project in Developm

Real Estate Project in Development	3 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Project in Development	Note 4—Real Estate Project in Development The Company’s current real estate project in development (Phase 1) consists of approximately 61 acres with 384 townhomes (Lulana Gardens) and 48 luxury villas (Whale’s Point) on 38 acres and 70 residential lots on 23 acres (Ho’olei Village). The real estate project under development consists of the following at June 30 and March 31, 2015. June 30, 2015 March 31, Land acquisition $ 6,022,876 $ 6,019,751 Planning, engineering and project management 906,069 882,272 Infrastructure 11,110,726 11,108,591 Townhome construction 5,517,116 5,505,116 Capitalized interest, taxes and lease payments 5,805,731 5,115,748 Legal and other finance costs 2,245,721 2,226,599 Total Capitalized $ 31,608,239 $ 30,858,077 The Company capitalized $2,267,197 in interest cost through March 31, 2011, during active development of the land and construction of the townhomes. Interest costs from April 1, 2011 through March 31, 2015 were expensed due to a substantial reduction in construction activities. The reduction in activity relates to difficulties in gaining financing due to alleged zoning issues raised by the State Land Use Commission. From the inception of the project through March 31, 2015, the Company has expensed a total of $27,746,664 in interest costs including the amortization of loan costs discussed in Note 6. The Company resumed normal development activities in April 2015 and capitalized $689,982 for the three months ended June 30, 2015.

Contracts Payable to Land Trust

Contracts Payable to Land Trust	3 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Contracts Payable to Land Trust	Note 5—Contracts Payable to Land Trust To assist in its acquisition and development of real estate projects, the Company sells ULFs to investors. Through the ULF program, an investor receives a warranty deed to an undivided fractional interest in a property and then contributes the deed to a land trust (the “Trust”) in exchange for a beneficial interest in the land trust. Concurrent with the transfer of the ULF, the investor enters into a joint development agreement with the Company. Concurrently the investor also appoints CAG as the holder of the power of direction in the Trust. The arrangement also provides for the appointment of an independent third party as trustee to manage the Trust and for the trustee and to take direction from CAG. Upon completion and sale of the improvements on the property, the land trust receives a fixed sum from the Company, the trustee distributes the proceeds to the ULF investor and re-conveys the deed covering the property back to the Company and cancels the beneficial interest in the land trust. If the land is not sold within 30 months of the transfer of the deed to the beneficiary of the Trust, the Company is required to increase the fixed sum by 1% per month. The Company accretes interest on the ULF proceeds over a 32-month period. Accreted interest cost on the ULFs was $630,298 and $583,992 for the three months ended June 30, 2015 and 2014, respectively. As of June 30 and March 31, 2015, the Company owed principal of $27,551,866 and $27,496,329, respectively and interest of $9,739,696 and $9,109,398, respectively. If the Company repurchases the ULF before the 32-month period has expired, the full accreted interest for the 32-month period must be paid. The unaccreted interest as of June 30 and March 31, 2015 was $66,046 and $142,990, respectively. Certain ULF contracts totaling $2,496,000 at June 30 and March 31, 2015, respectively, provide for the Company to repay the ULF holders in Singapore dollars. Based on applicable exchange rates, an exchange loss of $55,537 was recorded for the three months ended June 30, 2015. Exchange rate gains or losses were not material for the three months ended June 30, 2014. In March 2012, the Company entered into an arrangement with the power of interest in the Trust which governs how the proceeds from sales are to be distributed. Under the arrangement, as sales proceeds are received into escrow, the Company is to receive directly from escrow, prior to any payments being made to the Trust, the pro-rata share of the sales proceeds represented by the beneficial interests held by the Company. Based on the arrangement, the Company has netted the carrying value of its beneficial interests against the contract payable due to the Trust. The gross amounts of the beneficial interests and contracts payable to land trust and the resulting net amount are disclosed below as of June 30, 2015 and 2014: June 30, 2015 March 31, 2015 Contracts payable to land trust $ 59,449,362 $ 58,763,257 Beneficial Interest held (22,157,800 ) (22,157,800 ) Contracts payable to land trust, net $ 37,291,562 $ 36,605,727

Net Loss per Share

Net Loss per Share	3 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss per Share	Note 6—Net Loss per Share There were no dilutive shares because there were no warrants or share-based awards outstanding at June 30, 2015 and 2014.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Note 7—Legal Proceedings DW Aina Le’a Development, LLC and Relco Corp. v. Bridge Aina Le’a, LLC As previously discussed, other than Phase 1, the remaining property comprising the Villages is currently owned by Bridge. DW, our major shareholder, entered into the PSA with Bridge and Relco, and in January 2012 DW assigned its rights to acquire the remaining property pursuant to the PSA to us in exchange for our assumption of the installment obligations under the PSA and a $17 million profit participation. Since January 2010, the Company’s performance under the PSA was suspended due to litigation between DW (the predecessor entity to the Company as “Master Developer”) and State of Hawaii Land Use Commission (“LUC”), whereby LUC issued an Order to Show Cause to prove the land was being developed in accordance with the representation and not held as land speculator. On November 25, 2014, the Supreme Court of the State of Hawaii rendered a favorable decision for the Company, confirming the urban zoning for the residential parcels within the Villages. Since the favorable ruling, the Company has continued to negotiate with Bridge to complete the transaction contemplated under the PSA. Specifically, the Company, at this time, is focused on the installment purchase of the 1,011 acres of residential property (which, together with 27 acres of commercial property, adds up to a total of 1,038 surrounding acres). On or about April 24, 2015, the Company’s affiliated shareholder, DW, and Relco filed suit against Bridge in The Circuit Court of the Third Circuit, State of Hawaii (Civil Case No. 15-1-0154K). The plaintiffs seek specific performance by Bridge of the purchase of lots D-1-A and B-1-A pursuant to the PSA. The Company has continued to negotiate in an effort to settle the litigation and complete the transaction contemplated by the PSA. Mauna Lani Resort Association v. County of Hawaii, et.al. The Company, by virtue of its land acquisition and its suspended PSA on the remainder of the land related to its real estate development, is party to a lawsuit wherein its former parent company, DW Aina Le’a Development, LLC, Relco Corp., and the County of Hawaii are party to a case in the Circuit Court of the Third Circuit State of Hawaii ( See Mauna Lani Resort Ass’n. v. County Planning Department of Hawaii, et. al, No. 11-01-005K From time to time, the Company may be involved in various legal actions in the ordinary course of our business.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 8—Subsequent Events The Company has executed a two-year $12 million construction loan with Romspen Investment Corporation, with the net proceeds being made available for operations and project development. The loan is secured by the Company’s interest in the land and the project, bears interest at 12.5% per annum, payable monthly, and requires advance fees of $690,734 upon the first draw. The loan closed on July 24, 2015, and the Company received the first draw of $5,625,552. The first draw includes $1,250,000 that is required to be set aside as an interest reserve.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Use of estimates	Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates.
Restricted Cash	Restricted Cash Restricted cash consists of funds held for a construction bond for waterline infrastructure. The funds will be released when the waterline is completed and accepted by the Waikoloa Village Association.
Real Estate Project in Development	Real Estate Project in Development The real estate project under development is stated at cost. The Company capitalizes all direct costs of the project including land acquisition, planning, design, grading, infrastructure, town home construction, landscaping, taxes, fees and direct project management. General management and administration costs are expensed as incurred. The Company also capitalizes interest and other carrying costs used in developing properties from the date of initiation of development activities through the date the property is substantially complete and ready for sale. During periods of extended delays, interest capitalization may be suspended, depending on the cause and duration of the delay. Interest capitalization was suspended from April 1, 2010 through March 31, 2015 due to delays caused by difficulties in gaining financing related to zoning challenges by the Hawaii State Land Use Commission. During the three months ended June 30, 2015, the Company resumed development activities and as a result, it capitalized $689,982 in interest. Certain costs are allocated based on the purchase price of individual land parcels identified in the purchase and sale agreement. Land in development includes leasehold interests in land resulting from the transfer of ULFs. The Company performs an impairment test when events or circumstances indicate that an asset’s carrying amount may not be recoverable. Events or circumstances that the Company considers indicators of impairment include significant decreases in market values and adverse changes in regulatory requirements, including environmental laws. Impairment tests for properties under development involve the use of estimated future net undiscounted cash flows expected to be generated from the use of property and its eventual disposition. Measurement of the impairment loss is based on the fair value of the asset. Generally, the Company determines fair value using valuation techniques such as discounted expected future cash flows.
Land valuation and impairment of long-lived assets	Land valuation and impairment of long-lived assets The Company estimates the fair value of the project based upon the expected net proceeds from the sales of the units and lots, giving consideration to selling costs, the absorption period and estimated costs to complete. Proceeds from sales of Lulana Gardens and Ho’olei Village developments are estimated based upon comparable sales transactions and give consideration to affordable housing pricing limitations where applicable. The absorption period used gives consideration to the Company’s need to raise construction funding, complete development and resolve pending litigation. Estimated costs to complete are derived from estimates from the Company’s contractors and consulting engineers and give consideration to current and projected labor and materials costs. As of June 30, 2015 and March 31, 2014, the Company determined that no write down from the carrying value of the project was required.
Loan Fees	Loan Fees Loan fees related to the Company’s borrowing activities, including commissions on the sale of ULFs, which are accounted for as borrowings, are capitalized and amortized to interest expense over the term of the related borrowing.
Contracts Payable to Land Trust	Contracts Payable to Land Trust In order to raise capital for the initial development of the Villages project, the Company sold undivided land fractions to investors from 2009 through 2014. The ULF agreements require that the Company repurchase the ULFs at a future date for a price higher than the original purchase price. Due to the repurchase provision, the ULF sales are accounted for as debt instruments, Contracts payable to land trust, and the difference between the purchase price and the repurchase price is recognized over the period of the ULF as interest expense, using a method which materially approximates the effective interest method. The Company has acquired the beneficial interests associated with certain of the contracts payable to land trust and in accordance with terms of an agreement with the power of interest of the land trust has presented the balance due net of such amounts.
Reclassifications	Reclassifications Certain prior year balances accounts have been reclassified on the balance sheet from long-term to current in order to conform to the current year presentation.
Income Taxes	Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The Company recognizes the tax benefit from uncertain tax positions if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement . The Company’s policy for deducting interest and penalties is to treat interest as interest expense and penalties as taxes. The Company had not accrued any amounts for the payment of interest or penalties related to any uncertain tax positions at June 30 and March 31, 2015, as its review of such positions indicated that such potential positions were minimal. The Company is subject to the examination of its tax returns by tax authorities beginning April 1, 2012.
Concentrations and other Risks	Concentrations and other Risks Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and restricted cash. Cash is held in financial institutions. As of June 30, 2015, the Company had $7,371,010 which is in excess of FDIC insurance limit. As of March 31, 2015, the Company had $12,000,000 in an account which is not covered by FDIC insurance. Restricted cash of $85,000 at June 30 and March 31, 2015, is held by a bonding company. The Company conducts its operations in the State of Hawaii, on the “Big Island” of Hawaii. Consequently, any significant economic downturn in the Hawaiian real estate market could potentially have an effect on the Company’s business, results of operations and financial condition. Capital Asia Group Pte, Ltd (“CAG”) generated substantially all of the Company’s funding through December 2014 through its marketing of the Company’s ULF’s. CAG has the exclusive rights to market and sell the Company’s ULF’s in Asia and Australia. In the event CAG were unable to continue to sell or market ULFs on behalf of the Company it could negatively impact the Company’s operations. Subsequent to December 31, 2014, the Company’s operations have been funded through a private sale of common stock to Shanghai Zhongyou Real Estate Group and a construction loan from Romspen Investment Corporation. The Company has entered into a fixed price contract with a contractor under which the contractor is to construct all the Lulana Gardens units at a fixed, per unit price. The Company has not obtained a performance bond from the contractor. Should the contractor fail to complete its contract or should the contractor seek price increases as a result of increased material or labor costs, the Company may encounter delays or cost increases which could negatively impact its ability to complete the construction, as well as the profitability, of the Lulana Gardens project.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs

Related Parties and Transacti16

Related Parties and Transactions (Tables)	3 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Note and Advances Payable to Related Parties	Note and advances payable to related parties were comprised of the following as of June 30 and March 31, 2015: June 30, March 31, Advances from DW $ 200,000 $ 200,000 Advances from CEO 2,150,703 2,145,704 Note Payable to CAG president 2,485,778 2,445,778 Total: $ 4,836,481 $ 4,791,482

Real Estate Project in Develo17

Real Estate Project in Development (Tables)	3 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Summary of Real Estate Project Under Development	The real estate project under development consists of the following at June 30 and March 31, 2015. June 30, 2015 March 31, Land acquisition $ 6,022,876 $ 6,019,751 Planning, engineering and project management 906,069 882,272 Infrastructure 11,110,726 11,108,591 Townhome construction 5,517,116 5,505,116 Capitalized interest, taxes and lease payments 5,805,731 5,115,748 Legal and other finance costs 2,245,721 2,226,599 Total Capitalized $ 31,608,239 $ 30,858,077

Contracts Payable to Land Tru18

Contracts Payable to Land Trust (Tables)	3 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Schedule of Gross Amounts of Beneficial Interests and Net Amounts of Contracts Payable to Land Trust	The gross amounts of the beneficial interests and contracts payable to land trust and the resulting net amount are disclosed below as of June 30, 2015 and 2014: June 30, 2015 March 31, 2015 Contracts payable to land trust $ 59,449,362 $ 58,763,257 Beneficial Interest held (22,157,800 ) (22,157,800 ) Contracts payable to land trust, net $ 37,291,562 $ 36,605,727

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	1 Months Ended
	Feb. 28, 2012shares	Aug. 13, 2015shares	Jun. 30, 2015TownhomesVillaResidentialshares	Mar. 31, 2015shares
Basis Of Presentation And Organization [Line Items]
Common stock, issued			9,099,544	9,099,544
Common stock, outstanding			9,099,544	9,099,544
DW [Member]
Basis Of Presentation And Organization [Line Items]
Common stock shares issued in connection with conversion	5,500,000
Lulana Gardens [Member]
Basis Of Presentation And Organization [Line Items]
Number of properties intends to construct | Townhomes			384
Whale's Point [Member]
Basis Of Presentation And Organization [Line Items]
Number of properties intends to construct | Villa			48
Ho'olei Village [Member]
Basis Of Presentation And Organization [Line Items]
Number of properties intends to construct | Residential			70
Number of properties intends to develop | Residential			70
Subsequent Event [Member]
Basis Of Presentation And Organization [Line Items]
Common stock, issued		9,099,544
Common stock, outstanding		9,099,544
Asset under Construction [Member] | Lulana Gardens [Member]
Basis Of Presentation And Organization [Line Items]
Number of properties intends to construct | Townhomes			64

Summary of Significant Accoun20

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Capitalized interest cost	$ 689,982
Uncertain tax positions	$ 0		$ 0
Income tax examination, year under examination	2,012
Cash, uninsured amount	$ 7,371,010	$ 12,000,000
Restricted cash	$ 85,000	$ 85,000

Related Parties and Transacti21

Related Parties and Transactions - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Jun. 30, 2012	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Relco [Member]
Related Party Transaction [Line Items]
A company controlled by the president of CAG Ownership interest in DW	5.00%
Interest percentage on advances			0.00%
CEO [Member]
Related Party Transaction [Line Items]
Interest percentage on advances			0.00%
Unpaid compensation accrued interest percentage	12.00%		12.00%
CEO [Member] | Advances from Wessels, DW and Relco [Member]
Related Party Transaction [Line Items]
Advances payable to related parties, current	$ 2,150,703		$ 2,150,703		$ 2,145,704
CEO [Member] | CEO Personal Guarantee [Member]
Related Party Transaction [Line Items]
Notes payable	$ 2,400,000		$ 2,400,000		2,400,000
CAG President [Member]
Related Party Transaction [Line Items]
A company controlled by the president of CAG Ownership interest in DW	1.00%
Loan amount		$ 2,000,000
Note, interest rate percentage		8.00%
Loan maturity description			The note bears interest at 8%, is unsecured and is due upon the earlier of (1) the Company receiving funding from certain loans, (2) when sufficient proceeds have been obtained on townhouse closings or (3) December 31, 2012. The Company was unable to repay the note prior to its due date of December 31, 2012, and the note continues to accrue interest.
Related party note and advances payable	$ 2,485,778		$ 2,485,778		2,445,778
Commissions paid			0	$ 0
Relatives of Company's CEO [Member] | Consulting Fee [Member]
Related Party Transaction [Line Items]
Related party transaction, amount			48,000	$ 30,000
Advances payable to related parties	7,586		$ 7,586		51,492
DW [Member]
Related Party Transaction [Line Items]
Interest percentage on advances			0.00%
DW [Member] | Advances from Wessels, DW and Relco [Member]
Related Party Transaction [Line Items]
Advances payable to related parties, current	200,000		$ 200,000		200,000
Dw Aina Lea and Chief Executive Officer [Member] | Advances from Wessels, DW and Relco [Member]
Related Party Transaction [Line Items]
Advances payable to related parties, current	$ 2,350,703		$ 2,350,703		$ 2,345,704

Related Parties and Transacti22

Related Parties and Transactions - Schedule of Note and Advances Payable to Related Parties (Detail) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Related Party Transaction [Line Items]
Related party note and advances payable	$ 4,836,481	$ 4,791,482
DW [Member] | Advances from Wessels, DW and Relco [Member]
Related Party Transaction [Line Items]
Advances from officers or stockholders	200,000	200,000
CEO [Member] | Advances from Wessels, DW and Relco [Member]
Related Party Transaction [Line Items]
Advances from officers or stockholders	2,150,703	2,145,704
CAG President [Member]
Related Party Transaction [Line Items]
Note Payable to CAG president	$ 2,485,778	$ 2,445,778

Real Estate Project in Develo23

Real Estate Project in Development - Additional Information (Detail)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2011USD ($)	Jun. 30, 2015USD ($)aTownhomesVillaResidential	Mar. 31, 2015USD ($)
Real Estate Properties [Line Items]
Number of acres		1,038
Capitalized interest cost | $		$ 689,982
Land and Construction [Member]
Real Estate Properties [Line Items]
Capitalized interest cost | $	$ 2,267,197	$ 689,982
Interest costs including amortization of loan costs | $			$ 27,746,664
Lulana Gardens [Member]
Real Estate Properties [Line Items]
Number of acres		61
Number of real estate properties | Townhomes		384
Whale's Point [Member]
Real Estate Properties [Line Items]
Number of acres		38
Number of real estate properties | Villa		48
Ho'olei Village [Member]
Real Estate Properties [Line Items]
Number of acres		23
Number of real estate properties | Residential		70

Real Estate Project in Develo24

Real Estate Project in Development - Summary of Real Estate Project Under Development (Detail) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Real Estate [Abstract]
Land acquisition	$ 6,022,876	$ 6,019,751
Planning, engineering and project management	906,069	882,272
Infrastructure	11,110,726	11,108,591
Townhome construction	5,517,116	5,505,116
Capitalized interest, taxes and lease payments	5,805,731	5,115,748
Legal and other finance costs	2,245,721	2,226,599
Total Capitalized	$ 31,608,239	$ 30,858,077

Contracts Payable to Land Tru25

Contracts Payable to Land Trust - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Real Estate Properties [Line Items]
Incremental monthly percentage of contract amount	1.00%
Accreted interest capitalized into real estate project in development	$ 630,298	$ 583,992
Foreign exchange loss	55,537
Undivided Land Fractions [Member]
Real Estate Properties [Line Items]
Accreted interest capitalized into real estate project in development	630,298	$ 583,992
Contracts payable principal amount	27,551,866		$ 27,496,329
Contracts payable interest amount	9,739,696		9,109,398
Unaccreted interest	$ 66,046		142,990
Accreted interest period	32 months
Foreign exchange loss	$ 55,537
Undivided Land Fractions [Member] | Singapore, Dollars
Real Estate Properties [Line Items]
Total contract cost	$ 2,496,000		$ 2,496,000

Contracts Payable to Land Tru26

Contracts Payable to Land Trust - Schedule of Gross Amounts of Beneficial Interests and Net Amounts of Contracts Payable to Land Trust (Detail) - Land Trust [Member] - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Summary of Investment Holdings [Line Items]
Contracts payable to land trust	$ 59,449,362	$ 58,763,257
Beneficial Interest held	(22,157,800)	(22,157,800)
Contracts payable to land trust, net	$ 37,291,562	$ 36,605,727

Net Loss per Share - Additional

Net Loss per Share - Additional Information (Detail) - shares	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Dilutive shares outstanding	0	0
Warrants outstanding	0	0
share-based awards outstanding	0	0

Legal Proceedings - Additional

Legal Proceedings - Additional Information (Detail) $ in Millions	1 Months Ended
	Jan. 31, 2012USD ($)	Jun. 30, 2015a
Gain Contingencies [Line Items]
Profit participation | $	$ 17
Number of acres		1,038
Residential Property [Member]
Gain Contingencies [Line Items]
Number of acres		1,011
Commercial Property [Member]
Gain Contingencies [Line Items]
Number of acres		27

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Romspen Investment Corporation Construction Loan [Member] - USD ($)	Jul. 24, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Term of Construction loan interest payment		Payable monthly
Subsequent Event [Member]
Subsequent Event [Line Items]
Construction loan, face amount	$ 12,000,000
Construction loan, Interest per annum	12.50%
Advance fees	$ 690,734
Loan received on first draw	5,625,552
Interest reserve	$ 1,250,000
Construction loan period	2 years
Construction loan date of closing	Jul. 24, 2015