Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | May. 19, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | AMI JAMES BRANDS, INC. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Trading Symbol | ajbi | |
Amendment Flag | false | |
Entity Central Index Key | 1,557,565 | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 20,278,888 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Current Assets | ||
Cash | $ 514 | $ 1,290 |
Prepaid expense | 5,000 | 5,417 |
Total Assets | 5,514 | 6,707 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 41,695 | 44,555 |
Related party payables (Note 3) | 151,420 | 152,150 |
Loans payable (Note 4) | 77,927 | 73,790 |
Convertible debentures, net of discount of $18,231 and $0, respectively (Note 7) | 13,231 | 0 |
Derivative liabilities (Note 8) | 48,835 | 0 |
Total Liabilities | 333,108 | 270,495 |
Stockholders' Deficit | ||
Preferred stock, 100,000,000 shares authorized, $0.00001 par value; no shares issued and outstanding | 0 | 0 |
Common stock, 100,000,000 shares authorized, $0.00001 par value; 20,278,888 shares issued and outstanding | 203 | 203 |
Additional paid-in capital | 48,802 | 48,802 |
Deficit | (376,599) | (312,793) |
Total Stockholders' Deficit | (327,594) | (263,788) |
Total Liabilities and Stockholders' Deficit | $ 5,514 | $ 6,707 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Parentheticals | ||
Convertible debentures, net of discount | $ 18,231 | $ 0 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.00001 | $ 0.00001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 20,278,888 | 20,278,888 |
Common Stock, shares outstanding | 20,278,888 | 20,278,888 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Expenses {1} | ||||
Bank charges | $ 323 | $ 194 | $ 840 | $ 217 |
Foreign exchange loss (gain) | 29 | (239) | 709 | (505) |
General and administrative | 0 | 0 | 0 | 0 |
Interest expense | 1,906 | 1,102 | 5,537 | 2,127 |
Professional fees | 9,115 | 8,759 | 46,411 | 27,041 |
Consulting fees | 0 | 0 | 0 | 48,000 |
Transfer agent and filing fees | 1,462 | 8,093 | 6,879 | 13,865 |
Travel expenses | 0 | 1,202 | 15 | 1,202 |
Total Operating Expenses | 12,835 | 19,111 | 60,391 | 91,947 |
Loss from Operations | (12,835) | (19,111) | (60,391) | (91,947) |
Other Income (Expenses) | ||||
Accretion | (4,175) | 0 | (10,275) | 0 |
Change in fair value of derivatives | 206 | 0 | (22,829) | 0 |
Gain on write-off of accounts payable | 0 | 0 | 29,689 | 0 |
Net Loss | $ (16,804) | $ (19,111) | $ (63,806) | $ (91,947) |
Net Loss Per Share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Shares Outstanding | 20,278,888 | 20,278,888 | 20,278,888 | 20,278,888 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities | ||
Net loss | $ (63,806) | $ (91,947) |
Amortization of convertible debt discount | 10,275 | 0 |
Change in fair value of derivative | 22,829 | 0 |
Gain on write-off of accounts payable | (29,689) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 417 | (8,667) |
Accounts payable and accrued liabilities | 26,475 | 13,942 |
Related party payables | (730) | 48,112 |
Accrued interest payable | 4,491 | 2,127 |
Net Cash Used In Operating Activities | (17,548) | (20) |
Cash Flows from Financing Activities | ||
Proceeds from loans payable | 0 | 44,600 |
Proceeds from issuance of convertible debt | 28,962 | 0 |
Net Cash Provided by Financing Activities | 28,962 | 44,600 |
Decrease in Cash | (776) | 8,167 |
Cash - Beginning of Period | 1,290 | 2,705 |
Cash - End of Period | 514 | 10,872 |
Supplementary Information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Nature of Business and Continua
Nature of Business and Continuance of Operations | 9 Months Ended |
Mar. 31, 2016 | |
Nature of Business and Continuance of Operations | |
Nature of Business and Continuance of Operations | 1. Nature of Business and Continuance of Operations Ami James Brands, Inc. (formerly Quorum Corp.) (the Company) was incorporated in the State of Nevada on November 23, 2011. The Companys previous operations consisted of a website focused on markets located in the eastern Africa that provided a medium where sellers can sell their specialty services, and buyers can purchase these services. Upon execution of the License Agreement as described in Note 6, the Company changed its business direction to focus on the manufacturing, distribution, sales and marketing of the Ami James brand. The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. These consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. For the period from inception on November 23, 2011 through March 31, 2016, the Company has incurred accumulated losses totalling $376,599. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2016 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (SEC) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the Companys audited consolidated financial statements and notes thereto for the year ended June 30, 2015, included in the Companys Annual Report on Form 10-K/A filed on October 15, 2015, with the SEC. The consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Companys financial position at March 31, 2016 the results of its operations for the three months and nine months ended March 31, 2016 and 2015 and cash flows for the nine months ended March 31, 2016 and 2015. The results of operations for the nine months ended March 31, 2016, are not necessarily indicative of the results to be expected for future quarters or the full year. b) Principal of Consolidation The consolidated financial statements include the accounts of Ami James Brands, Inc. and its 100% owned subsidiary, Chiswick Holdings Limited, a company incorporated in Kenya. All significant intercompany balances and transactions have been eliminated upon consolidation. c) Use of Estimates The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to income taxes. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. d) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. e) Financial Instruments The Companys financial instruments consist principally of cash, accounts payable and accrued liabilities, related party payables and loans payable. The fair value of the Companys cash equivalents is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The carrying value of accounts payable and accrued liabilities, related party payables and loans payable approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is managements opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. f) Earnings (Loss) Per Share Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. At March 31, 2016, the Company has no potentially dilutive securities outstanding and accordingly, basic loss and diluted loss per share are the same. g) Foreign Currency Translation The Companys has had limited operations in the eastern African markets of Kenya, Uganda and Tanzania, which results in exposure to market risks from changes in foreign currency exchange rates. The financial risk is the risk to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. The Company's functional currency for all operations worldwide is the U.S. dollar. Nonmonetary assets and liabilities are translated into their U.S. dollar equivalents at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations. h) Income Taxes The Company accounts for income taxes using the asset and liability method which provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. i) Recent Accounting Pronouncements Jumpstart Our Business Startups Act (JOBS Act) Transition Accounting: pursuant to Section 107(b) of the JOBS Act, we have elected to use the extended transition period for complying with new or revised accounting standards for an emerging growth company. This election will permit us to delay the adoption of new or revised accounting standards that will have difference effective dates for public and private companies until such time as those standards apply to private companies. Consequently, our financial statements may not be comparable to companies that comply with public company effective dates. The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions | |
Related Party Transactions | 3. Related Party Transactions a) As of March 31, 2016, the Company owes a former director of the Company $47,491 (June 30, 2015 - $47,489) for administrative expenditures paid on behalf of the Company. The amount owed is unsecured, non-interest bearing, and has no specified repayment terms. b) As of March 31, 2016, the Company owes a former director of the Company $7,928 (June 30, 2015 - $8,661) for administrative expenditures paid on behalf of the Company and $96,000 (June 30, 2015 - $96,000) for consulting services. The amount owed is unsecured, non-interest bearing, and has no specified repayment terms. c) On July 2, 2015, the Company entered into a Trademark License Agreement with Ami James Ink, LLC, a California limited liability company. The Companys sole officer and director, Ami James, is a shareholder and director of Ami James Ink, LLC. |
Loans Payable
Loans Payable | 9 Months Ended |
Mar. 31, 2016 | |
Loans Payable {1} | |
Loans Payable | 4. Loans Payable On August 1, 2013, the Company entered into a loan agreement in which the note holder agreed to provide a loan to the Company in the principal amount of up to $75,000. The loan is unsecured, bears interest at 8% per annum and is due on demand. As at March 31, 2016, the note holder has provided $68,945 (June 30, 2015 - $68,945) to the Company pursuant to the loan agreement. As at March 31, 2016, the Company recorded $8,982 (June 30, 2015 - $4,845) of interest payable. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity | |
Stockholders' Equity | 5. Stockholders Equity The Companys authorized capital consists of 100,000,000 shares of common stock with a par value of $0.00001 per share and 100,000,000 shares of preferred stock with a par value of $0.00001 per share. |
Commitment
Commitment | 9 Months Ended |
Mar. 31, 2016 | |
Commitment | |
Commitment | 6. Commitment On July 2, 2015, the Company entered into a Trademark License Agreement (the License Agreement) with Ami James Ink, LLC (the Licensor, or AJI), a California limited liability company. The Companys sole officer and director, Ami James, is a shareholder and director of AJI (the AJI Shareholder). Pursuant to the License Agreement, the Company acquired the exclusive worldwide rights, for a period of 10 years, to various trademarks, which the Company intends to utilize for the manufacture, distribution, sales and marketing of certain Ami James branded products within the apparel industry. As consideration for the exclusive license granted under the License Agreement, the Company shall pay a royalty to AJI of ten percent (10%) of all net sales of licensed products. Additionally, AJI may, at its sole discretion, convert payments due AJI pursuant to the License Agreement into shares of common stock at a twenty percent (20%) discount. |
Convertible Debts
Convertible Debts | 9 Months Ended |
Mar. 31, 2016 | |
Convertible Debts: | |
Convertible Debts | 7. Convertible Debts a) On July 28, 2015, the Company entered into a $20,000 Convertible Promissory Note with a non-related third party. The Convertible Promissory Not bears interest at 10% and all principal and interest matures on July 28, 2016. The third party shall have the right to convert any unpaid sums into common stock of the Company at the rate of the lesser of the closing price of the Companys common stock on the trading day prior to closing or 50% of the lowest trade reported in the 30 days prior to date of conversion, subject to adjustment as described in the note. On March 31, 2016, the conversion rate was adjusted to of the lesser of the closing price of the Companys common stock on the trading day prior to closing or 35% of the lowest trade reported in the 30 days prior to date of conversion. On July 28, 2015, the Company received $17,500 as proceeds from the $20,000 convertible note net of an original issuance discount of $2,500. As at March 31, 2016, the Company has recorded interest of $1,400. The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 Derivatives and Hedging b) On March 31, 2016, the Company entered into a $8,962 Convertible Promissory Note with a non-related third party. The Convertible Promissory Not bears interest at 10% and all principal and interest matures on June 30, 2016. The third party shall have the right to convert any unpaid sums into common stock of the Company at the rate of 50% of the average closing trade price reported in the 5 days prior to date of conversion, subject to adjustment as described in the note. On March 31, 2016, the Company received $8,962 as proceeds from the $8,962 convertible note. As at March 31, 2016, the Company has recorded interest of $nil. The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 Derivatives and Hedging c) On March 31, 2016, the Company entered into a $2,500 Convertible Promissory Note with a non-related third party. The Convertible Promissory Not bears interest at 10% and all principal and interest matures on June 30, 2016. The third party shall have the right to convert any unpaid sums into common stock of the Company at the rate of 50% of the average closing trade price reported in the 5 days prior to date of conversion, subject to adjustment as described in the note. On March 31, 2016, the Company received $2,500 as proceeds from the $2,500 convertible note. As at March 31, 2016, the Company has recorded interest of $nil. The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 Derivatives and Hedging |
Derivative Liabilities
Derivative Liabilities | 9 Months Ended |
Mar. 31, 2016 | |
Derivative Liabilities | |
Derivative Liabilities | 8. Derivative Liabilities The embedded conversion option of the Companys convertible debentures described in Note 7 contain conversion features that qualify for embedded derivative classification. The fair value of these liabilities will be re-measured at the end of every reporting period and the change in fair value will be reported in the statement of operations as a gain or loss on derivative liabilities. The table below sets forth a summary of changes in the fair value of the Companys Level 3 financial liabilities: For the Nine Months Ended March 31, 2016 Balance at the beginning of period $ Fair value of new derivative liabilities (embedded conversion option) 34,465 Change in fair value of derivative 14,370 Balance at end of period $ 48,835 The Company uses Level 3 inputs for its valuation methodology for the embedded conversion option liabilities as their fair values were determined by using the Black-Scholes option pricing model based on various assumptions. The model incorporates the price of a share of the Companys common stock (as quoted on the Over the Counter Bulletin Board), volatility, risk free rate, dividend rate and estimated life. Significant changes in any of these inputs in isolation would result in a significant change in the fair value measurement. As required, these are classified based on the lowest level of input that is significant to the fair value measurement. The following table shows the assumptions used in the calculations: Expected Volatility Risk-Free Interest Rate Expected Dividend Yield Expected Life (in years) At Issuance 94.68 - 126.47% 0.21 - 0.32% 0% 0.25 - 1.00 At March 31, 2016 94.68 - 97.17% 0.21% 0% 0.25 - 0.33 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2016 | |
Subsequent Events | |
Subsequent Events | 9. Subsequent Events Management has reviewed and evaluated subsequent events through the date of which the current financial statements were issued. |
Significant Policies (Policies)
Significant Policies (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Significant Policies (Policies): | |
Basis of Presentation, Policy | a) Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (SEC) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the Companys audited consolidated financial statements and notes thereto for the year ended June 30, 2015, included in the Companys Annual Report on Form 10-K/A filed on October 15, 2015, with the SEC. The consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Companys financial position at March 31, 2016 the results of its operations for the three months and nine months ended March 31, 2016 and 2015 and cash flows for the nine months ended March 31, 2016 and 2015. The results of operations for the nine months ended March 31, 2016, are not necessarily indicative of the results to be expected for future quarters or the full year. |
Principal of Consolidation, Policy | b) Principal of Consolidation The consolidated financial statements include the accounts of Ami James Brands, Inc. and its 100% owned subsidiary, Chiswick Holdings Limited, a company incorporated in Kenya. All significant intercompany balances and transactions have been eliminated upon consolidation. |
Use of Estimates, Policy | c) Use of Estimates The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to income taxes. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents, Policy | d) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents |
Financial Instruments, Policy | e) Financial Instruments The Companys financial instruments consist principally of cash, accounts payable and accrued liabilities, related party payables and loans payable. The fair value of the Companys cash equivalents is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The carrying value of accounts payable and accrued liabilities, related party payables and loans payable approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is managements opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. |
Earnings (Loss) Per Share, Policy | f) Earnings (Loss) Per Share Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. At March 31, 2016, the Company has no potentially dilutive securities outstanding and accordingly, basic loss and diluted loss per share are the same. |
Foreign Currency Translation, Policy | g) Foreign Currency Translation The Companys has had limited operations in the eastern African markets of Kenya, Uganda and Tanzania, which results in exposure to market risks from changes in foreign currency exchange rates. The financial risk is the risk to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. The Company's functional currency for all operations worldwide is the U.S. dollar. Nonmonetary assets and liabilities are translated into their U.S. dollar equivalents at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations. |
Income Taxes, Policy | h) Income Taxes The Company accounts for income taxes using the asset and liability method which provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized |
Recent Accounting Pronouncements, Policy | i) Recent Accounting Pronouncements Jumpstart Our Business Startups Act (JOBS Act) Transition Accounting: pursuant to Section 107(b) of the JOBS Act, we have elected to use the extended transition period for complying with new or revised accounting standards for an emerging growth company. This election will permit us to delay the adoption of new or revised accounting standards that will have difference effective dates for public and private companies until such time as those standards apply to private companies. Consequently, our financial statements may not be comparable to companies that comply with public company effective dates. The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Derivative Liabilities (Tables): | |
Summary Of Changes In Fair Value (Tables) | The table below sets forth a summary of changes in the fair value of the Companys Level 3 financial liabilities: For the Nine Months Ended March 31, 2016 Balance at the beginning of period $ Fair value of new derivative liabilities (embedded conversion option) 34,465 Change in fair value of derivative 14,370 Balance at end of period $ 48,835 |
Fair Values By Using Black-Scholes Option Pricing Model Based On Assumptions (Tables) | As required, these are classified based on the lowest level of input that is significant to the fair value measurement. The following table shows the assumptions used in the calculations: Expected Volatility Risk-Free Interest Rate Expected Dividend Yield Expected Life (in years) At Issuance 94.68 - 126.47% 0.21 - 0.32% 0% 0.25 - 1.00 At March 31, 2016 94.68 - 97.17% 0.21% 0% 0.25 - 0.33 |
Going Concern Losses (Details)
Going Concern Losses (Details) | 52 Months Ended |
Mar. 31, 2016USD ($) | |
Going concern losses | |
Company has incurred accumulated losses | $ 376,599 |
Principal Of Consolidation (Det
Principal Of Consolidation (Details) | 9 Months Ended |
Mar. 31, 2016 | |
Principal Of Consolidation | |
Owned subsidiary, Chiswick Holdings Limited | 100.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Related Party Transactions Details | ||
Company owes a former director of the Company for administrative expenditures paid on behalf of the Company | $ 47,491 | $ 47,489 |
Company owes a former director of the Company for expenditures paid on behalf of the Company | 7,928 | 8,661 |
Company owes a former director of the Company for consulting services | $ 96,000 | $ 96,000 |
Loans Payable (Details)
Loans Payable (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 | Aug. 01, 2013 |
Loans Payable Details | |||
Company entered into a loan agreement to provide a loan to the Company in the principal amount | $ 75,000 | ||
The loan is unsecured, bears interest at a rate per annum and is due on demand | 8.00% | ||
Amount provided by the note holder to the Company pursuant to the loan agreement | $ 68,945 | $ 68,945 | |
Company recorded interest payable for an amount | $ 8,982 | $ 4,845 |
Equity transactions (Details)
Equity transactions (Details) | Mar. 31, 2016$ / sharesshares |
Equity transactions | |
Authorized capital consists of shares of common stock | shares | 100,000,000 |
Par value of per share of common stock | $ / shares | $ 0.00001 |
Authorized capital consists of shares of preferred stock | shares | 100,000,000 |
Par value of per share of preferred stock | $ / shares | $ 0.00001 |
Trademark License Agreement (De
Trademark License Agreement (Details) | Jul. 02, 2015 |
Trademark License Agreement | |
Company shall pay a royalty to AJI of all net sales of licensed products | 10.00% |
AJI may convert payments due to AJI into shares of common stock at a discount. | 20.00% |
Convertible Debts (Details)
Convertible Debts (Details) - USD ($) | Mar. 31, 2016 | Jul. 28, 2015 |
Convertible Debts Details | ||
Company entered into Convertible Promissory Note with non-related third party | $ 8,962 | $ 20,000 |
Convertible Promissory Note bears interest | 10.00% | 10.00% |
Company's common stock on trading day prior to closing or the lowest trade reported in the 30 days | 50.00% | 50.00% |
Company received as proceeds from $20,000 convertible note | $ 17,500 | |
Original issuance discount | $ 2,500 | |
Company has recorded interest | $ 1,400 | |
Initial fair value of conversion feature | 25,959 | |
Discount to note payable | 17,500 | |
Gain on derivative | 8,459 | |
Carrying value of note | 10,230 | |
Company received as proceeds from $8,962 convertible note | 8,962 | |
Initial fair value of conversion feature | 6,651 | |
Carrying value of note | 2,346 | |
Company entered into Convertible Promissory Note with non-related third party | $ 2,500 | |
Convertible Promissory Note bears interest | 10.00% | |
Company's common stock on trading day prior to closing or the lowest trade reported in the 30 days | 50.00% | |
Company received as proceeds from $2,500 convertible note | $ 2,500 | |
Company has recorded interest | 0 | |
Initial fair value of conversion feature | 1,855 | |
Carrying value of note | $ 655 |
Accretion (Details)
Accretion (Details) | 9 Months Ended |
Mar. 31, 2016USD ($) | |
Accretion {1} | |
Company recorded accretion | $ 10,230 |
Company recorded accretion | 35 |
Company recorded accretion | $ 10 |
Summary Of Changes In Fair Valu
Summary Of Changes In Fair Value Of Level 3 Financial Liabilities (Details) | 9 Months Ended |
Mar. 31, 2016USD ($)shares | |
Summary Of Changes In Fair Value Of Level 3 Financial Liabilities | |
Balance at the beginning of period | shares | 0 |
Fair value of new derivative liabilities (embedded conversion option) | $ | $ 34,465 |
Change in fair value of derivative | $ | $ 14,370 |
Balance at end of period | shares | 48,835 |
Fair Values By Using Black-Scho
Fair Values By Using Black-Scholes Option Pricing Model (Details) | Mar. 31, 2016 | Jun. 30, 2015 |
Fair Values By Using Black-Scholes Option Pricing Model | ||
Maximum Expected Volatility | 97.17% | 126.47% |
Minimum Expected Volatility | 94.68% | 94.68% |
Maximum Risk-Free Interest Rate | 0.21% | 0.32% |
Minimum Risk-Free Interest Rate | 0.21% | |
Expected Dividend Yield | 0.00% | 0.00% |
Maximum Expected Life (in years) | 0.33 | 1 |
Minimum Expected Life (in years) | 0.25 | 0.25 |