Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Document and Entity Information: | ' | ' | ' |
Entity Registrant Name | 'Geo Point Resources, Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001560905 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 1,002,204 |
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 | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Public Float | ' | $267,548 | ' |
GEO_POINT_RESOURCES_INC_BALANC
GEO POINT RESOURCES, INC. BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash | $110,777 | $86,957 |
Accounts receivable, net of allowance for bad debt of $1,805 and $1,805, respectively | 22,626 | 9,525 |
Prepaid expenses and other current assets | 1,217 | 3,412 |
Total Current Assets | 134,620 | 99,894 |
Furniture and equipment, net of accumulated depreciation of $58,031 and $54,442, respectively | 2,595 | 6,184 |
Other assets | 1,000 | 1,000 |
Total Assets | 138,215 | 107,078 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 116,098 | 64,449 |
Revolving line of credit | 118,750 | 70,000 |
Total Current Liabilities | 234,848 | 134,449 |
Shareholders' Deficit | ' | ' |
Preferred Stock - $0.001 par value; 10,000,000 shares authorized; none outstanding | 0 | 0 |
Common stock - $0.001 par value; 100,000,000 shares authorized; 1,002,204 and 1,002,204 shares issued and outstanding, respectively | 1,002 | 1,002 |
Additional paid-in capital | 332,195 | 318,678 |
Accumulated deficit | -429,830 | -347,051 |
Total Shareholders' Deficit | -96,633 | -27,371 |
Total Liabilities and Shareholders' Deficit | $138,215 | $107,078 |
Recovered_Sheet1
Geo Point Resources, Inc. Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position | ' | ' |
Allowance for bad debt | $1,805 | $1,805 |
Accumulated depreciation | ($58,031) | ($54,442) |
Preferred stock authorized | 10,000,000 | 10,000,000 |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock outstanding | 0 | 0 |
Common stock authorized | 100,000,000 | 100,000,000 |
Common stock par value | $0.00 | $0.00 |
Common stock issued | 1,002,204 | 1,002,204 |
Common stock outstanding | 1,002,204 | 1,002,204 |
GEO_POINT_RESOURCES_INC_STATEM
GEO POINT RESOURCES, INC. STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement | ' | ' |
Sales | $209,953 | $201,599 |
Operating Expenses | ' | ' |
Cost of sales | 63,183 | 24,874 |
General and administrative | 205,520 | 217,116 |
Total Operating Expenses | 268,703 | 241,990 |
Operating Income (Loss) | -58,750 | -40,391 |
Other income (expense) | -24,029 | -3,600 |
Net Income (Loss) | ($82,779) | ($43,991) |
Basic and Diluted Income (Loss) per Share | ($0.08) | ($0.04) |
Basic and Diluted Weighted-Average Common Shares Outstanding | 1,002,204 | 1,002,204 |
GEO_POINT_RESOURCES_INC_STATEM1
GEO POINT RESOURCES, INC. STATEMENTS OF STOCKHOLDERS' DEFICIT (USD $) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Stockholders' Equity, beginning balance at Mar. 31, 2012 | $1,002 | $271,778 | ($303,060) | ($30,280) |
Balance common shares, beginning balance at Mar. 31, 2012 | 1,002,204 | 0 | 0 | 1,002,204 |
Capital contributed by former parent company | 0 | 46,900 | 0 | 46,900 |
Net Loss | 0 | 0 | -43,991 | -43,991 |
Stockholders' Equity, ending balance at Mar. 31, 2013 | 1,002 | 318,678 | -347,051 | -27,371 |
Balance common shares, ending balance at Mar. 31, 2013 | 1,002,204 | 0 | 0 | 1,002,204 |
Capital contributed by former parent company | 0 | 13,517 | 0 | 13,517 |
Net Loss | 0 | 0 | -82,779 | -82,779 |
Stockholders' Equity, ending balance at Mar. 31, 2014 | $1,002 | $332,195 | ($429,830) | ($96,633) |
Balance common shares, ending balance at Mar. 31, 2014 | 1,002,204 | 0 | 0 | 1,002,204 |
GEO_POINT_RESOURCES_INC_STATEM2
GEO POINT RESOURCES, INC. STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Net Loss | ($82,779) | ($43,991) |
Depreciation | 3,589 | 4,627 |
Accounts receivable | -13,101 | -9,025 |
Prepaid expenses and other current assets | 2,195 | -1,512 |
Accounts payable and accrued liabilities | 51,649 | -11,800 |
Net Cash Used in Operating Activities | -38,447 | -61,701 |
Cash Flows from Investing Activities: | ' | ' |
Purchase of property and equipment | 0 | -3,411 |
Net Cash Used in Investing Activities | 0 | -3,411 |
Cash Flows from Financing Activities: | ' | ' |
Capital contributions from former parent | 13,517 | 46,900 |
Proceeds from line of credit | 48,750 | 70,000 |
Cash Flows Provided by Financing Activities: | 62,267 | 116,900 |
Net Change in Cash | 23,820 | 51,788 |
Cash at Beginning of Year | 86,957 | 35,169 |
Cash at End of Year | 110,777 | 86,957 |
Supplement Disclosure of Cash Flow Information: | ' | ' |
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $0 | $0 |
Organization_and_Business
Organization and Business | 12 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Organization and Business | ' |
NOTE 1 – ORGANIZATION AND BUSINESS | |
On June 13, 2012, the Board of Directors of Geo Point Technologies, Inc. (“Geo Point Utah”) approved a stock dividend that resulted in a spin-off (“Spin-Off”) of Geo Point Resources, Inc. (the “Company”) common stock to the Geo Point Utah stockholders, pro rata, on the record date (the “Record Date”). Prior to the Spin-Off, the Company was a wholly-owned subsidiary of Geo Point Utah. The Company was incorporated on June 13, 2012, comprising all of Geo Point Utah’s Environmental and Engineering Divisions’ assets, business, operations, rights or otherwise, along with its “Hydrocarbon Identification Technology” License Agreement with William C. Lachmar dated January 31, 2008. The Spin-Off had a “Record Date” of January 17, 2013; an ex-dividend date of January 15, 2013; and a spin-off payment date of April 22, 2013. Geo Point Utah will retain and focus its efforts on their oil refining operations in Karatau, Kazakhstan. | |
The Spin-Off was pro rata, effected through a stock dividend, based on a one (1) for one (1) ratio of the only class of outstanding securities of Geo Point Utah, common stock, amounting to 1,002,204 shares; no change in this number of Geo Point Utah’s outstanding shares is expected to occur prior to the Record Date or the spin-off payment date. Each Geo Point Utah stockholder at the close of business on the Record Date will receive one (1) share of the Company’s common stock for every one (1) share of the Geo Point Utah held. Previously, the Company reported 1,002,167 shares of common stock being outstanding, however, the transfer agent made a minor correction to the number of shares. The Company's weighted average shares and statement of stockholders deficit has been updated for the periods presented due to this revision. There was no other impact on the financial statements. | |
Because the Spin-Off was effected by entities under common control, the financial statements included herein are those of the Company based on its operating history. All operations presented herein represent the Environmental and Engineering Divisions of Geo Point Utah. See Geo Point Utah’s 8-K Current Report filed with the Securities and Exchange Commission (the “SEC”) on October 30, 2012, which contains additional information regarding the Spin-Off and pro-forma information, along with the Prospectus of the Company dated January 7, 2013, and filed with the SEC on January 8, 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Summary of Significant Accounting Policies | ' |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Going Concern | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the financial statements, the Company has incurred significant current period losses, negative cash flows from operating activities, has negative working capital, an accumulated deficit, and was dependent upon contributions made by its former parent and a revolving line of credit from a third party in order to fund its operations. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters, if needed, include raising additional debt or equity financing. The terms of which might not be acceptable to the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes to financial statements. Actual results could differ from those estimates. Significant estimates made by management include allowance for doubtful accounts and the useful life of property and equipment. | |
Fair Value of Financial Instruments | |
The Company complies with the accounting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. | |
The guidance also establishes a fair value hierarchy for measurements of fair value as follows: | |
Level 1 – quoted market prices in active markets for identical assets or liabilities. | |
Level 2 – inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
As of March 31, 2014 and 2013, the Company did not have Level 1, 2, or 3 financial assets or liabilities. Financial instruments consist of cash, accounts receivable, prepaids, payables, and a line of credit. The fair value of financial instruments approximated their carrying values as of March 31, 2014 and 2013, due to the short-term nature of these items. | |
Concentration of Credit Risks and Customer Concentrations | |
During the fiscal year ended March 31, 2014, services provided to two customers accounted for 48.9% and 31.8% of total revenues. During the year ended March 31, 2013, services provided to two customers accounted for 65.2% and 21.3% of total revenues. As of March 31, 2014, three customers accounted for 38.4%, 26.6% and 25.6% of the accounts receivable balance. | |
Cash and Cash Equivalents | |
Cash and short-term investments with an original maturity of three months or less are considered to be cash and cash equivalents. At March 31, 2014 and 2013, the Company did not have any cash deposits in excess of FDIC limits. | |
Allowances for Doubtful Accounts | |
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s customers to make required payments. The Company considers the following factors when determining if collection of a fee is reasonably assured: customer creditworthiness and past transaction history with the customer. If the Company has no previous experience with the customer, the Company typically requests retainers or obtains financial information sufficient to extend the credit. If these factors do not indicate collection is reasonably assured, revenue is deferred until collection becomes reasonably assured, which is generally upon receipt of cash. If the financial condition of the Company’s customers deteriorates, additional allowances are made. | |
Property and Equipment | |
Property and equipment are stated at cost, less accumulated depreciation and amortization. Major additions and improvements are capitalized, while minor equipment as well as repairs and maintenance costs are expensed when incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Computers, other office equipment, and furniture are depreciated over a period of three years. Vehicles are depreciated over five years. | |
On retirement or disposition of property and equipment, the cost and related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recognized in the statement of operations. | |
Impairment of Long Lived Assets | |
The Company evaluates the recoverability of the carrying amount of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of any asset may not be fully recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value based on a discounted cash flow analysis. As of March 31, 2014 and 2013, impairments are not present. | |
Revenue Recognition | |
The Company recognizes revenue when it is realized and earned. The Company considers revenue realized or realizable and earned when: (1) it has persuasive evidence of an arrangement; (2) services have been rendered and are invoiced; (3) the price is fixed or determinable; and (4) collectibility is reasonably assured. | |
The Company’s primary source of revenue has been in its environmental division, providing historical site data searches, preliminary investigation and drilling, site characterization modeling, regulatory agency liaison, and full environmental clean-ups using such methods as vapor extraction, air sparging, bio-remediation, ORC (Oxygen Release Compound) and HRC (Hydrogen Release Compound) injection treatment, air stripping, and ionic exchange. Revenues from providing historical site data searches, preliminary investigation and drilling, site characterization modeling, regulatory agency liaison, and full environmental clean-ups using such methods as vapor extraction, air sparging, bio-remediation, ORC (Oxygen Release Compound) and HRC (Hydrogen Release Compound) injection treatment, air stripping, and ionic exchange are recognized after services have been performed. The Company also has operations associated with the oil and gas segment that have limited activity and have not yet generated revenues. All revenues are reported inclusive of shipping and handling costs billed and exclusive of any taxes billed to customers, if any. Shipping and handling costs incurred, if any, are reported in cost of products sold. | |
Research and Development | |
Research and development is primarily related to developing and improving methods to detect oil and gas reserves. Research and development expenses are expensed when incurred. No such expenses were incurred during the years ended March 31, 2014 and 2013. | |
Income Taxes | |
The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Tax law and rate changes are reflected in income in the period such changes are enacted. The Company records a valuation allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized. The Company includes interest and penalties related to income taxes, including unrecognized tax benefits, within the provision for income taxes. The Company believes it has appropriate support for the income tax positions taken and to be taken on future income tax returns. | |
Income taxes are not presented within these financial statements as prior to the Spin-Off, the Company's operations were included in a consolidated tax return. The net losses included within those returns, are not available to the Company. In addition, due to the net loss position of Geo Point Utah there is no income tax which should have been allocated to the Company. | |
Basic and Diluted Loss per Common Share | |
Basic loss per share is calculated by dividing net loss by the weighted average common shares outstanding during the period. Diluted loss per share reflects the potential dilution to basic earnings per share that could occur upon conversion or exercise of securities, options, or other such items to common shares using the treasury stock method, based upon the weighted average fair value of the Company’s common shares during the period. As of March 31, 2014 and 2013, the Company did not have any dilutive securities. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Notes | ' | ||||
Property and Equipment | ' | ||||
NOTE 3 – PROPERTY AND EQUIPMENT | |||||
Property and equipment are stated at cost, net of accumulated depreciation, and are comprised of the following at March 31, 2014 and 2013: | |||||
31-Mar-14 | 31-Mar-13 | ||||
Computers and equipment | $37,736 | $37,736 | |||
Vehicles | 22,890 | 22,890 | |||
Total | 60,626 | 60,626 | |||
Less: accumulated depreciation | -58,031 | -54,442 | |||
Net Value | $ 2,595 | $6,184 | |||
Depreciation expense for the years ended March 31, 2014 and 2013, was $3,589 and $4,627, respectively. |
Lines_of_Credit
Lines of Credit | 12 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Lines of Credit | ' |
NOTE 4 – LINE OF CREDIT | |
On January 1, 2013, the Company entered into a $100,000 revolving line of credit with a third party. Under the terms of the agreement the outstanding principal incurs interest at 24% per annum with principal and interest due six months from the date of the agreement or July 1, 2013. The revolving line of credit is unsecured and currently in default, however, no demands for repayment have been made. Proceeds from the revolving line of credit were used for operations and professional fees in connection with filing the Company's S-1 registration statement. As of March 31, 2014, the revolving line of credit had a principal and an accrued interest balance of $118,750 and $24,029, respectively. As of March 31, 2013, the revolving line of credit had a principal and an accrued interest balance of $70,000 and $3,600, respectively. | |
Stockholders_Equity
Stockholder's Equity | 12 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Stockholder's Equity | ' |
NOTE 5 – STOCKHOLDERS’ DEFICIT | |
Preferred Stock | |
Under the Company’s articles of incorporation, the board of directors is authorized, without stockholder action, to issue up to 10,000,00«ZRJGNFRZ] shares of preferred stock in one or more series and to fix the number of shares and rights, preferences, and limitations of each series. Among the specific matters that may be determined by the board of directors are the dividend rate, the redemption price, if any, conversion rights, if any, the amount payable in the event of any voluntary liquidation or dissolution, and voting rights, if any. If the Company offers preferred stock, the specific designations and rights will be described in amended articles of incorporation. | |
Reverse Stock Split | |
Effective May 20, 2013 (the “Effective Date”), the Company effected a 1-for 30 reverse stock split of its issued and outstanding shares of common stock. No fractional shares were issued in connection with the Reverse Split, and any fractional shares were rounded up to the next whole share. The Reverse Split resolutions indicated that no stockholder’s holdings, on a per stockholder of record basis (and each beneficial stockholder whose shares are held in the Depository Trust Company (the “DTC”), on a per stockholder of record basis), would be reduced to less than 100 shares; no stockholder of record or beneficially owning stockholder owning less than 100 shares prior to the Reverse Split will be effected by the Reverse Split. All share and per share amounts have been retroactively restated to reflect the reverse stock split. | |
Capital Contributed by the Former Parent | |
During the year ended March 31, 2014 and 2013, Geo Point Utah contributed $13,517 and $46,900, respectively, to the Company for use in operations. The contributions do not require repayment and thus are reflected as additional paid in capital. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Commitments and Contingencies | ' |
NOTE 6 – COMMITMENTS AND CONTINGENCIES | |
In November 2013, the Company was notified from a group insurance policy that projects in which the Company previously provided services to was in litigation due to defects within the projects. The group policy claimed that the Company owed $75,000 in deductibles in connection with this litigation. The Company maintained that they were not involved with the areas in which the suit is being bought, and did not op for the group insurance and thus are not liable for any of the deductible amounts. However, in March 2014, the Company agreed to settle the claim for $5,000, in which was paid immediately and included within general and administrative expenses on the accompanying statement of operations for the year ended March 31, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Going Concern | ' |
Going Concern | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the financial statements, the Company has incurred significant current period losses, negative cash flows from operating activities, has negative working capital, an accumulated deficit, and was dependent upon contributions made by its former parent and a revolving line of credit from a third party in order to fund its operations. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters, if needed, include raising additional debt or equity financing. The terms of which might not be acceptable to the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
Use of Estimates, Policy | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes to financial statements. Actual results could differ from those estimates. Significant estimates made by management include allowance for doubtful accounts and the useful life of property and equipment. | |
Fair Value of Financial Instruments, Policy | ' |
Fair Value of Financial Instruments | |
The Company complies with the accounting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. | |
The guidance also establishes a fair value hierarchy for measurements of fair value as follows: | |
Level 1 – quoted market prices in active markets for identical assets or liabilities. | |
Level 2 – inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
As of March 31, 2014 and 2013, the Company did not have Level 1, 2, or 3 financial assets or liabilities. Financial instruments consist of cash, accounts receivable, prepaids, payables, and a line of credit. The fair value of financial instruments approximated their carrying values as of March 31, 2014 and 2013, due to the short-term nature of these items. | |
Concentration Risk, Credit Risk, Policy | ' |
Concentration of Credit Risks and Customer Concentrations | |
During the fiscal year ended March 31, 2014, services provided to two customers accounted for 48.9% and 31.8% of total revenues. During the year ended March 31, 2013, services provided to two customers accounted for 65.2% and 21.3% of total revenues. As of March 31, 2014, three customers accounted for 38.4%, 26.6% and 25.6% of the accounts receivable balance. | |
Cash and Cash Equivalents, Policy | ' |
Cash and Cash Equivalents | |
Cash and short-term investments with an original maturity of three months or less are considered to be cash and cash equivalents. At March 31, 2014 and 2013, the Company did not have any cash deposits in excess of FDIC limits. | |
Allowance for Doubtful Accounts | ' |
Allowances for Doubtful Accounts | |
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s customers to make required payments. The Company considers the following factors when determining if collection of a fee is reasonably assured: customer creditworthiness and past transaction history with the customer. If the Company has no previous experience with the customer, the Company typically requests retainers or obtains financial information sufficient to extend the credit. If these factors do not indicate collection is reasonably assured, revenue is deferred until collection becomes reasonably assured, which is generally upon receipt of cash. If the financial condition of the Company’s customers deteriorates, additional allowances are made. | |
Property and Equipment, Policy | ' |
Property and Equipment | |
Property and equipment are stated at cost, less accumulated depreciation and amortization. Major additions and improvements are capitalized, while minor equipment as well as repairs and maintenance costs are expensed when incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Computers, other office equipment, and furniture are depreciated over a period of three years. Vehicles are depreciated over five years. | |
On retirement or disposition of property and equipment, the cost and related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recognized in the statement of operations. | |
Impairmentl of Long-Lived Assets, Policy | ' |
Impairment of Long Lived Assets | |
The Company evaluates the recoverability of the carrying amount of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of any asset may not be fully recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value based on a discounted cash flow analysis. As of March 31, 2014 and 2013, impairments are not present. | |
Revenue Recognition, Policy | ' |
Revenue Recognition | |
The Company recognizes revenue when it is realized and earned. The Company considers revenue realized or realizable and earned when: (1) it has persuasive evidence of an arrangement; (2) services have been rendered and are invoiced; (3) the price is fixed or determinable; and (4) collectibility is reasonably assured. | |
The Company’s primary source of revenue has been in its environmental division, providing historical site data searches, preliminary investigation and drilling, site characterization modeling, regulatory agency liaison, and full environmental clean-ups using such methods as vapor extraction, air sparging, bio-remediation, ORC (Oxygen Release Compound) and HRC (Hydrogen Release Compound) injection treatment, air stripping, and ionic exchange. Revenues from providing historical site data searches, preliminary investigation and drilling, site characterization modeling, regulatory agency liaison, and full environmental clean-ups using such methods as vapor extraction, air sparging, bio-remediation, ORC (Oxygen Release Compound) and HRC (Hydrogen Release Compound) injection treatment, air stripping, and ionic exchange are recognized after services have been performed. The Company also has operations associated with the oil and gas segment that have limited activity and have not yet generated revenues. All revenues are reported inclusive of shipping and handling costs billed and exclusive of any taxes billed to customers, if any. Shipping and handling costs incurred, if any, are reported in cost of products sold. | |
Research and Development Expense, Policy | ' |
Research and Development | |
Research and development is primarily related to developing and improving methods to detect oil and gas reserves. Research and development expenses are expensed when incurred. No such expenses were incurred during the years ended March 31, 2014 and 2013. | |
Income Tax, Policy | ' |
Income Taxes | |
The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Tax law and rate changes are reflected in income in the period such changes are enacted. The Company records a valuation allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized. The Company includes interest and penalties related to income taxes, including unrecognized tax benefits, within the provision for income taxes. The Company believes it has appropriate support for the income tax positions taken and to be taken on future income tax returns. | |
Income taxes are not presented within these financial statements as prior to the Spin-Off, the Company's operations were included in a consolidated tax return. The net losses included within those returns, are not available to the Company. In addition, due to the net loss position of Geo Point Utah there is no income tax which should have been allocated to the Company. | |
Earnings Per Share, Policy | ' |
Basic and Diluted Loss per Common Share | |
Basic loss per share is calculated by dividing net loss by the weighted average common shares outstanding during the period. Diluted loss per share reflects the potential dilution to basic earnings per share that could occur upon conversion or exercise of securities, options, or other such items to common shares using the treasury stock method, based upon the weighted average fair value of the Company’s common shares during the period. As of March 31, 2014 and 2013, the Company did not have any dilutive securities. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Tables/Schedules | ' | ||||
Property, Plant and Equipment | ' | ||||
31-Mar-14 | 31-Mar-13 | ||||
Computers and equipment | $37,736 | $37,736 | |||
Vehicles | 22,890 | 22,890 | |||
Total | 60,626 | 60,626 | |||
Less: accumulated depreciation | -58,031 | -54,442 | |||
Net Value | $ 2,595 | $6,184 |
Organization_and_Business_Deta
Organization and Business (Details) | Mar. 31, 2014 | Mar. 31, 2013 |
Details | ' | ' |
Common stock outstanding | 1,002,204 | 1,002,204 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Entity-Wide Revenue, Major Customer, Percentage | 48.90% | 65.20% |
Entity Wide Revenue Major Customer 2 Percentage | 31.80% | 21.30% |
Percentage of Accounts Receivable With One Customer1 | 38.40% | ' |
Percentage of Accounts Receivable With One Customer2 | 26.60% | ' |
Percentage of Accounts Receivable With One Customer3 | 25.60% | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Fixtures and Equipment, Gross | $37,736 | $37,736 |
Property, Plant and Equipment, Other, Gross | 22,890 | 22,890 |
Property, Plant and Equipment, Gross | 60,626 | 60,626 |
Accumulated depreciation | -58,031 | -54,442 |
Furniture and equipment, net of accumulated depreciation of $58,031 and $54,442, respectively | 2,595 | 6,184 |
Depreciation | $3,589 | $4,627 |
Lines_of_Credit_Details
Lines of Credit (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $100,000 | ' |
Line of Credit Facility, Interest Rate During Period | 24.00% | ' |
Revolving line of credit | 118,750 | 70,000 |
Other income (expense) | $24,029 | $3,600 |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 30 | ' |
Capital contributions from former parent | $13,517 | $46,900 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Details | ' |
Litigation Settlement, Gross | $75,000 |
Litigation Settlement, Amount | $5,000 |