TORtec (TRTK) 10-Q 22 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Feb. 21, 2016
Document and Entity Information:
Entity Registrant Name	Geo Point Resources, Inc.
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Entity Central Index Key	1,560,905
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	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	gpri

GEO POINT RESOURCES, INC. BALAN

GEO POINT RESOURCES, INC. BALANCE SHEETS (unaudited) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Current Assets
Cash	$ 39,929	$ 186,466
Accounts receivable, net of allowance for bad debt of $11,693 and $11,693, respectively	0	0
Note receivable, current	75,000	0
Total Current Assets	114,929	186,466
Furniture and equipment, net of accumulated depreciation of $60,281 and $59,531, respectively	2,825	1,095
Note receivable	100,000	0
Other assets	1,000	1,000
Total Assets	218,754	188,561
Current Liabilities
Accounts payable and accrued liabilities	159,016	126,023
Revolving line of credit	214,160	173,560
Total Current Liabilities	373,176	299,583
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	332,195
Accumulated deficit	(487,619)	(444,219)
Total Shareholders' Deficit	(154,422)	(111,022)
Total Liabilities and Shareholders' Deficit	$ 218,754	$ 188,561

Geo Point Resources, Inc. Bala3

Geo Point Resources, Inc. Balance Sheet (Parenthetical) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Statement of financial position
Allowance for doubtful accounts	$ 11,693	$ 11,693
Accumulated depreciation	$ (60,281)	$ (59,531)
Preferred stock authorized	10,000,000	10,000,000
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock outstanding	0	0
Common stock authorized	100,000,000	100,000,000
Common stock par value	$ 0.001	$ 0.001
Common stock issued	1,002,204	1,002,204
Common stock outstanding	1,002,204	1,002,204

GEO POINT RESOURCES, INC. STATE

GEO POINT RESOURCES, INC. STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Sales
Sales	$ 15,668	$ 29,734	$ 71,087	$ 80,804
Related party (Note 5)	62,304	46,056	62,304	93,336
Total Sales	77,972	75,790	133,391	174,140
Operating Expenses
Cost of sales	17,091	20,822	29,702	52,667
General and administrative	40,981	39,182	111,323	119,124
Total Operating Expenses	58,072	60,004	141,025	171,791
Operating Income (Loss)	19,900	15,786	(7,634)	2,349
Interest expense	(12,615)	(9,955)	(35,766)	(25,361)
Income (loss) before provision for income taxes	7,285	5,831	(43,400)	(23,012)
Provision for income taxes	0	0	0	0
Net income (loss)	$ 7,285	$ 5,831	$ (43,400)	$ (23,012)
Basic and Diluted Loss per Share	$ 0.01	$ 0.01	$ (0.04)	$ (0.02)
Basic and Diluted Weighted-Average Common Shares Outstanding	1,002,204	1,002,204	1,002,204	1,002,204

GEO POINT RESOURCES, INC. STAT5

GEO POINT RESOURCES, INC. STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities:
Net loss	$ (43,400)	$ (23,012)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation	775	1,500
Bad debt expense	0	500
Accounts receivable	0	12,738
Prepaid expenses and other current assets	0	117
Accounts payable and accrued liabilities	32,993	13,083
Net Cash Provided by (Used in) Operating Activities	(9,632)	4,926
Cash Flows from Investing Activities:
Loans to third parties	(175,000)	0
Purchase of property and equipment	(2,505)	0
Net Cash Used in Investing Activities	(177,505)	0
Cash Flows from Financing Activities:
Net change on line of credit	40,600	45,810
Cash Flows Provided by Financing Activities	40,600	45,810
Net Change in Cash	(146,537)	50,736
Cash at Beginning of Year	186,466	110,777
Cash at End of Year	39,929	161,513
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	9 Months Ended
	Dec. 31, 2015
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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2015
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 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. Interim Financial Statements The accompanying unaudited interim financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying balance sheet as of December 31, 2015, and the statements of operations and cash flows for the nine months ended December 31, 2015 and 2014, are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, and cash flows for such periods. The financial data and other information disclosed in these notes to the financial statements related to the three and nine month periods are unaudited. The results of the three and nine months ended December 31, 2015, are not necessarily indicative of the results to be expected for the year ending March 31, 2016, any other interim period, or any other future year. 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, 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 December 31, 2015 and March 31, 2015, the Company did not have Level 1, 2, or 3 financial assets or liabilities. Financial instruments consist of cash, accounts receivable, payables, and a line of credit. The fair value of financial instruments approximated their carrying values as of December 31, 2015 and March 31, 2015, due to the short-term nature of these items. Concentration of Credit Risks and Customer Concentrations During the nine months ended December 31, 2015, services provided to two customers accounted for 46.7% (a related party) and 38.5% of total revenues. During the nine months ended December 31, 2014, services provided to two customers accounted for 49.9% and 37.0 % of total revenues. One of these customers is considered a related party (see Note 5). Management believes the loss of these customers would have a material impact on the Company. 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. See Note 5 for revenue transactions with a related party. Basic and Diluted (Income) Loss per Common Share Basic income (loss) per common share is calculated by dividing net loss by the weighted average common shares outstanding during the period. Diluted income (loss) per common 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 December 31, 2015 and 2014, the Company did not have any dilutive securities.

Loans Receivable - Construction

Loans Receivable - Construction Project	9 Months Ended
	Dec. 31, 2015
Notes
Loans Receivable - Construction Project	NOTE 3 – FINANCIAL STATEMENT ELEMENTS Loans Receivable – Construction Project In July 2015, the Company loaned $75,000 to an unrelated third party. The loan does not incur interest and is due on demand. The loan is intended to be a short term loan used for a construction project by the borrower. On November 9, 2015, the Company loaned $100,000 to an unrelated third party which is a potential client of the Company. The loan incurs interest at 2% per annum and is due upon the earlier of October 31, 2018, or completion by the borrower of one or more projects having an aggregate value of not less than $40 million. The loan is intended to be a short term bridge loan used for working capital for the third party.

Property and Equipment

Property and Equipment	9 Months Ended
	Dec. 31, 2015
Notes
Property and Equipment	Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation, and are comprised of the following at December 31, 2015 and March 31, 2015: December 31, 2015 March 31, 2015 Computers and equipment $ 40,216 $ 37,736 Vehicles 22,890 22,890 Total 63,106 60,626 Less: accumulated depreciation (60,281) (59,531) Net Value $ 2,825 $ 1,095 Depreciation expense for the nine months ended December 31, 2015 and 2014, was $775 and $1,500, respectively.

Lines of Credit

Lines of Credit	9 Months Ended
	Dec. 31, 2015
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 non-related third party. Under the terms of the agreement, the outstanding principal incurs interest at 24% per annum with principal and interest and was due nine months from the date of the agreement or July 1, 2013. The revolving line of credit is unsecured and is 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 December 31, 2015, the revolving line of credit had a principal and an accrued interest balance of $$214,160 and $98,390, respectively. As of March 31, 2015, the revolving line of credit had a principal and an accrued interest balance of $173,560 and $62,624, respectively.

Related Party Transaction

Related Party Transaction	9 Months Ended
	Dec. 31, 2015
Notes
Related Party Transaction	NOTE 5 – RELATED PARTY TRANSACTION During the nine months ended December 31, 2015 and 2014, the Company recorded revenues of $62,304 and $93,336, respectively, for services performed for an entity partially owned by the Company’s Chief Executive Officer. The Company performs engineering services for the related entity and bills based upon time and expenses incurred. The Company’s management maintains that the fees charged are similar to those in which would be obtained from third parties.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2015
Notes
Subsequent Events	NOTE 6 – SUBSEQUENT EVENTS There are no subsequent events through the date of this filing in which require disclosure.

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2015
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 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.
Interim Financial Statements	Interim Financial Statements The accompanying unaudited interim financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying balance sheet as of December 31, 2015, and the statements of operations and cash flows for the nine months ended December 31, 2015 and 2014, are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, and cash flows for such periods. The financial data and other information disclosed in these notes to the financial statements related to the three and nine month periods are unaudited. The results of the three and nine months ended December 31, 2015, are not necessarily indicative of the results to be expected for the year ending March 31, 2016, any other interim period, or any other future year.
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, 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 December 31, 2015 and March 31, 2015, the Company did not have Level 1, 2, or 3 financial assets or liabilities. Financial instruments consist of cash, accounts receivable, payables, and a line of credit. The fair value of financial instruments approximated their carrying values as of December 31, 2015 and March 31, 2015, due to the short-term nature of these items.
Concentration Risk, Credit Risk, Policy	Concentration of Credit Risks and Customer Concentrations During the nine months ended December 31, 2015, services provided to two customers accounted for 46.7% (a related party) and 38.5% of total revenues. During the nine months ended December 31, 2014, services provided to two customers accounted for 49.9% and 37.0 % of total revenues. One of these customers is considered a related party (see Note 5). Management believes the loss of these customers would have a material impact on the Company.
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. See Note 5 for revenue transactions with a related party.
Earnings Per Share, Policy	Basic and Diluted (Income) Loss per Common Share Basic income (loss) per common share is calculated by dividing net loss by the weighted average common shares outstanding during the period. Diluted income (loss) per common 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 December 31, 2015 and 2014, the Company did not have any dilutive securities.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Dec. 31, 2015
Tables/Schedules
Property, Plant and Equipment	December 31, 2015 March 31, 2015 Computers and equipment $ 40,216 $ 37,736 Vehicles 22,890 22,890 Total 63,106 60,626 Less: accumulated depreciation (60,281) (59,531) Net Value $ 2,825 $ 1,095

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Details
Entity Wide Revenue Major Customer 1 Percentage	46.70%	49.90%
Entity Wide Revenue Major Customer 2 Percentage	38.50%	37.00%

Loans Receivable - Constructi16

Loans Receivable - Construction Project (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Details
Note receivable, current	$ 75,000	$ 0
Note receivable	$ 100,000	$ 0
Debt Instrument, Interest Rate, Stated Percentage	2.00%

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Details
Fixtures and Equipment, Gross	$ 40,216		$ 37,736
Property, Plant and Equipment, Other, Gross	22,890		22,890
Property, Plant and Equipment, Gross	63,106		60,626
Accumulated depreciation	(60,281)		(59,531)
Furniture and equipment, net of accumulated depreciation of $60,281 and $59,531, respectively	2,825		$ 1,095
Depreciation	$ 775	$ 1,500

Lines of Credit (Details)

Lines of Credit (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Details
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Line of Credit Facility, Interest Rate During Period	24.00%
Revolving line of credit	$ 214,160	$ 173,560
Other Nonoperating Income (Expense)	$ 98,390	$ 62,624

Related Party Transaction (Deta

Related Party Transaction (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Details
Related party (Note 5)	$ 62,304	$ 46,056	$ 62,304	$ 93,336