Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 13, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Trading Symbol | glfh | |
Entity Registrant Name | Galenfeha, Inc. | |
Entity Central Index Key | 1,574,676 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 90,226,100 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 419,733 | $ 94,668 |
Accounts receivable | 58,800 | 0 |
Accounts receivable from related parties | 25,169 | 113,506 |
Inventory | 666,564 | 138,380 |
Prepaid inventory | 101,600 | 0 |
Prepaid expenses | 24,187 | 0 |
Total current assets | 1,296,053 | 346,554 |
FIXED ASSETS, net of accumulated depreciation | 178,077 | 185,105 |
OTHER ASSETS | ||
Goodwill | 412,637 | 0 |
Investments | 0 | 66,000 |
Deposits | 1,000 | 1,000 |
Total other assets | 413,637 | 67,000 |
TOTAL ASSETS | 1,887,767 | 598,659 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 89,572 | 34,309 |
Accounts payable to related parties | 12,664 | 0 |
Current maturities of long term debt | 215,490 | 4,741 |
Related party convertible promissory note, net of unamortized discounts | 111,986 | 143,493 |
Due to officer | 0 | 24,316 |
Total current liabilities | 429,712 | 206,859 |
LONG TERM DEBT | 0 | 14,518 |
Total liabilities | 429,712 | 221,377 |
STOCKHOLDERS' EQUITY | ||
Common stock Authorized: 500,000,000 common shares, $0.001 par value, 95,351,000 issued and 90,226,100 outstanding at September 30, 2015 and 77,812,000 issued and outstanding at December 31, 2014 | 90,226 | 77,812 |
Additional paid-in capital | 3,119,921 | 909,988 |
Treasury stock | 5,125 | 0 |
Accumulated deficit | (1,757,217) | (610,518) |
Total stockholders' equity | 1,458,055 | 377,282 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,887,767 | $ 598,659 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 95,351,000 | 77,812,000 |
Common Stock, Shares, Outstanding | 90,226,100 | 77,812,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Third Parties | $ 249,681 | $ 0 | $ 279,258 | $ 0 |
Related Parties | 25,838 | 156,500 | 555,747 | 164,500 |
Cost of Sales | 216,141 | 102,030 | 521,737 | 112,071 |
Gross Profit | 59,378 | 54,470 | 313,268 | 52,429 |
Operating Expenses: | ||||
General and administrative | 182,926 | 65,067 | 340,708 | 132,626 |
Payroll expenses | 353,904 | 93,586 | 624,392 | 132,290 |
Professional fees | 135,099 | 5,732 | 165,728 | 37,542 |
Engineering research and development | 107,955 | 0 | 207,031 | 22,350 |
Depreciation expense | 4,257 | 1,663 | 14,061 | 3,604 |
Total operating expenses | 784,141 | 166,048 | 1,351,920 | 328,412 |
Loss from continuing operations | (724,763) | (111,578) | (1,038,652) | (275,983) |
Other (expense) income | ||||
Gain (loss) on sale of assets | 0 | 0 | (5,317) | 0 |
Interest income | 0 | 10 | 40 | 46 |
Interest expense | (34,363) | (22) | (102,770) | (22) |
Total other (expense) | (34,363) | (12) | (108,047) | 24 |
Net loss | $ (759,126) | $ (111,590) | $ (1,146,699) | $ (275,959) |
Net loss per share, basic and diluted | $ (0.01) | $ 0 | $ (0.01) | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 86,150,013 | 77,812,000 | 83,808,979 | 67,642,722 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY - 9 months ended Sep. 30, 2015 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Treasury Deficit [Member] | Accumulated Treasury Stock [Member] | Total |
Beginning Balance at Dec. 31, 2014 | $ 77,812 | $ 909,988 | $ (610,518) | $ 377,282 | |
Beginning Balance (Shares) at Dec. 31, 2014 | 77,812,000 | ||||
Common shares issued for cash at $0.10 per share | $ 3,850 | 381,150 | 385,000 | ||
Common shares issued for cash at $0.10 per share (Shares) | 3,850,000 | ||||
Common shares issued for cash at $0.05 per share | $ 2,000 | 98,000 | 100,000 | ||
Common shares issued for cash at $0.05 per share (Shares) | 2,000,000 | ||||
Common shares subscribed in acquisition of subsidiary | $ 767 | 190,983 | 191,750 | ||
Common shares subscribed in acquisition of subsidiary (Shares) | 767,000 | ||||
Common shares issued for cash at $0.10 per share 2 | $ 10,272 | 1,016,928 | 1,027,200 | ||
Common shares issued for cash at $0.10 per share 2 (Shares) | 10,272,000 | ||||
Options expense | 227,241 | 227,241 | |||
Treasury stock returned pursuant to lockup agreement | $ (5,125) | $ 5,125 | |||
Treasury stock returned pursuant to lockup agreement (Shares) | (5,124,900) | ||||
Common shares issued for services | $ 650 | 295,631 | 296,281 | ||
Common shares issued for services (Shares) | 650,000 | ||||
Loss for the period | (1,146,699) | (1,146,699) | |||
Ending Balance at Sep. 30, 2015 | $ 90,226 | $ 3,119,921 | $ (1,757,217) | $ 5,125 | $ 1,458,055 |
Ending Balance (Shares) at Sep. 30, 2015 | 90,226,100 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net loss | $ (1,146,699) | $ (275,959) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 14,061 | 3,604 |
Common shares issued for services | 296,281 | 0 |
Options expense | 227,241 | 0 |
Loss on sale of fixed assets | 5,317 | 0 |
Amortization of debt discounts | 93,493 | 0 |
Changes in Operating Assets and Liabilities: | ||
(Increase) Decrease in accounts receivable | 29,537 | (27,500) |
Increase in inventory | (469,771) | (231,508) |
Increase in prepaid expenses and other assets | (125,787) | (2,800) |
Increase in accounts payable and accrued liabilities | 67,927 | 32,423 |
Net cash used in operating activities | (1,008,400) | (501,740) |
INVESTING ACTIVITIES | ||
Purchase of fixed assets | (59,366) | (75,988) |
Proceeds from sale of fixed assets | 5,000 | 0 |
Cash paid for acquisition of subsidiary | (160,300) | 0 |
Net cash used in financing activities | (214,666) | (75,988) |
FINANCING ACTIVITIES | ||
Proceeds from notes payable | 199,189 | 0 |
Payments on notes payable | 38,258 | 0 |
Payments on related party convertible promissory note | (125,000) | 0 |
Proceeds from sale of common stock | 1,512,200 | 639,000 |
Net cash provided by financing activities | 1,548,131 | 639,000 |
INCREASE IN CASH | 325,065 | 61,272 |
CASH AT BEGINNING OF PERIOD | 94,668 | 73,480 |
CASH AT END OF PERIOD | 419,733 | 134,752 |
SUPPLEMENTAL INFORMATION | ||
Interest expense | 1,078 | 22 |
Income taxes | 0 | 0 |
NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Treasury stock returned to Company pursuant to lockup agreement | 5,125 | 0 |
Common stock issued for acquisition of subsidiary | 191,750 | 0 |
Assumption of liabilities by an officer for disposal of fixed assets | 42,016 | 0 |
Note payable issued for acquisition of subsidiary | $ 53,000 | $ 0 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 9 Months Ended |
Sep. 30, 2015 | |
NATURE OF BUSINESS [Text Block] | NOTE 1 - NATURE OF BUSINESS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2015, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2014 audited financial statements included in its Form 10-K filed with the Securities and Exchange Commission. The results of operations for the period ended September 30, 2015 and the same period last year are not necessarily indicative of the operating results for the full years. Galenfeha incorporated in the State of Nevada on March 14, 2013, as a for-profit company with a fiscal year end of December 31. Our business office is located at 420 Throckmorton Street, Suite 200, Ft. Worth, Texas 76102. We are an engineering company who provides engineering services and alternative power products. Since our inception, we have been providing contractual engineering services, implementing our new products and proprietary technology across multiple disciplines. On March 21, 2015 the Company completed its acquisition of Daylight Pumps, LLC (“Daylight”) for stock and cash. Daylight will continue to operate under its current name. Daylight produces injections pumps to the oil and gas industry. Our revenue stream comes from our contractual engineering services and products we develop and manufacture for natural gas producers, and various industries primarily in the states of Texas and Louisiana. Our engineering services and products reduce our customer’s cost associated with current energy production, including carbon footprint, hazardous waste, and other non-sustainable aspects of producing energy with current technologies. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2015 | |
GOING CONCERN [Text Block] | NOTE 2 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred net losses and net cash used in operations since inception. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to achieve a level of profitability. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including term notes until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications 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 |
Sep. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States (See Note 2 regarding the assumption that the Company is a “going concern”). 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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. REVENUE RECOGNITION The Company recognizes revenue for sales and billing for freight charges upon delivery of the product to the customer at a fixed and determinable price with a reasonable assurance of collection, passage of title to the customer as indicated by shipping terms and fulfillment of all significant obligations, pursuant to the guidance provided by Accounting Standards Codification (“ASC”) Topic 605. For sales to all customers, including manufacturer representatives, distributors or their third-party customers, these criteria are met at the time product is shipped. When other significant obligations remain after products are delivered, revenue is recognized only after such obligations are fulfilled. In addition, judgments are required in evaluating the credit worthiness of our customers. Credit is not extended to customers and revenue is not recognized until we have determined that collectability is reasonably assured. The Company estimates customer product returns based on historical return patterns and reduces sales and cost of sales accordingly. During the nine months ended September 30, 2015, 67% of sales were to a single related party customer. CASH AND CASH EQUIVALENTS All cash, other than held in escrow, is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Temporary cash investments with an original maturity of three months or less are considered to be cash equivalents. Cash at September 30, 2015 and December 31, 2014 was $419,733 and $94,668, respectively. ACCOUNTS RECEIVABLE Accounts receivable represents the uncollected portion of amounts recorded as revenues. Management performs periodic analyses to evaluate all outstanding accounts receivable to estimate an allowance for doubtful accounts that may not be collectible, based on the best facts available to management. Management considers historical collection patterns, accounts receivable aging trends and specific identification of disputed invoices in its analyses. After all reasonable attempts to collect a receivable have failed, the receivable is directly written off. As of September 30, 2015 and December 31, 2014, the balance of the allowance for doubtful accounts was $0 and $0, respectively. As of September 30, 2015, accounts receivable from one related party customer comprised 30% of total accounts receivable and accounts receivable from one third party customer comprised 39% of accounts receivable. INVENTORIES Inventories are stated at the lower of cost, determined on a first-in, first-out basis (“FIFO”), or market, including direct material costs and direct and indirect manufacturing costs. As of September 30, 2015, all work in process inventory assembled had been sold and only cost of materials and freight-in are included in raw material inventory. PROPERTY Property, plant and equipment is recorded at cost. Depreciation is computed using the straight-line method over estimated useful lives of three to ten years for furniture, fixtures, and equipment and forty years for improvements. Expenditures for repairs and maintenance are charged to expense as incurred. RESEARCH AND DEVELOPMENT COSTS Research and development costs, predominately internal labor costs and costs of materials, are charged to expense when incurred. ADVERITISING EXPENSES Advertising expenses are expensed as incurred. The Company expensed advertising costs of $74,602 and $3,195 for the nine month periods ended September 30, 2015 and 2014, respectively. The Company expensed advertising costs of $38,126 and $3,195 for the three month periods ended September 30, 2015 and 2014, respectively. SHIPPING AND HANDLING CHARGES The Company incurs costs related to shipping and handling of its manufactured products. These costs are expensed as incurred as a component of cost of sales. Shipping and handling charges related to the receipt of raw materials are also incurred, which are recorded as a cost of the related inventory. NET INCOME (LOSS) PER COMMON SHARE Net income (loss) per share is calculated in accordance with FASB ASC topic, “Earnings Per Share.” The weighted-average number of common shares outstanding during each period is used to compute basic earning or loss per share. Diluted earnings or loss per share is computed using the weighted average number of shares and diluted potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Basic net income (loss) per common share is based on the weighted average number of shares of common stock outstanding at September 30, 2015. As of September 30, 2015, the Company had no dilutive potential common shares. FAIR VALUE ACCOUNTING As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, "Consolidation” (“ASU 2014-10”). The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (“U.S. GAAP”). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, "Development Stage Entities" are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 for this unaudited condensed consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The new standard provides guidance as to management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements. The Company has elected to early adopt the provisions of ASU 2014-15 for these unaudited financial statements. Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company’s present or future financial statements. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2015 | |
PROPERTY AND EQUIPMENT [Text Block] | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the related assets, ranging from three to forty years. A summary is as follows: September 30, 2015 December 31, 2014 Manufacturing assets $ 157,835 $ 120,835 Vehicles - 56,828 Furniture and equipment 15,788 8,614 Improvements 21,472 6,280 195,095 192,557 Less accumulated depreciation (17,018 ) (7,452 ) Property and equipment, net $ 178,077 $ 185,105 Depreciation expense related to property and equipment was $14,061 and $3,604 for the nine months ended September 30, 2015 and 2014, respectively. Depreciation expense related to property and equipment was $4,257 and $1,663 for the three months ended September 30, 2015 and 2014, respectively. During the nine months ended September 30, 2015, James Ketner, Chairman of the Board, purchased a GMC Truck and a Chrysler automobile from the company in exchange for the settlement of an officer loan in the amount of $24,316, a cash payment of $5,000 and the assumption of the note payable to Chrysler Capital in the amount of $17,700. The transaction resulting in a loss on the disposal of fixed assets of $5,317. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2015 | |
NOTES PAYABLE [Text Block] | NOTE 5 – NOTES PAYABLE The Company issued a convertible promissory note to a related party in 2014 for $250,000. The Company accounts for convertible notes payable in accordance with the guidelines established by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 470-20, Debt with Conversion and Other Options. The Beneficial Conversion Feature ("BCF") of a convertible note is normally characterized as the convertible portion or feature of certain notes payable that provide a rate of conversion that is below market value or in-the-money when issued. The Company records a BCF related to the issuance of a convertible note when issued and also records the estimated fair value of any warrants issued with those convertible notes. Beneficial conversion features that are contingent upon the occurrence of a future event are recorded when the contingency is resolved. The BCF of a convertible note is measured by allocating a portion of the note's proceeds to the warrants, if applicable, and as a discount on the carrying amount of the convertible note equal to the intrinsic value of the conversion feature, both of which are credited to additional paid-in-capital. The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants and the debt on an allocated fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense. The intrinsic value of the beneficial conversion feature was determined to be $125,000 and the discount is being amortized over the one year life of the promissory note. As of September 30, 2015, $111,986 of the discount has been amortized as interest expense. Interest amortized for the nine months ended September 30, 2015 and 2014 was $93,493 and $0, respectively. The Company repaid $125,000 under this note during the nine months ended September 30, 2015 and the outstanding balance was $125,000 as of September 30, 2015. The Company financed inventory purchased from Daylight Pumps in the related business combination in the amount of $53,000 which is payable to Warren T. Robertson. The note has an interest rate of 0.00%, payable in four payments of $13,250, by the end of each quarter, beginning April 1, 2105. The Company repaid $26,500 under this note during the nine months ended September 30, 2015 and the outstanding balance was $26,500 as of September 30, 2015. The Company incurred a loan of $13,875 relating to commercial general liability insurance. The note has an interest rate of 8.00%, payable in payments of $1,439 for 10 months. Additionally the Company incurred a loan of $6,721 relating to workers compensation, commercial property, and commercial automobile insurance. The note has an interest rate of 0.00%, payable in payments of $1,703 for two months and $663 for five months. The Company incurred a loan of $78,593 that is secured by a customer purchase order. The loan has an interest rate of 4.75% payable in four payment of $19,843 with the first payment due on December 28, 2015. The Company also took out a line of credit of $100,000 which is payable on demand. Interest only payments were made during the nine months ending September 30, 2015. The current maturities and five year debt schedule for the notes is as follows: 2015 $ 137,247 2016 78,243 2017 - 2018 - Total current notes payable $ 215,490 |
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY | 9 Months Ended |
Sep. 30, 2015 | |
SHAREHOLDERS EQUITY [Text Block] | NOTE 6 - SHAREHOLDERS’ EQUITY COMMON STOCK The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.001. On February 17, 2015, the Company sold 1,350,000 shares of its common stock to one private investor at a price of $0.10 per share, for a total of $135,000. Between February 2 and April 27, 2015, the Company sold 10,272,000 shares of common stock to 117 private investors at a fixed price of $0.10 per share, or an aggregate sale price of $1,027,200. On September 18, 2015, the Company sold 2,000,000 shares of its common stock to an entity Board Chairman James Ketner controls at a price of $0.05 per share, for a total of $100,000. On September 24, 2015, the Company sold 2,500,000 shares of common stock to Galenfeha President/CEO Lucien Marioneaux, Jr. at a fixed price of $0.10 per share, for a total of $250,000. These purchases were made pursuant to the board resolution ratified on August 28, 2015 for affiliate stock purchase. In October 2014, the Company entered into an agreement for the issuance of 1,000,000 common shares for CAD/CAM Engineering Design Services for GLFH1200 series battery development. The shares vest in equal installments of 250,000 each year following the date of the agreement. On May 1, 2015, the Company issued 250,000 shares under this award. During the nine months ended September 30, 2015, $176,281 was expensed under this award and $150,394 remains to be expensed over the remaining service period. On July 1, 2015, the Company issued 400,000 shares of common stock for legal services rendered valued at $120,000. The $120,000 was expensed during the nine months ended September 30, 2015. Following the passing of Director Richard G. Owston on June 20, 2015, 5,124,900 shares of common stock were returned to the Company’s treasurer, pursuant to the lockup agreement signed by all Directors and filed with the SEC on October 25, 2013. During the nine months ended September 30, 2015, the Company issued 767,000 common shares for the acquisition of its subsidiary (see Note 8). During the nine months ended September 30, 2015, the Company granted an aggregate of 1,850,000 options to a military sales representative and two employees. Col. Ashton Naylor (Ret) received 100,000 options exercisable at $0.25 per share, Chris Watkins received 750,000 options exercisable at $0.25 per share and Jeff Roach received 1,000,000 options exercisable at $0.20 per share. These options expire on April 1, 2016; June 11, 2020, and February 1, 2017, respectively. The options vest in equal tranches over periods ranging from 2 to 5 years. The aggregate fair value of the option grants was determined to be $404,412 using the Black-Scholes Option Pricing Model and the following assumptions: volatilities between 218% and 236%, risk free rates between . 27% and 1.74%, expected terms between 1 and 5 years and zero expected dividends. The fair value of the award is being expensed over the vesting periods. $227,241 was expensed during the nine months ended September 30, 2015 and $177,171 will be expensed over the remaining vesting period. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 7 - COMMITMENTS AND CONTINGENCIES The Company entered into a lease agreement for office and research facilities in Louisiana. One lease is for $10,200 per year for 24 months beginning May 1, 2014. The second lease is $2,600 per month for 24 months beginning on November 1, 2014. The Company also entered into a lease agreement for facilities in Arkansas. This lease is for $750 per month, payable in quarterly payment of $2,250, due at the first of each quarter. This lease has no term and is currently month to month. Additionally, the Company leases space in Fort Worth, Texas for corporate facilities for $99 monthly or $1,188 per year. The terms of this lease are also month to month. Year Ended Amount 2015 $ 41,400 2016 29,400 2017 - 2018 - 2019 - $ 70,800 From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations. |
BUSINESS COMBINATION
BUSINESS COMBINATION | 9 Months Ended |
Sep. 30, 2015 | |
BUSINESS COMBINATION [Text Block] | NOTE 8 – BUSINESS COMBINATION On March 21, 2015, the Company completed its acquisition of Daylight Pumps, LLC, a corporation organized under the laws of Arkansas. The acquisition was for the business process and $10,000 inventory assets. Consideration was $5,300 in cash, a note payable of $53,000 and 767,700 common shares of stock. The Company also gave Daylight Pumps $221,000 for inventory. Upon evaluation of the inventory, it was determined fair market value was $58,413, with the balance considered additional goodwill in the transaction. The former owners will continue to operate the Company under the Daylight Pumps name. The stock consideration was determined at the price of $0.25 as traded on March 21, 2015. The acquisition was reported as follows: March 21, 2015 Inventory assets $ 58,413 58,413 Cash for consideration 226,300 Note payable 53,000 Stock for consideration 191,750 Total Consideration 471,050 Goodwill $ 412,637 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2015 | |
RELATED PARTY TRANSACTIONS [Text Block] | NOTE 9 – RELATED PARTY TRANSACTIONS On November 1, 2014, the Company entered into a Convertible Promissory Note Agreement with Ray Moore Sr., a related party, in the amount of $250,000. The note bears an interest rate of 7% per annum until paid in full. Repayment of the loan is due on or before November 7, 2015. The lender shall have the right to convert this indebtedness to equity shares of Galenfeha at the rate of one share per $.50 of indebtedness for a total of 500,000 shares upon the expiration date, or at any time the Lender desired for the relieve of indebtedness of Maker. As of September 30, 2015, the principal and interest due on the note is $135,788. Falcon Resources, LLC & MarionAv, LLC are two companies owned by Board Member, Trey Moore, and CEO/President, Lucien Marioneaux, Jr., respectively. These related party entities provide flight services to employees and directors of the Company. The total amount paid for flight services to Falcon Resources and MarionAv, LLC for the nine months ending September 30, 2015 totaled $18,838 and $956, respectively. On June 5, 2015 James Ketner, Chairman of the Board, purchased a GMC Truck back from the company for gross proceeds of $5,000. Additionally, on June 30, 2015 Mr. Ketner purchased back a Chrysler automobile from the company in exchange for an officer loan in the amount of $24,316 and assumption of the note payable to Chrysler Capital in the amount of $17,700. Galenfeha sells a portion of its finished goods to Fleaux Services, LLC, a company owned by Board Member, Trey Moore. During the nine months ended September 30, 2015, sales to the related company totaled $555,747. As of September 30, 2015, the Company had outstanding receivables from the related party company of $25,169. As of September 30, 2015, the Company had an outstanding accounts payable balance to Fleaux Services, LLC totaling $9,153. During the third quarter of 2015, the Company paid Fleaux Services, LLC $25,500 for engineering research & development services rendered. Galenfeha purchases component parts used in the assembly of inventory items from River Cities Machine, LLC, a company owned by CEO/President, Lucien Marioneaux, Jr. During the nine months ended September 30, 2015 purchases from the related company totaled $95,246. Beginning in July of 2015, the Company agreed to pay a consulting fee of $8,000 per month to KTNR, Inc., a related party entity owed by the Chairman of the Board, James Ketner. Total consulting fees paid during the third quarter of 2015 totaled 24,000. On September 18, 2015, the Company sold 2,000,000 shares of its common stock to an entity Board Chairman James Ketner controls at a price of $0.05 per share, for a total of $100,000. On September 24, 2015, the Company sold 2,500,000 shares of common stock to Galenfeha President/CEO Lucien Marioneaux, Jr. at a fixed price of $0.10 per share, for a total of $250,000. These purchases were made pursuant to the board resolution ratified on August 28, 2015 for affiliate stock purchase. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
BASIS OF PRESENTATION [Policy Text Block] | BASIS OF PRESENTATION The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States (See Note 2 regarding the assumption that the Company is a “going concern”). |
USE OF ESTIMATES [Policy Text Block] | 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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. |
REVENUE RECOGNITION [Policy Text Block] | REVENUE RECOGNITION The Company recognizes revenue for sales and billing for freight charges upon delivery of the product to the customer at a fixed and determinable price with a reasonable assurance of collection, passage of title to the customer as indicated by shipping terms and fulfillment of all significant obligations, pursuant to the guidance provided by Accounting Standards Codification (“ASC”) Topic 605. For sales to all customers, including manufacturer representatives, distributors or their third-party customers, these criteria are met at the time product is shipped. When other significant obligations remain after products are delivered, revenue is recognized only after such obligations are fulfilled. In addition, judgments are required in evaluating the credit worthiness of our customers. Credit is not extended to customers and revenue is not recognized until we have determined that collectability is reasonably assured. The Company estimates customer product returns based on historical return patterns and reduces sales and cost of sales accordingly. During the nine months ended September 30, 2015, 67% of sales were to a single related party customer. |
CASH AND CASH EQUIVALENTS [Policy Text Block] | CASH AND CASH EQUIVALENTS All cash, other than held in escrow, is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Temporary cash investments with an original maturity of three months or less are considered to be cash equivalents. Cash at September 30, 2015 and December 31, 2014 was $419,733 and $94,668, respectively. |
ACCOUNTS RECEIVABLE [Policy Text Block] | ACCOUNTS RECEIVABLE Accounts receivable represents the uncollected portion of amounts recorded as revenues. Management performs periodic analyses to evaluate all outstanding accounts receivable to estimate an allowance for doubtful accounts that may not be collectible, based on the best facts available to management. Management considers historical collection patterns, accounts receivable aging trends and specific identification of disputed invoices in its analyses. After all reasonable attempts to collect a receivable have failed, the receivable is directly written off. As of September 30, 2015 and December 31, 2014, the balance of the allowance for doubtful accounts was $0 and $0, respectively. As of September 30, 2015, accounts receivable from one related party customer comprised 30% of total accounts receivable and accounts receivable from one third party customer comprised 39% of accounts receivable. |
INVENTORIES [Policy Text Block] | INVENTORIES Inventories are stated at the lower of cost, determined on a first-in, first-out basis (“FIFO”), or market, including direct material costs and direct and indirect manufacturing costs. As of September 30, 2015, all work in process inventory assembled had been sold and only cost of materials and freight-in are included in raw material inventory. |
PROPERTY [Policy Text Block] | PROPERTY Property, plant and equipment is recorded at cost. Depreciation is computed using the straight-line method over estimated useful lives of three to ten years for furniture, fixtures, and equipment and forty years for improvements. Expenditures for repairs and maintenance are charged to expense as incurred. |
RESEARCH AND DEVELOPMENT COSTS [Policy Text Block] | RESEARCH AND DEVELOPMENT COSTS Research and development costs, predominately internal labor costs and costs of materials, are charged to expense when incurred. |
ADVERTISING [Policy Text Block] | ADVERITISING EXPENSES Advertising expenses are expensed as incurred. The Company expensed advertising costs of $74,602 and $3,195 for the nine month periods ended September 30, 2015 and 2014, respectively. The Company expensed advertising costs of $38,126 and $3,195 for the three month periods ended September 30, 2015 and 2014, respectively. |
SHIPPING AND HANDLING CHARGES [Policy Text Block] | SHIPPING AND HANDLING CHARGES The Company incurs costs related to shipping and handling of its manufactured products. These costs are expensed as incurred as a component of cost of sales. Shipping and handling charges related to the receipt of raw materials are also incurred, which are recorded as a cost of the related inventory. |
NET INCOME (LOSS) PER COMMON SHARE [Policy Text Block] | NET INCOME (LOSS) PER COMMON SHARE Net income (loss) per share is calculated in accordance with FASB ASC topic, “Earnings Per Share.” The weighted-average number of common shares outstanding during each period is used to compute basic earning or loss per share. Diluted earnings or loss per share is computed using the weighted average number of shares and diluted potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Basic net income (loss) per common share is based on the weighted average number of shares of common stock outstanding at September 30, 2015. As of September 30, 2015, the Company had no dilutive potential common shares. |
FAIR VALUE ACCOUNTING [Policy Text Block] | FAIR VALUE ACCOUNTING As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS [Policy Text Block] | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, "Consolidation” (“ASU 2014-10”). The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (“U.S. GAAP”). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, "Development Stage Entities" are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 for this unaudited condensed consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The new standard provides guidance as to management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements. The Company has elected to early adopt the provisions of ASU 2014-15 for these unaudited financial statements. Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company’s present or future financial statements. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Property, Plant and Equipment [Table Text Block] | September 30, 2015 December 31, 2014 Manufacturing assets $ 157,835 $ 120,835 Vehicles - 56,828 Furniture and equipment 15,788 8,614 Improvements 21,472 6,280 195,095 192,557 Less accumulated depreciation (17,018 ) (7,452 ) Property and equipment, net $ 178,077 $ 185,105 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Debt [Table Text Block] | 2015 $ 137,247 2016 78,243 2017 - 2018 - Total current notes payable $ 215,490 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ended Amount 2015 $ 41,400 2016 29,400 2017 - 2018 - 2019 - $ 70,800 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combination, Segment Allocation [Table Text Block] | March 21, 2015 Inventory assets $ 58,413 58,413 Cash for consideration 226,300 Note payable 53,000 Stock for consideration 191,750 Total Consideration 471,050 Goodwill $ 412,637 |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies 1 | 67.00% |
Summary Of Significant Accounting Policies 2 | $ 419,733 |
Summary Of Significant Accounting Policies 3 | 94,668 |
Summary Of Significant Accounting Policies 4 | 0 |
Summary Of Significant Accounting Policies 5 | $ 0 |
Summary Of Significant Accounting Policies 6 | 30.00% |
Summary Of Significant Accounting Policies 7 | 39.00% |
Summary Of Significant Accounting Policies 8 | $ 74,602 |
Summary Of Significant Accounting Policies 9 | 3,195 |
Summary Of Significant Accounting Policies 10 | 38,126 |
Summary Of Significant Accounting Policies 11 | $ 3,195 |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Property And Equipment 1 | $ 14,061 |
Property And Equipment 2 | 3,604 |
Property And Equipment 3 | 4,257 |
Property And Equipment 4 | 1,663 |
Property And Equipment 5 | 24,316 |
Property And Equipment 6 | 5,000 |
Property And Equipment 7 | 17,700 |
Property And Equipment 8 | $ 5,317 |
NOTES PAYABLE (Narrative) (Deta
NOTES PAYABLE (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)mo | |
Notes Payable 1 | $ 250,000 |
Notes Payable 2 | 125,000 |
Notes Payable 3 | 111,986 |
Notes Payable 4 | 93,493 |
Notes Payable 5 | 0 |
Notes Payable 6 | 125,000 |
Notes Payable 7 | 125,000 |
Notes Payable 8 | $ 53,000 |
Notes Payable 9 | 0.00% |
Notes Payable 10 | $ 13,250 |
Notes Payable 11 | 26,500 |
Notes Payable 12 | 26,500 |
Notes Payable 13 | $ 13,875 |
Notes Payable 14 | 8.00% |
Notes Payable 15 | $ 1,439 |
Notes Payable 16 | mo | 10 |
Notes Payable 17 | $ 6,721 |
Notes Payable 18 | 0.00% |
Notes Payable 19 | $ 1,703 |
Notes Payable 20 | 663 |
Notes Payable 21 | $ 78,593 |
Notes Payable 22 | 4.75% |
Notes Payable 23 | $ 19,843 |
Notes Payable 24 | $ 100,000 |
SHAREHOLDERS EQUITY (Narrative)
SHAREHOLDERS EQUITY (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)yr$ / sharesshares | |
Shareholders Equity 1 | 500,000,000 |
Shareholders Equity 2 | $ | $ 0.001 |
Shareholders Equity 3 | 1,350,000 |
Shareholders Equity 4 | $ / shares | $ 0.10 |
Shareholders Equity 5 | $ | $ 135,000 |
Shareholders Equity 6 | 10,272,000 |
Shareholders Equity 7 | 117 |
Shareholders Equity 8 | $ / shares | $ 0.10 |
Shareholders Equity 9 | $ | $ 1,027,200 |
Shareholders Equity 10 | 2,000,000 |
Shareholders Equity 11 | $ / shares | $ 0.05 |
Shareholders Equity 12 | $ | $ 100,000 |
Shareholders Equity 13 | 2,500,000 |
Shareholders Equity 14 | $ / shares | $ 0.10 |
Shareholders Equity 15 | $ | $ 250,000 |
Shareholders Equity 16 | 1,000,000 |
Shareholders Equity 17 | 250,000 |
Shareholders Equity 18 | 250,000 |
Shareholders Equity 19 | $ | $ 176,281 |
Shareholders Equity 20 | $ | $ 150,394 |
Shareholders Equity 21 | 400,000 |
Shareholders Equity 22 | $ | $ 120,000 |
Shareholders Equity 23 | $ | $ 120,000 |
Shareholders Equity 24 | 5,124,900 |
Shareholders Equity 25 | 767,000 |
Shareholders Equity 26 | 1,850,000 |
Shareholders Equity 27 | 100,000 |
Shareholders Equity 28 | $ / shares | $ 0.25 |
Shareholders Equity 29 | 750,000 |
Shareholders Equity 30 | $ / shares | $ 0.25 |
Shareholders Equity 31 | 1,000,000 |
Shareholders Equity 32 | $ / shares | $ 0.20 |
Shareholders Equity 33 | 2 |
Shareholders Equity 34 | yr | 5 |
Shareholders Equity 35 | $ | $ 404,412 |
Shareholders Equity 36 | 218.00% |
Shareholders Equity 37 | 236.00% |
Shareholders Equity 38 | 27.00% |
Shareholders Equity 39 | 1.74% |
Shareholders Equity 40 | 1 |
Shareholders Equity 41 | yr | 5 |
Shareholders Equity 42 | $ | $ 227,241 |
Shareholders Equity 43 | $ | $ 177,171 |
COMMITMENTS AND CONTINGENCIES25
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)mo$ / yr$ / mo | |
Commitments And Contingencies 1 | $ / yr | 10,200 |
Commitments And Contingencies 2 | mo | 24 |
Commitments And Contingencies 3 | $ / mo | 2,600 |
Commitments And Contingencies 4 | mo | 24 |
Commitments And Contingencies 5 | $ / mo | 750 |
Commitments And Contingencies 6 | $ 2,250 |
Commitments And Contingencies 7 | $ 99 |
Commitments And Contingencies 8 | $ / yr | 1,188 |
BUSINESS COMBINATION (Narrative
BUSINESS COMBINATION (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
Business Combination 1 | $ 10,000 |
Business Combination 2 | 5,300 |
Business Combination 3 | $ 53,000 |
Business Combination 4 | shares | 767,700 |
Business Combination 5 | $ 221,000 |
Business Combination 6 | 58,413 |
Business Combination 7 | $ 0.25 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - 9 months ended Sep. 30, 2015 | USD ($)$ / shares$ / moshares | CAD$ / moshares |
Related Party Transactions 1 | $ 250,000 | |
Related Party Transactions 2 | 7.00% | 7.00% |
Related Party Transactions 3 | $ 0.50 | |
Related Party Transactions 4 | shares | 500,000 | 500,000 |
Related Party Transactions 5 | $ 135,788 | |
Related Party Transactions 6 | 18,838 | |
Related Party Transactions 7 | 956 | |
Related Party Transactions 8 | 5,000 | |
Related Party Transactions 9 | 24,316 | |
Related Party Transactions 10 | 17,700 | |
Related Party Transactions 11 | 555,747 | |
Related Party Transactions 12 | 25,169 | |
Related Party Transactions 13 | 9,153 | |
Related Party Transactions 14 | CAD | CAD 25,500 | |
Related Party Transactions 15 | $ 95,246 | |
Related Party Transactions 16 | $ / mo | 8,000 | 8,000 |
Related Party Transactions 17 | 24,000 | 24,000 |
Related Party Transactions 18 | shares | 2,000,000 | 2,000,000 |
Related Party Transactions 19 | $ / shares | $ 0.05 | |
Related Party Transactions 20 | $ 100,000 | |
Related Party Transactions 21 | shares | 2,500,000 | 2,500,000 |
Related Party Transactions 22 | $ / shares | $ 0.10 | |
Related Party Transactions 23 | $ 250,000 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Property And Equipment Schedule Of Property, Plant And Equipment 1 | $ 157,835 |
Property And Equipment Schedule Of Property, Plant And Equipment 2 | 120,835 |
Property And Equipment Schedule Of Property, Plant And Equipment 3 | 0 |
Property And Equipment Schedule Of Property, Plant And Equipment 4 | 56,828 |
Property And Equipment Schedule Of Property, Plant And Equipment 5 | 15,788 |
Property And Equipment Schedule Of Property, Plant And Equipment 6 | 8,614 |
Property And Equipment Schedule Of Property, Plant And Equipment 7 | 21,472 |
Property And Equipment Schedule Of Property, Plant And Equipment 8 | 6,280 |
Property And Equipment Schedule Of Property, Plant And Equipment 9 | 195,095 |
Property And Equipment Schedule Of Property, Plant And Equipment 10 | 192,557 |
Property And Equipment Schedule Of Property, Plant And Equipment 11 | (17,018) |
Property And Equipment Schedule Of Property, Plant And Equipment 12 | (7,452) |
Property And Equipment Schedule Of Property, Plant And Equipment 13 | 178,077 |
Property And Equipment Schedule Of Property, Plant And Equipment 14 | $ 185,105 |
Schedule of Debt (Details)
Schedule of Debt (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Notes Payable Schedule Of Debt 1 | $ 137,247 |
Notes Payable Schedule Of Debt 2 | 78,243 |
Notes Payable Schedule Of Debt 3 | 0 |
Notes Payable Schedule Of Debt 4 | 0 |
Notes Payable Schedule Of Debt 5 | $ 215,490 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 1 | $ 41,400 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 2 | 29,400 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 3 | 0 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 4 | 0 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 5 | 0 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 6 | $ 70,800 |
Business Combination, Segment A
Business Combination, Segment Allocation (Details) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Business Combination Business Combination, Segment Allocation 1 | $ 58,413 |
Business Combination Business Combination, Segment Allocation 2 | 58,413 |
Business Combination Business Combination, Segment Allocation 3 | 226,300 |
Business Combination Business Combination, Segment Allocation 4 | 53,000 |
Business Combination Business Combination, Segment Allocation 5 | 191,750 |
Business Combination Business Combination, Segment Allocation 6 | 471,050 |
Business Combination Business Combination, Segment Allocation 7 | $ 412,637 |