Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2018 | Sep. 18, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Drone Guarder, Inc. | |
Entity Central Index Key | 1,574,863 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 136,550,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,019 |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2018 | Jan. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 112,044 | $ 19,525 |
Prepaid expenses | 188,754 | |
Total Current Assets | 300,798 | 19,525 |
Fixed Assets | ||
Furniture and Equipment | 1,050 | 1,050 |
Accumulated Depreciation | (1,050) | (1,040) |
Total Fixed Assets | 10 | |
Investment in intellectual property | 90,222 | 78,123 |
Total Assets | 391,020 | 97,658 |
Current Liabilities | ||
Accrued expenses | 27,921 | 33,016 |
Accrued expense-related party | 333,333 | |
Accrued interest | 72,621 | 28,756 |
Convertible note payable, net of debt discount and deferred financing costs of $358,263 (January 31, 2018- $ 112,500) | 441,557 | 112,500 |
Promissory notes payable | 192,500 | 192,500 |
Advances from related party | (18,000) | (18,000) |
Due to shareholder | 2,308 | 2,308 |
Derivative Liability | 694,997 | 85,560 |
Total Liabilities | 1,449,904 | 805,973 |
Stockholders’ Equity (Deficiency) | ||
Common stock, par value $0.001; 250,000,000 shares authorized, 134,100,000 (January 31, 2018 – 133,400,000) shares issued and outstanding | 134,100 | 133,400 |
Series A Preferred Stock | 1,000 | |
Additional paid in capital | 653,603 | 130,123 |
Deficit accumulated | (1,847,587) | (971,838) |
Total Stockholders’ Equity (Deficiency) | (1,058,884) | (708,315) |
Total Liabilities and Stockholders’ Equity | $ 391,020 | $ 97,658 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2018 | May 10, 2018 | May 08, 2018 | Jan. 31, 2018 | Jan. 22, 2018 | Jan. 17, 2018 | Oct. 17, 2017 |
Statement of Financial Position [Abstract] | |||||||
Common Stock, Par Value | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | |||||
Common Stock, Shares Issued and Outstanding | 134,100,000 | 133,400,000 | |||||
Convertible Note Payable | $ 297,328 | $ 125,000 | $ 125,000 | $ 112,500 | $ 165,000 | $ 165,000 | $ 445,000 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Income Statement [Abstract] | ||||
REVENUES | ||||
OPERATING EXPENSES | ||||
Depreciation Expense | 52 | 10 | 104 | |
General and administrative | 24,830 | 3,219 | 51,330 | 10,489 |
Bank fees | 540 | 530 | 1,380 | 720 |
Consulting fees | 62,050 | 1,200 | 64,050 | 3,200 |
Management compensation | 38,000 | 26,900 | 222,667 | 26,900 |
Website | 164 | |||
Professional fees | 20,463 | 11,007 | 35,009 | 42,862 |
TOTAL OPERATING EXPENSES | 145,883 | 42,908 | 374,610 | 84,275 |
LOSS FROM OPERATIONS | (145,883) | (42,908) | (374,610) | (84,275) |
OTHER INCOME (EXPENSE) | ||||
Interest Expense | 24,386 | 3,953 | 43,865 | 6,826 |
Amortization of debt discount | (197,694) | (378,569) | ||
Amortization of deferred financing | 23,371 | 40,268 | ||
Change in derivative liability | (1,930) | (38,437) | ||
TOTAL OTHER INCOME (EXPENSE) | 247,381 | 3,953 | 501,139 | 6,826 |
PROVISION FOR INCOME TAXES | ||||
NET INCOME (LOSS) | $ (393,264) | $ (46,861) | $ (875,749) | $ (91,101) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED (as adjusted for 20-1 forward stocks split) | 133,633,333 | 132,900,000 | 133,516,666 | 132,900,000 |
Statements of Operations (Paren
Statements of Operations (Parenthetical) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Income Statement [Abstract] | ||||
Forward stock split | 20:1 | 20:1 | 20:1 | 20:1 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (875,749) | $ (91,101) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Depreciation Expense | 10 | 104 |
Stock based compensation | 166,667 | |
Amortization of debt discount | 378,569 | |
Amortization of deferred financing costs | 40,268 | |
Change in derivative liability | (38,437) | |
Changes in assets and liabilities: | ||
Increase (decrease) in accrued expenses | (5,095) | (10,554) |
Increase in accrued interest | 43,865 | 6,825 |
Increase in prepaid expenses | (188,754) | |
CASH FLOWS USED IN OPERATING ACTIVITIES | (361,782) | (94,726) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Investment in intellectual property | (12,099) | (23,000) |
CASH FLOWS USED BY INVESTING ACTIVITIES | (12,099) | (23,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Deferred financing costs | (75,600) | |
Proceeds from convertible note payable | 580,000 | |
Proceeds from promissory note payable | 115,000 | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 504,400 | 115,000 |
NET INCREASE (DECREASE) IN CASH | 90,519 | (2,726) |
Cash, beginning of period | 19,525 | 2,726 |
Cash, end of period | 53,425 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid | ||
NON CASH TRANSACTIONS: | ||
Shares issued for debt | 5,180 | |
Income taxes paid |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Drone Guarder, Inc. (Formerly Vopia, Inc.) was incorporated as Blue Fashion Corp. under the laws of the State of Nevada on May 14, 2012. The Company is an early stage security and surveillance company focusing on commercializing a drone enhanced home security system as a turnkey solution. On August 5, 2014, the Company changed its name to Vopia, Inc. On March 24, 2017, the Company changed its name to Drone Guarder, Inc. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements of Drone Guarder, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), . In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a January 31 fiscal year end. Cash and Cash E ui v lents T h e C m a c nsi ers all i ly li i inves m e ts wit t e ori i a m ritie o thre m t les to s e q i a le t Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of July 31, 2018. Comprehensive Income The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income. Recent Accounting Pronouncements Drone Guarder, Inc. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
INVESTMENT IN INTELLECTUAL PROP
INVESTMENT IN INTELLECTUAL PROPERTY | 6 Months Ended |
Jul. 31, 2018 | |
Notes to Financial Statements | |
INVESTMENT IN INTELLECTUAL PROPERTY | NOTE 3 – INVESTMENT IN INTELLECTUAL PROPERTY On February 24, 2017, the Company paid $20,000 as an initial payment toward software development related to the Drone Guarder technology. In addition, the Company has paid $ 32,722 in additional software development costs to July 31, 2018. On October 2, 2017, the Company issued 500,000 common shares of capital stock with a deemed value of $ 57,500 for services related to the development of the intellectual property. |
LOANS FROM DIRECTOR AND SHAREHO
LOANS FROM DIRECTOR AND SHAREHOLDER | 6 Months Ended |
Jul. 31, 2018 | |
Related Party Transactions [Abstract] | |
LOANS FROM DIRECTOR AND SHAREHOLDER | NOTE 4 – LOANS FROM DIRECTOR AND SHAREHOLDER On December 6, 2016, a shareholder paid expenses of $1,963 on behalf of the Company. During the year ended January 31, 2018 the shareholder paid net expenses of $ 100 that was not reimbursed as of July 31, 2018. The balance due to the shareholder was $2,308 and $2,208 as of July 31, 2018 and January 31,2018, respectively. |
ADVANCES FROM RELATED PARTY
ADVANCES FROM RELATED PARTY | 6 Months Ended |
Jul. 31, 2018 | |
Notes to Financial Statements | |
ADVANCES FROM RELATED PARTY | NOTE 5 – ADVANCES FROM RELATED PARTY On May 14, 2014 the Company received advances from a related party in the amount of $18,000. The advances are unsecured, non-interest bearing, with no specified terms of repayment. On November 20, 2014 the Company issued a promissory note payable in the amount of $10,000. The note bears interest at 10% per annum and is due on demand. For the year ended January 31, 2015, this note was recorded in error as an advance from related party, when it should have been recorded as a note payable. This has been reclassified on the balance sheet as of July 31, 2018 and January 31, 2018. The balance as of July 31, 2018 and January 31, 2018 of advances from related party was $18,000 and $18,000, respectively. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jul. 31, 2018 | |
Equity [Abstract] | |
NOTES PAYABLE | NOTE 6 – NOTES PAYABLE On November 20, 2014 the Company issued a promissory note payable in the amount of $10,000. The note bears interest at 10% per annum and is due on demand. For the year ended January 31, 2015, this note was recorded in error as an advance from related party, when it should have been recorded as a note payable. This has been reclassified on the balance sheet as of January 31, 2016. On June 24, 2015 the Company issued a promissory note payable in the amount of $12,500. The note bears interest at 10% per annum and is due on demand. On December 10, 2015 the Company issued a promissory note payable in the amount of $15,000. The note bears interest at 10% per annum and is due on demand. On December 23, 2016 the Company issued a promissory note payable in the amount of $25,000. The note bears interest at 10% per annum and is due on demand. On February 6, 2017 the Company issued a promissory note payable in the amount of $55,000. The note bears interest at 10% per annum and is due on demand. On April 19, 2017 the Company issued a promissory note payable in the amount of $20,000. The note bears interest at 10% per annum and is due on demand. On May 24, 2017 the Company issued a promissory note payable in the amount of $20,000. The note bears interest at 10% per annum and is due on demand. On July 5, 2017 the Company issued a promissory note payable in the amount of $20,000. The note bears interest at 10% per annum and is due on demand. On September 18, 2017 the Company issued a promissory note payable in the amount of $15,000. The note bears interest at 10% per annum and is due on demand. The balance as of July 31, 2018 and January 31, 2018 of notes payable $192,500 and $62,500, respectively. |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 6 Months Ended |
Jul. 31, 2018 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 7 – CONVERTIBLE NOTES PAYABLE On October 17, 2017, the Company entered into a financing arrangement in the principal amount of $445,000 consisting of a convertible promissory note and warrants to purchase common shares of the company. As of July 31, 2018, the company has borrowed $225,000 of the available balance of $ 445,000. The outstanding principal of the Note bears interest at the rate of 10% per annum and is due July 17, 2018. An original debt discount in the amount of $ 25,000 on the issuance of the note and will be amortized over the life of the note. The Note is convertible at the option of the holder into common stock of the Company at a conversion price of $0.25 per share. A debt discount related to the fixed rate conversion feature in the amount of $66,442 was recorded and is being amortized over the life of the note. In addition, the holder of the note received warrants to purchase shares of the Company’s common stock equal to $225,000 divided by the market value of the shares on the date the financing arrangement was entered into. Upon issue, the Company recorded derivative liabilities for the conversion feature of the convertible notes and warrants, based up on the Binomial Fair Value Model and using the following assumptions: an exercise price of $0.25, our stock price on the date of grant $.126 expected dividend yield of 0%, expected volatility of 251.50, risk free interest rate of 1.25 for notes payable and 1.97% for warrants and an expected term of 0.75 years for notes payable and 5 years for warrants. . Upon initial valuation, the derivative liability of $168,573 was recorded as a debt discount which is being amortized over the life of the note payable. During the period ended July 31, 2018, $112,500 of the debt discount was amortized On January 17, 2018, the Company issued a convertible note payable the principal amount of $165,0000. principal of the Note bears interest at the rate of 8% per annum and is due January 17, 2019. An original debt discount in the amount of $ 9,000 on the issuance of the note and will be amortized over the life of the note. The Note is convertible at the option of the holder into common stock of the Company at a conversion price he lesser of the trading price of the the common stock on the trading day prior to the closing date of the note or 50% of the lowest trading or closing bid for the common stock during the 20 trading day period immediately prior to conversion.. Upon issue, the Company recorded derivative liabilities for the conversion feature of the convertible notes and warrants, based up on the Binomial Fair Value Model and using the following assumptions: an exercise price of $0.052, our stock price on the date of grant $.024, expected dividend yield of 0%, expected volatility of 113.400, risk free interest rate of 1.79 for notes payable , and remaining term of 1.00 year. Upon initial valuation, the derivative liability of $156,000 was recorded as a debt discount which is being amortized over the life of the note payable. On July 27, 2018, the Company issued 700,000 shares of common stock for debt owing of $5,180. During the period ended July 31, 2018, $89,375 of the debt discount was amortized On January 22, 2018, the Company issued a convertible note payable the principal amount of $165,0000. principal of the Note bears interest at the rate of 12% per annum and is due October 22, 2018.. The “Conversion Price” will be the lesser of (i) the lowest trading price of our common stock during the twenty-five-day trading period prior to the issue date of the Note and (ii) 50% of the lowest trading price of our common stock during the twenty-five-day trading period prior to the conversion. Upon issue, the Company recorded derivative liabilities for the conversion feature of the convertible notes and warrants, based up on the Binomial Fair Value Model and using the following assumptions: an exercise price of $0.037, our stock price on the date of grant $.079, expected dividend yield of 0%, expected volatility of 113.400, risk free interest rate of 1.79 for notes payable , and remaining term of .75 year. . Upon initial valuation, the derivative liability of $165,000 was recorded as a debt discount which is being amortized over the life of the note payable. NOTE 7 – CONVERTIBLE NOTES PAYABLE (CONTINUED) During the period ended July 31, 2018, $107,250 of the debt discount was amortized. On May 8, 2018, the Company issued a convertible note payable the principal amount of $125,0000. principal of the Note bears interest at the rate of 8% per annum and is due January 8, 2019. The “Conversion Price” will be the lesser of (i) the lowest trading price of our common stock during the twenty-five-day trading period prior to the issue date of the Note and (ii) 50% of the lowest trading price of our common stock during the twenty-five-day trading period prior to the conversion. Upon issue, the Company recorded derivative liabilities for the conversion feature of the convertible notes and warrants, based up on the Binomial Fair Value Model and using the following assumptions: an exercise price of $0.024, our stock price on the date of grant $.05, expected dividend yield of 0%, expected volatility of 137.100, risk free interest rate of 2.44 for notes payable , and remaining term of .75 year. . Upon initial valuation, the derivative liability of $125,000 was recorded as a debt discount which is being amortized over the life of the note payable. During the period ended July 31, 2018, $34,722 of the debt discount was amortized. On May 10, 2018, the Company issued a convertible note payable the principal amount of $125,0000. principal of the Note bears interest at the rate of 12% per annum and is due January 9, 2019. The “Conversion Price” will be the lesser of (i) the lowest trading price of our common stock during the twenty-five-day trading period prior to the issue date of the Note and (ii) 50% of the lowest trading price of our common stock during the twenty-five-day trading period prior to the conversion. Upon issue, the Company recorded derivative liabilities for the conversion feature of the convertible notes and warrants, based up on the Binomial Fair Value Model and using the following assumptions: an exercise price of $0.024, our stock price on the date of grant $.05, expected dividend yield of 0%, expected volatility of 137.100, risk free interest rate of 2.44 for notes payable , and remaining term of .75 year. . Upon initial valuation, the derivative liability of $125,000 was recorded as a debt discount which is being amortized over the life of the note payable. During the period ended July 31, 2018, $34,722 of the debt discount was amortized. On issuance of the notes payable, financing fees of $ 84,600 were deducted from loan proceeds. These have been deferred and are being amortized over the terms of the loans. During the period ended July 31, 2018, $40,268 of the deferred financing costs was amortized. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jul. 31, 2018 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 8 – COMMON STOCK The Company has 250,000,000, $0.001 par value shares of common stock authorized. Effective September 9, 2014 the Company’s board of directors and majority of its shareholders approved a 20 for 1 forward split of the Company’s common stock. On October 2, 2017, the Company agreed to issue 500,000 shares of common stock valued at $57,500 for consulting services, which has been capitalized as part of investment in intellectual property. On July 16, 2018, pursuant to Article III of our Articles of Incorporation, our Board of Directors voted to designate a class of preferred stock entitled Series A Preferred Stock, consisting of up 1,000,000 shares, par value $0.001. Under the Certificate of Designation, holders of Series A Preferred Stock will participate on an equal basis per-share with holders of our common stock in any distribution upon winding up, dissolution, or liquidation. Holders of Series A Preferred Stock are entitled to vote together with the holders of our common stock on all matters submitted to shareholders at a rate of 1,000 votes for each share held. Holders of Series A Preferred Stock are entitled to convert each share held for 10 shares of common stock. On July 16, 2018, we issued to an officer 1,000,000 shares of our newly created Series A Preferred Stock in lieu of the 10,000,000 shares of common stock owed to him under his employment agreement. On July 27, 2018, the Company issued 700,000 shares of common stock for debt in the amount of $5,180 There were 134,100,000 shares of common stock and 1,000,000 shares of Series A Preferred Stock issued and outstanding as of July 31, 2018. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES Effective May 3, 2017, the Company entered into an employment agreement with its new chief executive officer. Under the agreement, the Company agreed to compensate the officer $36,000 annually and to provide him with 10 million shares of common stock, if the agreement is renewed after the first year. During the year ended January 31, 2018, a pro-rated accrual of $ 333,333 of management compensation was recorded in the financial statements based on the share value of $ 0.052 per share and recorded as accrued expenses-related party. . For the period ended July 31, 2018 an additional accrual of of $ 187,000 of management compensation has been recorded in the financial statements based on the share value of $ 0.052 per share value when the shares were issued. On May 25, 2018, the Company renewed the employment agreement of the officer and the shares were issued. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 10 – GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. However, the Company had no revenues as of July 31, 2018. The Company currently has limited working capital and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jul. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to July 31, 2018 through the date these financial statements were issued and has determined that, aside from that set forth below, it does not have any material subsequent events to disclose in these financial statements. On August 1, 2018, Drone Guarder, Inc., a Nevada corporation (the “Company”) entered into a Securities Purchase Agreement (the “Power Up SPA”) with Power Up Lending Group Ltd. (“Power Up”) pursuant to which Power Up purchased a convertible promissory note evidencing a loan of $153,000. On August 1, 2018, the Company issued Power Up a $153,000 convertible promissory note (the “Power Up Note”). The Power Up Note entitles the holder to 12% interest per annum and matures on May 15, 2019. Power Up may convert the Power Up Note into shares of the Company’s common stock beginning on the date which is 180 days from the issuance date of the Power Up Note, at a price equal to 65% of the lowest two (2) trading prices during the 20 trading day period ending on the last complete trading date prior to the date of conversion, provided, however, that Power Up may not convert the Power Up Note to the extent that such conversion would result in Power Up’s beneficial ownership being in excess of 4.99% of the Company’s issued and outstanding common stock together with all shares owned by Power Up and its affiliates. The beneficial ownership limitation may not be waived by Power Up. Subsequent to July 31, 2018, the company issued 2,450,000 shares of common stock in the company for $ 16,320 of debt. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements of Drone Guarder, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), . In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. |
Accounting Basis | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a January 31 fiscal year end. |
Cash and Cash Equivalents | Cash and Cash E ui v lents T h e C m a c nsi ers all i ly li i inves m e ts wit t e ori i a m ritie o thre m t les to s e q i a le t |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of July 31, 2018. |
Comprehensive Income | Comprehensive Income The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Drone Guarder, Inc. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Prepaid Expenses | Prepaid Expenses Prepaid expenses of $ 188,754 consists of cash advanced to officers to pay future expenses on behalf of the company, which will occur within a year. |
ORGANIZATION AND NATURE OF BU19
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Date of Incorporation | May 14, 2012 |
Name Change to Vopia, Inc | Aug. 5, 2014 |
Name Change to Drone Guarder, Inc. | Mar. 24, 2017 |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jul. 31, 2018 | Jan. 31, 2018 | |
Accounting Policies [Abstract] | ||
Current Fiscal Year End | --01-31 | |
Cash and cash equivalents | $ 112,044 | $ 19,525 |
INVESTMENT IN INTELLECTUAL PR21
INVESTMENT IN INTELLECTUAL PROPERTY (Details Narrative) - USD ($) | Oct. 02, 2017 | Jul. 31, 2018 | Feb. 24, 2017 |
Payments toward Software Development | $ 20,000 | ||
Additional software development costs | $ 32,722 | ||
Common Stock Issued for Services, Shares | 500,000 | ||
Common Stock Issued for Services, Value | $ 57,500 |
LOANS FROM DIRECTOR AND SHARE22
LOANS FROM DIRECTOR AND SHAREHOLDER (Details Narrative) - USD ($) | 12 Months Ended | ||
Jan. 31, 2018 | Jul. 31, 2018 | Dec. 06, 2016 | |
Due to shareholder | $ 2,308 | $ 2,308 | |
Due to Director | 0 | ||
Net Expenses paid by shareholder not reimbursed | $ 100 | ||
Loan 6 | |||
Expenses Paid by Shareholder | $ 1,963 |
ADVANCES FROM RELATED PARTY (De
ADVANCES FROM RELATED PARTY (Details Narrative) - USD ($) | 6 Months Ended | |||
Jul. 31, 2018 | Jan. 31, 2018 | Nov. 20, 2014 | May 14, 2014 | |
Advances from related party | $ (18,000) | $ (18,000) | $ (18,000) | |
Promissory Note 1 | ||||
Date of Debt Instrument | Nov. 20, 2014 | |||
Debt Instrument | $ 10,000 | |||
Debt Instrument, Interest Rate | 10.00% |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Jul. 31, 2018 | Jan. 31, 2018 | Sep. 18, 2017 | Jul. 05, 2017 | May 24, 2017 | Apr. 19, 2017 | Feb. 06, 2017 | Dec. 23, 2016 | Dec. 10, 2015 | Jun. 24, 2015 | Nov. 20, 2014 |
Balance of Notes Payable | $ 192,500 | $ 62,500 | |||||||||
Prom Note #9 | |||||||||||
Notes payable | $ 15,000 | ||||||||||
Interest Rate | 10.00% | ||||||||||
Prom Note #8 | |||||||||||
Notes payable | $ 20,000 | ||||||||||
Interest Rate | 10.00% | ||||||||||
Prom Note #7 | |||||||||||
Notes payable | $ 20,000 | ||||||||||
Interest Rate | 10.00% | ||||||||||
Prom Note #6 | |||||||||||
Notes payable | $ 20,000 | ||||||||||
Interest Rate | 10.00% | ||||||||||
Prom Note #5 | |||||||||||
Notes payable | $ 55,000 | ||||||||||
Interest Rate | 10.00% | ||||||||||
Prom Note #4 | |||||||||||
Notes payable | $ 25,000 | ||||||||||
Interest Rate | 10.00% | ||||||||||
Prom Note #3 | |||||||||||
Notes payable | $ 15,000 | ||||||||||
Interest Rate | 10.00% | ||||||||||
Prom Note #2 | |||||||||||
Notes payable | $ 12,500 | ||||||||||
Interest Rate | 10.00% | ||||||||||
Prommisory Note 1 | |||||||||||
Notes payable | $ 10,000 | ||||||||||
Interest Rate | 10.00% |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||
Jul. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 27, 2018 | May 10, 2018 | May 08, 2018 | Jan. 31, 2018 | Jan. 22, 2018 | Jan. 17, 2018 | Oct. 17, 2017 | |
Principal Amount of Convertible Note | $ 297,328 | $ 297,328 | $ 125,000 | $ 125,000 | $ 112,500 | $ 165,000 | $ 165,000 | $ 445,000 | ||
Amount of Note Borrowed | $ 504,400 | $ 115,000 | ||||||||
Debt Discount | $ 9,000 | 25,000 | ||||||||
Debt Discount Amortized | $ 10,754 | |||||||||
Conversion price per share | $ .50 | $ 0.25 | ||||||||
Note holder warrants received common stock purchase value | 225,000 | |||||||||
Financing Fees | 23,371 | $ 40,268 | ||||||||
Shares of Common Stock Issued for Debt | 700,000 | |||||||||
Debt owed for shares issued | $ 5,180 | |||||||||
Valuation 1 | ||||||||||
Amount of Note Borrowed | $ 225,000 | |||||||||
Note Due Date | Jul. 17, 2018 | |||||||||
Interest Rate | 10.00% | |||||||||
Debt Discount Amortized | $ 112,500 | $ 112,500 | ||||||||
Exercise Price | $ 0.25 | $ 0.25 | ||||||||
Stock price on date of grant | $ 0.12 | $ 0.12 | ||||||||
Expected Dividend Yield | $ 0 | $ 0 | ||||||||
Expected Volatilty | 25150.00% | |||||||||
Risk Free Interest Rate for Notes | 125.00% | |||||||||
Risk Free Interest Rate for Warrants | $ 1.97 | |||||||||
Term for notes payable | 9 months | |||||||||
Term for Warrants | 5 years | |||||||||
Derivative Liability recorded as debt discount | $ 168,573 | |||||||||
Valuation 2 | ||||||||||
Note Due Date | Jan. 17, 2019 | |||||||||
Interest Rate | 8.00% | |||||||||
Debt Discount Amortized | $ 89,375 | $ 89,375 | ||||||||
Exercise Price | $ .052 | $ .052 | ||||||||
Stock price on date of grant | $ .024 | $ .024 | ||||||||
Expected Dividend Yield | $ 0 | $ 0 | ||||||||
Expected Volatilty | 11340.00% | |||||||||
Risk Free Interest Rate for Notes | 179.00% | |||||||||
Term for notes payable | 1 year | |||||||||
Derivative Liability recorded as debt discount | $ 156,000 | |||||||||
Valuation 3 | ||||||||||
Note Due Date | Oct. 22, 2018 | |||||||||
Interest Rate | 12.00% | |||||||||
Debt Discount Amortized | $ 107,250 | $ 107,250 | ||||||||
Exercise Price | $ .037 | $ .037 | ||||||||
Stock price on date of grant | $ .079 | $ .079 | ||||||||
Expected Dividend Yield | $ 0 | $ 0 | ||||||||
Expected Volatilty | 11340000.00% | |||||||||
Risk Free Interest Rate for Notes | 179.00% | |||||||||
Term for notes payable | 9 months | |||||||||
Derivative Liability recorded as debt discount | $ 165,000 | |||||||||
Valuation 4 | ||||||||||
Note Due Date | May 8, 2018 | |||||||||
Interest Rate | 8.00% | |||||||||
Debt Discount Amortized | $ 34,722 | $ 34,722 | ||||||||
Exercise Price | $ .024 | $ .024 | ||||||||
Stock price on date of grant | $ .05 | $ .05 | ||||||||
Expected Dividend Yield | $ 0 | $ 0 | ||||||||
Expected Volatilty | 13710000.00% | |||||||||
Risk Free Interest Rate for Notes | 244.00% | |||||||||
Term for notes payable | 9 months | |||||||||
Derivative Liability recorded as debt discount | $ 125,000 | |||||||||
Valuation 5 | ||||||||||
Note Due Date | May 10, 2018 | |||||||||
Interest Rate | 12.00% | |||||||||
Debt Discount Amortized | $ 34,722 | $ 34,722 | ||||||||
Exercise Price | $ .024 | $ .024 | ||||||||
Stock price on date of grant | $ .05 | $ .05 | ||||||||
Expected Dividend Yield | $ 0 | $ 0 | ||||||||
Expected Volatilty | 13710000.00% | |||||||||
Risk Free Interest Rate for Notes | 244.00% | |||||||||
Term for notes payable | 9 months | |||||||||
Derivative Liability recorded as debt discount | $ 125,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Oct. 02, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 27, 2018 | Jul. 16, 2018 | Jan. 31, 2018 |
Equity [Abstract] | ||||||||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | |||||
Common Stock, Par Value | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares Issued and Outstanding | 134,100,000 | 134,100,000 | 133,400,000 | |||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | ||||||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Issued and Outstanding | 1,000,000 | 1,000,000 | ||||||
Common Stock Issued for debt, Shares | 700,000 | |||||||
Common Stock Issued for debt, Value | $ 5,180 | |||||||
Preferred Stock Issued to Officer | 1,000,000 | |||||||
Preferred Stock Issued in lieu of shares owed to officer | 10,000,000 | |||||||
Stock Split | 20:1 | 20:1 | 20:1 | 20:1 | ||||
Date of Forward Split | Sep. 9, 2014 | |||||||
Common Stock Issued for Services, Shares | 500,000 | |||||||
Common Stock Issued for Services, Value | $ 57,500 | |||||||
Preferred Stock Voting rights per share | A Preferred Stock are entitled to vote together with the holders of our common stock on all matters submitted to shareholders at a rate of 1,000 votes for each share held. Holders of Series A Preferred Stock are entitled to convert each share held for 10 shares of common stock. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jul. 31, 2018 | May 03, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Annual Compensation to Chief Executive Officer | $ 36,000 | |
Shares to be issued to Chief Executive Officer if contract renewed after one year | 10,000,000 | |
Pro rated accrual of management compensation | $ 333,333 | |
Share Value per share | $ 0.052 | |
Additional accrual of management compensation | $ 187,000 |