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9. STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended
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Jun. 30, 2013
Notes to Financial Statements |
9. STOCKHOLDERS' EQUITY (DEFICIT) | On August 3, 2009, the Company’s Board of Directors approved a 20,520:1 stock split. The share and per share amounts in the accompanying financial statements and footnotes, have been retroactively adjusted for all periods presented. Additionally, in connection with the recapitalization as described in Note 1, all share and per share data has been retroactively adjusted for all periods presented to adjust for the new common stock par value of $0.001 and for the new legal titles of capital stock. On December 21, 2007, the Company issued 19,083,600 shares of common stock for cash to the founders of the Company. Total proceeds received were $9. On May 8, 2008, the Company issued 21,956,400 shares of its common stock for cash to the founders of the Company. Total proceeds received were $9. From November 2007 through June 2008, a director of the Company contributed $495,665 in cash to the Company. On June 2, 2009, the Company issued 10,260,000 shares of its common stock for cash to the founders of the Company. Total proceeds received were $4. On May 13, 2010, $534,856 of accrued interest and loans from directors were converted into 3,305,615 shares of the Company’s common stock. The shares were to be convertible at the same price as the first cash subscriber of common stock which was $0.16 per share as described below. Based on an immaterial difference in the conversion formula, the director shares were converted at other prices immaterially different from the stipulated conversion price. Based on written agreements with the debt holders, there is no further obligation to these shareholders. The difference in the conversion price when compared to the fair market value of the common stock resulted in the Company charging what would have been recorded as a gain of $9,252, to additional paid in capital due to the related party nature of the transaction. On May 13 and 19, 2010, the Company sold 583,334 shares of common stock to subscribers at $0.16 per share. The Company received proceeds of $91,810 from the sale of the stock. 305,556 shares subscribed for were from a related party trust (Note 11). On May 13, 2010, the Company issued 1,092,112 shares of common stock for prior services rendered. The shares were valued at the most recent cash sales price of $0.16 resulting in a non-cash charge to operations of $176,705. On May 13, 2010, an officer and director of the Company transferred 1,855,487 of his own personal shares to a related party trust (Note 11) in exchange for services rendered. As a result of the exchange, the Company recorded a non-cash charge to operations of $299,737 based on the fair market value of the common stock exchanged which was $0.16 per share as evidenced by recent cash sales. From August through October 2010, the Company sold 7,639,465 shares of common stock to subscribers at translated prices between $0.16 and $0.18 per share. The Company received gross proceeds of $1,283,130 from the sales. 4,000,002 shares subscribed for were from a related party trust (Note 11) and 1,054,761 were from an entity controlled by the CEO of the Company. In November 2010, the Company issued 139,400 shares for offering costs to a related party trust (Note 11) related to the above fiscal 2011 stock sales. There was no financial statement accounting effect for the issuance of the stock as the value has been fully charged to Additional Paid-in-Capital as an offering cost against the offering proceeds. In November 2010, the Company issued 640,599 shares of common stock for prior services rendered. The shares were valued at the most recent cash sales price of $0.18 resulting in a non-cash charge to operations of $113,474. In June 2011, the Company issued 7,215,365 shares of common stock to a third party consultant for services. The shares were valued at $1.50 (based on a contemporaneous cash sales price and anticipated offering price). The $10,823,048 was recorded as a prepaid and is being amortized over the one-year term of the agreement. (See Note 4) In July 2011, the Company received $5,240 in advances from investor - related party. In August 2011, the Company obtained proper documentation from that investor and the $84,760 advance from investor previously recorded in current liabilities as of June 30, 2011 and the additional $5,240 advance, totaling $90,000, was exchanged for 63,234 shares of common stock at $1.50 per share. In November 2011, the Company and a third party consultant agreed to settle certain liabilities which had been paid for by the consultant on behalf of the Company and included in accrued expenses. The total amount due to the consultant on the agreement date was $72,545 of which one-half was to be repaid in cash and the other half was to be paid through the issuance of common stock. The cash payment owed is in accrued expenses as of March 31, 2012 and 24,182 shares were issued at $1.50 per share for a total value of $36,272, during the three months ended December 31, 2011. The share value equaled contemporaneous cash sales prices and therefore, no gain or loss on the conversion was recorded. Further, in April 2012, the Company issued 31,622 shares of common stock to adjust the prior share settlement which was based on $1.50 per share. The new issuance was to adjust the original share issuance down to $0.65 and as the agreement didn't originally call for anti-dilution provisions, the Company valued the additional issuance at $0.65 (based on contemporaneous cash sales prices) and recorded an additional expense of $20,554. In February 2012, the Company issued 100,000 shares of common stock to a third party for services to be performed over the one-year contract term. The shares were valued at $0.65 (based on contemporaneous cash sales prices) with a total value of $65,000. The Company has amortized approximately five months of the prepaid shares issued for services leaving a prepaid balance of approximately $38,500 as of June 30, 2012 which was fully amortized in 2013. (See Note 4) In February 2012, the Company issued 100,000 shares of common stock for past services to a consultant. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $65,000 related to the transaction. In February 2012, $43,068 of principal and interest was converted at $1.50 into 28,712 shares related to the conversion of a convertible debenture. See Note 7. In March 2012, the Company issued 50,000 shares of common stock for past services to a consultant. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $32,500 related to the transaction. In April and May 2012, the Company sold 27,300 shares of common stock at $0.65 for proceeds of approximately $17,000. Of the $17,000 in proceeds, approximately $3,500 were from related parties. In April 2012, the Company issued 200,000 shares of common stock a consultant for legal services rendered which were valued at $0.65, based on contemporaneous cash sales prices or $130,000 which the Company immediately expensed. In April 2012, the Company issued 150,000 shares of common stock a consultant for services rendered which were valued at $0.65, based on contemporaneous cash sales prices or $97,500 which the Company immediately expensed. In June 2012, $30,758 of principal and interest was converted at $1.50 into 20,506 shares related to the conversion of a convertible debenture. See Note 7. In September 2012, the board authorized additional share issuances to three investors who previously converted convertible debentures at $1.50 per share per the terms of the debentures. The additional share issuance was to ratchet the prior conversions from $1.50 per share, down to $0.65 per share. As a result, the Company issued 147,052 additional shares of common stock valued at $0.65, based on contemporaneous cash offering prices, and recorded an expense of $95,611 as the original agreement didn't call for price protection. In September 2012, a $75,000 convertible debenture was converted into shares of common stock pursuant to a conversion notice. $76,896 of principal and interest was converted at $1.50 into 51,264 shares. The original agreement stipulated a conversion price of $1.50 however, as the Company voluntary ratcheted down the conversion to $0.65, the Company recorded an additional expense of $43,547 (based on contemporaneous cash sales prices of $0.65) related to the additional 67,037 shares issued. In September 2012, the Company entered into an agreement to issue 300,000 shares of common stock for services rendered during the three months ended September 30, 2012. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $195,000. In September 2012, the Company issued 30,000 shares of common stock for past services to a consultant. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $19,500 related to the transaction. In October 2012, the Company entered into an agreement to issue 300,000 shares of common stock for services rendered during the three months ended December 31, 2012. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $195,000. In November 2012, the Company entered into an agreement to issue 35,000 shares of common stock for services rendered during the three months ended December 31, 2012. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $22,750. In November 2012, the Company entered into an agreement to issue 50,000 shares of common stock for services rendered during the three months ended December 31, 2012. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $32,500. In November 2012, the Company issued 100,000 shares to settle approximately $21,000 of accounts payable. The Company recorded a loss on settlement of approximately $43,000 as the shares were valued at $0.65 per share or $65,000 based on contemporaneous cash offering prices. In December 2012, the Company issued 10,000 shares of common stock for past services to a consultant. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $6,500 related to the transaction. In December 2012, the Company entered into an agreement to issue 50,000 shares of common stock for services rendered during the three months ended December 31, 2012. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $32,500. In December 2012, a total of 1,021,460 shares were returned to the Company in a settlement with a shareholder. In March 2013, the Company entered into an agreement to issue 25,000 shares of common stock for services rendered during the three months ended March 31, 2013. The shares were valued at $0.65 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $16,250. In March 2013, the Company entered into an agreement to issue 125,000 shares of common stock to settle approximately $16,500 of accounts payable. The Company recorded a loss on settlement of approximately $65,000 as the shares were valued at $0.65 per share or $81,250 based on contemporaneous cash offering prices. In March 2013, the Company entered into an agreement to issue 7,500 shares of common stock for services rendered during the three months ended March 31, 2013. The shares were valued at $0.65 per share or $4,875 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $4,875. In March 2013, a total of 2,560,571 shares were returned to the Company in a settlement with a shareholder. In March 2013, the Company entered into an agreement to issue 200,000 shares of common stock for services rendered during the three months ended March 31, 2013. The shares were valued at $0.65 per share or $130,000 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $130,000. In March 2013, the Company entered into an agreement to issue 5,000 shares of common stock for services rendered during the three months ended March 31, 2013. The shares were valued at $0.65 per share or $3,250 based on contemporaneous cash offering prices and accordingly, the Company recognized an expense of $3,250. In May 2013, the Company became obligated to issue 25,000 shares of common stock for services rendered by a consultant. These shares were valued at $0.20 per share or $5,000 based on the quoted market price of the stock on the date of the grant. These shares are reflected as common stock issuable and the Company recognized an expense of $5,000. On June 6, 2013, the Company entered into a 60 day agreement with a consultant whereby they would issue that consultant 600,000 shares of the Company's common stock. These shares were valued at $0.20 per share or $120,000 based on the quoted market price of the stock on the date of the grant. The Company is recognizing the expense pro rata over the 60 day term. As of June 30, 2013 the Company recognized $48,000 with a credit to additional paid-in-capital.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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