SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended: September 30, 2015
OR
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For
the transition period from ________________ to __________________
Commission
File Number 000-1321002
AGRITEK
HOLDINGS, INC. |
(Exact
name of registrant as specified in its charter) |
Delaware |
|
20-8484256 |
(State or other jurisdiction
of incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
319
Clematis Street, Suite 1008, West Palm Beach, FL 33401
(Address
of principal executive offices)
(561)
249-6511
(Registrant's
telephone number, including area code)
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files). Yes ☑ No ☐
Indicate by check mark whether the registrant
is a larger accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and
large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one)
Large accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated filer ☐
(Do not check if a smaller reporting
company) |
Smaller reporting company ☑ |
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The number of shares outstanding of the Registrant's
$0.0001 par value Common Stock as of March 3, 2016, was 300,290,232 shares.
AGRITEK HOLDINGS, INC.
FORM 10-Q
Quarterly Period Ended September 30,
2015
INDEX
FORWARD-LOOKING STATEMENTS |
Page |
PART I. FINANCIAL INFORMATION |
|
Item 1. |
Financial Statements |
|
|
Condensed Consolidated Balance Sheets at September 30, 2015 (Unaudited) and December 31, 2014 (Audited) |
2 |
|
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014 (Unaudited) |
3 |
|
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014 (Unaudited) |
4 |
|
Notes to Condensed Financial Statements (Unaudited) |
5 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
19 |
Item 3. |
Quantitative and Qualitative Disclosures about Market Risks |
27 |
Item 4. |
Controls and Procedures |
27 |
|
|
|
PART II. OTHER INFORMATION |
|
|
|
|
Item 1. |
Legal Proceedings |
27 |
Item 1A. |
Risk Factors |
27 |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
27 |
Item 3. |
Defaults Upon Senior Securities |
28 |
Item 4. |
Mine Safety Disclosures |
28 |
Item 5. |
Other Information |
28 |
Item 6. |
Exhibits |
28 |
|
|
|
SIGNATURES |
|
FORWARD-LOOKING
STATEMENTS
This quarterly report on Form 10-Q contains
forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates”
and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to
represent an all-inclusive means of identifying forward-looking statements as denoted in this quarterly report on Form 10-Q. Additionally,
statements concerning future matters are forward-looking statements.
Although forward-looking statements
in this quarterly report on Form 10-Q reflect the good faith judgment of our management, such statements can only be based on facts
and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and
actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking
statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those
specifically addressed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in our annual report on Form 10-K for the fiscal year ended December 31, 2014, in “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in this quarterly report on Form 10-Q and in other
reports that we file with the Securities and Exchange Commission (the “SEC”). You are urged not to place undue reliance
on these forward-looking statements, which speak only as of the date of this quarterly report on Form 10-Q.
We file reports with the SEC. The SEC
maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers
that file electronically with the SEC, including us. You can also read and copy any materials we file with, or furnish to, the
SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain additional information about
the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
We undertake no obligation to revise
or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this quarterly
report on Form 10-Q, except as required by law. Readers are urged to carefully review and consider the various disclosures made
throughout the entirety of this quarterly report, which are designed to advise interested parties of the risks and factors that
may affect our business, financial condition, results of operations and prospects.
AGRITEK
HOLDINGS, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
| |
September | |
December
31, |
| |
2015 | |
2014 |
| |
(Unaudited) | |
(Audited) |
ASSETS | |
| | | |
| | |
Current
Assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 179 | | |
$ | 118,429 | |
Accounts
receivable, net | |
| — | | |
| 173 | |
Inventory,
net | |
| 5,110 | | |
| 42,061 | |
Notes
receivable | |
| 221,188 | | |
| 400,000 | |
Interest
receivable | |
| 25,775 | | |
| 28,954 | |
Deferred
financing costs | |
| 4,369 | | |
| 1,518 | |
Due
from related party | |
| 277,973 | | |
| 236,759 | |
Prepaid
assets and other | |
| 6,583 | | |
| 44,586 | |
Total
current assets | |
| 541,177 | | |
| 872,480 | |
| |
| | | |
| | |
Other | |
| 1,525 | | |
| 15,525 | |
Goodwill | |
| — | | |
| 192,849 | |
Property
and equipment, net of accumulated depreciation of $4,051 (2015) and $1,976 (2014) | |
| 234,244 | | |
| 366,122 | |
Investments
in non-marketable securities | |
| 50,000 | | |
| 50,000 | |
| |
| | | |
| | |
Total
assets | |
$ | 826,946 | | |
$ | 1,496,976 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS' DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Accounts
payable and accrued expenses | |
$ | 645,111 | | |
$ | 242,857 | |
Deferred
compensation | |
| 32,382 | | |
| 81,661 | |
Note
payable, current portion | |
| — | | |
| 34,300 | |
Tenant
deposits | |
| — | | |
| 90,000 | |
Note
payable, shareholder | |
| 1,150 | | |
| — | |
Convertible
notes payable, net of discount of $76,069 (2015) and $22,755 (2014) | |
| 802,168 | | |
| 1,233,903 | |
Derivative
liabilities | |
| 200,044 | | |
| — | |
Total
current liabilities | |
| 1,680,855 | | |
| 1,682,721 | |
| |
| | | |
| | |
Note
payable, long term | |
| — | | |
| 51,450 | |
| |
| | | |
| | |
Total
liabilities | |
| 1,680,855 | | |
| 1,734,171 | |
| |
| | | |
| | |
Commitments
and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders'
Deficit: | |
| | | |
| | |
Series
B convertible preferred stock, $0.01 par value; 1,000,000 shares authorized, and 1,000 shares issued and outstanding (2015) | |
| 10 | | |
| — | |
Common
stock, $.0001 par value; 500,000,000 shares authorized; 195,019,250 (2015) and 93,500,420 (2014) shares issued and outstanding | |
| 19,502 | | |
| 9,351 | |
Additional
paid-in capital | |
| 12,745,761 | | |
| 11,084,504 | |
Deferred
stock compensation | |
| (95,890 | ) | |
| — | |
Accumulated
deficit | |
| (13,523,292 | ) | |
| (11,331,050 | ) |
Total
stockholders' deficit | |
| (853,909 | ) | |
| (237,195 | ) |
| |
| | | |
| | |
Total
liabilities and stockholders' deficit | |
$ | 826,946 | | |
$ | 1,496,976 | |
| |
| | | |
| | |
| |
| | | |
| | |
See
notes to unaudited condensed consolidated financial statements. |
AGRITEK
HOLDINGS, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Unaudited) |
| |
| |
| |
| |
|
| |
Three
Months Ended
September 30, | |
Nine
Months Ended
September 30, |
| |
2015 | |
2014 | |
2015 | |
2014 |
Product
revenue | |
$ | — | | |
$ | 2,397 | | |
$ | 7,221 | | |
$ | 25,934 | |
Cost
of revenue | |
| — | | |
| 19,375 | | |
| 3,284 | | |
| 39,977 | |
Gross
profit (loss) | |
| — | | |
| (16,978 | ) | |
| 3,937 | | |
| (14,043 | ) |
| |
| | | |
| | | |
| | | |
| | |
Operating
Expenses: | |
| | | |
| | | |
| | | |
| | |
Administrative
and management fees (including $94,370 and $204,110 of stock based compensation for the three and nine months ended September
30, 2015, respectively) | |
| 139,040 | | |
| 75,000 | | |
| 387,485 | | |
| 222,181 | |
Professional and
consulting fees (including $2,371 and $347,365 of stock based compensation for the three and nine months ended September 30,
2015, respectively, and $214,000 and $264,000 for the three and nine months ended September 30, 2014, respectively) | |
| 15,276 | | |
| 234,400 | | |
| 404,033 | | |
| 348,732 | |
Impairment of goodwill | |
| — | | |
| — | | |
| 192,849 | | |
| — | |
Reserve
for inventory loss | |
| — | | |
| — | | |
| 32,529 | | |
| — | |
Reserve
for land loss | |
| 55,490 | | |
| — | | |
| 55,490 | | |
| — | |
Bad
debt expense | |
| | | |
| 16,654 | | |
| | | |
| 16,654 | |
Commissions
and license fees | |
| — | | |
| — | | |
| — | | |
| 8,162 | |
Rent
and other occupancy costs | |
| 18,029 | | |
| 24,816 | | |
| 52,240 | | |
| 51,886 | |
Leased
property expense | |
| 44,494 | | |
| 53,252 | | |
| 154,316 | | |
| 53,252 | |
Advertising
and promotion | |
| 25,756 | | |
| 22,032 | | |
| 63,510 | | |
| 50,735 | |
Property
maintenance costs | |
| — | | |
| 8,925 | | |
| 3,000 | | |
| 17,925 | |
Travel
and entertainment | |
| 1,822 | | |
| 12,091 | | |
| 26,596 | | |
| 50,316 | |
Other
general and administrative expenses | |
| 19,569 | | |
| 13,407 | | |
| 59,983 | | |
| 74,888 | |
| |
| | | |
| | | |
| | | |
| | |
Total
operating expenses | |
| 319,476 | | |
| 460,578 | | |
| 1,432,031 | | |
| 894,731 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
loss | |
| (319,476 | ) | |
| (477,555 | ) | |
| (1,428,095 | ) | |
| (908,774 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
Income (Expense): | |
| | | |
| | | |
| | | |
| | |
Interest
income | |
| 4,028 | | |
| 4,798 | | |
| 18,009 | | |
| 68,362 | |
Interest
expense | |
| (254,352 | ) | |
| (71,180 | ) | |
| (757,414 | ) | |
| (365,802 | ) |
Derivative
liability (expense) income | |
| (17,139 | ) | |
| — | | |
| (24,742 | ) | |
| 30,347 | |
| |
| | | |
| | | |
| | | |
| | |
Total
other expense, net | |
| (267,463 | ) | |
| (66,382 | ) | |
| (764,147 | ) | |
| (267,093 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (586,939 | ) | |
$ | (543,937 | ) | |
$ | (2,192,242 | ) | |
$ | (1,175,867 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
and diluted loss per share | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.02 | ) | |
$ | (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
average number of common shares outstanding Basic and diluted | |
| 171,823,183 | | |
| 64,242,466 | | |
| 135,726,857 | | |
| 61,439,927 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
See
notes to unaudited condensed consolidated financial statements. |
AGRITEK
HOLDINGS, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
| |
| |
|
| |
Nine
months ended September 30, |
| |
2015 | |
2014 |
Cash
flow from operating activities: | |
| | | |
| | |
Net
loss | |
$ | (2,192,242 | ) | |
$ | (1,175,867 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Stock
issued for consulting services | |
| 100,000 | | |
| 264,000 | |
Stock
compensation expense | |
| 247,365 | | |
| — | |
Amortization
of deferred stock compensation | |
| 204,110 | | |
| — | |
Amortization
of deferred financing costs | |
| 8,899 | | |
| 34,229 | |
Impairment of goodwill | |
| 192,849 | | |
| — | |
Reserve
for inventory loss | |
| 32,529 | | |
| — | |
Reserve
for land loss | |
| 55,490 | | |
| — | |
Depreciation | |
| 2,075 | | |
| 1,341 | |
Non
cash interest expense for excess fair value of common stock issued for convertible notes payable | |
| 291,203 | | |
| — | |
Initial
expense for fair value of derivative liabilities | |
| 71,761 | | |
| — | |
Amortization
of discounts on convertible notes | |
| 158,436 | | |
| 231,535 | |
Write
off of licensing costs | |
| — | | |
| 15,000 | |
Change
in fair values of derivative liabilities | |
| (47,019 | ) | |
| (30,347 | ) |
Bad
debt expense | |
| — | | |
| 16,654 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Decrease
(increase) in : | |
| | | |
| | |
Accounts
receivable | |
| 173 | | |
| (2,711 | ) |
Inventory | |
| 4,422 | | |
| (5,489 | ) |
Prepaid
assets and other | |
| 55,182 | | |
| (117,076 | ) |
Increase
(decrease) in: | |
| | | |
| | |
Accounts
payable and accrued expenses | |
| 468,486 | | |
| 54,019 | |
Deferred
compensation | |
| (9,279 | ) | |
| 119,829 | |
Tenant
deposits | |
| (90,000 | ) | |
| 75,000 | |
Net
cash used in operating activities | |
| (445,561 | ) | |
| (519,883 | ) |
| |
| | | |
| | |
Cash
flows from investing activities: | |
| | | |
| | |
Land
acquisition costs | |
| — | | |
| (54,053 | ) |
Purchase
of equipment and furniture | |
| — | | |
| (9,769 | ) |
Advances
to related party | |
| (41,214 | ) | |
| (89,988 | ) |
Investments | |
| — | | |
| (50,000 | ) |
Cash
payment portion of acquisition | |
| — | | |
| (20,000 | ) |
Security
deposits paid | |
| — | | |
| (14,700 | ) |
Net
cash used in investing activities | |
| (41,214 | ) | |
| (238,510 | ) |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Payments
received on notes receivable issued for convertible debt | |
| 178,812 | | |
| 400,000 | |
Proceeds
from issuance of convertible debt | |
| 200,000 | | |
| 500,000 | |
Proceeds
from issuance of note payable, shareholder | |
| 1,150 | | |
| — | |
Payments
made on note payable | |
| (11,437 | ) | |
| — | |
Payment
of deferred financing costs | |
| — | | |
| (8,000 | ) |
Net
cash provided by financing activities | |
| 368,525 | | |
| 892,000 | |
| |
| | | |
| | |
Net
(decrease) increase in cash and cash equivalents | |
| (118,250 | ) | |
| 133,607 | |
| |
| | | |
| | |
Cash
and cash equivalents, Beginning | |
| 118,429 | | |
| 108,766 | |
| |
| | | |
| | |
Cash
and cash equivalents, Ending | |
$ | 179 | | |
$ | 242,373 | |
| |
| | | |
| | |
Supplemental
disclosure of cash flow information: | |
| | | |
| | |
Cash
paid for interest | |
$ | — | | |
$ | — | |
Cash
paid for income taxes | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Schedule
of non-cash financing activities: | |
| | | |
| | |
Conversion
of notes payable and interest into common stock | |
$ | 656,403 | | |
$ | 984,291 | |
Conversion
of deferred compensation into preferred stock (2015) and common stock (2014) | |
$ | 40,000 | | |
$ | 60,000 | |
Conversion
of accounts payable and accrued expenses into common stock | |
$ | — | | |
$ | 50,000 | |
Issuance (cancellation)
of note payable for land acquisition | |
$ | (74,313 | ) | |
$ | 85,750 | |
| |
| | | |
| | |
Common
stock issued for acquisition | |
$ | — | | |
$ | 180,000 | |
Cash
paid for acquisition | |
| — | | |
| 20,000 | |
Total
consideration for acquisition | |
| — | | |
| 200,000 | |
Allocation
of purchase price to inventory | |
| — | | |
| (7,151 | ) |
Allocation
of purchase price to goodwill | |
| — | | |
| (192,849 | ) |
| |
$ | — | | |
$ | — | |
| |
| | | |
| | |
| |
| | | |
| | |
See
notes to unaudited condensed consolidated financial statements. |
AGRITEK HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial
Statements
September 30, 2015
(Unaudited)
Note 1 - Organization
Business
Agritek Holdings, Inc. (the “Company”
or “Agritek”), formerly known as Mediswipe, Inc., and its wholly owned subsidiary, Agritek Venture Holdings, Inc. (“AVHI”),
acquires and leases real estate to licensed marijuana operators, including providing complete turnkey growing space and related
facilities to licensed marijuana growers and dispensary owners. Additionally, the Company plans to offer a variety of services
and product lines to the medicinal marijuana sector including the distribution of hemp based nutritional products and a line of
innovative solutions for electronically processing merchant transactions.
The Company does not grow, harvest,
distribute or sell marijuana or any substances that violate the laws of the United States of America.
On June 26, 2015, the Company filed
with the Delaware Secretary of State the Amended and Restated Designation Preferences and Rights (the “Certificate of Designation”)
of Class B Preferred Stock (the “Series B Preferred Stock”). Pursuant to the Certificate of Designation, 1,000 shares
constitute the Series B Preferred Stock. The Series B Preferred Stock and any accrued and unpaid dividends thereon shall, with
respect to rights on liquidation, winding up and dissolution, rank senior to the Company’s issued and outstanding common
stock and Series A preferred stock.
The Series
B Preferred
Stock has the right to vote in aggregate, on all shareholder matters equal
to 51% of the total vote, no matter how many shares of common stock or other voting stock of the Company are issued or outstanding
in the future. The Series B Preferred Stock has a right to vote on all matters presented or
submitted to the Company’s stockholders for approval in pari passu with the common stockholders, and not as a separate class.
The holders of Series B Preferred Stock have the right to cast votes for each share of Series B Preferred Stock held of record
on all matters submitted to a vote of common stockholders, including the election of directors. There is no right to cumulative
voting in the election of directors. The holders of Series B Preferred Stock vote together with all other classes and series of
common stock of the Company as a single class on all actions to be taken by the common stockholders except to the extent that voting
as a separate class or series is required by law.
On June 26, 2015, the Company issued
1,000 shares of Series B Preferred Stock to Mr. Friedman resulting in Mr. Friedman having majority control in determining the outcome
of all corporate transactions subject to vote (super voting rights, non-convertible securities), including the election of directors
of the Company (see Note 8).
On July 1, 2015, the
Company’s board of directors authorized an amendment of the Company’s certificate of incorporation, as amended (the
“Certificate of Incorporation”), to (i) effect a reverse stock split, at the discretion of Company’s board, to
be effected, if at all, prior to September 15, 2015, at a ratio of not less than 1-for-20 and not more than 1-for-100, with the
exact ratio, if any, to be determined in the sole discretion of the board, and (ii) increase the Company’s authorized common
stock from 250,000,000 shares to 500,000,000 shares. On July 1, 2015, stockholders holding a majority of the Company’s voting
power approved these actions. On July 17, 2015, the Company’s board took action by written consent to approve the following
actions:
| 1. | Approve an amendment to Certificate of Incorporation, to increase
our authorized common stock from 250,000,000 shares, $0.0001 par value, to 500,000,000 shares, $0.0001 par value (the “Authorized
Share Increase Amendment”), and |
| 2. | Approve an amendment to our Certificate of Incorporation to effect
a 1-for 50 reverse stock split of our issued and outstanding common stock (the “Reverse Stock Split Amendment” and
together with the Authorized Share Increase Amendment, the “Amendments”). |
On July 29, 2015, the Company filed a preliminary
Schedule 14C Information Statement relating to approval of the above actions. However, since that filing, the Company has abandoned
the Reverse Stock Split Amendment.
The Authorized Share Increase Amendment
became effective on October 5, 2015.
Note 2 – Summary of Significant
Accounting Policies
Basis of Presentation and Principles
of Consolidation
The accompanying condensed consolidated
financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments necessary to
present the financial position, results of operations and cash flows for the stated periods have been made. Except as described
below, these adjustments consist only of normal and recurring adjustments. Certain information and note disclosures normally included
in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted. These condensed consolidated unaudited financial statements should be
read in conjunction with a reading of the Company’s consolidated financial statements and notes thereto. Interim results
of operations for the three and six months ended June 30, 2015 are not necessarily indicative of future results for the full year.
Certain amounts from the 2014 period have been reclassified to conform to the presentation used in the current period.
The condensed consolidated unaudited
financial statements of the Company include the consolidated accounts of Agritek and its
wholly owned subsidiaries, AVHI and Prohibition Products, Inc. (“PPI”). PPI, a Florida corporation, was originally
formed on July 1, 2013 as The American Hemp Trading Company, Inc. (“AHTC”) and on August 27, 2014, AHTC changed its
name to PPI. All intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents
The Company considers all highly liquid
investments with an original term of three months or less to be cash equivalents.
Accounts Receivable
The Company records accounts receivable
from amounts due from its customers upon the shipment of products. The allowance for losses is established through a provision
for losses charged to expenses. Receivables are charged against the allowance for losses when management believes collectability
is unlikely. The allowance is an amount that management believes will be adequate to absorb estimated losses on existing receivables,
based on evaluation of the collectability of the accounts and prior loss experience. While management uses the best information
available to make its evaluations, this estimate is susceptible to significant change in the near term. As of September 30, 2015,
based on the above criteria, the Company has an allowance for doubtful accounts of $44,068.
Inventory
Inventory is valued at the lower of cost or
market value. Cost is determined using the first in first out (FIFO) method. Provision for potentially obsolete or slow moving
inventory is made based on management analysis or inventory levels and future sales forecasts.
Deferred Financing Costs
The costs related to the issuance of debt are
capitalized and amortized to interest expense using the straight-line method through the maturities of the related debt.
Derivative Financial Instruments
The Company does not use derivative
instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments,
including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially
recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or
credits to income.
For option-based simple derivative financial
instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities
or as equity, is re-assessed at the end of each reporting period.
Debt Issue Costs and Debt Discount
The Company may record debt issue costs
and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid in the
form of cash. These costs are amortized to interest expense over the life of the debt. If a conversion
of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Original Issue Discount
For certain convertible debt issued,
the Company may provide the debt holder with an original issue discount. The original issue discount would be recorded
to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.
Investment of Non-Marketable Securities
The Company’s investment in non-marketable
securities consist of cash investments in a less than 10% interest in privately held companies that provide merchant processing
services.
Property and Equipment
Property and equipment are
stated at cost, and except for land, depreciation is provided by use of a straight-line method over the estimated useful lives
of the assets. The Company reviews property and equipment for potential impairment whenever events or changes in circumstances
indicate that the carrying amounts of assets may not be recoverable. In November 2015, the Company was made aware that the land
transaction regarding 80 acres in Pueblo County, Colorado, may not have been properly deeded to the Company. The company
was a party to the land purchase, however, it was recently discovered the second party to the land contract never filed the
original quit claim deed on behalf of the Company, even though a copy of the notarized quit claim deed was sent to the Company.
To date, the Company has paid a total of $47,438 ($36,000 at closing) and is on the deed of trust of the property with a remaining
note balance of $74,313 held by the original owner. Accordingly, until the deed is properly recorded, the Company
reduced the remaining balance of the note payable for the acquisition of the land of $74,313 and recorded a reserve allowance for
the remaining balance of the asset of $54,490. The estimated useful lives of property and equipment are as follows:
Furniture and equipment 5
years
The Company's property and equipment consisted of the following
at September 30, 2015 and December 31, 2014:
| |
September 30, 2015 | |
December 31, 2014 |
Land | |
$ | 354,269 | | |
$ | 354,269 | |
Allowance for land loss, including note elimination of $74,313 | |
| (129,803 | ) | |
| — | |
Furniture and equipment | |
| 13,829 | | |
| 13,829 | |
Accumulated depreciation | |
| (4,051 | ) | |
| (1,976 | ) |
Balance | |
$ | 234,244 | | |
$ | 366,122 | |
Depreciation expense of $692 and $2,075
was recorded for the three and nine months ended September 30, 2015, respectively, compared to $491 and $1,341 for the three and
nine months ended September 30, 2014, respectively.
Revenue Recognition
The Company recognizes revenue in accordance
with the Financial Standards Accounting Board’s (the “FASB”) Accounting Standards Codification (“ASC”)
605, Revenue Recognition. ASC 605 requires that four basic criteria are met: (1) persuasive evidence of an arrangement exists,
(2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectability is reasonably assured.
The Company recognizes revenue during the month in which products are shipped or commissions are earned.
Fair Value of Financial Instruments
Fair value measurements are determined
under a three-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair
value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of
the reporting entity (“observable inputs”) and the reporting entity’s own assumptions about market participant
assumptions developed based on the best information available in the circumstances (“unobservable inputs”).
Fair value is the price that would be
received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction
between market participants at the measurement date. In determining fair value, the Company primarily uses prices and other relevant
information generated by market transactions involving identical or comparable assets (“market approach”). The Company
also considers the impact of a significant decrease in volume and level of activity for an asset or liability when compared with
normal activity to identify transactions that are not orderly.
The highest priority is given to unadjusted
quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level
3 measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement.
The three hierarchy levels are
defined as follows:
Level 1 – Quoted
prices in active markets that is unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted
prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in
active markets or financial instruments for which significant inputs are observable, either directly or indirectly;
Level 3 – Prices
or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Credit risk adjustments are applied
to reflect the Company’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent
with that applied in developing counterparty credit risk adjustments, but incorporates the Company’s own credit risk as observed
in the credit default swap market.
The Company's financial instruments
consist primarily of cash, accounts receivable, notes receivable, accounts payable and accrued expenses, note payable and convertible
debt. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term
maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative
of the amounts the Company would realize in a current market exchange or from future earnings or cash flows.
Income Taxes
The Company accounts for income taxes
in accordance with ASC 740-10, Income Taxes. Deferred tax assets and liabilities are recognized to reflect the estimated future
tax effects, calculated at the tax rate expected to be in effect at the time of realization. A valuation allowance related to a
deferred tax asset is recorded when it is more likely than not that some portion of the deferred tax asset will not be realized.
Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.
ASC 740-10 prescribes a recognition
threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on
recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues.
Interest and penalties are classified as a component of interest and other expenses. To date, the Company has not been assessed,
nor paid, any interest or penalties.
Uncertain tax positions are measured
and recorded by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected
to be taken in a tax return. Only tax positions meeting the more-likely-than-not recognition threshold at the effective date may
be recognized or continue to be recognized. The Company’s tax years subsequent to 2005 remain subject to examination by federal
and state tax jurisdictions.
Earnings (Loss) Per Share
Earnings (loss) per share are computed
in accordance with ASC 260, "Earnings per Share". Basic earnings (loss) per share is computed by dividing net income
(loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common
stock outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number
of shares of common stock, common stock equivalents and other potentially dilutive securities, if any, outstanding during the period.
As of September 30, 2015 there were warrants and options to purchase 1,000,000 shares of common stock and the Company’s outstanding
convertible debt is convertible into approximately 575,415,654 shares of common stock. These amounts are not included in the computation
of dilutive loss per share because their impact is antidilutive.
Accounting for Stock-Based Compensation
The Company accounts for stock awards
issued to non-employees in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. The measurement date is the earlier
of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the
date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective
measurement dates based on the trading price of the Company’s common stock and recognized as expense during the period in
which services are provided.
For the three and nine months ended
September 30, 2015, the Company recorded stock and warrant based compensation of $96,741 and $551,475, respectively compared to
$214,000 and $264,000 for the three and nine months ended September 30, 2014, respectively. (See Notes 7 and 8).
Use of Estimates
The preparation of consolidated 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 disclosures of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reported period.
Actual results could differ from those estimates.
Advertising
The Company records advertising costs
as incurred. For the three and nine months ending September 30, 2015, advertising expense was $25,756 and $63,510, respectively,
compared to $22,032 and $50,835 for the three and nine months ended September 30, 2014, respectively.
Note 3 – Recent Accounting Pronouncements
Accounting standards that have been
issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected
to have a material impact on the consolidated financial statements upon adoption.
Note 4 – Impairment of Goodwill
On September
12, 2014, the Company completed the asset acquisition of the entire line of products, technology and customers of Dry Vapes
Holdings, Inc. (“Dry Vapes”). Dry Vapes is an importer, marketer and distributor of innovative vaporizers and accessories
with over 11,000 social network followers. Dry Vapes has historically sold its product under the logo DV on eBay and other websites.
The Company plans to develop a full line of products under the "Mont Blunt" brand name and market it to Brick and Mortar
smoke shops nationally in the upcoming months. The company will operate the business under PPI.
The Company recorded the acquisition
using the acquisition method, which requires the Company to record the acquired assets and assumed liabilities (if any) at their
acquisition date fair values and record any excess of the consideration given, including liabilities assumed (if any) over the
fair value of the assets acquired as goodwill. The acquired assets consisted solely of inventory. The transaction resulted in the
Company recording goodwill of $192,849. Based on events and changes in circumstances on June 30, 2015, the Company reviewed the
carrying amount of the goodwill, and determined that the carrying amount may not be recoverable and accordingly recognized an impairment
loss of $192,849 for the nine months ended September 30, 2015. The Company also recorded a reserve for inventory loss of $32,529
for the nine months ended September 30, 2015.
Note 5 – Sales Concentration
and Concentration of Credit Risk
Cash
Financial instruments that potentially subject the Company to concentrations
of credit risk consist principally of cash. The Company maintains cash balances at one financial institution,
which is insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC insured institution insures
up to $250,000 on account balances.
Sales and Accounts Receivable
Following is a summary of customers
who accounted for more than ten percent (10%) of the Company’s revenues for the three and nine months ended September 30,
2015 and 2014 and the accounts receivable balance as of September 30, 2015:
| |
2014 | |
2015 | |
|
Customer | |
Sales % Three
Months Ended
September 30, | |
Sales % Nine
Months Ended
September 30, | |
Sales % Three
Months Ended
September 30, | |
Sales % Nine
Months Ended
September 30, | |
Accounts
Receivable
Balance as of
September 30,
2015 |
| A | | |
| 46 | % | |
| 40 | % | |
| — | | |
| — | | |
$ | — | |
| B | | |
| 25 | % | |
| 18 | % | |
| — | | |
| — | | |
$ | — | |
| C | | |
| 19 | % | |
| — | | |
| — | | |
| — | | |
$ | — | |
| D | | |
| — | | |
| 17 | % | |
| — | | |
| — | | |
$ | — | |
| E | | |
| — | | |
| — | | |
| — | | |
| 70 | % | |
$ | — | |
| F | | |
| — | | |
| — | | |
| — | | |
| 22 | % | |
$ | — | |
Purchases
For the three and nine months ended
September 30, 2014, 100% of the Company’s purchases were from one vendor related to the purchase of our tobacco product line.
Note 6 – Convertible Debt
and Note Payable
2014 Convertible Note
In January 2014, the Company entered into a
Secured Promissory Note for $1,660,000 (the “2014 Company Note”) to Tonaquint, Inc. (“Tonaquint”) which
includes a purchase price of $1,500,000 and transaction costs of $160,000. On January 31, 2014, the Company received $300,000 of
the purchase price. Tonaquint also issued to the Company 6 secured promissory notes, each in the amount of $200,000 (the 2014 “Investor
Notes”). All or any portion of the outstanding balance of the 2014 Investor Notes may be prepaid, without penalty, along
with accrued but unpaid interest at any time prior to maturity. The Company has no obligation to pay Tonaquint any amounts on the
unfunded portion of the 2014 Company Note. The 2014 Company Note bears interest at 8% per annum (increases to 22% per annum upon
an event of default) and is convertible into shares of the Company’s common stock at Tonaquint’s option at a price
of $0.55 per share, exercisable in seven tranches, consisting of a first tranche of $340,000 of principal and any interest, fees
costs or charges, and six additional tranches of $220,000 each, plus any interest, costs, fees or charges.
Beginning on the date that is six (6) months
after the later of (i) the Issuance Date, and (ii) the date the Initial Cash Purchase Price is paid to the Company (the “Initial
Installment Date”), and on each applicable Installment Date thereafter, the Company is to pay the Holder, the applicable
Installment Amount due on such date. Ten Installment Amounts of $166,000 plus the sum of any accrued and unpaid interest, fees,
costs or charges may be made (a) in cash (a “Company Redemption”), (b) by converting such Installment Amount into shares
of Common Stock (a “Company Conversion”), or (c) by any combination of a Company Conversion and a Company Redemption
so long as the entire amount of such Installment Amount due shall be converted and/or redeemed by the Company on the applicable
Installment Date. The 2014 Company Note matured fifteen months after the Issuance Date.
During the year ended December 31, 2014,
the Company received an additional $800,000 of the purchase price and an additional $200,000 (including $21,188 of interest) during
the nine months ended September 30, 2015. As of September 30, 2015, the balance of the purchase price of $221,188 is included in
Notes receivable on the unaudited condensed consolidated financial statements included herein, as well as $25,775 of interest receivable.
During the three and nine months ended September 30, 2015, the Company recorded interest expense of $106,773 and $290,125, respectively,
and increased accrued interest expense by $290,125 for amounts due Tonaquint, pursuant to the 2014 Company Note. As of September
30, 2015, $696,287 of principal and accrued interest of $345,957 is outstanding on the 2014 Company Note.
During the nine months ended September
30, 2015, the Company issued the following shares of common stock upon the conversions of portions of the 2014 Company Note:
Date | |
Principal
Conversion | |
Interest
Conversion | |
Total
Conversion | |
Conversion
Price | |
Shares
Issued |
| 1/3/15 | |
$ | 65,460 | | |
$ | 9,540 | | |
$ | 75,000 | | |
$ | .045 | | |
| 1,665,445 | |
| 1/28/15 | |
$ | 54,123 | | |
$ | 8,377 | | |
$ | 62,500 | | |
$ | .0334 | | |
| 1,869,187 | |
| 2/20/15 | |
$ | 55,901 | | |
$ | 9,099 | | |
$ | 65,000 | | |
$ | .0244 | | |
| 2,668,309 | |
| 3/13/15 | |
$ | 60,000 | | |
$ | — | | |
$ | 60,000 | | |
$ | .0244 | | |
| 2,463,045 | |
| 3/31/15 | |
$ | 66,555 | | |
$ | 8,445 | | |
$ | 75,000 | | |
$ | .0125 | | |
| 5,985,634 | |
| 5/5/15 | |
$ | 66,731 | | |
$ | 8,269 | | |
$ | 75,000 | | |
$ | .0125 | | |
| 6,008,171 | |
| 6/2/15 | |
$ | 67,277 | | |
$ | 7,723 | | |
$ | 75,000 | | |
$ | .0095 | | |
| 7,917,238 | |
| 6/29/15 | |
$ | 67,483 | | |
$ | 7,517 | | |
$ | 75,000 | | |
$ | .0055 | | |
| 13,678,643 | |
| 7/29/15 | |
$ | 29,368 | | |
$ | 7,262 | | |
$ | 36,630 | | |
$ | .003663 | | |
| 10,000,000 | |
| 8/13/15 | |
$ | 27,473 | | |
$ | — | | |
$ | 27,473 | | |
$ | .003663 | | |
| 7,500,000 | |
| | | |
$ | 560,371 | | |
$ | 66,232 | | |
$ | 626,603 | | |
| | | |
| 59,255,672 | |
2015 Convertible Notes
On March 2, 2015, the Company issued
a Convertible Promissory Note for $79,000 to Vis Vires Group (“Vis Vires”). The Company received net proceeds of $75,000
after debt issuance costs of $4,000 paid for lender legal fees. The Note matured on November 25, 2015 and can be converted at a
39% discount to the market price as defined in the Note. On September 3, 2015, Vis Vires converted $10,000 of principal at a conversion
price of $0.0019 and the Company issued 5,263,158 shares of common stock. On September 10, 2015, Vis Vires converted $19,800 of
principal at a conversion price of $0.0012 and the Company issued 16,500,000 shares of common stock. As of September 30, 2015,
the principal balance of the Vis Vires note is $49,200.
On March 27, 2015, the Company issued
a Convertible Promissory Note for $27,000 to GW Holding Group, LLC (“GW”). On March 31, 2015, the Company received
net proceeds of $25,000 after debt issuance costs of $2,000 paid for lender legal fees. The Note matures March 27, 2016 and converts
at a 42% discount to the market price as defined in the Note.
March 27, 2015, the Company issued a
Convertible Promissory Note for $78,750 to LG Capital Funding, LLC (“LG”). The Company received net proceeds of $75,000
after debt issuance costs of $3,750 paid for lender legal fees. The Note matures March 27, 2016 and converts at a 42% discount
to the market price as defined in the Note.
On
March 30, 2015, the Company issued a Convertible Promissory Note for $27,000 to Service Trading Company, LLC (“Service
Trading”). On April 6, 2015, the Company received net proceeds of $25,000 after debt issuance costs of $2,000 paid for lender
legal fees. The Note matures March 30, 2016 and converts at a 42% discount to the market price as defined in the Note.
The
debt issuance costs of $11,750 in the aggregate included in the 2015 Convertible Notes, will be amortized over the earlier of
the terms of the Note or any redemptions and accordingly, $3,667 and $8,899, respectively, has been expensed as debt issuance
costs (included in interest expense) for the three and nine months ended September 30, 2015. As of September 30, 2015, $181,950
of principal and accrued interest of $8,750 is outstanding on the 2015 Convertible Notes, and the principal amount is carried
at $105,881, net of a remaining note discount of $76,069.
Among other terms the 2015 Notes are
due nine to twelve months from their issuance date, bearing interest at 8% per annum, payable in cash or shares at a conversion
price (the “Conversion Price”) for each share of common stock equal to 39% - 42% of the average of the lowest three
trading prices (as defined in the note agreements) per share of the Company’s common stock for the ten to eighteen trading
days immediately preceding the date of conversion. Upon the occurrence of an event of default, as defined in the 2015 Convertible
Notes, the Company was required to pay interest at 22% per annum and the holders could at their option declare a Note, together
with accrued and unpaid interest, to be immediately due and payable. In addition, the 2015 Convertible Notes provide for adjustments
for dividends payable other than in shares of common stock, for reclassification, exchange or substitution of the common stock
for another security or securities of the Company or pursuant to a reorganization, merger, consolidation, or sale of assets, where
there is a change in control of the Company.
The Company determined that the conversion
feature of the 2015 Convertible Notes represent an embedded derivative since the Notes are convertible into a variable number of
shares upon conversion. Accordingly, the 2015 Convertible Notes were not considered to be conventional debt under EITF 00-19 and
the embedded conversion feature was bifurcated from the debt host and accounted for as a derivative liability. Accordingly, the
fair value of these derivative instruments being recorded as a liability on the consolidated balance sheet with the corresponding
amount recorded as a discount to each Note. Such discount is being amortized from the date of issuance to the maturity dates of
the Notes. The change in the fair value of the liability for derivative contracts are recorded in other income or expenses in the
consolidated statements of operations at the end of each quarter, with the offset to the derivative liability on the balance sheet.
The embedded feature included in the 2015 Convertible Notes resulted in an initial debt discount of $211,750, a initial derivative
liability expense of $71,761 and an initial derivative liability of $283,511.
As of September 30, 2015 the Company
revalued the embedded conversion feature of the 2015 Convertible Notes. The fair value of the 2015 Convertible Notes was calculated
at September 30, 2015 based on the Black Scholes method consistent with the terms of the related debt.
A summary of the derivative liability balance as of September
30, 2015 is as follows:
| |
2015 |
Beginning Balance | |
$ | — | |
Initial Derivative Liability | |
| 283,511 | |
Fair Value Change | |
| (47,019 | ) |
Reduction for conversions | |
| (36,448 | ) |
Ending Balance | |
$ | 200,044 | |
The fair value at the commitment and
re-measurement dates for the Company’s derivative liabilities were based upon the following management assumptions as of
September 30, 2015:
| |
Commitment date | |
Remeasurement date |
Expected dividends | |
| -0- | | |
| -0- | |
Expected volatility | |
| 121%-127% | | |
| 190%-215% |
|
Expected term | |
| 9-12 months | | |
| 2-6 months |
|
Risk free interest | |
| 0.15%-0.27% | | |
| 0.00%-0.08% |
|
A summary of the convertible notes payable balance as of
September 30, 2015 is as follows:
| |
2015 |
Beginning Balance | |
$ | 1,256,658 | |
Convertible notes-newly issued | |
| 211,750 | |
Conversion of convertible notes | |
| (590,171 | ) |
Discount | |
| (76,069 | ) |
Ending Balance | |
$ | 802,168 | |
Note Payable Land
On March 18, 2014, in conjunction
with the land purchase of 80 acres in Pueblo County, Colorado, the Company paid $36,000 cash and entered into a promissory
note in the amount of $85,750. The promissory note is being amortized on the basis of five (5) years, with principal payments
of $17,150 plus interest at 3.5% due annually on December 1 of each year. Payments begin December 1, 2014, and shall be due
on the first day of each succeeding December, with any balance of principal and accrued interest due December 1, 2020. On
March 4, 2015, and May 4, 2015, the Company paid $9,000 and $2,437, respectively, of the December 1, 2014 amount. As of
September 30, 2015, the balance of note is $74,313, including a past due amount of $5,713 of the December 2014 amount
due.
In November 2015, the Company was made aware that the land
transaction regarding 80 acres in Pueblo County, Colorado, may not have been properly deeded to the Company. The company
was a party to the land purchase, however, it was recently discovered the second party to the land contract never filed the
original quit claim deed on behalf of the Company, even though a copy of the notarized quit claim deed was sent to the Company.
To date, the Company has paid a total of $47,438 ($36,000 at closing) and is on the deed of trust of the property with a remaining
note balance of $74,313 held by the original owner. Accordingly, until the deed is properly recorded, the Company
reduced the remaining balance of the note payable for the acquisition of the land of $74,313 and recorded a reserve allowance for
the remaining balance of the asset of $54,490.
Note 7 – Related Party Transactions
Management
Fees and Stock Compensation Expense
Effective January 1, 2013, the Company
agreed to an annual compensation of $150,000 for its CEO, Mr. Michael Friedman (resigned March 20, 2015), and $96,000 (resigned
September 15, 2015) for the CFO, Mr. Barry Hollander. For 2014, the Company and the CFO agreed that up to $5,000 per month can
be paid in cash and the balance in restricted shares of common stock.
For the three and nine months ended
September 30, 2015 and 2014, the Company recorded expenses to its officers the following amounts included in Administrative and
Management Fees in the condensed consolidated statements of operations, included herein:
| |
Three months ended September 30, | |
Nine months ended September 30, |
| |
2015 | |
2014 | |
2015 | |
2014 |
CEO | |
$ | 16,539 | | |
$ | — | | |
$ | 46,154 | | |
$ | — | |
Former CEO | |
| — | | |
| 37,500 | | |
| 37,500 | | |
| 112,500 | |
CFO | |
| 20,000 | | |
| 24,000 | | |
| 68,000 | | |
| 72,000 | |
Total | |
$ | 36,539 | | |
$ | 61,500 | | |
$ | 151,654 | | |
$ | 184,500 | |
As of September 30, 2015 and December
31, 2014, the Company owed to its officers the following amounts, included in deferred compensation on the Company’s condensed
consolidated balance sheet:
| |
September 30, | |
December 31, |
| |
2015 | |
2014 |
Former CEO | |
$ | 16,420 | | |
$ | 80,082 | |
CFO | |
| 15,962 | | |
| 1,579 | |
Total | |
$ | 32,382 | | |
$ | 81,661 | |
Effective March 20, 2015, Mr. Justin
Braune was named CEO and President. Mr. Braune also was appointed to the Board of Directors. B. Michael Friedman resigned his role
as CEO and also from the Board of Directors, and was named to the Advisory Board to the Company’s Board of Directors. The
Company agreed to an annual compensation of $100,000 for Mr. Braune in his role of CEO and Director of the Company and to issue
Mr. Braune 15,000,000 shares of restricted common stock. For the three and nine months ended September 30, 2015, the Company has
included $16,538 and $46,153, respectively, for Mr. Braune’s salary in Administrative and Management Fees in the condensed
consolidated statements of operations. Mr. Braune resigned from the board of directors and as CEO on November 4, 2015.
The shares of common stock will vest
as follows: 5,000,000, shares on the six month anniversary of the Agreement and 10,000,000 shares on the one year anniversary of
the Agreement. The Company valued the 15,000,000 shares of common stock at $300,000 ($0.02 per share, the market price of the common
stock) and recorded the $300,000 as deferred stock compensation in the equity section of the balance sheet, and will amortize the
deferred stock compensation as the shares of common stock vest. Accordingly, the Company has included $94,370 and $204,110, respectively,
for the three and nine months ended September 30, 2015 in stock compensation expense. The remaining $95,890 of deferred stock compensation
will be expensed over the vesting period.
On April 14, 2015, the Company appointed
Dr. Stephen Holt to the Advisory Board of the Board of Directors of the Company. The Company issued 5,000,000 shares of restricted
common stock to Dr. Holt for his appointment. The Company valued the 5,000,000 shares of common stock at $100,000 ($0.02 per share,
the market price of the common stock on the grant date) as stock compensation expense for the nine months ended September 30, 2015.
Additionally, the Company agreed the advisor shall receive a non-qualified stock option to purchase 1,000,000 shares (“Option
Shares”) of the Company’s common stock at an exercise price equal to $0.05 per share. 400,000 Option Shares vested
immediately and the remaining 600,000 Option Shares vest over 12 months. Accordingly, the Company has recorded $2,371 and $11,065
for the three and nine months ended September 30, 2015 in stock compensation expense.
Effective June 26, 2015, the Company
issued 1,000 shares of Class B Preferred Stock (super voting rights, non-convertible securities) to Mr. Friedman, resulting in
Mr. Friedman having majority control in determining the outcome of all corporate transactions subject to vote, including the election
of officers.
Amounts
Due from 800 Commerce, Inc.
800 Commerce, Inc., a commonly controlled entity,
owed Agritek $277,973 and $236,759 as of September 30, 2015 and December 31, 2014, respectively, as a result of advances received
from or payments made by Agritek on behalf of 800 Commerce. These advances are non-interest bearing and are due on demand and are
included in Due from Related Party on the balance sheet herein.
Note 8 – Common and Preferred
Stock
Common
Stock
During the nine months ended September
30, 2015, the Company issued 59,755,672 shares of common stock in satisfaction of $626,603 of principal and accrued and unpaid
interest against the 2014 Company Note (see Note 6).
During the nine months ended September
30, 2015, the Company issued 21,763,158 shares of common stock in satisfaction of $29,800 of principal against the 2015 Convertible
Note issued to Vis Vires (see Note 6).
On March 20, 2015, the Company issued
15,000,000 shares of common stock to the Company’s CEO in connection with an employment and board of director’s agreement
naming Mr. Braune as CEO, President and a member of our Board of Directors. The shares of common stock will vest as follows: 5,000,000,
shares on the six month anniversary of the Agreement and 10,000,000 shares on the one year anniversary of the Agreement.
On April 14, 2015, the Company appointed
Dr. Stephen Holt to the Advisory Board of the Board of Directors of the Company. The Company issued 5,000,000 shares of restricted
common stock to Dr. Holt for his appointment.
Warrants and Options
On April 26, 2013, and in connection
with the appointment of Mr. Jayme Canton to the Company’s advisory board, the Company issued a warrant to Mr. Canton to purchase
300,000 shares of common stock. The warrant has an exercise price of $0.50 per share, remains outstanding and expires April 26,
2016.
On April 14, 2015, in connection with
the appointment of Dr. Stephen Holt to the advisory board, the Company agreed the advisor shall receive a non-qualified stock option
to purchase 1,000,000 shares (“Option Shares”) of the Company’s common stock at an exercise price equal to $0.05
per share. The options remain outstanding and expire April 14, 2018.
Preferred Stock
On June 26, 2015, the Company filed
with the Delaware Secretary of State the Amended and Restated Designation Preferences and Rights (the “Certificate of Designation”)
of Class B Preferred Stock (the “Series B Preferred Stock”). Pursuant to the Certificate of Designation, 1,000 shares
constitute the Series B Preferred Stock. The Series B Preferred Stock and any accrued and unpaid dividends thereon shall, with
respect to rights on liquidation, winding up and dissolution, rank senior to the Company’s issued and outstanding common
stock and Series A preferred stock.
The Series
B Preferred
Stock has the right to vote in aggregate, on all shareholder matters equal
to 51% of the total vote, no matter how many shares of common stock or other voting stock of the Company are issued or outstanding
in the future. The Series B Preferred Stock has a right to vote on all matters presented or
submitted to the Company’s stockholders for approval in pari passu with the common stockholders, and not as a separate class.
The holders of Series B Preferred Stock have the right to cast votes for each share of Series B Preferred Stock held of record
on all matters submitted to a vote of common stockholders, including the election of directors. There is no right to cumulative
voting in the election of directors. The holders of Series B Preferred Stock vote together with all other classes and series of
common stock of the Company as a single class on all actions to be taken by the common stockholders except to the extent that voting
as a separate class or series is required by law. The Series B Preferred Stock has no conversion rights.
On June 26, 2015, the Company issued
1,000 shares of Class B Preferred Stock. The Company estimated the fair value of the shares of the Series B Preferred Stock (super
voting rights, non-convertible securities) at $276,300 for purposes of solely determining the proper accounting treatment and valuation
in accordance with ASC 820, Fair Value in Financial Instruments. The Company recorded $40,000 as payment towards accrued and unpaid
fees owed Mr. Friedman and $236,300 as stock compensation expense.
As of September 30, 2015, the Company
had 1,000 shares of Class B Preferred Stock, par value $0.01 outstanding.
Note 9 – Income Taxes
Deferred income taxes reflect the net
tax effects of operating loss and tax credit carry forwards and temporary differences between carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets,
management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in
which temporary differences representing net future deductible amounts become deductible. Due to the uncertainty of the Company’s
ability to realize the benefit of the deferred tax assets, the deferred tax assets are fully offset by a valuation allowance at
September 30, 2015 and 2014.
As of September 30, 2015, the Company
had a tax net operating loss carry forward of approximately $2,681,000. Any unused portion of this carry forward expires in 2030.
Utilization of this loss may be limited in the event of an ownership change pursuant to IRS Section 382.
Note 10 – Commitments and Contingencies
Effective April 1, 2014, the Company
entered into a rent sharing agreement for the use of 1,300 square feet with a company controlled by the Company’s CFO. The
Company agreed to pay $1,350 per month for the space. The Company terminated the agreement in September 2015.
In April 2014, the Company entered into
a ten year sublease agreement for the use of up to 7,500 square feet with a Colorado based
oncology clinical trial and drug testing company and facility presently doing cancer research and testing for established pharmaceutical
companies seeking FDA approval for new drugs. Pursuant to the lease, as amended, the Company agreed to pay $3,500 per month
for the space, and it will be utilized to market, sell and distribute products to Colorado dispensaries.
Effective April 10, 2015, the Company
entered into a four month lease agreement for the use of 170 square feet in California, for office space for our CEO. The Company
agreed to pay $1,300 for the use of the space. The agreement expired in August 2015.
For the three and nine months ended
September 30, 2015, the Company recorded rent expense of $18,029 and $34,211, respectively, compared to $24,816 and $51,886, respectively,
for the three and nine months ended September 30, 2014.
On April 10, 2015, the Company entered
into a Consulting Agreement (the “Agreement”) with Windsor McKenna (the “Consultant”). Pursuant to the
Agreement, the Consultant will provide professional marketing and strategy consulting services to the Company for a one year period
unless terminated by either party with a 30-day written notice. The Company will compensate the Consultant a one-time fee of $9,000
plus $2,500 in additional costs for travel during Phase 1, expected to be 30-45 days, $8,000 a month for the following 3 months
and $10,000 a month for the remainder of the term of the Agreement.
On May 29, 2015, the Company entered
into a Contract Services Agreement (the “Services Agreement”) with Kazzlo International, LLC (“Kazzlo”).
Pursuant to the Services Agreement, Kazzlo will test, develop and deploy a new, responsive website to the Company for a one year
period unless terminated by either party with a 10 day written notice. The Company will compensate Kazzlo at a rate of $40 per
hour, not to exceed $7,000 for the website development.
Leased Properties
for Sub-lease
On April 28, 2014,
the Company executed and closed a 10 year lease agreement for 20 acres of an agricultural farming facility located in South Florida
following the approval of the so-called “Charlotte’s Web” legislation, aimed at decriminalizing low grade marijuana
specifically for the use of treating epilepsy and cancer patients. Pursuant to the lease agreement, the Company maintains
a first right of refusal to purchase the property for three years. The Company prepaid the first year lease amount of $24,000 and
has recorded $9,561 and $28,683, respectively, of expense (included in leased property expenses) for the three and nine months
ended September 30, 2015. For the three and nine months ended September 30, 2014, the Company recorded $9,561 and $15,935 of expense’
respectively. The Company is currently in default of the lease agreement, as rents have not
been for the second year of the lease beginning May 2015.
On July 11, 2014,
the Company signed a ten year lease agreement for an additional 40 acres in Pueblo, Colorado.
The lease requires monthly rent payments of $10,000 during the first year and is subject to a 2% annual increase over the life
of the lease. The lease also provides rights to 50 acres of certain tenant water rights for $50,000 annually plus cost of approximately
$2,400 annually. The Company paid the $50,000 in July 2014. The water rights ensure the Company’s non-interruption of operations
on behalf of new tenants qualified as fully registered and licensed grow and manufacturing operations. The Company has recorded
$34,933 and $125,633 of expense for the three and nine months ended September 30, 2015 (included in leased property expenses) related
to the land and water rights. The Company is currently in default of the lease agreement, as rents have not been paid since February
2015.
Other
On March 2, 2015, the Company and the
Company’s CEO, at the time, and the Company’s CFO were named in a civil complaint filed by Erick Rodriguez, a former
officer of the Company, in the District Court in Clark County, Nevada. The complaint alleges that Mr. Rodriguez never received
250,000 shares of Series B preferred stock that were initially approved by the Board of Directors in 2012. Mr. Rodriguez resigned
in June 2013, and the Company cancelled the issuance of the shares to Mr. Rodriguez on the Company’s books and records.
Note 11 – Going Concern
The accompanying condensed consolidated
financial statements have been prepared assuming the Company will continue as a going concern. As of September 30, 2015 the Company
had an accumulated deficit of $13,523,292 and working capital deficit of $1,139,678. These conditions
raise substantial doubt about the Company's ability to continue as a going concern. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Note 12 – Subsequent Events
On October 1, 2015, the Company issued
3,524,027 shares of common stock upon the conversion of $2,862 of principal and accrued and unpaid interest on the 2015 LG Note.
The shares were issued at approximately $0.000812 per share.
On October 9, 2015, the Company issued
7,340,834 shares of common stock upon the conversion of $4,684 of principal and accrued and unpaid interest on the 2015 Service
Trading Note. The shares were issued at approximately $0.000638 per share.
On October 12, 2015, the Company issued
4,494,567 shares of common stock upon the conversion of $3,650 of principal and accrued and unpaid interest on the 2015 GW Note.
The shares were issued at approximately $0.000812 per share.
On October 13, 2015, the Company issued
5,995,275 shares of common stock upon the conversion of $5,216 of principal and accrued and unpaid interest on the 2015 LG Note.
The shares were issued at approximately $0.00087 per share.
On October 14, 2015, the Company issued 24,400,000 shares of common stock upon the conversion of $24,473 of principal and accrued
and unpaid interest on the 2014 Company Note. The shares were issued at approximately $0.0014 per share.
On October 26, 2015, Heather Bush notified
the Company that she is resigning as the Company’s Chief Financial Officer.
On November 5, 2015, the Company issued
9,036,379 shares of common stock upon the conversion of $5,765 of principal and accrued and unpaid interest on the 2015 LG Note.
The shares were issued at approximately $0.000638 per share.
On November 4, 2015, Justin Braune resigned
as the CEO and as the sole member of the Board of Directors of the Company. Prior to his resignation Braune appointed B. Michael
Friedman to the Board of Directors of the Company and Mr. Friedman also agreed to act as Interim CEO.
On November 17, 2015, the Company issued
21,730,000 shares of common stock upon the conversion of $20,796 of principal and accrued and unpaid interest on the 2014 Company
Note. The shares were issued at approximately $0.001 per share.
On December 16, 2015, the Company and
AVHI, the Company’s wholly owned subsidiary entered into a Deed in Lieu of Foreclosure Agreement (the “Agreement”)
with Tonaquint, pursuant to which in exchange for the Company conveying its’ interest in the Company’s Nevada owned
real estate (the “Property”) Tonaquint agreed to refrain and forbear from exercising and enforcing its remedies under
their 2014 Convertible Note (see Note 6). Additionally, the Company received $25,000 and a reduction of the Note balance of $500,000.
AVHI previously paid approximately $225,000 for the Property. After the transaction the balance of the 2014 Convertible Note was
approximately $311,000.
On January 6, 2016, the Company accepted
and agreed to a Debt Purchase Agreement (the “DPA”), whereby LG Capital Funding, LLC (“LG”) acquired the
2015 convertible promissory note from Vis Vires. The Company issued an 8% Replacement Note to LG for $53,613 (the “First
Replacement Note”). The First Replacement Note is due January 5, 2017 and is convertible into shares of the Company’s
common stock at any time at the discretion of LG at a variable conversion price (“VCP”). The VCP is calculated as the
lowest trading price during the eighteen (18) trading days immediately prior to the conversion date multiplied by fifty eight percent
(58%), representing a forty two percent (42%) discount.
On January 19, 2016, the Company accepted
and agreed to a DPA, whereby LG acquired $157,500 of the Tonaquint 2014 Convertible Note in exchange for $75,000. The Company issued
an 8% Replacement Note to LG for $157,500 (the “Second Replacement Note”). The Second Replacement Note is due January
19, 2017 and is convertible into shares of the Company’s common stock at any time at the discretion of LG at a VCP. The VCP
is calculated as the lowest trading price during the eighteen (18) trading days immediately prior to the conversion date multiplied
by fifty eight percent (58%), representing a forty two percent (42%) discount.
On January 19, 2016, the Company accepted
and agreed to a DPA, whereby Cerebrus Finance Group, LTD (“Cerebrus”) acquired $156,749.09 of the Tonaquint 2014 Convertible
Note in exchange for $75,000. The Company issued an 8% Replacement Note to Cerebrus for $156,749.09 (the “Third Replacement
Note”). The Third Replacement Note is due January 19, 2017 and is convertible into shares of the Company’s common stock
at any time at the discretion of LG at a VCP. The VCP is calculated as the lowest trading price during the eighteen (18) trading
days immediately prior to the conversion date multiplied by fifty eight percent (58%), representing a forty two percent (42%) discount.
The LG DPA and the Cerebrus DPA resulted
in the Tonaquint Note being paid in full, accordingly as of January 19, 2016, the Company does not owe any amounts to Tonaquint.
On January 19, 2016, the Company completed
the closing of a private placement financing transaction (the “Transaction”) with LG, pursuant to a Securities Purchase
Agreement (the “LG Purchase Agreement”). Pursuant to the LG Purchase Agreement, LG purchased an 8% Convertible Debenture
(the “LG Debenture”) in the aggregate principal amount of $76,080.67, and delivered on January 31, 2016, gross proceeds
of $62,500.00 excluding transaction costs, fees, and expenses.
Principal and interest is due and payable
January 18, 2017, and the LG Debenture is convertible into shares of the Company’s common stock at any time at the discretion
of LG at a VCP. The VCP is calculated as the lowest trading price during the eighteen (18) trading days immediately prior to the
conversion date multiplied by fifty eight percent (58%), representing a forty two percent (42%) discount.
The Company may prepay the LG Debenture,
subject to prior notice to LG within an initial 30 day period after issuance, by paying an amount equal to 118% multiplied by the
amount that the Company is prepaying. For each additional 30 day period the amount being prepaid is multiplied by an additional
6%, up to a maximum of 148% on the 180th day from issuance. Beginning on the 180th day after the issuance
of the LG Debenture, the Company is not permitted to prepay the LG Debenture, so long as the LG Debenture is still outstanding,
unless the Company and LG agree otherwise in writing.
On January 19, 2016, the Company completed
the closing of a private placement financing transaction (the “Transaction”) with Cerebrus, pursuant to a Securities
Purchase Agreement (the “Cerebrus Purchase Agreement”). Pursuant to the Cerebrus Purchase Agreement, Cerebrus purchased
an 8% Convertible Debenture (the “Cerebrus Debenture”) in the aggregate principal amount of $34,775, and delivered
on January 25, 2016, gross proceeds of $25,000 excluding transaction costs, fees, and expenses.
Principal and interest is due and payable
January 19, 2017, and the Cerebrus Debenture is convertible into shares of the Company’s common stock at any time at the
discretion of Cerebrus at a VCP. The VCP is calculated as the lowest trading price during the eighteen (18) trading days immediately
prior to the conversion date multiplied by fifty eight percent (58%), representing a forty two percent (42%) discount.
The Company may prepay the Cerebrus
Debenture, subject to prior notice to Cerebrus within an initial 30 day period after issuance, by paying an amount equal to 118%
multiplied by the amount that the Company is prepaying. For each additional 30 day period the amount being prepaid is multiplied
by an additional 6%, up to a maximum of 148% on the 180th day from issuance. Beginning on the 180th day
after the issuance of the Cerebrus Debenture, the Company is not permitted to prepay the Cerebrus Debenture, so long as the Cerebrus
Debenture is still outstanding, unless the Company and Cerebrus agree otherwise in writing.
In November 2015, the Company was made aware that the land transaction regarding 80 acres in Pueblo County, Colorado, may
not have been properly deeded to the Company. The company was a party to the land purchase, however, it was recently discovered
the second party to the land contract never filed the original quit claim deed on behalf of the Company, even though a copy
of the notarized quit claim deed was sent to the Company. To date, the Company has paid a total of $47,438 ($36,000 at closing)
and is on the deed of trust of the property. Accordingly, until the deed is properly recorded, the Company reduced the remaining
balance of the note payable for the acquisition of the land of $74,313 and recorded a reserve allowance for the remaining
balance of the asset of $54,490.
Item 2. Management’s Discussion
and Analysis of Financial Condition and Results of Operations
The following is management’s
discussion and analysis of certain significant factors that have affected our financial position and operating results during the
periods included in the accompanying consolidated financial statements, as well as information relating to the plans of our current
management. This report includes forward-looking statements. Generally, the words “believes,” “anticipates,”
“may,” “will,” “should,” “expect,” “intend,” “estimate,”
“continue,” and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking
statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this report or other
reports or documents we file with the Securities and Exchange Commission from time to time, which could cause actual results or
outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements which
speak only as of the date hereof. We undertake no obligation to update these forward-looking statements.
The following discussion and analysis
of our financial condition and results of operations should be read in conjunction with the financial statements and notes thereto
for the nine months ended September 30, 2015 and 2014.
The independent auditor’s report
on our financial statements for the years ended December 31, 2014 and 2013 includes a “going concern” explanatory paragraph
that describes substantial doubt about our ability to continue as a going concern. Management’s plans in regard to the factors
prompting the explanatory paragraph are discussed below and also in Note 10 to the unaudited condensed financial statements.
While our financial statements are presented
on the basis that we are a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the
normal course of business over a reasonable length of time, our auditor has raised substantial doubt about our ability to continue
as a going concern.
Results of Operations
For the three and nine months ended September 30, 2015
compared to the three and nine months ended September 30, 2014
Revenues
Revenues for the three and nine months
ended September 30, 2015 were $-0- and $7,221 compared to $2,397 and $25,934, respectively, for the three and nine months ended
September 30, 2014 and were comprised of the following:
| |
Three months ended
September 30, | |
Nine
months ended
September 30, |
| |
2015 | |
2014 | |
2015 | |
2014 |
Chillo products | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 17,009 | |
Wellness products | |
| — | | |
| 2,397 | | |
| 7,221 | | |
| 8,926 | |
Total | |
$ | — | | |
$ | 2,397 | | |
$ | 7,221 | | |
$ | 25,934 | |
Operating Expenses
Operating expenses were $319,476 and
$1,432,031 for the three and nine months ended September 30, 2015 compared to $460,578 and $894,731 for the three and nine months
ended September 30, 2014. The expenses were comprised of:
| |
Three months ended
September 30, | |
Nine
months ended
September 30, |
Description | |
2015 | |
2014 | |
2015 | |
2014 |
Administration and management fees | |
$ | 44,670 | | |
$ | 75,000 | | |
$ | 183,375 | | |
$ | 222,181 | |
Stock compensation expense, management | |
| 94,370 | | |
| — | | |
| 204,110 | | |
| — | |
Stock compensation expense, other | |
| 2,371 | | |
| 214,000 | | |
| 347,365 | | |
| 264,000 | |
Impairment of goodwill | |
| — | | |
| — | | |
| 192,849 | | |
| — | |
Reserve for inventory loss | |
| — | | |
| — | | |
| 32,529 | | |
| — | |
Reserve for land loss | |
| 55,490 | | |
| — | | |
| 55,490 | | |
| — | |
Bad debt expense | |
| — | | |
| 16,654 | | |
| — | | |
| 16,654 | |
Professional and consulting fees | |
| 12,905 | | |
| 20,400 | | |
| 56,668 | | |
| 84,732 | |
Commissions and license fees | |
| — | | |
| — | | |
| — | | |
| 8,162 | |
Leased property expense | |
| 44,494 | | |
| 53,252 | | |
| 154,316 | | |
| 53,252 | |
Advertising and promotional expenses | |
| 25,756 | | |
| 22,032 | | |
| 63,510 | | |
| 50,735 | |
Rent and occupancy costs | |
| 18,029 | | |
| 24,816 | | |
| 52,240 | | |
| 51,886 | |
Property and maintenance cost | |
| — | | |
| 8,925 | | |
| 3,000 | | |
| 17,925 | |
Travel and entertainment | |
| 1,822 | | |
| 12,091 | | |
| 26,596 | | |
| 50,316 | |
General and other administrative | |
| 19,569 | | |
| 13,407 | | |
| 59,983 | | |
| 74,888 | |
Total | |
$ | 319,476 | | |
$ | 460,578 | | |
$ | 1,432,031 | | |
$ | 894,731 | |
Stock compensation expense, management
was $94,370 and $204,110, respectively, for the three and nine months ended September 30, 2015, compared to $-0- for the three
and nine months ended September 30, 2014. The 2015 amount is comprised of the amortization of restricted common stock issued to
the Company’s CEO Mr. Braune (resigned November 2015).
Stock compensation expense, other (included
in professional and consulting fees) was $2,371 and $347,365 for the three and nine months ended September 30, 2015 and was comprised
of the issuance of 5,000,000 restricted shares of common stock issued to an advisor of our board of directors for his appointment.
The Company valued the 5,000,000 shares of common stock at $100,000 ($0.02 per share, the market price of the common stock) and
recorded the $100,000 as stock compensation expense for the three and nine months ended September 30, 2015. The Company also agreed
the advisor shall receive a non-qualified stock option to purchase 1,000,000 shares (“Option Shares”) of the Company’s
common stock at an exercise price equal to $0.05 per share. Accordingly, the Company recorded $2,371 and $11,065 as stock compensation
expense for three and nine months ended September 30, 2015. Also included in stock compensation expense, other was the issuance
of 1,000 shares of Class B Preferred Stock to Mr. Friedman. The Company valued the shares at $276,300 and recorded $40,000 towards
accrued and unpaid fees owed Mr. Friedman and $236,300 as stock compensation expense for the nine months ended September 30, 2015.
Stock compensation expense, other for
the three and nine months ended September 30, 2014 was $214,000 and $264,000, respectively. The 2014 period is comprised of $58,000
(three months) and $108,000 (nine months) to advisors to the board of directors and $156,000 (three and nine months) for the issuance
of 1,300,000 shares of common stock for services.
Professional and consulting fees (excluding
stock compensation, other) decreased to $12,905 and $56,668, respectively, for the three and nine months ended September 30, 2015,
compared to $20,400 and $84,732 for the three and nine months ended September 30, 2014, respectively, and is comprised of the following:
| |
Three months ended
September 30, | |
Nine
months ended
September 30, |
| |
2015 | |
2014 | |
2015 | |
2014 |
Legal fees | |
$ | 3,585 | | |
$ | — | | |
$ | 13,948 | | |
$ | 28,882 | |
Property management fees | |
| — | | |
| 15,000 | | |
| 10,000 | | |
| 32,500 | |
Accounting fees | |
| 3,000 | | |
| 3,000 | | |
| 14,953 | | |
| 11,650 | |
Investor relation costs | |
| 6,320 | | |
| 2,400 | | |
| 13,767 | | |
| 11,700 | |
Total | |
$ | 12,905 | | |
$ | 20,400 | | |
$ | 52,668 | | |
$ | 84,732 | |
Commission and licensing fees of $0
were incurred for three and nine months ended September 30, 2015 compared to commissions of $8,162 for the nine months ended September
30, 2014. The 2015 period did not include any commissionable sales.
Advertising and promotional expenses
increased to $25,756 and $63,510, respectively, for the three and nine months ended September 30, 2015 compared to $22,032 and
$50,735 for the three and nine months ended September 30, 2014, respectively. The increases were primarily due to the engagement
of 2 consultants for web site development and marketing research related to the Company’s new vaporizer it was planning to
launch in the quarter ending September 30, 2015. The product has not been finalized and there have been no sales.
Rent and occupancy costs were $18,029
and $52,240 for the three and nine months ended September 30, 2015, respectively, compared to $24,816 and $51,886 for the three
and nine months ended September 30, 2014, respectively. The decrease for the three months ended September 2015 compared to 2014
was as a result of the Company not renewing a Colorado apartment lease.
Leased property available for sub-lease
and property maintenance costs were $44,494 and $157,316, respectively, for the three and nine months ended September 30, 2015
compared to $62,177 and $71,177, respectively, for the three and nine months ended September 30, 2014. The 2015 costs were primarily
comprised of $42,411 (three months) and $127,233 (nine months) for leased real estate and $2,083 (three months) and $27,083 (nine
months) for water rights that the Company plans to lease or sub-lease to licensed marijuana operators. The Company has not sub-leased
either of these properties and is delinquent in rent payments on both properties.
General and other administrative costs
for the three and nine months ended September 30, 2015, were $19,569 and $59,983, respectively, compared to $13,407 and $74,888,
respectively, for the three and nine months ended September 30, 2014. The significant expenses is comprised of the following:
| |
Three months ended
September 30, | |
Nine
months ended
September 30, |
Description | |
2015 | |
2014 | |
2015 | |
2014 |
Settlement expense | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 15,000 | |
Payroll taxes and fees | |
| 2,628 | | |
| 1,056 | | |
| 7,465 | | |
| 4,841 | |
Filing fees and transfer agent fees | |
| 7,398 | | |
| 1,983 | | |
| 14,683 | | |
| 9,474 | |
Office and moving expense | |
| — | | |
| — | | |
| — | | |
| 8,754 | |
Other taxes | |
| 2,180 | | |
| — | | |
| 11,763 | | |
| — | |
Insurance | |
| 1,566 | | |
| — | | |
| 4,697 | | |
| — | |
Telephone, internet and website expenses | |
| 1,468 | | |
| 4,618 | | |
| 10,286 | | |
| 12,451 | |
Office supplies | |
| — | | |
| 3,240 | | |
| 1,941 | | |
| 10,763 | |
Other general and other administrative | |
| 4,329 | | |
| 2,510 | | |
| 9,148 | | |
| 13,605 | |
Total | |
$ | 19,569 | | |
$ | 13,407 | | |
$ | 59,983 | | |
$ | 74,888 | |
Other Income (Expense), Net
Other expense for the three and nine
months ended September 30, 2015 was $267,463 and $764,147, respectively compared to $66,382 and $267,903 for the three and nine
months ended September 30, 2014, respectively. Included in other expenses for the 2015 period interest expense of $254,352 and
$757,414 for the three and nine months ended September 30, 2015, respectively, offset by credits from the decrease on the fair
value of derivatives of $17,139 (three months) and $24,742 (nine months) and interest income of $4,028 (three months) and $18,009
(nine months).
For the three months ended September
30, 2014 interest expense of $71,180 was offset by interest income of $4,798. Other expenses for the 2014 nine month period was
interest expense of $365,802 offset by income from the decrease on the fair value of derivatives of $30,347 and interest income
of $68,362.
Interest expense for each of the periods
is as follows:
| |
Three
months ended
September 30, | |
Nine months ended
September 30, |
| |
2015 | |
2014 | |
2015 | |
2014 |
Excess value of common stock issued | |
$ | 54,898 | | |
$ | — | | |
$ | 291,203 | | |
$ | — | |
Interest on face value | |
| 18,495 | | |
| 30,038 | | |
| 63,312 | | |
| 100,038 | |
Additional true up interest | |
| 92,267 | | |
| — | | |
| 235,564 | | |
| — | |
Amortization of note discount | |
| 85,026 | | |
| — | | |
| 135,681 | | |
| 81,535 | |
Amortization of OID | |
| — | | |
| 38,571 | | |
| 22,755 | | |
| 150,000 | |
Initial expense on fair value of derivatives | |
| — | | |
| — | | |
| — | | |
| — | |
Amortization of deferred financing fees | |
| 3,666 | | |
| 2,571 | | |
| 8,899 | | |
| 34,229 | |
Total | |
$ | 254,352 | | |
$ | 71,180 | | |
$ | 757,414 | | |
$ | 365,802 | |
Capital
Resources and Liquidity
Liquidity is the ability of an enterprise
to generate adequate amounts of cash to meet its needs for cash requirements. As of September 30, 2015, we had cash and cash equivalents
of $179, a decrease of $118,250, from $118,429 as of December 31, 2014. At September 30, 2015, we had current liabilities of $1,680,855
compared to current assets of $541,177 which resulted in working capital deficit of $1,139,678. The current liabilities are comprised
of accounts payable, accrued expenses, convertible debt and notes payable.
Operating Activities
For the nine months ended September
30, 2015, net cash used in operating activities was $445,561 compared to $519,883 for the nine months ended September 30, 2014.
The Company had a net loss $2,192,242 for the nine months ended September 30, 2015 compared to a net loss of $1,175,867 for the
nine months ended September 30, 2014. The net loss for the nine months ended September 30, 2015, was impacted by the impairment
of goodwill of $192,849, noncash interest expense of $291,203 for excess value of common stock issued for convertible notes payable,
the amortization of discounts on convertible notes of $158,436, amortization of deferred stock compensation of $204,110, stock
based compensation of $347,365, reserve for land loss of $55,490, inventory loss of $32,529, $71,761 for the initial fair value
of derivative liabilities and the amortization of deferred financing fees of $8,503 related to the convertible promissory notes
offset by the change in fair values of derivative liabilities of $47,019. Changes in operating assets and liabilities that reduced
cash used in operating activities included an increase in accounts payable and accrued expenses of $468,486, a decrease in prepaid
assets and other of $55,182 and a decrease in inventory of $4,422. Changes in operating assets and liabilities utilizing cash was
the result of the return of $90,000 on tenant deposits and decrease in deferred compensation of $9,279.
The net loss for the nine months ended
September 30, 2014 was impacted by stock compensation expense of $264,000 to our advisor to the board of directors, the amortization
of discounts on convertible notes of $231,535, the amortization of deferred financing fees of $34,229 related to the convertible
promissory notes, an increase in accounts payable and accrued expenses of $54,019, an increase in deferred compensation of $119,829,
the receipt of tenant deposits of $75,000 and depreciation expense $1,341. These amounts were offset by the change fair value of
the derivatives of $30,347, increases in prepaid expenses of $117,076 and an increase in inventory of $5,489.
Investing Activities
During
the nine months ended September 30, 2015, net cash used in investing activities was $41,214 compared to $238,510 for the nine months
ended September 30, 2014. The 2015 period was the result of advances to a related party. Net
cash used in investing activity for the nine months ended September 30, 2014 was a result of land acquisition costs of $54,053,
and investments of $50,000 in non-marketable securities, advances to a related party of $89,988, cash portion of acquisition of
$20,000, security deposits paid of $14,700 and the purchase of office furniture of $9,769.
Financing Activities
During
the nine months ended September 30, 2015, net cash provided by financing activities was $368,525 compared
to $892,000 for the nine months ended September 30, 2014. The 2015 activity was comprised of proceeds
received related to the Tonaquint notes receivable of $178,812, proceeds from the issuance of convertible promissory notes of $200,000,
proceeds from an advance from shareholder and the payments made on notes payable of $11,437. The 2014 activity was comprised of
proceeds received related to the Tonaquint notes receivable of $400,000, the issuance of convertible promissory notes of $500,000
and the payment of deferred financing fees of $8,000.
For the nine months ended September
30, 2015, cash and cash equivalents decreased by $118,250 compared to an increase $133,607 for the nine months ended September
30, 2014. Ending cash and cash equivalents at September 30, 2015 was $179 compared to $242,373 at September 30, 2014.
We do not have cash and cash equivalents
on hand to meet our obligations. The ability of the Company to continue as a going concern is dependent upon its ability to further
implement its business plan and generate sufficient revenues and in its ability to raise additional funds.
Off Balance Sheet Arrangements
We do not have any off-balance sheet
arrangements that have or are reasonably likely to have a current or future effect on our financial condition or results of operations.
Going Concern
The accompanying consolidated financial
statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations,
realization of assets, and liquidation of liabilities in the normal course of business.
As reflected in the accompanying unaudited
condensed consolidated financial statements, the Company had an accumulated deficit at September 30, 2015, a net loss and net cash
used in operating activities for the reporting period then ended. These conditions raise substantial doubt about its ability to
continue as a going concern.
The Company is attempting to produce
sufficient revenue; however, the Company’s cash position may not be sufficient to support its daily operations. While the
Company believes in the viability of its strategy to produce sufficient revenue and in its ability to raise additional funds, there
can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to
further implement its business plan and generate sufficient revenues and in its ability to raise additional funds.
The unaudited consolidated financial
statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts
and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Critical Accounting Policies
We have identified the following policies
below as critical to our business and results of operations. Our reported results are impacted by the application of the following
accounting policies, certain of which require management to make subjective or complex judgments. These judgments involve making
estimates about the effect of matters that are inherently uncertain and may significantly impact quarterly or annual results of
operations. For all of these policies, management cautions that future events rarely develop exactly as expected, and the best
estimates routinely require adjustment. Specific risks associated with these critical accounting policies are described in the
following paragraphs.
Basis of Presentation and Principles
of Consolidation
The accompanying condensed consolidated
financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments necessary to
present the financial position, results of operations and cash flows for the stated periods have been made. Except as described
below, these adjustments consist only of normal and recurring adjustments. Certain information and note disclosures normally included
in the Company’s annual financial statements prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted. These condensed consolidated unaudited financial statements should be
read in conjunction with a reading of the Company’s consolidated financial statements and notes thereto. Interim results
of operations for the three and six months ended June 30, 2015 are not necessarily indicative of future results for the full year.
Certain amounts from the 2014 period have been reclassified to conform to the presentation used in the current period.
The condensed consolidated unaudited
financial statements of the Company include the consolidated accounts of Agritek and its
wholly owned subsidiaries AVHI and Prohibition Products, Inc. (“PPI”). PPI, a Florida corporation, was originally formed
on July 1, 2013 as The American Hemp Trading Company, Inc. (“AHTC”) and on August 27, 2014, AHTC changed its name to
PPI. All intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents
The Company considers all highly liquid
investments with an original term of three months or less to be cash equivalents.
Deferred Financing Costs
The costs related to the issuance of debt are
capitalized and amortized to interest expense using the straight-line method through the maturities of the related debt.
Derivative Financial Instruments
The Company does not use derivative
instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments,
including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially
recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or
credits to income.
For option-based simple derivative financial
instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities
or as equity, is re-assessed at the end of each reporting period.
Debt Issue Costs and Debt Discount
The Company may record debt issue costs
and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid in the
form of cash. These costs are amortized to interest expense over the life of the debt. If a conversion
of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Original Issue Discount
For certain convertible debt issued,
the Company may provide the debt holder with an original issue discount. The original issue discount would be recorded
to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.
Accounts Receivable
The Company records accounts receivable
from amounts due from its customers upon the shipment of products. The allowance for losses is established through a provision
for losses charged to expenses. Receivables are charged against the allowance for losses when management believes collectability
is unlikely. The allowance is an amount that management believes will be adequate to absorb estimated losses on existing receivables,
based on evaluation of the collectability of the accounts and prior loss experience. While management uses the best information
available to make its evaluations, this estimate is susceptible to significant change in the near term. As of September 30, 2015,
based on the above criteria, the Company has an allowance for doubtful accounts of $44,068.
Property and Equipment
Property and equipment are
stated at cost, and except for land, depreciation is provided by use of a straight-line method over the estimated useful lives
of the assets. The Company reviews property and equipment for potential impairment whenever events or changes in circumstances
indicate that the carrying amounts of assets may not be recoverable. In November 2015, the Company was made aware that the land
transaction regarding 80 acres in Pueblo County, Colorado, may not have been properly deeded to the Company. The company
was a party to the land purchase, however, it was recently discovered, and the second party to the land contract never filed the
original quit claim deed on behalf of the Company, even though a copy of the notarized quit claim deed was sent to the Company.
To date, the Company has paid a total of $47,438.00 ($36,000 at closing) and is on the deed of trust of the property with a remaining
note balance of approximately $75,000 held by the original owner. Accordingly, until the deed is properly recorded, the Company
rediced the remaining balance of the note payable for the acquisition of the land of $74,313 and recorded a reserve allowance for
the remaining balance of the asset of $54,490. The estimated useful lives of property and equipment are as follows:
Furniture and equipment 5
years
The Company's property and equipment consisted of the following
at September 30, 2015 and December 31, 2014:
| |
September 30, 2015 | |
December 31, 2014 |
Land | |
$ | 354,269 | | |
$ | 354,269 | |
Allowance for land loss, including note elimination of $74,313 | |
| (129,803 | ) | |
| — | |
Furniture and equipment | |
| 13,829 | | |
| 13,829 | |
Accumulated depreciation | |
| (4,051 | ) | |
| (1,976 | ) |
Balance | |
$ | 234,244 | | |
$ | 366,122 | |
Depreciation expense of $692 and $2,075
was recorded for the three and nine months ended September 30, 2015, respectively, compared to $491 and $1,341 for the three and
nine months ended September 30, 2014, respectively.
Revenue Recognition
The Company recognizes revenue in accordance
with FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria are met: (1) persuasive evidence of an arrangement
exists, (2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectability is reasonably
assured. The Company recognizes revenue during the month in which products are shipped or commissions are earned. No revenue has
been recognized from leasing arrangements to date.
Fair Value of Financial Instruments
Fair value measurements are determined
under a three-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair
value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of
the reporting entity (“observable inputs”) and the reporting entity’s own assumptions about market participant
assumptions developed based on the best information available in the circumstances (“unobservable inputs”).
Fair value is the price that would be
received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction
between market participants at the measurement date. In determining fair value, the Company primarily uses prices and other relevant
information generated by market transactions involving identical or comparable assets (“market approach”). The Company
also considers the impact of a significant decrease in volume and level of activity for an asset or liability when compared with
normal activity to identify transactions that are not orderly.
The highest priority is given to unadjusted
quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level
3 measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement.
The three hierarchy levels are
defined as follows:
Level 1 – Quoted
prices in active markets that is unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted
prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in
active markets or financial instruments for which significant inputs are observable, either directly or indirectly;
Level 3 – Prices
or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Credit risk adjustments are applied
to reflect the Company’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent
with that applied in developing counterparty credit risk adjustments, but incorporates the Company’s own credit risk as observed
in the credit default swap market.
The Company's financial instruments
consist primarily of cash, accounts receivable, notes receivable, accounts payable and accrued expenses, note payable and convertible
debt. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term
maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative
of the amounts the Company would realize in a current market exchange or from future earnings or cash flows.
Earnings (Loss) Per Share
Earnings (loss) per share are computed
in accordance with ASC 260, "Earnings per Share". Basic earnings (loss) per share is computed by dividing net income
(loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common
stock outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number
of shares of common stock, common stock equivalents and other potentially dilutive securities, if any, outstanding during the period.
As of September 30, 2015 there were warrants and options to purchase 1,000,000 shares of common stock and the Company’s outstanding
convertible debt is convertible into approximately 575,415,654 shares of common stock These amounts are not included in the computation
of dilutive loss per share because their impact is antidilutive.
Accounting for Stock-based Compensation
The Company accounts for stock awards
issued to non-employees in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. The measurement date is the earlier
of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the
date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective
measurement dates based on the trading price of the Company’s common stock and recognized as expense during the period in
which services are provided.
For the three and nine months ended
September 30, 2015, the Company recorded stock and warrant based compensation of $96,741 and $551,475, respectively compared to
$214,000 and $264,000 for the three and nine months ended September 30, 2014, respectively. (See Notes 7 and 8).
Item 3. Quantitative
and Qualitative Disclosures about Market Risk
Not applicable to smaller reporting
companies.
Item 4. Evaluation of Disclosure
Controls and Procedures
We maintain disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required
to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified
in the rules and forms of the SEC. This information is accumulated to allow our management to make timely decisions regarding required
disclosure. Our President, who serves as our principal executive officer and principal financial officer, evaluated the effectiveness
of our disclosure controls and procedures as of the end of the period covered by this report and he determined that our disclosure
controls and procedures were not effective as of September 30, 2015 due to a control deficiency. During the period we did not have
additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information. Due to the size
and operations of the Company, we are unable to remediate this deficiency until we acquire or merge with another company.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s
internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15
or 15d-15 of the Exchange Act that occurred during the quarter ended September 30, 2015 that have materially affected, or are reasonably
likely to materially affect, the Company’s internal control over financial reporting.
Part II. Other Information
Item 1. Legal
Proceedings
We are not a party to any material litigation, nor, to the
knowledge of management, is any litigation threatened against us that may materially affect us.
Item 1A. Risk Factors
We are a smaller reporting company as defined by Rule 12b-2
of the Securities Act of 1934 and are not required to provide the information under this item.
Item 2. Unregistered Sales of Equity
Securities and Use of Proceeds
On July 29, 2015, the Company issued
10,000,000 shares of common stock upon the conversion of $36,630 of principal and accrued and unpaid interest on the 2014 Company
Note. The shares were issued at approximately $0.003663 per share.
On August 13, 2015, the Company issued
7,500,000 shares of common stock upon the conversion of $27,473 of principal and accrued and unpaid interest on the 2014 Company
Note. The shares were issued at approximately $0.003663 per share.
On September 3, 2015, the Company issued
5,263,158 shares of common stock upon the conversion of $10,000 of principal and accrued and unpaid interest on the 2015 Vis Vires
Convertible Note. The shares were issued at approximately $0.0019 per share.
On September 10, 2015, the Company
issued 16,500,000 shares of common stock upon the conversion of $19,800 of principal and accrued and unpaid interest on the 2015
Vis Vires Convertible Note. The shares were issued at approximately $0.0012 per share.
Item 3. Defaults upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Common Stock Issuances for Debt Conversions
On July 29, 2015, the Company issued
10,000,000 shares of common stock upon the conversion of $36,630 of principal and accrued and unpaid interest on the 2014 Company
Note. The shares were issued at approximately $0.003663 per share.
On August 13, 2015, the Company issued
7,500,000 shares of common stock upon the conversion of $27,473 of principal and accrued and unpaid interest on the 2014 Company
Note. The shares were issued at approximately $0.003663 per share.
On September 3, 2015, the Company issued
5,263,158 shares of common stock upon the conversion of $10,000 of principal and accrued and unpaid interest on the 2015 Vis Vires
Convertible Note. The shares were issued at approximately $0.0019 per share.
On September 10, 2015, the Company issued
16,500,000 shares of common stock upon the conversion of $19,800 of principal and accrued and unpaid interest on the 2015 Vis Vires
Convertible Note. The shares were issued at approximately $0.0012 per share.
Item 6. Exhibits
Exhibit
No. |
Description |
3.1 |
Amended and Restated Designation Preferences and Rights of Class B Preferred Stock (Incorporated herein by reference to Exhibit 3.1 as filed on Form 8-K with the SEC on July 1, 2015). |
10.1* |
Form of 8% Convertible Redeemable Note by and between Agritek Holdings, Inc. and Service Trading Company, LLC dated March 30, 2015. |
10.2 |
Termination Letter of the Master Consulting Financing and Licensing Agreement by and between the Company and Green Leaf Farm Holdings, Inc. (Incorporated herein by reference to Exhibit 10.1 as filed on Form 8-K with the SEC on June 4, 2015). |
31.1* |
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer |
31.2* |
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer |
32.1* |
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer |
101.INS* |
XBRL Instance |
101.SCH* |
XBRL Taxonomy Extension Schema |
101.CAL* |
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF* |
XBRL Taxonomy Extension Definition Linkbase |
101.LAB* |
XBRL Taxonomy Extension Labels Linkbase |
101.PRE* |
XBRL Taxonomy Extension Presentation Linkbase |
* Filed herewith.
SIGNATURES
Pursuant to the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: March 7, 2016
AGRITEK HOLDINGS, INC.
By: |
/s/ B. Michael Friedman |
|
B. Michael Friedman |
|
Chief Executive Officer (principal executive officer and principal financial officer) |
Exhibit 31.1
Certifications
I, B. Michael Friedman, certify that:
1. I have reviewed this
Quarterly Report on Form 10-Q of Agritek Holdings, Inc.;
2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;
3. Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15-d-15(f)) for the registrant and have:
a. Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;
b. Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a. All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b. Any fraud, whether or
not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
Date: March 7, 2016 |
/s/ B. Michael Friedman |
|
B. Michal Friedman |
|
Interim Chief Executive Officer (principal executive officer and principal accounting officer) |
Exhibit 32.1
Section 1350
Certification
In
connection with the Quarterly Report on Form 10-Q of Agritek Holdings, Inc. (the "Company") for the nine months ended
September 30, 2015 as filed with the Securities and Exchange Commission (the "Report"), I, B. Michael Friedman, Interim
Chief Executive Officer and principal accounting officer, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1. The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date: March 7, 2016 |
/s/
B. Michael Friedman |
|
B. Michael Friedman, Interim Chief Executive Officer (principal executive officer and principal accounting officer) |
|
|
|
|
This certification
accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except
to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into
any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically
incorporates it by reference.
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Sep. 30, 2015 |
Dec. 31, 2014 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 179
|
$ 118,429
|
Accounts receivable, net |
|
173
|
Inventory, net |
$ 5,110
|
42,061
|
Notes receivable |
221,188
|
400,000
|
Interest receivable |
25,775
|
28,954
|
Deferred financing costs |
4,369
|
1,518
|
Due from related party |
277,973
|
236,759
|
Prepaid assets and other |
6,583
|
44,586
|
Total current assets |
541,177
|
872,480
|
Other |
$ 1,525
|
15,525
|
Goodwill |
|
192,849
|
Property and equipment, net of accumulated depreciation of $4,051 (2015) and $1,976 (2014) |
$ 234,244
|
366,122
|
Investments in non-marketable securities |
50,000
|
50,000
|
Total assets |
826,946
|
1,496,976
|
Current Liabilities: |
|
|
Accounts payable and accrued expenses |
645,111
|
242,857
|
Deferred compensation |
$ 32,382
|
81,661
|
Note payable, current portion |
|
34,300
|
Tenant deposits |
|
90,000
|
Note payable, shareholder |
$ 1,150
|
|
Convertible notes payable, net of discounts of $76,069 (2015) and $22,755 (2014) |
802,168
|
$ 1,233,903
|
Derivative liabilities |
200,044
|
|
Total current liabilities |
$ 1,680,855
|
$ 1,682,721
|
Note payable, long term |
|
51,450
|
Total liabilities |
$ 1,680,855
|
$ 1,734,171
|
Commitments and Contingencies |
|
|
Stockholders' Deficit: |
|
|
Series B convertible preferred stock, $0.01 par value; 1,000,000 shares authorized, and 1,000 shares issued and outstanding (2015) |
$ 10
|
|
Common stock, $.0001 par value; 500,000,000 shares authorized; 195,019,250 (2015) and 93,500,420 (2014) shares issued and outstanding |
19,502
|
$ 9,351
|
Additional paid-in capital |
12,745,761
|
$ 11,084,504
|
Deferred stock compensation |
(95,890)
|
|
Accumulated deficit |
(13,523,292)
|
$ (11,331,050)
|
Total stockholders' deficit |
(853,909)
|
(237,195)
|
Total liabiities and stockholders' deficit |
$ 826,946
|
$ 1,496,976
|
X |
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v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
|
Sep. 30, 2015 |
Dec. 31, 2014 |
Assets |
|
|
Accumulated depreciation of property and equipment |
$ (4,051)
|
$ (1,976)
|
Stockholders' Deficit |
|
|
Preferred stock Series B par value |
$ 0.01
|
$ 0.01
|
Preferred stock Series B authorized |
1,000,000
|
1,000,000
|
Preferred stock Series B issued |
1,000
|
|
Preferred stock Series B outstanding |
1,000
|
|
Common stock par value |
$ 0.0001
|
$ 0.0001
|
Common stock shares authorized |
500,000,000
|
500,000,000
|
Common stock shares issued |
195,019,250
|
93,500,420
|
Common stock shares outstanding |
195,019,250
|
93,500,420
|
Convertible note payable |
|
|
Current Liabilities |
|
|
Discounts on convertible debt |
$ 76,069
|
$ 22,755
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Income Statement [Abstract] |
|
|
|
|
Product revenue |
|
$ 2,397
|
$ 7,221
|
$ 25,934
|
Cost of revenue |
|
19,375
|
3,284
|
39,977
|
Gross profit (loss) |
|
(16,978)
|
3,937
|
(14,043)
|
Operating Expenses: |
|
|
|
|
Administrative and management fees (including $94,370 and $204,110 of stock based compensation for the three and nine months ended September 30, 2015, respectively) |
$ 139,040
|
75,000
|
387,485
|
222,181
|
Professional and consulting fees (including $2,371 and $347,365 of stock based compensation for the three and nine months ended September 30, 2015, respectively, and $214,000 and $264,000 for the three and nine months ended September 30, 2014, respectively) |
$ 15,276
|
$ 234,400
|
404,033
|
$ 348,732
|
Impairment of goodwill |
|
|
192,849
|
|
Reserve for Inventory Loss |
|
|
32,529
|
|
Reserve for land loss |
$ 55,490
|
|
$ 55,490
|
|
Bad debt expense |
|
$ 16,654
|
|
$ 16,654
|
Commissions and license fees |
|
|
|
8,162
|
Rent and other occupancy costs |
$ 18,029
|
$ 24,816
|
$ 52,240
|
51,886
|
Leased property expense |
44,494
|
53,252
|
154,316
|
53,252
|
Advertising and promotion |
$ 25,756
|
22,032
|
63,510
|
50,735
|
Property maintenance costs |
|
8,925
|
3,000
|
17,925
|
Travel and entertainment |
$ 1,822
|
12,091
|
26,596
|
50,316
|
Other general and administartive expenses |
19,569
|
13,407
|
59,983
|
74,888
|
Total operating expenses |
319,476
|
460,578
|
1,432,031
|
894,731
|
Operating loss |
(319,476)
|
(477,555)
|
(1,428,095)
|
(908,774)
|
Other Income (Expense): |
|
|
|
|
Interest income |
4,028
|
4,798
|
18,009
|
68,362
|
Interest expense |
(254,352)
|
$ (71,180)
|
(757,414)
|
(365,802)
|
Derivative liability (expense) income |
(17,139)
|
|
(24,742)
|
30,347
|
Total other expense, net |
(267,463)
|
$ (66,382)
|
(764,147)
|
(267,093)
|
Net loss |
$ (586,939)
|
$ (543,937)
|
$ (2,192,242)
|
$ (1,175,867)
|
Basic and diluted loss per share |
$ 0.00
|
$ (0.01)
|
$ (0.02)
|
$ (0.02)
|
Weighted average number of common shares outstanding Basic and diluted |
171,823,183
|
64,242,466
|
135,726,857
|
61,439,927
|
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Included in administrative and management fees |
|
|
|
|
Stock based compensation |
$ 94,370
|
|
$ 204,110
|
|
Included in professional and consulting fees |
|
|
|
|
Stock based compensation |
$ 2,371
|
$ 214,000
|
$ 347,365
|
$ 264,000
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
Cash flow from operating activities: |
|
|
Net loss |
$ (2,192,242)
|
$ (1,175,867)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
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100,000
|
$ 264,000
|
Stock compensation expense |
247,365
|
|
Amortization of deferred stock compensation |
204,110
|
|
Amortization of deferred financing costs |
8,899
|
$ 34,229
|
Impairment of goodwill |
192,849
|
|
Reserve for Inventory Loss |
32,529
|
|
Reserve for land loss |
55,490
|
|
Depreciation |
2,075
|
$ 1,341
|
Non cash interest expense for excess value of common stock issued for convertible notes payable |
291,203
|
|
Initial expense for fair value of derivative liabilities |
71,761
|
|
Amortization of discounts on convertible notes |
$ 158,436
|
$ 231,535
|
Write off of licensing costs |
|
15,000
|
Change in fair values of derivative liabilities |
$ (47,019)
|
(30,347)
|
Bad debt expense |
|
16,654
|
Changes in operating assets and liabilities: |
|
|
Decrease (increase) in Accounts receivable |
$ 173
|
(2,711)
|
Decrease (increase) in Inventory |
4,422
|
(5,489)
|
Decrease (increase) in Prepaid assets and other |
55,182
|
(117,076)
|
Increase (decrease) in Accounts payable and accrued expenses |
468,486
|
54,019
|
Increase (decrease) in Deferred compensation |
(9,279)
|
119,829
|
Increase (decrease) in Tenant deposits |
(90,000)
|
75,000
|
Net cash used in operating activities |
$ (445,561)
|
(519,883)
|
Cash flows from investing activities: |
|
|
Land acquisition costs |
|
(54,053)
|
Purchase of equipment and furniture |
|
(9,769)
|
Advances to related party |
$ (41,214)
|
(89,988)
|
Investments |
|
(50,000)
|
Cash payment portion of acquisition |
|
(20,000)
|
Security deposits paid |
|
(14,700)
|
Net cash used in investing activities |
$ (41,214)
|
(238,510)
|
Cash flows from financing activities: |
|
|
Payments received on notes receivable issued for convertible debt |
178,812
|
400,000
|
Proceeds from issuance of convertible debt |
200,000
|
$ 500,000
|
Proceeds from issuance of note payable, shareholder |
1,150
|
|
Payments made on note payable |
$ (11,437)
|
|
Payment of deferred financing costs |
|
$ (8,000)
|
Net cash provided by financing activities |
$ 368,525
|
892,000
|
Net (decrease) increase in cash and cash equivalents |
(118,250)
|
133,607
|
Cash and cash equivalents, Beginning |
118,429
|
108,766
|
Cash and cash equivalents, Ending |
$ 179
|
$ 242,373
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Schedule of non-cash financing activities: |
|
|
Conversion of notes payable and interest into common stock |
656,403
|
984,291
|
Conversion of deferred compensation into preferred stock (2015) and common stock (2014) |
$ 40,000
|
$ 60,000
|
Conversion of accounts payable and accrued expenses into common stock |
|
50,000
|
Issuance (cancellation) of note payable for land acquistion |
$ (74,313)
|
85,750
|
Common stock issued for acquisition |
|
180,000
|
Cash paid for acquisition |
|
20,000
|
Total consideration for acquisition |
|
200,000
|
Allocation of purchase price to inventory |
|
(7,151)
|
Allocation of purchase price to goodwill |
|
$ (192,849)
|
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v3.3.1.900
Organization
|
9 Months Ended |
Sep. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization |
Note 1 - Organization
Business
Agritek Holdings, Inc. (the Company
or Agritek), formerly known as Mediswipe, Inc., and its wholly owned subsidiary, Agritek Venture Holdings, Inc. (AVHI),
acquires and leases real estate to licensed marijuana operators, including providing complete turnkey growing space and related
facilities to licensed marijuana growers and dispensary owners. Additionally, the Company plans to offer a variety of services
and product lines to the medicinal marijuana sector including the distribution of hemp based nutritional products and a line of
innovative solutions for electronically processing merchant transactions.
The Company does not grow, harvest,
distribute or sell marijuana or any substances that violate the laws of the United States of America.
On June 26, 2015, the Company filed
with the Delaware Secretary of State the Amended and Restated Designation Preferences and Rights (the Certificate of Designation)
of Class B Preferred Stock (the Series B Preferred Stock). Pursuant to the Certificate of Designation, 1,000 shares
constitute the Series B Preferred Stock. The Series B Preferred Stock and any accrued and unpaid dividends thereon shall, with
respect to rights on liquidation, winding up and dissolution, rank senior to the Companys issued and outstanding common
stock and Series A preferred stock.
The Series
B Preferred
Stock has the right to vote in aggregate, on all shareholder matters equal
to 51% of the total vote, no matter how many shares of common stock or other voting stock of the Company are issued or outstanding
in the future. The Series B Preferred Stock has a right to vote on all matters presented or
submitted to the Companys stockholders for approval in pari passu with the common stockholders, and not as a separate class.
The holders of Series B Preferred Stock have the right to cast votes for each share of Series B Preferred Stock held of record
on all matters submitted to a vote of common stockholders, including the election of directors. There is no right to cumulative
voting in the election of directors. The holders of Series B Preferred Stock vote together with all other classes and series of
common stock of the Company as a single class on all actions to be taken by the common stockholders except to the extent that voting
as a separate class or series is required by law.
On June 26, 2015, the Company issued
1,000 shares of Series B Preferred Stock to Mr. Friedman resulting in Mr. Friedman having majority control in determining the outcome
of all corporate transactions subject to vote (super voting rights, non-convertible securities), including the election of directors
of the Company (see Note 8).
On July 1, 2015, the
Companys board of directors authorized an amendment of the Companys certificate of incorporation, as amended (the
Certificate of Incorporation), to (i) effect a reverse stock split, at the discretion of Companys board, to
be effected, if at all, prior to September 15, 2015, at a ratio of not less than 1-for-20 and not more than 1-for-100, with the
exact ratio, if any, to be determined in the sole discretion of the board, and (ii) increase the Companys authorized common
stock from 250,000,000 shares to 500,000,000 shares. On July 1, 2015, stockholders holding a majority of the Companys voting
power approved these actions. On July 17, 2015, the Companys board took action by written consent to approve the following
actions:
| 1. | Approve an amendment to Certificate of Incorporation, to increase
our authorized common stock from 250,000,000 shares, $0.0001 par value, to 500,000,000 shares, $0.0001 par value (the Authorized
Share Increase Amendment), and |
| 2. | Approve an amendment to our Certificate of Incorporation to effect
a 1-for 50 reverse stock split of our issued and outstanding common stock (the Reverse Stock Split Amendment and
together with the Authorized Share Increase Amendment, the Amendments). |
On July 29, 2015, the Company filed a preliminary
Schedule 14C Information Statement relating to approval of the above actions. However, since that filing, the Company has abandoned
the Reverse Stock Split Amendment.
The Authorized Share Increase Amendment
became effective on October 5, 2015.
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v3.3.1.900
Summary of Significant Account Policies
|
9 Months Ended |
Sep. 30, 2015 |
Accounting Policies [Abstract] |
|
Summary of Significant Account Policies |
Note 2 Summary of Significant
Accounting Policies
Basis of Presentation and Principles
of Consolidation
The accompanying condensed consolidated
financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments necessary to
present the financial position, results of operations and cash flows for the stated periods have been made. Except as described
below, these adjustments consist only of normal and recurring adjustments. Certain information and note disclosures normally included
in the Companys annual financial statements prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted. These condensed consolidated unaudited financial statements should be
read in conjunction with a reading of the Companys consolidated financial statements and notes thereto. Interim results
of operations for the three and six months ended June 30, 2015 are not necessarily indicative of future results for the full year.
Certain amounts from the 2014 period have been reclassified to conform to the presentation used in the current period.
The condensed consolidated unaudited
financial statements of the Company include the consolidated accounts of Agritek and its
wholly owned subsidiaries, AVHI and Prohibition Products, Inc. (PPI). PPI, a Florida corporation, was originally
formed on July 1, 2013 as The American Hemp Trading Company, Inc. (AHTC) and on August 27, 2014, AHTC changed its
name to PPI. All intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents
The Company considers all highly liquid
investments with an original term of three months or less to be cash equivalents.
Accounts Receivable
The Company records accounts receivable
from amounts due from its customers upon the shipment of products. The allowance for losses is established through a provision
for losses charged to expenses. Receivables are charged against the allowance for losses when management believes collectability
is unlikely. The allowance is an amount that management believes will be adequate to absorb estimated losses on existing receivables,
based on evaluation of the collectability of the accounts and prior loss experience. While management uses the best information
available to make its evaluations, this estimate is susceptible to significant change in the near term. As of September 30, 2015,
based on the above criteria, the Company has an allowance for doubtful accounts of $44,068.
Inventory
Inventory is valued at the lower of cost or
market value. Cost is determined using the first in first out (FIFO) method. Provision for potentially obsolete or slow moving
inventory is made based on management analysis or inventory levels and future sales forecasts.
Deferred Financing Costs
The costs related to the issuance of debt are
capitalized and amortized to interest expense using the straight-line method through the maturities of the related debt.
Derivative Financial Instruments
The Company does not use derivative
instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments,
including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially
recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or
credits to income.
For option-based simple derivative financial
instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities
or as equity, is re-assessed at the end of each reporting period.
Debt Issue Costs and Debt Discount
The Company may record debt issue costs
and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid in the
form of cash. These costs are amortized to interest expense over the life of the debt. If a conversion
of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Original Issue Discount
For certain convertible debt issued,
the Company may provide the debt holder with an original issue discount. The original issue discount would be recorded
to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.
Investment of Non-Marketable Securities
The Companys investment in non-marketable
securities consist of cash investments in a less than 10% interest in privately held companies that provide merchant processing
services.
Property and Equipment
Property and equipment are
stated at cost, and except for land, depreciation is provided by use of a straight-line method over the estimated useful lives
of the assets. The Company reviews property and equipment for potential impairment whenever events or changes in circumstances
indicate that the carrying amounts of assets may not be recoverable. In November 2015, the Company was made aware that the land
transaction regarding 80 acres in Pueblo County, Colorado, may not have been properly deeded to the Company. The company
was a party to the land purchase, however, it was recently discovered the second party to the land contract never filed the
original quit claim deed on behalf of the Company, even though a copy of the notarized quit claim deed was sent to the Company.
To date, the Company has paid a total of $47,438 ($36,000 at closing) and is on the deed of trust of the property with a remaining
note balance of $74,313 held by the original owner. Accordingly, until the deed is properly recorded, the Company
reduced the remaining balance of the note payable for the acquisition of the land of $74,313 and recorded a reserve allowance for
the remaining balance of the asset of $54,490. The estimated useful lives of property and equipment are as follows:
Furniture and equipment 5
years
The Company's property and equipment consisted of the following
at September 30, 2015 and December 31, 2014:
| |
September 30, 2015 | |
December 31, 2014 |
Land | |
$ | 354,269 | | |
$ | 354,269 | |
Allowance for land loss, including note elimination of $74,313 | |
| (129,803 | ) | |
| | |
Furniture and equipment | |
| 13,829 | | |
| 13,829 | |
Accumulated depreciation | |
| (4,051 | ) | |
| (1,976 | ) |
Balance | |
$ | 234,244 | | |
$ | 366,122 | |
Depreciation expense of $692 and $2,075
was recorded for the three and nine months ended September 30, 2015, respectively, compared to $491 and $1,341 for the three and
nine months ended September 30, 2014, respectively.
Revenue Recognition
The Company recognizes revenue in accordance
with the Financial Standards Accounting Boards (the FASB) Accounting Standards Codification (ASC)
605, Revenue Recognition. ASC 605 requires that four basic criteria are met: (1) persuasive evidence of an arrangement exists,
(2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectability is reasonably assured.
The Company recognizes revenue during the month in which products are shipped or commissions are earned.
Fair Value of Financial Instruments
Fair value measurements are determined
under a three-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair
value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of
the reporting entity (observable inputs) and the reporting entitys own assumptions about market participant
assumptions developed based on the best information available in the circumstances (unobservable inputs).
Fair value is the price that would be
received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction
between market participants at the measurement date. In determining fair value, the Company primarily uses prices and other relevant
information generated by market transactions involving identical or comparable assets (market approach). The Company
also considers the impact of a significant decrease in volume and level of activity for an asset or liability when compared with
normal activity to identify transactions that are not orderly.
The highest priority is given to unadjusted
quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level
3 measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement.
The three hierarchy levels are
defined as follows:
Level 1 Quoted
prices in active markets that is unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 Quoted
prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in
active markets or financial instruments for which significant inputs are observable, either directly or indirectly;
Level 3 Prices
or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Credit risk adjustments are applied
to reflect the Companys own credit risk when valuing all liabilities measured at fair value. The methodology is consistent
with that applied in developing counterparty credit risk adjustments, but incorporates the Companys own credit risk as observed
in the credit default swap market.
The Company's financial instruments
consist primarily of cash, accounts receivable, notes receivable, accounts payable and accrued expenses, note payable and convertible
debt. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term
maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative
of the amounts the Company would realize in a current market exchange or from future earnings or cash flows.
Income Taxes
The Company accounts for income taxes
in accordance with ASC 740-10, Income Taxes. Deferred tax assets and liabilities are recognized to reflect the estimated future
tax effects, calculated at the tax rate expected to be in effect at the time of realization. A valuation allowance related to a
deferred tax asset is recorded when it is more likely than not that some portion of the deferred tax asset will not be realized.
Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.
ASC 740-10 prescribes a recognition
threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on
recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues.
Interest and penalties are classified as a component of interest and other expenses. To date, the Company has not been assessed,
nor paid, any interest or penalties.
Uncertain tax positions are measured
and recorded by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected
to be taken in a tax return. Only tax positions meeting the more-likely-than-not recognition threshold at the effective date may
be recognized or continue to be recognized. The Companys tax years subsequent to 2005 remain subject to examination by federal
and state tax jurisdictions.
Earnings (Loss) Per Share
Earnings (loss) per share are computed
in accordance with ASC 260, "Earnings per Share". Basic earnings (loss) per share is computed by dividing net income
(loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common
stock outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number
of shares of common stock, common stock equivalents and other potentially dilutive securities, if any, outstanding during the period.
As of September 30, 2015 there were warrants and options to purchase 1,000,000 shares of common stock and the Companys outstanding
convertible debt is convertible into approximately 575,415,654 shares of common stock. These amounts are not included in the computation
of dilutive loss per share because their impact is antidilutive.
Accounting for Stock-Based Compensation
The Company accounts for stock awards
issued to non-employees in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. The measurement date is the earlier
of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the
date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective
measurement dates based on the trading price of the Companys common stock and recognized as expense during the period in
which services are provided.
For the three and nine months ended
September 30, 2015, the Company recorded stock and warrant based compensation of $96,741 and $551,475, respectively compared to
$214,000 and $264,000 for the three and nine months ended September 30, 2014, respectively. (See Notes 7 and 8).
Use of Estimates
The preparation of consolidated 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 disclosures of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reported period.
Actual results could differ from those estimates.
Advertising
The Company records advertising costs
as incurred. For the three and nine months ending September 30, 2015, advertising expense was $25,756 and $63,510, respectively,
compared to $22,032 and $50,835 for the three and nine months ended September 30, 2014, respectively.
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v3.3.1.900
Recent Accounting Pronouncements
|
9 Months Ended |
Sep. 30, 2015 |
Accounting Changes and Error Corrections [Abstract] |
|
Recent Accounting Pronouncements |
Note 3 Recent Accounting Pronouncements
Accounting standards that have been
issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected
to have a material impact on the consolidated financial statements upon adoption.
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- DefinitionThe entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
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v3.3.1.900
Impairment of Goodwill
|
9 Months Ended |
Sep. 30, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Impairment of Goodwill |
Note 4 Impairment of Goodwill
On September
12, 2014, the Company completed the asset acquisition of the entire line of products, technology and customers of Dry Vapes
Holdings, Inc. (Dry Vapes). Dry Vapes is an importer, marketer and distributor of innovative vaporizers and accessories
with over 11,000 social network followers. Dry Vapes has historically sold its product under the logo DV on eBay and other websites.
The Company plans to develop a full line of products under the "Mont Blunt" brand name and market it to Brick and Mortar
smoke shops nationally in the upcoming months. The company will operate the business under PPI.
The Company recorded the acquisition
using the acquisition method, which requires the Company to record the acquired assets and assumed liabilities (if any) at their
acquisition date fair values and record any excess of the consideration given, including liabilities assumed (if any) over the
fair value of the assets acquired as goodwill. The acquired assets consisted solely of inventory. The transaction resulted in the
Company recording goodwill of $192,849. Based on events and changes in circumstances on June 30, 2015, the Company reviewed the
carrying amount of the goodwill, and determined that the carrying amount may not be recoverable and accordingly recognized an impairment
loss of $192,849 for the nine months ended September 30, 2015. The Company also recorded a reserve for inventory loss of $32,529
for the nine months ended September 30, 2015.
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v3.3.1.900
Sales Concentration and Concentration of Credit Risk
|
9 Months Ended |
Sep. 30, 2015 |
Risks and Uncertainties [Abstract] |
|
Sales Concentration and Concentration of Credit Risk |
Note 5 Sales Concentration
and Concentration of Credit Risk
Cash
Financial instruments that potentially subject the Company to concentrations
of credit risk consist principally of cash. The Company maintains cash balances at one financial institution,
which is insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC insured institution insures
up to $250,000 on account balances.
Sales and Accounts Receivable
Following is a summary of customers
who accounted for more than ten percent (10%) of the Companys revenues for the three and nine months ended September 30,
2015 and 2014 and the accounts receivable balance as of September 30, 2015:
| |
2014 | |
2015 | |
|
Customer | |
Sales % Three
Months Ended
September 30, | |
Sales % Nine
Months Ended
September 30, | |
Sales % Three
Months Ended
September 30, | |
Sales % Nine
Months Ended
September 30, | |
Accounts
Receivable
Balance as of
September 30,
2015 |
| A | | |
| 46 | % | |
| 40 | % | |
| | | |
| | | |
$ | | |
| B | | |
| 25 | % | |
| 18 | % | |
| | | |
| | | |
$ | | |
| C | | |
| 19 | % | |
| | | |
| | | |
| | | |
$ | | |
| D | | |
| | | |
| 17 | % | |
| | | |
| | | |
$ | | |
| E | | |
| | | |
| | | |
| | | |
| 70 | % | |
$ | | |
| F | | |
| | | |
| | | |
| | | |
| 22 | % | |
$ | | |
Purchases
For the three and nine months ended
September 30, 2014, 100% of the Companys purchases were from one vendor related to the purchase of our tobacco product line.
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v3.3.1.900
Convertible Debt and Note Payable
|
9 Months Ended |
Sep. 30, 2015 |
Debt Disclosure [Abstract] |
|
Convertible Debt and Note Payable |
Note 6 Convertible Debt
and Note Payable
2014 Convertible Note
In January 2014, the Company entered into a
Secured Promissory Note for $1,660,000 (the 2014 Company Note) to Tonaquint, Inc. (Tonaquint) which
includes a purchase price of $1,500,000 and transaction costs of $160,000. On January 31, 2014, the Company received $300,000 of
the purchase price. Tonaquint also issued to the Company 6 secured promissory notes, each in the amount of $200,000 (the 2014 Investor
Notes). All or any portion of the outstanding balance of the 2014 Investor Notes may be prepaid, without penalty, along
with accrued but unpaid interest at any time prior to maturity. The Company has no obligation to pay Tonaquint any amounts on the
unfunded portion of the 2014 Company Note. The 2014 Company Note bears interest at 8% per annum (increases to 22% per annum upon
an event of default) and is convertible into shares of the Companys common stock at Tonaquints option at a price
of $0.55 per share, exercisable in seven tranches, consisting of a first tranche of $340,000 of principal and any interest, fees
costs or charges, and six additional tranches of $220,000 each, plus any interest, costs, fees or charges.
Beginning on the date that is six (6) months
after the later of (i) the Issuance Date, and (ii) the date the Initial Cash Purchase Price is paid to the Company (the Initial
Installment Date), and on each applicable Installment Date thereafter, the Company is to pay the Holder, the applicable
Installment Amount due on such date. Ten Installment Amounts of $166,000 plus the sum of any accrued and unpaid interest, fees,
costs or charges may be made (a) in cash (a Company Redemption), (b) by converting such Installment Amount into shares
of Common Stock (a Company Conversion), or (c) by any combination of a Company Conversion and a Company Redemption
so long as the entire amount of such Installment Amount due shall be converted and/or redeemed by the Company on the applicable
Installment Date. The 2014 Company Note matured fifteen months after the Issuance Date.
During the year ended December 31, 2014,
the Company received an additional $800,000 of the purchase price and an additional $200,000 (including $21,188 of interest) during
the nine months ended September 30, 2015. As of September 30, 2015, the balance of the purchase price of $221,188 is included in
Notes receivable on the unaudited condensed consolidated financial statements included herein, as well as $25,775 of interest receivable.
During the three and nine months ended September 30, 2015, the Company recorded interest expense of $106,773 and $290,125, respectively,
and increased accrued interest expense by $290,125 for amounts due Tonaquint, pursuant to the 2014 Company Note. As of September
30, 2015, $696,287 of principal and accrued interest of $345,957 is outstanding on the 2014 Company Note.
During the nine months ended September
30, 2015, the Company issued the following shares of common stock upon the conversions of portions of the 2014 Company Note:
Date | |
Principal
Conversion | |
Interest
Conversion | |
Total
Conversion | |
Conversion
Price | |
Shares
Issued |
| 1/3/15 | |
$ | 65,460 | | |
$ | 9,540 | | |
$ | 75,000 | | |
$ | .045 | | |
| 1,665,445 | |
| 1/28/15 | |
$ | 54,123 | | |
$ | 8,377 | | |
$ | 62,500 | | |
$ | .0334 | | |
| 1,869,187 | |
| 2/20/15 | |
$ | 55,901 | | |
$ | 9,099 | | |
$ | 65,000 | | |
$ | .0244 | | |
| 2,668,309 | |
| 3/13/15 | |
$ | 60,000 | | |
$ | | | |
$ | 60,000 | | |
$ | .0244 | | |
| 2,463,045 | |
| 3/31/15 | |
$ | 66,555 | | |
$ | 8,445 | | |
$ | 75,000 | | |
$ | .0125 | | |
| 5,985,634 | |
| 5/5/15 | |
$ | 66,731 | | |
$ | 8,269 | | |
$ | 75,000 | | |
$ | .0125 | | |
| 6,008,171 | |
| 6/2/15 | |
$ | 67,277 | | |
$ | 7,723 | | |
$ | 75,000 | | |
$ | .0095 | | |
| 7,917,238 | |
| 6/29/15 | |
$ | 67,483 | | |
$ | 7,517 | | |
$ | 75,000 | | |
$ | .0055 | | |
| 13,678,643 | |
| 7/29/15 | |
$ | 29,368 | | |
$ | 7,262 | | |
$ | 36,630 | | |
$ | .003663 | | |
| 10,000,000 | |
| 8/13/15 | |
$ | 27,473 | | |
$ | | | |
$ | 27,473 | | |
$ | .003663 | | |
| 7,500,000 | |
| | | |
$ | 560,371 | | |
$ | 66,232 | | |
$ | 626,603 | | |
| | | |
| 59,255,672 | |
2015 Convertible Notes
On March 2, 2015, the Company issued
a Convertible Promissory Note for $79,000 to Vis Vires Group (Vis Vires). The Company received net proceeds of $75,000
after debt issuance costs of $4,000 paid for lender legal fees. The Note matured on November 25, 2015 and can be converted at a
39% discount to the market price as defined in the Note. On September 3, 2015, Vis Vires converted $10,000 of principal at a conversion
price of $0.0019 and the Company issued 5,263,158 shares of common stock. On September 10, 2015, Vis Vires converted $19,800 of
principal at a conversion price of $0.0012 and the Company issued 16,500,000 shares of common stock. As of September 30, 2015,
the principal balance of the Vis Vires note is $49,200.
On March 27, 2015, the Company issued
a Convertible Promissory Note for $27,000 to GW Holding Group, LLC (GW). On March 31, 2015, the Company received
net proceeds of $25,000 after debt issuance costs of $2,000 paid for lender legal fees. The Note matures March 27, 2016 and converts
at a 42% discount to the market price as defined in the Note.
March 27, 2015, the Company issued a
Convertible Promissory Note for $78,750 to LG Capital Funding, LLC (LG). The Company received net proceeds of $75,000
after debt issuance costs of $3,750 paid for lender legal fees. The Note matures March 27, 2016 and converts at a 42% discount
to the market price as defined in the Note.
On
March 30, 2015, the Company issued a Convertible Promissory Note for $27,000 to Service Trading Company, LLC (Service
Trading). On April 6, 2015, the Company received net proceeds of $25,000 after debt issuance costs of $2,000 paid for lender
legal fees. The Note matures March 30, 2016 and converts at a 42% discount to the market price as defined in the Note.
The
debt issuance costs of $11,750 in the aggregate included in the 2015 Convertible Notes, will be amortized over the earlier of
the terms of the Note or any redemptions and accordingly, $3,667 and $8,899, respectively, has been expensed as debt issuance
costs (included in interest expense) for the three and nine months ended September 30, 2015. As of September 30, 2015, $181,950
of principal and accrued interest of $8,750 is outstanding on the 2015 Convertible Notes, and the principal amount is carried
at $105,881, net of a remaining note discount of $76,069.
Among other terms the 2015 Notes are
due nine to twelve months from their issuance date, bearing interest at 8% per annum, payable in cash or shares at a conversion
price (the Conversion Price) for each share of common stock equal to 39% - 42% of the average of the lowest three
trading prices (as defined in the note agreements) per share of the Companys common stock for the ten to eighteen trading
days immediately preceding the date of conversion. Upon the occurrence of an event of default, as defined in the 2015 Convertible
Notes, the Company was required to pay interest at 22% per annum and the holders could at their option declare a Note, together
with accrued and unpaid interest, to be immediately due and payable. In addition, the 2015 Convertible Notes provide for adjustments
for dividends payable other than in shares of common stock, for reclassification, exchange or substitution of the common stock
for another security or securities of the Company or pursuant to a reorganization, merger, consolidation, or sale of assets, where
there is a change in control of the Company.
The Company determined that the conversion
feature of the 2015 Convertible Notes represent an embedded derivative since the Notes are convertible into a variable number of
shares upon conversion. Accordingly, the 2015 Convertible Notes were not considered to be conventional debt under EITF 00-19 and
the embedded conversion feature was bifurcated from the debt host and accounted for as a derivative liability. Accordingly, the
fair value of these derivative instruments being recorded as a liability on the consolidated balance sheet with the corresponding
amount recorded as a discount to each Note. Such discount is being amortized from the date of issuance to the maturity dates of
the Notes. The change in the fair value of the liability for derivative contracts are recorded in other income or expenses in the
consolidated statements of operations at the end of each quarter, with the offset to the derivative liability on the balance sheet.
The embedded feature included in the 2015 Convertible Notes resulted in an initial debt discount of $211,750, a initial derivative
liability expense of $71,761 and an initial derivative liability of $283,511.
As of September 30, 2015 the Company
revalued the embedded conversion feature of the 2015 Convertible Notes. The fair value of the 2015 Convertible Notes was calculated
at September 30, 2015 based on the Black Scholes method consistent with the terms of the related debt.
A summary of the derivative liability balance as of September
30, 2015 is as follows:
| |
2015 |
Beginning Balance | |
$ | | |
Initial Derivative Liability | |
| 283,511 | |
Fair Value Change | |
| (47,019 | ) |
Reduction for conversions | |
| (36,448 | ) |
Ending Balance | |
$ | 200,044 | |
The fair value at the commitment and
re-measurement dates for the Companys derivative liabilities were based upon the following management assumptions as of
September 30, 2015:
| |
Commitment date | |
Remeasurement date |
Expected dividends | |
| -0- | | |
| -0- | |
Expected volatility | |
| 121%-127% | | |
| 190%-215% |
|
Expected term | |
| 9-12 months | | |
| 2-6 months |
|
Risk free interest | |
| 0.15%-0.27% | | |
| 0.00%-0.08% |
|
A summary of the convertible notes payable balance as of
September 30, 2015 is as follows:
| |
2015 |
Beginning Balance | |
$ | 1,256,658 | |
Convertible notes-newly issued | |
| 211,750 | |
Conversion of convertible notes | |
| (590,171 | ) |
Discount | |
| (76,069 | ) |
Ending Balance | |
$ | 802,168 | |
Note Payable Land
On March 18, 2014, in conjunction
with the land purchase of 80 acres in Pueblo County, Colorado, the Company paid $36,000 cash and entered into a promissory
note in the amount of $85,750. The promissory note is being amortized on the basis of five (5) years, with principal payments
of $17,150 plus interest at 3.5% due annually on December 1 of each year. Payments begin December 1, 2014, and shall be due
on the first day of each succeeding December, with any balance of principal and accrued interest due December 1, 2020. On
March 4, 2015, and May 4, 2015, the Company paid $9,000 and $2,437, respectively, of the December 1, 2014 amount. As of
September 30, 2015, the balance of note is $74,313, including a past due amount of $5,713 of the December 2014 amount
due.
In November 2015, the Company was made aware that the land
transaction regarding 80 acres in Pueblo County, Colorado, may not have been properly deeded to the Company. The company
was a party to the land purchase, however, it was recently discovered the second party to the land contract never filed the
original quit claim deed on behalf of the Company, even though a copy of the notarized quit claim deed was sent to the Company.
To date, the Company has paid a total of $47,438 ($36,000 at closing) and is on the deed of trust of the property with a remaining
note balance of $74,313 held by the original owner. Accordingly, until the deed is properly recorded, the Company
reduced the remaining balance of the note payable for the acquisition of the land of $74,313 and recorded a reserve allowance for
the remaining balance of the asset of $54,490.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.3.1.900
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note 7 Related Party Transactions
Management
Fees and Stock Compensation Expense
Effective January 1, 2013, the Company
agreed to an annual compensation of $150,000 for its CEO, Mr. Michael Friedman (resigned March 20, 2015), and $96,000 (resigned
September 15, 2015) for the CFO, Mr. Barry Hollander. For 2014, the Company and the CFO agreed that up to $5,000 per month can
be paid in cash and the balance in restricted shares of common stock.
For the three and nine months ended
September 30, 2015 and 2014, the Company recorded expenses to its officers the following amounts included in Administrative and
Management Fees in the condensed consolidated statements of operations, included herein:
| |
Three months ended September 30, | |
Nine months ended September 30, |
| |
2015 | |
2014 | |
2015 | |
2014 |
CEO | |
$ | 16,539 | | |
$ | | | |
$ | 46,154 | | |
$ | | |
Former CEO | |
| | | |
| 37,500 | | |
| 37,500 | | |
| 112,500 | |
CFO | |
| 20,000 | | |
| 24,000 | | |
| 68,000 | | |
| 72,000 | |
Total | |
$ | 36,539 | | |
$ | 61,500 | | |
$ | 151,654 | | |
$ | 184,500 | |
As of September 30, 2015 and December
31, 2014, the Company owed to its officers the following amounts, included in deferred compensation on the Companys condensed
consolidated balance sheet:
| |
September 30, | |
December 31, |
| |
2015 | |
2014 |
Former CEO | |
$ | 16,420 | | |
$ | 80,082 | |
CFO | |
| 15,962 | | |
| 1,579 | |
Total | |
$ | 32,382 | | |
$ | 81,661 | |
Effective March 20, 2015, Mr. Justin
Braune was named CEO and President. Mr. Braune also was appointed to the Board of Directors. B. Michael Friedman resigned his role
as CEO and also from the Board of Directors, and was named to the Advisory Board to the Companys Board of Directors. The
Company agreed to an annual compensation of $100,000 for Mr. Braune in his role of CEO and Director of the Company and to issue
Mr. Braune 15,000,000 shares of restricted common stock. For the three and nine months ended September 30, 2015, the Company has
included $16,538 and $46,153, respectively, for Mr. Braunes salary in Administrative and Management Fees in the condensed
consolidated statements of operations. Mr. Braune resigned from the board of directors and as CEO on November 4, 2015.
The shares of common stock will vest
as follows: 5,000,000, shares on the six month anniversary of the Agreement and 10,000,000 shares on the one year anniversary of
the Agreement. The Company valued the 15,000,000 shares of common stock at $300,000 ($0.02 per share, the market price of the common
stock) and recorded the $300,000 as deferred stock compensation in the equity section of the balance sheet, and will amortize the
deferred stock compensation as the shares of common stock vest. Accordingly, the Company has included $94,370 and $204,110, respectively,
for the three and nine months ended September 30, 2015 in stock compensation expense. The remaining $95,890 of deferred stock compensation
will be expensed over the vesting period.
On April 14, 2015, the Company appointed
Dr. Stephen Holt to the Advisory Board of the Board of Directors of the Company. The Company issued 5,000,000 shares of restricted
common stock to Dr. Holt for his appointment. The Company valued the 5,000,000 shares of common stock at $100,000 ($0.02 per share,
the market price of the common stock on the grant date) as stock compensation expense for the nine months ended September 30, 2015.
Additionally, the Company agreed the advisor shall receive a non-qualified stock option to purchase 1,000,000 shares (Option
Shares) of the Companys common stock at an exercise price equal to $0.05 per share. 400,000 Option Shares vested
immediately and the remaining 600,000 Option Shares vest over 12 months. Accordingly, the Company has recorded $2,371 and $11,065
for the three and nine months ended September 30, 2015 in stock compensation expense.
Effective June 26, 2015, the Company
issued 1,000 shares of Class B Preferred Stock (super voting rights, non-convertible securities) to Mr. Friedman, resulting in
Mr. Friedman having majority control in determining the outcome of all corporate transactions subject to vote, including the election
of officers.
Amounts
Due from 800 Commerce, Inc.
800 Commerce, Inc., a commonly controlled entity,
owed Agritek $277,973 and $236,759 as of September 30, 2015 and December 31, 2014, respectively, as a result of advances received
from or payments made by Agritek on behalf of 800 Commerce. These advances are non-interest bearing and are due on demand and are
included in Due from Related Party on the balance sheet herein.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Common and Preferred Stock
|
9 Months Ended |
Sep. 30, 2015 |
Equity [Abstract] |
|
Common and Preferred Stock |
Note 8 Common and Preferred
Stock
Common
Stock
During the nine months ended September
30, 2015, the Company issued 59,755,672 shares of common stock in satisfaction of $626,603 of principal and accrued and unpaid
interest against the 2014 Company Note (see Note 6).
During the nine months ended September
30, 2015, the Company issued 21,763,158 shares of common stock in satisfaction of $29,800 of principal against the 2015 Convertible
Note issued to Vis Vires (see Note 6).
On March 20, 2015, the Company issued
15,000,000 shares of common stock to the Companys CEO in connection with an employment and board of directors agreement
naming Mr. Braune as CEO, President and a member of our Board of Directors. The shares of common stock will vest as follows: 5,000,000,
shares on the six month anniversary of the Agreement and 10,000,000 shares on the one year anniversary of the Agreement.
On April 14, 2015, the Company appointed
Dr. Stephen Holt to the Advisory Board of the Board of Directors of the Company. The Company issued 5,000,000 shares of restricted
common stock to Dr. Holt for his appointment.
Warrants and Options
On April 26, 2013, and in connection
with the appointment of Mr. Jayme Canton to the Companys advisory board, the Company issued a warrant to Mr. Canton to purchase
300,000 shares of common stock. The warrant has an exercise price of $0.50 per share, remains outstanding and expires April 26,
2016.
On April 14, 2015, in connection with
the appointment of Dr. Stephen Holt to the advisory board, the Company agreed the advisor shall receive a non-qualified stock option
to purchase 1,000,000 shares (Option Shares) of the Companys common stock at an exercise price equal to $0.05
per share. The options remain outstanding and expire April 14, 2018.
Preferred Stock
On June 26, 2015, the Company filed
with the Delaware Secretary of State the Amended and Restated Designation Preferences and Rights (the Certificate of Designation)
of Class B Preferred Stock (the Series B Preferred Stock). Pursuant to the Certificate of Designation, 1,000 shares
constitute the Series B Preferred Stock. The Series B Preferred Stock and any accrued and unpaid dividends thereon shall, with
respect to rights on liquidation, winding up and dissolution, rank senior to the Companys issued and outstanding common
stock and Series A preferred stock.
The Series
B Preferred
Stock has the right to vote in aggregate, on all shareholder matters equal
to 51% of the total vote, no matter how many shares of common stock or other voting stock of the Company are issued or outstanding
in the future. The Series B Preferred Stock has a right to vote on all matters presented or
submitted to the Companys stockholders for approval in pari passu with the common stockholders, and not as a separate class.
The holders of Series B Preferred Stock have the right to cast votes for each share of Series B Preferred Stock held of record
on all matters submitted to a vote of common stockholders, including the election of directors. There is no right to cumulative
voting in the election of directors. The holders of Series B Preferred Stock vote together with all other classes and series of
common stock of the Company as a single class on all actions to be taken by the common stockholders except to the extent that voting
as a separate class or series is required by law. The Series B Preferred Stock has no conversion rights.
On June 26, 2015, the Company issued
1,000 shares of Class B Preferred Stock. The Company estimated the fair value of the shares of the Series B Preferred Stock (super
voting rights, non-convertible securities) at $276,300 for purposes of solely determining the proper accounting treatment and valuation
in accordance with ASC 820, Fair Value in Financial Instruments. The Company recorded $40,000 as payment towards accrued and unpaid
fees owed Mr. Friedman and $236,300 as stock compensation expense.
As of September 30, 2015, the Company
had 1,000 shares of Class B Preferred Stock, par value $0.01 outstanding.
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v3.3.1.900
Income Taxes
|
9 Months Ended |
Sep. 30, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 9 Income Taxes
Deferred income taxes reflect the net
tax effects of operating loss and tax credit carry forwards and temporary differences between carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets,
management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in
which temporary differences representing net future deductible amounts become deductible. Due to the uncertainty of the Companys
ability to realize the benefit of the deferred tax assets, the deferred tax assets are fully offset by a valuation allowance at
September 30, 2015 and 2014.
As of September 30, 2015, the Company
had a tax net operating loss carry forward of approximately $2,681,000. Any unused portion of this carry forward expires in 2030.
Utilization of this loss may be limited in the event of an ownership change pursuant to IRS Section 382.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note 10 Commitments and Contingencies
Effective April 1, 2014, the Company
entered into a rent sharing agreement for the use of 1,300 square feet with a company controlled by the Companys CFO. The
Company agreed to pay $1,350 per month for the space. The Company terminated the agreement in September 2015.
In April 2014, the Company entered into
a ten year sublease agreement for the use of up to 7,500 square feet with a Colorado based
oncology clinical trial and drug testing company and facility presently doing cancer research and testing for established pharmaceutical
companies seeking FDA approval for new drugs. Pursuant to the lease, as amended, the Company agreed to pay $3,500 per month
for the space, and it will be utilized to market, sell and distribute products to Colorado dispensaries.
Effective April 10, 2015, the Company
entered into a four month lease agreement for the use of 170 square feet in California, for office space for our CEO. The Company
agreed to pay $1,300 for the use of the space. The agreement expired in August 2015.
For the three and nine months ended
September 30, 2015, the Company recorded rent expense of $18,029 and $34,211, respectively, compared to $24,816 and $51,886, respectively,
for the three and nine months ended September 30, 2014.
On April 10, 2015, the Company entered
into a Consulting Agreement (the Agreement) with Windsor McKenna (the Consultant). Pursuant to the
Agreement, the Consultant will provide professional marketing and strategy consulting services to the Company for a one year period
unless terminated by either party with a 30-day written notice. The Company will compensate the Consultant a one-time fee of $9,000
plus $2,500 in additional costs for travel during Phase 1, expected to be 30-45 days, $8,000 a month for the following 3 months
and $10,000 a month for the remainder of the term of the Agreement.
On May 29, 2015, the Company entered
into a Contract Services Agreement (the Services Agreement) with Kazzlo International, LLC (Kazzlo).
Pursuant to the Services Agreement, Kazzlo will test, develop and deploy a new, responsive website to the Company for a one year
period unless terminated by either party with a 10 day written notice. The Company will compensate Kazzlo at a rate of $40 per
hour, not to exceed $7,000 for the website development.
Leased Properties
for Sub-lease
On April 28, 2014,
the Company executed and closed a 10 year lease agreement for 20 acres of an agricultural farming facility located in South Florida
following the approval of the so-called Charlottes Web legislation, aimed at decriminalizing low grade marijuana
specifically for the use of treating epilepsy and cancer patients. Pursuant to the lease agreement, the Company maintains
a first right of refusal to purchase the property for three years. The Company prepaid the first year lease amount of $24,000 and
has recorded $9,561 and $28,683, respectively, of expense (included in leased property expenses) for the three and nine months
ended September 30, 2015. For the three and nine months ended September 30, 2014, the Company recorded $9,561 and $15,935 of expense
respectively. The Company is currently in default of the lease agreement, as rents have not
been for the second year of the lease beginning May 2015.
On July 11, 2014,
the Company signed a ten year lease agreement for an additional 40 acres in Pueblo, Colorado.
The lease requires monthly rent payments of $10,000 during the first year and is subject to a 2% annual increase over the life
of the lease. The lease also provides rights to 50 acres of certain tenant water rights for $50,000 annually plus cost of approximately
$2,400 annually. The Company paid the $50,000 in July 2014. The water rights ensure the Companys non-interruption of operations
on behalf of new tenants qualified as fully registered and licensed grow and manufacturing operations. The Company has recorded
$34,933 and $125,633 of expense for the three and nine months ended September 30, 2015 (included in leased property expenses) related
to the land and water rights. The Company is currently in default of the lease agreement, as rents have not been paid since February
2015.
Other
On March 2, 2015, the Company and the
Companys CEO, at the time, and the Companys CFO were named in a civil complaint filed by Erick Rodriguez, a former
officer of the Company, in the District Court in Clark County, Nevada. The complaint alleges that Mr. Rodriguez never received
250,000 shares of Series B preferred stock that were initially approved by the Board of Directors in 2012. Mr. Rodriguez resigned
in June 2013, and the Company cancelled the issuance of the shares to Mr. Rodriguez on the Companys books and records.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Going Concern
|
9 Months Ended |
Sep. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
Note 11 Going Concern
The accompanying condensed consolidated
financial statements have been prepared assuming the Company will continue as a going concern. As of September 30, 2015 the Company
had an accumulated deficit of $13,523,292 and working capital deficit of $1,139,678. These conditions
raise substantial doubt about the Company's ability to continue as a going concern. The consolidated
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.3.1.900
Subsequent Events
|
9 Months Ended |
Sep. 30, 2015 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note 12 Subsequent Events
On October 1, 2015, the Company issued
3,524,027 shares of common stock upon the conversion of $2,862 of principal and accrued and unpaid interest on the 2015 LG Note.
The shares were issued at approximately $0.000812 per share.
On October 9, 2015, the Company issued
7,340,834 shares of common stock upon the conversion of $4,684 of principal and accrued and unpaid interest on the 2015 Service
Trading Note. The shares were issued at approximately $0.000638 per share.
On October 12, 2015, the Company issued
4,494,567 shares of common stock upon the conversion of $3,650 of principal and accrued and unpaid interest on the 2015 GW Note.
The shares were issued at approximately $0.000812 per share.
On October 13, 2015, the Company issued
5,995,275 shares of common stock upon the conversion of $5,216 of principal and accrued and unpaid interest on the 2015 LG Note.
The shares were issued at approximately $0.00087 per share.
On October 14, 2015, the Company issued 24,400,000 shares of common stock upon the conversion of $24,473 of principal and accrued
and unpaid interest on the 2014 Company Note. The shares were issued at approximately $0.0014 per share.
On October 26, 2015, Heather Bush notified
the Company that she is resigning as the Companys Chief Financial Officer.
On November 5, 2015, the Company issued
9,036,379 shares of common stock upon the conversion of $5,765 of principal and accrued and unpaid interest on the 2015 LG Note.
The shares were issued at approximately $0.000638 per share.
On November 4, 2015, Justin Braune resigned
as the CEO and as the sole member of the Board of Directors of the Company. Prior to his resignation Braune appointed B. Michael
Friedman to the Board of Directors of the Company and Mr. Friedman also agreed to act as Interim CEO.
On November 17, 2015, the Company issued
21,730,000 shares of common stock upon the conversion of $20,796 of principal and accrued and unpaid interest on the 2014 Company
Note. The shares were issued at approximately $0.001 per share.
On December 16, 2015, the Company and
AVHI, the Companys wholly owned subsidiary entered into a Deed in Lieu of Foreclosure Agreement (the Agreement)
with Tonaquint, pursuant to which in exchange for the Company conveying its interest in the Companys Nevada owned
real estate (the Property) Tonaquint agreed to refrain and forbear from exercising and enforcing its remedies under
their 2014 Convertible Note (see Note 6). Additionally, the Company received $25,000 and a reduction of the Note balance of $500,000.
AVHI previously paid approximately $225,000 for the Property. After the transaction the balance of the 2014 Convertible Note was
approximately $311,000.
On January 6, 2016, the Company accepted
and agreed to a Debt Purchase Agreement (the DPA), whereby LG Capital Funding, LLC (LG) acquired the
2015 convertible promissory note from Vis Vires. The Company issued an 8% Replacement Note to LG for $53,613 (the First
Replacement Note). The First Replacement Note is due January 5, 2017 and is convertible into shares of the Companys
common stock at any time at the discretion of LG at a variable conversion price (VCP). The VCP is calculated as the
lowest trading price during the eighteen (18) trading days immediately prior to the conversion date multiplied by fifty eight percent
(58%), representing a forty two percent (42%) discount.
On January 19, 2016, the Company accepted
and agreed to a DPA, whereby LG acquired $157,500 of the Tonaquint 2014 Convertible Note in exchange for $75,000. The Company issued
an 8% Replacement Note to LG for $157,500 (the Second Replacement Note). The Second Replacement Note is due January
19, 2017 and is convertible into shares of the Companys common stock at any time at the discretion of LG at a VCP. The VCP
is calculated as the lowest trading price during the eighteen (18) trading days immediately prior to the conversion date multiplied
by fifty eight percent (58%), representing a forty two percent (42%) discount.
On January 19, 2016, the Company accepted
and agreed to a DPA, whereby Cerebrus Finance Group, LTD (Cerebrus) acquired $156,749.09 of the Tonaquint 2014 Convertible
Note in exchange for $75,000. The Company issued an 8% Replacement Note to Cerebrus for $156,749.09 (the Third Replacement
Note). The Third Replacement Note is due January 19, 2017 and is convertible into shares of the Companys common stock
at any time at the discretion of LG at a VCP. The VCP is calculated as the lowest trading price during the eighteen (18) trading
days immediately prior to the conversion date multiplied by fifty eight percent (58%), representing a forty two percent (42%) discount.
The LG DPA and the Cerebrus DPA resulted
in the Tonaquint Note being paid in full, accordingly as of January 19, 2016, the Company does not owe any amounts to Tonaquint.
On January 19, 2016, the Company completed
the closing of a private placement financing transaction (the Transaction) with LG, pursuant to a Securities Purchase
Agreement (the LG Purchase Agreement). Pursuant to the LG Purchase Agreement, LG purchased an 8% Convertible Debenture
(the LG Debenture) in the aggregate principal amount of $76,080.67, and delivered on January 31, 2016, gross proceeds
of $62,500.00 excluding transaction costs, fees, and expenses.
Principal and interest is due and payable
January 18, 2017, and the LG Debenture is convertible into shares of the Companys common stock at any time at the discretion
of LG at a VCP. The VCP is calculated as the lowest trading price during the eighteen (18) trading days immediately prior to the
conversion date multiplied by fifty eight percent (58%), representing a forty two percent (42%) discount.
The Company may prepay the LG Debenture,
subject to prior notice to LG within an initial 30 day period after issuance, by paying an amount equal to 118% multiplied by the
amount that the Company is prepaying. For each additional 30 day period the amount being prepaid is multiplied by an additional
6%, up to a maximum of 148% on the 180th day from issuance. Beginning on the 180th day after the issuance
of the LG Debenture, the Company is not permitted to prepay the LG Debenture, so long as the LG Debenture is still outstanding,
unless the Company and LG agree otherwise in writing.
On January 19, 2016, the Company completed
the closing of a private placement financing transaction (the Transaction) with Cerebrus, pursuant to a Securities
Purchase Agreement (the Cerebrus Purchase Agreement). Pursuant to the Cerebrus Purchase Agreement, Cerebrus purchased
an 8% Convertible Debenture (the Cerebrus Debenture) in the aggregate principal amount of $34,775, and delivered
on January 25, 2016, gross proceeds of $25,000 excluding transaction costs, fees, and expenses.
Principal and interest is due and payable
January 19, 2017, and the Cerebrus Debenture is convertible into shares of the Companys common stock at any time at the
discretion of Cerebrus at a VCP. The VCP is calculated as the lowest trading price during the eighteen (18) trading days immediately
prior to the conversion date multiplied by fifty eight percent (58%), representing a forty two percent (42%) discount.
The Company may prepay the Cerebrus
Debenture, subject to prior notice to Cerebrus within an initial 30 day period after issuance, by paying an amount equal to 118%
multiplied by the amount that the Company is prepaying. For each additional 30 day period the amount being prepaid is multiplied
by an additional 6%, up to a maximum of 148% on the 180th day from issuance. Beginning on the 180th day
after the issuance of the Cerebrus Debenture, the Company is not permitted to prepay the Cerebrus Debenture, so long as the Cerebrus
Debenture is still outstanding, unless the Company and Cerebrus agree otherwise in writing.
In November 2015, the Company was made aware that the land transaction regarding 80 acres in Pueblo County, Colorado, may
not have been properly deeded to the Company. The company was a party to the land purchase, however, it was recently discovered
the second party to the land contract never filed the original quit claim deed on behalf of the Company, even though a copy
of the notarized quit claim deed was sent to the Company. To date, the Company has paid a total of $47,438 ($36,000 at closing)
and is on the deed of trust of the property. Accordingly, until the deed is properly recorded, the Company reduced the remaining
balance of the note payable for the acquisition of the land of $74,313 and recorded a reserve allowance for the remaining
balance of the asset of $54,490.
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v3.3.1.900
Summary of Significant Account Policies (Policies)
|
9 Months Ended |
Sep. 30, 2015 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis of Presentation and Principles
of Consolidation
The accompanying condensed consolidated
financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments necessary to
present the financial position, results of operations and cash flows for the stated periods have been made. Except as described
below, these adjustments consist only of normal and recurring adjustments. Certain information and note disclosures normally included
in the Companys annual financial statements prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted. These condensed consolidated unaudited financial statements should be
read in conjunction with a reading of the Companys consolidated financial statements and notes thereto. Interim results
of operations for the three and six months ended June 30, 2015 are not necessarily indicative of future results for the full year.
Certain amounts from the 2014 period have been reclassified to conform to the presentation used in the current period.
The condensed consolidated unaudited
financial statements of the Company include the consolidated accounts of Agritek and its
wholly owned subsidiaries, AVHI and Prohibition Products, Inc. (PPI). PPI, a Florida corporation, was originally
formed on July 1, 2013 as The American Hemp Trading Company, Inc. (AHTC) and on August 27, 2014, AHTC changed its
name to PPI. All intercompany accounts and transactions have been eliminated in consolidation.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
The Company considers all highly liquid
investments with an original term of three months or less to be cash equivalents.
|
Accounts Receivable |
Accounts Receivable
The Company records accounts receivable
from amounts due from its customers upon the shipment of products. The allowance for losses is established through a provision
for losses charged to expenses. Receivables are charged against the allowance for losses when management believes collectability
is unlikely. The allowance is an amount that management believes will be adequate to absorb estimated losses on existing receivables,
based on evaluation of the collectability of the accounts and prior loss experience. While management uses the best information
available to make its evaluations, this estimate is susceptible to significant change in the near term. As of September 30, 2015,
based on the above criteria, the Company has an allowance for doubtful accounts of $44,068.
|
Inventory |
Inventory
Inventory is valued at the lower of cost or
market value. Cost is determined using the first in first out (FIFO) method. Provision for potentially obsolete or slow moving
inventory is made based on management analysis or inventory levels and future sales forecasts.
|
Deferred Financing Costs |
Deferred Financing Costs
The costs related to the issuance of debt are
capitalized and amortized to interest expense using the straight-line method through the maturities of the related debt.
|
Derivative Financial Instruments |
Derivative Financial Instruments
The Company does not use derivative
instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments,
including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially
recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or
credits to income.
For option-based simple derivative financial
instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities
or as equity, is re-assessed at the end of each reporting period.
|
Debt Issue Costs and Debt Discount |
Debt Issue Costs and Debt Discount
The Company may record debt issue costs
and/or debt discounts in connection with raising funds through the issuance of debt. These costs may be paid in the
form of cash. These costs are amortized to interest expense over the life of the debt. If a conversion
of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
|
Original Issue Discount |
Original Issue Discount
For certain convertible debt issued,
the Company may provide the debt holder with an original issue discount. The original issue discount would be recorded
to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.
|
Investment of Non-Marketable Securities |
Investment of Non-Marketable Securities
The Companys investment in non-marketable
securities consist of cash investments in a less than 10% interest in privately held companies that provide merchant processing
services.
|
Property and Equipment |
Property and Equipment
Property and equipment are
stated at cost, and except for land, depreciation is provided by use of a straight-line method over the estimated useful lives
of the assets. The Company reviews property and equipment for potential impairment whenever events or changes in circumstances
indicate that the carrying amounts of assets may not be recoverable. In November 2015, the Company was made aware that the land
transaction regarding 80 acres in Pueblo County, Colorado, may not have been properly deeded to the Company. The company
was a party to the land purchase, however, it was recently discovered the second party to the land contract never filed the
original quit claim deed on behalf of the Company, even though a copy of the notarized quit claim deed was sent to the Company.
To date, the Company has paid a total of $47,438 ($36,000 at closing) and is on the deed of trust of the property with a remaining
note balance of $74,313 held by the original owner. Accordingly, until the deed is properly recorded, the Company
reduced the remaining balance of the note payable for the acquisition of the land of $74,313 and recorded a reserve allowance for
the remaining balance of the asset of $54,490. The estimated useful lives of property and equipment are as follows:
Furniture and equipment 5
years
The Company's property and equipment consisted of the following
at September 30, 2015 and December 31, 2014:
| |
September 30, 2015 | |
December 31, 2014 |
Land | |
$ | 354,269 | | |
$ | 354,269 | |
Allowance for land loss, including note elimination of $74,313 | |
| (129,803 | ) | |
| | |
Furniture and equipment | |
| 13,829 | | |
| 13,829 | |
Accumulated depreciation | |
| (4,051 | ) | |
| (1,976 | ) |
Balance | |
$ | 234,244 | | |
$ | 366,122 | |
Depreciation expense of $692 and $2,075
was recorded for the three and nine months ended September 30, 2015, respectively, compared to $491 and $1,341 for the three and
nine months ended September 30, 2014, respectively.
|
Revenue Recognition |
Revenue Recognition
The Company recognizes revenue in accordance
with the Financial Standards Accounting Boards (the FASB) Accounting Standards Codification (ASC)
605, Revenue Recognition. ASC 605 requires that four basic criteria are met: (1) persuasive evidence of an arrangement exists,
(2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectability is reasonably assured.
The Company recognizes revenue during the month in which products are shipped or commissions are earned.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
Fair value measurements are determined
under a three-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair
value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of
the reporting entity (observable inputs) and the reporting entitys own assumptions about market participant
assumptions developed based on the best information available in the circumstances (unobservable inputs).
Fair value is the price that would be
received to sell an asset or would be paid to transfer a liability (i.e., the exit price) in an orderly transaction
between market participants at the measurement date. In determining fair value, the Company primarily uses prices and other relevant
information generated by market transactions involving identical or comparable assets (market approach). The Company
also considers the impact of a significant decrease in volume and level of activity for an asset or liability when compared with
normal activity to identify transactions that are not orderly.
The highest priority is given to unadjusted
quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level
3 measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement.
The three hierarchy levels are
defined as follows:
Level 1 Quoted
prices in active markets that is unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 Quoted
prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in
active markets or financial instruments for which significant inputs are observable, either directly or indirectly;
Level 3 Prices
or valuations that require inputs that are both significant to the fair value measurement and unobservable.
Credit risk adjustments are applied
to reflect the Companys own credit risk when valuing all liabilities measured at fair value. The methodology is consistent
with that applied in developing counterparty credit risk adjustments, but incorporates the Companys own credit risk as observed
in the credit default swap market.
The Company's financial instruments
consist primarily of cash, accounts receivable, notes receivable, accounts payable and accrued expenses, note payable and convertible
debt. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term
maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative
of the amounts the Company would realize in a current market exchange or from future earnings or cash flows.
|
Income Taxes |
Income Taxes
The Company accounts for income taxes
in accordance with ASC 740-10, Income Taxes. Deferred tax assets and liabilities are recognized to reflect the estimated future
tax effects, calculated at the tax rate expected to be in effect at the time of realization. A valuation allowance related to a
deferred tax asset is recorded when it is more likely than not that some portion of the deferred tax asset will not be realized.
Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.
ASC 740-10 prescribes a recognition
threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on
recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues.
Interest and penalties are classified as a component of interest and other expenses. To date, the Company has not been assessed,
nor paid, any interest or penalties.
Uncertain tax positions are measured
and recorded by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected
to be taken in a tax return. Only tax positions meeting the more-likely-than-not recognition threshold at the effective date may
be recognized or continue to be recognized. The Companys tax years subsequent to 2005 remain subject to examination by federal
and state tax jurisdictions.
|
Earnings (Loss) Per Share |
Earnings (Loss) Per Share
Earnings (loss) per share are computed
in accordance with ASC 260, "Earnings per Share". Basic earnings (loss) per share is computed by dividing net income
(loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common
stock outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number
of shares of common stock, common stock equivalents and other potentially dilutive securities, if any, outstanding during the period.
As of September 30, 2015 there were warrants and options to purchase 1,000,000 shares of common stock and the Companys outstanding
convertible debt is convertible into approximately 575,415,654 shares of common stock. These amounts are not included in the computation
of dilutive loss per share because their impact is antidilutive.
|
Accounting for Stock-based Compensation |
Accounting for Stock-Based Compensation
The Company accounts for stock awards
issued to non-employees in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. The measurement date is the earlier
of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the
date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective
measurement dates based on the trading price of the Companys common stock and recognized as expense during the period in
which services are provided.
For the three and nine months ended
September 30, 2015, the Company recorded stock and warrant based compensation of $96,741 and $551,475, respectively compared to
$214,000 and $264,000 for the three and nine months ended September 30, 2014, respectively. (See Notes 7 and 8).
|
Use of Estimates |
Use of Estimates
The preparation of consolidated 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 disclosures of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reported period.
Actual results could differ from those estimates.
|
Advertising |
Advertising
The Company records advertising costs
as incurred. For the three and nine months ending September 30, 2015, advertising expense was $25,756 and $63,510, respectively,
compared to $22,032 and $50,835 for the three and nine months ended September 30, 2014, respectively.
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Summary of Significant Account Policies (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
Accounting Policies [Abstract] |
|
Property and Equipment |
| |
September 30, 2015 | |
December 31, 2014 |
Land | |
$ | 354,269 | | |
$ | 354,269 | |
Allowance for land loss, including note elimination of $74,313 | |
| (129,803 | ) | |
| | |
Furniture and equipment | |
| 13,829 | | |
| 13,829 | |
Accumulated depreciation | |
| (4,051 | ) | |
| (1,976 | ) |
Balance | |
$ | 234,244 | | |
$ | 366,122 | |
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9 Months Ended |
Sep. 30, 2015 |
Risks and Uncertainties [Abstract] |
|
Sales concentration |
| |
2014 | |
2015 | |
|
Customer | |
Sales % Three
Months Ended
September 30, | |
Sales % Nine
Months Ended
September 30, | |
Sales % Three
Months Ended
September 30, | |
Sales % Nine
Months Ended
September 30, | |
Accounts
Receivable
Balance as of
September 30,
2015 |
| A | | |
| 46 | % | |
| 40 | % | |
| | | |
| | | |
$ | | |
| B | | |
| 25 | % | |
| 18 | % | |
| | | |
| | | |
$ | | |
| C | | |
| 19 | % | |
| | | |
| | | |
| | | |
$ | | |
| D | | |
| | | |
| 17 | % | |
| | | |
| | | |
$ | | |
| E | | |
| | | |
| | | |
| | | |
| 70 | % | |
$ | | |
| F | | |
| | | |
| | | |
| | | |
| 22 | % | |
$ | | |
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Convertible Debt and Note Payable (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
Debt Disclosure [Abstract] |
|
Common stock issued upon conversions of portions of 2014 Company Note |
Date | |
Principal
Conversion | |
Interest
Conversion | |
Total
Conversion | |
Conversion
Price | |
Shares
Issued |
| 1/3/15 | |
$ | 65,460 | | |
$ | 9,540 | | |
$ | 75,000 | | |
$ | .045 | | |
| 1,665,445 | |
| 1/28/15 | |
$ | 54,123 | | |
$ | 8,377 | | |
$ | 62,500 | | |
$ | .0334 | | |
| 1,869,187 | |
| 2/20/15 | |
$ | 55,901 | | |
$ | 9,099 | | |
$ | 65,000 | | |
$ | .0244 | | |
| 2,668,309 | |
| 3/13/15 | |
$ | 60,000 | | |
$ | | | |
$ | 60,000 | | |
$ | .0244 | | |
| 2,463,045 | |
| 3/31/15 | |
$ | 66,555 | | |
$ | 8,445 | | |
$ | 75,000 | | |
$ | .0125 | | |
| 5,985,634 | |
| 5/5/15 | |
$ | 66,731 | | |
$ | 8,269 | | |
$ | 75,000 | | |
$ | .0125 | | |
| 6,008,171 | |
| 6/2/15 | |
$ | 67,277 | | |
$ | 7,723 | | |
$ | 75,000 | | |
$ | .0095 | | |
| 7,917,238 | |
| 6/29/15 | |
$ | 67,483 | | |
$ | 7,517 | | |
$ | 75,000 | | |
$ | .0055 | | |
| 13,678,643 | |
| 7/29/15 | |
$ | 29,368 | | |
$ | 7,262 | | |
$ | 36,630 | | |
$ | .003663 | | |
| 10,000,000 | |
| 8/13/15 | |
$ | 27,473 | | |
$ | | | |
$ | 27,473 | | |
$ | .003663 | | |
| 7,500,000 | |
| | | |
$ | 560,371 | | |
$ | 66,232 | | |
$ | 626,603 | | |
| | | |
| 59,255,672 | |
|
Summary of derivative liability balance |
| |
2015 |
Beginning Balance | |
$ | | |
Initial Derivative Liability | |
| 283,511 | |
Fair Value Change | |
| (47,019 | ) |
Reduction for conversions | |
| (36,448 | ) |
Ending Balance | |
$ | 200,044 | |
|
Fair value assumptions for derivative liabilities |
| |
Commitment date | |
Remeasurement date |
Expected dividends | |
| -0- | | |
| -0- | |
Expected volatility | |
| 121%-127% | | |
| 190%-215% |
|
Expected term | |
| 9-12 months | | |
| 2-6 months |
|
Risk free interest | |
| 0.15%-0.27% | | |
| 0.00%-0.08% |
|
|
Summary of convertible notes payable balance |
| |
2015 |
Beginning Balance | |
$ | 1,256,658 | |
Convertible notes-newly issued | |
| 211,750 | |
Conversion of convertible notes | |
| (590,171 | ) |
Discount | |
| (76,069 | ) |
Ending Balance | |
$ | 802,168 | |
|
X |
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v3.3.1.900
Related Party Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
Related Party Transactions Tables |
|
Expenses to officers included in Administrative and Management Fees |
| |
Three months ended September 30, | |
Nine months ended September 30, |
| |
2015 | |
2014 | |
2015 | |
2014 |
CEO | |
$ | 16,539 | | |
$ | | | |
$ | 46,154 | | |
$ | | |
Former CEO | |
| | | |
| 37,500 | | |
| 37,500 | | |
| 112,500 | |
CFO | |
| 20,000 | | |
| 24,000 | | |
| 68,000 | | |
| 72,000 | |
Total | |
$ | 36,539 | | |
$ | 61,500 | | |
$ | 151,654 | | |
$ | 184,500 | |
|
Amounts owed to officers, included in deferred compensation |
| |
September 30, | |
December 31, |
| |
2015 | |
2014 |
Former CEO | |
$ | 16,420 | | |
$ | 80,082 | |
CFO | |
| 15,962 | | |
| 1,579 | |
Total | |
$ | 32,382 | | |
$ | 81,661 | |
|
X |
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Organization (Details Narrative) - shares
|
1 Months Ended |
|
|
|
Jul. 29, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Reverse stock split |
1 for 50
|
|
|
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
250,000,000
|
500,000,000
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
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v3.3.1.900
Summary of Significant Account Policies - Property and Equipment (Details) - USD ($)
|
Sep. 30, 2015 |
Dec. 31, 2014 |
Accounting Policies [Abstract] |
|
|
Land |
$ 354,269
|
$ 354,269
|
Allowance for land loss, including note elimination of $74,313 |
(129,803)
|
|
Furniture and equipment |
13,829
|
$ 13,829
|
Accumulated depreciation |
(4,051)
|
(1,976)
|
Balance |
$ 234,244
|
$ 366,122
|
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v3.3.1.900
Summary of Significant Account Policies (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Nov. 30, 2015 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Allowance for doubtful accounts |
|
$ 44,068
|
|
$ 44,068
|
|
Amount paid by Company for land purchase |
$ 47,438
|
|
|
36,000
|
|
Remaining note balance held by original land owner |
74,313
|
|
|
|
|
Reduction in remaining balance of note payable for acquisition of land |
74,313
|
|
|
|
|
Reserve for allowance for remaining balance of asset recorded |
$ 54,490
|
|
|
|
|
Depreciation expense |
|
$ 692
|
$ 491
|
$ 2,075
|
$ 1,341
|
Warrants to purchase common stock outstanding |
|
1,000,000
|
|
1,000,000
|
|
Antidilutive shares not included in computation of dilutive loss per share |
|
|
|
575,415,654
|
|
Stock and warrant based compensation |
|
$ 96,741
|
214,000
|
$ 551,475
|
264,000
|
Advertising expenses |
|
$ 25,756
|
$ 22,032
|
$ 63,510
|
$ 50,835
|
Furniture and equipment |
|
|
|
|
|
Estimated useful life of property and equipment |
|
|
|
5 years
|
|
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v3.3.1.900
Convertible Debt and Note Payable - Common stock issued upon conversions of portions of 2014 Company Note (Details) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
9 Months Ended |
Aug. 13, 2015 |
Jul. 29, 2015 |
Jun. 29, 2015 |
Jun. 02, 2015 |
May. 05, 2015 |
Mar. 31, 2015 |
Mar. 13, 2015 |
Feb. 20, 2015 |
Jan. 28, 2015 |
Jan. 03, 2015 |
Sep. 30, 2015 |
Conversions of portions of 2014 Company Note |
|
|
|
|
|
|
|
|
|
|
|
Principal conversion |
$ 27,473
|
$ 29,368
|
$ 67,483
|
$ 67,277
|
$ 66,731
|
$ 66,555
|
$ 60,000
|
$ 55,901
|
$ 54,123
|
$ 65,460
|
|
Interest conversion |
|
7,262
|
7,517
|
7,723
|
8,269
|
8,445
|
|
9,099
|
8,377
|
9,540
|
|
Total conversion |
$ 27,473
|
$ 36,630
|
$ 75,000
|
$ 75,000
|
$ 75,000
|
$ 75,000
|
$ 60,000
|
$ 65,000
|
$ 62,500
|
$ 75,000
|
|
Conversion price |
$ 0.003663
|
$ 0.003663
|
$ 0.0055
|
$ 0.0095
|
$ 0.0125
|
$ 0.0125
|
$ 0.0244
|
$ 0.0244
|
$ 0.0334
|
$ 0.045
|
|
Shares Issued |
7,500,000
|
10,000,000
|
13,678,643
|
7,917,238
|
6,008,171
|
5,985,634
|
2,463,045
|
2,668,309
|
1,869,187
|
1,665,445
|
|
Totals |
|
|
|
|
|
|
|
|
|
|
|
Principal conversion |
|
|
|
|
|
|
|
|
|
|
$ 560,371
|
Interest conversion |
|
|
|
|
|
|
|
|
|
|
66,232
|
Total conversion |
|
|
|
|
|
|
|
|
|
|
$ 626,603
|
Shares Issued |
|
|
|
|
|
|
|
|
|
|
59,255,672
|
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|
9 Months Ended |
Sep. 30, 2015 |
Commitment date |
|
Expected dividends |
0.00%
|
Expected volatility, minimum |
121.00%
|
Expected volatility, maximum |
127.00%
|
Expected term, minimum |
9 months
|
Expected term, maximum |
12 months
|
Risk free interest, minimum |
0.15%
|
Risk free interest, maximum |
0.27%
|
Remeasurement date |
|
Expected dividends |
0.00%
|
Expected volatility, minimum |
190.00%
|
Expected volatility, maximum |
215.00%
|
Expected term, minimum |
2 months
|
Expected term, maximum |
6 months
|
Risk free interest, minimum |
0.00%
|
Risk free interest, maximum |
0.08%
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- DefinitionThe portion of the carrying value of long-term convertible debt as of the balance sheet date that is scheduled to be repaid within one year or in the normal operating cycle if longer. Convertible debt is a financial instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.
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Convertible Debt and Note Payable - 2014 Convertible Note (Details Narrative) - 2014 Company Note - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
10 Months Ended |
|
Jan. 31, 2014 |
Sep. 30, 2015 |
Sep. 30, 2015 |
Apr. 30, 2015 |
Dec. 31, 2014 |
Principal amount outstanding |
$ 1,660,000
|
$ 696,287
|
$ 696,287
|
|
|
Purchase price balance |
1,500,000
|
221,188
|
221,188
|
|
|
Transaction costs |
160,000
|
|
|
|
|
Purchase price received |
300,000
|
200,000
|
200,000
|
|
$ 800,000
|
Interest received, included in purchase price received |
|
21,188
|
21,188
|
|
|
Individual note value of six promissory Investor Notes issued to Company |
$ 200,000
|
|
|
|
|
Investor Notes, interest rate per annum |
8.00%
|
|
|
|
|
Investor Note, interest rate per annum in occurrence of event of default |
22.00%
|
|
|
|
|
Conversion price |
$ 0.55
|
|
|
|
|
Exercisable amount in first tranche |
$ 340,000
|
|
|
|
|
Exercisable amount in six additional tranches |
$ 220,000
|
|
|
|
|
Individual installment amount payable to Holder of ten installments |
|
|
|
$ 166,000
|
|
Interest expense recorded |
|
106,773
|
290,125
|
|
|
Increase in accrued interest expense |
|
|
290,125
|
|
|
Accrued interest outstanding |
|
345,957
|
345,957
|
|
|
Interest receivable |
|
$ 25,775
|
$ 25,775
|
|
|
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v3.3.1.900
Convertible Debt and Note Payable - 2015 Convertible Notes (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
Sep. 10, 2015 |
Sep. 03, 2015 |
Mar. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2015 |
Apr. 06, 2015 |
Mar. 27, 2015 |
Mar. 02, 2015 |
Initial derivative liability expense |
|
|
|
|
$ 71,761
|
|
|
|
Initial Derivative Liability |
|
|
|
|
283,511
|
|
|
|
Vis Vires Group |
|
|
|
|
|
|
|
|
Convertible Promissory Note issued, amount |
|
|
|
|
|
|
|
$ 79,000
|
Net proceeds received |
|
|
|
|
|
|
|
75,000
|
Debt issuance costs paid for lender legal fees |
|
|
|
|
|
|
|
$ 4,000
|
Maturity date |
|
|
Nov. 25, 2015
|
|
|
|
|
|
Conversion discount to the marketing price |
|
|
39.00%
|
|
|
|
|
|
Conversion of note, principal converted |
$ 19,800
|
$ 10,000
|
|
|
|
|
|
|
Conversion price |
$ 0.0012
|
$ 0.0019
|
|
|
|
|
|
|
Conversion of note, shares issued |
16,500,000
|
5,263,158
|
|
|
|
|
|
|
Principal outstanding |
|
|
|
$ 49,200
|
49,200
|
|
|
|
GW Holding Group, LLC |
|
|
|
|
|
|
|
|
Convertible Promissory Note issued, amount |
|
|
|
|
|
|
$ 27,000
|
|
Net proceeds received |
|
|
|
|
|
|
25,000
|
|
Debt issuance costs paid for lender legal fees |
|
|
|
|
|
|
2,000
|
|
Maturity date |
|
|
Mar. 27, 2016
|
|
|
|
|
|
Conversion discount to the marketing price |
|
|
42.00%
|
|
|
|
|
|
LG Capital Funding, LLC |
|
|
|
|
|
|
|
|
Convertible Promissory Note issued, amount |
|
|
|
|
|
|
78,750
|
|
Net proceeds received |
|
|
|
|
|
|
75,000
|
|
Debt issuance costs paid for lender legal fees |
|
|
|
|
|
|
$ 3,750
|
|
Maturity date |
|
|
Mar. 27, 2016
|
|
|
|
|
|
Conversion discount to the marketing price |
|
|
42.00%
|
|
|
|
|
|
Service Trading Company, LLC |
|
|
|
|
|
|
|
|
Convertible Promissory Note issued, amount |
|
|
|
|
|
$ 27,000
|
|
|
Net proceeds received |
|
|
|
|
|
25,000
|
|
|
Debt issuance costs paid for lender legal fees |
|
|
|
|
|
$ 2,000
|
|
|
Maturity date |
|
|
Mar. 30, 2016
|
|
|
|
|
|
Conversion discount to the marketing price |
|
|
42.00%
|
|
|
|
|
|
2015 Convertible Note |
|
|
|
|
|
|
|
|
Aggregate debt issuance costs |
|
|
|
|
11,750
|
|
|
|
Portion of debt issuance costs expensed (included in interest expense) |
|
|
|
3,667
|
8,899
|
|
|
|
Principal outstanding |
|
|
|
181,950
|
181,950
|
|
|
|
Accrued interest outstanding |
|
|
|
8,750
|
8,750
|
|
|
|
Principal amount carrying value, net of discount |
|
|
|
105,881
|
105,881
|
|
|
|
Remaining note discount |
|
|
|
76,069
|
$ 76,069
|
|
|
|
Interest rate per annum |
|
|
|
|
8.00%
|
|
|
|
Interest rate per annum in occurrence of event of default |
|
|
|
|
22.00%
|
|
|
|
Initial debt discount |
|
|
|
$ 211,750
|
$ 211,750
|
|
|
|
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v3.3.1.900
Convertible Debt and Note Payable - Note Payable Land (Details Narrative) - USD ($)
|
1 Months Ended |
9 Months Ended |
60 Months Ended |
|
|
|
Nov. 30, 2015 |
Sep. 30, 2015 |
Dec. 01, 2019 |
May. 04, 2015 |
Mar. 04, 2015 |
Mar. 18, 2014 |
Outstanding balance on December 1, 2014 amount |
|
$ 74,313
|
|
|
|
|
Past due amount included in outstanding balance |
|
5,713
|
|
|
|
|
Amount paid by Company for land purchase |
$ 47,438
|
$ 36,000
|
|
|
|
|
Remaining note balance held by original land owner |
74,313
|
|
|
|
|
|
Reduction in remaining balance of note payable for acquisition of land |
74,313
|
|
|
|
|
|
Reserve for allowance for remaining balance of asset recorded |
$ 54,490
|
|
|
|
|
|
Note Payable |
|
|
|
|
|
|
Cash paid in conjunction of land purchase |
|
|
|
|
|
$ 36,000
|
Promissory note entered in conjunction with land purchase |
|
|
|
|
|
$ 85,750
|
Amortization term |
|
|
5 years
|
|
|
|
Annual payment |
|
|
$ 17,150
|
|
|
|
Interest per annum |
|
|
3.50%
|
|
|
|
Payment start date |
|
|
Dec. 01, 2014
|
|
|
|
Principal and accrued interest due date |
|
|
Dec. 01, 2020
|
|
|
|
Payment made on December 1, 2014 amount |
|
|
|
$ 2,437
|
$ 9,000
|
|
X |
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v3.3.1.900
Related Party Transactions - Expenses to officers included in Administrative and Management Fees (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2015 |
Sep. 30, 2014 |
Sep. 30, 2015 |
Sep. 30, 2014 |
CEO |
|
|
|
|
Expenses to officers included in Administrative and Management Fees |
$ 16,539
|
|
$ 46,154
|
|
Former CEO |
|
|
|
|
Expenses to officers included in Administrative and Management Fees |
|
$ 37,500
|
37,500
|
$ 112,500
|
CFO |
|
|
|
|
Expenses to officers included in Administrative and Management Fees |
$ 20,000
|
24,000
|
68,000
|
72,000
|
Total |
|
|
|
|
Expenses to officers included in Administrative and Management Fees |
$ 36,539
|
$ 61,500
|
$ 151,654
|
$ 184,500
|
X |
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|
Sep. 30, 2015 |
Dec. 31, 2014 |
Amounts owed to officers, included in deferred compensation |
$ 32,382
|
$ 81,661
|
Former CEO |
|
|
Amounts owed to officers, included in deferred compensation |
16,420
|
80,082
|
CFO |
|
|
Amounts owed to officers, included in deferred compensation |
$ 15,962
|
$ 1,579
|
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Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
27 Months Ended |
33 Months Ended |
|
|
Sep. 30, 2015 |
Sep. 30, 2015 |
Mar. 19, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Amounts owed by 800 Commerce, Inc., a commonly controlled entity |
$ 277,973
|
$ 277,973
|
|
$ 277,973
|
$ 236,759
|
|
Former CEO |
|
|
|
|
|
|
Annual compensation |
|
|
$ 150,000
|
|
|
|
CFO |
|
|
|
|
|
|
Annual compensation |
|
|
|
$ 96,000
|
|
|
Montly cash payment maximum |
|
|
|
|
|
$ 5,000
|
CEO |
|
|
|
|
|
|
Annual compensation |
|
$ 100,000
|
|
|
|
|
Restricted common stock issued, shares |
|
15,000,000
|
|
|
|
|
Restricted common stock issued, amount |
|
$ 300,000
|
|
|
|
|
Salaries included in Administrative and Management Fees |
16,538
|
46,153
|
|
|
|
|
Amounts included in stock compensation expense |
94,370
|
204,110
|
|
|
|
|
Deferred stock compensation expensed over vesting period |
|
$ 95,890
|
|
|
|
|
Newly-appointed Director |
|
|
|
|
|
|
Restricted common stock issued, shares |
|
5,000,000
|
|
|
|
|
Restricted common stock issued, amount |
|
$ 100,000
|
|
|
|
|
Restricted common stock issued, price per share |
|
$ 0.02
|
|
|
|
|
Amounts included in stock compensation expense |
100,000
|
$ 100,000
|
|
|
|
|
Non-qualified stock option to purchase common stock, shares |
|
1,000,000
|
|
|
|
|
Non-qualified stock option to purchase common stock, price per share |
|
$ 0.05
|
|
|
|
|
Stock compensation expense for stock option vested shares |
$ 2,371
|
$ 11,065
|
|
|
|
|
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Common and Preferred Stock (Details Narrative) - USD ($)
|
|
9 Months Ended |
|
|
Apr. 26, 2013 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Jun. 26, 2015 |
Dec. 31, 2014 |
Warrant issued to Mr. Canton, common stock available for purchase |
300,000
|
|
|
|
|
Warrant issued to Mr. Canton, exercise price |
$ 0.50
|
|
|
|
|
Warrant issued to Mr. Canton, April 26, 2016 |
Apr. 26, 2016
|
|
|
|
|
Preferred stock, shares issued |
|
1,000
|
|
1,000
|
|
Preferred stock, price |
|
|
|
$ 276,300
|
|
Conversion of deferred compensation into preferred stock (2015) and common stock (2014) |
|
$ 40,000
|
$ 60,000
|
|
|
Stock compensation expense |
|
$ 247,365
|
|
|
|
Preferred stock Series B outstanding |
|
1,000
|
|
|
|
Preferred stock Series B par value |
|
$ 0.01
|
|
|
$ 0.01
|
2014 Company Note |
|
|
|
|
|
Stock issued in satisfaction of principal and accrued and unpaid interest against 2014 Company Note, shares |
|
59,755,672
|
|
|
|
Stock issued in satisfaction of principal and accrued and unpaid interest against 2014 Company Note, amount |
|
$ 626,603
|
|
|
|
Vis Vires 2015 Convertible Note |
|
|
|
|
|
Stock issued in satisfaction of principal and accrued and unpaid interest against 2014 Company Note, shares |
|
21,763,158
|
|
|
|
Stock issued in satisfaction of principal and accrued and unpaid interest against 2014 Company Note, amount |
|
$ 29,800
|
|
|
|
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Commitments and Contingencies (Details Narrative)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
120 Months Ended |
|
|
|
Apr. 30, 2015
USD ($)
a
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2014
USD ($)
|
Sep. 30, 2015
USD ($)
shares
|
Sep. 30, 2014
USD ($)
|
Jul. 10, 2024
USD ($)
|
Apr. 28, 2024 |
Apr. 10, 2015
USD ($)
|
Jul. 11, 2014
a
|
Apr. 28, 2014
USD ($)
a
|
Rent expense |
|
$ 18,029
|
|
$ 24,816
|
$ 34,211
|
$ 51,886
|
|
|
|
|
|
Consulting Agreement, one-time fee |
|
|
|
|
|
|
|
|
$ 9,000
|
|
|
Consulting Agreement, additional travel costs |
|
|
|
|
|
|
|
|
$ 2,500
|
|
|
Consulting Agreement, post-Phase 1 monthly payment for 3 months |
|
|
$ 8,000
|
|
|
|
|
|
|
|
|
Consulting Agreement, monthly payment for remainder term |
|
|
10,000
|
|
|
|
|
|
|
|
|
Services Agreement, compensation rate per hour |
|
|
40
|
|
|
|
|
|
|
|
|
Services Agreement, compensation maximum for website development |
|
|
$ 7,000
|
|
|
|
|
|
|
|
|
Land leased | a |
|
|
|
|
|
|
|
|
|
40
|
20
|
Prepaid lease amount |
|
|
|
|
|
|
|
|
|
|
$ 24,000
|
Expense recorded in leased property expenses |
|
9,561
|
|
$ 9,561
|
28,683
|
$ 15,935
|
|
|
|
|
|
Lease agreement term |
|
|
|
|
|
|
10 years
|
10 years
|
|
|
|
Lease agreement monthly rent payments during first year |
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
Lease agreement annual increase percentage |
|
|
|
|
|
|
2.00%
|
|
|
|
|
Tenant water rights provided by lease, acres | a |
|
|
|
|
|
|
|
|
|
50
|
|
Tenant water rights provided by lease, annual price |
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
Tenant water rights provided by lease, approximate annual additional cost |
|
|
|
|
|
|
$ 2,400
|
|
|
|
|
Expenses related to the land and water rights |
|
$ 34,933
|
|
|
$ 125,633
|
|
|
|
|
|
|
Series B preferred stock share issuance cancelled to former officer of Company | shares |
|
|
|
|
250,000
|
|
|
|
|
|
|
Rent sharing agreement with Company CFO |
|
|
|
|
|
|
|
|
|
|
|
Office space leased | a |
1,300
|
|
|
|
|
|
|
|
|
|
|
Rent for office space, monthly |
$ 1,350
|
|
|
|
|
|
|
|
|
|
|
Sublease agreement with Colorado research facility |
|
|
|
|
|
|
|
|
|
|
|
Office space leased | a |
7,500
|
|
|
|
|
|
|
|
|
|
|
Rent for office space, monthly |
$ 3,500
|
|
|
|
|
|
|
|
|
|
|
Office space for CEO |
|
|
|
|
|
|
|
|
|
|
|
Office space leased | a |
170
|
|
|
|
|
|
|
|
|
|
|
Rent for office space, monthly |
$ 1,300
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
Subsequent Events (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
9 Months Ended |
|
Jan. 31, 2016 |
Jan. 25, 2016 |
Jan. 19, 2016 |
Jan. 06, 2016 |
Dec. 31, 2015 |
Nov. 17, 2015 |
Nov. 05, 2015 |
Oct. 14, 2015 |
Oct. 13, 2015 |
Oct. 12, 2015 |
Oct. 09, 2015 |
Oct. 02, 2015 |
Nov. 30, 2015 |
Sep. 30, 2015 |
Dec. 16, 2015 |
Amount paid by Company for land purchase |
|
|
|
|
|
|
|
|
|
|
|
|
$ 47,438
|
$ 36,000
|
|
Reduction in remaining balance of note payable for acquisition of land |
|
|
|
|
|
|
|
|
|
|
|
|
74,313
|
|
|
Reserve for allowance for remaining balance of asset recorded |
|
|
|
|
|
|
|
|
|
|
|
|
$ 54,490
|
|
|
2015 LG Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of note, principal and accrued and unpaid interest converted |
|
|
|
|
|
|
$ 5,765
|
|
$ 5,216
|
|
|
$ 2,862
|
|
|
|
Conversion price |
|
|
|
|
|
|
$ 0.000638
|
|
$ 0.00087
|
|
|
$ 0.000812
|
|
|
|
Conversion of note, shares issued |
|
|
|
|
|
|
9,036,379
|
|
5,995,275
|
|
|
3,524,027
|
|
|
|
2015 Service Trading Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of note, principal and accrued and unpaid interest converted |
|
|
|
|
|
|
|
|
|
|
$ 4,684
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
|
$ 0.000638
|
|
|
|
|
Conversion of note, shares issued |
|
|
|
|
|
|
|
|
|
|
7,340,834
|
|
|
|
|
2015 GW Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of note, principal and accrued and unpaid interest converted |
|
|
|
|
|
|
|
|
|
$ 3,650
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
|
|
|
|
$ 0.000812
|
|
|
|
|
|
Conversion of note, shares issued |
|
|
|
|
|
|
|
|
|
4,494,567
|
|
|
|
|
|
2014 Company Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of note, principal and accrued and unpaid interest converted |
|
|
|
|
|
$ 20,796
|
|
$ 24,473
|
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
|
$ 0.001
|
|
$ 0.0014
|
|
|
|
|
|
|
|
Conversion of note, shares issued |
|
|
|
|
|
21,730,000
|
|
24,400,000
|
|
|
|
|
|
|
|
Tonaquint Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction in note 2014 Tonaquint convertible note |
|
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
2014 Tonaquint convertible note balance |
|
|
|
|
311,000
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
Amounts previously paid by AVHI for property |
|
|
|
|
$ 225,000
|
|
|
|
|
|
|
|
|
|
|
DPA - LG acquisition of Vis Vires note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount exchanged for note |
|
|
|
$ 53,613
|
|
|
|
|
|
|
|
|
|
|
|
Note due date |
|
|
|
Jan. 05, 2017
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate per annum |
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
Discount to price |
|
|
|
42.00%
|
|
|
|
|
|
|
|
|
|
|
|
DPA - LG acquisition of Tonaquint note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note amount |
|
|
$ 157,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount exchanged for note |
|
|
$ 75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Note due date |
|
|
Jan. 19, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate per annum |
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount to price |
|
|
42.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
DPA - Cerebrus acquisition of Tonaquint note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note amount |
|
|
$ 156,749
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount exchanged for note |
|
|
$ 75,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Note due date |
|
|
Jan. 19, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate per annum |
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount to price |
|
|
42.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction - LG Purchase Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note amount |
$ 76,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount exchanged for note |
$ 62,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note due date |
Jan. 18, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate per annum |
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount to price |
42.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction - Cerebrus Purchase Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible note amount |
|
$ 34,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount exchanged for note |
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note due date |
|
Jan. 19, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate per annum |
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount to price |
|
42.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Agritek (CE) (USOTC:AGTK)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Agritek (CE) (USOTC:AGTK)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024