Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Jun. 29, 2018 | Sep. 30, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | ENXNET INC | ||
Entity Central Index Key | 1,083,706 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 639,755 | ||
Entity Common Stock, Shares Outstanding | 57,776,518 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 21,744 | $ 8,123 |
Restricted cash | 19,620 | 52,277 |
Prepaid expenses | 1,118 | |
TOTAL CURRENT ASSETS | 42,482 | 60,400 |
OTHER ASSETS | ||
Oil and gas cash bond | 100,000 | |
Oil and gas properties, unproved (full cost method) | 66,396 | |
TOTAL OTHER ASSETS | 100,000 | 66,396 |
TOTAL ASSETS | 142,482 | 126,796 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 674,297 | 636,563 |
Advances from officer - related party | 25,500 | 16,500 |
Advances from stockholder | 31,000 | 31,000 |
Note payable-stockholder | 100,000 | |
Convertible notes payable | 300,000 | 300,000 |
Convertible notes payable - related party | 920,101 | 890,101 |
TOTAL CURRENT LIABILITIES | 2,050,898 | 1,874,164 |
LONG-TERM LIABILITIES | ||
Convertible note payable | 100,000 | 50,000 |
TOTAL LONG-TERM LIABILITIES | 100,000 | 50,000 |
TOTAL LIABILITIES | 2,150,898 | 1,924,164 |
STOCKHOLDERS DEFICIT | ||
Common stock, $0.00005 par value; 200,000,000 shares authorized, 55,276,518 | 2,764 | 2,720 |
Additional paid-in capital | 5,689,654 | 5,649,704 |
Accumulated deficit | (7,600,834) | (7,349,792) |
Other comprehensive loss | (100,000) | (100,000) |
TOTAL STOCKHOLDERS DEFICIT | (2,008,416) | (1,797,368) |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | $ 142,482 | $ 126,796 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.00005 | $ 0.00005 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 55,276,518 | 54,401,518 |
Common Stock, Shares Outstanding | 55,276,518 | 54,401,518 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
EXPENSES | ||
Oil and gas exploration | $ 600 | $ 649 |
Impairment of oil and gas properties, unproven | 123,191 | |
Consulting | 12,196 | 1,200 |
Payroll | 23,498 | 6,000 |
Professional services | 28,975 | 27,993 |
Occupancy and office | 6,519 | 4,781 |
Travel | 1,106 | 651 |
Other | 2,388 | 2,130 |
Total Expenses | 198,473 | 43,404 |
LOSS FROM OPERATIONS | (198,473) | (43,404) |
OTHER EXPENSE | ||
Interest expense | (52,569) | (35,747) |
NET LOSS | $ (251,042) | $ (79,151) |
BASIC AND DILUTED NET LOSS PER SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 54,953,778 | 54,328,093 |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Other Comprehensive Loss | Total |
Beginning Balance, Shares at Mar. 31, 2016 | 54,201,518 | ||||
Beginning Balance, Value at Mar. 31, 2016 | $ 2,710 | $ 5,647,714 | $ (7,270,641) | $ (100,000) | $ (1,720,217) |
Stock issued for additional interest, Shares | 200,000 | ||||
Stock issued for additional interest, value | $ 10 | 1,990 | 2,000 | ||
Net loss | (79,151) | (79,151) | |||
Ending Balance, Shares at Mar. 31, 2017 | 54,401,518 | ||||
Ending Balance, Value at Mar. 31, 2017 | $ 2,720 | 5,649,704 | (7,349,792) | (100,000) | (1,797,368) |
Stock issued for additional interest, Shares | 450,000 | ||||
Stock issued for additional interest, value | $ 23 | $ 10,277 | $ 10,300 | ||
Stock issued for compensation, value | $ 425,000 | ||||
Stock issued for compensation, Shares | 21 | 7,629 | 7,650 | ||
Net loss | (251,042) | $ (251,042) | |||
Ending Balance, Shares at Mar. 31, 2018 | 55,276,518 | ||||
Ending Balance, Value at Mar. 31, 2018 | $ 2,764 | $ 5,689,654 | $ (7,600,834) | $ (100,000) | $ (2,008,416) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (251,042) | $ (79,151) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for additional interest | 10,300 | 2,000 |
Common stock issued for compensation | 7,650 | |
Stock options extended | 22,044 | |
Impairment of oil and gas properties, unproven | 123,191 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (1,118) | |
Accounts payable & accrued expenses | 37,734 | 33,860 |
Net cash used in operating activities | (51,241) | (43,291) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Changes in restricted cash | 32,657 | 2,094 |
Additions to oil and gas properties, unproved | (56,795) | (46,288) |
Purchase of cash bond | (100,000) | |
Net cash used in investing activities | (124,138) | (44,194) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from advances from officer-related party | 15,500 | 21,000 |
Payment of advances from officer-related party | (500) | |
Proceeds from convertible note payable-stockholder | 24,000 | 50,000 |
Proceeds from convertible note payable | 50,000 | |
Proceeds from note payable-stockholder | 100,000 | |
Net cash provided by financing activities | 189,000 | 71,000 |
NET INCREASE (DECREASE) IN CASH | 13,621 | (16,485) |
CASH - Beginning of period | 8,123 | 24,608 |
CASH - End of period | 21,744 | 8,123 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Interest expense | 5,625 | |
Income taxes | ||
NON-CASH FINANCING AND INVESTING TRANSACTIONS: | ||
Conversion of advances from officer-related party to convertible notes payable-related party | $ 6,000 | $ 15,000 |
DESCRIPTION OF BUSINESS AND GOI
DESCRIPTION OF BUSINESS AND GOING CONCERN | 12 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND GOING CONCERN | NOTE 1 – DESCRIPTION OF BUSINESS AND GOING CONCERN EnXnet, Inc. (“EnXnet”, “we”, “our”, the “Company”) was formed in Oklahoma on March 30, 1999. On August 7, 2015, the Company incorporated EnXnet Energy Company LLC. in the State of Colorado as a wholly owned subsidiary. EnXnet Inc. and its wholly owned subsidiary, EnXnet Energy Company, LLC. (“the Company”) is a natural gas and petroleum exploitation, development and production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region. The Company’s principal business strategy is to enhance stockholder value by generating and developing high-potential exploitation resources in these areas. The Company’s principal business is the acquisition of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. The Company has leased property in Colorado and is currently searching for additional opportunities in the natural gas and petroleum industry. Our goal is to lease the oil and gas properties of acreage that has a high likelihood of becoming a producing property. We will require additional funding to drill and complete a producing natural gas and petroleum well. The Company has a working capital deficit and has incurred losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern. Funds required to carry out management’s plans are expected to be derived from future stock sales and borrowings from outside parties. There can be no assurances that the Company will be successful in executing its plans. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF ACCOUNTING POLICIES Cash and cash equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. Restricted Cash The Company has cash that is restricted for use in natural gas and petroleum exploration. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States necessarily requires management to make estimates and assumptions that affect the amounts reported in the financial statements. We regularly evaluate estimates and judgments based on historical experience and other relevant facts and circumstances. Actual results could differ from those estimates. Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets as of March 31, 2018 and 2017 for cash equivalents and accounts payable accrued expenses notes payable and convertible notes payable approximate fair value because of the immediate or short-term maturity of these financial instruments. Oil and gas properties, unproved (full cost method) The Company uses the full cost method of accounting for exploration and development activities as defined by the SEC. Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized as properties and equipment. This includes any internal costs that are directly related to property acquisition, exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. Gain or loss on the sale or other disposition of oil and gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves. Oil and gas properties include costs that are excluded from costs being depleted or amortized. Oil and natural gas property costs excluded represent investments in unevaluated properties and include non-producing leasehold, geological, and geophysical costs associated with leasehold or drilling interests and exploration drilling costs. Costs are transferred to the full cost pool as the properties are evaluated over the life of the reservoir. All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization. Impairment of long-lived assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. The Company recognized impairment expense in the years ended March 31, 2018 and 2017 in the amounts of $123,191 and $-0-, respectively. Stock Based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. Income taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. We have net operating loss carryforwards available to reduce future taxable income. Future tax benefits for these net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. To the extent that we will not realize a future tax benefit, a valuation allowance is established. Basic and diluted net loss per share Basic loss per share is computed using the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the dilutive effects of common stock equivalents on an “as if converted” basis. For the year ended March 31, 2018 and 2017 share Diluted EPS excludes all dilutive potential shares if their effect is antidilutive. During periods of net loss, all common stock equivalents are excluded from the diluted EPS calculation because they are antidilutive. As of March 31, 2018, the Company has common stock equivalents related to options outstanding to acquire 1,290,000 shares of the Company’s common stock and 48,110,834 shares issuable upon conversion of convertible notes payable and accrued interest. Recent Accounting Pronouncements In May 2014, the FASB issued guidance regarding the accounting for revenue from contracts with customers. In April 2016, May 2016 and December 2016, the FASB issued additional guidance, addressed implementation issues and provided technical corrections. The guidance may be applied retrospectively or using a modified retrospective approach to adjust retained earnings (deficit). The guidance is effective for interim and annual periods beginning after December 15, 2017. EnXnet adopted this ASU on January 1, 2018 using the full retrospective approach. EnXnet has concluded that the adoption of this ASU did not have an impact on its consolidated financial statements. In February 2016, the FASB issued guidance regarding the accounting for leases. The guidance requires recognition of most leases on the balance sheet. The guidance requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The guidance is effective for interim and annual periods beginning after December 15, 2018. EnXnet will adopt this ASU on April 1, 2019. EnXnet belives that the adoption of this ASU will not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for all interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-18 to have a material impact on the Company’s Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is effective for public business entities for fiscal years beginning after December 15, 2017, and for interim periods therein with early adoption permitted and must be applied retrospectively to all periods presented. The Company does not currently anticipate that the adoption of this standard will have a material impact on its consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation. References herein to the Company include the Company and its subsidiary, unless the context otherwise requires. |
OIL AND GAS CASH BOND
OIL AND GAS CASH BOND | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
OIL AND GAS CASH BOND | NOTE 3 – OIL AND GAS CASH BOND The company has deposited with the Colorado State Land Board $100,000 as a cash bond. The bond will be used to secure the payment for damages caused by the Company’s operations on the oil and gas leased properties, and to assure compliance with all the terms and provisions of the oil and gas leases. |
OIL AND GAS PROPERTIES, UNPROVE
OIL AND GAS PROPERTIES, UNPROVED | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
OIL AND GAS PROPERTIES, UNPROVED | NOTE 4 – OIL AND GAS PROPERTIES, UNPROVED At March 31, 2018 and 2017, the Company had $123,191 and $66,396 in unproved oil and gas properties representing 21,867 and 17,306 acres in the Rocky Mountain range located in the State of Colorado, respectively. In the years ended March 31, 2018 and 2017, the Company paid $56,795 and $46,288 to lease 4,561 and 16,346 acres for a 5-year term, respectively. Initially the Company is required to pay the first year’s lease plus any lease bonus payments. Thereafter, the Company is responsible for making annual lease payments of $2.50 per acre to the State of Colorado for the next four years. Annual lease payments for future fiscal years are as follows: Fiscal Year Ended March 31, Acres Leased Annual Lease Commitment 2019 21,867 $54,688 2020 21,867 $54,688 2021 21,867 $54,688 2022 20,907 $52,268 2023 9,030 $7,203 Annually, the oil and gas properties are tested for impairment. The Company determined that there was impairment of the unproved oil and gas properties for the years ended March 31, 2018 and 2017 in the amounts of $123,191 and $-0-. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 5 – INCOME TAXES On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act (“the Tax Reform Act”) was enacted. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a territorial tax system and removing the expiration of net operating losses. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. The Company did not record any tax expense or benefit due to a remeasurement of deferred tax assets and liabilities. At March 31, 2018 and 2017, the Company had net deferred tax assets of approximately $1,393,000 and $2,177,000 principally arising from net operating loss carryforwards for income tax purposes. Because of the Tax Reform Act, the Company reduced the deferred tax asset and allowance by $832,000 on January 1, 2018. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to the net deferred tax asset has been established at March 31, 2018 and 2017. At March 31, 2018, the Company has net operating loss carry forwards totaling approximately $6,632,000 of which $6,403,000 is from the years ended March 31, 2000 through March 31, 2017 and these will begin to expire in the year 2020. Under the Tax Reform Act the loss from 2018 will not expire. Income tax provision (benefit) for the years ended March 31, 2018 and 2017 is summarized below: 2018 2017 Current: Federal $ - $ - State - - Total current - - Deferred: Federal (48,000 ) (27,000 ) State — — Total deferred (48,000 ) (27,000 ) Increase in valuation allowance 48,000 27,000 The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate before provision for income taxes. The sources and tax effect of the differences are as follows: 2018 2017 Income tax provision at the federal statutory rate 21.0 % 34.0 % State income taxes, net of federal benefit — % — % Effect of net operating loss (21.0 %) (34.0 %) — % — % Components of the net deferred income tax assets at March 31, 2018 and 2017 were as follows: 2018 2017 Net operating loss carryover $ 1,393,000 $ 2,177,000 Valuation allowance (1,393,000 ) (2,177,000 ) $ — $ — ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of evidence, it is more than likely than not that some portion or all of the deferred tax assets will not be recognized. After consideration of all the evidence, both positive and negative, management has determined that a $1,393,000 and $2,177,000 allowance at March 31, 2018 and 2017, respectively, is necessary to reduce the deferred tax assets to the amount that will more likely than not be realized. The change in the valuation allowance for the current year is $48,000. As of March 31, 2018, we have a net operating loss carry forward of approximately $6,632,000. The loss will be available to offset future taxable income. The Company has identified its “major” tax jurisdictions to include the U.S. government. The Company's fiscal 2015 through 2017 federal tax returns remain open by statute. |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 6 – CONVERTIBLE NOTES PAYABLE Note payable-stockholder consists of the following: March 31, 2018 2017 5.75% note payable to stockholder, due May 17, 2018. $ 100,000 $ - Convertible notes payable-related party consists of the following: March 31, 2018 2017 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 37,638,984 common shares $ 749,455 $ 719,455 2% convertible note payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 978,000 common shares 48,900 48,900 3% convertible notes payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 1,619,500 common shares 111,350 111,350 2% convertible notes payable to Douglas Goodsell, a related party, due on demand, convertible into a maximum of 519,828 common shares 10,396 10,396 Total notes payable-related party $ 920,101 $ 890,101 Convertible notes payable consists of the following: March 31, 2018 2017 7% convertible notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, $ 50,000 $ 100,000 7% convertible notes payable to stockholder, due August 12, 2018 convertible into a maximum of 250,000 common shares, 50,000 — 4% convertible notes payable to a stockholder, due on demand, convertible into a maximum of 350,000 common shares 175,000 175,000 2% convertible notes payable to stockholders, due on demand, convertible into a maximum of 1,100,000 common shares 25,000 25,000 Total notes payable $ 300,000 $ 350,000 Long Term Convertible notes payable consists of the following: March 31, 2018 2017 7% convertible notes payable to stockholders, due August 12, 2018 convertible into a maximum of 250,000 common shares, $ — $ 50,000 7% convertible note payable to stockholder, due on August 15, 2019, convertible into a maximum of 250,000 common shares, 50,000 — 7% convertible note payable to stockholder, due on September 10, 2019, convertible into a maximum of 250,000 common shares, 50,000 — Total notes payable $ 100,000 $ 50,000 On April 1, 2017, the Company converted $6,000 of the advances from our CEO, Ryan Corley into a convertible note payable. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $0.05 per share. The Company determined that the note did not contain a beneficial conversion feature nor did the conversion option qualify for derivative accounting. On May 30, 2017, the Company’s subsidiary, EnXnet Energy Company, LLC, entered into a loan agreement with an individual to borrow $100,000 for an initial term of 6 months with the option to extend the note for an additional 6 months. The note was due November 30, 2017 with interest of 5.5% in the amount of $2,750 which was paid in December 2017. The Company also issued 100,000 shares of common stock with a fair value of $4,000 which was recognized as interest expense during the year. The loan was extended on December 1, 2017 for six months with interest of 5.75% in the amount of $2,875 which was paid in January 2018. The Company also issued 100,000 shares of common stock with a fair value of $2,000 which was recognized as interest expense during the year. The extension agreement is not considered an extinguishment of debt. The loan was used to secure a one hundred thousand ($100,000) Cash Oil and Gas Blanket Activity Bond with the State of Colorado. On June 16, 2017, the Company borrowed $16,000 from our CEO, Ryan Corley. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $0.016 per share. The Company determined that the note did not contain a beneficial conversion feature nor did the conversion option qualify for derivative accounting. On August 15, 2017, the Company borrowed $50,000 from a stockholder with the primary use of the proceeds to acquire oil and gas leases in Colorado. The note bears interest of 7% and is convertible with the accrued interest into common shares of the Company at a rate of $0.20 per share. The note matures on August 15, 2019. The Company also issued 200,000 shares of Common Stock with a fair value of $3,600 which was recognized as interest expense during current year. On September 7, 2017, the Company entered into an extension agreement with a stockholder loan in the amount of $50,000 and bearing interest of 7%. The original date of the note was September 10, 2015 with an original maturity date of September 10, 2017. The extension agreement is for 2 years with the maturity date being September 10, 2019. The Company also issued 50,000 shares of common stock with a fair value of $700 which was recognized as interest expense during the current year. The extension agreement is not considered an extinguishment of debt. On November 21, 2017, the Company borrowed $8,000 from our CEO, Ryan Corley. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $0.0125 per share. The Company determined that the note did not contain a beneficial conversion feature nor did the conversion option qualify for derivative accounting. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS Advances from Stockholder: Advances from a stockholder at March 31, 2018 and 2017 were $31,000 and $31,000, respectively. Advances from Officer: Our CEO, Ryan Corley, has made advances to the Company in prior years. During the years ended March 31, 2018 and 2017, the CEO made additional unsecured advances totaling $15,500 and $21,000, respectively. During the years ended March 31, 2018 and 2017, the Company made payments on these advances of $500 and $-0-, respectively. Also during the years ended March 31, 2018 and 2017, the Company converted $6,000 and $15,000 of the advances into notes payable, respectively. At March 31, 2018 and 2017, advances from the CEO were $15,000 and $6,000 respectively. The Company has notes payable to the CEO in the aggregate amount of $749,455 and $719,455 as of March 31, 2018 and 2017, respectively. Accrued interest owed on these notes at March 31, 2018 and 2017 amounted to $204,861 and $190,007, respectively. These notes and accrued interest are convertible into 41,411,316 and 38,901,957 shares of restricted common stock of the Company, respectively. At March 31, 2018 and 2017, advances from the entity controlled by the CEO were $10,500 and $10,500, respectively, and notes payable totaled $160,250 and $160,250, respectively. Accrued interest owed on these notes at March 31, 2018 and 2017 amounted to $35,188 and $32,449, respectively. These notes and accrued interest are convertible into 3,155,917 and 3,104,417 shares of restricted common stock of the Company, respectively. Oil and Gas Leases During the year ended March 31, 2018, the Company paid $300 in transfer fees to acquire a lease on an additional 1,280 acres in the Rocky Mountain range located in the state of Colorado for a 4-year term. The lease was acquired from our President and CEO. Each year, the Company is responsible for making additional lease payments of $2.50 per acre to keep the lease The Company conducts its business from the office of its CEO, Ryan Corley, rent free. |
COMMON STOCK TRANSACTIONS
COMMON STOCK TRANSACTIONS | 12 Months Ended |
Mar. 31, 2018 | |
STOCKHOLDERS DEFICIT | |
COMMON STOCK TRANSACTIONS | NOTE8 - COMMON STOCK TRANSACTIONS The Company issued 425,000 common shares during the year ended March 31, 2018 for services valued at $7,650. Of these shares, 300,000 and 125,000 respectively were issued to the CFO and to a director. The Company issued 450,000 and 200,000 common shares during the year ended March 31, 2018 and 2017 with a fair value of $10,300 and $2,000, respectively, which were recorded as additional interest on its outstanding notes. |
STOCK OPTIONS
STOCK OPTIONS | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
STOCK OPTIONS | NOTE 9 – STOCK OPTIONS On July 24, 2001, the Company filed with the SEC Form S-8, for its 2002 Stock Option Plan, (the Plan). An aggregate amount of common stock that may be awarded and purchased under the Plan is 3,000,000 shares of the Company’s common stock. A summary of the status of the Company’s stock options as of March 31, 2018 and 2017 is presented below: 2018 2017 Options outstanding at beginning of year 1,590,000 2,390,000 Options granted — — Options exercised — — Options canceled/expired (300,000 ) (800,000 ) Options outstanding at end of year 1,290,000 1,590,000 On July 13, 2017, the Company extended and repriced options that were expiring. A total of 1,290,000 options were extended. Of these, 900,000 were extended for 5 years at a price of $0.08 per option; 240,000 were extended for 5 years at a price of $0.10 per option and 150,000 were extended for 1 year with no change in the option price. The Company used the Black-Scholes option pricing method to determine if there were additional compensation expenses to recognize. The extension and repricing resulted in the recognition of $22,044 in compensation expense. The following table summarizes the information about the stock options as of March 31, 2018: Weighted Average Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Years Number Exercisable 0.08 900,000 4.30 900,000 0.10 240,000 4.30 240,000 0.12 150,000 .30 150,000 $ 0.80 - 0.12 1,290,000 3.84 1,290,000 The following table summarizes the information about the stock options as of March 31, 2017: Weighted Average Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Years Number Exercisable $ 0.12 1,590,000 0.30 1,590,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS On April 1, 2018, the Company converted $15,000 of the advances from officer into a convertible note payable. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $.025 per share. In April 2018, the Company paid $100 to acquire a lease on an additional 640 acres in the Rocky Mountain range located in the state of Colorado for a 4-year term. The lease was acquired from our President and CEO. Each year, the Company is responsible for making additional lease payments of $2.50 per acre to keep the lease. In April 2018, the Company issued 2,500,000 common stock shares in payment of a $100,000 note that matured on May 31, 2018. Prior to this payment, our CEO and President had acquired one half interest in the loan. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and cash equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. |
Restricted Cash | Restricted Cash The Company has cash that is restricted for use in natural gas and petroleum exploration. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States necessarily requires management to make estimates and assumptions that affect the amounts reported in the financial statements. We regularly evaluate estimates and judgments based on historical experience and other relevant facts and circumstances. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets as of March 31, 2018 and 2017 for cash equivalents and accounts payable accrued expenses notes payable and convertible notes payable approximate fair value because of the immediate or short-term maturity of these financial instruments. |
Oil and gas properties, unproved (full cost method) | Oil and gas properties, unproved (full cost method) The Company uses the full cost method of accounting for exploration and development activities as defined by the SEC. Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized as properties and equipment. This includes any internal costs that are directly related to property acquisition, exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. Gain or loss on the sale or other disposition of oil and gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves. Oil and gas properties include costs that are excluded from costs being depleted or amortized. Oil and natural gas property costs excluded represent investments in unevaluated properties and include non-producing leasehold, geological, and geophysical costs associated with leasehold or drilling interests and exploration drilling costs. Costs are transferred to the full cost pool as the properties are evaluated over the life of the reservoir. All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization. |
Impairment of long-lived assets | Impairment of long-lived assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. The Company recognized impairment expense in the years ended March 31, 2018 and 2017 in the amounts of $123,191 and $-0-, respectively. |
Stock Based Compensation | Stock Based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. |
Income taxes | Income taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse. We have net operating loss carryforwards available to reduce future taxable income. Future tax benefits for these net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. To the extent that we will not realize a future tax benefit, a valuation allowance is established. |
Basic and diluted net loss per share | Basic and diluted net loss per share Basic loss per share is computed using the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the dilutive effects of common stock equivalents on an “as if converted” basis. For the year ended March 31, 2018 and 2017 share Diluted EPS excludes all dilutive potential shares if their effect is antidilutive. During periods of net loss, all common stock equivalents are excluded from the diluted EPS calculation because they are antidilutive. As of March 31, 2018, the Company has common stock equivalents related to options outstanding to acquire 1,290,000 shares of the Company’s common stock and 48,110,834 shares issuable upon conversion of convertible notes payable and accrued interest. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued guidance regarding the accounting for revenue from contracts with customers. In April 2016, May 2016 and December 2016, the FASB issued additional guidance, addressed implementation issues and provided technical corrections. The guidance may be applied retrospectively or using a modified retrospective approach to adjust retained earnings (deficit). The guidance is effective for interim and annual periods beginning after December 15, 2017. EnXnet adopted this ASU on January 1, 2018 using the full retrospective approach. EnXnet has concluded that the adoption of this ASU did not have an impact on its consolidated financial statements. In February 2016, the FASB issued guidance regarding the accounting for leases. The guidance requires recognition of most leases on the balance sheet. The guidance requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The guidance is effective for interim and annual periods beginning after December 15, 2018. EnXnet will adopt this ASU on April 1, 2019. EnXnet belives that the adoption of this ASU will not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for all interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The Company does not expect the adoption of ASU 2016-18 to have a material impact on the Company’s Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This update clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This ASU is effective for public business entities for fiscal years beginning after December 15, 2017, and for interim periods therein with early adoption permitted and must be applied retrospectively to all periods presented. The Company does not currently anticipate that the adoption of this standard will have a material impact on its consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation. References herein to the Company include the Company and its subsidiary, unless the context otherwise requires. |
OIL AND GAS PROPERTIES, UNPRO18
OIL AND GAS PROPERTIES, UNPROVED (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Oil And Gas Properties Unproved Tables | |
Schedule of oil and gas properties | Fiscal Year Ended March 31, Acres Leased Annual Lease Commitment 2019 21,867 $54,688 2020 21,867 $54,688 2021 21,867 $54,688 2022 20,907 $52,268 2023 9,030 $7,203 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision (Benefit) | 2018 2017 Current: Federal $ - $ - State - - Total current - - Deferred: Federal (48,000 ) (27,000 ) State — — Total deferred (48,000 ) (27,000 ) Increase in valuation allowance 48,000 27,000 |
Reconciliation of Tax Rates | 2018 2017 Income tax provision at the federal statutory rate 21.0 % 34.0 % State income taxes, net of federal benefit — % — % Effect of net operating loss (21.0 %) (34.0 %) — % — % |
Components of Net Deferred Income Tax Assets | 2018 2017 Net operating loss carryover $ 1,393,000 $ 2,177,000 Valuation allowance (1,393,000 ) (2,177,000 ) $ — $ — |
CONVERTIBLE NOTES PAYABLE (Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Convertible notes payable - related party | Note payable-stockholder consists of the following: March 31, 2018 2017 5.75% note payable to stockholder, due May 17, 2018. $ 100,000 $ - Convertible notes payable-related party consists of the following: March 31, 2018 2017 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 37,638,984 common shares $ 749,455 $ 719,455 2% convertible note payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 978,000 common shares 48,900 48,900 3% convertible notes payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 1,619,500 common shares 111,350 111,350 2% convertible notes payable to Douglas Goodsell, a related party, due on demand, convertible into a maximum of 519,828 common shares 10,396 10,396 Total notes payable-related party $ 920,101 $ 890,101 |
Convertible Notes Payable | Convertible notes payable consists of the following: March 31, 2018 2017 7% convertible notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, $ 50,000 $ 100,000 7% convertible notes payable to stockholder, due August 12, 2018 convertible into a maximum of 250,000 common shares, 50,000 — 4% convertible notes payable to a stockholder, due on demand, convertible into a maximum of 350,000 common shares 175,000 175,000 2% convertible notes payable to stockholders, due on demand, convertible into a maximum of 1,100,000 common shares 25,000 25,000 Total notes payable $ 300,000 $ 350,000 |
Long term convertible notes payable | Long Term Convertible notes payable consists of the following: March 31, 2018 2017 7% convertible notes payable to stockholders, due August 12, 2018 convertible into a maximum of 250,000 common shares, $ — $ 50,000 7% convertible note payable to stockholder, due on August 15, 2019, convertible into a maximum of 250,000 common shares, 50,000 — 7% convertible note payable to stockholder, due on September 10, 2019, convertible into a maximum of 250,000 common shares, 50,000 — Total notes payable $ 100,000 $ 50,000 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Status of Company's Stock Options | 2018 2017 Options outstanding at beginning of year 1,590,000 2,390,000 Options granted — — Options exercised — — Options canceled/expired (300,000 ) (800,000 ) Options outstanding at end of year 1,290,000 1,590,000 |
Option Details | Weighted Average Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Years Number Exercisable 0.08 900,000 4.30 900,000 0.10 240,000 4.30 240,000 0.12 150,000 .30 150,000 $ 0.80 - 0.12 1,290,000 3.84 1,290,000 |
Information about Stock Options | Weighted Average Range of Exercise Price Number Outstanding Weighted Average Remaining Contractual Life Years Number Exercisable $ 0.12 1,590,000 0.30 1,590,000 |
SUMMARY OF ACCOUNTING POLICIE22
SUMMARY OF ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Impairment expense | $ 123,191 | $ 0 |
OIL AND GAS PROPERTIES, UNPRO23
OIL AND GAS PROPERTIES, UNPROVED (Details) - Lease | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Acres Leases | 9,030 | 20,907 | 21,867 | 21,867 | 21,867 |
Annual Lease Commitment | $ 7,203 | $ 52,268 | $ 54,688 | $ 54,688 | $ 54,688 |
INCOME TAXES - Income Tax Provi
INCOME TAXES - Income Tax Provision (Benefit) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Current: | ||
Federal | ||
State | ||
Total current | ||
Deferred: | ||
Federal | (48,000) | (27,000) |
State | ||
Total deferred | (48,000) | (27,000) |
Increase in valuation allowance | $ 48,000 | $ 27,000 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Tax Rates (Details) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision at the federal statutory rate | 21.00% | 34.00% |
State income taxes, net of federal benefit | ||
Effect of net operating loss | (21.00%) | (34.00%) |
Effect of differences |
INCOME TAXES - Components of Ne
INCOME TAXES - Components of Net Deferred Income Tax Assets (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryover | $ 1,393,000 | $ 2,177,000 |
Valuation allowance | (1,393,000) | (2,177,000) |
Net deferred income tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Mar. 31, 2018USD ($) |
Income Tax Disclosure [Abstract] | |
Net Operating Loss Carry Forwards | $ 6,508,000 |
CONVERTIBLE NOTES PAYABLE - Con
CONVERTIBLE NOTES PAYABLE - Convertible notes payable - related party (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Total notes payable-related party | $ 920,101 | $ 890,101 |
2% Convertible notes payable to Ryan Corley, President of the Company, due on demand, convertilbe into a maximum of 37,638,984 common shares | ||
Total notes payable-related party | 749,455 | 719,455 |
2% convertible note payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 978,000 common shares | ||
Total notes payable-related party | 48,900 | 48,900 |
3% convertible notes payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 1,619,500 common shares | ||
Total notes payable-related party | 111,350 | 111,350 |
2% convertible notes payable to Douglas Goodsell, a related praty, due on demand, convertible into a maximum of 519,850 common shares | ||
Total notes payable-related party | $ 10,396 | $ 10,396 |
CONVERTIBLE NOTES PAYABLE - C29
CONVERTIBLE NOTES PAYABLE - Convertible Notes Payable (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Total notes payable | $ 300,000 | $ 300,000 |
Convertible Note 1 | ||
Total notes payable | 50,000 | 100,000 |
Convertible Note 2 | ||
Total notes payable | 50,000 | |
Convertible Note 3 | ||
Total notes payable | 175,000 | 175,000 |
Convertible Note 4 | ||
Total notes payable | 25,000 | 25,000 |
Total | ||
Total notes payable | $ 300,000 | $ 350,000 |
CONVERTIBLE NOTES PAYABLE - Lon
CONVERTIBLE NOTES PAYABLE - Long Term Convertible Notes Payable (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Longterm Convertible Note Payable 1 | ||
Long Term Debt Payable | $ 50,000 | |
Longterm Convertible Note Payable 2 | ||
Long Term Debt Payable | 50,000 | |
Longterm Convertible Note Payable 3 | ||
Long Term Debt Payable | 50,000 | |
Longterm Convertible Note Payable Total | ||
Long Term Debt Payable | $ 100,000 | $ 50,000 |
STOCK OPTIONS - Status of Compa
STOCK OPTIONS - Status of Company's Stock Options (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Options outstanding at beginning of year | 1,590,000 | 2,390,000 |
Options granted | ||
Options exercised | ||
Options canceled/expired | $ (300,000) | $ (800,000) |
Options outstanding at end of year | 1,590,000 | 1,590,000 |
STOCK OPTIONS - Information abo
STOCK OPTIONS - Information about Stock Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Range of Exercise Price | $ 0.12 | ||
Number Outstanding | 1,590,000 | 1,590,000 | 2,390,000 |
Weighted Average Remaining Contractual Life Years | 3 months 19 days | ||
Number Exercisable | 1,590,000 | ||
Minimum [Member] | |||
Range of Exercise Price | $ .08 | ||
Maximum [Member] | |||
Range of Exercise Price | .12 | ||
Option 1 | |||
Range of Exercise Price | $ 0.08 | ||
Number Outstanding | 900,000 | ||
Weighted Average Remaining Contractual Life Years | 4 years 3 months 19 days | ||
Number Exercisable | 900,000 | ||
Option 2 | |||
Range of Exercise Price | $ .10 | ||
Number Outstanding | 240,000 | ||
Weighted Average Remaining Contractual Life Years | 4 years 3 months 19 days | ||
Number Exercisable | 240,000 | ||
Option 3 | |||
Range of Exercise Price | $ .12 | ||
Number Outstanding | 150,000 | ||
Weighted Average Remaining Contractual Life Years | 3 months 19 days | ||
Number Exercisable | 150,000 |
STOCK OPTIONS - Option Details
STOCK OPTIONS - Option Details (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |||
Range of Exercise Price | $ 0.12 | ||
Number Outstanding | 1,590,000 | 1,590,000 | 2,390,000 |
Weighted Average Remaining Contractual Life Years | 3 months 19 days | ||
Number Exercisable | 1,590,000 | ||
Weighted Average Exercise Price (Exercisable shares) | $ 0.12 |