Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2019 | Nov. 13, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | ENXNET INC | |
Entity Central Index Key | 0001083706 | |
Document Type | 10-Q | |
Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Sep. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 60,801,518 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 7,590 | $ 8,155 |
Restricted cash | 2,845 | 2,439 |
TOTAL CURRENT ASSETS | 10,435 | 10,594 |
OTHER ASSETS | ||
Oil and gas cash bond | 100,000 | 100,000 |
TOTAL OTHER ASSETS | 100,000 | 100,000 |
TOTAL ASSETS | 110,435 | 110,594 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 733,639 | 713,962 |
Advances from officer - related party | 10,500 | 10,500 |
Advances from stockholder | 31,000 | 31,000 |
Convertible notes payable | 350,000 | 400,000 |
Convertible notes payable - related parties | 985,101 | 935,101 |
TOTAL CURRENT LIABILITIES | 2,110,240 | 2,090,563 |
LONG-TERM LIABILITIES | ||
TOTAL LONG-TERM LIABILITIES | ||
TOTAL LIABILITIES | 2,110,240 | 2,090,563 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $0.00005 par value; 200,000,000 shares authorized, 60,176,518 and 59,301,518 shares issued and outstanding, respectively | 3,040 | 2,965 |
Additional paid-in capital | 5,939,550 | 5,879,625 |
Accumulated deficit | (7,842,395) | (7,762,559) |
Other comprehensive income | (100,000) | (100,000) |
TOTAL STOCKHOLDERS' DEFICIT | (1,999,805) | (1,979,969) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 110,435 | $ 110,594 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.00005 | $ 0.00005 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 60,801,518 | 59,301,518 |
Common stock, outstanding | 60,801,518 | 59,301,518 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
EXPENSES | ||||
Impairment of oil and gas properties, unproven | $ 15,366 | $ 15,366 | $ 32,394 | $ 32,494 |
Payroll | 1,500 | 1,500 | 3,000 | 3,000 |
Professional services | 5,819 | 7,499 | 21,161 | 22,606 |
Occupancy and office | 1,286 | 1,578 | 2,743 | 3,466 |
Travel | 297 | 295 | 671 | 520 |
Total Expenses | 24,268 | 26,238 | 59,969 | 62,086 |
LOSS FROM OPERATIONS | (24,268) | (26,238) | (59,969) | (62,086) |
OTHER EXPENSE | ||||
Loss on conversion of notes payable | (17,500) | (17,500) | ||
Interest expense | (9,934) | (9,934) | (19,867) | (20,817) |
Total Other Expenses | (9,934) | (27,434) | (19,867) | (38,317) |
NET LOSS | $ (34,202) | $ (53,672) | $ (79,836) | $ (100,403) |
BASIC AND DILUTED NET LOSS PER SHARE (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED (in shares) | 60,554,265 | 57,096,298 | 60,020,097 | 56,181,436 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Other Comprehensive Income Loss | Total |
Beginning Balance, Shares at Mar. 31, 2018 | 55,276,518 | ||||
Beginning Balance, Value at Mar. 31, 2018 | $ 2,764 | $ 5,689,654 | $ (7,600,834) | $ (100,000) | $ (2,008,416) |
Common stock issued for conversion of notes payable, Shares | 2,500,000 | ||||
Common stock issued for conversion of notes payable, Value | $ 125 | 117,375 | 117,500 | ||
Common Stock issued for cash, Shares | 600,000 | ||||
Common Stock issued for cash, Value | $ 30 | 29,970 | 30,000 | ||
Stock option expense | 1,672 | 1,672 | |||
Net loss | (100,403) | (100,403) | |||
Ending Balance, Shares at Sep. 30, 2018 | 58,376,518 | ||||
Ending Balance, Value at Sep. 30, 2018 | $ 2,919 | 5,838,671 | (7,701,237) | (100,000) | (1,959,647) |
Beginning Balance, Shares at Jun. 30, 2018 | 55,276,518 | ||||
Beginning Balance, Value at Jun. 30, 2018 | $ 2,764 | 5,689,654 | (7,647,565) | (100,000) | (2,055,147) |
Common stock issued for conversion of notes payable, Shares | 2,500,000 | ||||
Common stock issued for conversion of notes payable, Value | $ 125 | 117,375 | 117,500 | ||
Common Stock issued for cash, Shares | 600,000 | ||||
Common Stock issued for cash, Value | $ 30 | 29,970 | 30,000 | ||
Stock option expense | 1,672 | 1,672 | |||
Net loss | (53,672) | (53,672) | |||
Ending Balance, Shares at Sep. 30, 2018 | 58,376,518 | ||||
Ending Balance, Value at Sep. 30, 2018 | $ 2,919 | 5,838,671 | (7,701,237) | (100,000) | (1,959,647) |
Beginning Balance, Shares at Mar. 31, 2019 | 59,301,518 | ||||
Beginning Balance, Value at Mar. 31, 2019 | $ 2,965 | 5,879,625 | (7,762,559) | (100,000) | (1,979,969) |
Common Stock issued for cash, Shares | 1,500,000 | ||||
Common Stock issued for cash, Value | $ 75 | 59,925 | 60,000 | ||
Net loss | (79,836) | (79,836) | |||
Ending Balance, Shares at Sep. 30, 2019 | 60,801,518 | ||||
Ending Balance, Value at Sep. 30, 2019 | $ 3,040 | 5,939,550 | (7,842,395) | (100,000) | (1,999,805) |
Beginning Balance, Shares at Jun. 30, 2019 | 60,176,518 | ||||
Beginning Balance, Value at Jun. 30, 2019 | $ 3,009 | 5,914,581 | (7,808,193) | (100,000) | (1,990,603) |
Common Stock issued for cash, Shares | 625,000 | ||||
Common Stock issued for cash, Value | $ 31 | 24,969 | 25,000 | ||
Net loss | (34,202) | (34,202) | |||
Ending Balance, Shares at Sep. 30, 2019 | 60,801,518 | ||||
Ending Balance, Value at Sep. 30, 2019 | $ 3,040 | $ 5,939,550 | $ (7,842,395) | $ (100,000) | $ (1,999,805) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (79,836) | $ (100,403) |
Adjustments to reconcile net loss to net cash used by operations: | ||
Loss on conversion of notes payable | (17,500) | |
Stock options extended | 1,672 | |
Impairment of oil and gas properties, unproved | 32,394 | 32,494 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 1,118 | |
Accounts payable and accrued expenses | 19,677 | 19,984 |
Net cash used in operating activities | (27,765) | (27,635) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to oil and gas properties, unproved | (32,394) | (32,494) |
Net cash used in investing activities | (32,394) | (32,494) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sales of stock | 60,000 | 30,000 |
Net cash provided by financing activities | 60,000 | 30,000 |
NET CHANGE IN CASH AND RESTRICTED CASH | (159) | (30,129) |
CASH AND RESTRICTED CASH - Beginning of period | 10,594 | 41,364 |
CASH AND RESTRICTED CASH - End of period | 10,435 | 11,235 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
NON-CASH FINANCING AND INVESTING TRANSACTIONS | ||
Conversion of advances from officer-related party to convertible notes payable-related party | 15,000 | |
Conversion of notes payable stockholder with stock issuance | $ 100,000 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of EnXnet, Inc. (“EnXnet” or “the Company”) for the six months ended September 30, 2019 have been prepared in accordance with generally accepted accounting principles in the United States of America, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. Accordingly, the financial statements do not include all information and footnotes required by generally accepted accounting principles in the United States for complete annual financial statements. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Reclassification Certain amounts in the March 31, 2019 financial statements have been reclassified to conform to the September 30, 2019 financial presentation. These reclassification have no impact on net loss. Cash and Restricted Cash The following table sets forth a reconciliation of cash and restricted cash reported in the consolidated statements of cash flows that agrees to the total of those amounts as presented in the consolidated statements of cash flows. Cash and restricted cash consist of the following: September 30, 2019 September 30, 2018 Cash $ 7,590 $ 8,922 Restricted cash 2,845 2,313 Total cash and restricted cash $ 10,435 $ 11,235 |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN 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. Management of the Company has undertaken certain actions to address these conditions. 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. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
NOTES PAYABLE | NOTE 3 – NOTES PAYABLE Convertible notes payable-related party consists of the following: September 30, 2019 March 31, 2019 7% convertible notes payable to stockholder, convertible into a maximum of 250,000 common shares, 50,000 50,000 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 38,238,984 common shares 764,455 764,455 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 $ 985,101 $ 985,101 Convertible notes payable consists of the following: September 30, 2019 March 31, 2019 7% convertible note payable to stockholder, due on August 15, 2019, convertible into a maximum of 250,000 common shares, 50,000 50,000 7% convertible note payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, 50,000 50,000 7% convertible notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, 50,000 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 $ 35,000 $ 350,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS Advances from Stockholder: Advances from a stockholder at September 30, 2019 and March 31, 2019 was $31,000. Accrued Interest - officer The Company has notes payable to the CEO in the aggregate amount of $764,455 and $764,455 as of September 30, 2019 and March 31, 2019, respectively. Accrued interest owed on these notes at September 30, 2019 and March 31, 2019 is $227,795 and $220,150, respectively. These notes and accrued interest are convertible into 43,152,945 and 42,770,550 shares of restricted common stock of the Company, as of September 30, 2019 and March 31, 2019 respectively. Advances from officer - related part At September 30, 2019 and March 31, 2019, advances from the entity controlled by the CEO was $10,500 and notes payable totaled $160,250. Accrued interest owed on these notes at September 30, 2019 and March 31, 2019 is $38,611 and $37,242, respectively. These notes and accrued interest are convertible into 3,228,510 and 3,204,312 shares of restricted common stock of the Company, as of September 30, 2019 and March 31, 2019, respectively. The Company conducts its business from the office of its CEO, Ryan Corley, rent free. |
STOCK OPTIONS
STOCK OPTIONS | 6 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS | NOTE 5 – 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 September 30, 2019 is presented below: 2019 Options outstanding at beginning of year 1,240,000 Options granted — Options exercised — Options canceled/expired (100,000 ) Options outstanding at end of year 1,140,000 The following table summarizes the information about the stock options as of September 30, 2019: Weighted Average Range Weighted Average of Number Remaining Contractual Number Exercise Price Outstanding Life Years Exercisable 0.08 900,000 2.80 900,000 0.10 240,000 2.80 240,000 $ 0.08 - 0.10 1,140,000 2.80 1,140,000 |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Sep. 30, 2019 | |
Longterm Convertible Note Payable 1 | |
COMMON STOCK | NOTE 6 – COMMON STOCK On June 11, 2019, the Company issued 875,000 common shares in exchange for $35,000 in cash. On August 6, 2019 the Company issued 625,000 common shares in exchange for $25,000 in cash |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
2% Convertible Note Payable to Douglas Goodsell | |
Basis of presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of EnXnet, Inc. (“EnXnet” or “the Company”) for the six months ended September 30, 2019 have been prepared in accordance with generally accepted accounting principles in the United States of America, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. Accordingly, the financial statements do not include all information and footnotes required by generally accepted accounting principles in the United States for complete annual financial statements. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. |
Reclassification | Reclassification Certain amounts in the March 31, 2019 financial statements have been reclassified to conform to the September 30, 2019 financial presentation. These reclassification have no impact on net loss. |
Cash and Restricted Cash | Cash and Restricted Cash The following table sets forth a reconciliation of cash and restricted cash reported in the consolidated statements of cash flows that agrees to the total of those amounts as presented in the consolidated statements of cash flows. Cash and restricted cash consist of the following: September 30, 2019 September 30, 2018 Cash $ 7,590 $ 8,922 Restricted cash 2,845 2,313 Total cash and restricted cash $ 10,435 $ 11,235 |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
3% Convertible Notes Payable [Member] | |
Schedule of cash and cash equivalents and restricted cash | Cash and restricted cash consist of the following: September 30, 2019 September 30, 2018 Cash $ 7,590 $ 8,922 Restricted cash 2,845 2,313 Total cash and restricted cash $ 10,435 $ 11,235 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Convertible notes payable-related party | Convertible notes payable-related party consists of the following: September 30, 2019 March 31, 2019 7% convertible notes payable to stockholder, convertible into a maximum of 250,000 common shares, 50,000 50,000 2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 38,238,984 common shares 764,455 764,455 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 $ 985,101 $ 985,101 |
Convertible Notes Payable | Convertible notes payable consists of the following: September 30, 2019 March 31, 2019 7% convertible note payable to stockholder, due on August 15, 2019, convertible into a maximum of 250,000 common shares, 50,000 50,000 7% convertible note payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, 50,000 50,000 7% convertible notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, 50,000 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 $ 35,000 $ 350,000 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock options | 2019 Options outstanding at beginning of year 1,240,000 Options granted — Options exercised — Options canceled/expired (100,000 ) Options outstanding at end of year 1,140,000 |
Schedule of stock options details | Weighted Average Range Weighted Average of Number Remaining Contractual Number Exercise Price Outstanding Life Years Exercisable 0.08 900,000 2.80 900,000 0.10 240,000 2.80 240,000 $ 0.08 - 0.10 1,140,000 2.80 1,140,000 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
ConvertibleDebt5Member | |||
Cash | $ 7,590 | $ 8,155 | $ 8,155 |
Restricted cash | 2,845 | 2,313 | |
Total cash and restricted cash | $ 10,435 | $ 11,235 |
NOTES PAYABLE - Convertible not
NOTES PAYABLE - Convertible notes payable - related party (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Mar. 31, 2019 | |
Total notes payable-related party | $ 985,101 | $ 985,101 |
7% convertible notes payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares, | ||
Total notes payable-related party | 50,000 | 50,000 |
2% Convertible notes payable to Ryan Corley, President of the Company, due on demand, convertilbe into a maximum of 38,238,984 common shares | ||
Total notes payable-related party | 764,455 | 764,455 |
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 party, due on demand, convertible into a maximum of 519,850 common shares | ||
Total notes payable-related party | $ 10,396 | $ 10,396 |
NOTES PAYABLE - Convertible N_2
NOTES PAYABLE - Convertible Notes Payable (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Total notes payable | $ 350,000 | $ 400,000 |
Convertible Note 1 | ||
Total notes payable | 50,000 | 50,000 |
Convertible Note 2 | ||
Total notes payable | 50,000 | 50,000 |
Convertible Note 3 | ||
Total notes payable | 50,000 | 50,000 |
Convertible Note 4 | ||
Total notes payable | 175,000 | 175,000 |
Convertible Note 5 | ||
Total notes payable | 25,000 | 25,000 |
Total | ||
Total notes payable | $ 350,000 | $ 350,000 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 6 Months Ended |
Sep. 30, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding at beginning of year | 1,240,000 |
Options expired | $ | $ (100,000) |
Options outstanding at end of year | 1,140,000 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) | 6 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Option 1 | |
Range of Exercise Price | $ 0.08 |
Number Outstanding | shares | 900,000 |
Weighted Average Remaining Contractual Life Years | 2 years 9 months 18 days |
Weighted Average Exercise Price (Exercisable shares) | $ 900,000 |
Option 2 | |
Range of Exercise Price | $ 0.10 |
Number Outstanding | shares | 240,000 |
Weighted Average Remaining Contractual Life Years | 2 years 9 months 18 days |
Weighted Average Exercise Price (Exercisable shares) | $ 240,000 |
Total | |
Number Outstanding | shares | 1,140,000 |
Weighted Average Exercise Price (Exercisable shares) | $ 1,140,000 |