Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Aug. 15, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Plandai Biotechnology, Inc. | |
Entity Central Index Key | 1,317,880 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
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 Common Stock, Shares Outstanding | 186,531,236 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Current Assets: | ||
Cash | $ 7,962 | $ 33,619 |
Inventory | 54,004 | 2,286 |
Accounts Receivable | 47,997 | 17,122 |
Other Current Assets | 66,387 | 365,132 |
Total Current Assets | 176,350 | 418,159 |
Deposits | 64,678 | 75,246 |
Other Assets | 108,468 | 1,220 |
Fixed Assets - Net | 6,276,292 | 8,009,956 |
Total Assets | 6,625,788 | 8,504,581 |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 476,349 | 316,345 |
Accrued Interest | 598,410 | 288,612 |
Convertible Notes Payable, net of discount | 8,331 | |
Derivative Liability | 347,917 | |
Current Portion of Long Term Debt | 13,942,020 | 14,526,213 |
Note Payable to Related Party | 50,526 | |
Related Party Payables | 14,890 | 16,177 |
Total Current Liabilities | 15,438,443 | 15,147,347 |
Other Liabilities | 133,086 | 159,994 |
Deferred Lease Obligation | 1,501,182 | 1,513,976 |
TOTAL LIABILITIES | 17,072,711 | 16,821,317 |
STOCKHOLDERS' DEFICIT | ||
Common Stock, authorized 500,000,000 shares, $0.0001 par value, 180,406,236 and 164,419,936 shares issued and outstanding as of March 31, 2016 and June 30, 2015 | 18,041 | 16,442 |
Additional Paid-In Capital | 30,685,041 | 30,124,629 |
Common Stock Issuable | 50,000 | 45,000 |
Accumulated Deficit | (39,324,396) | (36,309,281) |
Cumulative Foreign Currency Translation Adjustment | 199,280 | (375,880) |
Total Stockholders' Deficit | (8,372,034) | (6,499,090) |
Non-controlling Interest | (2,074,889) | (1,817,646) |
Equity Allocated to Plandai Biotechnology | (10,446,923) | (8,316,736) |
Total Liabilities and Stockholders' Deficit | $ 6,625,788 | $ 8,504,581 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 180,406,236 | 164,419,936 |
Common stock, shares outstanding | 180,406,236 | 164,419,936 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 100,295 | $ 21,744 | $ 197,798 | $ 64,024 |
Expenses: | ||||
Production Costs | 194,396 | 181,214 | 627,506 | 583,506 |
Payroll | 225,478 | 5,079,803 | 623,318 | 6,128,980 |
Rent | 75,978 | 107,859 | 250,507 | 325,121 |
Professional Services | 17,334 | 80,597 | 182,714 | 455,161 |
Depreciation | 118,609 | 46,695 | 393,678 | 139,517 |
General and Administrative | 193,399 | 514,834 | 411,194 | 802,147 |
Total Expenses | 825,194 | 6,011,002 | 2,488,917 | 8,434,432 |
Operating Loss | (724,899) | (5,989,258) | (2,291,119) | (8,370,408) |
Other Income (Expense) | ||||
Other Income | 12,765 | 273,922 | 777,724 | |
Change in Derivative Liability | 5,330 | 9,077 | ||
Interest Expense | 375,242 | 296,292 | 1,006,996 | 552,344 |
Net Loss | (1,094,811) | (6,272,785) | (3,015,116) | (8,145,028) |
Allocation to Non-Controlling Interests | (82,585) | (120,962) | (257,243) | (192,867) |
Net Loss, Adjusted | (1,012,226) | (6,151,823) | (2,757,873) | (7,952,161) |
Other Comprehensive Income (loss): | ||||
Foreign Currency Translation Adjustment | (74,907) | 145,449 | 575,160 | (432,361) |
Comprehensive Income (Loss) | $ (1,087,133) | $ (6,006,374) | $ (2,182,713) | $ (8,384,522) |
Basic & diluted loss per share | $ (0.01) | $ (0.04) | $ (0.02) | $ (0.06) |
Weighted Avg. Shares Outstanding | 175,663,325 | 140,845,731 | 169,034,016 | 135,224,529 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (3,015,116) | $ (8,145,028) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Depreciation | 393,678 | 139,517 |
Amortization of Debt Discount | 52,691 | |
Stock Issued or Payable for Services | 273,350 | 5,971,536 |
Derivative Interest | 85,936 | |
Change in value of Derivative Liability | 9,077 | |
Addition to Notes Payable from Interest Added to Principal | 559,529 | |
Changes in Assets and Liabilities: | ||
(Increase) Decrease in Accounts Receivable | 34,665 | (1,092) |
Decrease (Increase) in Prepaid Expenses and Other Current Assets | (257,668) | 134,920 |
Decrease in Related Party Receivable | (426,444) | |
(Increase) Decrease in Deposits | (2,277) | 8,125 |
Increase in Inventory | 53,467 | 985 |
(Increase) Decrease in Other Assets | 111,300 | (71,330) |
Increase in Accounts Payable and Accrued Expenses | 212,124 | 73,865 |
Increase in Deferred Lease Obligation | 250,853 | 139,517 |
Increase (Decrease) in Related Party Payables | 1,462 | (2,949) |
Increase in Other Liabilities | 178,363 | |
Increase in Accrued Interest | 309,798 | 158,253 |
Net Cash Used in Operating Activities | (828,813) | (1,115,840) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Fixed Assets | 11,379 | 752,083 |
Net Cash Used in Investing Activities | (11,379) | (752,083) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Issuing Long Term Debt, Net of Discount | 400,000 | 1,988,396 |
Proceeds from Issuing Convertible Debt | 275,000 | |
Proceeds from Issuing Notes to Related Party | 50,526 | |
Principal Payments on Long Term Debt | 154,009 | |
Proceeds from the Sale of Common Stock | 293,660 | 286,700 |
Net Cash Provided by Financing Activities | 865,177 | 2,275,096 |
Effect of Exchange Rates on Cash Flows | (50,642) | (435,757) |
Net Increase (Decrease) in Cash and Cash Equivalents | (25,657) | (28,584) |
Cash and Cash Equivalents at Beginning of Period | 33,619 | 156,570 |
Cash and Cash Equivalents at End of Period | 7,962 | 127,986 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Shares issued to retire debt | 24,674 | |
Interest expense added to loan principal | 559,529 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid during the year for: Interest | 220,643 | |
Cash paid during the year for: Taxes |
Nature Of Operations And Going
Nature Of Operations And Going Concern | 9 Months Ended |
Mar. 31, 2016 | |
Nature Of Operations And Going Concern | |
Nature of Operations and Going Concern | NOTE 1 NATURE OF OPERATIONS AND GOING CONCERN Plandaí Biotechnology, Inc.s (the Company or Plandaí) consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company. Plandaí and its subsidiaries focus on the development and production of proprietary botanical extracts for the nutraceutical and pharmaceutical industries. The Company grows much of the live plant material used in its products on a 3,237 hectare (approx. 8,000 acre) estate it operates under a 49-year notarial lease in the Mpumalanga region of South Africa. Plandaí uses a proprietary extraction process that is designed to yield highly bioavailable products of pharmaceutical-grade purity. The first product brought to market was Phytofare Catechin Complex, a green-tea derived extract that has multiple potential wellness applications. Additional extracts utilizing citrus, artemisia, and cannabis are in various stages of development and testing. The Companys principle holdings consist of land, farms and infrastructure in South Africa. The Company is actively pursuing additional financing and has had discussions with various third parties, although no firm commitments have been obtained. Management believes these efforts will generate sufficient cash flows from future operations to pay the Company's obligations and realize positive cash flow. There is no assurance any of these transactions will occur. |
Summary Of Accounting Policies
Summary Of Accounting Policies | 9 Months Ended |
Mar. 31, 2016 | |
Summary Of Accounting Policies | |
Summary of Accounting Policies | NOTE 2 SUMMARY OF ACCOUNTING POLICIES Basis of Presentation The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The accompanying financial statements represent the results of operations for the three and nine months ended March 31, 2016 and March 31, 2015. The Company has adopted the US dollar as the reporting currency for accounting and reporting purposes. This summary of accounting policies for Plandaí Biotechnology, Inc. and its wholly-owned subsidiaries, is presented to assist in understanding the Company's financial statements. The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Interim Financial Statements The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to form 10Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three and nine months ended March 31, 2016 are not necessarily indicative of the final results that may be expected for the year ended June 30, 2016. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the year ended June 30, 2015 filed with the SEC. Use of Estimates The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and statement of operations for the year then ended. Actual results may differ from these estimates. Estimates are used when accounting for allowance for bad debts, collect ability of accounts receivable, amounts due to service providers, depreciation and litigation contingencies, among others. Business Combinations and Acquisitions The disclosure requirements for business combination and acquisitions are intended to enable users of financial statements to evaluate the nature and financial effects of: A business combination that occurs either during the current reporting period or after the reporting period, but before the financial statements are issued Adjustments recognized in the current reporting period that relate to business combinations that occurred in current and previous reporting periods The nature of the relationship between the parent and a subsidiary or investee when the parent does not have 100 percent ownership or control The Company discloses each material business combination in the period in which the business combination occurs. The Company also discloses information about acquisitions made after the balance sheet date, but before the financial statements are issued. Gains or losses arising from the deconsolidation of a business when the company loses control of that business are also disclosed. Acquisition costs incurred such as legal, advisory and consulting fees are expensed as incurred. In accordance with ASC 805-10-25-1, ASC 805-10-05-4 and IFRS 3.4, 5, the Company employs the Acquisition Method of accounting for routine acquisitions and combinations. Net Loss Per Common Share The Company adopted FASB ASC Topic 260, Earnings Per Share In January 2014, the Company issued warrants to purchase 5,000,000 shares of the Companys common stock which have a strike price of $0.01/share; however, since the Company incurred a loss for all periods presented, the warrants are considered anti-dilutive. During the year ended June 30, 2015, a total of 1,666,666 warrants were exercised utilizing a cashless option resulting in the issuance of 1,629,212 shares of restricted common stock, leaving 3,333,334 outstanding exercisable warrants as of March 31, 2016. Reclassifications Prior year amounts have been reclassified to conform to the current year presentation. There was no net impact on total assets, net (loss), comprehensive (loss) or the statement of cash flows. Recent Accounting Pronouncements Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Fixed Assets
Fixed Assets | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | NOTE 3 FIXED ASSETS Fixed assets, stated at cost, less accumulated depreciation at March 31, 2016 and June 30, 2015 consisted of the following: March 31, June 30, Plant and Equipment $ 6,188,185 $ 7,487,506 Machinery and Equipment 172,172 211,283 Leasehold Improvements 666,320 752,530 Furniture and Fixtures 67,756 81,626 Automobiles 75,275 90,684 Computers and Equipment 19,263 23,206 Total Fixed Assets 7,188,971 8,646,835 Less: Accumulated Depreciation (912,679 ) (636,879 ) Fixed Assets, net $ 6,276,292 $ 8,009,956 The reduction in fixed assets results from a combination of depreciation expense and the fluctuation of the South African Rand against the U.S. Dollar, as all of the Companys fixed assets are located in South Africa. Depreciation expense Depreciation expense for the three and nine months ended March 31, 2016 was $118,609 and $393,678 compared to $46,695 and $139,517 for the three and nine months ended March 31, 2015, respectively. The Company did not commence depreciating the leasehold improvements, plant and equipment, and other fixed assets associated with the factory until they were placed in service, January 1, 2015. The difference between accumulated depreciation and depreciation expense results from the application of the currency adjustment (see Note 8). |
Segment Information
Segment Information | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 4 SEGMENT INFORMATION Geographical Locations The following information summarizes the financial information regarding Plandaí Biotechnology Inc. and its operational South African subsidiaries for the periods presented: As of June 30, 2015: South Africa United States Total Assets $ 8,406,177 $ 98,404 $ 8,504,581 Liabilities $ 10,402,092 $ 6,419,225 $ 16,821,317 As of March 31, 2016 South Africa United States Total Assets $ 6,578,361 $ 47,427 $ 6,625,788 Liabilities $ 9,245,853 $ 7,826,858 $ 17,072,711 For the three-months ended March 31, 2016 South Africa United States Total Revenues from external customer $ 100,295 $ $ 100,295 Expenses $ 468,508 $ 356,686 $ 825,194 Interest expense $ 179,031 $ 196,211 $ 375,242 Segment loss $ 547,244 $ 547,567 $ 1,094,811 For the nine-months ended March 31, 2016 South Africa United States Total Revenues from external customer $ 197,798 $ $ 197,798 Expenses $ 1,545,972 $ 942,945 $ 2,488,917 Interest expense $ 556,070 $ 450,926 $ 1,006,996 Segment loss $ 1,630,322 $ 1,384,794 $ 3,015,116 |
Notes Payable
Notes Payable | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 5 NOTES PAYABLE As of the dates presented, the long-term loan balances were as follows: Interest Rate Due Date March 31, 2016 June 30, 2015 Loan Principle and Interest - Land Bank See below See below $ 7,369,404 $ 8,401,900 Notes Payable other third party 6% July 1, 2016 6,900,000 6,500,000 Less: Discount (327,384 ) (375,687 ) 13,942,020 14,526,213 Less: Current Portion (13,942,020 ) (14,526,213 ) Long Term Debt, Net of Discount $ $ Notes Payable other third party Between November 25, 2013 and June 4, 2015, the Company issued a total of $6,500,000 in notes payable to a third party, the proceeds from which were used for working capital purposes. In July 2015, the Company issued a note payable for $400,000 to the third party in exchange for cash of $384,170 and payment of expenses on behalf of the Company of $15,830. The note bears interest at 6% per annum and was originally due February 1, 2016. Collectively, these notes total $6,900,000 and $6,500,000 as of March 31 2016 and June 30, 2015, respectively, and were due and payable twelve months after issuance. The Company subsequently renegotiated the due date on each of these notes to July 1, 2016. The Company is not required to make monthly payments on any of these notes. As of March 31, 2016 and June 30, 2015, the Company recorded accrued interest pertaining to the outstanding notes payable in the amounts of $594,332and $288,612, respectively. Land and Agriculture Bank of South Africa In June 2012, the Company, through the majority-owned subsidiaries of Dunn Roman Holdings, Inc., executed final loan documents on a 100 million Rand (approx. $6.5 million USD at current rates) financing with the Land and Agriculture Bank of South Africa (Land Bank). The total loan is comprised of multiple agreements totaling, between Green Gold Biotechnologies (Pty) Ltd. and Breakwood Trading 22(Pty) Ltd., 100 million rand (approx. $6.5 million USD at current exchange rates). The loans all bear interest at the rate of prime plus 0.5% per annum and are all due in seven years. In addition, the loans have a 25-month holiday in which no payments or interest are due until 25 months after the first draw down of funds. The loans are collateralized by the assets and operations, including the Senteeko lease, agriculture production and receivables of Dunn Roman Holdings, which is the African operating arm of Plandaí. In addition, Dunn Roman Holdings was required to grant a 15% profit share agreement to the Land Bank which extends through the duration of the loan agreements (7 years unless pre-paid). The profit share agreement extends only to profits generated by Dunn Roman Holdings exclusive of operations of Plandaí and outside of South Africa. By way of loan covenants, the borrowing entities are required to maintain a debt to equity ratio of 1.5:1, interest coverage ratio of 1.5:1, and security coverage ratio of 1:1, none of which are currently in compliance. However, the Company consistently notified the Bank of this situation and has requested written documentation as to the Banks intention. The Bank has provided documentation extending the holiday at least through December 2016. As of and through the date of this report, the Land Bank has not provided any notice of default or requested compliance with the terms of the loans. During the year ended June 30, 2012, the Company issued 1,500,000 shares of restricted common stock to three Dunn Roman shareholders in exchange for their shares of Dunn Roman Holdings which had been previously issued. The acquired Dunn Roman shares were then provided to third parties in order to comply with the BEE provisions associated with the loan from the Land Bank of South Africa, which required that 15% of Dunn Roman be owned by non-white South Africans. The Company has therefore determined to treat the value of the shares issued to acquire the Dunn Roman stock ($585,000, based on the value of shares on the date of issuance) as a cost of securing the financing and recorded as a loan discount which is amortized over the life of the loan (7 years). During the three and nine months ended March 31, 2016 the Company amortized $16,101 and $48,303, respectively, leaving a debt discount balance of $327,384 at March 31, 2016. As of March 31, 2016, a total of $7,369,404, which includes capitalized accrued interest, was owed to the Land Bank. The proceeds were used to purchase fixed assets that are employed in South Africa to produce the Companys botanical extracts, fund the rehabilitation of the Senteeko Tea Estate, including the repair of roads, bridges, and onsite management and farm worker housing, and the pruning, weeding and fertilizing of the plantation. As the 25-month holiday in which no payments or interest are due expired in July of 2014, the Company is required to make monthly payments of approximately 2,250,000 South African Rand (approximately $145,000 US Dollars). During the nine months ended March 31, 2016, the Company paid approximately $162,329 and accrued $559,088 in capitalized interest. Commencing August 2015, the Company ceased making payments to the Land Bank and has been in discussions to renegotiate the payment terms of the obligation. The Land Bank has been cooperative in this effort and has not expressed any intention to foreclose or accelerate the debt balances. Inasmuch as the Company is out of compliance with certain loan covenants including the non-payment of scheduled monthly amounts due under the various leases, the Company has elected to classify the entire balance owed to the Land Bank as current in the accompanying balance sheets as of March 31, 2016 and June 30, 2015. Future maturities of long-term debt are as follows: 2016 $ 8,640,000 2017 1,740,000 2018 1,740,000 2019 1,740,000 2020 82,020 $ 13,942,020 |
Notes Payable To Related Partie
Notes Payable To Related Parties | 9 Months Ended |
Mar. 31, 2016 | |
Notes Payable To Related Parties | |
Notes Payable to Related Parties | NOTE 6 NOTES PAYABLE TO RELATED PARTIES On January 1, 2016, the Company borrowed £35,000 ($50,526 at March 31, 2016), from the son of Roger Baylis-Duffield, the Companys Chief Executive Officer, the proceeds from which were used for general operating purposes. The note bears interest at the rate of 15% per annum, with interest due semi-annually, and the balance plus any accrued interest due and payable on December 31, 2016. |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | NOTE 7 CONVERTIBLE NOTES PAYABLE Principal Balance Loan Discount Accrued interest Total June 30,2015 $ $ $ $ Issued in the period 292,500 (288,558 ) 3,942 Converted into shares of common stock Payments of principal and interest Amortization of debt discount 4,389 4,389 Interest accrued March 31, 2016 $ 292,500 $ (284,169 ) $ $ 8,331 The Company evaluated the terms of the conversion features of its convertible debentures in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging - Contracts in Entity's Own Stock On November 16, 2015, the Company executed a convertible promissory note with a maximum principal amount of $250,000. Amounts received under this promissory note are issued net of a 10% original issue discount. Each payment of consideration matures one year from the date of distribution. The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at the lesser of $0.10 per share or 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. The Company received $50,000 upon closing of the note, net of a debt discount of $5,000, and the aggregate principal balance to be repaid being $55,000. The debt discount was recorded as a reduction of the convertible debenture and is being amortized over the life of the convertible debenture. The Company valued the conversion features on this advance at origination at $68,328 using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 12-month term to maturity, risk free interest rate of 0.5% and annualized volatility of 112%. $55,000 of the value assigned to the derivative liability was recognized as a debt discount on the convertible debenture. The debt discount was recorded as reduction to the convertible debenture and is being amortized over the life of the convertible debenture. The balance of $13,328 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. On January 6, 2016, the Company executed a convertible promissory note in the amount of $30,000. The note does not bear interest, however, the Company would incur a re-payment penalty of $7,500 if it chose to repay the note rather than allow conversion. The lender canconvert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at 58% of the lowest trade share price occurring in the previous 20 trading daysprior to conversion.The Company valued the conversion features on this note at origination at $26,058using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 6-month term to maturity, risk free interest rate of 0.65% and annualized volatility of 111%. The Company recorded a debt discount of $30,000 as reduction to the convertible debenture and is being amortized over the life of the convertible debenture. The difference of $3,942 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. On January 6, 2016, the Company executed an 8% interest convertible promissory note in the amount of $50,000, which is due and payable on January 5, 2017. The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. The Company received $50,000 upon closing of the note and recorded a debt discount of $50,000. The debt discount was recorded as a reduction of the convertible debenture and is being amortized over the life of the convertible debenture. The Company valued the conversion features on this advances at origination at $61,876 using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 12-month term to maturity, risk free interest rate of 0.65% and annualized volatility of 111%. The balance of $11,876 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. On February 11, 2016, the Company executed a 10% interest convertible promissory note in the amount of $55,000, which is due and payable February 11, 2017. The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. The Company received $50,000 upon closing of the note, net of a debt discount of $5,000, and the aggregate principal balance to be repaid being $55,000. The debt discount was recorded as a reduction (contra-liability) of the convertible debenture and was amortized over the life of the convertible debenture. The Company valued the conversion features on this advances at origination at $70,242 using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 12-month term to maturity, risk free interest rate of 0.65% and annualized volatility of 121%. $55,000 of the value assigned to the derivative liability was recognized as a debt discount on the convertible debenture. The debt discount was recorded as reduction to the convertible debenture and is being amortized over the life of the convertible debenture. The balance of $15,242 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. On February 23, 2016, the Company executed an 8% interest convertible promissory note in the amount of $50,000, which is due and payable February 22, 2017. The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. The Company valued the conversion features on this advances at origination at $63,856 using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 12-month term to maturity, risk free interest rate of 0.65% and annualized volatility of 121%. $50,000 of the value assigned to the derivative liability was recognized as a debt discount on the convertible debenture. The debt discount was recorded as reduction to the convertible debenture and is being amortized over the life of the convertible debenture. The balance of $13,856 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. On March 24, 2016, the Company executed a 10% interest convertible promissory note in the amount of $52,500. The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at the lesser of $0.10 per share or 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. The Company received $50,000 upon closing of the note, net of a debt discount of $2,500, and the aggregate principal balance to be repaid being $52,500. The debt discount was recorded as a reduction of the convertible debenture and is being amortized over the life of the convertible debenture. The Company valued the conversion features on this advances at origination at $66,633 using the Black Scholes valuation model with the following assumptions: dividend yield of zero, 12-month term to maturity, risk free interest rate of 0.65% and annualized volatility of 119%. $52,500 of the value assigned to the derivative liability was recognized as a debt discount on the convertible debenture. The debt discount was recorded as reduction to the convertible debenture and was amortized over the life of the convertible debenture. The balance of $14,133 of the value assigned to the derivative liability was recognized as origination interest on the derivative liability and expensed on origination. ASC 815 requires assessment of the fair market value of derivative liability at the end of each reporting period and recognition of any change in the fair market value as other income or expense. Changes in Derivative Liabilities June 30, 2015 $ Value acquired during the period 356,994 Settled on issuance of common stock Settled on payment of outstanding principal and interest Revaluation on settlement on issuance of common stock or reporting date (9,077 ) March 31, 2016 $ 347,917 |
Deferred Lease Obligations
Deferred Lease Obligations | 9 Months Ended |
Mar. 31, 2016 | |
Deferred Lease Obligations | |
Deferred Lease Obligations | NOTE 8 DEFERRED LEASE OBLIGATIONS Plandaís subsidiaries have two long-term, material leases which either have escalating terms or included several months of free rent, including the 49-year notarial lease for the Senteeko Tea Estate. In accordance with US Generally Accepted Accounting Principles, the Company has calculated a straight-line monthly cost on the leases and recorded the corresponding difference between the amount actually paid and the amount calculated as a Deferred Lease Obligation. As of March 31, 2016 and June 30, 2015 the amount of this deferred liability was $1,501,182 and $1,513,976, respectively. Plandaís subsidiary, Dunn Roman Holdings Africa (Pty) Ltd., executed a sublease on the Bonokado Farm in South Africa to a third party. Bonokado currently farms avocado and macadamia nuts, neither of which factor into the Companys future business model. The lease is for 20 years and includes 24 months of deferred rent while the farm is rehabilitated by the sub-lessor. In accordance with US Generally Accepted Accounting Principles, the Company has calculated a straight-line monthly value attributable to the lease and recorded the corresponding difference between the amount actually paid and the amount calculated as a Lease Receivable in Other Assets. As of March 31, 2016 and June, 2015, the amount of this receivable was $108,468 and $91,470, respectively. |
Foreign Currency Translation Ad
Foreign Currency Translation Adjustment | 9 Months Ended |
Mar. 31, 2016 | |
Foreign Currency [Abstract] | |
Foreign Currency Translation Adjustment | NOTE 9 FOREIGN CURRENCY TRANSLATION ADJUSTMENT The Companys principle operations are located in South Africa and the primary currency used is the South African Rand. Accordingly, the financial statements are first prepared in using Rand and then converted to US Dollars for reporting purposes, with the average conversion rate between July and September being used for income statement purposes and the closing exchange rate as of September 30 applied to the balance sheet. Differences resulting from the fluctuation in the exchange rate are recorded as an offset to equity in the balance sheet. In the three months ended March 31, 2016 and 2015, the Company recorded a foreign currency translation adjustment gain (loss) of $(74,097) and $145,449, respectively. In the nine months ended March 31, 2016 and 2015, the Company recorded a foreign currency translation adjustment gain (loss) of $575,160 and ($432,361), respectively. |
Other Income And Expense
Other Income And Expense | 9 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income and Expense | NOTE 10 OTHER INCOME AND EXPENSE For the nine months ended March 31, 2016,Other Income consisted principally of $273,922 received as a one-time grant from the South African government. For the nine months ended March 31, 2015, Other Income consisted principally of $777,724 received as part of a settlement agreement resulting from delays in completing the Senteeko factory in South Africa. For the three months ended March 31, 2015, Other Income was $12,765, which consisted of the proceeds from an insurance claim. |
Common Stock
Common Stock | 9 Months Ended |
Mar. 31, 2016 | |
Common Stock | |
Common Stock | NOTE 11 COMMON STOCK During the ninemonths ended March 31, 2016, the Company issued a total of 15,986,300 shares of restricted common stock as follows: 1. The Company issued 10,681,300 restricted common shares for $293,660 cash. 2. The Company issued 5,305,000 restricted common shares for services valued at $273,350. Common Stock Issuable Pursuant to two agreements executed on March 1, 2013 by the Company with two of its officers, the Company is obligated to issue 3,000,000 common shares at the end of each completed year for services rendered to the Company. The Company records the value of these shares on quarterly basis based on the value of the stock on the date of the agreements (March 1, 2013). As of March 31, 2016 and June 30, 2015, the common shares issuable pursuant to the employment agreements were $0 and $45,000, respectively. Common stock issuable at March 31, 2016 consisted of $50,000, which represented the proceeds received from two individuals who purchased shares of restricted common stock which had not been issued as of March 31, 2016. |
Warrants
Warrants | 9 Months Ended |
Mar. 31, 2016 | |
Warrants | |
Warrants | NOTE 12 WARRANTS On January 28, 2014, the Company signed an agreement with Diego Pellicer, Inc. under which the Company received a license to use the Diego Pellicer name and likeness on a future cannabis-based extract which is under development. As consideration for the license, the Company issued warrants to purchase 5,000,000 shares of the Companys common stock at a purchase price of $0.01 per share. The Company originally recorded a value of $5,749,985 as an asset. However, as the cannabis extract was still in development, the intangible licenses asset balance was deemed fully impaired as of June 30, 2014, leaving a zero asset balance. Accordingly, the Company recorded an impairment expense of $5,749,985. Should the cannabis extract come to market, the value of the license will be re-evaluated. On November 10, 2015, the Company issued warrants to purchase 2,500,000 shares of the Companys common stock at an exercise price of $0.10 per share, such warrants expiring three years after issuance. The warrants were issued as part of a stock purchase agreement with a third party. The following table summarizes share warrants activity for the periods presented: Number of Share Warrants Weighted Average Exercise Price ($) per Share Weighted Average Remaining Contractual Life Warrants outstanding, June 30, 2015 3,333,334 $ 0.01 8.5 years Issued 2,500,000 0.10 2.7 years Exercised Cancelled Expired Warrants outstanding, March 31, 2016 5,833,334 $ 0.05 5.6 years Warrants exercisable, March 31, 2016 5,833,334 $ 0.05 5.6 years The following table summarizes information about warrants outstanding as of March 31, 2016: Exercise Price Number of Warrants Outstanding Weighted Average Life of Warrants Outstanding In Years $ 0.01 3,333,334 7.8 years $ 0.10 2,500,000 2.7 years 5,833,334 |
Non-Controlling Interest
Non-Controlling Interest | 9 Months Ended |
Mar. 31, 2016 | |
DisclosureMinorityInterestAbstract | |
Non-Controlling Interest | NOTE 13 NON-CONTROLLING INTEREST Plandaí owns 100% of Dunn Roman HoldingsAfrica, which in turn owns 74% of Breakwood Trading 22 (Pty), Ltd. and 84% of Green Gold Biotechnologies (Pty), Ltd., in order to be compliant with the Black Economic Empowerment rules imposed by the South African Land Bank. While the Company, under the Equity Method of Accounting, is required to consolidate 100% of the operations of its majority-owned subsidiaries, that portion of subsidiary net equity attributable to the minority ownership, together with an allocated portion of net income or net loss incurred by the subsidiaries, must be reflected on the consolidated financial statements. On the balance sheet, minority interest has been shown in the Equity Section, separated from the equity of Plandaí, while on the income statement, the minority shareholder allocation of net loss has been shown in the Consolidated Statement of Operations. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions | |
Related Party Transactions | NOTE 14 RELATED PARTY TRANSACTIONS The Company had the following related party transactions during the nine months ended March 31, 2016. Related Party Payables As of March 31, 2016 and June 30, 2015, the Company owed a total of $14,890 and $16,177, respectively,to Roger Duffield, our Chief Executive Officer, for advances made to one of the Companys South African subsidiaries in the ordinary course of business. The advances are non-interest bearing and payable on demand. Compensation to Officers and Management Pursuant to employment agreements executed on March 2, 2013 with two of the Companys officers, the Company is also obligated to issue 3,000,000 common shares at the end of each completed year for services rendered to the Company. At March 31, 2016 and June 30, 2015, with regards to the future issuance of 3,000,000 shares, the Company accrued compensation expense for services completed in the amount of $0 and $45,000, respectively, as common stock issuable. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2016 | |
Subsequent Events | |
Subsequent Events | NOTE 15 SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist through the date of this filing apart from the following: Between April 2016 and August 1, 2016, the Company sold 6,125,000 shares of restricted common stock to unaffiliated third parties for cash of $75,000. The issuance of these shares was exempt from registration under the Securities Act in reliance on an exemption provided by Section 4(2) of that Act. Between April 2016 and August 1, 2016, the Company issued a total of $242,500 in convertible promissory notes to various third parties, receiving net proceeds of $225,000. The difference between the face value of the note and net proceeds includes loan origination fees, legal fees, and prepaid interest. The notes are due between February and June, 2017. The notes convert at a discount to market of 50% off the lowest intra-day trading price over the 15-20 day period prior to conversion. The notes bear interest between 8-10%. |
Summary Of Accounting Policies
Summary Of Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Summary Of Accounting Policies Policies | |
Basis of Presentation | Basis of Presentation The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The accompanying financial statements represent the results of operations for the three and nine months ended March 31, 2016 and March 31, 2015. The Company has adopted the US dollar as the reporting currency for accounting and reporting purposes. This summary of accounting policies for Plandaí Biotechnology, Inc. and its wholly-owned subsidiaries, is presented to assist in understanding the Company's financial statements. The accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. |
Interim Financial Statements | Interim Financial Statements The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to form 10Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three and nine months ended March 31, 2016 are not necessarily indicative of the final results that may be expected for the year ended June 30, 2016. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the year ended June 30, 2015 filed with the SEC. |
Use of Estimates | Use of Estimates The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. In preparing the financial statements, management is required to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and statement of operations for the year then ended. Actual results may differ from these estimates. Estimates are used when accounting for allowance for bad debts, collect ability of accounts receivable, amounts due to service providers, depreciation and litigation contingencies, among others. |
Business Combinations and Acquisitions | Business Combinations and Acquisitions The disclosure requirements for business combination and acquisitions are intended to enable users of financial statements to evaluate the nature and financial effects of: A business combination that occurs either during the current reporting period or after the reporting period, but before the financial statements are issued Adjustments recognized in the current reporting period that relate to business combinations that occurred in current and previous reporting periods The nature of the relationship between the parent and a subsidiary or investee when the parent does not have 100 percent ownership or control The Company discloses each material business combination in the period in which the business combination occurs. The Company also discloses information about acquisitions made after the balance sheet date, but before the financial statements are issued. Gains or losses arising from the deconsolidation of a business when the company loses control of that business are also disclosed. Acquisition costs incurred such as legal, advisory and consulting fees are expensed as incurred. In accordance with ASC 805-10-25-1, ASC 805-10-05-4 and IFRS 3.4, 5, the Company employs the Acquisition Method of accounting for routine acquisitions and combinations. |
Net Loss Per Common Share | Net Loss Per Common Share The Company adopted FASB ASC Topic 260, Earnings Per Share In January 2014, the Company issued warrants to purchase 5,000,000 shares of the Companys common stock which have a strike price of $0.01/share; however, since the Company incurred a loss for all periods presented, the warrants are considered anti-dilutive. During the year ended June 30, 2015, a total of 1,666,666 warrants were exercised utilizing a cashless option resulting in the issuance of 1,629,212 shares of restricted common stock, leaving 3,333,334 outstanding exercisable warrants as of March 31, 2016. |
Reclassifications | Reclassifications Prior year amounts have been reclassified to conform to the current year presentation. There was no net impact on total assets, net (loss), comprehensive (loss) or the statement of cash flows. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fixed Assets Tables | |
Schedule of Fixed Assets | Fixed assets, stated at cost, less accumulated depreciation at March 31, 2016 and June 30, 2015 consisted of the following: March 31, June 30, Plant and Equipment $ 6,188,185 $ 7,487,506 Machinery and Equipment 172,172 211,283 Leasehold Improvements 666,320 752,530 Furniture and Fixtures 67,756 81,626 Automobiles 75,275 90,684 Computers and Equipment 19,263 23,206 Total Fixed Assets 7,188,971 8,646,835 Less: Accumulated Depreciation (912,679 ) (636,879 ) Fixed Assets, net $ 6,276,292 $ 8,009,956 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Segment Information Tables | |
Schedule of Segment Information | The following information summarizes the financial information regarding Plandaí Biotechnology Inc. and its operational South African subsidiaries for the periods presented: As of June 30, 2015: South Africa United States Total Assets $ 8,406,177 $ 98,404 $ 8,504,581 Liabilities $ 10,402,092 $ 6,419,225 $ 16,821,317 As of March 31, 2016 South Africa United States Total Assets $ 6,578,361 $ 47,427 $ 6,625,788 Liabilities $ 9,245,853 $ 7,826,858 $ 17,072,711 For the three-months ended March 31, 2016 South Africa United States Total Revenues from external customer $ 100,295 $ $ 100,295 Expenses $ 468,508 $ 356,686 $ 825,194 Interest expense $ 179,031 $ 196,211 $ 375,242 Segment loss $ 547,244 $ 547,567 $ 1,094,811 For the nine-months ended March 31, 2016 South Africa United States Total Revenues from external customer $ 197,798 $ $ 197,798 Expenses $ 1,545,972 $ 942,945 $ 2,488,917 Interest expense $ 556,070 $ 450,926 $ 1,006,996 Segment loss $ 1,630,322 $ 1,384,794 $ 3,015,116 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Notes Payable Tables | |
Schedule of Long Term Loan Balance | As of the dates presented, the long-term loan balances were as follows: Interest Rate Due Date March 31, 2016 June 30, 2015 Loan Principle and Interest - Land Bank See below See below $ 7,369,404 $ 8,401,900 Notes Payable other third party 6% July 1, 2016 6,900,000 6,500,000 Less: Discount (327,384 ) (375,687 ) 13,942,020 14,526,213 Less: Current Portion (13,942,020 ) (14,526,213 ) Long Term Debt, Net of Discount $ $ |
Schedule of Future Maturity of Long Term Debt | Future maturities of long-term debt are as follows: 2016 $ 8,640,000 2017 1,740,000 2018 1,740,000 2019 1,740,000 2020 82,020 $ 13,942,020 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | Principal Balance Loan Discount Accrued interest Total June 30,2015 $ $ $ $ Issued in the period 292,500 (288,558 ) 3,942 Converted into shares of common stock Payments of principal and interest Amortization of debt discount 4,389 4,389 Interest accrued March 31, 2016 $ 292,500 $ (284,169 ) $ $ 8,331 |
Schedule of Changes in Derivative Liabilities | Changes in Derivative Liabilities June 30, 2015 $ Value acquired during the period 356,994 Settled on issuance of common stock Settled on payment of outstanding principal and interest Revaluation on settlement on issuance of common stock or reporting date (9,077 ) March 31, 2016 $ 347,917 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Warrants Tables | |
Schedule of Warrants Activity | The following table summarizes share warrants activity for the periods presented: Number of Share Warrants Weighted Average Exercise Price ($) per Share Weighted Average Remaining Contractual Life Warrants outstanding, June 30, 2015 3,333,334 $ 0.01 8.5 years Issued 2,500,000 0.10 2.7 years Exercised Cancelled Expired Warrants outstanding, March 31, 2016 5,833,334 $ 0.05 5.6 years Warrants exercisable, March 31, 2016 5,833,334 $ 0.05 5.6 years |
Schedule of Warrants Outstanding | The following table summarizes information about warrants outstanding as of March 31, 2016: Exercise Price Number of Warrants Outstanding Weighted Average Life of Warrants Outstanding In Years $ 0.01 3,333,334 7.8 years $ 0.10 2,500,000 2.7 years 5,833,334 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total Fixed Assets | $ 7,188,971 | $ 8,646,835 |
Less: Accumulated Depreciation | 912,679 | 636,879 |
Fixed Assets, net | 6,276,292 | 8,009,956 |
Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Fixed Assets | 6,188,185 | 7,487,506 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Fixed Assets | 172,172 | 211,283 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Fixed Assets | 666,320 | 752,530 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Fixed Assets | 67,756 | 81,626 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Fixed Assets | 75,275 | 90,684 |
Computers And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Fixed Assets | $ 19,263 | $ 23,206 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Assets | $ 6,625,788 | $ 6,625,788 | $ 8,504,581 | ||
Liabilities | 17,072,711 | 17,072,711 | 16,821,317 | ||
Revenues from external customer | 100,295 | $ 21,744 | 197,798 | $ 64,024 | |
Expenses | 825,194 | 6,011,002 | 2,488,917 | 8,434,432 | |
Interest expense | 375,242 | 296,292 | 1,006,996 | 552,344 | |
Segment loss | (1,094,811) | $ (6,272,785) | (3,015,116) | $ (8,145,028) | |
South Africa [Member] | |||||
Assets | 6,578,361 | 6,578,361 | 8,406,177 | ||
Liabilities | 9,245,853 | 9,245,853 | 10,402,092 | ||
Revenues from external customer | 100,295 | 197,798 | |||
Expenses | 468,508 | 1,545,972 | |||
Interest expense | 179,031 | 556,070 | |||
Segment loss | (547,244) | (1,630,322) | |||
United States [Member] | |||||
Assets | 47,427 | 47,427 | 98,404 | ||
Liabilities | 7,826,858 | 7,826,858 | $ 6,419,225 | ||
Revenues from external customer | |||||
Expenses | 356,686 | 942,945 | |||
Interest expense | 196,211 | 450,926 | |||
Segment loss | $ (547,567) | $ (1,384,794) |
Notes Payable (Schedule Of Long
Notes Payable (Schedule Of Long Term Loan Balance) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | ||
Loan Principle and Interest - Land Bank | $ 7,369,404 | $ 8,401,900 |
Notes Payable - other third party | 6,900,000 | 6,500,000 |
Less: Discount | 327,384 | 375,687 |
Long Term Debt, Net of Unamortized Discount | 13,942,020 | 14,526,213 |
Less: Current Portion | 13,942,020 | 14,526,213 |
Long Term Debt, Net of Discount | ||
Notes Payable - Third Party [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.00% | 6.00% |
Due Date | Jul. 1, 2016 | Jul. 1, 2016 |
Notes Payable (Schedule Of Futu
Notes Payable (Schedule Of Future Maturity Of Long Term Debt) (Details) | Mar. 31, 2016USD ($) |
Future maturities of long-term debt: | |
2,016 | $ 8,640,000 |
2,017 | 1,740,000 |
2,018 | 1,740,000 |
2,019 | 1,740,000 |
2,020 | 82,020 |
Total | $ 13,942,020 |
Convertible Notes Payable (Sche
Convertible Notes Payable (Schedule Of Convertible Notes Payable) (Details) | 9 Months Ended |
Mar. 31, 2016USD ($) | |
Short-term Debt [Line Items] | |
Beginning of the period | |
Issued in the period | 3,942 |
Converted into shares of common stock | |
Payments of principal and interest | |
Amortization of debt discount | 4,389 |
Interest accrued | |
End of the period | 8,331 |
Principal Balance [Member] | |
Short-term Debt [Line Items] | |
Beginning of the period | |
Issued in the period | 292,500 |
Converted into shares of common stock | |
Payments of principal and interest | |
Amortization of debt discount | |
Interest accrued | |
End of the period | 292,500 |
Loan Discount [Member] | |
Short-term Debt [Line Items] | |
Beginning of the period | |
Issued in the period | (288,558) |
Converted into shares of common stock | |
Payments of principal and interest | |
Amortization of debt discount | 4,389 |
Interest accrued | |
End of the period | (284,169) |
Accrued Interest [Member] | |
Short-term Debt [Line Items] | |
Beginning of the period | |
Issued in the period | |
Converted into shares of common stock | |
Payments of principal and interest | |
Amortization of debt discount | |
Interest accrued | |
End of the period |
Convertible Notes Payable (Sc32
Convertible Notes Payable (Schedule Of Changes In Derivative Liabilities) (Details) - Derivative Liabilites [Member] | 9 Months Ended |
Mar. 31, 2016USD ($) | |
Changes in Derivative Liabilities | |
Beginning of the period | |
Value acquired during the period | 356,994 |
Settled on issuance of common stock | |
Settled on payment of outstanding principal and interest | |
Revaluation on settlement on issuance of common stock or reporting date | (9,077) |
End of the period | $ 347,917 |
Warrants (Schedule Of Warrants
Warrants (Schedule Of Warrants Activity) (Details) - Warrants [Member] | 9 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Number of Share Warrants | |
Warrants outstanding at the beginning | shares | 3,333,334 |
Issued | shares | 2,500,000 |
Exercised | shares | |
Cancelled | shares | |
Expired | shares | |
Warrants outstanding at the end | shares | 5,833,334 |
Warrants exercisable at the end | shares | 5,833,334 |
Weighted Average Exercise Price ($) per Share | |
Warrants outstanding at the beginning | $ / shares | $ 0.01 |
Issued | $ / shares | 0.10 |
Exercised | $ / shares | |
Cancelled | $ / shares | |
Expired | $ / shares | |
Warrants outstanding at the end | $ / shares | 0.05 |
Warrants exercisable at the end | $ / shares | $ 0.05 |
Weighted Average Remaining Contractual Life | |
Warrants outstanding at the beginning | 8 years 5 months |
Issued | 2 years 8 months 12 days |
Warrants outstanding at the end | 5 years 7 months 6 days |
Warrants exercisable at the end | 5 years 7 months 6 days |
Warrants (Schedule Of Warrant34
Warrants (Schedule Of Warrants Outstanding) (Details) - Warrants [Member] - $ / shares | 9 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Number of Warrants Outstanding | 5,833,334 | 3,333,334 |
Weighted Average Life of Warrants Outstanding In Years | 5 years 7 months 6 days | |
Exercise Price 0.01 [Member] | ||
Exercise Price | $ 0.01 | |
Number of Warrants Outstanding | 3,333,334 | |
Weighted Average Life of Warrants Outstanding In Years | 7 years 9 months 18 days | |
Exercise Price 0.10 [Member] | ||
Exercise Price | $ 0.10 | |
Number of Warrants Outstanding | 2,500,000 | |
Weighted Average Life of Warrants Outstanding In Years | 2 years 8 months 12 days |
Summary Of Accounting Policie35
Summary Of Accounting Policies (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2015shares | |
Warrants [Member] | |
No of warrants exercised | 1,666,666 |
Restricted Common Stock [Member] | |
Stock issued in exercise of warrants | 1,629,212 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2015USD ($) | Jun. 30, 2012USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016ZAR | Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($)shares | Jun. 30, 2012USD ($)shares | Jun. 04, 2015USD ($) | Jun. 30, 2012ZAR | |
Debt Instrument [Line Items] | ||||||||||
Accrued interest | $ 598,410 | $ 598,410 | $ 288,612 | |||||||
Amortization of debt discount | 52,691 | |||||||||
Unamortized debt discount | 327,384 | 327,384 | 375,687 | |||||||
Notes payable includes capitalized accrued interest | $ 7,369,404 | 7,369,404 | $ 8,401,900 | |||||||
Repayment of long term debt | $ 154,009 | |||||||||
Restricted Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Shares issued for settlement, shares | shares | 1,629,212 | |||||||||
Notes Payable - Third Party [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument face amount | $ 6,500,000 | |||||||||
Debt instrument interest rate | 6.00% | 6.00% | 6.00% | |||||||
Debt instrument maturity date | Jul. 1, 2016 | Jul. 1, 2016 | Jul. 1, 2016 | |||||||
Notes payable to third party | $ 6,900,000 | $ 6,900,000 | $ 6,500,000 | |||||||
Debt description | These notes were due and payable twelve months after issuance. The Company subsequently renegotiated the due date on each of these notes to July 1, 2016. The Company is not required to make monthly payments on any of these notes. | These notes were due and payable twelve months after issuance. The Company subsequently renegotiated the due date on each of these notes to July 1, 2016. The Company is not required to make monthly payments on any of these notes. | These notes were due and payable twelve months after issuance. The Company subsequently renegotiated the due date on each of these notes to July 1, 2016. The Company is not required to make monthly payments on any of these notes. | |||||||
Accrued interest | 594,332 | $ 594,332 | $ 288,612 | |||||||
Notes Payable Issued On July 2015 - Third Party [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument face amount | $ 400,000 | |||||||||
Debt instrument interest rate | 6.00% | |||||||||
Proceeds from notes payable | $ 384,170 | |||||||||
Debt issuance cost | $ 15,830 | |||||||||
Debt instrument maturity date | Feb. 1, 2016 | |||||||||
Loan - Land And Agriculture Bank Of South Africa [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amortization of debt discount | 16,101 | 48,303 | ||||||||
Unamortized debt discount | 327,384 | 327,384 | ||||||||
Notes payable includes capitalized accrued interest | 7,369,404 | $ 7,369,404 | ||||||||
Debt repayment terms | As the 25-month holiday in which no payments or interest are due expired in July of 2014. | As the 25-month holiday in which no payments or interest are due expired in July of 2014. | ||||||||
Monthly payments towards long term debt | $ 145,000 | |||||||||
Repayment of long term debt | 162,329 | |||||||||
Capitalized accrued interest | $ 559,088 | $ 559,088 | ||||||||
Loan - Land And Agriculture Bank Of South Africa [Member] | Restricted Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt description | The acquired Dunn Roman shares were then provided to third parties in order to comply with the BEE provisions associated with the loan from the Land Bank of South Africa, which required that 15% of Dunn Roman be owned by non-white South Africans. The Company has therefore determined to treat the value of the shares issued to acquire the Dunn Roman stock ($585,000, based on the value of shares on the date of issuance) as a cost of securing the financing and recorded as a loan discount which is amortized over the life of the loan (7 years). | |||||||||
Shares issued for settlement, shares | shares | 1,500,000 | |||||||||
Shares issued as loan origination fee, value | $ 585,000 | |||||||||
Loan - Land And Agriculture Bank Of South Africa [Member] | South Africa, Rand [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly payments towards long term debt | ZAR | ZAR 2,250,000 | |||||||||
Loan - Land And Agriculture Bank Of South Africa [Member] | Dunn Roman Holdings-Africa, Ltd [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument face amount | $ 6,500,000 | $ 6,500,000 | ||||||||
Debt description | In addition, the loans have a 25-month holiday in which no payments or interest are due until 25 months after the first draw down of funds. The loans are collateralized by the assets and operations, including the Senteeko lease, agriculture production and receivables of Dunn Roman Holdings, which is the African operating arm of Plandaí. In addition, Dunn Roman Holdings was required to grant a 15% profit share agreement to the Land Bank which extends through the duration of the loan agreements (7 years unless pre-paid). The profit share agreement extends only to profits generated by Dunn Roman Holdings exclusive of operations of Plandaí and outside of South Africa. | |||||||||
Interest rate on loan | Prime plus 0.50 % per annum | |||||||||
Debt duration | 7 years | |||||||||
Debt executed through | Green Gold Biotechnologies (Pty) Ltd and Breakwood Trading 22(Pty) Ltd | |||||||||
Debt covenants description | By way of loan covenants, the borrowing entities are required to maintain a debt to equity ratio of 1.5:1, interest coverage ratio of 1.5:1, and security coverage ratio of 1:1, none of which are currently in compliance. | |||||||||
Loan - Land And Agriculture Bank Of South Africa [Member] | Dunn Roman Holdings-Africa, Ltd [Member] | South Africa, Rand [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument face amount | ZAR | ZAR 100,000,000 |
Notes Payable To Related Part37
Notes Payable To Related Parties (Narrative) (Details) | Jan. 02, 2016GBP (£) | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) |
Short-term Debt [Line Items] | ||||
Proceeds from notes payable to related party | $ 50,526 | |||
Promissory Notes Dated January 01, 2016 [Member] | Son Of Roger Duffield - (CEO) [Member] | ||||
Short-term Debt [Line Items] | ||||
Proceeds from notes payable to related party | $ 52,526 | |||
Debt instrument interest rate | 15.00% | |||
Debt instrument description | The note bears interest at the rate of 15% per annum, with interest due semi-annually, and the balance plus any accrued interest due. | |||
Debt instrument maturity date | Dec. 31, 2016 | |||
Promissory Notes Dated January 01, 2016 [Member] | Son Of Roger Duffield - (CEO) [Member] | Pounds [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt instrument face amount | £ | £ 35,000 |
Convertible Notes Payable (Narr
Convertible Notes Payable (Narrative) (Details) - USD ($) | Mar. 24, 2016 | Feb. 23, 2016 | Feb. 11, 2016 | Jan. 06, 2016 | Nov. 16, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 |
Short-term Debt [Line Items] | ||||||||
Proceeds from convertible notes | $ 275,000 | |||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||
Derivative liability, debt discount unamortized | $ 327,384 | $ 375,687 | ||||||
Convertible Promissory Note Issued On November 16, 2015 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument face amount | $ 250,000 | |||||||
Debt instrument rate of original issue discount | 10.00% | |||||||
Debt instrument maturity description | Each payment of consideration matures one year from the date of distribution. | |||||||
Debt conversion terms | The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at the lesser of $0.10 per share or 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. | |||||||
Proceeds from convertible notes | $ 50,000 | |||||||
Unamortized debt discount | 5,000 | |||||||
Debt instrument carrying amount | 55,000 | |||||||
Valuation of debt at origination | $ 68,328 | |||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||
Derviative liability valuation model used | Black Scholes valuation model | |||||||
Derviative liability, dividend yield | 0.00% | |||||||
Derviative liability, maturity term | 12 months | |||||||
Derviative liability, risk-free interest rate | 0.50% | |||||||
Derviative liability, expected volatility | 112.00% | |||||||
Derivative liability, debt discount unamortized | $ 55,000 | |||||||
Loss of derivative liability was recognized as origination interest | $ 13,328 | |||||||
Convertible Promissory Note Issued On January 6, 2016 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument face amount | $ 30,000 | |||||||
Debt conversion terms | The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at 58% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. | |||||||
Valuation of debt at origination | $ 26,058 | |||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||
Derviative liability valuation model used | Black Scholes valuation model | |||||||
Derviative liability, dividend yield | 0.00% | |||||||
Derviative liability, maturity term | 6 months | |||||||
Derviative liability, risk-free interest rate | 0.65% | |||||||
Derviative liability, expected volatility | 111.00% | |||||||
Derivative liability, debt discount unamortized | $ 30,000 | |||||||
Loss of derivative liability was recognized as origination interest | $ 3,942 | |||||||
Debt instrument description | The note does not bear interest, however, the Company would incur a re-payment penalty of $7,500 if it chose to repay the note rather than allow conversion | |||||||
Convertible Promissory Note Issued On January 6, 2016 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument face amount | $ 50,000 | |||||||
Debt conversion terms | The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. | |||||||
Proceeds from convertible notes | $ 50,000 | |||||||
Unamortized debt discount | 50,000 | |||||||
Valuation of debt at origination | $ 61,876 | |||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||
Derviative liability, dividend yield | 0.00% | |||||||
Derviative liability, maturity term | 12 months | |||||||
Derviative liability, risk-free interest rate | 0.65% | |||||||
Derviative liability, expected volatility | 111.00% | |||||||
Loss of derivative liability was recognized as origination interest | $ 11,876 | |||||||
Debt instrument interest rate | 8.00% | |||||||
Debt instrument maturity date | Jan. 5, 2017 | |||||||
Convertible Promissory Note Issued On February 11, 2016 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument face amount | $ 55,000 | |||||||
Debt conversion terms | The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. | |||||||
Proceeds from convertible notes | $ 50,000 | |||||||
Unamortized debt discount | 5,000 | |||||||
Debt instrument carrying amount | 55,000 | |||||||
Valuation of debt at origination | $ 70,242 | |||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||
Derviative liability, dividend yield | 0.00% | |||||||
Derviative liability, maturity term | 12 months | |||||||
Derviative liability, risk-free interest rate | 0.65% | |||||||
Derviative liability, expected volatility | 121.00% | |||||||
Derivative liability, debt discount unamortized | $ 55,000 | |||||||
Loss of derivative liability was recognized as origination interest | $ 15,242 | |||||||
Debt instrument interest rate | 10.00% | |||||||
Debt instrument maturity date | Feb. 11, 2017 | |||||||
Convertible Promissory Note Issued On February 23, 2016 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument face amount | $ 50,000 | |||||||
Debt conversion terms | The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. | |||||||
Valuation of debt at origination | $ 63,856 | |||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||
Derviative liability, dividend yield | 0.00% | |||||||
Derviative liability, maturity term | 12 months | |||||||
Derviative liability, risk-free interest rate | 0.65% | |||||||
Derviative liability, expected volatility | 121.00% | |||||||
Derivative liability, debt discount unamortized | $ 50,000 | |||||||
Loss of derivative liability was recognized as origination interest | $ 13,856 | |||||||
Debt instrument interest rate | 8.00% | |||||||
Debt instrument maturity date | Feb. 22, 2017 | |||||||
Convertible Promissory Note Issued On March 24, 2016 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt instrument face amount | $ 52,500 | |||||||
Debt conversion terms | The lender can convert the outstanding principal and accrued interest of the convertible promissory note into shares of the common stock at any time at the lesser of $0.10 per share or 50% of the lowest trade share price occurring in the previous 20 trading days prior to conversion. | |||||||
Proceeds from convertible notes | $ 50,000 | |||||||
Unamortized debt discount | 2,500 | |||||||
Debt instrument carrying amount | 52,500 | |||||||
Valuation of debt at origination | $ 66,633 | |||||||
Valuation techniques used in determining the fair value of derivative liability: | ||||||||
Derviative liability, dividend yield | 0.00% | |||||||
Derviative liability, maturity term | 12 months | |||||||
Derviative liability, risk-free interest rate | 0.65% | |||||||
Derviative liability, expected volatility | 119.00% | |||||||
Derivative liability, debt discount unamortized | $ 52,500 | |||||||
Loss of derivative liability was recognized as origination interest | $ 14,133 | |||||||
Debt instrument interest rate | 10.00% |
Deferred Lease Obligations (Nar
Deferred Lease Obligations (Narrative) (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Senteeko Tea Estate [Member] | ||
Capital lease period | 49 years | |
SubLease On The Bonokado Farm [Member] | Other Assets [Member] | ||
Lease receivable | $ 108,468 | $ 91,470 |
SubLease On The Bonokado Farm [Member] | Dunn Roman Holdings-Africa, Ltd [Member] | ||
Capital lease period | 20 years | |
Capital lease terms | Plandaís subsidiary, Dunn Roman Holdings Africa (Pty) Ltd., executed a sublease on the Bonokado Farm in South Africa to a third party. Bonokado currently farms avocado and macadamia nuts, neither of which factor into the Companys future business model. The lease is for 20 years and includes 24 months of deferred rent while the farm is rehabilitated by the sub-lessor. |
Other Income (Narrative) (Detai
Other Income (Narrative) (Details) - Other Income [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
One time grant received from the South African government | $ 273,922 | ||
Income received from settlement agreement for delays in completing the Senteeko factory | $ 777,724 | ||
Proceeds from an insurance claim | $ 12,765 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Proceeds received for common stock | $ 50,000 | $ 45,000 |
Restricted Common Stock [Member] | ||
Total shares issued during the period | 15,986,300 | |
Shares issued for cash, shares | 10,681,300 | |
Shares issued for cash, value | $ 293,660 | |
Shares issued for services, shares | 5,305,000 | |
Shares issued for services, value | $ 273,350 | |
Common Stock [Member] | Two Individuals [Member] | Common Stock Issuable [Member] | ||
Proceeds received for common stock | $ 50,000 |
Warrants (Narrative) (Details)
Warrants (Narrative) (Details) - USD ($) | Nov. 10, 2015 | Jan. 28, 2014 | Jun. 30, 2014 | Mar. 31, 2016 |
Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants issued for stock purchase agreement, shares | 2,500,000 | |||
Exercise price, per share | $ 0.10 | |||
License Agreement - Diego Pellicer, Inc. [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Impairment of license | $ 5,749,985 | |||
License cost | $ 0 | |||
License Agreement - Diego Pellicer, Inc. [Member] | Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants issued for license agreement, shares | 5,000,000 | |||
Purchase price, per share | $ 0.01 | |||
Stock Purchase Agreement With A Third Party [Member} | Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants issued for stock purchase agreement, shares | 2,500,000 | |||
Exercise price, per share | $ 0.10 |
Non-Controlling Interest (Narra
Non-Controlling Interest (Narrative) (Details) | Mar. 31, 2016 |
Dunn Roman Holdings-Africa, Ltd [Member] | |
Holding by Plandai Biotechnology Inc | 100.00% |
Breakwood Trading 22 (Pty) Ltd [Member] | |
Holding by Dunn Roman Holdings-Africa | 74.00% |
Green Gold Biotechnologies (Pty) Ltd [Member] | |
Holding by Dunn Roman Holdings-Africa | 84.00% |
Plandai Biotechnologies, Inc. [Member] | |
Equity method investment ownership percentage of its majority owned subsidiaries | 100.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | Mar. 02, 2013 | Mar. 31, 2016 | Jun. 30, 2015 |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 14,890 | $ 16,177 | |
Roger Duffield - (CEO) [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | $ 14,890 | $ 16,177 | |
Debt instrument description | The advances are non-interest bearing and payable on demand. | The advances are non-interest bearing and payable on demand. | |
Two Employment Agreement With Two Officers [Member] | |||
Related Party Transaction [Line Items] | |||
Employment agreement terms | Pursuant to employment agreements executed on March 2, 2013 with two of the Companys officers, the Company is also obligated to issue 3,000,000 common shares at the end of each completed year for services rendered to the Company. | ||
Two Employment Agreement With Two Officers [Member] | Common Stock Issuable [Member] | |||
Related Party Transaction [Line Items] | |||
Accrued compensation expenses | $ 0 | $ 45,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) | 4 Months Ended | 9 Months Ended |
Aug. 01, 2016 | Mar. 31, 2016 | |
Restricted Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Shares issued for cash, shares | 10,681,300 | |
Shares issued for cash, value | $ 293,660 | |
Subsequent Event [Member] | Convertible Promissory Notes To Various Third Parties [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument face amount | $ 242,500 | |
Proceeds from notes payable | $ 225,000 | |
Debt instrument maturity description | The notes are due between February and July, 2017. | |
Debt instrument conversion terms | The notes convert at a discount to market of 50% off the lowest intra-day trading price over the 15-20 day period prior to conversion. | |
Subsequent Event [Member] | Convertible Promissory Notes To Various Third Parties [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument interest rate | 8.00% | |
Subsequent Event [Member] | Convertible Promissory Notes To Various Third Parties [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument interest rate | 10.00% | |
Subsequent Event [Member] | Restricted Common Stock [Member] | Unaffiliated Third Parties [Member] | ||
Subsequent Event [Line Items] | ||
Shares issued for cash, shares | 6,125,000 | |
Shares issued for cash, value | $ 75,000 |