Document and Entity Information
Document and Entity Information | 9 Months Ended |
Mar. 31, 2018 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | LEAFBUYER TECHNOLOGIES, INC. |
Entity Central Index Key | 1,643,721 |
Entity Filer Category | Smaller Reporting Company |
Document Type | S1 |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2018 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (Q3) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 195,593 | $ 164,680 |
Accounts receivable | 9,538 | 0 |
Inventory | 3,652 | 0 |
Prepaid expenses and other current assets | 218,414 | 30,867 |
Total current assets | 427,197 | 195,547 |
Non-current assets: | ||
Fixed assets, net | 1,286 | 1,500 |
Total assets | 428,483 | 197,047 |
Current liabilities: | ||
Accrued liabilities | 88,650 | 45,049 |
Deferred revenue | 121,723 | 55,533 |
Debt, current | 790,603 | 0 |
Total current liabilities | 1,000,976 | 100,582 |
Total liabilities | 1,000,976 | 100,582 |
Commitments and contingencies (Note 6) | ||
Equity: | ||
Preferred stock, $.001 par value; 10,000,000 shares authorized; 6,750,000 shares issued and outstanding for class A convertible preferred stock and 160,000 and 250,000 shares issued and outstanding for class B convertible preferred stock at March 31, 2018 and June 30, 2017, respectively | 6,910 | 7,000 |
Common stock, $.001 par value; 150,000,000 shares authorized; 40,205,663 shares issued and outstanding at March 31, 2018 and 38,000,663 shares issued and outstanding at June 30, 2017 | 40,205 | 38,000 |
Additional paid in capital | 1,649,868 | 1,010,000 |
Accumulated deficit | (2,269,476) | (958,535) |
Total equity (deficit) | (572,493) | 96,465 |
Total liabilities and equity | $ 428,483 | $ 197,047 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Q3) (Parenthetical) - $ / shares | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 24, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Equity: | |||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | |
Common stock, shares issued (in shares) | 40,205,663 | 38,000,663 | 38,000,663 | 38,000,663 | |
Common stock, shares outstanding (in shares) | 40,205,663 | 38,000,663 | 38,000,663 | 38,000,663 | 38,000,663 |
Class A Convertible Preferred Stock [Member] | |||||
Equity: | |||||
Preferred stock, shares issued (in shares) | 6,750,000 | 6,750,000 | 3,250,000 | 3,250,000 | |
Preferred stock, shares outstanding (in shares) | 6,750,000 | 6,750,000 | 3,250,000 | 3,250,000 | |
Class B Convertible Preferred Stock [Member] | |||||
Equity: | |||||
Preferred stock, shares issued (in shares) | 160,000 | 250,000 | |||
Preferred stock, shares outstanding (in shares) | 160,000 | 250,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Q3) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statements of Operations [Abstract] | ||||
Sales revenue | $ 287,224 | $ 231,504 | $ 785,969 | $ 715,158 |
Cost of sales | 0 | 0 | 0 | 0 |
Gross profit | 287,224 | 231,504 | 785,969 | 715,158 |
Operating expenses: | ||||
Selling expenses | 53,966 | 450 | 138,821 | 450 |
General and administrative | 1,060,829 | 339,370 | 1,945,141 | 750,965 |
Total operating expenses | 1,114,795 | 339,820 | 2,083,962 | 751,415 |
Income (loss) from operations | (827,571) | (108,316) | (1,297,993) | (36,257) |
Other income (expense): | ||||
Interest expense | (12,919) | (39) | (12,948) | (39) |
Other income | 0 | 0 | 0 | 1,438 |
Other income (expense), net | (12,919) | (39) | (12,948) | 1,399 |
Net income (loss) | $ (840,490) | $ (108,355) | $ (1,310,941) | $ (34,858) |
Net loss per common share: | ||||
Basic and diluted (in dollars per share) | $ (0.02) | $ 0 | $ (0.03) | $ 0 |
Weighted average common shares outstanding: | ||||
Basic and diluted (in shares) | 40,418,163 | 25,830,511 | 39,197,367 | 23,090,337 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (Q3) - USD ($) | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (1,310,941) | $ (34,858) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Stock based compensation | 239,133 | 0 |
Stock issued for services | 280,850 | 0 |
Depreciation | 214 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (9,538) | 0 |
Inventory | (3,652) | 0 |
Prepaid expenses and other | (187,547) | 1,644 |
Accounts payable and accrued liabilities | 109,791 | (32,180) |
Net cash (used in) provided by operating activities | (881,690) | (65,394) |
Cash flows from investing activities: | ||
Acquisition of office equipment | 0 | (1,500) |
Net cash provided by (used in) investing activities | 0 | (1,500) |
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 790,603 | 0 |
Proceeds from issuance of stock | 122,000 | 850,000 |
Distributions | 0 | (611,065) |
Net cash provided by (used in) financing activities | 912,603 | 238,935 |
Net change in cash and cash equivalents | 30,913 | 172,041 |
Cash and cash equivalents, beginning of period | 164,680 | 52,360 |
Cash and cash equivalents, end of period | $ 195,593 | $ 224,401 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Q3) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2014 | $ 3,250 | $ 26,160 | $ (29,410) | $ (14,196) | $ (14,196) |
Balance (in shares) at Dec. 31, 2014 | 3,250,000 | 26,160,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss for the nine months ended March 31, 2018 | $ 0 | $ 0 | 0 | 22,036 | 22,036 |
Balance at Dec. 31, 2015 | $ 3,250 | $ 26,160 | (29,410) | (12,164) | $ (12,164) |
Balance (in shares) at Dec. 31, 2015 | 3,250,000 | 26,160,000 | 38,000,663 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss for the nine months ended March 31, 2018 | $ 0 | $ 0 | 0 | 12,664 | $ 12,664 |
Balance at Dec. 31, 2016 | $ 3,250 | $ 26,160 | (29,410) | (17,800) | $ (17,800) |
Balance (in shares) at Dec. 31, 2016 | 3,250,000 | 26,160,000 | 38,000,663 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock for cash | $ 3,750 | $ 0 | 201,250 | 0 | $ 205,000 |
Stock issued (in shares) | 3,750,000 | 0 | |||
Net loss for the nine months ended March 31, 2018 | (340,735) | ||||
Balance at Jun. 30, 2017 | $ 7,000 | $ 38,000 | 1,010,000 | (958,535) | $ 96,465 |
Balance (in shares) at Jun. 30, 2017 | 7,000,000 | 38,000,663 | 38,000,663 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock for cash | $ 0 | $ 620 | 119,380 | 0 | $ 120,000 |
Stock issued (in shares) | 0 | 620,000 | 620,000 | ||
Issuance of common stock for exercise of options | $ 0 | $ 8 | 1,992 | 0 | $ 2,000 |
Issuance of common stock for exercise of options (in shares) | 0 | 8,000 | |||
Stock based compensation | $ 0 | $ 0 | 239,133 | 0 | 239,133 |
Issuance of common stock in conversion of preferred stock | $ (90) | $ 1,440 | (1,350) | 0 | 0 |
Issuance of common stock in conversion of preferred stock (in shares) | (90,000) | 1,440,000 | |||
Issuance of common stock for services | $ 137 | 280,713 | 0 | 280,850 | |
Issuance of common stock for services (in shares) | 137,000 | ||||
Net loss for the nine months ended March 31, 2018 | $ 0 | $ 0 | 0 | (1,310,941) | (1,310,941) |
Balance at Mar. 31, 2018 | $ 6,910 | $ 40,205 | $ 1,649,868 | $ (2,269,476) | $ (572,493) |
Balance (in shares) at Mar. 31, 2018 | 6,910,000 | 40,205,663 | 40,205,663 |
Consolidated Balance Sheets (FY
Consolidated Balance Sheets (FY) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 164,680 | $ 63,011 | $ 22,714 |
Prepaid expenses and other current assets | 30,867 | 14,915 | 8,757 |
Total current assets | 195,547 | 77,926 | 31,471 |
Noncurrent assets: | |||
Fixed assets, net | 1,500 | 0 | 0 |
Total assets | 197,047 | 77,926 | 31,471 |
Current Liabilities: | |||
Accrued liabilities | 45,049 | 53,827 | 7,899 |
Deferred revenue | 55,533 | 41,899 | 35,736 |
Total current liabilities | 100,582 | 95,726 | 43,635 |
Total liabilities | 100,582 | 95,726 | 43,635 |
Commitments and contingencies (Note 5) | |||
Equity: | |||
Preferred stock, $.001 par value; 10,000,000 shares authorized; 6,750,000 shares issued and outstanding for class A convertible preferred stock and 250,000 shares issued and outstanding for class B convertible preferred stock at June 30, 2017; 3,250,000 class A convertible preferred shares issued and outstanding at December 31, 2016 and 2015 | 7,000 | 3,250 | 3,250 |
Common stock, $.001 par value; 150,000,000 shares authorized; 38,000,663 shares issued and outstanding at June 30, 2017, December 31, 2016 and 2015 | 38,000 | 26,160 | 26,160 |
Additional paid-in capital | 1,010,000 | (29,410) | (29,410) |
Accumulated deficit | (958,535) | (17,800) | (12,164) |
Total equity (deficit) | 96,465 | (17,800) | (12,164) |
Total liabilities and equity | $ 197,047 | $ 77,926 | $ 31,471 |
Consolidated Balance Sheets (F8
Consolidated Balance Sheets (FY) (Parenthetical) - $ / shares | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 24, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Equity: | |||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | |
Common stock, shares issued (in shares) | 40,205,663 | 38,000,663 | 38,000,663 | 38,000,663 | |
Common stock, shares outstanding (in shares) | 40,205,663 | 38,000,663 | 38,000,663 | 38,000,663 | 38,000,663 |
Class A Convertible Preferred Stock [Member] | |||||
Equity: | |||||
Preferred stock, shares issued (in shares) | 6,750,000 | 6,750,000 | 3,250,000 | 3,250,000 | |
Preferred stock, shares outstanding (in shares) | 6,750,000 | 6,750,000 | 3,250,000 | 3,250,000 | |
Class B Convertible Preferred Stock [Member] | |||||
Equity: | |||||
Preferred stock, shares issued (in shares) | 160,000 | 250,000 | |||
Preferred stock, shares outstanding (in shares) | 160,000 | 250,000 |
Consolidated Statements of Ope9
Consolidated Statements of Operations (FY) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 22, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statements of Operations [Abstract] | |||||||||||
Sales revenue | $ 466,267 | $ 221,178 | $ 159,556 | $ 704,832 | $ 491,312 | ||||||
Operating expenses: | |||||||||||
Selling expenses | $ 53,966 | $ 450 | 450 | 0 | 0 | $ 138,821 | $ 450 | 0 | 0 | ||
General and administrative | 1,060,829 | 339,370 | 806,332 | 282,011 | 243,038 | 1,945,141 | 750,965 | 693,606 | 469,276 | ||
Total operating expenses | 1,114,795 | 339,820 | 806,782 | 282,011 | 243,038 | 2,083,962 | 751,415 | 693,606 | 469,276 | ||
Income (loss) from operations | (827,571) | (108,316) | (340,515) | (60,833) | (83,482) | (1,297,993) | (36,257) | 11,226 | 22,036 | ||
Other income (expense): | |||||||||||
Interest expense | (12,919) | (39) | (220) | 0 | 0 | (12,948) | (39) | 0 | 0 | ||
Other income | 0 | 0 | 0 | 0 | 1,438 | 1,438 | 0 | ||||
Other income (expense), net | (12,919) | (39) | (220) | 0 | 0 | (12,948) | 1,399 | 1,438 | 0 | ||
Net income (loss) | $ (840,490) | $ (232,380) | $ (108,355) | $ (108,355) | $ (340,735) | $ (60,833) | $ (83,482) | $ (1,310,941) | $ (34,858) | $ 12,664 | $ 22,036 |
Earning (loss) per common share [Abstract] | |||||||||||
Basic and diluted (in dollars per share) | $ (0.02) | $ 0 | $ (0.01) | $ 0 | $ 0 | $ (0.03) | $ 0 | $ 0 | $ 0 | ||
Weighted average common shares outstanding: | |||||||||||
Basic and diluted (in shares) | 40,418,163 | 25,830,511 | 32,570,967 | 26,160,000 | 26,160,000 | 39,197,367 | 23,090,337 | 26,160,000 | 26,160,000 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (FY) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||
Net (loss) income | $ (340,735) | $ 12,664 | $ 22,036 |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other | (15,952) | 5 | (21,410) |
Accounts payable and accrued liabilities | 4,856 | 45,929 | (9,248) |
Net cash (used in) provided by operating activities | (351,831) | 58,598 | (8,622) |
Investing Activities: | |||
Purchase of office equipment | (1,500) | 0 | 0 |
Net cash provided by (used in) investing activities | (1,500) | 0 | 0 |
Financing Activities: | |||
Proceeds from issuance of stock | 1,055,000 | 0 | 0 |
Distributions | (600,000) | (18,301) | (16,732) |
Net cash provided by (used in) financing activities | 455,000 | (18,301) | (16,732) |
Net change in cash and cash equivalents | 101,669 | 40,297 | (25,354) |
Cash and cash equivalents, beginning of period | 63,011 | 22,714 | 48,068 |
Cash and cash equivalents, end of period | 164,680 | 63,011 | 22,714 |
Cash paid for: | |||
Interest | 220 | 0 | 0 |
Taxes | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity (FY) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2014 | $ 3,250 | $ 26,160 | $ (29,410) | $ (14,196) | $ (14,196) |
Balance (in shares) at Dec. 31, 2014 | 3,250,000 | 26,160,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net (loss) income | $ 0 | $ 0 | 0 | 22,036 | 22,036 |
Distributions | 0 | 0 | 0 | (20,004) | (20,004) |
Balance at Dec. 31, 2015 | $ 3,250 | $ 26,160 | (29,410) | (12,164) | $ (12,164) |
Balance (in shares) at Dec. 31, 2015 | 3,250,000 | 26,160,000 | 38,000,663 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net (loss) income | $ 0 | $ 0 | 0 | 12,664 | $ 12,664 |
Distributions | 0 | 0 | 0 | (18,300) | (18,300) |
Balance at Dec. 31, 2016 | $ 3,250 | $ 26,160 | (29,410) | (17,800) | $ (17,800) |
Balance (in shares) at Dec. 31, 2016 | 3,250,000 | 26,160,000 | 38,000,663 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net (loss) income | $ (340,735) | ||||
Shares acquired in connection with Merger Agreement (in shares) | 0 | 58,090,663 | |||
Shares acquired in connection with Merger Agreement | $ 0 | $ 58,090 | (58,090) | 0 | 0 |
Retirement of shares to complete Merger Agreement (in shares) | 0 | (46,250,000) | |||
Retirement of shares to complete Merger Agreement | $ 0 | $ (46,250) | 46,250 | 0 | 0 |
Shares acquired in connection with Merger Agreement | 0 | 0 | 850,000 | 0 | 850,000 |
Distributions | 0 | 0 | 0 | (600,000) | (600,000) |
Stock subscriptions | $ 3,750 | $ 0 | 201,250 | 0 | 205,000 |
Stock subscriptions (in shares) | 3,750,000 | 0 | |||
Balance at Jun. 30, 2017 | $ 7,000 | $ 38,000 | 1,010,000 | (958,535) | $ 96,465 |
Balance (in shares) at Jun. 30, 2017 | 7,000,000 | 38,000,663 | 38,000,663 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net (loss) income | $ 0 | $ 0 | 0 | (1,310,941) | $ (1,310,941) |
Stock subscriptions | $ 0 | $ 620 | 119,380 | 0 | $ 120,000 |
Stock subscriptions (in shares) | 0 | 620,000 | 620,000 | ||
Balance at Mar. 31, 2018 | $ 6,910 | $ 40,205 | $ 1,649,868 | $ (2,269,476) | $ (572,493) |
Balance (in shares) at Mar. 31, 2018 | 6,910,000 | 40,205,663 | 40,205,663 |
Description of Business (Q3)
Description of Business (Q3) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Description of Business [Abstract] | ||
Description of Business | Note 1 — Description of Business Formation of the Company On March 23, 2017, AP Event Inc. (“AP” or the “Registrant”) consummated an Agreement and Plan of Merger (the “Merger Agreement”) with LB Media Group, LLC, a Colorado limited liability Company (“LB Media”), August Petrov (the principal stockholder of AP), and LB Acquisition Corp., a Colorado corporation and a wholly-owned subsidiary of AP (“Acquisition”) whereby Acquisition was merged with and into LB Media (the “Merger”) in consideration for: cash in the amount of Six Hundred Thousand Dollars ($600,000); 2,351,355 newly-issued, pre-split shares of the Registrant’s Common Stock (the “Merger Shares”); and 324,327 pre-split shares of the Registrant’s Series A Preferred Stock, par value $0.001 per share (the “Series A Shares,” and collectively with the Merger Shares, the “Merger Consideration”). Pursuant to the terms of the Merger Agreement, LB Media agreed to retire 5,000,000 pre-split shares of Common Stock of the Registrant held immediately prior to the Merger. As a result of the Merger, LB Media became a wholly-owned subsidiary of the Registrant, and immediately following the consummation of the Merger and giving effect to the securities sold in the Offering, the members of LB Media beneficially owned approximately fifty-five percent (55%) of the issued and outstanding Common Stock of the Registrant. The Merger Agreement contains customary representations, warranties, and covenants of the Registrant and LB Media for like transactions. As a result of the reorganization and name change discussed later, Leafbuyer Technologies, Inc. (“Leafbuyer”) became the publicly quoted parent holding company with LB Media becoming a wholly-owned subsidiary of Leafbuyer. Upon consummation of the Agreement, Leafbuyer common stock was deemed to be registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 12g-3(a) promulgated thereunder. For purposes of Rule 12g-3(a), Leafbuyer is the successor issuer to AP. AP was established under the corporation laws in the State of Nevada on October 16, 2014. On March 24, 2017, the Registrant changed its name to Leafbuyer Technologies, Inc. All references herein to “us,” “we,” “our,” “Leafbuyer,” or the “Company” refer to Leafbuyer Technologies, Inc. and its subsidiaries. Description of Business We are focused on providing valuable information for the savvy cannabis consumer looking to make a purchase via deals and a dispensary database. We connect consumers with dispensaries by working alongside businesses to showcase their unique products and build a network of loyal patrons. Our national network of cannabis deals and information reaches millions of consumers monthly. LB Media was founded in 2012 by a group of technology and industry veterans and provides online resources for cannabis deals and specials. Our headquarters are located in Greenwood Village, Colorado. Basis of Presentation The accompanying condensed consolidated balance sheet as of June 30, 2017, has been derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements being audited and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. All intercompany transactions have been eliminated in consolidation. Operating results and cash flows for interim periods are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements and notes thereto. Going Concern As shown in the accompanying condensed consolidated financial statements, we had total stockholders’ deficit of $572,493 and a working capital deficit of $573,779 of March 31, 2018. We reported a net loss of $1,310,941 for the nine months ended March 31, 2018, and we anticipate further losses in the development of our business. Accordingly, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances to that effect. Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. | Note 1 — Description of Business Formation of the Company On March 23, 2017, AP Event Inc. (“AP” or the “Registrant”) consummated an Agreement and Plan of Merger (the “Merger Agreement”) with LB Media Group, LLC, a Colorado limited liability Company (“LB Media”), August Petrov (the principal stockholder of AP), and LB Acquisition Corp., a Colorado corporation and a wholly-owned subsidiary of AP (“Acquisition”) whereby Acquisition was merged with and into LB Media (the “Merger”) in consideration for: cash in the amount of Six Hundred Thousand Dollars ($600,000); 2,351,355 newly-issued, pre-split shares of the Registrant’s Common Stock (the “Merger Shares”); and 324,327 pre-split shares of the Registrant’s Series A Preferred Stock, par value $0.001 per share (the “Series A Shares,” and collectively with the Merger Shares, the “Merger Consideration”). Pursuant to the terms of the Merger Agreement, LB Media agreed to retire 5,000,000 pre-split shares of Common Stock of the Registrant held immediately prior to the Merger. As a result of the Merger, LB Media became a wholly-owned subsidiary of the Registrant, and immediately following the consummation of the Merger and giving effect to the securities sold in the Offering, the members of LB Media beneficially owned approximately fifty-five percent (55%) of the issued and outstanding Common Stock of the Registrant. The Merger Agreement contains customary representations, warranties, and covenants of the Registrant and LB Media for like transactions. As a result of the reorganization and name change discussed later, Leafbuyer Technologies, Inc. (“Leafbuyer”) became the publicly quoted parent holding company with LB Media becoming a wholly-owned subsidiary of Leafbuyer. Upon consummation of the Agreement, Leafbuyer common stock was deemed to be registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 12g-3(a) promulgated thereunder. For purposes of Rule 12g-3(a), Leafbuyer is the successor issuer to AP. AP was established under the corporation laws in the State of Nevada on October 16, 2014. On March 24, 2017, the Registrant changed its name to Leafbuyer Technologies, Inc. All references herein to “us,” “we,” “our,” “Leafbuyer,” or the “Company” refer to Leafbuyer Technologies, Inc. and its subsidiaries. Description of Business We are focused on providing valuable information for the savvy cannabis consumer looking to make a purchase via deals and a dispensary database. We connect consumers with dispensaries by working alongside businesses to showcase their unique products and build a network of loyal patrons. Our national network of cannabis deals and information reaches millions of consumers monthly. LB Media was founded in 2012 by a group of technology and industry veterans and provides online resources for cannabis deals and specials. Our headquarters is located in Greenwood Village, Colorado. Basis of Presentation As a result of the Merger Agreement, LB Media is considered to be the “accounting acquirer” and, accordingly, is treated as the predecessor company. The consolidated financial statements include the results of operations and financial position of LB Media for all periods, and the results of operations and financial position of Leafbuyer as of June 30, 2017 and for the period from March 23, 2017 through June 30, 2017. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. Going Concern As shown in the accompanying financial statements, we had an equity balance of $96,465 and a working capital balance of $94,965 as of June 30, 2017. We reported a net loss of $340,735 for the six months ended June 30, 2017, and we anticipate further losses in the development of our business. Accordingly, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances to that effect. Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Q3) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." We record revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. In the normal course of business, we receive payments from our customers which include payments for both current and future services. We do not recognize payment for future services in current income; rather, we record the amounts of those payments as deferred revenue in the current period and recognize the appropriate amounts in income in future periods as applicable. No costs are recorded to cost of sales as we are unable to directly allocate any costs of our revenue. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, LB Media and Acquisition. All significant inter-company transactions and balances have been eliminated in consolidation. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents includes demand deposits, time deposits, certificates of deposit and short-term liquid investments with original maturities of three months or less when purchased. As of March 31, 2018, and June 30, 2017, the Company did not hold any cash equivalents. The Federal Deposit Insurance Corporation provides coverage for all accounts of up to $250,000. As of March 31, 2018, and June 30, 2017, none of the Company’s cash was in excess of federally insured limits. Stock-Based Compensation The Company accounts for stock-based awards to employees in accordance with applicable accounting principles, which requires compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options. The grant date fair value is determined using the Black-Scholes-Merton (“Black-Scholes”) pricing model. For all employee stock options, we recognize expense over the requisite service period on an accelerated basis over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s option pricing model requires the input of highly subjective assumptions, including the expected stock price volatility and expected term. Any changes in these highly subjective assumptions significantly impact stock-based compensation expense. Options awarded to purchase shares of common stock issued to non-employees in exchange for services are accounted for as variable awards in accordance with applicable accounting principles. Such options are valued using the Black-Scholes option pricing model. See Note 8 for the assumptions used to calculate the fair value of stock-based employee and non-employee compensation. Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at March 31, 2018. Recently Issued Accounting Pronouncements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12). ASU 2016-12 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently assessing the impact of adoption of this ASU on our consolidated results of operations, cash flows and financial position. The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2017 and 2018. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. | Note 2 —Summary of Significant Accounting Policies Significant Accounting Policies Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value, and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." We record revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. In the normal course of business, we receive payments from our customers which include payments for both current and future services. We do not recognize payment for future services in current income; rather, we record the amounts of those payments as deferred revenue in the current period and recognize the appropriate amounts in income in future periods as applicable. No costs are recorded to cost of sales as we are unable to directly allocate any costs of our revenue. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, LB Media and Acquisition. All significant inter-company transactions and balances have been eliminated in consolidation. Cash and cash equivalents For purposes of the consolidated statements of cash flows, cash includes demand deposits, time deposits, certificates of deposit, and short-term liquid investments with original maturities of three months or less when purchased. As of June 30, 2017, December 31, 2016 and December 31, 2015, the Company did not hold any cash equivalents. The Federal Deposit Insurance Corporation provides coverage for all accounts of up to $250,000. As of June 30, 2017, December 31, 2016, and December 31, 2015, none of the Company’s cash was in excess of federally insured limits. Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at June 30, 2017. Recently Issued Accounting Pronouncements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12). ASU 2016-12 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently assessing the impact of adoption of this ASU on our consolidated results of operations, cash flows and financial position. The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2015, 2016 and 2017. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. |
Recapitalization (Q3)
Recapitalization (Q3) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Recapitalization [Abstract] | ||
Recapitalization | Note 3 — Recapitalization On March 23, 2017, we completed the Merger Agreement with AP. The impact to equity of the Merger Agreement includes a) the issuance of 2,351,355 new pre-split shares of the Company’s common stock; b) the issuance of 324,327 new pre-split shares of the Company’s Series A Convertible Preferred Stock; c) the retirement of 5,000,000 shares of the Company’s pre-split common stock; and d) removing the Company’s accumulated deficit and adjusting equity for the recapitalization. Simultaneously with the Merger, the Company accepted subscriptions in a private placement offering of 476,092 new pre-split shares of the Company’s common stock in the amount of $600,000 as well as 27,027 new pre-split shares of the Company’s Series B Convertible Preferred Stock in the amount of $250,000. These shares are considered to be outstanding beginning January 1, 2015. However, as the cash to purchase these shares was received in 2017, we have recorded the cash received in connection with these shares in additional paid-in capital during 2017. | Note 3 — Recapitalization On March 23, 2017, we completed the Merger Agreement with AP. The impact to equity of the Merger Agreement includes a) the issuance of 2,351,355 new pre-split shares of the Company’s common stock; b) the issuance of 324,327 new pre-split shares of the Company’s Series A Convertible Preferred Stock; c) the retirement of 5,000,000 shares of the Company’s pre-split common stock; and d) removing the Company’s accumulated deficit and adjusting equity for the recapitalization. Simultaneously with the Merger, the Company accepted subscriptions in a private placement offering of 476,092 new pre-split shares of the Company’s common stock in the amount of $600,000 as well as 27,027 new pre-split shares of the Company’s Series B Convertible Preferred Stock in the amount of $250,000. These shares are considered to be outstanding beginning January 1, 2015. However, as the cash to purchase these shares was received in 2017, we have recorded the cash received in connection with these shares in additional paid-in capital during 2017. |
Capital Stock and Equity Transa
Capital Stock and Equity Transactions (Q3) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Capital Stock and Equity Transactions [Abstract] | ||
Capital Stock and Equity Transactions | Note 4 — Capital Stock and Equity Transactions The Company has 150,000,000 shares of common stock authorized with a par value of $ 0.001 per share as of March 31, 2018. In addition, the Company has 10,000,000 preferred stock authorized with a par value of $0.001 per share as of March 31, 2018. In accordance with the Merger Agreement, the Company issued 2,351,355 new, pre-split shares of common stock in addition to the 6,280,000 shares that were already outstanding. The Company also issued 324,327 new, pre-split shares of Series A Convertible Preferred Stock. In addition, the Company accepted subscriptions in a private placement offering of 476,092 new pre-split shares of the Company’s common stock in the amount of $600,000 as well as 27,027 new pre-split shares of the Company’s Series B Convertible Preferred Stock, of which each share of Series B Convertible Preferred Stock is convertible into 16 Common Shares at any time, in the amount of $250,000. All shares issued in accordance with the Merger Agreement are considered to be outstanding beginning January 1, 2015 as these shares relate to the change in capital structure. Furthermore, 5,000,000 pre-split shares of common stock were retired in accordance with the Merger Agreement. In connection with the Merger Agreement, the Company made distributions totaling $600,000 to officers of the Company. Both Series A Convertible Preferred Stock and Series B Convertible Preferred Stock have rights to dividends when declared; however, there is no stated dividend rate and no such dividends have yet been declared by the Company. We evaluated the convertible preferred stock agreements for derivatives and determined that they do not qualify for derivative treatment for financial reporting purposes. We also determined this does not qualify as a beneficial conversion feature. Accordingly, the balances have been reported at the carrying amounts. On March 24, 2017, the Company effected a forward split such that 9.25 shares of Common Stock were issued for every 1 share of Common Stock issued and outstanding immediately prior to the forward split. Immediately following the forward split, there were 38,000,663 shares of post-split common stock, 3,000,000 shares of post-split Series A Convertible Preferred Stock, and 250,000 shares of post-split Series B Convertible Preferred Stock outstanding. The par value of all classes of shares remained at $0.001 per share after the forward split. During the six months ended June 30, 2017, an additional 3,750,000 shares of post-split Series A Convertible Preferred Stock were purchased from the Company. All references to shares herein refer to post-split shares, unless otherwise noted. During the nine months ended March 31, 2018, the Company accepted subscription for the issuance of 620,000 post-split common shares for total subscriptions of $120,000 in cash. During the nine month’s ended March 31, 2018, the Company issued 8,000 shares of common stock for the exercise of options and $2,000 cash. The Company also received notice from a Preferred Stock Series B stockholder to convert 90,000 shares of preferred stock into 1,440,000 shares of common stock. During the nine month’s ended the Company issued 137,000 shares of common stock to vendor’s for services. These shares were valued at fair market value of $280,850 and will be amortized over 6 month’s ending in June 2018. The Company has expensed $140,425 and the remainder of $140,425 is included in prepaid expenses at March 31, 2018. | Note 4 — Capital Stock and Equity Transactions The Company has 150,000,000 shares of common stock authorized with a par value of $ 0.001 per share as of June 30, 2017. In addition, the Company has 10,000,000 preferred stock authorized with a par value of $0.001 per share as of June 30, 2017. In accordance with the Merger Agreement, the Company issued 2,351,355 new, pre-split shares of common stock in addition to the 6,280,000 shares that were already outstanding. The Company also issued 324,327 new, pre-split shares of Series A Convertible Preferred Stock. In addition, the Company accepted subscriptions in a private placement offering of 476,092 new pre-split shares of the Company’s common stock in the amount of $600,000 as well as 27,027 new pre-split shares of the Company’s Series B Convertible Preferred Stock, of which each share of Series B Convertible Preferred Stock is convertible into 16 Common Shares at any time, in the amount of $250,000. All shares issued in accordance with the Merger Agreement are considered to be outstanding beginning January 1, 2015 as these shares relate to the change in capital structure. Furthermore, 5,000,000 pre-split shares of common stock were retired in accordance with the Merger Agreement. In connection with the Merger Agreement, the Company made distributions totaling $600,000 to officers of the Company. Both Series A Convertible Preferred Stock and Series B Convertible Preferred Stock have rights to dividends when declared; however, there is no stated dividend rate and no such dividends have yet been declared by the Company. We evaluated the convertible preferred stock agreements for derivatives and determined that they do not qualify for derivative treatment for financial reporting purposes. We also determined this does not qualify as a beneficial conversion feature. Accordingly, the balances have been reported at the carrying amounts. On March 24, 2017, the Company effected a forward split such that 9.25 shares of Common Stock were issued for every 1 share of Common Stock issued and outstanding immediately prior to the forward split. Immediately following the forward split, there were 38,000,663 shares of post-split common stock, 3,000,000 shares of post-split Series A Convertible Preferred Stock, and 250,000 shares of post-split Series B Convertible Preferred Stock outstanding. The par value of all classes of shares remained at $0.001 per share after the forward split. During the six months ended June 30, 2017, an additional 3,750,000 shares of post-split Series A Convertible Preferred Stock were purchased from the Company. All references to shares herein refer to post-split shares, unless otherwise noted. |
Debt (Q3)
Debt (Q3) | 9 Months Ended |
Mar. 31, 2018 | |
Debt [Abstract] | |
Debt | Note 5 — Debt On September 28, 2017, the Company entered into a promissory note with an investor of the Company in the amount of $200,000. The note bears no interest and is payable in full on September 30, 2018. In addition, on December 20, 2017, the Company entered into a promissory note with the same investor of the Company in the amount of $150,000. This note also bears no interest and is payable in full on December 20, 2018. The investor has agreed to convert the loan into 437,500 shares of common stock. The Company has not issued these shares at this time. During February 2018, the Company entered into two promissory notes with an investor of the Company in the amount of $28,000 and $84,000 in exchange for $25,000 and $75,000, respectively. Each of the notes have an original issue discount of $3,000 and $9,000, respectively that is being amortized to interest expense over the term of the notes. As of March 31, 2018, $2,155 and $6,514 of the discount remains to be amortized. The notes bear interest at 12% and is payable in full in August 2018. During February 2018, the Company entered into a promissory note with an investor of the Company in the amount of $150,000 in exchange for $132,000. The note has an original issue discount of $18,000 that is being amortized to interest expense over the term of the note. As of March 31, 2018, $12,729 of the discount remains to be amortized. The note bears interest at 12% and is payable in full in August 2018. |
Commitments and Contingencies (
Commitments and Contingencies (Q3) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | Note 6 — Commitments and Contingencies To the best of the Company’s knowledge and belief, no legal proceedings of merit are currently pending or threatened against the Company. | Note 5 — Commitments and Contingencies To the best of the Company’s knowledge and belief, no legal proceedings of merit are currently pending or threatened against the Company. |
Net Earnings or Loss per Share
Net Earnings or Loss per Share (Q3) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Earnings or Loss per Share [Abstract] | ||
Net Earnings or Loss per Share | Note 7 — Net Earnings or Loss per Share Basic net earnings or loss per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net loss per share is computed similarly to basic net loss per share, except that it includes the potential dilution that could occur if dilutive securities are exercised. We have prepared the calculation of earnings or loss per share using the weighted-average number of common shares of the Company that were outstanding during the three and nine months ended March 31, 2018 and 2017. Dilutive instruments had no effect on the calculation of earnings or loss per share during the three and nine months ended March 31, 2018 and 2017. | Note 7 — Earnings or Loss per Share Basic net loss per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net loss per share is computed similarly to basic net loss per share, except that it includes the potential dilution that could occur if dilutive securities are exercised. We have prepared the calculation of earnings per share using the weighted-average number of common shares of the Company that were outstanding during the six months ended June 30, 2017, and for the years ended December 31, 2016 and 2015. Dilutive instruments had no effect on the calculation of earnings or loss per share during the six months ended June 30, 2017 or during the years ended December 31, 2016 and 2015. |
Stock Based Compensation (Q3)
Stock Based Compensation (Q3) | 9 Months Ended |
Mar. 31, 2018 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 8 — Stock Based Compensation The equity incentive plan of the Company was established in February of 2017. The Board of Directors of the Company may from time to time, in its discretion grant to directors, officers, consultants and employees of the Company, non-transferable options to purchase common shares, provided that the number of options issued do not exceed 5,000,000. The options are exercisable for a period of up to 10 years from the date of the grant. The following table reflects the continuity of stock options for the nine months ended March 31, 2018: A summary of stock option activity is as follows: March 31, 2018 Number of options outstanding: Beginning of year - Granted 1,014,770 Exercised, converted (8,000 ) Forfeited / exchanged / modification (163,500 ) End of period 843,270 Number of options exercisable at end of period 28,000 Number of options available for grant at end of period 4,148,730 Weighted average option prices per share: Granted during the period $ 0.25 Exercised during the period $ 0.25 Terminated during the period $ 0.25 Outstanding at end of period $ 0.25 Exercisable at end of period $ 0.25 The average fair value of stock options granted was estimated to be $1.73 per share for the period ended March 31, 2018. This estimate was made using the Black-Scholes option pricing model and the following weighted average assumptions: 2018 Expected option life (years) 2.5 - 3 Expected stock price volatility 144 % Expected dividend yield — % Risk-free interest rate 2.31 % Stock-based compensation expense attributable to stock options was approximately $1,454,000 for the nine month period ended March 31, 2018. As of March 31, 2018, there was approximately $1,215,000 of unrecognized compensation expense related to unvested stock options outstanding, and the weighted average vesting period for those options was 3 years. |
Subsequent Events (Q3)
Subsequent Events (Q3) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 9 — Subsequent Events Management of the Company determined a reportable subsequent event required to be disclosed as follows: On April 19, 2018, the Company entered into a Standby Equity Distribution Agreement (the “SEDA”) with YA II PN Ltd. (“Investor”), a Cayman Island exempt limited partnership and an affiliate of Yorkville Advisors Global, LLC, whereby the Company sold and the Investor purchased 869,565 shares (the “Initial Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”) for the purchase price of One Million Dollars ($1,000,000), Additionally, under the SEDA the Company may sell to the Investor up to $5 million of shares of Common Stock over a two-year commitment period. Under the terms of the SEDA, the Company may from time to time, in its discretion, sell newly-issued shares of its common stock to the Investor at a discount to market of 8% of the lowest daily volume weighted average price during the relevant pricing period. The Company is obligated to register the Initial Shares, the Commitment Shares (as defined below), and the shares of Common Stock issuable under the SEDA pursuant to a registration statement under the Securities Act of 1933, as amended (the “Securities Act”). The Company is not obligated to utilize any portion of the SEDA and there are no minimum commitments or minimum use penalties provided the Company does not terminate the SEDA within 18 months wherein the Company would be required to pay a termination fee of $100,000. The Company issued One Hundred Thousand (100,000) shares of Common Stock as a commitment fee (the “Commitment Shares”) to an affiliate of the Investor. The total amount of funds that ultimately can be raised under the SEDA over the two-year term will depend on the market price for the Company’s common stock and the number of shares actually sold. The SEDA does not impose any restrictions on the Company’s operating activities. During the term of the SEDA, the Investor is prohibited from engaging in any short selling or hedging transactions related to the Common Stock. A copy of the SEDA is attached as Exhibit 10.1 to the Current Report on Form 8-K as filed with the SEC on April 20, 2018. In connection with the SEDA, the Company engaged Garden State Securities, Inc. (“GSS”) as its exclusive selling/placement agent. In connection with the transactions set forth in the SEDA, GSS shall receive a fee equal to 10% of the purchase price of the Initial Shares in cash plus warrants to purchase 86,957 shares of Common Stock at an exercise price of $1.15 per share, expiring in five years. GSS will also receive a cash fee equal to 5% of the amount paid by the Investor for each Advance under the SEDA. | Note 8 — Subsequent Events Management has evaluated all events that occurred after the balance sheet date through the date when these financial statements were issued to determine if they must be reported. The Management of the Company has determined that the following reportable subsequent event is required to be disclosed: Subsequent to year-end, the Company accepted subscription for the issuance of 380,000 shares post-split common stock at a purchase price of $0.50 per share for a total subscription of $190,000 in cash. Following the reporting period, the Company issued an aggregate of options to purchase 3,240,000 shares of Common Stock at the exercise price of $0.25 per share (the “Options”). All of the Options vest equally over five, six-month periods commencing on the six month anniversary of the issuance of the Options. |
Description of Business (FY)
Description of Business (FY) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Description of Business [Abstract] | ||
Description of Business | Note 1 — Description of Business Formation of the Company On March 23, 2017, AP Event Inc. (“AP” or the “Registrant”) consummated an Agreement and Plan of Merger (the “Merger Agreement”) with LB Media Group, LLC, a Colorado limited liability Company (“LB Media”), August Petrov (the principal stockholder of AP), and LB Acquisition Corp., a Colorado corporation and a wholly-owned subsidiary of AP (“Acquisition”) whereby Acquisition was merged with and into LB Media (the “Merger”) in consideration for: cash in the amount of Six Hundred Thousand Dollars ($600,000); 2,351,355 newly-issued, pre-split shares of the Registrant’s Common Stock (the “Merger Shares”); and 324,327 pre-split shares of the Registrant’s Series A Preferred Stock, par value $0.001 per share (the “Series A Shares,” and collectively with the Merger Shares, the “Merger Consideration”). Pursuant to the terms of the Merger Agreement, LB Media agreed to retire 5,000,000 pre-split shares of Common Stock of the Registrant held immediately prior to the Merger. As a result of the Merger, LB Media became a wholly-owned subsidiary of the Registrant, and immediately following the consummation of the Merger and giving effect to the securities sold in the Offering, the members of LB Media beneficially owned approximately fifty-five percent (55%) of the issued and outstanding Common Stock of the Registrant. The Merger Agreement contains customary representations, warranties, and covenants of the Registrant and LB Media for like transactions. As a result of the reorganization and name change discussed later, Leafbuyer Technologies, Inc. (“Leafbuyer”) became the publicly quoted parent holding company with LB Media becoming a wholly-owned subsidiary of Leafbuyer. Upon consummation of the Agreement, Leafbuyer common stock was deemed to be registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 12g-3(a) promulgated thereunder. For purposes of Rule 12g-3(a), Leafbuyer is the successor issuer to AP. AP was established under the corporation laws in the State of Nevada on October 16, 2014. On March 24, 2017, the Registrant changed its name to Leafbuyer Technologies, Inc. All references herein to “us,” “we,” “our,” “Leafbuyer,” or the “Company” refer to Leafbuyer Technologies, Inc. and its subsidiaries. Description of Business We are focused on providing valuable information for the savvy cannabis consumer looking to make a purchase via deals and a dispensary database. We connect consumers with dispensaries by working alongside businesses to showcase their unique products and build a network of loyal patrons. Our national network of cannabis deals and information reaches millions of consumers monthly. LB Media was founded in 2012 by a group of technology and industry veterans and provides online resources for cannabis deals and specials. Our headquarters are located in Greenwood Village, Colorado. Basis of Presentation The accompanying condensed consolidated balance sheet as of June 30, 2017, has been derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements being audited and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. All intercompany transactions have been eliminated in consolidation. Operating results and cash flows for interim periods are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements and notes thereto. Going Concern As shown in the accompanying condensed consolidated financial statements, we had total stockholders’ deficit of $572,493 and a working capital deficit of $573,779 of March 31, 2018. We reported a net loss of $1,310,941 for the nine months ended March 31, 2018, and we anticipate further losses in the development of our business. Accordingly, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances to that effect. Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. | Note 1 — Description of Business Formation of the Company On March 23, 2017, AP Event Inc. (“AP” or the “Registrant”) consummated an Agreement and Plan of Merger (the “Merger Agreement”) with LB Media Group, LLC, a Colorado limited liability Company (“LB Media”), August Petrov (the principal stockholder of AP), and LB Acquisition Corp., a Colorado corporation and a wholly-owned subsidiary of AP (“Acquisition”) whereby Acquisition was merged with and into LB Media (the “Merger”) in consideration for: cash in the amount of Six Hundred Thousand Dollars ($600,000); 2,351,355 newly-issued, pre-split shares of the Registrant’s Common Stock (the “Merger Shares”); and 324,327 pre-split shares of the Registrant’s Series A Preferred Stock, par value $0.001 per share (the “Series A Shares,” and collectively with the Merger Shares, the “Merger Consideration”). Pursuant to the terms of the Merger Agreement, LB Media agreed to retire 5,000,000 pre-split shares of Common Stock of the Registrant held immediately prior to the Merger. As a result of the Merger, LB Media became a wholly-owned subsidiary of the Registrant, and immediately following the consummation of the Merger and giving effect to the securities sold in the Offering, the members of LB Media beneficially owned approximately fifty-five percent (55%) of the issued and outstanding Common Stock of the Registrant. The Merger Agreement contains customary representations, warranties, and covenants of the Registrant and LB Media for like transactions. As a result of the reorganization and name change discussed later, Leafbuyer Technologies, Inc. (“Leafbuyer”) became the publicly quoted parent holding company with LB Media becoming a wholly-owned subsidiary of Leafbuyer. Upon consummation of the Agreement, Leafbuyer common stock was deemed to be registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule 12g-3(a) promulgated thereunder. For purposes of Rule 12g-3(a), Leafbuyer is the successor issuer to AP. AP was established under the corporation laws in the State of Nevada on October 16, 2014. On March 24, 2017, the Registrant changed its name to Leafbuyer Technologies, Inc. All references herein to “us,” “we,” “our,” “Leafbuyer,” or the “Company” refer to Leafbuyer Technologies, Inc. and its subsidiaries. Description of Business We are focused on providing valuable information for the savvy cannabis consumer looking to make a purchase via deals and a dispensary database. We connect consumers with dispensaries by working alongside businesses to showcase their unique products and build a network of loyal patrons. Our national network of cannabis deals and information reaches millions of consumers monthly. LB Media was founded in 2012 by a group of technology and industry veterans and provides online resources for cannabis deals and specials. Our headquarters is located in Greenwood Village, Colorado. Basis of Presentation As a result of the Merger Agreement, LB Media is considered to be the “accounting acquirer” and, accordingly, is treated as the predecessor company. The consolidated financial statements include the results of operations and financial position of LB Media for all periods, and the results of operations and financial position of Leafbuyer as of June 30, 2017 and for the period from March 23, 2017 through June 30, 2017. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. Going Concern As shown in the accompanying financial statements, we had an equity balance of $96,465 and a working capital balance of $94,965 as of June 30, 2017. We reported a net loss of $340,735 for the six months ended June 30, 2017, and we anticipate further losses in the development of our business. Accordingly, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances to that effect. Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (FY) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." We record revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. In the normal course of business, we receive payments from our customers which include payments for both current and future services. We do not recognize payment for future services in current income; rather, we record the amounts of those payments as deferred revenue in the current period and recognize the appropriate amounts in income in future periods as applicable. No costs are recorded to cost of sales as we are unable to directly allocate any costs of our revenue. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, LB Media and Acquisition. All significant inter-company transactions and balances have been eliminated in consolidation. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents includes demand deposits, time deposits, certificates of deposit and short-term liquid investments with original maturities of three months or less when purchased. As of March 31, 2018, and June 30, 2017, the Company did not hold any cash equivalents. The Federal Deposit Insurance Corporation provides coverage for all accounts of up to $250,000. As of March 31, 2018, and June 30, 2017, none of the Company’s cash was in excess of federally insured limits. Stock-Based Compensation The Company accounts for stock-based awards to employees in accordance with applicable accounting principles, which requires compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options. The grant date fair value is determined using the Black-Scholes-Merton (“Black-Scholes”) pricing model. For all employee stock options, we recognize expense over the requisite service period on an accelerated basis over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s option pricing model requires the input of highly subjective assumptions, including the expected stock price volatility and expected term. Any changes in these highly subjective assumptions significantly impact stock-based compensation expense. Options awarded to purchase shares of common stock issued to non-employees in exchange for services are accounted for as variable awards in accordance with applicable accounting principles. Such options are valued using the Black-Scholes option pricing model. See Note 8 for the assumptions used to calculate the fair value of stock-based employee and non-employee compensation. Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at March 31, 2018. Recently Issued Accounting Pronouncements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12). ASU 2016-12 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently assessing the impact of adoption of this ASU on our consolidated results of operations, cash flows and financial position. The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2017 and 2018. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. | Note 2 —Summary of Significant Accounting Policies Significant Accounting Policies Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value, and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." We record revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. In the normal course of business, we receive payments from our customers which include payments for both current and future services. We do not recognize payment for future services in current income; rather, we record the amounts of those payments as deferred revenue in the current period and recognize the appropriate amounts in income in future periods as applicable. No costs are recorded to cost of sales as we are unable to directly allocate any costs of our revenue. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, LB Media and Acquisition. All significant inter-company transactions and balances have been eliminated in consolidation. Cash and cash equivalents For purposes of the consolidated statements of cash flows, cash includes demand deposits, time deposits, certificates of deposit, and short-term liquid investments with original maturities of three months or less when purchased. As of June 30, 2017, December 31, 2016 and December 31, 2015, the Company did not hold any cash equivalents. The Federal Deposit Insurance Corporation provides coverage for all accounts of up to $250,000. As of June 30, 2017, December 31, 2016, and December 31, 2015, none of the Company’s cash was in excess of federally insured limits. Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at June 30, 2017. Recently Issued Accounting Pronouncements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12). ASU 2016-12 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently assessing the impact of adoption of this ASU on our consolidated results of operations, cash flows and financial position. The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2015, 2016 and 2017. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. |
Recapitalization (FY)
Recapitalization (FY) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Recapitalization [Abstract] | ||
Recapitalization | Note 3 — Recapitalization On March 23, 2017, we completed the Merger Agreement with AP. The impact to equity of the Merger Agreement includes a) the issuance of 2,351,355 new pre-split shares of the Company’s common stock; b) the issuance of 324,327 new pre-split shares of the Company’s Series A Convertible Preferred Stock; c) the retirement of 5,000,000 shares of the Company’s pre-split common stock; and d) removing the Company’s accumulated deficit and adjusting equity for the recapitalization. Simultaneously with the Merger, the Company accepted subscriptions in a private placement offering of 476,092 new pre-split shares of the Company’s common stock in the amount of $600,000 as well as 27,027 new pre-split shares of the Company’s Series B Convertible Preferred Stock in the amount of $250,000. These shares are considered to be outstanding beginning January 1, 2015. However, as the cash to purchase these shares was received in 2017, we have recorded the cash received in connection with these shares in additional paid-in capital during 2017. | Note 3 — Recapitalization On March 23, 2017, we completed the Merger Agreement with AP. The impact to equity of the Merger Agreement includes a) the issuance of 2,351,355 new pre-split shares of the Company’s common stock; b) the issuance of 324,327 new pre-split shares of the Company’s Series A Convertible Preferred Stock; c) the retirement of 5,000,000 shares of the Company’s pre-split common stock; and d) removing the Company’s accumulated deficit and adjusting equity for the recapitalization. Simultaneously with the Merger, the Company accepted subscriptions in a private placement offering of 476,092 new pre-split shares of the Company’s common stock in the amount of $600,000 as well as 27,027 new pre-split shares of the Company’s Series B Convertible Preferred Stock in the amount of $250,000. These shares are considered to be outstanding beginning January 1, 2015. However, as the cash to purchase these shares was received in 2017, we have recorded the cash received in connection with these shares in additional paid-in capital during 2017. |
Capital Stock and Equity Tran24
Capital Stock and Equity Transactions (FY) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Capital Stock and Equity Transactions [Abstract] | ||
Capital Stock and Equity Transactions | Note 4 — Capital Stock and Equity Transactions The Company has 150,000,000 shares of common stock authorized with a par value of $ 0.001 per share as of March 31, 2018. In addition, the Company has 10,000,000 preferred stock authorized with a par value of $0.001 per share as of March 31, 2018. In accordance with the Merger Agreement, the Company issued 2,351,355 new, pre-split shares of common stock in addition to the 6,280,000 shares that were already outstanding. The Company also issued 324,327 new, pre-split shares of Series A Convertible Preferred Stock. In addition, the Company accepted subscriptions in a private placement offering of 476,092 new pre-split shares of the Company’s common stock in the amount of $600,000 as well as 27,027 new pre-split shares of the Company’s Series B Convertible Preferred Stock, of which each share of Series B Convertible Preferred Stock is convertible into 16 Common Shares at any time, in the amount of $250,000. All shares issued in accordance with the Merger Agreement are considered to be outstanding beginning January 1, 2015 as these shares relate to the change in capital structure. Furthermore, 5,000,000 pre-split shares of common stock were retired in accordance with the Merger Agreement. In connection with the Merger Agreement, the Company made distributions totaling $600,000 to officers of the Company. Both Series A Convertible Preferred Stock and Series B Convertible Preferred Stock have rights to dividends when declared; however, there is no stated dividend rate and no such dividends have yet been declared by the Company. We evaluated the convertible preferred stock agreements for derivatives and determined that they do not qualify for derivative treatment for financial reporting purposes. We also determined this does not qualify as a beneficial conversion feature. Accordingly, the balances have been reported at the carrying amounts. On March 24, 2017, the Company effected a forward split such that 9.25 shares of Common Stock were issued for every 1 share of Common Stock issued and outstanding immediately prior to the forward split. Immediately following the forward split, there were 38,000,663 shares of post-split common stock, 3,000,000 shares of post-split Series A Convertible Preferred Stock, and 250,000 shares of post-split Series B Convertible Preferred Stock outstanding. The par value of all classes of shares remained at $0.001 per share after the forward split. During the six months ended June 30, 2017, an additional 3,750,000 shares of post-split Series A Convertible Preferred Stock were purchased from the Company. All references to shares herein refer to post-split shares, unless otherwise noted. During the nine months ended March 31, 2018, the Company accepted subscription for the issuance of 620,000 post-split common shares for total subscriptions of $120,000 in cash. During the nine month’s ended March 31, 2018, the Company issued 8,000 shares of common stock for the exercise of options and $2,000 cash. The Company also received notice from a Preferred Stock Series B stockholder to convert 90,000 shares of preferred stock into 1,440,000 shares of common stock. During the nine month’s ended the Company issued 137,000 shares of common stock to vendor’s for services. These shares were valued at fair market value of $280,850 and will be amortized over 6 month’s ending in June 2018. The Company has expensed $140,425 and the remainder of $140,425 is included in prepaid expenses at March 31, 2018. | Note 4 — Capital Stock and Equity Transactions The Company has 150,000,000 shares of common stock authorized with a par value of $ 0.001 per share as of June 30, 2017. In addition, the Company has 10,000,000 preferred stock authorized with a par value of $0.001 per share as of June 30, 2017. In accordance with the Merger Agreement, the Company issued 2,351,355 new, pre-split shares of common stock in addition to the 6,280,000 shares that were already outstanding. The Company also issued 324,327 new, pre-split shares of Series A Convertible Preferred Stock. In addition, the Company accepted subscriptions in a private placement offering of 476,092 new pre-split shares of the Company’s common stock in the amount of $600,000 as well as 27,027 new pre-split shares of the Company’s Series B Convertible Preferred Stock, of which each share of Series B Convertible Preferred Stock is convertible into 16 Common Shares at any time, in the amount of $250,000. All shares issued in accordance with the Merger Agreement are considered to be outstanding beginning January 1, 2015 as these shares relate to the change in capital structure. Furthermore, 5,000,000 pre-split shares of common stock were retired in accordance with the Merger Agreement. In connection with the Merger Agreement, the Company made distributions totaling $600,000 to officers of the Company. Both Series A Convertible Preferred Stock and Series B Convertible Preferred Stock have rights to dividends when declared; however, there is no stated dividend rate and no such dividends have yet been declared by the Company. We evaluated the convertible preferred stock agreements for derivatives and determined that they do not qualify for derivative treatment for financial reporting purposes. We also determined this does not qualify as a beneficial conversion feature. Accordingly, the balances have been reported at the carrying amounts. On March 24, 2017, the Company effected a forward split such that 9.25 shares of Common Stock were issued for every 1 share of Common Stock issued and outstanding immediately prior to the forward split. Immediately following the forward split, there were 38,000,663 shares of post-split common stock, 3,000,000 shares of post-split Series A Convertible Preferred Stock, and 250,000 shares of post-split Series B Convertible Preferred Stock outstanding. The par value of all classes of shares remained at $0.001 per share after the forward split. During the six months ended June 30, 2017, an additional 3,750,000 shares of post-split Series A Convertible Preferred Stock were purchased from the Company. All references to shares herein refer to post-split shares, unless otherwise noted. |
Commitments and Contingencies25
Commitments and Contingencies (FY) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Commitments and Contingencies [Abstract] | ||
Commitments and Contingencies | Note 6 — Commitments and Contingencies To the best of the Company’s knowledge and belief, no legal proceedings of merit are currently pending or threatened against the Company. | Note 5 — Commitments and Contingencies To the best of the Company’s knowledge and belief, no legal proceedings of merit are currently pending or threatened against the Company. |
Change in Fiscal Year End (FY)
Change in Fiscal Year End (FY) | 9 Months Ended |
Mar. 31, 2018 | |
Change in Fiscal Year End [Abstract] | |
Change in Fiscal Year End | Note 6 — Change in Fiscal Year End As a result of the Merger Agreement with AP, the fiscal year end of LB Media changed from December 31 to June 30. Upon consummation of the reorganization and name change, Leafbuyer adopted the June 30, 2017 year end of LB Media effective as of June 30, 2017. The consolidated statements of operations, cash flows, and equity reflect results for the six-month transition period ended June 30, 2017 and the fiscal years ended December 31, 2016 and 2015. The consolidated balance sheets reflect the financial position of the Company at June 30, 2017, December 31, 2016 and 2015. Comparative Six Month Financial Information The consolidated statements of operations and cash flows are provided below with comparative information for the six months ended June 30, 2017, 2016 and 2015. The financial information provided for the six month periods ended June 30, 2016 and 2015 is unaudited since it represented an interim period of fiscal years 2016 and 2015. The unaudited financial information for the six-month periods ended June 30, 2016 and 2015, include all normal recurring adjustments necessary for a fair statement of the results for that period. LEAFBUYER TECHNOLOGIES, INC. Consolidated Statements of Operations Six months ended June 30, 2017 2016 2015 (unaudited) (unaudited) Sales revenue $ 466,267 $ 221,178 $ 159,556 Total revenue 466,267 221,178 159,556 Operating expenses: Selling expenses 450 -- -- General and administrative 806,332 282,011 243,038 Total operating expenses 806,782 282,011 243,038 Loss from operations (340,515 ) (60,833 ) (83,482 ) Other income (expense): Interest expense (220 ) -- -- Other (expense), net (220 ) -- -- Net loss $ (340,735 ) $ (60,833 ) $ (83,482 ) Loss per common share: Basic and diluted $ (0.01 ) $ 0.00 $ 0.00 Weighted average common shares outstanding: Basic and diluted 32,570,967 26,160,000 26,160,000 LEAFBUYER TECHNOLOGIES, INC. Consolidated Statements of Cash Flows Six months ended June 30, 2017 2016 2015 Operating Activities: (unaudited) (unaudited) Net loss $ (340,735 ) $ (60,833 ) $ (83,482 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Changes in operating assets and liabilities: Prepaid expenses and other (15,952 ) 3,166 8,472 Accounts payable and accrued liabilities 4,856 94,548 72,629 Net cash (used in) provided by operating activities (351,831 ) 36,881 (2,381 ) Investing Activities: Purchase of office equipment (1,500 ) -- -- Net cash used in investing activities (1,500 ) -- -- Financing Activities: Proceeds from issuance of stock 1,055,000 -- -- Distributions (600,000 ) (7,235 ) -- Net cash provided by (used in) financing activities 455,000 (7,235 ) -- Net change in cash 101,669 29,646 (2,381 ) Cash, beginning of period 63,011 22,714 48,068 Cash, end of period $ 164,680 $ 52,360 $ 45,687 |
Earnings or Loss per Share (FY)
Earnings or Loss per Share (FY) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Earnings or Loss per Share [Abstract] | ||
Earnings or Loss per Share | Note 7 — Net Earnings or Loss per Share Basic net earnings or loss per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net loss per share is computed similarly to basic net loss per share, except that it includes the potential dilution that could occur if dilutive securities are exercised. We have prepared the calculation of earnings or loss per share using the weighted-average number of common shares of the Company that were outstanding during the three and nine months ended March 31, 2018 and 2017. Dilutive instruments had no effect on the calculation of earnings or loss per share during the three and nine months ended March 31, 2018 and 2017. | Note 7 — Earnings or Loss per Share Basic net loss per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted net loss per share is computed similarly to basic net loss per share, except that it includes the potential dilution that could occur if dilutive securities are exercised. We have prepared the calculation of earnings per share using the weighted-average number of common shares of the Company that were outstanding during the six months ended June 30, 2017, and for the years ended December 31, 2016 and 2015. Dilutive instruments had no effect on the calculation of earnings or loss per share during the six months ended June 30, 2017 or during the years ended December 31, 2016 and 2015. |
Subsequent Events (FY)
Subsequent Events (FY) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 9 — Subsequent Events Management of the Company determined a reportable subsequent event required to be disclosed as follows: On April 19, 2018, the Company entered into a Standby Equity Distribution Agreement (the “SEDA”) with YA II PN Ltd. (“Investor”), a Cayman Island exempt limited partnership and an affiliate of Yorkville Advisors Global, LLC, whereby the Company sold and the Investor purchased 869,565 shares (the “Initial Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”) for the purchase price of One Million Dollars ($1,000,000), Additionally, under the SEDA the Company may sell to the Investor up to $5 million of shares of Common Stock over a two-year commitment period. Under the terms of the SEDA, the Company may from time to time, in its discretion, sell newly-issued shares of its common stock to the Investor at a discount to market of 8% of the lowest daily volume weighted average price during the relevant pricing period. The Company is obligated to register the Initial Shares, the Commitment Shares (as defined below), and the shares of Common Stock issuable under the SEDA pursuant to a registration statement under the Securities Act of 1933, as amended (the “Securities Act”). The Company is not obligated to utilize any portion of the SEDA and there are no minimum commitments or minimum use penalties provided the Company does not terminate the SEDA within 18 months wherein the Company would be required to pay a termination fee of $100,000. The Company issued One Hundred Thousand (100,000) shares of Common Stock as a commitment fee (the “Commitment Shares”) to an affiliate of the Investor. The total amount of funds that ultimately can be raised under the SEDA over the two-year term will depend on the market price for the Company’s common stock and the number of shares actually sold. The SEDA does not impose any restrictions on the Company’s operating activities. During the term of the SEDA, the Investor is prohibited from engaging in any short selling or hedging transactions related to the Common Stock. A copy of the SEDA is attached as Exhibit 10.1 to the Current Report on Form 8-K as filed with the SEC on April 20, 2018. In connection with the SEDA, the Company engaged Garden State Securities, Inc. (“GSS”) as its exclusive selling/placement agent. In connection with the transactions set forth in the SEDA, GSS shall receive a fee equal to 10% of the purchase price of the Initial Shares in cash plus warrants to purchase 86,957 shares of Common Stock at an exercise price of $1.15 per share, expiring in five years. GSS will also receive a cash fee equal to 5% of the amount paid by the Investor for each Advance under the SEDA. | Note 8 — Subsequent Events Management has evaluated all events that occurred after the balance sheet date through the date when these financial statements were issued to determine if they must be reported. The Management of the Company has determined that the following reportable subsequent event is required to be disclosed: Subsequent to year-end, the Company accepted subscription for the issuance of 380,000 shares post-split common stock at a purchase price of $0.50 per share for a total subscription of $190,000 in cash. Following the reporting period, the Company issued an aggregate of options to purchase 3,240,000 shares of Common Stock at the exercise price of $0.25 per share (the “Options”). All of the Options vest equally over five, six-month periods commencing on the six month anniversary of the issuance of the Options. |
Description of Business (Q3) (P
Description of Business (Q3) (Policies) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Description of Business [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated balance sheet as of June 30, 2017, has been derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements being audited and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. All intercompany transactions have been eliminated in consolidation. Operating results and cash flows for interim periods are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements and notes thereto. | Basis of Presentation As a result of the Merger Agreement, LB Media is considered to be the “accounting acquirer” and, accordingly, is treated as the predecessor company. The consolidated financial statements include the results of operations and financial position of LB Media for all periods, and the results of operations and financial position of Leafbuyer as of June 30, 2017 and for the period from March 23, 2017 through June 30, 2017. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. |
Going Concern | Going Concern As shown in the accompanying condensed consolidated financial statements, we had total stockholders’ deficit of $572,493 and a working capital deficit of $573,779 of March 31, 2018. We reported a net loss of $1,310,941 for the nine months ended March 31, 2018, and we anticipate further losses in the development of our business. Accordingly, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances to that effect. | Going Concern As shown in the accompanying financial statements, we had an equity balance of $96,465 and a working capital balance of $94,965 as of June 30, 2017. We reported a net loss of $340,735 for the six months ended June 30, 2017, and we anticipate further losses in the development of our business. Accordingly, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances to that effect. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. | Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Q3) (Policies) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | ||
Fair Value Measurements | Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. | Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value, and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. |
Revenue Recognition | Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." We record revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. In the normal course of business, we receive payments from our customers which include payments for both current and future services. We do not recognize payment for future services in current income; rather, we record the amounts of those payments as deferred revenue in the current period and recognize the appropriate amounts in income in future periods as applicable. No costs are recorded to cost of sales as we are unable to directly allocate any costs of our revenue. | Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." We record revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. In the normal course of business, we receive payments from our customers which include payments for both current and future services. We do not recognize payment for future services in current income; rather, we record the amounts of those payments as deferred revenue in the current period and recognize the appropriate amounts in income in future periods as applicable. No costs are recorded to cost of sales as we are unable to directly allocate any costs of our revenue. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, LB Media and Acquisition. All significant inter-company transactions and balances have been eliminated in consolidation. | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, LB Media and Acquisition. All significant inter-company transactions and balances have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents includes demand deposits, time deposits, certificates of deposit and short-term liquid investments with original maturities of three months or less when purchased. As of March 31, 2018, and June 30, 2017, the Company did not hold any cash equivalents. The Federal Deposit Insurance Corporation provides coverage for all accounts of up to $250,000. As of March 31, 2018, and June 30, 2017, none of the Company’s cash was in excess of federally insured limits. | Cash and cash equivalents For purposes of the consolidated statements of cash flows, cash includes demand deposits, time deposits, certificates of deposit, and short-term liquid investments with original maturities of three months or less when purchased. As of June 30, 2017, December 31, 2016 and December 31, 2015, the Company did not hold any cash equivalents. The Federal Deposit Insurance Corporation provides coverage for all accounts of up to $250,000. As of June 30, 2017, December 31, 2016, and December 31, 2015, none of the Company’s cash was in excess of federally insured limits. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based awards to employees in accordance with applicable accounting principles, which requires compensation expense related to share-based transactions, including employee stock options, to be measured and recognized in the financial statements based on a determination of the fair value of the stock options. The grant date fair value is determined using the Black-Scholes-Merton (“Black-Scholes”) pricing model. For all employee stock options, we recognize expense over the requisite service period on an accelerated basis over the employee’s requisite service period (generally the vesting period of the equity grant). The Company’s option pricing model requires the input of highly subjective assumptions, including the expected stock price volatility and expected term. Any changes in these highly subjective assumptions significantly impact stock-based compensation expense. Options awarded to purchase shares of common stock issued to non-employees in exchange for services are accounted for as variable awards in accordance with applicable accounting principles. Such options are valued using the Black-Scholes option pricing model. See Note 8 for the assumptions used to calculate the fair value of stock-based employee and non-employee compensation. | |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at March 31, 2018. | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at June 30, 2017. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12). ASU 2016-12 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently assessing the impact of adoption of this ASU on our consolidated results of operations, cash flows and financial position. The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2017 and 2018. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. | Recently Issued Accounting Pronouncements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12). ASU 2016-12 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently assessing the impact of adoption of this ASU on our consolidated results of operations, cash flows and financial position. The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2015, 2016 and 2017. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. |
Description of Business (FY) (P
Description of Business (FY) (Policies) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Description of Business [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated balance sheet as of June 30, 2017, has been derived from audited financial statements. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements being audited and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. All intercompany transactions have been eliminated in consolidation. Operating results and cash flows for interim periods are not necessarily indicative of results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements and notes thereto. | Basis of Presentation As a result of the Merger Agreement, LB Media is considered to be the “accounting acquirer” and, accordingly, is treated as the predecessor company. The consolidated financial statements include the results of operations and financial position of LB Media for all periods, and the results of operations and financial position of Leafbuyer as of June 30, 2017 and for the period from March 23, 2017 through June 30, 2017. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result. |
Going Concern | Going Concern As shown in the accompanying condensed consolidated financial statements, we had total stockholders’ deficit of $572,493 and a working capital deficit of $573,779 of March 31, 2018. We reported a net loss of $1,310,941 for the nine months ended March 31, 2018, and we anticipate further losses in the development of our business. Accordingly, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances to that effect. | Going Concern As shown in the accompanying financial statements, we had an equity balance of $96,465 and a working capital balance of $94,965 as of June 30, 2017. We reported a net loss of $340,735 for the six months ended June 30, 2017, and we anticipate further losses in the development of our business. Accordingly, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances to that effect. |
Reclassification | Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. | Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (FY) (Policies) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | ||
Fair Value Measurements | Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. | Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value, and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. |
Revenue Recognition | Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." We record revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. In the normal course of business, we receive payments from our customers which include payments for both current and future services. We do not recognize payment for future services in current income; rather, we record the amounts of those payments as deferred revenue in the current period and recognize the appropriate amounts in income in future periods as applicable. No costs are recorded to cost of sales as we are unable to directly allocate any costs of our revenue. | Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." We record revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. In the normal course of business, we receive payments from our customers which include payments for both current and future services. We do not recognize payment for future services in current income; rather, we record the amounts of those payments as deferred revenue in the current period and recognize the appropriate amounts in income in future periods as applicable. No costs are recorded to cost of sales as we are unable to directly allocate any costs of our revenue. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, LB Media and Acquisition. All significant inter-company transactions and balances have been eliminated in consolidation. | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, LB Media and Acquisition. All significant inter-company transactions and balances have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents includes demand deposits, time deposits, certificates of deposit and short-term liquid investments with original maturities of three months or less when purchased. As of March 31, 2018, and June 30, 2017, the Company did not hold any cash equivalents. The Federal Deposit Insurance Corporation provides coverage for all accounts of up to $250,000. As of March 31, 2018, and June 30, 2017, none of the Company’s cash was in excess of federally insured limits. | Cash and cash equivalents For purposes of the consolidated statements of cash flows, cash includes demand deposits, time deposits, certificates of deposit, and short-term liquid investments with original maturities of three months or less when purchased. As of June 30, 2017, December 31, 2016 and December 31, 2015, the Company did not hold any cash equivalents. The Federal Deposit Insurance Corporation provides coverage for all accounts of up to $250,000. As of June 30, 2017, December 31, 2016, and December 31, 2015, none of the Company’s cash was in excess of federally insured limits. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at March 31, 2018. | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at June 30, 2017. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12). ASU 2016-12 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently assessing the impact of adoption of this ASU on our consolidated results of operations, cash flows and financial position. The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2017 and 2018. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. | Recently Issued Accounting Pronouncements In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12). ASU 2016-12 provides guidance that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-12 provides clarification on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications. This ASU is effective for annual reporting periods beginning after December 15, 2017, with the option to adopt as early as December 15, 2016. We are currently assessing the impact of adoption of this ASU on our consolidated results of operations, cash flows and financial position. The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2015, 2016 and 2017. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. |
Stock Based Compensation (Q3) (
Stock Based Compensation (Q3) (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Stock Based Compensation [Abstract] | |
Stock Option Activity | A summary of stock option activity is as follows: March 31, 2018 Number of options outstanding: Beginning of year - Granted 1,014,770 Exercised, converted (8,000 ) Forfeited / exchanged / modification (163,500 ) End of period 843,270 Number of options exercisable at end of period 28,000 Number of options available for grant at end of period 4,148,730 Weighted average option prices per share: Granted during the period $ 0.25 Exercised during the period $ 0.25 Terminated during the period $ 0.25 Outstanding at end of period $ 0.25 Exercisable at end of period $ 0.25 |
Weighted Average Assumptions | This estimate was made using the Black-Scholes option pricing model and the following weighted average assumptions: 2018 Expected option life (years) 2.5 - 3 Expected stock price volatility 144 % Expected dividend yield — % Risk-free interest rate 2.31 % |
Change in Fiscal Year End (FY)
Change in Fiscal Year End (FY) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Change in Fiscal Year End [Abstract] | |
Schedule of Comparative Financial Information | The consolidated statements of operations and cash flows are provided below with comparative information for the six months ended June 30, 2017, 2016 and 2015. The financial information provided for the six month periods ended June 30, 2016 and 2015 is unaudited since it represented an interim period of fiscal years 2016 and 2015. The unaudited financial information for the six-month periods ended June 30, 2016 and 2015, include all normal recurring adjustments necessary for a fair statement of the results for that period. LEAFBUYER TECHNOLOGIES, INC. Consolidated Statements of Operations Six months ended June 30, 2017 2016 2015 (unaudited) (unaudited) Sales revenue $ 466,267 $ 221,178 $ 159,556 Total revenue 466,267 221,178 159,556 Operating expenses: Selling expenses 450 -- -- General and administrative 806,332 282,011 243,038 Total operating expenses 806,782 282,011 243,038 Loss from operations (340,515 ) (60,833 ) (83,482 ) Other income (expense): Interest expense (220 ) -- -- Other (expense), net (220 ) -- -- Net loss $ (340,735 ) $ (60,833 ) $ (83,482 ) Loss per common share: Basic and diluted $ (0.01 ) $ 0.00 $ 0.00 Weighted average common shares outstanding: Basic and diluted 32,570,967 26,160,000 26,160,000 LEAFBUYER TECHNOLOGIES, INC. Consolidated Statements of Cash Flows Six months ended June 30, 2017 2016 2015 Operating Activities: (unaudited) (unaudited) Net loss $ (340,735 ) $ (60,833 ) $ (83,482 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Changes in operating assets and liabilities: Prepaid expenses and other (15,952 ) 3,166 8,472 Accounts payable and accrued liabilities 4,856 94,548 72,629 Net cash (used in) provided by operating activities (351,831 ) 36,881 (2,381 ) Investing Activities: Purchase of office equipment (1,500 ) -- -- Net cash used in investing activities (1,500 ) -- -- Financing Activities: Proceeds from issuance of stock 1,055,000 -- -- Distributions (600,000 ) (7,235 ) -- Net cash provided by (used in) financing activities 455,000 (7,235 ) -- Net change in cash 101,669 29,646 (2,381 ) Cash, beginning of period 63,011 22,714 48,068 Cash, end of period $ 164,680 $ 52,360 $ 45,687 |
Description of Business (Q3) (D
Description of Business (Q3) (Details) - USD ($) | Mar. 23, 2017 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 22, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 24, 2017 | Dec. 31, 2014 |
Formation of the Company [Abstract] | ||||||||||||||
Cash consideration | $ 600,000 | |||||||||||||
Number of common shares issued, pre-split (in shares) | 2,351,355 | |||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Number of common shares retired, pre-split (in shares) | 5,000,000 | |||||||||||||
Beneficial ownership percentage | 55.00% | 55.00% | 55.00% | 55.00% | ||||||||||
Going Concern [Abstract] | ||||||||||||||
Equity deficit | $ (572,493) | $ 96,465 | $ 96,465 | $ (572,493) | $ (17,800) | $ (12,164) | $ (14,196) | |||||||
Working capital deficit | (573,779) | 94,965 | 94,965 | (573,779) | ||||||||||
Net loss | $ (840,490) | $ (232,380) | $ (108,355) | $ (108,355) | $ (340,735) | $ (60,833) | $ (83,482) | $ (1,310,941) | $ (34,858) | $ 12,664 | $ 22,036 | |||
Series A Preferred Stock [Member] | ||||||||||||||
Formation of the Company [Abstract] | ||||||||||||||
Number of convertible preferred shares issued, pre-split (in shares) | 324,327 | |||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Q3) (Details) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Maximum [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Federal Deposit Insurance Corporation, coverage | $ 250,000 | $ 250,000 |
Recapitalization (Q3) (Details)
Recapitalization (Q3) (Details) | Mar. 23, 2017USD ($)shares |
Recapitalization [Abstract] | |
Number of common shares issued, pre-split (in shares) | 2,351,355 |
Number of common shares retired, pre-split (in shares) | 5,000,000 |
Number of common shares issued in private placement, pre-split (in shares) | 476,092 |
Value of common shares issued in private placement | $ | $ 600,000 |
Series A Convertible Preferred Stock [Member] | |
Recapitalization [Abstract] | |
Number of convertible preferred shares issued, pre-split (in shares) | 324,327 |
Series B Convertible Preferred Stock [Member] | |
Recapitalization [Abstract] | |
Number of convertible preferred shares issued, pre-split (in shares) | 27,027 |
Value of preferred shares issued in private placement | $ | $ 250,000 |
Capital Stock and Equity Tran38
Capital Stock and Equity Transactions (Q3) (Details) | Mar. 24, 2017$ / sharesshares | Mar. 23, 2017USD ($)shares | Jun. 30, 2017USD ($)$ / sharesshares | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014shares |
Capital Stock and Equity Transactions [Abstract] | ||||||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Number of common shares issued, pre-split (in shares) | 2,351,355 | |||||||
Number of common shares acquired in connection with Merger Agreement (in shares) | 6,280,000 | |||||||
Number of common shares issued in private placement, pre-split (in shares) | 476,092 | |||||||
Value of common shares issued in private placement | $ | $ 600,000 | |||||||
Number of common shares issued upon conversion (in shares) | 16 | 16 | ||||||
Number of common shares retired, pre-split (in shares) | 5,000,000 | |||||||
Distributions | $ | $ 600,000 | $ 600,000 | $ 18,300 | $ 20,004 | ||||
Stock split ratio | 9.25 | |||||||
Common stock, shares outstanding (in shares) | 38,000,663 | 38,000,663 | 40,205,663 | 38,000,663 | 38,000,663 | |||
Stock subscriptions (in shares) | 620,000 | |||||||
Stock subscriptions value | $ | $ 205,000 | $ 120,000 | ||||||
Issuance of common stock for exercise of options | $ | 2,000 | |||||||
Issuance of common stock for services | $ | 280,850 | |||||||
Share-based compensation | $ | $ 239,133 | $ 0 | ||||||
Preferred Stock [Member] | ||||||||
Capital Stock and Equity Transactions [Abstract] | ||||||||
Distributions | $ | $ 0 | $ 0 | $ 0 | |||||
Common stock, shares outstanding (in shares) | 7,000,000 | 6,910,000 | 3,250,000 | 3,250,000 | 3,250,000 | |||
Stock subscriptions (in shares) | 3,750,000 | 0 | ||||||
Stock subscriptions value | $ | $ 3,750 | $ 0 | ||||||
Issuance of common stock for exercise of options (in shares) | 0 | |||||||
Issuance of common stock for exercise of options | $ | $ 0 | |||||||
Issuance of common stock in conversion of preferred stock (in shares) | (90,000) | |||||||
Common Stock [Member] | ||||||||
Capital Stock and Equity Transactions [Abstract] | ||||||||
Distributions | $ | $ 0 | $ 0 | $ 0 | |||||
Common stock, shares outstanding (in shares) | 38,000,663 | 40,205,663 | 26,160,000 | 26,160,000 | 26,160,000 | |||
Stock subscriptions (in shares) | 0 | 620,000 | ||||||
Stock subscriptions value | $ | $ 0 | $ 620 | ||||||
Issuance of common stock for exercise of options (in shares) | 8,000 | |||||||
Issuance of common stock for exercise of options | $ | $ 8 | |||||||
Issuance of common stock in conversion of preferred stock (in shares) | 1,440,000 | |||||||
Issuance of common stock for services (in shares) | 137,000 | |||||||
Issuance of common stock for services | $ | $ 137 | |||||||
Share-based compensation | $ | 140,425 | |||||||
Common Stock [Member] | Prepaid Expenses [Member] | ||||||||
Capital Stock and Equity Transactions [Abstract] | ||||||||
Share-based compensation | $ | $ 140,425 | |||||||
Series A Convertible Preferred Stock [Member] | ||||||||
Capital Stock and Equity Transactions [Abstract] | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Number of convertible preferred shares issued, pre-split (in shares) | 324,327 | |||||||
Preferred stock, shares outstanding (in shares) | 3,000,000 | |||||||
Stock subscriptions (in shares) | 3,750,000 | |||||||
Series B Convertible Preferred Stock [Member] | ||||||||
Capital Stock and Equity Transactions [Abstract] | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | |||||||
Number of convertible preferred shares issued, pre-split (in shares) | 27,027 | |||||||
Value of preferred shares issued in private placement | $ | $ 250,000 | |||||||
Preferred stock, shares outstanding (in shares) | 250,000 | |||||||
Series B Convertible Preferred Stock [Member] | Preferred Stock [Member] | ||||||||
Capital Stock and Equity Transactions [Abstract] | ||||||||
Number of shares converted (in shares) | 90,000 |
Debt (Q3) (Details)
Debt (Q3) (Details) | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2018USD ($)Note | Mar. 31, 2018USD ($)shares | Dec. 20, 2017USD ($) | Sep. 28, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Debt instrument, conversion into shares (in shares) | shares | 437,500 | |||
Number of promissory notes | Note | 2 | |||
Promissory Note - One [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of note | $ 200,000 | |||
Maturity date | Sep. 30, 2018 | |||
Promissory Note - Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of note | $ 150,000 | |||
Maturity date | Dec. 20, 2018 | |||
Promissory Note - Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of note | $ 28,000 | |||
Maturity date | Aug. 31, 2018 | |||
Stated interest rate | 12.00% | |||
Debt instrument, exchange amount | 25,000 | |||
Debt instrument, discount | 3,000 | |||
Debt instrument, unamortized discount | $ 2,155 | |||
Promissory Note - Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of note | 84,000 | |||
Maturity date | Aug. 31, 2018 | |||
Stated interest rate | 12.00% | |||
Debt instrument, exchange amount | 75,000 | |||
Debt instrument, discount | 9,000 | |||
Debt instrument, unamortized discount | $ 6,514 | |||
Promissory Note - Five [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount of note | 150,000 | |||
Maturity date | Aug. 31, 2018 | |||
Stated interest rate | 12.00% | |||
Debt instrument, exchange amount | 132,000 | |||
Debt instrument, discount | $ 18,000 | |||
Debt instrument, unamortized discount | $ 12,729 |
Stock Based Compensation (Q3)40
Stock Based Compensation (Q3) (Details) - Stock Options [Member] | 9 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Number of Options Outstanding [Rollforward] | |
Beginning of year (in shares) | 0 |
Granted (in shares) | 1,014,770 |
Exercised, converted (in shares) | (8,000) |
Forfeited / exchanged / modification (in shares) | (163,500) |
End of period (in shares) | 843,270 |
Number of options exercisable at end of period (in shares) | 28,000 |
Number of options available for grant at end of period (in shares) | 4,148,730 |
Weighted Average Option Prices per Share [Rollforward] | |
Granted during the period (in dollars per share) | $ / shares | $ 0.25 |
Exercised during the period (in dollars per share) | $ / shares | 0.25 |
Terminated during the period (in dollars per share) | $ / shares | 0.25 |
Outstanding at end of period (in dollars per share) | $ / shares | 0.25 |
Exercisable at end of period (in dollars per share) | $ / shares | 0.25 |
Average fair value of stock options granted (in dollars per share) | $ / shares | $ 1.73 |
Weighted Average Assumptions [Abstract] | |
Expected stock price volatility | 144.00% |
Expected dividend yield | 0.00% |
Risk-free interest rate | 2.31% |
Stock-based compensation expense | $ | $ 1,454,000 |
Unrecognized compensation expense | $ | $ 1,215,000 |
Weighted average vesting period | 3 years |
Minimum [Member] | |
Weighted Average Assumptions [Abstract] | |
Expected option life | 2 years 6 months |
Maximum [Member] | |
Weighted Average Assumptions [Abstract] | |
Expected option life | 3 years |
Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options exercisable period | 10 years |
Equity Incentive Plan [Member] | Maximum [Member] | |
Number of Options Outstanding [Rollforward] | |
Granted (in shares) | 5,000,000 |
Subsequent Events (Q3) (Details
Subsequent Events (Q3) (Details) - USD ($) | Apr. 19, 2018 | Oct. 04, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 24, 2017 |
Subsequent Event [Line Items] | ||||||||||
Stock issued (in shares) | 620,000 | |||||||||
Stock issued, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Proceeds from issuance of stock | $ 1,055,000 | $ 0 | $ 0 | $ 122,000 | $ 850,000 | $ 0 | $ 0 | |||
Common Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock issued (in shares) | 0 | 620,000 | ||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Termination fee of SEDA | $ 100,000 | |||||||||
Subsequent Event [Member] | Garden State Securities, Inc. ("GSS") [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Percentage of purchase price of common stock | 10.00% | |||||||||
Warrant to purchase shares of common stock (in shares) | 86,957 | |||||||||
Exercise price of warrants (in dollars per share) | $ 1.15 | |||||||||
Warrant expiration period | 5 years | |||||||||
Percentage of amount paid by investor | 5.00% | |||||||||
Subsequent Event [Member] | Maximum [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Termination period of SEDA | 18 months | |||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock issued (in shares) | 869,565 | 380,000 | ||||||||
Stock issued, par value (in dollars per share) | $ 0.001 | |||||||||
Sale of stock, commitment period | 2 years | |||||||||
Sale of stock at discount rate | 8.00% | |||||||||
Shares issued as commitment fees (in shares) | 100,000 | |||||||||
Commitment period | 2 years | |||||||||
Subsequent Event [Member] | Common Stock [Member] | Initial Shares [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from issuance of stock | $ 1,000,000 | |||||||||
Subsequent Event [Member] | Common Stock [Member] | Maximum [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Value of shares authorized for sale | $ 5,000,000 |
Description of Business (FY) (D
Description of Business (FY) (Details) - USD ($) | Mar. 23, 2017 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 22, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 24, 2017 | Dec. 31, 2014 |
Formation of the Company [Abstract] | ||||||||||||||
Cash consideration | $ 600,000 | |||||||||||||
Number of common shares issued, pre-split (in shares) | 2,351,355 | |||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Number of common shares retired, pre-split (in shares) | 5,000,000 | |||||||||||||
Beneficial ownership percentage | 55.00% | 55.00% | 55.00% | 55.00% | ||||||||||
Going Concern [Abstract] | ||||||||||||||
Equity balance | $ (572,493) | $ 96,465 | $ 96,465 | $ (572,493) | $ (17,800) | $ (12,164) | $ (14,196) | |||||||
Working capital balance | (573,779) | 94,965 | 94,965 | (573,779) | ||||||||||
Net loss | $ (840,490) | $ (232,380) | $ (108,355) | $ (108,355) | $ (340,735) | $ (60,833) | $ (83,482) | $ (1,310,941) | $ (34,858) | $ 12,664 | $ 22,036 | |||
Series A Preferred Stock [Member] | ||||||||||||||
Formation of the Company [Abstract] | ||||||||||||||
Number of convertible preferred shares issued, pre-split (in shares) | 324,327 | |||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (FY) (Details) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Maximum [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Federal Deposit Insurance Corporation, coverage | $ 250,000 | $ 250,000 |
Recapitalization (FY) (Details)
Recapitalization (FY) (Details) | Mar. 23, 2017USD ($)shares |
Recapitalization [Abstract] | |
Number of common shares issued, pre-split (in shares) | 2,351,355 |
Number of common shares retired, pre-split (in shares) | 5,000,000 |
Number of common shares issued in private placement, pre-split (in shares) | 476,092 |
Value of common shares issued in private placement | $ | $ 600,000 |
Series A Convertible Preferred Stock [Member] | |
Recapitalization [Abstract] | |
Number of convertible preferred shares issued, pre-split (in shares) | 324,327 |
Series B Convertible Preferred Stock [Member] | |
Recapitalization [Abstract] | |
Number of convertible preferred shares issued, pre-split (in shares) | 27,027 |
Value of preferred shares issued in private placement | $ | $ 250,000 |
Capital Stock and Equity Tran45
Capital Stock and Equity Transactions (FY) (Details) | Mar. 24, 2017$ / sharesshares | Mar. 23, 2017USD ($)shares | Jun. 30, 2017USD ($)$ / sharesshares | Mar. 31, 2018$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
Capital Stock and Equity Transactions [Abstract] | ||||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||
Number of common shares issued, pre-split (in shares) | 2,351,355 | |||||
Number of common shares acquired in connection with Merger Agreement (in shares) | 6,280,000 | |||||
Number of common shares issued in private placement, pre-split (in shares) | 476,092 | |||||
Value of common shares issued in private placement | $ | $ 600,000 | |||||
Number of common shares issued upon conversion (in shares) | 16 | 16 | ||||
Number of common shares retired, pre-split (in shares) | 5,000,000 | |||||
Distributions | $ | $ 600,000 | $ 600,000 | $ 18,300 | $ 20,004 | ||
Stock split ratio | 9.25 | |||||
Common stock, shares outstanding (in shares) | 38,000,663 | 38,000,663 | 40,205,663 | 38,000,663 | 38,000,663 | |
Stock subscriptions (in shares) | 620,000 | |||||
Series A Convertible Preferred Stock [Member] | ||||||
Capital Stock and Equity Transactions [Abstract] | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
Number of convertible preferred shares issued, pre-split (in shares) | 324,327 | |||||
Preferred stock, shares outstanding (in shares) | 3,000,000 | |||||
Stock subscriptions (in shares) | 3,750,000 | |||||
Series B Convertible Preferred Stock [Member] | ||||||
Capital Stock and Equity Transactions [Abstract] | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | |||||
Number of convertible preferred shares issued, pre-split (in shares) | 27,027 | |||||
Value of preferred shares issued in private placement | $ | $ 250,000 | |||||
Preferred stock, shares outstanding (in shares) | 250,000 |
Change in Fiscal Year End, Cons
Change in Fiscal Year End, Consolidated Statements of Operations (FY) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 22, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Operations [Abstract] | |||||||||||
Sales revenue | $ 466,267 | $ 221,178 | $ 159,556 | $ 704,832 | $ 491,312 | ||||||
Total revenue | $ 287,224 | $ 231,504 | 466,267 | 221,178 | 159,556 | $ 785,969 | $ 715,158 | ||||
Operating expenses [Abstract] | |||||||||||
Selling expenses | 53,966 | 450 | 450 | 0 | 0 | 138,821 | 450 | 0 | 0 | ||
General and administrative | 1,060,829 | 339,370 | 806,332 | 282,011 | 243,038 | 1,945,141 | 750,965 | 693,606 | 469,276 | ||
Total operating expenses | 1,114,795 | 339,820 | 806,782 | 282,011 | 243,038 | 2,083,962 | 751,415 | 693,606 | 469,276 | ||
Income (loss) from operations | (827,571) | (108,316) | (340,515) | (60,833) | (83,482) | (1,297,993) | (36,257) | 11,226 | 22,036 | ||
Other income (expense) [Abstract] | |||||||||||
Interest expense | (12,919) | (39) | (220) | 0 | 0 | (12,948) | (39) | 0 | 0 | ||
Other income (expense), net | (12,919) | (39) | (220) | 0 | 0 | (12,948) | 1,399 | 1,438 | 0 | ||
Net income (loss) | $ (840,490) | $ (232,380) | $ (108,355) | $ (108,355) | $ (340,735) | $ (60,833) | $ (83,482) | $ (1,310,941) | $ (34,858) | $ 12,664 | $ 22,036 |
Earning (loss) per common share [Abstract] | |||||||||||
Basic and diluted (in dollars per share) | $ (0.02) | $ 0 | $ (0.01) | $ 0 | $ 0 | $ (0.03) | $ 0 | $ 0 | $ 0 | ||
Weighted average common shares outstanding [Abstract] | |||||||||||
Basic and diluted (in shares) | 40,418,163 | 25,830,511 | 32,570,967 | 26,160,000 | 26,160,000 | 39,197,367 | 23,090,337 | 26,160,000 | 26,160,000 |
Change in Fiscal Year End, Co47
Change in Fiscal Year End, Consolidated Statements of Cash Flows (FY) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 22, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities [Abstract] | |||||||||||
Net loss | $ (840,490) | $ (232,380) | $ (108,355) | $ (108,355) | $ (340,735) | $ (60,833) | $ (83,482) | $ (1,310,941) | $ (34,858) | $ 12,664 | $ 22,036 |
Changes in operating assets and liabilities [Abstract] | |||||||||||
Prepaid expenses and other | (15,952) | 3,166 | 8,472 | (187,547) | 1,644 | 5 | (21,410) | ||||
Accounts payable and accrued liabilities | 4,856 | 94,548 | 72,629 | 109,791 | (32,180) | 45,929 | (9,248) | ||||
Net cash (used in) provided by operating activities | (351,831) | 36,881 | (2,381) | (881,690) | (65,394) | 58,598 | (8,622) | ||||
Investing Activities [Abstract] | |||||||||||
Purchase of office equipment | (1,500) | 0 | 0 | 0 | (1,500) | 0 | 0 | ||||
Net cash provided by (used in) investing activities | (1,500) | 0 | 0 | 0 | (1,500) | 0 | 0 | ||||
Financing Activities [Abstract] | |||||||||||
Proceeds from issuance of stock | 1,055,000 | 0 | 0 | 122,000 | 850,000 | 0 | 0 | ||||
Distributions | (600,000) | (7,235) | 0 | 0 | (611,065) | (18,301) | (16,732) | ||||
Net cash provided by (used in) financing activities | 455,000 | (7,235) | 0 | 912,603 | 238,935 | (18,301) | (16,732) | ||||
Net change in cash and cash equivalents | 101,669 | 29,646 | (2,381) | 30,913 | 172,041 | 40,297 | (25,354) | ||||
Cash and cash equivalents, beginning of period | 63,011 | $ 63,011 | 63,011 | 22,714 | 48,068 | 164,680 | 52,360 | 22,714 | 48,068 | ||
Cash and cash equivalents, end of period | $ 195,593 | $ 164,680 | $ 224,401 | $ 164,680 | $ 52,360 | $ 45,687 | $ 195,593 | $ 224,401 | $ 63,011 | $ 22,714 |
Subsequent Events (FY) (Details
Subsequent Events (FY) (Details) | Apr. 19, 2018shares | Oct. 04, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)shares | Mar. 31, 2018USD ($)shares |
Subsequent Event [Line Items] | ||||
Issuance of post-split stock (in shares) | 620,000 | |||
Issuance of common stock for cash | $ | $ 205,000 | $ 120,000 | ||
Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of post-split stock (in shares) | 0 | 620,000 | ||
Issuance of common stock for cash | $ | $ 0 | $ 620 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Options outstanding (in shares) | 3,240,000 | |||
Options exercise price (in dollars per share) | $ / shares | $ 0.25 | |||
Options vesting term periods | 5 | |||
Options vesting period | 6 months | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance of post-split stock (in shares) | 869,565 | 380,000 | ||
Purchase price (in dollars per share) | $ / shares | $ 0.50 | |||
Issuance of common stock for cash | $ | $ 190,000 |
Uncategorized Items - lbuy-2018
Label | Element | Value |
Accumulated Deficit [Member] | ||
Net loss for the nine months ended March 31, 2018 | us-gaap_NetIncomeLoss | $ (232,380) |
Net loss for the nine months ended March 31, 2018 | us-gaap_NetIncomeLoss | (108,355) |
Common Stock [Member] | ||
Net loss for the nine months ended March 31, 2018 | us-gaap_NetIncomeLoss | 0 |
Net loss for the nine months ended March 31, 2018 | us-gaap_NetIncomeLoss | 0 |
Preferred Stock [Member] | ||
Net loss for the nine months ended March 31, 2018 | us-gaap_NetIncomeLoss | 0 |
Net loss for the nine months ended March 31, 2018 | us-gaap_NetIncomeLoss | 0 |
Additional Paid-in Capital [Member] | ||
Net loss for the nine months ended March 31, 2018 | us-gaap_NetIncomeLoss | 0 |
Net loss for the nine months ended March 31, 2018 | us-gaap_NetIncomeLoss | $ 0 |