Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 15, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | GLOBAL TECH INDUSTRIES GROUP, INC. | |
Entity Central Index Key | 356,590 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 125,527,990 | |
Trading Symbol | GTII | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 67,965 | $ 40,656 |
Prepaid expenses | 0 | 130,345 |
Marketable securities | 170,810 | 115,388 |
Total Current Assets | 238,775 | 286,389 |
PROPERTY AND EQUIPMENT (NET) | 691 | 1,679 |
TOTAL ASSETS | 239,466 | 288,068 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 1,185,761 | 860,246 |
Accrued interest payable | 460,571 | 395,714 |
Private Placement Deposits | 128,634 | |
Asset retirement obligation | 101,250 | 101,250 |
Due to officers and directors | 185,155 | 135,062 |
Notes Payable | ||
Notes payable- in default | 507,040 | 315,040 |
Current portion of long-term debt-related party | 744,015 | |
Current portion of long-term debt | 763,181 | |
Total Current Liabilities | 2,568,411 | 3,314,508 |
LONG-TERM LIABILITIES | ||
Notes payable - related party (less current portion) | 744,015 | |
Notes payable (less current portion) | 571,181 | |
Total Long-Term Liabilities | 1,315,196 | |
Total Liabilities | 3,883,607 | 3,314,508 |
STOCKHOLDERS' (DEFICIT) | ||
Preferred Stock, par value $.001, 50,000 authorized, 1,000 and 0 issued | 1 | 1 |
Common stock, par value $0.001 per share, 350,000,000 shares authorized; 125,527,990 and 124,527,990 issued and outstanding, respectively | 125,527 | 124,527 |
Additional paid-in-capital | 158,057,262 | 158,006,082 |
Unearned ESOP shares | (2,876,000) | (2,876,000) |
Accumulated other comprehensive income | 143,674 | 88,251 |
Retained (Deficit) | (159,094,604) | (158,369,301) |
Total Stockholders' (Deficit) | (3,644,141) | (3,026,440) |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) | $ 239,466 | $ 288,068 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | 1,000 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 125,527,990 | 124,527,990 |
Common stock, shares outstanding | 125,527,990 | 124,527,990 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
REVENUES, net | ||||
COST OF SALES, net | ||||
GROSS PROFIT/(LOSS) | ||||
OPERATING EXPENSES | ||||
General and administrative | 158,588 | 729,156 | 525,461 | 840,780 |
Compensation and professional fees | 42,609 | 7,064,501 | 212,820 | 7,264,323 |
Depreciation | 330 | 330 | 988 | 988 |
Total Operating Expenses | 201,527 | 7,793,987 | 739,269 | 8,106,090 |
OPERATING LOSS | (201,527) | (7,793,987) | (739,269) | (8,106,090) |
OTHER INCOME (EXPENSES) | ||||
Interest income | 6 | 2 | 11 | 303 |
Gain/(loss) on marketable securities | 603 | |||
Other expenses | 91,642 | |||
Interest expense | (25,715) | (26,612) | (77,687) | (80,748) |
Total Other Income (Expenses) | (25,709) | (26,610) | 13,966 | (79,842) |
LOSS BEFORE INCOME TAXES | (227,236) | (7,820,597) | (725,303) | (8,185,932) |
INCOME TAX EXPENSE | ||||
NET LOSS | (227,236) | (7,820,597) | (725,303) | (8,185,932) |
OTHER COMPREHENSIVE INCOME /(LOSS) net of taxes | ||||
Unrealized gain (loss) on held for sale marketable securities | 20,043 | 13,451 | 55,423 | 24,149 |
COMPREHENSIVE LOSS | $ (207,193) | $ (7,807,146) | $ (669,881) | $ (8,161,783) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 | $ (0.01) | $ (0.09) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED | 125,354,077 | 104,284,353 | 124,806,077 | 91,041,945 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (725,303) | $ (8,185,932) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 988 | 988 |
(Gain)/Loss on marketable securities | (603) | |
Imputed interest on loan | 10,080 | 10,080 |
Shares issued for services | 42,100 | 7,849,378 |
Change in operating assets and liabilities, net of acquisition: | ||
(Increase) decrease in accounts receivables and prepaids | 130,345 | |
Increase (decrease) in accounts payable and accrued expenses | 390,371 | 48,719 |
Net Cash Used in Operating Activities | (151,420) | (277,370) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash received for sale of treasury & marketable securities | 76,576 | |
Cash paid for marketable securities | (1,415) | |
Net Cash provided by (used in) Investing Activities | 75,161 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash received from private placement | 128,634 | 370,000 |
Cash received from notes payable | 3,000 | |
Cash paid to related party loans | (220,275) | (476,172) |
Cash received from related party loans | 270,369 | 349,549 |
Net Cash Provided by (Used in) Financing Activities | 178,728 | 246,377 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 27,309 | 44,168 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 40,656 | 108 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 67,965 | 44,276 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Unrealized gain on marketable securities | $ 55,422 | $ 24,149 |
Condensed Financial Statements
Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements | NOTE 1 - CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by GLOBAL TECH INDUSTRIES GROUP, INC. (“the Company”) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2017, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2016 audited financial statements. The results of operations for the period ended September 30, 2017 are not necessarily indicative of the operating results for the full year. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as disclosed in Item 2 below. All significant inter-company balances and transactions have been eliminated. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 - GOING CONCERN The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Beneficial Conversion Feature of Debentures and Convertible Notes Payable In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert his debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of the debentures and related accruing interest, and is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the straight-line method. Recent Accounting Pronouncements No accounting pronouncements were issued during the third quarter of 2017 that would have a material effect on the accounting policies of the Company when adopted. Asset Retirement Obligation The Company follows FASB ASC 410-20 “Accounting for Asset Retirement Obligations,” FASB ASC 410-20 requires recognition of the present value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations are related to the plugging, dismantlement, removal, site reclamation and similar activities of its oil and gas exploration activities. The asset retirement obligation is as follows: 9/30/2017 12/31/2016 Previous Balance $ 101,250 $ 101,250 Increases/(decreases) current period - - Ending Balance $ 101,250 $ 101,250 Investments at Cost The Company accounts for its investment in private entities using the equity method for investments where the Company’s shares held are in excess of 20% of the outstanding shares of the investee. The Company acquired a 25% equity investment in three entities from Brazil as part of the assets of the ARUR acquisition in December 2012. Due to the inactivity of the entities, the Company did not allocate any purchase price to these investments. The Company evaluates its cost in investments for impairment of value annually. If cost investments become marketable they are reclassified to Marketable Securities-Available for Sale. Investments are as follows: Balance, December 31, 2016 $ 0 Realized gains and losses - Unrealized gains and losses - Balance, September 30, 2017 $ 0 Marketable Securities-Available for Sale The Company purchased marketable securities and these marketable securities are classified as “available for sale”. Accordingly, the Company originally recognizes the shares at the market value purchased. The shares are evaluated quarterly using the specific identification method. Any unrealized holding gains or losses are reported as Other Comprehensive Income and as a separate component of stockholder’s equity. Realized gains and losses are included in earnings. Also, other than temporary impairments are recorded as a loss on marketable securities in the statements of operations. Marketable securities are as follows at September 30, 2017: Balance at December 31, 2016: $ 115,388 Change in market value at September 30, 2017 55,422 Balance at September 30, 2017: $ 170,810 Fair Value of Financial Instruments On January 1, 2008, the Company adopted ASC 820, “Fair Value Measurements” ASC 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of September 30, 2017 and December 31, 2016. Marketable securities are reported at the quoted and listed market rates of the securities held at the period end. The following table presents the Company’s Marketable securities and Notes Payable within the fair value hierarchy utilized to measure fair value on a recurring basis as of September 30, 2017 and December 31, 2016: Level 1 Level 2 Level 3 Marketable Securities – 2017 170,810 -0- -0- Marketable Securities – 2016 115,388 -0- -0- Notes payable - 2017 -0- -0- 1,822,236 Notes payable - 2016 -0- -0- 1,822,236 The following table presents a Level 3 reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs as of September 30, 2017 and December 31, 2016: Notes payable Balance, December 31, 2016 $ 1,822,236 Note issuances -0- Note payments -0- Balance, September 30, 2017 $ 1,822,236 Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, NetThruster, Inc., BioEnergy Applied Technologies Inc., GoHealthMD, Inc., MLN, Inc., Eye Care Centers International, Inc., GoHealthMD Nano Pharmaceuticals, Inc., TTI Strategic Acquisitions and Equity Group, Inc. and TTII Oil & Gas, Inc. All subsidiaries of the Company except TTII Oil & Gas, Inc. and TTII Strategic Acquisitions, currently have no financial activity. All significant inter-company balances and transactions have been eliminated. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. There were no cash equivalents at September 30, 2017 and December 31, 2016. Accounts Receivable/Allowances for Doubtful Accounts The Company regularly assesses the collectability of its accounts receivable, and considers receivables with aging exceeding 120 days to be potentially uncollectible. Management will analyze the need for an allowance for doubtful accounts at that time. As of September 30, 2017 and December 31, 2016, there are no allowances recorded. Stock Based Compensation The Company accounts for stock-based compensation in accordance with the provisions of ASC 718. ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments. Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 and ASC 595, “Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling Goods and Services”, and are periodically revalued as the stock options vest and are recognized as expense over the related service period. Basic and Diluted Loss per Share The Company calculates earnings per share in accordance with ASC 260, “Computation of Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For 2017 and 2016, no common equivalent shares were excluded from the calculation and as of September 30, 2017, there are not stock equivalents existing. The ESOP shares issued during 2012 and 2011 have also been excluded from the calculation as they were issued but not outstanding. For the six months Ended September 30, 2017 Ended September 30, 2016 Income (Loss) (numerator) $ (669,881 ) $ (8,118,984 ) Shares (denominator) 124,806,077 91,041,945 Basic and diluted income (loss) per share $ (0.00 ) $ (0.00 ) Intangible Assets and Business Combinations The Company adopted ASC 805, “Business Combinations”, and ASC 350, “Goodwill and Other Intangible Assets”, effective June 2001 and revised in December 2007. ASC 805 requires the use of the purchase method of accounting for any business combinations initiated after June 30, 2002, and further clarifies the criteria to recognize intangible assets separately from goodwill. Under ASC 350, goodwill and indefinite−life intangible assets are no longer amortized, but are reviewed for impairment annually. Income Taxes The Company applies ASC 740 which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered. The Company adopted ASC 740 at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 - RELATED PARTY TRANSACTIONS The Company is indebted to the officers of the Company for unpaid wages and bonuses from previous years that were converted into Notes. The balances at September 30, 2017 and December 31, 2016 are $421,044 to Mr. Reichman and $206,670 to Mrs. Griffin, respectively. The notes bear interest at 5% are due at October 1, 2018 and are unsecured. Due to officers as of September 30, 2017 and December 31, 2016 are totals of $185,155 and $135,062, respectively. These balances consist of net cash advances, and unpaid expense reimbursements due to David Reichman. The payables and cash advances are unsecured, due on demand and do not bear interest. During the first nine months of 2017 Mr. Reichman advanced $270,369 to the Company to cover operating expenses, and was repaid $220,275. During the first nine months of 2017 and the year ended December 31, 2016, a board member advanced $0 and $3,000, respectively. These totals consist of several small advances, each covered by separate notes that bear interest at 6%, are unsecured, and are due in October 2018. The total notes payable to this board member at September 30, 2017 and December 31, 2016 amount to $116,300 and $116,300, respectively. |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 5 - NOTES PAYABLE (a) NOTES PAYABLE Notes payable consist of various notes bearing interest at rates from 5% to 8%, which are unsecured, with due dates between August 2000 and October 2018. Many notes with maturity dates that have passed are currently in default with the remaining note due on dates as specified below. At September 30, 2017 and December 31, 2016, notes payable amounted to $1,822,236 and $1,822,236, respectively. Below is a table summarizing the notes owed by the Company. Interest Expense Interest Expense Principal Interest Rate 9/30/17 9/30/2016 Maturity 5,099 5.00 % 128 128 10/5/2018 32,960 5.00 % 824 824 10/5/2018 37,746 5.00 % 968 968 10/5/2018 107,000 5.00 % 2710 2710 10/5/2018 388,376 5.00 % 9710 9710 10/5/2018 192,000 0.00 % 6720 6720 1/31/2017 18,000 6.00 % 540 540 09/01/2002 30,000 6.00 % 900 900 09/12/2002 25,000 5.00 % 626 626 08/31/2000 40,000 7.00 % 1400 1400 07/10/2002 5,000 6.00 % 150 150 10/28/2013 409,920 5.00 % 10248 10248 10/5/2018 11,125 5.00 % 278 278 10/5/2018 200,000 5.00 % 5000 5000 10/5/2018 6,670 5.00 % 166 167 10/5/2018 116,300 6.00% & 8.00% 3680 3680 10/5/2018 147,840 6.00 % 4436 4573 3/14-11/15 49,200 6.00 % 1476 1476 03/16-12/16 $ 1,822,236 64,856 75,207 (1) Imputed interest due to 0% interest rate |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Deficit | NOTE 6 - STOCKHOLDERS’ DEFICIT ISSUANCES OF COMMON STOCK During the nine months ended September 30, 2017, there were 1,000,000 shares of common stock issuances for services During the nine months ended September 30, 2017, the Company recorded imputed interest on a non-interest bearing note in the amount of $10,080, with an increase in paid in capital. During the nine months ended September 30, 2017, the Company did not issue any stock options or warrants. ISSUANCES OF PREFERRED STOCK Pursuant to the Articles of Incorporation of the Company, there was initially authorized 50,000 shares of Series A Preferred Stock. On April 7, 2016, the Company’s Board of Directors created out of the Series A Preferred Stock, 1,000 Series A Preferred shares with the following features: a) Super voting power, wherein the 1,000 shares have the right to vote in the amount equal to fifty-one percent (51%) of the total vote with respect to any proposal relating to (i) increasing the authorized share capital of the Company, and (ii) effecting any forward stock split of the Company’s authorized, issued or outstanding shares of capital stock, and (iii) any other matter subject to a shareholder vote. b) No entitlement to dividends. c) No liquidation preferences. d) No conversion rights. e) Automatic Redemption Rights upon certain triggers, to be redeemed at par value. The Board of Directors also authorized the issuance of all 1,000 Series A Preferred shares to David Reichman, CEO, for no consideration. |
Legal Actions
Legal Actions | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Actions | NOTE 7 - LEGAL ACTIONS At present, GTII is involved with two separate matters in the US District Court in New York. The first matter, Case #17-cv-000698 is in the Eastern District and was brought against ARUR to recover the shares paid to ARUR for the 75% working interest in the Ownbey lease that was acquired by GTII, then TTII, from ARUR. Shortly thereafter, ARUR was sued by a shareholder claiming that ARUR lacked the authority to carry out the sale to GTII. Due to ARURs failure to answer and defend and to defend on behalf of GTII, the court ruled against ARUR and GTII. In Jan 2017, GTII, through its litigation Counsel, Warren Markowitz, Esq., proceed with an action to recover the shares paid. As of August 1st 2017, GTII has applied for and anticipates getting, a default judgment invalidating the shares paid to ARUR, on the grounds that ARUR, its officer and its management has failed to answer or defend the action brought. In May 2017, GTII took action against Go Fun Group, its managers, and related companies for failing to fulfill its obligations under an agreement entered into in December 2016. Due to the complexity of the matter, GTII was required to serve the documents for the case, # 1:17-cv-03727, Southern District of New York, under the Hague Convention through the Central Administrative Authority in Hong Kong SAR. In July 2017, litigation Counsel, Warren Markowitz, Esq., received confirmation that the papers were served in Hong Kong SAR. Counsel is weighing its options as to further action at this time. |
Significant Accounting Polici13
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Beneficial Conversion Feature of Debentures and Convertible Notes Payable | Beneficial Conversion Feature of Debentures and Convertible Notes Payable In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert his debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of the debentures and related accruing interest, and is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the straight-line method. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements No accounting pronouncements were issued during the third quarter of 2017 that would have a material effect on the accounting policies of the Company when adopted. |
Asset Retirement Obligation | Asset Retirement Obligation The Company follows FASB ASC 410-20 “Accounting for Asset Retirement Obligations,” FASB ASC 410-20 requires recognition of the present value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations are related to the plugging, dismantlement, removal, site reclamation and similar activities of its oil and gas exploration activities. The asset retirement obligation is as follows: 9/30/2017 12/31/2016 Previous Balance $ 101,250 $ 101,250 Increases/(decreases) current period - - Ending Balance $ 101,250 $ 101,250 |
Investments at Cost | Investments at Cost The Company accounts for its investment in private entities using the equity method for investments where the Company’s shares held are in excess of 20% of the outstanding shares of the investee. The Company acquired a 25% equity investment in three entities from Brazil as part of the assets of the ARUR acquisition in December 2012. Due to the inactivity of the entities, the Company did not allocate any purchase price to these investments. The Company evaluates its cost in investments for impairment of value annually. If cost investments become marketable they are reclassified to Marketable Securities-Available for Sale. Investments are as follows: Balance, December 31, 2016 $ 0 Realized gains and losses - Unrealized gains and losses - Balance, September 30, 2017 $ 0 |
Marketable Securities-Available for Sale | Marketable Securities-Available for Sale The Company purchased marketable securities and these marketable securities are classified as “available for sale”. Accordingly, the Company originally recognizes the shares at the market value purchased. The shares are evaluated quarterly using the specific identification method. Any unrealized holding gains or losses are reported as Other Comprehensive Income and as a separate component of stockholder’s equity. Realized gains and losses are included in earnings. Also, other than temporary impairments are recorded as a loss on marketable securities in the statements of operations. Marketable securities are as follows at September 30, 2017: Balance at December 31, 2016: $ 115,388 Change in market value at September 30, 2017 55,422 Balance at September 30, 2017: $ 170,810 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments On January 1, 2008, the Company adopted ASC 820, “Fair Value Measurements” ASC 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the balance sheets for cash and cash equivalents, and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of September 30, 2017 and December 31, 2016. Marketable securities are reported at the quoted and listed market rates of the securities held at the period end. The following table presents the Company’s Marketable securities and Notes Payable within the fair value hierarchy utilized to measure fair value on a recurring basis as of September 30, 2017 and December 31, 2016: Level 1 Level 2 Level 3 Marketable Securities – 2017 170,810 -0- -0- Marketable Securities – 2016 115,388 -0- -0- Notes payable - 2017 -0- -0- 1,822,236 Notes payable - 2016 -0- -0- 1,822,236 The following table presents a Level 3 reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs as of September 30, 2017 and December 31, 2016: Notes payable Balance, December 31, 2016 $ 1,822,236 Note issuances -0- Note payments -0- Balance, September 30, 2017 $ 1,822,236 |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, NetThruster, Inc., BioEnergy Applied Technologies Inc., GoHealthMD, Inc., MLN, Inc., Eye Care Centers International, Inc., GoHealthMD Nano Pharmaceuticals, Inc., TTI Strategic Acquisitions and Equity Group, Inc. and TTII Oil & Gas, Inc. All subsidiaries of the Company except TTII Oil & Gas, Inc. and TTII Strategic Acquisitions, currently have no financial activity. All significant inter-company balances and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. There were no cash equivalents at September 30, 2017 and December 31, 2016. |
Accounts Receivable/Allowances for Doubtful Accounts | Accounts Receivable/Allowances for Doubtful Accounts The Company regularly assesses the collectability of its accounts receivable, and considers receivables with aging exceeding 120 days to be potentially uncollectible. Management will analyze the need for an allowance for doubtful accounts at that time. As of September 30, 2017 and December 31, 2016, there are no allowances recorded. |
Stock Based Compensation | Stock Based Compensation The Company accounts for stock-based compensation in accordance with the provisions of ASC 718. ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments. Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 and ASC 595, “Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling Goods and Services”, and are periodically revalued as the stock options vest and are recognized as expense over the related service period. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss per Share The Company calculates earnings per share in accordance with ASC 260, “Computation of Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For 2017 and 2016, no common equivalent shares were excluded from the calculation and as of September 30, 2017, there are not stock equivalents existing. The ESOP shares issued during 2012 and 2011 have also been excluded from the calculation as they were issued but not outstanding. For the six months Ended September 30, 2017 Ended September 30, 2016 Income (Loss) (numerator) $ (669,881 ) $ (8,118,984 ) Shares (denominator) 124,806,077 91,041,945 Basic and diluted income (loss) per share $ (0.00 ) $ (0.00 ) |
Intangible Assets and Business Combinations | Intangible Assets and Business Combinations The Company adopted ASC 805, “Business Combinations”, and ASC 350, “Goodwill and Other Intangible Assets”, effective June 2001 and revised in December 2007. ASC 805 requires the use of the purchase method of accounting for any business combinations initiated after June 30, 2002, and further clarifies the criteria to recognize intangible assets separately from goodwill. Under ASC 350, goodwill and indefinite−life intangible assets are no longer amortized, but are reviewed for impairment annually. |
Income Taxes | Income Taxes The Company applies ASC 740 which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered. The Company adopted ASC 740 at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment |
Significant Accounting Polici14
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Asset Retirement Obligation | The asset retirement obligation is as follows: 9/30/2017 12/31/2016 Previous Balance $ 101,250 $ 101,250 Increases/(decreases) current period - - Ending Balance $ 101,250 $ 101,250 |
Schedule of Investments at Cost | Investments are as follows: Balance, December 31, 2016 $ 0 Realized gains and losses - Unrealized gains and losses - Balance, September 30, 2017 $ 0 |
Schedule of Marketable Securities | Marketable securities are as follows at September 30, 2017: Balance at December 31, 2016: $ 115,388 Change in market value at September 30, 2017 55,422 Balance at September 30, 2017: $ 170,810 |
Schedule of Fair Value Assets and Liabilities Measured | The following table presents the Company’s Marketable securities and Notes Payable within the fair value hierarchy utilized to measure fair value on a recurring basis as of September 30, 2017 and December 31, 2016: Level 1 Level 2 Level 3 Marketable Securities – 2017 170,810 -0- -0- Marketable Securities – 2016 115,388 -0- -0- Notes payable - 2017 -0- -0- 1,822,236 Notes payable - 2016 -0- -0- 1,822,236 |
Schedule of Reconciliation of Beginning and Ending Balances | The following table presents a Level 3 reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs as of September 30, 2017 and December 31, 2016: Notes payable Balance, December 31, 2016 $ 1,822,236 Note issuances -0- Note payments -0- Balance, September 30, 2017 $ 1,822,236 |
Schedule of Earnings Per Share | The ESOP shares issued during 2012 and 2011 have also been excluded from the calculation as they were issued but not outstanding. For the six months Ended September 30, 2017 Ended September 30, 2016 Income (Loss) (numerator) $ (669,881 ) $ (8,118,984 ) Shares (denominator) 124,806,077 91,041,945 Basic and diluted income (loss) per share $ (0.00 ) $ (0.00 ) |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Below is a table summarizing the notes owed by the Company. Interest Expense Interest Expense Principal Interest Rate 9/30/17 9/30/2016 Maturity 5,099 5.00 % 128 128 10/5/2018 32,960 5.00 % 824 824 10/5/2018 37,746 5.00 % 968 968 10/5/2018 107,000 5.00 % 2710 2710 10/5/2018 388,376 5.00 % 9710 9710 10/5/2018 192,000 0.00 % 6720 6720 1/31/2017 18,000 6.00 % 540 540 09/01/2002 30,000 6.00 % 900 900 09/12/2002 25,000 5.00 % 626 626 08/31/2000 40,000 7.00 % 1400 1400 07/10/2002 5,000 6.00 % 150 150 10/28/2013 409,920 5.00 % 10248 10248 10/5/2018 11,125 5.00 % 278 278 10/5/2018 200,000 5.00 % 5000 5000 10/5/2018 6,670 5.00 % 166 167 10/5/2018 116,300 6.00% & 8.00% 3680 3680 10/5/2018 147,840 6.00 % 4436 4573 3/14-11/15 49,200 6.00 % 1476 1476 03/16-12/16 $ 1,822,236 64,856 75,207 (1) Imputed interest due to 0% interest rate |
Significant Accounting Polici16
Significant Accounting Policies (Details Narrative) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Deposits | $ 250,000 | |
Cash equivalents | ||
Three Entities [Member] | Brazil [Member] | ||
Percentage of acquired equity investment | 25.00% | |
Minimum [Member] | Private Entities [Member] | ||
Percentage of acquired equity investment | 20.00% |
Significant Accounting Polici17
Significant Accounting Policies - Schedule of Asset Retirement Obligation (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
Previous Balance | $ 101,250 | $ 101,250 |
Increases/(decreases) current period | ||
Ending Balance | $ 101,250 | $ 101,250 |
Significant Accounting Polici18
Significant Accounting Policies - Schedule of Investments at Cost (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Accounting Policies [Abstract] | |
Investments - Equity Method beginning balance | $ 0 |
Realized gains and losses | |
Unrealized gains and losses | |
Investments - Equity Method ending balance | $ 0 |
Significant Accounting Polici19
Significant Accounting Policies - Schedule of Marketable Securities (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Accounting Policies [Abstract] | |
Marketable securities, beginning balance | $ 115,388 |
Change in market value | 55,422 |
Marketable securities, ending balance | $ 170,810 |
Significant Accounting Polici20
Significant Accounting Policies - Schedule of Fair Value Assets and Liabilities Measured (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Marketable Securities | $ 170,810 | $ 115,388 |
Notes payable | 1,822,236 | 1,822,236 |
Level 1 [Member] | ||
Marketable Securities | 170,810 | 115,388 |
Notes payable | 0 | 0 |
Level 2 [Member] | ||
Marketable Securities | 0 | 0 |
Notes payable | 0 | 0 |
Level 3 [Member] | ||
Marketable Securities | 0 | 0 |
Notes payable | $ 1,822,236 | $ 1,822,236 |
Significant Accounting Polici21
Significant Accounting Policies - Schedule of Reconciliation of Beginning and Ending Balances (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Accounting Policies [Abstract] | |
Notes payable beginning balance | $ 1,822,236 |
Note issuances | 0 |
Note payments | 0 |
Note payable ending balance | $ 1,822,236 |
Significant Accounting Polici22
Significant Accounting Policies - Schedule of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | ||||||
Income (Loss) (numerator) | $ (227,236) | $ (7,820,597) | $ (669,881) | $ (8,118,984) | $ (725,303) | $ (8,185,932) |
Shares (denominator) | 125,354,077 | 104,284,353 | 124,806,077 | 91,041,945 | 124,806,077 | 91,041,945 |
Basic and diluted income (loss) per share | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.01) | $ (0.09) |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Balance due to related parties | $ 135,062 | ||
Notes payable beared interest rate | 5.00% | ||
Debt due date | Oct. 1, 2018 | ||
Money loaned to company by related party | $ 270,369 | $ 349,549 | |
Amount repaid to related party | 220,275 | $ 476,172 | |
Notes payable | 1,822,236 | 1,822,236 | |
Mr. Reichman [Member] | |||
Balance due to related parties | 421,044 | 421,044 | |
Mrs. Griffin [Member] | |||
Balance due to related parties | $ 206,670 | $ 206,670 | |
Board Member [Member] | |||
Notes payable beared interest rate | 6.00% | 6.00% | |
Debt due date | Oct. 31, 2018 | ||
Money loaned to company by related party | $ 0 | $ 3,000 | |
Notes payable | $ 116,300 | $ 116,300 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Notes bearing interest rate | 5.00% | |
Debt instrument maturity date description | with due dates between August 2000 and October 2018. | |
Notes payable | $ 1,822,236 | $ 1,822,236 |
Minimum [Member] | ||
Notes bearing interest rate | 5.00% | |
Maximum [Member] | ||
Notes bearing interest rate | 8.00% |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Maturity | Oct. 1, 2018 | |
Notes Payable 1 [Member] | ||
Principal | $ 5,099 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 128 | $ 128 |
Maturity | Oct. 5, 2018 | |
Notes Payable 2 [Member] | ||
Principal | $ 32,960 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 824 | 824 |
Maturity | Oct. 5, 2018 | |
Notes Payable 3 [Member] | ||
Principal | $ 37,746 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 968 | 968 |
Maturity | Oct. 5, 2018 | |
Notes Payable 4 [Member] | ||
Principal | $ 107,000 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 2,710 | 2,710 |
Maturity | Oct. 5, 2018 | |
Notes Payable 5 [Member] | ||
Principal | $ 388,376 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 9,710 | 9,710 |
Maturity | Oct. 5, 2018 | |
Notes Payable 6 [Member] | ||
Principal | $ 192,000 | |
Interest Rate | 0.00% | |
Interest Expenses | $ 6,720 | 6,720 |
Maturity | Jan. 31, 2017 | |
Notes Payable 7 [Member] | ||
Principal | $ 18,000 | |
Interest Rate | 6.00% | |
Interest Expenses | $ 540 | 540 |
Maturity | Sep. 1, 2002 | |
Notes Payable 8 [Member] | ||
Principal | $ 30,000 | |
Interest Rate | 6.00% | |
Interest Expenses | $ 900 | 900 |
Maturity | Sep. 12, 2002 | |
Notes Payable 9 [Member] | ||
Principal | $ 25,000 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 626 | 626 |
Maturity | Aug. 31, 2000 | |
Notes Payable 10 [Member] | ||
Principal | $ 40,000 | |
Interest Rate | 7.00% | |
Interest Expenses | $ 1,400 | 1,400 |
Maturity | Jul. 10, 2002 | |
Notes Payable 11 [Member] | ||
Principal | $ 5,000 | |
Interest Rate | 6.00% | |
Interest Expenses | $ 150 | 150 |
Maturity | Oct. 28, 2013 | |
Notes Payable 12 [Member] | ||
Principal | $ 409,920 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 10,248 | 10,248 |
Maturity | Oct. 5, 2018 | |
Notes Payable 13 [Member] | ||
Principal | $ 11,125 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 278 | 278 |
Maturity | Oct. 5, 2018 | |
Notes Payable 14 [Member] | ||
Principal | $ 200,000 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 5,000 | 5,000 |
Maturity | Oct. 5, 2018 | |
Notes Payable 15 [Member] | ||
Principal | $ 6,670 | |
Interest Rate | 5.00% | |
Interest Expenses | $ 166 | 167 |
Maturity | Oct. 5, 2018 | |
Notes Payable 16 [Member] | ||
Principal | $ 116,300 | |
Interest Expenses | $ 3,680 | 3,680 |
Maturity | Oct. 5, 2018 | |
Notes Payable 16 [Member] | Minimum [Member] | ||
Interest Rate | 6.00% | |
Notes Payable 16 [Member] | Maximum [Member] | ||
Interest Rate | 8.00% | |
Notes Payable 17 [Member] | ||
Principal | $ 147,840 | |
Interest Rate | 6.00% | |
Interest Expenses | $ 4,436 | 4,573 |
Maturity start | Mar. 14, 2017 | |
Maturity end | Nov. 15, 2017 | |
Notes Payable 18 [Member] | ||
Principal | $ 49,200 | |
Interest Rate | 6.00% | |
Interest Expenses | $ 1,476 | 1,476 |
Maturity start | Mar. 16, 2017 | |
Maturity end | Dec. 16, 2017 | |
Notes Payable 19 [Member] | ||
Principal | $ 1,822,236 | |
Interest Expenses | $ 64,856 | $ 75,207 |
Notes Payable - Schedule of N26
Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Imputed interest rate | 0.00% |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | Apr. 07, 2016 | |
Number of common stock issued for services | 1,000,000 | ||
Imputed interest – loan | $ 10,080 | ||
Preferred stock shares authorized | 50,000 | 50,000 | |
Voting rights | Super voting power, wherein the 1,000 shares have the right to vote in the amount equal to fifty-one percent (51%) of the total vote with respect to any proposal relating to (i) increasing the authorized share capital of the Company | ||
Preferred stock shares issued | 1,000 | 0 | |
Series A Preferred Stock [Member] | |||
Preferred stock shares authorized | 50,000 | ||
Preferred stock shares issued | 1,000 | ||
Board of Directors [Member] | |||
Preferred stock shares authorized | 1,000 |
Legal Actions (Details Narrativ
Legal Actions (Details Narrative) | Sep. 30, 2017 |
Ownbey Lease [Member] | |
Working interest, percent | 75.00% |