10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 10-K/A

(Amendment No. 1)

______________________________

(Mark One)

XX ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended March 31, 2014

___ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from __________ to ___________

Commission file number: 333-82580

GROWBLOX SCIENCES, INC.

(Exact name of registrant as specified in its charter)

Delaware (State or other Jurisdiction of Incorporation or Organization) 59-3733133 (IRS Employer I.D. No.)

_____________________________

7251 West Lake Mead Blvd, Suite 300

Las Vegas, Nevada 89128

Phone: (844) 843-2569

Fax: (866) 929-5122

(Address and telephone number of

principal executive offices)

Securities registered under Section 12 (b) of the Exchange Act:
Title of each class	Name of each exchange on which registered
None	None
Securities registered under Section 12(g) of the Exchange Act:
None
Title of Class

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No ü

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No ü

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes üNo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes X No ____

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer                                                           Accelerated filer

Non-accelerated filer                                          Smaller reporting company ü

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes No ü

The aggregate market value of the voting stock held by non-affiliates of the registrant on September 30, 2013, the last business day of the registrant’s most recently completed second quarter, based on the closing price on that date of $0.3 on the OTCQB, was approximately $112,670.

EXPLANATORY NOTE

The purpose of this Amendment No. 1 to the Annual Report of Growblox Sciences, Inc. (the “Company”) on Form 10-K for the fiscal year ended March 31, 2014, filed with the Securities and Exchange Commission on June 27, 2014 (the “Form 10-K”), is to furnish Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the financial statements and related notes from the Form 10-K formatted in XBRL (eXtensible Business Reporting Language).

Other than the aforementioned, no other changes have been made to the Form 10-K. This Amendment No. 1 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-K.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

ITEM 15. EXHIBITS

Exhibit No.	Description
3.1	Articles of Incorporation (1)
3.2	Amendment to Articles of Incorporation (5)
3.3	Bylaws (1)
10.1	2005 Restricted Stock Plan (2)
10.2	2007 Restricted Stock Plan (3)
10.3	Amended Employment Agreement (Craig Ellins) (5)
10.4	Amended Employment Agreement (Steven Weldon) (5)
10.5	Amended Employment Agreement (Andrea Small-Howard) (5)
14.1	Code of Ethics (4)
21.1	Subsidiaries (5)
31.1	Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934 (5)
31.2	Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934 (5)
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 (5)
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (5)
99.1	Independent Director Rule (5)
101	XBRL Instant Documents

(1) Previously filed as an exhibit to Form SB-2 on February 12, 2002

(2) Previously filed as part of Schedule 14A on August 5, 2005

(3) Previously filed as an exhibit to Form S-8 on February 8, 2008

(4) Previously filed as an exhibit to Form 10-KSB on June 22, 2004

           (5) Previously filed as an exhibit to Form 10-K on June 27, 2014

- 20 -

SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GROWBLOX SCIENCES, INC.

Dated: June 30, 2014

By: /S/ Craig Ellins

Name: Craig Ellins

Title: Chief Executive Officer, President and Chairman

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /S/ Craig Ellins

Name: Craig Ellins

Title: Chief Executive Officer and Director

Date: June 30, 2014

By: /S/ Steven Weldon

Name: Steven Weldon

Title: Chief Financial Officer, Chief Accounting Officer and Director

Date: June 30, 2014

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Note 6 - Convertible Notes and Warrants (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Debt Instrument, Convertible, Conversion Price	$ 0.26
Convertible Notes
Debt Instrument, Interest Rate, Effective Percentage		10.00%
Debt Instrument, Convertible, Conversion Price	$ 0.26	$ 0.01
Debt Instrument, Convertible, Terms of Conversion Feature	The note holders were only be allowed to convert shares or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.	The note holders were only be allowed to convert shares or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.

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Note 2 - Basis of Presentation (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Details
Retained Earnings (Accumulated Deficit)	$ 6,212,756
Deficit accumulated during development stage	4,536,533	3,880,579
Net cash used in operating activities	$ (363,650)	$ (37,447)

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Note 8 - Stock Option Plan (Details)	Mar. 31, 2014
Details
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	8,000,000

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Note 3 - Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2014

Notes

Note 3 - Summary of Significant Accounting Policies

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Development Stage Company. The Company is considered to be in the development stage.

Cash and Cash Equivalents. The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Revenue Recognition. Revenue associated with the production and sales of crude oil, natural gas, natural gas liquids and other natural resources owned by the Company will be recognized when production is sold to a purchaser at a fixed or determinable price when delivery has occurred and title passes from the Company to its customer, and if the collectability of the revenue is probable.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Property and Equipment. Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets: 3-8 years for machinery and equipment, leasehold improvements are amortized over the shorter of the estimated useful lives or the underlying lease term. Repairs and maintenance expenditures which do not extend the useful lives of related assets are expensed as incurred.

Income Taxes.  The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.   Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.

Loss per Share. The Company’s basic loss per share has been calculated using the weighted average number of common shares outstanding during the period. The Company has 8,757,106 potentially dilutive common shares at March 31, 2014.  However, such common stock equivalents were not included in the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

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Note 5 - Deferred Income Taxes (Details) (USD $)	Mar. 31, 2014
Details
Operating Loss Carryforwards	$ 4,413,000

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Note 4 - Fair Value Measurements (Details) (USD $)	12 Months Ended
	Mar. 31, 2014
Fair Value Assumptions, Expected Volatility Rate	797.00%
Fair Value Assumptions, Expected Dividend Rate	0.00%
Debt Instrument, Convertible, Conversion Price	$ 0.26
Loss on extinguishment of debt	$ 559,048
Minimum
Fair Value Assumptions, Risk Free Interest Rate	0.18%
Fair Value Assumptions, Expected Term	1 year
Maximum
Fair Value Assumptions, Risk Free Interest Rate	0.63%
Fair Value Assumptions, Expected Term	4 years 10 months 13 days

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Note 5 - Deferred Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Deferred tax assets:
net operating loss carryforward	$ 1,674,000	$ 1,583,000
Stock based compensation	0	0
Total deferred tax assets	1,674,000	1,583,000
Less: Valuation Allowance	(1,674,000)	(1,583,000)
Net Deferred Tax Asset	$ 0	$ 0

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Note 5 - Deferred Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Details
Tax benefit computed at U.S. statutory rates	$ (229,000)	$ (205,000)
Increases (decreases) in taxes resulting from:
Non-deductible items	145,000	22,000
Change in valuation allowance	91,000	198,000
State taxes	(7,000)	(15,000)
Total	$ 0	$ 0

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Note 2 - Basis of Presentation

12 Months Ended

Mar. 31, 2014

Notes

Note 2 - Basis of Presentation

NOTE 2 – BASIS OF PRESENTATION

The Company’s financial statements have been prepared assuming the Company will continue as a going concern. The Company has experienced net losses since April 4, 2001, which losses have caused an accumulated deficit of approximately $6,100,000 at March 31, 2014 of which $4,500,000  has been accumulated during our current development activities. In addition, the Company has consumed cash in its operating activities of approximately $364,000 and $37,000 for the years ended March 31, 2014 and 2013, respectively. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.

Management has been able, thus far, to finance the losses through a public offering, private placements and obtaining operating funds from stockholders. The Company is continuing to seek sources of financing.  There are no assurances that the Company will be successful in achieving its goals.

In view of these conditions, the Company’s ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet its financing requirements, and ultimately to achieve profitable operations. The Company is currently acquiring and developing crude oil and natural gas leases.   Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company cannot continue as a going concern.

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Note 6 - Convertible Notes and Warrants: Convertible Debt (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2010
Details
Convertible notes from shareholders	$ 328,693	$ 442,750	$ 446,750
Accrued interest	252,304	208,088	163,998
Conversion to common stock	114,057		104,000	21,622
Increase (Decrease) in Interest Payable, Net	$ 44,216	$ 44,090

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Condensed Balance Sheets (USD $)	Mar. 31, 2014	Mar. 31, 2013
Current assets:
Cash	$ 339,327	$ 2,427
Subscription Receivable	150,000
Debt issuance costs		3,963
Prepaid expenses and other current assets		100
Total current assets	489,327	6,490
Property and Equipment, net	44,922	128
Intangibles, net	3,735
Total assets	537,984	6,618
Current liabilities:
Accounts payable	19,762	11,886
Subscriptions payable	10,000
Accrued interest	252,304	208,088
Other accrued expenses	1,847	45,751
Notes from shareholders	5,000
Convertible notes from shareholders	328,693	442,750
Convertible notes from shareholders, at fair value	933,748	227,521
Derivative liability, at fair value	0	260,311
Total current liabilities	1,551,354	1,196,307
Commitments and contingencies
Stockholders' equity (deficiency):
Common stock, $0.0001 par value, 250,000,000 shares authorized 7,268,948 and 850,110 shares issued and outstanding at March 31, 3014 and March 31, 2013	727	85
Additional paid-in capital	5,198,659	4,367,028
Deficit accumulated related to abandoned activities	(1,676,223)	(1,676,223)
Deficit accumulated during development stage	(4,536,533)	(3,880,579)
Total stockholders' equity (deficiency)	(1,013,370)	(1,189,689)
Total liabilities and stockholders' equity (deficiency)	$ 537,984	$ 6,618

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Statements of Cash Flows (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net loss	$ (655,955)	$ 36,150
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	128	300
Amortization expense	10
Loss on oil and gas assets		36,000
Stock compensation
Loss on loan modification
Loss on extinguishment of debt	559,048
Change in fair value of convertible notes	(65,235)	(101,701)
Change in fair value of warrants	(78,385)	(97,575)
Non-cash interest	8,552	7,317
Changes in operating assets and liabilities:
Stock subscription receivable	(150,000)
Other assets		350
Accounts payable	7,875	5,327
Stock subscription payable	10,000
Accrued expenses	312	76,385
Net cash used in operating activities	(363,650)	(37,447)
Cash flows from investing activities:
Investment in oil and gas properties
Purchase of property and equipment	(15,200)
Net cash used in investing activities	(15,200)
Cash flows from financing activities:
Proceeds for sale of stock	684,750
Proceeds from issuance of debt to stockholders	31,000	37,700
Net cash provided by financing activities	715,750	37,700
Net increase (decrease) in cash	336,900	253
Cash, beginning of year	2,427	2,174
Cash, end of year	339,327	2,427
Supplemental disclosures of cash flow information:
Cash paid during the year for: Interest
Non-cash investing and financing activities:
Stock issued for intangible assets	33,467
Stock issued for legal retainer included in other assets
Convertible debt issued for oil and gas lease agreements
Stock issued to settle convertible debt	114,057
Stock issued to settle interest expense

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Note 7 - Capital Transactions (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2010
Stock sold through private placement		12,500
Common stock, shares issued	7,268,948	850,110
Debt Conversion, Original Debt, Amount		$ 114,013
Issuance of stock for debt conversions, Shares		438,681
Chief Executive Officer
Restricted Common Stock forfeited		12,012,413
Stock Compensation Expense, forfeited		960,993
Chief Operating Officer
Restricted Common Stock forfeited		12,013,413
Stock Compensation Expense, forfeited		$ 961,073
Craig Ellins
Common stock, shares issued	12,500,000
Craig Ellins | March 13, 2014
Common stock, shares issued	4,500,000
A Warrant
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.00
B Warrant
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.00
Common stock
Stock sold through private placement	1,480,000	1
Development Stage Entities, Equity Issuance, Per Share Amount	$ 0.50
Issuance of stock for debt conversions, Shares	438,681		140,000	216,225
Convertible Notes
Stock sold through private placement	1,480,000

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Note 6 - Convertible Notes and Warrants: Schedule of Other Share-based Compensation, Activity (Tables)

12 Months Ended

Mar. 31, 2014

Tables/Schedules

Schedule of Other Share-based Compensation, Activity

	Warrants Outstanding
	Number of Shares	Exercise Price
Outstanding at March 31, 2012	11,921,206	$0.15-$0.10
Warrants issued	443,560	$0.15
Warrants exercised	-	-
Warrants expired/cancelled	-	-
Outstanding at March 31, 2013	12,364,766	$0.15-$0.10
Warrants issued	2,960,000	$1.00-$2.00
Warrants exercised	-	-
Warrants expired/cancelled	(12,364,766)	-
Outstanding at March 31, 2014	2,960,000	$1.00-$2.00

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Note 7 - Capital Transactions: Assets purchased (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Property and Equipment, net	$ 44,922	$ 128
Intangibles (patent, trademarks, URL's)	3,735
Total	33,457
Craig Ellins
Property and Equipment, net	$ 29,722

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Note 1 - Organization and Principles of Consolidation (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Details
Date of Incorporation	Apr. 04, 2001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, par or stated value	$ 0.0001	$ 0.0001

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Note 1 - Organization and Principles of Consolidation

12 Months Ended

Mar. 31, 2014

Notes

Note 1 - Organization and Principles of Consolidation

NOTE 1 – ORGANIZATION AND PRINCIPLES OF CONSOLIDATION

Reporting Entity. GrowBlox Sciences, Inc.  (“GrowBlox” or “the Company”) was incorporated on April 4, 2001 under the laws of the State of Delaware. The Company is authorized to issue 250,000,000 shares of common stock, par value $.0001. On March 18, 2014, we purchased assets from Craig Ellins, which included the revolutionary GrowBLOX technology. We plan to utilize this technology to commercially cultivate and produce medical grade cannabis for sale in the U.S. states and territories in which it is legal. We also plan to research the medical treatment potential of cannabis and develop treatments from those findings. On April 4, 2014, we officially changed our name to GrowBLOX Sciences, Inc. to reflect this new corporate direction.   The Company’s office is located in Las Vegas, Nevada.

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Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Statement Of Financial Position
Common stock, par or stated value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	7,268,948	850,110
Common Stock, shares outstanding	7,268,948	850,110

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Note 4 - Fair Value Measurements: Fair Value, Level 3 Instruments (Tables)

12 Months Ended

Mar. 31, 2014

Tables/Schedules

Fair Value, Level 3 Instruments

	Fair Value Measurements March 31, 2014
	Level 1	Level 2	Level 3	Total
Convertible notes from stockholders, at fair value	$-	$-	$-	$-
Derivative liability	$-	$-	$-	$-

	Fair Value Measurement March 31, 2013
	Level 1	Level 2	Level 3	Total
Convertible notes from stockholders, at fair value	$-	$-	$227,521	$227,521
Derivative liability	$-	$-	$260,311	$260,311

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Document and Entity Information (USD $)	12 Months Ended
	Mar. 31, 2014	Sep. 30, 2013
Document and Entity Information:
Entity Registrant Name	Growblox Sciences, Inc.
Document Type	10-K
Document Period End Date	Mar. 31, 2014
Amendment Flag	false
Entity Central Index Key	0001165320
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding	7,268,948
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Entity Public Float		$ 112,670
Date of Incorporation	Apr. 04, 2001

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Note 4 - Fair Value Measurements: Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation (Tables)

12 Months Ended

Mar. 31, 2014

Tables/Schedules

Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation

	Convertible Notes	Derivative Liability	Total
Balance, March 31, 2012	$308,255	$334,497	$308,255
Realized and unrealized gains (losses); Included in other income (expense)	(101,701)	(97,575)	(199,276)
Purchases, issuances, and settlements	20,967	23,389	(44,356
Balance, March 31, 2013	$227,521	$260,311	$487,832
Realized and unrealized gains (losses); Included in other income (expense)	65,235	78,385	143,720
Loss on extinguishment of debt	756,719	(197,671 )	559,048
Purchases, issuances, and settlements	14,843	15,745	30,588
Balance, March 31, 2014	$933,748	$-	$933,748

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Statements of Operations (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Statement
Net revenue
Cost of revenue
Gross profit (loss)
Loss on oil and gas properties		36,000
Stock compensation
General and administrative expenses	187,760	75,718
Loss from continuing operations	(187,760)	(111,718)
Other income/(expense)
Change in fair value of convertible notes	65,235	101,701
Change in fair value of warrants	78,385	97,575
Loss on extinguishment of debt	(559,048)
Loss on loan modification
Interest expense	(52,767)	(51,408)
Total other income/(expenses)	(468,195)	147,868
Net income/(loss)	$ (655,955)	$ 36,150
Weighted average common shares outstanding - basic and diluted	940,723	966,858
Net loss per share - basic and diluted	$ (0.70)	$ 0.04

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Note 6 - Convertible Notes and Warrants

12 Months Ended

Mar. 31, 2014

Notes

Note 6 - Convertible Notes and Warrants

NOTE 6 – CONVERTIBLE NOTES AND WARRANTS

Convertible Notes from Shareholders

The Company has debt outstanding to shareholders, which was issued between 2006 and 2009. The debt was not issued with warrants and some of the debt was not originally issued with a conversion feature. During fiscal years 2009 and 2010, the notes without conversion features were modified to contain a conversion feature, for which the Company recorded a loss on the modification.  Convertible notes from shareholders issued during fiscal year 2010 contained a beneficial conversion feature, with the discount being amortized over the term of the note, see table below.

	For the year ended March 31, 2014		For the year ended March 31, 2013
	Convertible Notes	Accrued Interest	Convertible Notes	Accrued Interest
Balance, beginning of period	$442,750	$208,088	$446,750	$163,998
Conversion to common stock	114,057	-	-	-
Accrued interest	-	44,216	-	44,090
Balance, end of period	$328,693	$252,304	$442,750	$208,088

Convertible notes from shareholders accrued interest at a rate of 10 percent per annum. The note holders had the sole option of converting the principal and interest represented by these notes into our common stock at a strike price equal to a $0.01. The note holders were only be allowed to convert shares or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially owning more than 9.9% of the issued and outstanding common shares of the Company. 

In March 2014, the note holders agreed to modify the terms of the notes.  The notes are now convertible at a fixed price of $0.26 and interest will no longer accrue on the remaining notes.  The note holders were only be allowed to convert shares or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.

	Warrants Outstanding
	Number of Shares	Exercise Price
Outstanding at March 31, 2012	11,921,206	$0.15-$0.10
Warrants issued	443,560	$0.15
Warrants exercised	-	-
Warrants expired/cancelled	-	-
Outstanding at March 31, 2013	12,364,766	$0.15-$0.10
Warrants issued	2,960,000	$1.00-$2.00
Warrants exercised	-	-
Warrants expired/cancelled	(12,364,766)	-
Outstanding at March 31, 2014	2,960,000	$1.00-$2.00

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Note 5 - Deferred Income Taxes

12 Months Ended

Mar. 31, 2014

Notes

Note 5 - Deferred Income Taxes

NOTE 5 – DEFERRED INCOME TAXES

At March 31, 2014, the Company had net operating loss carryforwards for income tax purposes of approximately $4,413,000 available as offsets against future taxable income.  The net operating loss carryforwards are expected to expire at various times from 2024 through 2032. Utilization of the Company’s net operating losses may be subject to substantial annual limitation if the Company experiences a 50% change in ownership, as provided by the Internal Revenue Code and similar state provisions.  Such an ownership change would substantially increase the possibility of net operating losses expiring before complete utilization.

The tax effects of the primary temporary differences giving rise to the Company’s deferred tax assets and liabilities are as follows for the year ended March 31, 2014:

	2014	2013
Deferred tax assets:
Net operating loss carryforward	$1,674,000	$1,583,000
Stock based compensation	-	-
Total deferred tax assets	1,674,000	1,583,000
Less valuation allowance	(1,674,000	(1,583,000
Net deferred tax asset	$-	$-

Because of the Company’s lack of earnings history, the deferred tax assets have been fully offset by a valuation allowance. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during those periods that the temporary differences become deductible. The Company believes that the tax positions taken in its tax returns would be sustained upon examination by taxing authorities. During the year ended March 31, 2014, the decrease in the deferred tax asset valuation allowance amounted to approximately $91,000.

The provision for income taxes is different than would result from applying the U.S. statutory rate to profit before taxes for the reasons set forth in the following reconciliation:

	2014	2013
Tax benefit computed at U.S. statutory rates	$(229,000)	$(205,000)
Increases (decreases) in taxes resulting from:
Non-deductible items	145,000	22,000
Change in valuation allowance	91,000	198,000
State taxes	(7,000)	(15,000)
Total	$-	$-

As a result of the implementation of certain provisions of ASC 740, Income Taxes, the Company performed an analysis of its previous tax filings and determined that there were no positions taken that it considered uncertain. Therefore, there were no unrecognized tax benefits as of March 31, 2013 and 2012.  The open tax years for each Federal taxes are March 31, 2011-2014.

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Note 7 - Capital Transactions: Assets purchased (Tables)

12 Months Ended

Mar. 31, 2014

Tables/Schedules

Assets purchased

Equipment	$29,722
Intangibles (patent, trademarks, URL’s)	3,735
Total	$33,457

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Note 5 - Deferred Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)

12 Months Ended

Mar. 31, 2014

Tables/Schedules

Schedule of Deferred Tax Assets and Liabilities

	2014	2013
Deferred tax assets:
Net operating loss carryforward	$1,674,000	$1,583,000
Stock based compensation	-	-
Total deferred tax assets	1,674,000	1,583,000
Less valuation allowance	(1,674,000	(1,583,000
Net deferred tax asset	$-	$-

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Note 9 - Subsequent Event

12 Months Ended

Mar. 31, 2014

Notes

Note 9 - Subsequent Event

NOTE 9 – SUBSEQUENT EVENT

From April 2014 to June 2014, the Company converted a total of $1,015,459 of notes payable from certain Note Holders into common stock of the Company.  The Company issued 3,905,612 shares of our common stock to satisfy the principal balances of the notes payable.

As of June 21, 2014, the Company sold 4,520,000 units through a private placement.   Each unit consists of one share of common stock, one A warrant, expiring in three years, with an exercise price of $1.00 and one B warrant, expiring in five years, with an exercise price of $2.00. The price was $0.50 per unit.  

On March 13, 2014 the Company entered into a definitive agreement (the “Agreement”) with Mr. Craig Ellins for the acquisition of assets.  In accordance with the Agreement, Mr. Ellins was issued an additional four million shares upon the completion of a minimum of $1,000,000 in proceeds to the Company from fund raising on May 1, 2014.  The shares were issued pursuant to the exemption from registration set forth in Section 4(2) of the Securities Act of 1933.

Subsequent to the fiscal year ended March 31, 2014, the Company issued 8,950,000 shares of common stock pursuant to the employment contracts of our three executive officers.  Fifty thousand of the shares were paid directly to one of the officers.  The remaining shares will be held by the Company until such time as certain milestones are reached and vesting periods have run.  The issuance was exempt from the registration requirements of Section 5 of the Securities Act of 1933 pursuant to Section 4(2) of the Act because there was no public offering in connection with the issuance of the shares.

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Note 7 - Capital Transactions

12 Months Ended

Mar. 31, 2014

Notes

Note 7 - Capital Transactions

NOTE 7 – CAPITAL TRANSACTIONS

Sale of Common Stock

As of March 31, 2014, the Company sold 1,480,000 units through a private placement.   Each unit consists of one share of common stock, one A warrant, expiring in three years, with an exercise price of $1.00 and one B warrant, expiring in five years, with an exercise price of $2.00. The price was $0.50 per unit.  

Asset Purchase

On March 13, 2014, the Company, entered into a definitive agreement with Mr. Craig Ellins for the acquisition of assets The Assets include:

•   a provisional patent application

•   concepts associated with the Mr. Ellins or his associates

•   trademarks

•   business plans

•   investor presentations and histories

•   websites

•   trade secrets including without limitation trade secrets involving nutrient mixes

•   drawings and digital artwork

•   raw materials

•   production equipment and related assets including without limitation electrical equipment, plastic molds and internal parts

•   proof-of-concept equipment

•   URL’s

In exchange for the Assets, the Company agreed to issue 12,500,000 restricted shares of the Company’s common stock.  Of the total number of shares to be issued, 4,500,000 were issued upon the signing of the Agreement.  The remainder of the shares will be issued upon reaching certain milestones.  The shares were issued pursuant to the exemption from registration set forth in Section 4(2) of the Securities Act of 1933.

Below are the assets purchased:

Equipment	$29,722
Intangibles (patent, trademarks, URL’s)	3,735
Total	$33,457

The assets were valued at their historical cost.

Employment Agreements

Mr. Alan Gaines, our former Chief Executive Officer and Chairman, had entered into an Employment Agreement with the Company for a one-year term beginning May 2, 2011.  Mr. Gaines would have been compensated with 12,012,413 shares of restricted common stock, payable upon the completion of a Qualified Acquisition or Qualified Equity Raise.  An expense of $960,993 would have been recorded as stock compensation at the time a Qualified Acquisition or Qualified Equity Raise is completed.  Upon the resignation of Mr. David on April 18, 2012, the shares were canceled and no expense was recognized.

Dr. Amiel David, our former Chief Operating Officer, has entered into an Employment Agreement with the Company for a one-year term beginning May 2, 2011. Dr. David would have been compensated with 12,013,413 shares of restricted common stock, payable upon the completion of a Qualified Acquisition or Qualified Equity Raise.  An expense of $961,073 would have been recorded as stock compensation at the time a Qualified Acquisition or Qualified Equity Raise is completed.  Upon the resignation of Mr. David on April 18, 2012, the shares were canceled and no expense was recognized.

Note Conversions

During the year ended March 31, 2014, the Company converted a total of $114,013 of notes payable from certain Note Holders into common stock of the Company.  The Company issued 438,681 shares of our common stock to satisfy the principal balances of the notes payable.

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Note 8 - Stock Option Plan

12 Months Ended

Mar. 31, 2014

Notes

Note 8 - Stock Option Plan

NOTE 8 – STOCK OPTION PLAN

On February 6, 2008, the Board of Directors adopted the GrowBlox Sciences, Inc. 2007 Amended Stock Option Plan (“2007 Plan”).  Under the 2007 Plan, 8,000,000 shares of the Company’s restricted common stock may be issuable upon the exercise of options issued to employees, advisors and consultants.

At March 31, 2014 the Company has no stock options outstanding.

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Note 3 - Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2014

Policies

Development Stage Company

Development Stage Company. The Company is considered to be in the development stage.

Cash and Cash Equivalents

Cash and Cash Equivalents. The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Revenue Recognition

Revenue Recognition. Revenue associated with the production and sales of crude oil, natural gas, natural gas liquids and other natural resources owned by the Company will be recognized when production is sold to a purchaser at a fixed or determinable price when delivery has occurred and title passes from the Company to its customer, and if the collectability of the revenue is probable.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Property, Plant and Equipment

Property and Equipment. Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets: 3-8 years for machinery and equipment, leasehold improvements are amortized over the shorter of the estimated useful lives or the underlying lease term. Repairs and maintenance expenditures which do not extend the useful lives of related assets are expensed as incurred.

Income Taxes

Income Taxes.  The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.   Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.

Loss Per Share

Loss per Share. The Company’s basic loss per share has been calculated using the weighted average number of common shares outstanding during the period. The Company has 8,757,106 potentially dilutive common shares at March 31, 2014.  However, such common stock equivalents were not included in the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

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Note 6 - Convertible Notes and Warrants: Schedule of Other Share-based Compensation, Activity (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Warrants, Outstanding	2,960,000	12,364,766	11,921,206
Warrants, Issued	2,960,000	443,560
Warrants, Granted, Weighted Average Exercise Price		$ 0.15
Warrants, Exercised	0	0
Warrants, Exercised, Weighted Average Exercise Price	$ 0	$ 0
Warrants, Expired	12,364,766	0
Warrants, Expirations, Weighted Average Exercise Price	$ 0	$ 0
Warrants, Expired	(12,364,766)	0
Minimum
Warrants, Weighted Average Exercise Price	$ 1.00	$ 0.15	$ 0.15
Warrants, Granted, Weighted Average Exercise Price	$ 1.00
Maximum
Warrants, Weighted Average Exercise Price	$ 2.00	$ 0.10	$ 0.10
Warrants, Granted, Weighted Average Exercise Price	$ 2.00

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Note 6 - Convertible Notes and Warrants: Convertible Debt (Tables)

12 Months Ended

Mar. 31, 2014

Tables/Schedules

Convertible Debt

	For the year ended March 31, 2014		For the year ended March 31, 2013
	Convertible Notes	Accrued Interest	Convertible Notes	Accrued Interest
Balance, beginning of period	$442,750	$208,088	$446,750	$163,998
Conversion to common stock	114,057	-	-	-
Accrued interest	-	44,216	-	44,090
Balance, end of period	$328,693	$252,304	$442,750	$208,088

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Note 4 - Fair Value Measurements: Fair Value, Level 3 Instruments (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Convertible notes from stockholders, at fair value	$ 0
Derivative Liability	0	260,311
Convertible notes from shareholders, at fair value	933,748	227,521
Fair Value, Inputs, Level 1
Convertible notes from stockholders, at fair value	0
Derivative Liability	0	0
Convertible notes from shareholders, at fair value		0
Fair Value, Inputs, Level 2
Convertible notes from stockholders, at fair value	0
Derivative Liability	0	0
Convertible notes from shareholders, at fair value		0
Fair Value, Inputs, Level 3
Convertible notes from stockholders, at fair value	0
Derivative Liability	0	260,311
Convertible notes from shareholders, at fair value		$ 227,521

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Statements of Stockholders' Equity (Deficiency) (USD $)	Common stock	Additional Paid-in Capital	Deficit Accumulated Related to Abandoned Activities	Deficit Accumulated During Exploration Stage	Total
Stockholders' Equity, beginning of period, Value at Feb. 29, 2008	$ 9	$ 1,469,728	$ (1,676,223)		$ (206,486)
Stockholders' Equity, beginning of period, Shares at Feb. 29, 2008	88,682
Net loss				(9,845)	(9,845)
Stockholders' Equity, end of period, Value at Mar. 31, 2008	9	1,469,728	(1,676,223)	(9,845)	(216,331)
Stockholders' Equity, beginning of period, Shares at Mar. 31, 2008	88,682
Issuance of stock as compensation, in March 2009, Value		516			516
Issuance of stock as compensation, in March 2009, Shares	1,033
Loss on loan modification		202,500			202,500
Net loss				(341,967)	(341,967)
Stockholders' Equity, end of period, Value at Mar. 31, 2009	9	1,672,744	(1,676,223)	(351,812)	(355,282)
Stockholders' Equity, end of period, Shares at Mar. 31, 2009	89,714
Issuance of stock for debt conversions, Value	22	21,600			21,622
Issuance of stock for debt conversions, Shares	216,225
Compensation expense - employment contracts, Value	38	1,031,002			1,031,040
Compensation expense - employment contracts, Shares	387,300
Compensation expense - stock option		984,600			984,600
Compensation expense - consulting, Value	1	89,256			89,257
Compensation expense - consulting, Shares	8,014
Beneficial conversion features		133,000			133,000
Loss on loan modification		258,441			258,441
Net loss				(2,964,861)	(2,964,861)
Stockholders' Equity, end of period, Value at Mar. 31, 2010	70	4,190,643	(1,676,223)	(3,316,673)	(802,183)
Stockholders' Equity, end of period, Shares at Mar. 31, 2010	701,253
Compensation expense - consulting, Value	1	62,399			62,400
Compensation expense - consulting, Shares	6,000
Legal Retainer, Value		10,000			10,000
Legal Retainer, Shares	2,857
Net loss				(585,293)	(585,293)
Stockholders' Equity, end of period, Value at Mar. 31, 2011	710	4,263,042	(1,676,223)	(3,901,966)	(1,315,076)
Stockholders' Equity, end of period, Shares at Mar. 31, 2011	710,110
Compensation - employment contracts, Value	240	(240)
Compensation - employment contracts, Shares	2,402,682
Issuance of stock for debt conversions, Value	14	103,986			104,000
Issuance of stock for debt conversions, Shares	140,000
Net loss				(14,763)	(14,763)
Stockholders' Equity, end of period, Value at Mar. 31, 2012	3,253	4,363,860	(1,676,223)	(3,916,729)	(1,225,839)
Stockholders' Equity, end of period, Shares at Mar. 31, 2012	32,527,930
Compensation - employment contracts, Value	(240)	240
Compensation - employment contracts, Shares	(2,402,682)
Sale of stock subscription	1	11,499			12,500
Return of stock sold	(1)	(11,499)			(12,500)
Rounding	1
Issuance of stock for debt conversions, Shares					438,681
Net loss				36,150	36,150
Stockholders' Equity, end of period, Value at Mar. 31, 2013	85	4,367,028	(1,676,223)	(3,880,579)	(1,189,689)
Stockholders' Equity, end of period, Shares at Mar. 31, 2013	850,110
Fractional share from stock split, Shares	157
Asset acquisition, Value	450	33,317			33,467
Asset acquisition, Shares	4,500,000
Sale of stock subscription, Value	148	739,852			740,000
Sale of stock subscription	1,480,000
Rounding		(1)		1
Issuance of stock for debt conversions, Value	44	114,013			114,057
Issuance of stock for debt conversions, Shares	438,681
Stock issuance costs		(55,250)			(55,250)
Net loss				(655,955)	(655,955)
Stockholders' Equity, end of period, Value at Mar. 31, 2014	$ 727	$ 5,615,193	$ (1,676,223)	$ (4,536,533)	$ (1,013,370)
Stockholders' Equity, end of period, Shares at Mar. 31, 2014	7,268,948

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Note 4 - Fair Value Measurements

12 Months Ended

Mar. 31, 2014

Notes

Note 4 - Fair Value Measurements

NOTE 4 – FAIR VALUE MEASUREMENTS

The Company holds certain financial liabilities that are measured at fair value on a recurring basis in accordance with ASC Topic 825-10-15.   ASC Topic 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability. The three levels of the fair value hierarchy under ASC Topic 820-10 are described below:

Level 1. Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.  

Level 2. Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.  

Level 3. Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 fair value elections are made on an instrument-by-instrument basis. The Company uses Level 3 inputs to value convertible notes and detachable warrants accounted for as derivatives.

The tables below detail the Company’s assets and liabilities measured at fair value.

	Fair Value Measurements March 31, 2014
	Level 1	Level 2	Level 3	Total
Convertible notes from stockholders, at fair value	$-	$-	$-	$-
Derivative liability	$-	$-	$-	$-

	Fair Value Measurement March 31, 2013
	Level 1	Level 2	Level 3	Total
Convertible notes from stockholders, at fair value	$-	$-	$227,521	$227,521
Derivative liability	$-	$-	$260,311	$260,311

The following table presents the changes in Level 3 instruments measured on a recurring basis for the years ended March 31, 2014 and 2013:

	Convertible Notes	Derivative Liability	Total
Balance, March 31, 2012	$308,255	$334,497	$308,255
Realized and unrealized gains (losses); Included in other income (expense)	(101,701)	(97,575)	(199,276)
Purchases, issuances, and settlements	20,967	23,389	(44,356
Balance, March 31, 2013	$227,521	$260,311	$487,832
Realized and unrealized gains (losses); Included in other income (expense)	65,235	78,385	143,720
Loss on extinguishment of debt	756,719	(197,671 )	559,048
Purchases, issuances, and settlements	14,843	15,745	30,588
Balance, March 31, 2014	$933,748	$-	$933,748

The convertible notes and derivative liability in the preceding tables were measured at fair value, in accordance with ASC Topic 825-10-15, as one instrument and that fair value was allocated to each component.  The Company made the fair value election due to this methodology providing a fairer representation of the economic substance of the transaction within the fair value hierarchy. Due to the lack of relevant and market reflective Level 1 and Level 2 inputs, the Company valued the instruments using Level 3 inputs, which require significant judgment and estimates on behalf of management in developing model assumptions. The factors considered in developing those assumptions included; the Company’s inability to attract investment at terms more favorable to the Company, the lack of success in developing oil properties thus far, the continuing reduction in the net assets of the Company and the Company’s history of default on currently outstanding debt.

Based on management’s evaluation of the assumptions discussed above, the liabilities were initially recorded in an amount equal to the transaction price, which represented the fair value of the total liability at initial recognition. The model used by the Company is calibrated so that the model value at initial recognition equals the transaction price. On an ongoing basis the fair value model used in valuing the convertible notes and derivative liability utilizes the following inputs; exercise price per warrant, conversion price per share, contract term, volatility, current stock prices and risk free rates. The following assumptions were made in the model (1) risk free interest rate of 0.18% to 0.63%, (2) remaining contractual life of 1 to 4.87 years, (3) expected stock price volatility of 797% and (4) expected dividend yield of zero.

In March 2014, the note holders’ agreed to modify the terms of the notes and warrants.  The notes are now convertible at a fixed price of $0.26.  The notes will no longer be carried at fair market value using Level 3 inputs now that the conversion price is a fixed amount.   The warrants have been cancelled and no longer have any value.  A loss of $559,048 for the extinguishment of debt has been recorded on the Statement of Operations as of March 31, 2014.

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Note 4 - Fair Value Measurements: Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 933,748	$ 487,832	$ 308,255
Realized and unrealized gains (losses); Included in other income (expense)	143,720	(199,276)
Purchases, issuances, and settlements	30,588	(44,356)
Loss on extinguishment of debt	559,048
Convertible Notes
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	933,748	227,521	308,255
Realized and unrealized gains (losses); Included in other income (expense)	65,235	(101,701)
Purchases, issuances, and settlements	14,843	20,967
Loss on extinguishment of debt	756,719
Derivative Liability
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	0	260,311	334,497
Realized and unrealized gains (losses); Included in other income (expense)	78,385	(97,575)
Purchases, issuances, and settlements	15,745	23,389
Loss on extinguishment of debt	$ (197,671)

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Note 9 - Subsequent Event (Details) (USD $)	12 Months Ended					12 Months Ended					3 Months Ended				3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 Craig Ellins	Mar. 31, 2014 A Warrant	Mar. 31, 2014 B Warrant	Mar. 31, 2014 Common stock	Mar. 31, 2013 Common stock	Mar. 31, 2012 Common stock	Mar. 31, 2010 Common stock	Mar. 31, 2014 Convertible Notes	Jun. 30, 2014 Subsequent Event	Jun. 30, 2014 Subsequent Event Craig Ellins	Jun. 30, 2014 Subsequent Event A Warrant	Jun. 30, 2014 Subsequent Event B Warrant	Jun. 30, 2014 Subsequent Event Common stock	Jun. 30, 2014 Subsequent Event Convertible Notes
Debt Conversion, Original Debt, Amount		$ 114,013									$ 1,015,459
Issuance of stock for debt conversions, Shares		438,681				438,681		140,000	216,225		3,905,612
Stock sold through private placement		12,500				1,480,000	1			1,480,000						4,520,000
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 1.00	$ 2.00								$ 1.00	$ 2.00
Development Stage Entities, Equity Issuance, Per Share Amount						$ 0.50									$ 0.50
Common stock, shares issued	7,268,948	850,110	12,500,000									4,000,000
Proceeds for sale of stock	$ 684,750										$ 1,000,000
Common Stock issued pursuant to employment contracts							(2,402,682)	2,402,682			8,950,000

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Note 5 - Deferred Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)

12 Months Ended

Mar. 31, 2014

Tables/Schedules

Schedule of Effective Income Tax Rate Reconciliation

	2014	2013
Tax benefit computed at U.S. statutory rates	$(229,000)	$(205,000)
Increases (decreases) in taxes resulting from:
Non-deductible items	145,000	22,000
Change in valuation allowance	91,000	198,000
State taxes	(7,000)	(15,000)
Total	$-	$-