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Organization and Nature of Business
6 Months Ended
Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Nature of Business

Organization and Nature of Business

 

Gopher Protocol Inc. (f/k/a Forex International Trading Corp.) (the “Company”) was incorporated on July 22, 2009, under the laws of the State of Nevada and is headquartered in El Segundo, California. On September 9, 2009, the Company filed Form S-1 Registration Statement to provide for the registration of securities under the Securities Act of 1933. The Company’s principal business activities have been to engage in foreign currency market trading for non-US resident professionals and retail clients over its web-based trading systems. While these trading operations have been closed, the Company continues to operate in the consulting segment of the foreign currency market, leveraging its contacts and knowledge, and its consulting expertise in the area of foreign exchange. In addition, the Company is analyzing investments in joint ventures and is selectively pursuing acquisitions.

 

Effective April 4, 2014, the Company filed with the State of Nevada a Certificate of Amendment to Articles of Incorporation changing the Company’s number of authorized shares to 600,000,000. On or about June 10, 2014, the Company received approval from the Secretary of State of Nevada to increase the authorized shares to 2,000,000,000.

 

The Company is restating its financial statements for the period ended June 30, 2014. The reason for the restatement is that the Company did not show on its books the effect of the Blackbridge note until the period ended September 30, 2014. The commitment fee of $90,000 was incurred on June 16, 2014, so this liability should have been recorded on the Company’s books in the quarter ended June 30, 2014. Accordingly, the Company is restating its books for the period ended June 30, 2014 to disclose the effect of the Blackbridge note. The maturity of the Blackbridge note was December 16, 2014; the Company defaulted on the note and settled the matter by issuing shares, and the interest expense was also settled in shares rather than cash.