0001387131-19-001719.txt : 20190304 0001387131-19-001719.hdr.sgml : 20190304 20190304172639 ACCESSION NUMBER: 0001387131-19-001719 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20150228 FILED AS OF DATE: 20190304 DATE AS OF CHANGE: 20190304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Phoenix Life Sciences International Limited. CENTRAL INDEX KEY: 0001493212 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 460525378 STATE OF INCORPORATION: NV FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-167275 FILM NUMBER: 19655238 BUSINESS ADDRESS: STREET 1: 3000 LAWRENCE STREET CITY: DENVER STATE: CO ZIP: 80205 BUSINESS PHONE: 1.720.699.7222 MAIL ADDRESS: STREET 1: 3000 LAWRENCE STREET CITY: DENVER STATE: CO ZIP: 80205 FORMER COMPANY: FORMER CONFORMED NAME: MEDIJANE HOLDINGS INC. DATE OF NAME CHANGE: 20140310 FORMER COMPANY: FORMER CONFORMED NAME: MOKITA, INC. DATE OF NAME CHANGE: 20130604 FORMER COMPANY: FORMER CONFORMED NAME: MOKITA VENTURES, INC. DATE OF NAME CHANGE: 20120521 10-K/A 1 plsi-10ka_022815.htm ANNUAL REPORT

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K/A

(Amendment No. 2) 

 

(Mark One)

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

For the fiscal year ended February 28, 2015

 

  ☐  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________to ______________

 

Commission file number   333-167275

 

MEDIJANE HOLDINGS INC.

(Exact name of Company as specified in its charter)

         
Nevada   46-0525378
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     

2011 Ken Pratt Boulevard, Suite 300

Longmont, CO

  

 

80501

(Address of principal executive offices)   (Zip Code)

 

Company’s telephone number, including area code:    (720) 442-7242

 

Securities registered pursuant to Section 12(b) of the Act:

     
Title of Each Class   Name of Each Exchange On Which Registered
Not Applicable   Not Applicable

 

Securities registered pursuant to Section 12(g) of the Act:

 

Common Stock

(Title of class)

 

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

 

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

 

Indicate by check mark whether the Company: (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 Company was required to file such reports) and (2) has been subject to such filing requirements for the last 90 days. Yes  ☒ . No ☐

 

Indicate by check mark whether the Company has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-K (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the Company was required to submit and post such files). Yes  ☒ . No ☐   .

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of Company’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 Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition 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 ☐    . (Do not check if a smaller reporting company) Smaller reporting company ☒ .

 

Indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No ☒ .

 

The aggregate market value of Common Stock held by non-affiliates of the Company was $16,885,689 based on a $0.18 average bid and asked price of such common equity, as of August 29, 2014, the last business day of the Company’s most recently completed second fiscal quarter.

 

Indicate the number of shares outstanding of each of the Company’s classes of common stock as of the latest practicable date: 423,927,259 common shares as of July 28, 2015.

 

DOCUMENTS INCORPORATED BY REFERENCE

None. 

 

  

 

 

 EXPLANATORY NOTE

 

Amendment No. 2 on Form 10-K/A amends our Annual Report on Form 10-K for the fiscal year ended February 28, 2015, originally filed with the Securities and Exchange Commission on July 29, 2015. We are filing this Amendment to correct our financial statements and to provide all required information as required under Regulation S-X. This Amendment does not change any of the other disclosures contained in the Annual Report on Form 10-K, other than as described above.

 

Except as described above, no other changes have been made to the Original Filing. The Original Filing continues to speak as of the date of the Original Filing, and we have not updated the disclosures contained therein to reflect any events that occurred at a date subsequent to the filing of the Original Filing. Accordingly, the Amendment should be read in conjunction with the Original 10-K and the Company’s other filings with the SEC subsequent to the Original Form 10-K.

 

 

 

 

 

TABLE OF CONTENTS

PART I
   
ITEM 1 Business 3
ITEM 1A Risk Factors 7
ITEM 1B Unresolved Staff Comments 7
ITEM 2 Properties 8
ITEM 3 Legal Proceedings 8
ITEM 4 Mine Safety Disclosure 8
   
PART II
 
ITEM 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9
ITEM 6 Selected Financial Data 12
ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
ITEM 7A Quantitative and Qualitative Disclosures about Market Risk 16
ITEM 8 Financial Statements and Supplementary Data 17
ITEM 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 39
ITEM 9A Controls and Procedures 39
ITEM 9B Other Information 41
   
PART III
   
ITEM 10 Directors, Executive Officers, and Corporate Governance 42
ITEM 11 Executive Compensation 45
ITEM 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47
ITEM 13 Certain Relationships and Related Transactions, and Director Independence 49
ITEM 14 Principal Accounting Fees and Services 52
   
PART IV
 
ITEM 15 Exhibits, Financial Statement Schedules 53
SIGNATURES 55

 

 2

 

 

PART I

 

Item 1.   Business

 

Forward Looking Statements.  

This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors”, that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

 

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

 

Our financial statements are stated in United States Dollars ($) and are prepared in accordance with United States Generally Accepted Accounting Principles.

 

In this annual report, unless otherwise specified, all dollar amounts are expressed in United States Dollars and all references to “common shares” refer to the common shares in our capital stock.

 

Except as otherwise indicated by the context, references in this report to “we”, “us” “our” and “the Company” are references to MediJane Holdings, Inc.

 

General Overview

The Company was incorporated in the State of Nevada on April 21, 2009, under the name Mokita Exploration, Ltd.    The Company originally intended to develop its business as a mineral exploration company, however, due to the low supply of potentially profitable mining properties, our company abandoned its original plan and restructured its business strategy.  We then focused our efforts on developing a business as a provider of credit card payment services for Canadian customers.  To reflect the Company’s new focus, on February 5, 2010, we filed a Certificate of Amendment to the Articles of Incorporation changing our name to Mokita, Inc.  

 

We decided to enter the oil and gas industry because we were seeking out viable options to create value for our shareholders.  On July 20, 2011, we filed a Certificate of Amendment to the Articles of Incorporation changing our name to Mokita Ventures, Inc., to reflect our company’s new business plan.  The name change to Mokita Ventures, Inc. was subsequently rejected by the Financial Industry Regulatory Authority (“FINRA”) and accordingly, on May 30, 2013, we filed a Certificate of Amendment to the Articles of Incorporation to restore our name to Mokita, Inc.

 

 3

 

 

On February 27, 2014, there was a change of control of the Company.  On February 28, 2014, our board of directors and a majority of holders of the Company’s voting securities approved a change of name of the Company to MediJane Holdings Inc.  A Certificate of Amendment to effect the change of name was filed and became effective with the Nevada Secretary of State on March 4, 2014.  A Certificate of Correction was subsequently filed with the Nevada Secretary of State on March 6, 2014 to correct a spelling error in the Company’s new name.  These amendments have been reviewed by FINRA and were approved for filing with an effective date of March 10, 2014.  The name change became effective with the Over-the-Counter Bulletin Board at the opening of trading on March 10, 2014 under our new ticker symbol “MJMD”.

 

Our Business

After the change of control on February 27, 2014, the Company became a medical delivery systems company with a pharmaceutical approach to cannabinoid treatment of various illnesses with medical marijuana, currently being launched in Colorado and California.  As of July 8, 2015, we have changed our business to only focus on Cannabidiol (CBD) products.  CBD is a non-psychotropic cannabinoid that is not restricted as part of the U.S. Controlled Substance Act (CSA).  CBD is defined under the 2014 U.S. Farming Bill to be derivatives of the Industrial Hemp plant that contain less than 0.3% tetra-hydro-cannabinol (THC).  We will contract out the manufacturing of the products. Phoenix Bio Pharmaceuticals Corporation and other groups may manufacture our products under our license agreement.

 

License Agreement.  On July 8, 2015, the Company agreed to enter into a new licensing agreement with Phoenix Bio Pharmaceuticals Corporation. This new agreement shall replace the previous licensing agreements. The new licensing agreement shall be a non-exclusive, CBD only licensing agreement with Phoenix Bio Pharmaceuticals Corporation.  This license agreement operates for a twenty (20) year period.  Phoenix Bio Pharm has granted to the Company a license for the territory of North America, Australia and New Zealand to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm related to CBD based cannabinoid products and delivery systems for the treatment and management of illnesses.  Products falling under the license will include the following CBD products: transdermal patches, orally administered extracts, concentrated extracts for vaporizers and inhalers, sublingual and buccal dispensing products and extraction technology, suppository delivery systems, salves, creams, gels, lotions, and liquid extracts, and any products or active ingredients sourced through Phoenix Bio Pharm affiliates or third party suppliers or licensors.  The Company will also have the right to sublicense the rights acquired pursuant to the license agreement and to use and develop copyrighted materials of Phoenix Bio Pharm for marketing and distribution purposes.  

 

In addition to the new license agreement, on July 8, 2015 the Company has entered into an exchange agreement with Phoenix Bio Pharm where all existing common shares held by Phoenix Bio Pharm (276,000,000) are exchanged for 2,000,000 Series B Preferred Shares, par value $0.0001.  These preferred shares are entitled to 100 votes for each share held, and are convertible into 100 common shares at any time at the discretion of the holder.  

 

Products

The Company is currently working with physicians, scientists, engineers and other professional in the United States and internationally to formulate a wide range of product delivery systems to assure our products are a precise and safe alternative as a potential treatment for chronic illness.  These statements have not been evaluated by the Food and Drug Administration.  These products are not intended to diagnose, treat, cure or prevent disease.

 

 4

 

 

During the year ended February 28, 2015, the Company had launched the following products for medicinal use in the State of California:

 

MediJane Transdermal Patches. Developed out of the commitment for accurate dosing and the application of pharmaceutical grade delivery methods within the cannabis industry.  Six (6) formulations of patches are in development with ongoing research for many more to come.  The patches retail for approximately $8-$12.50 per patch.

 

Medi-Strip Relaxation: Medi-Strips are a thin-film strip designed for relaxation and relief of pain and inflammation.  The strips retail for approximately $7.50 per patch.

 

Following the changes to the licensing agreement, the Company has agreed to sell the subsidiary companies that had previously sold the aforementioned products to Phoenix Bio Pharmaceuticals Corporation.

 

Further, with the change of products to focus only on those containing CBD, the Company seeks to distribute its products nationally it plans to distribute and sell future products, including but not limited to:

 

Transdermal Patches

 

Thin Film Tongue Strips

 

Capsules

 

Oral Sprays

 

Suppositories

 

CannaVest Corp.

On December 23, 2014, the Company entered into an agreement to purchase $1,200,000 worth of raw material inventory to be obtained from CannaVest Corp. to use in the Company’s cannabidiol product formulations, and a convertible promissory note for $1,200,000 with CannaVest Corp.  The note accrues simple interest at a rate of 10% per annum and is due and payable in six months from the date of issue.  The note cannot be prepaid.  At any time, the outstanding principal amount of this note and all accrued but unpaid interest under this note can be converted into common shares at a price equal to the lesser of $0.02 per common share, the closing sale price, or the average of the lowest closing sale prices of the Company’s common shares during the five trading day period immediately preceding the date of such determination.  Should the Company default on this convertible promissory note, all outstanding obligations payable by the Company are immediately due and payable.  In addition, CannaVest Corp. may exercise any other right, power or remedy permitted by law.  Further, upon even of default, all unpaid obligations under this note shall bear interest at the rate of 12% per annum. 

 

 5

 

 

In connection with the convertible promissory note dated December 23, 2014, the Company subsequently issued warrants to purchase 20,000,000 common shares at an exercise price of $0.02 per common share to Kisha Spendthrift Trust, an affiliate of CannaVest Corp.  These warrants were issued on January 6, 2015.  In exchange for these warrants, the Company shall have access to the technical and management staff of CannaVest Corp. for the development of products to be manufactured from cannabidiol sourced from CannaVest Corp.  The Company has valued these warrants using the black scholes option pricing model at $197,663 and will record the expense related to the warrants in its fourth fiscal quarter.

 

On July 8, 2015, the Company authorized an exchange offer to CannaVest in which the Company offers to exchange its convertible promissory note in the original principal amount of $1,200,000 for 1,200,000 Series D preferred shares.  These shares are not entitled to any voting rights, and can be converted into common shares at a rate of $1.00 per common share.  Series D preferred shares are senior to common shares and Series B preferred shares, and holders of Series D preferred shares are entitled to receive a preferred return equal to 10% of the gross cash sales income received in the ordinary course of business.  Upon issue of the dividend, the value of such Series D preferred shares shall be deemed to be retired.  As of the date of filing, CannaVest has not yet agreed to this exchange offer.

 

Strategic Alliances  

Phoenix Bio Pharm is a biopharmaceutical company focused on the acquisition, development and manufacturing of key intellectual property relating to cannabinoid treatment methodologies and of medical delivery systems for the treatment and management of a wide variety of illness and conditions.

 

Sales and Marketing

The Company is currently developing a new sales and marketing plan for the launch of its CBD only product lines. This plan is expected to include the use of in-house and in-field sales representatives as well as an online sales strategy.

 

Industry Analysis

The health, wellness and cannabinoid industries in the United States have been growing due to a substantial growth in the numbers of states approving the use of medical and adult-use marijuana and cannabinoid products. Additionally, in recent years, several internationally recognized medical journals and medical professionals including CNN’s chief medical correspondent, Dr. Sanjay Gupta, have published results relating to the use of cannabinoids in the treatment of cancer, childhood seizures, Parkinson’s and Alzheimer’s disease, Multiple Sclerosis and pain management. This swell of interest in alternative health and wellness related to the use of cannabinoids is resulting in the establishment of new opportunities across many industries.  Individual states have passed legislation for the regulation of medical and recreational use, but the lack of federal mandates has created some uncertainty in the industry.

 

Competitive Analysis

The health, wellness and cannabinoid industries, specifically in states that have passed medicinal marijuana laws, are rapidly evolving and intensely competitive, and we expect that the competition will intensify in the future.  Barriers to entry are minimal. We believe while we currently may have advantages in this market, the growth of this market is able to allow us to take a market share if we can raise sufficient funds to commence full-scale operations.  We will compete on the basis of quality and value, whilst leveraging established brands and operators, and through customer preference.  Our competitors may be well established, substantially larger and have substantially greater market recognition, greater resources and broader capabilities than we have.  There can be no assurance that we will be able to compete successfully against current and future competitors, and competitive pressures faced by the Company may have a material adverse effect on our business, prospects, financial condition and results of operations.

 

 6

 

 

Website/Social Community

Our web site, www.medijane.co currently fills a public and media relations role. Members of the press, present and prospective investors, and other interested parties, can access the latest news and download professionally prepared press releases and high resolution photos; visitors can learn more about the Company and investors and the public can scroll through our photo galleries to stay abreast of the latest on-site happenings.

 

Reports to Security Holders

We are required to file annual, quarterly and current reports and other information with the Securities and Exchange Commission and our filings are available to the public over the internet at the Securities and Exchange Commission’s website at http://www.sec.gov. The public may read and copy any materials filed by us with the Securities and Exchange Commission at the Securities and Exchange Commission’s Public Reference Room at 100 F Street N.E. Washington D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the Securities and Exchange Commission at 1-800-732-0330. The SEC also maintains an Internet site that contains reports, proxy and formation statements, and other information regarding issuers that file electronically with the SEC, at http://www.sec.gov.

 

Revenue

The Company will receive revenue from the sales of its licensed products.

 

Government Regulations

As of July 8, 2015, the Company has shifted its business plan from medical marijuana preparations to solely focus on the sale of cannabinoid infused products that contain primarily Cannabidiol, which is a non-psychotropic cannabinoid that is not restricted as part of the U.S. Controlled Substance Act.  CBD is not restricted from sale in any state and is able to be sold through interstate commerce.

 

Employees

We have three (3) part-time employees in addition to Lewis “Spike” Humer, our interim Chief Executive Officer and Russell Stone, our Chief Operating Officer.

 

Item 1A.   Risk Factors

 

Not applicable to a smaller reporting company.

 

Item 1B.  Unresolved Staff Comments

 

Not applicable

 

 7

 

 

Item 2.   Properties

 

Our headquarters are located at 2011 Ken Pratt Boulevard, Suite 300, Longmont, CO 80501.  Our telephone number is (720) 442-7242.  This space consists of 1,200 square feet and is subleased through an affiliate at a monthly rental rate of $2,500.  We believe that this location will meet our requirements for the foreseeable future.

 

Item 3.   Legal Proceedings

 

We know of no material, existing or pending legal proceedings against the Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.

 

Item 4.   Mine Safety Disclosures

 

Not applicable.

 

 8

 

 

PART II

 

Item 5.   Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

Our common stock is currently quoted on the OTC Pink Sheets. Our common stock has been quoted on the OTC Bulletin Board from December 28, 2010 to March 6, 2014 under the symbol “MKIT”.  On March 7, 2014, the symbol was changed to “MJMD”.  

 

The following table reflects the high and low bid information for our common stock and reflects inter-dealer prices, without retail mark-up, markdown or commission, and may not necessarily represent actual transactions.

 

The high and low bid prices of our common stock for the periods indicated below are as follows:

 

OTC Bulletin Board/Pink Sheets
Quarter Ended High Low
May 31, 2015 $0.00 $0.00
February 28, 2015 $0.00 $0.00
November 30, 2014 $0.21 $0.02
August 31, 2014 $0.18 $0.16
May 31, 2014 $0.82 $0.71
February 28, 2014 $0.34 $0.34
November 30, 2013 $0.51 $0.29
August 31, 2013* $0.29 $0.29
May 31, 2013* $0.29 $0.29

 

*The stock prices have been adjusted to retroactively reflect the 10 for 1 forward split effective August 7, 2013.

 

As of July 28, 2015, there were approximately 2,300 holders of record of our common stock. As of such date, 423,927,259 common shares were issued and outstanding.  

 

The transfer agent for our common shares is ClearTrust LLC, located at 16540 Pointe Village Drive, Suite 206, Lutz, Florida 33558.  Their phone number is (813) 235-4490.

 

On July 8, 2015, the Company approved the creation of four classes of preferred stock.  

 

Series A preferred stock, par value $0.0001 par value, shall have 2,000,000 authorized shares.   These preferred shares are not entitled to any voting rights, and are convertible into common shares at a rate of $1.00 per common share at any time at the discretion of the holder. Series A preferred shares rank senior to the common shares and the Series B preferred shares with respect to the right to receive dividends.

 

 9

 

 

Series B preferred stock, par value $0.0001 par value, shall have 2,000,000 authorized shares.  These preferred shares are entitled to 100 vote for each share held, and are convertible into 100 common shares at any time at the discretion of the holder.  Series B preferred shares are senior to common shares.

 

Series C preferred stock, par value $0.0001 par value, shall have 2,000,000 authorized shares.  These preferred shares are not entitled to any voting rights, and are convertible into common shares at a rate of $1.00 per common share at any time at the discretion of the holder.  Series C preferred shares are entitled to receive a preferred return equal to 10% of the gross cash sales income received in the ordinary course of business.  Upon issue of the dividend, the value of such shares shall be deemed to be retired.  Series C preferred shares rank senior to the common shares and the Series B preferred shares with respect to the right to receive dividends.

 

Series D preferred stock, par value $0.0001 par value, shall have 2,000,000 authorized shares.  These preferred shares are not entitled to any voting rights, and can be converted into common shares at a rate of $1.00 per common share.  Series D preferred shares are senior to common shares and Series B preferred shares, and holders of Series D preferred shares are entitled to receive a preferred return equal to 10% of the gross cash sales income received in the ordinary course of business.  Upon issue of the dividend, the value of such Series D preferred shares shall be deemed to be retired.

 

Dividend Policy

We have not paid any cash dividends on our common stock since inception and presently anticipate that all earnings, if any, will be retained for development of our business and that no dividends on our common stock will be declared in the foreseeable future. Any future dividends will be subject to the discretion of our Board of Directors and will depend upon, among other things, future earnings, operating and financial condition, capital requirements, general business conditions and other pertinent facts. Therefore, there can be no assurance that any dividends on our common stock will be paid in the future.

 

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

Other than as disclosed below, we did not sell any equity securities which were not registered under the Securities Act during the year ended February 28, 2015 that were not otherwise disclosed on our quarterly reports on Form 10-Q or our current reports on Form 8-K filed during the year ended February 28, 2015.

 

On June 11, 2014, the Company sold 100,000 restricted common shares to accredited investors for consideration for proceeds of $75,000.  These common shares were issued in reliance upon the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended.

 

On September 16, 2014, we issued 6,666,667 common shares and 13,333,333 warrants to purchase common shares to YP Holdings, LLC pursuant to a securities purchase agreement.  YP Holdings, LLC paid $600,000 for these common shares and warrants.  These securities were issued under the Rule 4(a)(2) private placement exemption.  The purchaser had enough knowledge and experience to be considered a sophisticated investor, they have access to the type of information normally provided in a prospectus for a registered securities offering, and they have agreed not to resell or distribute the securities to the public until they have been registered.  

 

 10

 

 

On September 16, 2014, the Company issued David Pitt 453,333 warrants to purchase common shares.  Additionally, the Company issued Moody Capital LLC 80,000 warrants to purchase common shares.  Moody Capital LLC is owned by Tim Moody, a non-affiliate of the Company.  The warrants were issued in lieu of services valued at $104,578.  These securities were issued under the Rule 4(a)(2) private placement exemption.  The purchasers had enough knowledge and experience to be considered a sophisticated investor, they have access to the type of information normally provided in a prospectus for a registered securities offering, and they have agreed not to resell or distribute the securities to the public until they have been registered.

 

On July 8, 2015 the Company authorized an exchange agreement with Phoenix Bio Pharm where all existing common shares held by Phoenix Bio Pharm (276,000,000) are exchanged for 2,000,000 Series B Preferred Shares, par value $0.0001.  These preferred shares are entitled to 100 votes for each share held, and are convertible into 100 common shares at any time at the discretion of the holder.  

 

On July 8, 2015, the Company authorized an exchange letter to YP Holdings in which we would exchange the 6,666,667 common shares for 750,000 Series C preferred shares.  Series C preferred shares are not entitled to any voting rights, and are convertible into common shares at a rate of $1.00 per common share at any time at the discretion of the holder.  Series C preferred shares are entitled to receive a preferred return equal to 10% of the gross cash sales income received in the ordinary course of business.  Upon issue of the dividend, the value of such shares shall be deemed to be retired.  Series C preferred shares rank senior to the common shares and the Series B preferred shares with respect to the right to receive dividends.  As of the date of this filing, YP Holdings has not yet agreed to this offer.

 

On July 8, 2015, the Company authorized an exchange offer to CannaVest in which the Company offers to exchange its convertible promissory note in the original principal amount of $1,200,000 for 1,200,000 Series D preferred shares.  These shares are not entitled to any voting rights, and can be converted into common shares at a rate of $1.00 per common share.  Series D preferred shares are senior to common shares and Series B preferred shares, and holders of Series D preferred shares are entitled to receive a preferred return equal to 10% of the gross cash sales income received in the ordinary course of business.  Upon issue of the dividend, the value of such Series D preferred shares shall be deemed to be retired.  As of the date of filing, CannaVest has not yet agreed to this exchange offer.

 

Between January 15, 2015 and May 1, 2015, the Company issued 72,620,292 shares of common stock to Typenex under a Convertible Notes Agreement.  

 

Equity Compensation Plan Information

On June 9, 2014, the board of directors approved the Company’s 2014 Stock Awards Plan.  Up to 10,000,000 common shares may be issued under the Plan.  On June 9, 2014, the board of directors approved the issuance of options to purchase 5,000,000 common shares to Ron Lusk, an officer and director at the option exercise price of $0.34 per common share with an effective date of February 27, 2013, the date the board of directors authorized the issuance of 5,000,000 common shares to Mr. Lusk.  Said common share issuance was subsequently unwound and the common shares are in the process of being cancelled.  On September 17, 2014, Mr. Lusk resigned from his position of CEO.  Pursuant to Mr. Lusk’s stock option agreement, the vested options issued and outstanding as of date of termination will be exercisable for one-year.  As of February 28, 2015, there were 2,500,000 vested options available for exercise.

 

 11

 

 

Purchase of Equity Securities by the Issuer and Affiliated Purchasers

We did not purchase any of our shares of common stock or other securities during our fourth quarter of our fiscal year ended February 28, 2015.

 

Item 6.   Selected Financial Data

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

Item 7.   Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion should be read in conjunction with our audited financial statements and the related notes for the years ended February 28, 2015 and February 28, 2014 that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this annual report, particularly in the section entitled “Risk Factors”.

 

Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

 

On March 1, 2014, the Company discontinued its previous operations as an oil and gas enterprise to pursue its new operations as a medical marijuana sales and distribution company.  The results of operations for the year ended February 28, 2015 represent results of the new business.  The results of operations for the comparable period have been recorded as discontinued operations.

 

Revenue for the year ended February 28, 2015 was $23,549.  Cost of Sales for the year ended February 28, 2015 was $13,965.  Revenues and related expenses are primarily from the sale of cannabis products.

 

Amortization expense for the year ended February 28, 2015 was $707,879.  Amortization expense represents amortization expense related to the Company’s licensing and distribution agreements.

 

Product development expense for the year ended February 28, 2015 was $84,490.  Product development expenses primarily represent payments to Phoenix Bio Pharm ($15,000) and to Phoenix Pharms Capital ($64,000) to support the product development of branded products of the Company.

 

Sales and marketing expenses for the year ended February 28, 2015 were $397,571.  Sales and marketing expenses represent the early 2014 ramp up of the selling team, infrastructure and promotion of the Company.

 

Operations expenses for the year ended February 28, 2015 were $167,760. 

 

 12

 

 

General and administrative expenses for the year ended February 28, 2015 were $311,339. General and administrative expenses generally include costs for running the Company’s administrative office.  

 

Professional fees for the year ended February 28, 2015 were $678,168.  Professional fees consist of cost of financing, legal, accounting, consulting and advisory services.  Included in professional fees are $552,500 of non-cash expenses related to the issuance of warrants for financing services related to the YP Note.

 

Lease operating expenses for the year ended February 28, 2015 totaled $34,185, respectively.

 

Other income and expense for the year ended February 28, 2015 totaled net expenses of $14,992,161 including a one-time expense of $14,168,989 from the impairment to the Company’s license agreements with Phoenix Bio Pharm and distribution agreement with GoKush, and $554,630 representing amortization expenses related to the Company’s convertible promissory notes dated June 24, 2014.  Included other expenses year ended February 28, 2015 is a gain of $722 from discontinued operations.

 

Net loss for the year ended February 28, 2015, totaled $17,363,968.

 

Net gain from discontinued operations for the year ended February 28, 2015 was $722.  Net losses from discontinued operations for the year ended February 28, 2014 was $54,547.

 

We have not attained profitable operations and are dependent upon the commencement of the sale of our products and obtaining financing to increase the production and development of our products.  For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.

 

Liquidity and Capital Resources

At February 28, 2015, the Company had a cash balance of $9,400 compared with $6,104 at February 28, 2014.  The increase in cash was cash provided by financing activities during the year ended February 28, 2015 of $1,410,925, partially offset by cash used for operating expenses.

 

We believe that our cash on hand may not be sufficient for continued operations and may have to seek out additional funding to meet our inventory and operational needs.  We are currently seeking financing opportunities in the form of equity and/or debt financing to support our operational goals.

 

At February 28, 2014, the Company had a cash balance of $6,104 compared with $1,704 at February 28, 2013.  The increase in cash was attributed to an increase in convertible debt proceeds, partially offset by expenses discussed above.  The total asset balance as at February 28, 20144 was $6,104 compared to $41,918 at February 28, 2013.  The decrease in total assets was attributed to the other receivable related to the sale of the Company’s 1% working interest in the Premier property during fiscal year 2013.

 

Cash flow from Operating Activities.  During the year ended February 28, 2015, Company used $1,149,809 for operating activities. 

 

 13

 

 

Cash flow from Investing Activities.  During the year ended February 28, 2015, the Company incurred $258,122 from investing activities, representing its related party loan to Phoenix Pharms Capital.

 

Cash flow from Financing Activities.  During the year ended February 28, 2015, the Company received a net amount of $975,925 from financing activities related to sales of its common stock, and $385,000 of proceeds from notes payable and $50,000 from related notes payable.

 

Going Concern

We have not attained profitable operations and are dependent upon the commencement of the sale of our products and obtaining financing to increase the production and development of our products.  For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.

 

Future Financings

We will continue to rely on equity sales of our common shares in order to continue to fund our business operations.  Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund planned acquisitions and exploration activities.

 

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

 

Critical Accounting Policies

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

 

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management’s estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

 

Use of Estimates.  The preparation of financial statements in conformity with US GAAP 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.  The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances.  The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

 

 14

 

 

A significant item that requires management’s estimates and assumptions is the estimate of proved oil reserves which are used in the calculation of depletion, impairment of its properties and asset retirement obligations.  Other items subject to estimates and assumptions include the carrying amount of property, plant and equipment, valuation allowances for income taxes, valuation of derivatives instruments and accrued liabilities, among others. Although management believes these estimates are reasonable, actual results could differ from these estimates.

 

Stock-based Compensation.   The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505-50 - Equity-Based Payments to Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

 

Revenue Recognition.   The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin Topic 13 when persuasive evidence of an arrangement exists and delivery has occurred, provided the fee is fixed or determinable and collection is probable. The Company assesses whether the fee is fixed and determinable based on the payment terms associated with the transaction. If a fee is based upon a variable such as acceptance by the customer, the Company accounts for the fee as not being fixed and determinable. In these cases, the Company defers revenue and recognizes it when it becomes due and payable. Up-front engagement fees are recorded as deferred revenue and amortized to income on a straight-line basis over the term of the agreement, although the fee is due and payable at the time the agreement is signed or upon annual renewal. Payments related to substantive, performance-based milestones in an agreement are recognized as revenue upon the achievement of the milestones as specified in the underlying agreement when they represent the culmination of the earnings process.

 

The Company assesses the probability of collection based on a number of factors, including past transaction history with the customer and the current financial condition of the customer. If the Company determines that collection of a fee is not reasonably assured, revenue is deferred until the time collection becomes reasonably assured. Significant management judgment and estimates must be made and used in connection with the revenue recognized in any accounting period. Material differences may result in the amount and timing of our revenue for any period if our management made different judgments or utilized different estimates.

 

From inception to February 28, 2015, revenues associated with the sale of oil is accounted for using the sales method, whereby revenue is recognized by the operator of the mineral properties for oil sold to purchasers with the Company recognizing the portion of its share of the revenues.

 

 15

 

 

Recent Accounting Pronouncements  

The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

Contractual Obligations

As a “smaller reporting company”, we are not required to provide tabular disclosure obligations.

 

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

 16

 

 

Item 8. Financial Statements and Supplementary Data

 

MEDIJANE HOLDINGS, INC. 

(A Development Stage Company)

 

Financial Statements

 

For the Year Ended February 28, 2015

 

Report of Independent Registered Public Accounting Firm 18
Balance Sheets 19
Statements of Operations 20
Statements of Stockholders’ Deficiency 21
Statements of Cash Flows 22
Notes to the Financial Statements 24

 

 17

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

BMKR, LLP

T 63 1 293-5000 

F 63 1 234-4272 

www.bmkr.com

 (graphic) 
Certified Public Accountants
 
1200 Veterans Memorial Hwy., Suite 350
Hauppauge, New York 11788

 

Thomas G. Kober, CPA Charles W. Blanchfield, CPA (Retired)
Alfred M. Rizzo, CPA Bruce A. Meyer, CPA (Retired)
Joseph Mortimer, CPA  

 

To the Board of Directors 

Phoenix Life Sciences International (formerly Medijane Holdings Inc.)

 

We have audited the accompanying balance sheet of Phoenix Life Sciences International (formerly MediJane Holdings Inc.) as of February 28, 2015, and the related statement of operations, stockholders’ deficiency, and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

The financial statements of Phoenix Life Sciences International Limited (formerly Medijane Holdings Inc.) as of February 28, 2014 were audited by other auditors who are no longer registered with the Public Accounting Oversight Board. Those auditors expressed an unqualified opinion on those financial statements assuming will continue as a going concern dated June 14, 2014.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Phoenix Life Sciences International (formerly MediJane Holdings Inc.) as of February 28, 2015, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has significant net losses and cash flow deficiencies: Those conditions raise substantial doubt about the Company’ s ability to continue as a going concern. Management’s plans regarding those matters are described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

(graphic) 

BMKR LLP 

Hauppauge, NY 11788 

February 28, 2019

 

Member American Institute of Certified Public Accounts

Member Public Company Accounting Oversight Board

 

 18

 

 

MEDIJANE HOLDINGS, INC.
Consolidated Balance Sheets

 

   February   February 
   28, 2015   28, 2014 
   $   $ 
           
ASSETS          
           
Cash   9,400    6,104 
Accounts receivable   2,300    — 
Notes receivable, related party   258,122    — 
Inventory   1,211,340    — 
Prepaid expense   141,664    — 
           
Total Current Assets   1,622,826    6,104 
           
Security deposit   1,250    — 
           
Total Assets   1,624,076    6,104 
           
LIABILITIES          
           
Current Liabilities          
           
Accounts payable and accrued liabilities   409,701    10,016 
Due to related parties   50,000    — 
           
Current Liabilities   459,701    10,016 
           
Convertible notes payable, net   194,746    — 
Convertible notes payable, Cannavest   1,222,027    — 
Derivative Liability – Typenex note   169,868    — 
Asset retirement obligation   —    420 
           
Total Liabilities   2,046,342    10,436 
           
STOCKHOLDERS’ DEFICIT          
           
Common Stock          
Authorized: 1,000,000,000 common shares, par value of $0.001 per share, Issued and outstanding: 361,322,812 and 63,000,000 common shares, respectively   361,323    63,000 
           
Additional paid-in capital   17,247,631    599,920 
           
Accumulated deficit during the development stage   (18,031,220)   (667,252)
           
Total Stockholders’ Equity (Deficit)   (422,266)   (4,332)
           
Total Liabilities and Stockholders’ Equity   1,624,076    6,104 

 

(The accompanying notes are an integral part of these financial statements)

 

19 

 

MEDIJANE HOLDINGS, Inc.
Consolidated Statements of Operations

 

   For the years ended 
   February 28, 
   2015   2014 
   $   $ 
Revenues   23,549    — 
Cost of sales   13,965    — 
Gross Profit   9,584    — 
           
Operating expenses          
Amortization expense   707,879    — 
Product development expense   84,490    — 
Sales and marketing expenses   397,571    — 
Operations expense   167,760    — 
General and administrative   311,338    — 
Professional fees   678,168    — 
Lease operating expenses   34,185    — 
           
Total operating expenses   2,381,391    — 
           
Loss before other expenses   (2,371,807)     
           
Other income (expense)          
Interest Income   2,687    — 
Interest Expense   (102,083)   — 
Loss on impairment of license agreement   (14,168,989)     
Discount Amortization   (554,630)   — 
Gain (loss) on derivative liability   (169,868)     
Gain (loss) on discontinued operations   722    (54,547)
           
Total other expense   (14,992,161)   (54,547)
           
Net loss   (17,363,968)   (54,547)
           
Basic and diluted loss per common share          
Income (loss) from continuing operations   (0.15)   (0.00)
Income (loss) from discontinued operations   0.00    0.00 
Basic and diluted loss per common share   (0.15)   (0.00)
           
Weighted average shares outstanding – basic and diluted   112,955,461    63,000,000 

 

(The accompanying notes are an integral part of these financial statements)

 

20 

 

MEDIJANE HOLDINGS, INC,.

Consolidated Statements of Changes in Stockholders’ Deficiency

 

                   Accumulated     
   Common Stock   Stock   Additional   deficit during the     
       Par   subscriptions   paid-in   development     
   Shares   value   receivable   capital   stage   Total 
   #   $   $   $   $   $ 
Balance  – February 28, 2013   7,800,000    7,800    —    103,557    (612,705)   (501,348)
                               
Adjustment for stock split   70,200,000    70,200         (70,200)        — 
Cancellation of shares issued to consultant   (15,000,000)   (15,000)        15,000         — 
Stock option compensation expense                  551,563         551,563 
Net loss for year                       (54,547)   (54,547)
Balance – February 28, 2014   63,000,000    63,000    —    599,920    (667,252)   (4,332)
Issuance of stock for license agreement   276,000,000    276,000         14,441,868         14,717,868 
Issuance of common stock for distribution agreement   200,000    200         158,800         159,000 
Issuance of common stock for cash   7,106,967    7,107         968,818         975,925 
Issuance of common stock for compensation   5,000,000    5,000         195,000         200,000 
Issuance of common stock for notes payable   10,015,845    10,016         28,484         38,500 
Issuance of common stock warrant                  854,741         854,741 
Net loss for year                       (17,363,968)   (17,363,968)
Balance – February 28, 2015   361,322,812    361,323    —    17,247,631    (18,031,220)   (422,266)

 

(The accompanying notes are an integral part of these financial statements)

 

21 

 

 

MEDIJANE HOLDINGS, INC.        

Consolidated Statements of Cash Flows      

(Unaudited)        

 

   For the years ended 
   February 28, 
   2015   2014  
   $   $  
Operating Activities          
           
Net loss   (17,363,968)   — 
Loss from discontinued operations   (722)   (54,547)
           
Adjustments to reconcile net loss to net cash used in operating activities:          
           
Amortization   707,879    — 
Non-cash cost of impairment of license agreement   14,168,989    — 
Non-cash amortization of discount on convertible notes payable   554,630    — 
Non-cash loss on derivative liability   169,868      
Non-cash stock option compensation   360,576    — 
           
Changes in operating assets and liabilities:          
           
Accounts receivable   (2,300)   — 
Inventory   (11,340)   — 
Prepaid expense and deposits   (1,250)   — 
Accounts payable and accruals   267,829    — 
Net changes in operating assets and liabilities – discontinued operations   —    (9,218)
Net Cash provided by(used for) operating activities – current operations   (1,149,809)   — 
Net Cash provided by(used for) operating activities – discontinued operations   302    (63,765)
           
Investing Activities          
Related party notes receivable   (258,122)   — 
Net Cash Used In Investing Activities – continuing operations   (258,122)   — 
Net Cash Used In Investing Activities – discontinued operations   —    68,165 
           
Financing Activities          
Proceeds from notes payable   385,000    — 
Due to related parties   50,000    — 
Proceeds from issuance of common shares   975,925    — 
Net changes in financing activities – discontinued operations   —    — 
Net Cash Provided By Financing Activities – continuing operations   1,410,925    — 
Net Cash Provided By Financing Activities – discontinued operations   —    — 
           
Increase (Decrease) in Cash – continuing operations   3,296    4,400 
Increase (Decrease) in Cash – discontinued operations   —    — 
           
Cash – Beginning of Period – continuing operations   6,104    — 
Cash – Beginning of Period – discontinued operations   —    1,704 
           
Cash – End of Period – continuing operations   9,400    — 
Cash – End of Period – discontinued operations   —    6,104 

 

(The accompanying notes are an integral part of these financial statements)

 

22 

 

 

       

MEDIJANE HOLDINGS, INC.    

Consolidated Statements of Cash Flows    

       

(Continued from previous page)

         
Supplemental disclosures      
Interest paid   —    — 
Income tax paid   —    — 
Non-cash issuance of stock for consulting agreements   500,000    — 
Non-cash issuance of stock for license agreement, related party   17,000,000    — 
Non-cash issuance of stock for distribution agreement   172,000    — 
Non-cash issuance of stock for prepaid expenses   200,000    — 
Non-cash issuance of stock for conversion of debt   38,500    — 
Non-cash issuance of debt for inventory   1,200,000    — 

 

23 

 

  

MEDIJANE HOLDINGS, INC.

Notes to the Consolidated Financial Statements

 

1. Nature of Operations and Continuance of Business

 

The company was incorporated in the State of Nevada on April 21, 2009 under the name Mokita Exploration, Ltd. (the “Company”).  On February 27, 2014, there was a change of control of the Company.  On February 28, 2014, our board of directors and a majority of holders of the Company’s voting securities approved a change of name of the Company to MediJane Holdings Inc.  A Certificate of Amendment to effect the change of name was filed and became effective with the Nevada Secretary of State on March 4, 2014.  A Certificate of Correction was subsequently filed with the Nevada Secretary of State on March 6, 2014 to correct a spelling error in the Company’s new name.  These amendments have been reviewed by FINRA and were approved for filing with an effective date of March 12, 2014.  The name change became effective with the Over-the-Counter Bulletin Board at the opening of trading on March 12, 2014 under our new ticker symbol “MJMD”.

 

On February 27, 2014, after the change of control, the Company became a sales and distribution company focused on cannabinoid infused products for the treatment of medical conditions.

 

As of July 8, 2015, we have changed our business to only focus on Cannabidiol (CBD) products.  CBD is a non-psychotropic cannabinoid that is not restricted as part of the U.S. Controlled Substance Act (CSA), as defined under the 2014 U.S. Farming Bill to be derivatives of the Industrial Hemp plant that contain less than 0.3% tetra-hydro-cannabinol (THC).  We will contract out the manufacturing of the products. Phoenix Bio Pharmaceuticals Corporation and other groups may manufacture our products under our license agreement.

 

Going Concern

 

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company’s total operating expenditure plan for the following twelve months will require significant cash resources to meet the goals of its business plan.  The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.  These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation - The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars.  The Company’s fiscal year end is February 28.

 

Basis of Consolidation – The consolidated financial statements include the accounts of Medi Holdings, Inc. and its wholly-owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.

 

Use of Estimates - The preparation of financial statements in conformity with US GAAP 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. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

 

24

 

 

A significant item that requires management’s estimates and assumptions is the estimate of proved oil reserves which are used in the calculation of depletion, impairment of its properties and asset retirement obligations. Other items subject to estimates and assumptions include the carrying amount of property, plant and equipment, valuation allowances for income taxes, valuation of derivatives instruments and accrued liabilities, among others. Although management believes these estimates are reasonable, actual results could differ from these estimates.

 

Cash and cash equivalents - The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. At February 28, 2015 and February 28, 2014, the Company did not hold any cash equivalents.

 

Accounts receivable - Accounts receivable consists of trade accounts arising in the normal course of business.  No interest is charged on past due accounts.  Accounts receivable are carried at the original invoice amount less a reserve for doubtful receivables based on a review of all outstanding amounts on a monthly basis.

 

Basic and Diluted Net Loss per Share - The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.  At February 28, 2015, the Company had outstanding stock options outstanding, the Company does not deem these options to be dilutive as the exercise price exceeds the current fair market value of the Company’s common stock.  At February 28, 2015 and 2014, the Company had did not have potentially dilutive shares outstanding.

 

Financial Instruments - Pursuant to ASC 820, Fair Value Measurements and Disclosures, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

 

Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

 

Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 

Level 3 - Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

 

25

 

 

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities, amounts due to related parties, and convertible debenture. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 

Derivative Financial Instruments - The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.

 

The Company reviews the terms of the common stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

 

Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. The Company uses a Black-Scholes model for valuation of the derivative. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.

 

The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.

 

Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net cash settlement of the derivative instrument could be required within the 12 months of the balance sheet date.

 

Comprehensive Loss - ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at February 28, 2015 and 2014, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

 

Stock-based Compensation - The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505-50 - Equity-Based Payments to Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

 

We account for share-based payments granted to non-employees in accordance with ASC Topic 505, “Equity Based Payments to Non-Employees.” The Company determines the fair value of the stock-based payment as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty’s performance is complete.

 

The fair value of each share based payment is estimated on the measurement date using the Black-Scholes model with the following assumptions, which are determined at the beginning of each year and utilized in all calculations for that year:

 

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Risk-Free Interest Rate. We utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of our awards.  

 

Expected Volatility. We calculate the expected volatility based on a volatility index of peer companies as we did not have sufficient historical market information to estimate the volatility of our own stock. 

 

Dividend Yield. We have not declared a dividend on its common stock since its inception and have no intentions of declaring a dividend in the foreseeable future and therefore used a dividend yield of zero.

 

Expected Term. The expected term of options granted represents the period of time that options are expected to be outstanding.  We estimated the expected term of stock options by using the simplified method.  For warrants, the expected term represents the actual term of the warrant.

 

Forfeitures. Estimates of option forfeitures are based on our experience. We will adjust our estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of compensation expense to be recognized in future periods.

 

Revenue Recognition – The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin Topic 13 when persuasive evidence of an arrangement exists and delivery has occurred, provided the fee is fixed or determinable and collection is probable. The Company assesses whether the fee is fixed and determinable based on the payment terms associated with the transaction. If a fee is based upon a variable such as acceptance by the customer, the Company accounts for the fee as not being fixed and determinable. In these cases, the Company defers revenue and recognizes it when it becomes due and payable. Up-front engagement fees are recorded as deferred revenue and amortized to income on a straight-line basis over the term of the agreement, although the fee is due and payable at the time the agreement is signed or upon annual renewal. Payments related to substantive, performance-based milestones in an agreement are recognized as revenue upon the achievement of the milestones as specified in the underlying agreement when they represent the culmination of the earnings process.

 

The Company assesses the probability of collection based on a number of factors, including past transaction history with the customer and the current financial condition of the customer. If the Company determines that collection of a fee is not reasonably assured, revenue is deferred until the time collection becomes reasonably assured. Significant management judgment and estimates must be made and used in connection with the revenue recognized in any accounting period. Material differences may result in the amount and timing of our revenue for any period if our management made different judgments or utilized different estimates.

 

Shipping and Handling costs— shipping and handling costs are included in cost of sales in the Statements of Operations.

 

Recent Accounting Pronouncements - The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

Reclassifications - Certain amounts in the prior period financial statements have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported losses, total assets or stockholders equity.

  

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3.

Variable Interest Entity

 

The Company follows the guidelines in FASB Codification of ASC 810 “Consolidation”which indicates “a legal entity that is deemed to be a business need not be evaluated by a reporting entity to determine if the legal entity is a Variable Interest Entity (“VIE”)” unless any one of four conditions exist: 

 

- The reporting entity, its related parties, or both participated significantly in the design or redesign of the legal entity;
- The legal entity is designed so that substantially all of its activities involve or are conducted on behalf of the reporting entity and its related parties;
- The reporting entity and its related parties provide more than half of the total of the equity, subordinated debt, and other forms of subordinated financial support to the legal entity; or
- The activities of the legal entity are primarily related to the securitizations or other forms of asset-backed financings or single-lessee leasing arrangements.

 

 A VIE is an entity that either (a) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate. The Company has not identified any VIEs as of February 28, 2015.

 

Due to the application of the FASB codification it is management’s opinion that the Company is a VIE under the control of Phoenix Bio Pharmaceuticals and its shared related parties.  This is primarily due to the fact that the design of the Company was significantly participated in by related parties of Phoenix Bio Pharmaceuticals and because Phoenix Bio Pharmaceuticals is exclusively dependent upon the Company for the use, sale, and distribution of its products.

 

4. Intangible Assets

 

Effective September 1, 2014, the Company changed its method of computing amortization from a sales percentage method to the straight-line method for the intangible assets. Based on Statement of Financial Accounting Standards , “Accounting Changes and Error Corrections” FASB ASC 250, the Company determined that the change in depreciation method from an sales percentage method to a straight-line method is a change in accounting estimate affected by a change in accounting principle. Per FASB ASC 250, a change in accounting estimate affected by a change in accounting principle is to be applied prospectively. The change is considered preferable because the straight-line method will more accurately reflect the pattern of usage and the expected benefits of such assets and provide greater consistency with the depreciation methods used by other companies in the Company’s industry. The net book value of intangible assets acquired prior to September 1, 2014 with useful lives remaining will be depreciated using the straight-line method prospectively.

 

5. License Agreement - Phoenix Bio Pharmaceuticals, Inc.

 

On March 14, 2014, the Company entered into a License Agreement with Phoenix Bio Pharmaceuticals Corporation (“Phoenix Bio Pharm”) where Phoenix Bio Pharm has granted exclusive rights to the Company for North America to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm for certain medical cannabinoid products and delivery systems for the treatment and management of illnesses.  The term of the License Agreement is Ten (10) years.  In consideration of the acquired license, the Company issued 26,000,000 shares of common stock to Phoenix Bio Pharm, valued at $13,000,000 based on a discounted cash flow model and the fair value of the assets acquired in the license agreement.  The Company will amortize the cost of the License Agreement over the ten year life.  As of February 28, 2015, the Company has recorded $1,300,000 of amortization expenses related to this License Agreement.  As of February 28, 2015, the Company has evaluated the value of the license agreement and has recorded an impairment loss in the amount of $6,500,000 reducing the book value of the license agreement to $6,500,000.

 

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On January 5, 2015, the Company entered into an additional license agreement with Phoenix Bio Pharmaceuticals Corporation to expand the territories covered under its original license agreement dated March 14, 2014.  Under the terms of the additional license agreement, the Company acquired the marketing rights to distribute products developed by Phoenix Bio Pharmaceuticals Corporation in Australia and New Zealand for ten years.  In exchange for the license, the Company has issued 250,000,000 restricted common shares at $0.016 per common share, for an aggregate value of $4,000,000.  This amount represents 33% over the market value on the date of execution of the license agreement.  The Company will begin to amortize the value of the license agreement upon the first sale in one of the two countries covered by the license, and will continue to amortize over the life of the license agreement.  On February 28, 2015, the Company has evaluated the value of the license agreement and has recorded an impairment loss in the amount of $2,000,000 reducing the book value of the license to $2,000,000.

 

On July 8, 2015, the Company agreed to enter into a new licensing agreement with Phoenix Bio Pharmaceuticals Corporation. This new agreement shall replace the previous licensing agreements. The new licensing agreement shall be a non-exclusive, CBD only licensing agreement with Phoenix Bio Pharmaceuticals Corporation.  This license agreement operates for a twenty (20) year period.  Phoenix Bio Pharm has granted to the Company a license for the territory of North America, Australia and New Zealand to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm related to CBD based cannabinoid products and delivery systems for the treatment and management of illnesses.  Products falling under the license will include the following CBD products: transdermal patches, orally administered extracts, concentrated extracts for vaporizers and inhalers, sublingual and buccal dispensing products and extraction technology, suppository delivery systems, salves, creams, gels, lotions, and liquid extracts, and any products or active ingredients sourced through Phoenix Bio Pharm affiliates or third party suppliers or licensors.  The Company will also have the right to sublicense the rights acquired pursuant to the license agreement and to use and develop copyrighted materials of Phoenix Bio Pharm for marketing and distribution purposes.  

 

In addition to the new license agreement, on July 8, 2015 the Company has authorized into an exchange agreement with Phoenix Bio Pharm where all existing common shares held by Phoenix Bio Pharm (276,000,000) are exchanged for 2,000,000 Series B Preferred Shares, par value $0.0001.  These preferred shares are entitled to 100 votes for each share held, and are convertible into 100 common shares at any time at the discretion of the holder.  

 

Subsequently as the Company has failed to meet projected cash flows which underpin the valuation model of the License Agreement, the Company in conjunction with its auditors determined that the balance of License Agreement should be impaired. Accordingly a total of $14,014,189 was expensed as an impairment to the License Agreement and paid in capital was reduced by $2,282,132.

 

6. Distribution Agreement – Go Kush, Inc.

 

On May 13, 2014, the Company entered into a distribution agreement with GoKush.com (www.gokush.com) that is part of a not-for-profit California Cooperative Corporation that is dedicated to providing safe and legal access to medical marijuana for patients throughout California.  Pursuant to the Agreement, amongst other things, GoKush agreed to become the online ordering platform for the ordering and re-stock of the Company’s products in California for a ten (10) year term and the Company has issued GoKush 200,000 shares of the Company’s restricted common stock valued at $172,000.  The Company will amortize the cost of the Distribution Agreement over the ten year life beginning October 2014 when on-line sales of product commenced.  As of February 28, 2015, the Company has recorded $17,200 of amortization expense related to this distribution agreement.

 

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However the Company was not paid for any sales and as such the Company in conjunction with its auditors determined that there is no value in the distribution agreement. Accordingly an impairment of $141,800 of the distribution agreement has been made and paid-in capital has been reduced by $13,000.

 

7. CannaVest, Inc.

 

On December 23, 2014, the Company entered into a convertible promissory note for $1,200,000 with CannaVest Corp.  The note represents $1,200,000 worth of raw material inventory to be obtained from CannaVest Corp. to use in the Company’s cannabidiol product formulations.  The note accrues simple interest at a rate of 10% per annum and is due and payable in six months from the date of issue.  The note cannot be prepaid.  At any time, the outstanding principal amount of this note and all accrued but unpaid interest under this note can be converted into common shares at a price equal to the lesser of $0.02 per common share, the closing sale price, or the average of the lowest closing sale prices of the Company’s common shares during the five trading day period immediately preceding the date of such determination.  

 

Should the Company default on this convertible promissory note, all outstanding obligations payable by the Company are immediately due and payable.  In addition, CannaVest Corp. may exercise any other right, power or remedy permitted by law.  Further, upon even of default, all unpaid obligations under this note shall bear interest at the rate of 12% per annum.

 

Warrant Agreement

 

In connection with the convertible promissory note dated December 23, 2014, the Company subsequently issued warrants to purchase 20,000,000 common shares at an exercise price of $0.02 per common share to Kisha Spendthrift Trust, an affiliate of CannaVest Corp.  These warrants were issued on January 6, 2015.  In exchange for these warrants, the Company shall have access to the technical and management staff of CannaVest Corp. for the development of products to be manufactured from cannabidiol sourced from CannaVest Corp.  The Company has valued these warrants using the black scholes option pricing model at $197,663 and recorded the expense related to the warrants as stock based compensation.

 

8. MediHoldings, Inc.

 

On March 17, 2014, MediHoldings, Inc. (“MediHoldings”), a Colorado corporation, was formed as a wholly-owned subsidiary of the Company.

 

9. MediSales (CA), Inc.

 

On June 27, 2014, MediSales (CA), Inc. (“MediSales”), a California corporation, was formed as a wholly-owned subsidiary of the Company.

 

10. Discontinued Operations

 

On March 1, 2014, the Company discontinued its prior operations as an oil and gas company and began its operations as a sales and distribution company focused on cannabinoid infused products for the treatment of medical conditions.  The statements for the year ended February 28, 2014 have been adjusted to reflect the accounting treatment related to the discontinued operations.

 

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11. Related Party Transactions

 

Martin Tindall

  

Mr. Martin Tindall, assists the Company with business development activities through the Advisory Services Agreement with Kronos as discussed below.  Mr. Tindall serves as an Executive Director of Kronos.  Mr. Tindall serves as Interim CEO and a Director of Phoenix Pharms Capital Corporation.  Mr. Tindall also serves as a director of Phoenix Bio Pharmaceuticals Corporation.

 

Kronos International Investments Ltd. (“Kronos”)

 

Sublease Agreement:  Effective March 1, 2014, the Company entered into a Sublease Agreement with Kronos International Investments, Ltd for a four (4) year term.  The monthly sublease rent is $2,500 per month.  During the year ended February 28, 2015, the Company paid Kronos $22,500 in rent expense, and paid security deposit of $1,250.

 

Advisory Services: Effective March 1, 2014, the Company engaged Kronos to provide Advisory Services for a monthly retainer fee of $10,000 per month.  The advisory services include and are not limited to accounting and corporate compliance, business development and strategic planning services, corporate advisory and operational oversight.   Between March 1, 2014 and February 28, 2015, expenses related to the Advisory Services totaled $120,000.

 

Phoenix Bio Pharmaceuticals, Inc. (“Phoenix Bio Pharm”)

 

License Agreement:  On March 14, 2014, the Company entered into a License Agreement with Phoenix Bio Pharm where it has granted exclusive rights to the Company for North America to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm for certain medical cannabinoid products and delivery systems for the treatment and management of illnesses.  The term of the License Agreement is Ten (10) years.  In consideration of the acquired license, the Company issued 26,000,000 shares of common stock to Phoenix Bio Pharm, valued at $13,000,000 based on a discounted cash flow model and the fair value of the assets acquired in the license agreement. The Company will amortize the cost of the License Agreement over the ten year life.  As of February 28, 2015, the Company has recorded $1,300,000 of amortization expense related to this agreement. As of February 28, 2015, the Company has evaluated the value of the license agreement and has recorded an impairment loss in the amount of $6,500,000 reducing the book value of the license agreement to $6,500,000.

 

On January 5, 2015, the Company entered into an additional license agreement with Phoenix Bio Pharmaceuticals Corporation to expand the territories covered under its original license agreement dated March 14, 2014.  Under the terms of the additional license agreement, the Company acquired the marketing rights to distribute products developed by Phoenix Bio Pharmaceuticals Corporation in Australia and New Zealand for ten years.  In exchange for the license, the Company has issued 250,000,000 restricted common shares at $0.016 per common share, for an aggregate value of $4,000,000.  This amount represents 33% over the market value on the date of execution of the license agreement.  The Company will begin to amortize the value of the license agreement upon the first sale in one of the two countries covered by the license, and will continue to amortize over the life of the license agreement.  On February 28, 2015, the Company has evaluated the value of the license agreement and has recorded an impairment loss in the amount of $2,000,000 reducing the book value of the license to $2,000,000.

 

On July 8, 2015, the Company agreed to enter into a new licensing agreement with Phoenix Bio Pharmaceuticals Corporation. This new agreement shall replace the previous licensing agreements. The new licensing agreement shall be a non-exclusive, CBD only licensing agreement with Phoenix Bio Pharmaceuticals Corporation.  This license agreement operates for a twenty (20) year period.  Phoenix Bio Pharm has granted to the Company a license for the territory of North America, Australia and New Zealand to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm related to CBD based cannabinoid products and delivery systems for the treatment and management of illnesses.  Products falling under the license will include the following CBD products: transdermal patches, orally administered extracts, concentrated extracts for vaporizers and inhalers, sublingual and buccal dispensing products and extraction technology, suppository delivery systems, salves, creams, gels, lotions, and liquid extracts, and any products or active ingredients sourced through Phoenix Bio Pharm affiliates or third party suppliers or licensors.  The Company will also have the right to sublicense the rights acquired pursuant to the license agreement and to use and develop copyrighted materials of Phoenix Bio Pharm for marketing and distribution purposes.  

 

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In addition to the new license agreement, on July 8, 2015 the Company has authorized into an exchange agreement with Phoenix Bio Pharm where all existing common shares held by Phoenix Bio Pharm (276,000,000) are exchanged for 2,000,000 Series B Preferred Shares, par value $0.0001.  These preferred shares are entitled to 100 votes for each share held, and are convertible into 100 common shares at any time at the discretion of the holder.  

 

Related Party Loan:  Between March 1, 2014 and February 28, 2015, the Company has advanced Phoenix Bio Pharm in the form of a loan in the amount of $197,860. These transactions were originally recorded as prepayment on inventory and have subsequently been reclassified as loans.

 

Product Development - Between March 1, 2014 and February 28, 2015, the Company has recorded product development expenses paid to Phoenix Bio Pharm totaling $15,000.

 

Phoenix Pharms Capital Corporation (“Phoenix Pharms”)

 

Loan Funding:  From time to time, Phoenix Pharms has loaned the Company short term loans to cover its working capital needs.  Between March 1, 2014 and February 28, 2015, Phoenix Pharms advanced the Company $10,029.  As of February 28, 2015, this loan was paid in full.

 

Expense pass-through:  The Company and Phoenix Pharms share pro-rata in certain expenses for shared resources, typically for shared travel and consulting services.  Between March 1, 2014 and February 28, 2015, Phoenix Pharms invoiced pass through expenses to the Company totaling $30,421.   At February 28, 2015, the Company has applied the outstanding balance of $10,525 of pass through expenses against the related party loan as discussed below.

 

Related Party Loan:  On September 18, 2014, the Company advanced Phoenix Pharms a total of $85,000 as a short term loan.  The loan bears a simple interest rate of 8% and was due and payable on November 30, 2014.  As of February 28, 2015, the Company has received principal payments totaling $26,425 including cash payment of $15,900, and expense offset $10,525.  As of February 28, 2015, accrued interest on this loan is $2,687.  As of February 28, 2015, the outstanding balance due the Company on this related party loan is $61,262

 

New Product Development Agreement:  On October 23, 2014, the Company entered into a New Product Development Agreement (the “NPD Agreement”) with Phoenix Pharms for use of Phoenix Pharms’ expertise in identifying new product business development opportunities related to expanding the Company’s product offerings.  The NPD Agreement is for a period of four months at $16,000 per month.  As of February 28, 2015, the Company had paid $64,000 towards the NPD Agreement and has no further obligations under the NPD Agreement.

 

Russell Stone:  Mr. Russell Stone, the Company’s Chief Operating Officer, holds less than 5% of the outstanding common shares of Phoenix Pharms Capital Corporation indirectly through a trust.

 

Lewis “Spike” Humer:

 

Mr. Humer is the interim Chief Executive Officer and a director of the Company. Mr. Humer is a director of Phoenix Pharms Capital Corporation and Phoenix Bio Pharmaceuticals Corporation. Previously, Mr. Humer served as CEO of Phoenix Bio Pharmaceuticals and CEO of Phoenix Pharms Capital Corporation. As of August 2014, the Company began paying Mr. Humer a consulting fee of $1,500 per week.  As of February 28, 2015, the Company has paid Mr. Humer $15,000 and has accrued a related party payable to Mr. Humer of $61,760.

 

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12. Common Stock

 

The Company has authorized 1,000,000,000 shares of its common stock, $0.001 par value.  On February 28, 2015, there were 361,322,812 shares of common stock issued and outstanding 53,000,000 shares of common stock reserved for issuance.  Effective August 23, 2013, the Company filed a Certificate of Change with the Nevada Secretary of State to give effect to a forward split of our authorized, issued and outstanding shares of common stock on a 10 new for 1 old basis and, consequently, an increase to our authorized share capital from 100,000,000 to 1,000,000,000 common shares, with a par value of $0.001 per share.

 

On February 27, 2014, the Company issued 5,000,000 shares to its Chief Executive Officer, who agreed to retire the 5,000,000 common shares and return them to the unissued, authorized common shares of the Company in exchange for a stock option.

 

On March 13, 2014, the Company issued 200,000 shares of its restricted common stock to GoKush, Inc. as described in Note 5.  On July 1, 2014, these restricted shares were issued.

 

On March 14, 2014, the Company issued 26,000,000 shares of its restricted common stock to Phoenix Bio Pharm as described in Note 5. On July 1, 2014, these restricted shares were issued.

 

On January 23, 2015, the Company issued 250,000,000 shares of its restricted common stock to Phoenix Bio Pharm as described in Note 5.

 

During the year ended February 28, 2015, the Company sold 440,330 shares of its restricted common stock to accredited investors for consideration for proceeds of $375,925.  

 

On December 9, 2014, the Company issued 5,000,000 shares of its common stock as compensation under two consulting agreements, each for one-year of marketing services. The Company values the issuance of shares at $119,666, which will be amortized over the twelve months beginning November 2014 to October 2015.

 

On December 16, 2014, the Company issued 6,666,667 shares of its common stock to YP Holdings for $600,000 under a Securities Purchase Agreement as discussed below.

 

Between January 15, 2015 and February 28, 2015, the Company issued 10,015,845 shares of common stock to Typenex from the conversion of a total principal amount of $38,500 under a Convertible Notes Agreement as discussed in Note 14 below.

 

13. Common Stock Options

 

2014 Stock Awards Plan:  Effective June 4, 2014, the Board of Directors adopted the 2014 Stock Awards Plan (the “Plan”) under which the Company is authorized to grant employees, directors, and consultants (“Participant”) incentive and non-qualified stock options.  Pursuant to the Plan, the Company is authorized to grant an aggregate of 10,000,000 stock options to purchase common stock of the Company.  The stock option price and vesting terms are determined by the Board of Directors or Compensation Committee (the “Committee”), and evidenced by a stock option agreement extended to the Participant.  The options granted generally terminate five years from the date of issuance.

 

Effective February 27, 2014, the Company’s former CEO and Director was granted incentive stock options to purchase 5,000,000 common shares of the Company at $0.34 per common share valued at $551,363.   Immediately upon the grant of the option, options to purchase 2,500,000 common shares vested.  The option to purchase the remaining 2,500,000 common shares shall vest in equal amounts over the next three years ending February 27, 2017.  As of February 18, 2015, the unvested options totaling 2,500,000 were cancelled upon resignation by the holder.  The remaining 2,500,000 vested options are exercisable until February 17, 2016.

  

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The following table describes stock options outstanding and exercisable at February 28, 2015:

 

Options Outstanding and Exercisable

      Options Outstanding     Options Exercisable 
 Range of Exercise Prices    Number    Price    Life    Number    Price    Life 
                                 
$0.34    2,500,000   $0.34    5    2,500,000   $0.34    5 
      5,000,000              2,500,000           

 

14. Convertible Promissory Note

 

On June 24, 2014, the Company entered into a securities purchase agreement with Typenex Co-Investment, LLC, a Utah limited liability company.  Under this agreement, the Company has issued a secured convertible promissory note in the original principal amount of $1,105,000, deliverable in eleven tranches (the “Typenex Note”).  On the closing date, Typenex delivered the initial cash purchase price of $150,000, plus any interest, costs, fees or charges accrued under the Typenex Note, including the original issue discount of $20,000.  The outstanding principal and accrued and unpaid interest on the Typenex Note is convertible at any time into shares of common stock at a conversion price of $1.00, subject to adjustment as described below (the “Lender Conversion Price”).  As of June 24, 2014, the Company evaluated the Beneficial Conversion Feature under this note and determined as of June 24, 2014, there was no beneficial conversion feature as the Lender Conversion Price exceeded the fair market value of the Company’s common stock.

 

As of November 30, 2014, the company has received net proceeds of $135,000 related to this convertible promissory note, representing $150,000 less financing costs of $15,000.  During the nine months ended November 30, 2014 the Company has recorded interest expense of $7,725, and amortization expense of $554,413 related to the amortization of the original issue discount and the full-value of the warrant discussed below ($552,500).

 

Each subsequent tranche will be in the amount of $85,000, plus any interest, costs, fees or charges accrued thereon under the terms of the Typenex Note, including the original issuer discount of $8,500.  Each tranche will be accompanied by its own secured investor note (the “Investor Notes”).  The Company has agreed to pay $5,000 to cover Typenex’s legal fees, accounting costs, due diligence, monitoring and other transaction costs in connection with the purchase and sale of the Typenex Note.  All loans received bear an interest rate of 10% per annum.  The loan is due 23 months after the initial cash purchase price is delivered to the Company.  Typenex has pledged a 40% membership interest in Typenex Medical, LLC to secure its obligations under all of the Typenex Notes.

 

A warrant to purchase shares of the Company has been issued to Typenex as of June 24, 2014.  This warrant grants Typenex the ability to purchase a number of fully paid and non-assessable shares of the Company’s stock, par value $0.001, equal to $552,500 divided by the market price.  This warrant is issued pursuant to the terms of the securities purchase agreement as described above.

 

Provided there is an outstanding balance, the Company will pay an installment amount equal to $61,389 plus any accrued and unpaid interest on the installment due date, which is six months after the initial loan disbursement.  This installment amount is the maximum that must be paid on any given installment due date, and is limited by the amounts owed.  This amount can be converted at the lesser of either the lender conversion price or at 70% of the average of the three lowest closing bid prices in the 20 trading days immediately preceding the applicable conversion.  Should the average trading price be less than $0.35 during any such period, then the conversion factor will be reduced to 65% for all future conversion, additionally the conversion price will be reduced by 5% if the Company’s common stock is not available for DWAC.  Should the Company decide to prepay this amount, there is a prepayment premium equal to 125% of the outstanding balance of the Typenex Note.  Should the prepayment premium not be paid within 2 days of the prepayment notice, the Company forfeits its right to prepay the Typenex Note.

 

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Under this agreement, Typenex has the right at any time after the purchase price date until the outstanding balance has been paid in full to convert any or all of the outstanding balance into shares of the Company’s common stock under the following formula: the number of shares issued equals the amount being converted divided by $1.  These shares must be delivered to Typenex within three trading days of the conversion notice being given to the Company.  Should any shares be sold to Typenex or any third party at a value that is less than the effective lender conversion price, then the lender conversion price will be reduced to equal such lower issuance price.  The effective lender conversion price will also be adjusted as needed upon any forward or reverse split of the Company’s shares.  Should the Company fail to deliver the shares in a timely manner, a late fee of the greater of $500 per day and 2% of the applicable lender conversion share value rounded to the nearest multiple of $100 will be assed for each day after the third that the Company is late (though not exceeding 200% of the applicable lender conversion share value.

 

In the event of a default, the Typenex Note may be accelerated by Typenex by providing written notice to the Company.  The outstanding balance is immediately due and payable at the greater of the outstanding balance divided by the installment conversion price, or the default effect, which is calculated by multiplying the conversion eligible outstanding balance by 15% for each major default or 5% for each minor default and then adding the resulting product to the outstanding balance as of the date of default.  In addition, an interest rate of the lesser of 22% per annum (or the maximum rate permitted under law) will be applied to the outstanding balance.  Typenex is prohibited from owning more than 4.99% of the Company’s outstanding shares, unless the market capitalization of the Company’s common stock is less than $10,000,000, in which case Typenex is prohibited from owning more than 9.99% of the Company’s outstanding shares.

 

On a date that is 23 trading days from each date that the Company delivers conversion shares to Typenex, there is a true-up date in which the Company will deliver additional shares if the installment conversion price on that date is less than the installment conversion price used in the applicable installment notice.  These additional shares will be equal to the difference between the number of shares that would be delivered to Typenex at the time of the true-up date and the amount originally delivered.\

 

Notice of Default – on January 9, 2015, the Company received a Notice of Default from Typenex under the Convertible Promissory Note described in Note 12 above.  In the letter, the noteholder described two major defaults where the Company failed to meet its obligations under the Typenex Note.  The first default was triggered on December 16, 2014 related to a request from the noteholder to increase the number of shares reserved for issuance under the Typenex Note on the books of the Company’s transfer agent.  The second default was triggered on December 27, 2014, when the Company failed to make its first installment payment of $61,888.89 according to the terms of the Typenex Note.  Each default triggered a penalty of 115% of the then outstanding principal and accrued and unpaid interest and triggers the interest rate to 22%. As of January 9, 2015, the outstanding principal, accrued interest and accrued penalties on the Typenex Note was $239,483.61.  On January 23, 2015, the Company satisfied its first default by instructing its transfer agent to reserve a total of 50,925,000 shares of common stock covering the potential conversion of the original principal value of the Typenex Note ($1,100,000) plus common shares issuable upon the exercise of warrants underlying the Typenex Note.  On February 12, 2015, the Company received a notice from Typenex waiving the penalties on the December 16, 2014 default and waived $26,755.16 of penalies imposed on December 16, 2014.  Under the terms of the Typenex Note, the Lenders Conversion Price will reset to 60% of the average of the three lowest closing bid prices of the Company’s common stock in the 20 days prior to conversion.  As of December 16, 2014, the Company has re-evaluated the beneficial conversion feature under the Typenex Note and has recorded a liability for the beneficial conversion feature totaling $230,392.  This discount will be amortized over the remaining life of the Typenex Note.

 

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On February 3, 2015, the Company exercised its borrower offset right under the Typenex Note.  Through this offset right, the Company is entitled to deduct and offset any amount owing by Typenex under the initial securities purchase agreement dated June 24, 2014 from any amount owed by the Company under the note.  The combined balance of the secured investor notes and the investor notes as of the January 28, 2015 offset date was $890,800.  In addition, the note balance prior to the offset included $85,000 of unearned original issue discounts.

 

In conjunction with the Company’s exercise of its offset right, the Company and Typenex each hereby acknowledge that the secured investor notes and the investor notes were offset against the Company balances owed under the note as of the offset date, and as a result thereof, each of the secured investor notes and the investor notes is deemed to have been paid in full and are now cancelled and terminated and the Company balance owed under the note has been reduced to $218,028 as of the offset date.  Additionally, the Company specifically acknowledges that Typenex has no further obligations under any of the secured investor notes and investor notes.

 

Further, the Company acknowledges that the investor pledge agreement, dated June 24, 2014, and all security interests granted thereunder with respect to the collateral (as defined in the investor pledge agreement have terminated and all such security interests shall be deemed released.

 

Notice of Conversion – Between January 15, 2015 and February 28, 2015, the Company has received conversion notices from its noteholder on the Typenex Note to convert principal on the Typenex Note into shares of the Company’s Common Stock at a market price as defined by the Typenex Note.  The table below lists the conversion activity and the shares of common stock issued pursuant to each conversion:

 

Date of Notice

 

Principal

 

Market

Price*

 

Common

Stock issued

 January 15, 2015   $20,000   $0.00712    2,808,989 
 February 5, 2015   $18,500   $0.00257    7,206,856 
 Total   $38,500         10,015,845 

 

*Market Price as defined by the Typenex Note

 

15. Promissory Note

 

On August 29, 2014, the company entered into a Promissory Note with YP Holdings, LLC for gross proceeds $100,000 as an advance towards the Securities Purchase Agreement dated September 17, 2014 described in Note 13 (the “YP Note”).  The YP Note matures in 60-days and bears interest of 12% per annum.  During the nine months ended November 30, 2014, the Company recorded $18,000 in financing fees related to the YP Note.  On September 17, 2014, the YP Note converted to equity in connection with the Securities Purchase Agreement dated September 17, 2014 as discussed below.  The Company has no further obligation under the YP Note.

 

16. Securities Purchase Agreement

 

On September 17, 2014, the Company entered into a securities purchase agreement with YP Holdings, LLC.  YP Holdings, LLC has no material relationship with the Company other than with respect to this agreement.

 

Under this agreement, the purchasers will be purchasing units of one common share and two warrants to purchase common shares for $0.09 per unit, for a total of $600,000.  The common shares have a par value of $0.001 per share.  The warrants are exercisable for five years from the date of issuance and shall have an initial exercise price equal to $0.20.  As a result of this agreement, the Company will issue 6,666,667 common shares and 13,333,334 warrants to the purchasers.  On August 29, 2014 and September 17, 2014, the Company received gross proceeds of $100,000 and $500,000, respectively and has recorded financing fees of $18,000 and $52,000, related to this agreement.  The Company has valued these warrants using the Black Scholes option pricing model and has recorded expense related to the issuance of these warrants totaling $552,500 during the year ended February 28, 2015.

 

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The warrants can be exercised by paying the price for shares as stipulated by the warrant, or through cashless exercise, through which the purchaser will be issued a number of shares equal to the number of warrant shares applied to the subject exercise multiplied by the current market price on the date of conversion minus the exercise price on that date.  This total is then divided by the current market price on the date of conversion.  The cashless exercise may only be exercised after six months have passed from the original issuance of the warrants.

 

The purchaser has waived the clause prohibiting conversion of warrants into common shares if that would result in the purchaser owning in excess of 4.99% of the outstanding shares.  A second clause prohibits the conversion of warrants if the purchaser owns in excess of 9.99% of the outstanding common shares.  This clause can be waived by the purchaser providing notice of waiver.

 

The Company has agreed to pay a flat $20,000 to YP Holdings, LLC to reimburse them for the fees and expenses incurred by it in connection with its due diligence review of the Company and the preparation, negotiation, executive, delivery and performance of the agreement.

 

The two parties also entered into a registration rights agreement.  Under this agreement, the Company will prepare and file a registration statement on Form S-1 in order to register all shares issued under the securities purchase agreement.  The Company will keep the registration statement continuously effective for a period of two years following the effective date of the registration statement.  The Company will pay all reasonable fees and expenses incurred with respect to this agreement.  Unless previously agreed to in writing, the Company may not register any shares other than those intended to be sold under this agreement.

 

Should the Company fail to comply with the registration rights agreement, the Company agrees to pay liquidated damages to YP Holdings, LLC equal to 3% of the purchase price of the common shares paid by the purchaser for the first 30 day period, and 2% of such purchase price for each subsequent 30 day period.  These payments are payable upon demand in cash.

 

Pursuant to the registration rights agreement, the Company agreed to several lock-up agreements between itself and four shareholders of the Company: Phoenix Bio Pharmaceuticals Corporation, Ronald Lusk, Lewis Humer, and Caduceus Industries LLC.  Under these agreements, each shareholder has agreed that they will not offer, pledge, sell, contract to sell, grant any options for sale or transfer, distribute or dispose of, directly or indirectly, any shares of the Company for a 90 day period following the date that the registration statement is declared effective.

 

Additionally, on September 16, 2014, the Company issued warrants to purchase 533,333 common shares to consultants for services rendered.  The warrants expire five years from the date of issuance and are exercisable for $0.20 per share.  The Company has valued these warrants using the Black Scholes option pricing model and has recorded expense related to the issuance of these warrants totaling $104,578 during the year ended February 28, 2015.

 

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17. Corrections to Prior Financials As Filed

 

Due to a change in auditors and a subsequent review of the accounting treatment surrounding the Typenex Notes, there were corrections of expenses related to the Derivative Liability and Beneficial Conversion Feature recorded on the Typenex Notes for the year ended February 28, 2015. In addition, the carrying value of a Licence Agreement with Phoenix Bio Pharma and the Distribution agreement with Go Kush, Inc was written back to zero. The table below for the shows the effects on Net loss, earnings per share, and accumulated deficit for each of the periods.

 

Item Period Net Loss Earnings Per Share Accumulated Deficit
Typenex Note Year Ended February 28, 2015 205,522 (0.00) 205,522
Phoenix Bio Pharma Year Ended February 28, 2015 5,514,189 (0.05) 7,166,667
Go Kush, Inc Year Ended February 28, 2015 141,800 (0.00) 154,800
Accounts Payable Year Ended February 28, 2015 157,167 (0.00) 165,000
Amendment to Amortisation Year Ended February 28, 2015 (642,654)    
Total Year Ended February 28, 2015 5,376,024 (0.06) 7,691,989

 

18. Subsequent Events

 

Notice of Conversion – Between March 1, 2015 and July 30, 2015, the Company has received conversion notices from its noteholder on the Typenex Note to convert principal on the Typenex Note into shares of the Company’s Common Stock at a market price as defined by the Typenex Note.  Additionally, the Company has issued shares pursuant to the true up provisions as defined in the Typenex Note.  The table below lists the conversion activity and the shares of common stock issued pursuant to each conversion and shares issued:

 

Date of Notice   Principal   Market Price*   Conversion Shares   True Up Shares   Total Shares Issued 
March 2, 2015   $14,000   $0.001393    10,050,257    —    10,050,251 
March 31, 2015    —    —    —    22,045,006    22,045,006 
May 14, 2015   $15,000   $0.000715    20,979,021    9,530,169    30,509,109 
Total   $29,000         31,029,272    31,575,175    62,604,447 

 

*Market Price as defined by the Typenex Note

 

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Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

On May 21, 2014, Goldman Accounting Services CPA, PLLC, the independent registered principal accountants of the Company resigned.   The Company’s board of directors participated in and approved the decision to change independent registered public accounting firms pursuant to this resignation.

 

During the period from May 28, 2013, the date of engagement, to May 21, 2014, the date of resignation, there were no disagreements with Goldman Accounting Services CPA, PLLC, which were not resolved on any matter concerning accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Goldman Accounting Services CPA, PLLC, would have caused it to make reference to the subject matter of the disagreements in connection with its reports.  The reports of Goldman Accounting Services CPA, PLLC regarding the Company’s balance sheets as of February 28, 2013 and February 29, 2012 and the statements of operations, stockholders’ deficit and cash flows for the years then ended did not provide an adverse opinion or disclaimer of opinion to our financial statements, nor modify its opinion as to uncertainty, audit scope or accounting principles.  The reports of Goldman Accounting Services CPA, PLLC however stated that there is substantial doubt about the Company’s ability to continue as a going concern. Further there were no other reportable events, as contemplated by Item 304(a)(1)(v) of Regulation S-K, during the two most recent fiscal years and the interim period up to the date of termination.

 

We provided Goldman Accounting Services CPA, PLLC, with a copy of this disclosure before its filing with the SEC.  We requested that Goldman Accounting Services CPA, PLLC, provide us with a letter addressed to the SEC stating whether or not it agrees with the above statements.  The letter of Goldman Accounting Services CPA, PLLC, is incorporated into this report as Exhibit 16.1.

 

On May 22, 2014, our board of directors approved and authorized the engagement of DKM Certified Public Accountants as our independent public accountants.

 

Prior to engaging DKM Certified Public Accountants on May 22, 2014, DKM Certified Public Accountants did not provide the Company with either written or oral advice that was an important factor considered by Company in reaching a decision to change our independent registered public accounting firm from Goldman Accounting Services CPA, PLLC to DKM Certified Public Accountants.

 

Item 9A.  Controls and Procedures

 

Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principal accounting officer), as appropriate to allow timely decisions regarding required disclosure.

 

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We carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principal accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures as of February 28, 2015. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, our chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principal accounting officer) concluded that our disclosure controls and procedures were not effective.

 

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rule 13a-15(f).   The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Under the supervision and with the participation of management, including the chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principal accounting officer), the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of February 28, 2015 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).  

 

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.   In its assessment of the effectiveness of internal control over financial reporting as of February 28, 2013, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

 

1.  We do not have an Audit Committee – While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the board of directors acts in the capacity of the audit committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.  

 

2.  We did not maintain appropriate cash controls – As of February 28, 2015, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company’s bank accounts.  Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts.

 

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3.  We did not implement appropriate information technology controls – As at February 28, 2015, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of the data in the event of theft, misplacement, or loss due to unmitigated factors.  

 

4.  We did not have any internal personnel who have knowledge of United States Generally Accepted Accounting Principles.  However, we have hired an outsourced accounting firm to ensure transactions are recorded in accordance with generally accepted accounting principles.

 

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the Company’s internal controls.

 

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of February 28, 2015 based on criteria established in Internal Control—Integrated Framework issued by COSO. 

 

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of February 28, 2015, that occurred during our fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.  

 

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the SEC that permit the Company to provide only management’s report in this annual report.

 

Continuing Remediation Efforts to address deficiencies in the Company’s Internal Control over Financial Reporting

Once the Company is engaged in a business of merit and has sufficient personnel available, then our board of Directors, in particular and in connection with the aforementioned deficiencies, will establish the following remediation measures:

 

1. Our board of directors will nominate an audit committee or a financial expert on our board of directors in during the fiscal year ended February 29, 2016.

 

2. We will appoint additional personnel to assist with the preparation of the Company’s monthly financial reporting, including preparation of the monthly bank reconciliations.

 

Item 9B.  Other Information

 

None.

 

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PART III

 

Item 10.  Directors and Executive Officers and Corporate Governance

 

Directors and Executive Officers

All directors of the Company hold office until the next annual meeting of the shareholders or until their successors have been elected and qualified. The officers of the Company are appointed by our board of directors and hold office until their death, resignation or removal from office. Our directors and executive officers, their ages, positions held, and duration as such, are as follows:

 

Name Age Position held with the Company Term of Office
Lewis “Spike” Humer 56 Interim Chief Executive Officer July 8, 2015 through present
    Director April 25, 2014 through present
       
Russel Stone 40 Former Chief Executive Officer September 17th, 2014 through July 8, 2015
    Chief Operating Officer May 12th  2014 through present
    Interim Chief Financial Officer October 20, 2014 through July 8, 2015
    Director September 17, 2014 through present

 

The board of directors has no nominating, audit or compensation committee at this time.

 

Business Experience

The following is a brief account of the education and business experience during at least the past five years of each director, executive officer and key employee of the Company, indicating the person’s principal occupation during that period, and the name and principal business of the organization in which such occupation and employment were carried out.

 

Lewis “Spike” Humer – Age 56.  Interim Chief Executive Officer, Director.  On July 8, 2015, Mr. Humer was appointed as the interim Chief Executive Officer.  On April 25, 2014, Mr. Humer was appointed as a director of the Company and appointed Chairman of the Board to serve until the Company’s next annual meeting.   Since February 2014, Mr. Humer serves as Chief Executive Officer and a director of Phoenix Pharms Capital Corporation, Chief Executive Officer and a director of Phoenix Bio-Pharmaceuticals, and a director of Phoenix Pharms, Inc.  From 2004 to joining the Phoenix family of companies, Mr. Humer has provided services as an independent keynote speaker, professional trainer, organizational consultant, seminar leader and program facilitator.

 

Russell G. Stone – Age 41, Chief Operating Officer, Former Chief Executive Officer, Interim Chief Financial Officer, Interim Controller and Director.  On May 12, 2014, Russell G. Stone was appointed as the Company’s Chief Operating Officer.  On September 17, 2014, Mr. Stone was appointed Chief Executive Officer and a Director.  On October 20, 2014, Mr. Stone was appointed interim Chief Financial Officer and Controller.  On July 8, 2015, Mr. Stone resigned from his position as interim Chief Executive Officer, but he is remaining on as Chief Operating Officer and director.  From June 2011 to August 2013, Mr. Stone was president of Finiti Branding Group, LLC a company that he co-founded.   FBG was a privately held company established to take advantage of the rapidly growing electronic cigarette industry.  In addition to being president of FBG, Mr. Stone held numerous positions at FBG, such as vice president of FBG’s supply chain and vice president of business insight management.  Mr. Stone held these positions until FBG was acquired by Victory Electronic Cigarettes in February 2014.

 

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Since 2002, Mr. Stone has been a managing member and principal of Stone Financial Group, LLC, Jo-Bar Enterprises, LLC, and Stone Brothers Capital LLC. Those entities are in the businesses of participating in a diversified array of investment offerings that include, but are not limited to, lending, hospitality, real estate, medical, technology, and the secondary life insurance market. Mr. Stone’s responsibilities within the companies include investor and broker relations, portfolio analysis, and management

 

Identification of Significant Employees

We have no significant employees, other than Lewis “Spike” Humer, our interim Chief Executive Officer and director, and Russell G. Stone, our chief operating officer, former chief executive officer, interim chief financial officer, controller and director.

 

Family Relationship

There are no family relationships between any of our directors, executive officers and proposed directors or executive officers.

 

Involvement in Certain Legal Proceedings

To the best of our knowledge, none of our directors or executive officers has, during the past ten years:

 

1.  been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offences);

 

2.  had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;  

 

3.  been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

 

4.  been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

 

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5.  been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

 

6.  been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26)), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29)), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

 

Code of Ethics

Our board of directors has not adopted a code of ethics due to the fact that we presently only have three directors and we are in the development stage of our operations. We anticipate that we will adopt a code of ethics when we increase either the number of our directors and officers or the number of our employees.

 

Compliance with Section 16(a) of the Securities Exchange Act of 1934

Our common stock is not registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Accordingly, our officers, directors, and principal stockholders are not subject to the beneficial ownership reporting requirements of Section 16(a) of the Exchange Act.

 

Indemnification

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company as provided in the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

 

In the event that a claim for indemnification against such liabilities, other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding, is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

 

INDEMNIFICATION OF OFFICERS OR PERSONS CONTROLLING THE COMPANY FOR LIABILITIES ARISING UNDER THE SECURITIES ACT OF 1933, IS HELD TO BE AGAINST PUBLIC POLICY BY THE SECURITIES AND EXCHANGE COMMISSION AND IS THEREFORE UNENFORCEABLE.

 

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Item 11.  Executive Compensation

 

The particulars of the compensation paid to the following persons:

 (a)  principal executive officer;

 (b)  each of our two most highly compensated executive officers who were serving as executive officers at the end of the years our ended February 28, 2015 and February 28, 2014; and

 (c)  up to two additional individuals for whom disclosure would have been provided under (b) but for the fact that the individual was not serving as our executive officer at the end of the years ended February 28, 2015 and February 28, 2014, who we will collectively refer to as the named executive officers of the Company, are set out in the following summary compensation table, except that no disclosure is provided for any named executive officer, other than our principal executive officers, whose total compensation did not exceed $100,000 for the respective fiscal year:

 

Name and Principal Position  Year  Salary
($)		  Bonus
($)		  Stock
Awards
($)		  Option
Awards
($)		  Non-Equity
Incentive Plan
Compensation
($)		  Change in
Pension Value
and
Nonqualified
Deferred
Compensation
Earnings
($)		  All Other
Compensation
($)		  Total
($)
Lewis “Spike” Humer  2015  200,000  —  —  —  —  —  —  —
Interim CEO, Director  2014  N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A
Russell Stone  2015  250,000  —  —  —  —  —  —  —
COO, former CEO, interim CFO, director (1)  2014  N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A
Ronald Lusk (2)  2015  33,009  —  —  —  —  —  —  33,009
Former President, CEO, CFO, Treasurer.  Former Director  2014  N/A  N/A  N/A  551,563  N/A  N/A  N/A  551,563
Irma N. Colón-Alonso (3)  2015  N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A
Former President, CEO, CFO, Secretary, Treasurer and Director  2014  20,685  —  —  —  —  —  —  20,685

 

(1) Lewis “Spike” Humer was appointed as Interim CEO of the Company on July 8, 2015.

(2) Russell Stone was appointed as an officer on September 17, 2014.  Mr. Stone resigned as CEO on July 8, 2015.  He remains the COO, interim CFO, Controller, and Director of the Company.

(3) Ronald Lusk resigned as an officer effective September 17, 2014, and resigned as a director as of February 18, 2015.

(4) Irma N. Colón-Alonso resigned as an officer and director effective February 27, 2014.

 

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Narrative Disclosure to Summary Compensation Table

Other than described below, there are no employment contracts, compensatory plans or arrangements, including payments to be received from the Company with respect to any executive officer, that would result in payments to such person because of his or her resignation, retirement or other termination of employment with the Company, or its subsidiaries, any change in control, or a change in the person’s responsibilities following a change in control of the Company.

 

Lusk Option.  In consideration of Mr. Lusk acting as an officer of the Company, we agreed to issue 5,000,000 common shares to Mr. Lusk.   Subsequently, the Company and Mr. Lusk agreed to unwind the stock issuance.  Mr. Lusk agreed to retire the 5,000,000 common shares and return them to the unissued, authorized common shares of the Company.  Effective February 27, 2014, Mr. Lusk was granted incentive stock options to purchase 5,000,000 common shares of the Company at $.34 per common share valued at $551,363.   Immediately upon the grant of the option, options to purchase 2,500,000 common shares vested.  The option to purchase the remaining 2,500,000 common shares shall vest in equal amounts over the next three years, ending February 27, 2017.  On February 18, 2015, Mr. Lusk resigned from his appointment as a director of the Company, upon resignation the remaining unvested options totaling 2,500,000 were cancelled, and 2,500,000 are exercisable from a year from termination.

 

Lusk Employment Agreement.  Effective as of March 16, 2014, the Company entered into an employment agreement with Ron Lusk, an officer and director of the Company.  The term of the agreement is for five years and included among other things payment of a base salary of $108,000 for five years and an annual car allowance of $9,000.  On September 17, 2014, Mr. Lusk resigned as an officer of the Company, and the employment agreement was terminated. The Company has no further obligation to Mr. Lusk under the employment agreement.

 

Stock Option Plan

On June 9, 2014, the board of directors approved the 2014 Stock Awards Plan pursuant to which up to 10,000,000 common shares are authorized for issuance.

 

Stock Options/SAR Grants

Effective February 27, 2014, Mr. Lusk was granted incentive stock options to purchase 5,000,000 common shares of the Company at $.34 per common share valued at $551,363.   Immediately upon the grant of the option, options to purchase 2,500,000 common shares vested.  The option to purchase the remaining 2,500,000 common shares shall vest in equal amounts over the next three years ending February 27, 2017.  On February 18, 2015, Mr. Lusk resigned his position as a director of the Company, all unvested options were immediately cancelled, and the vested options are exercisable for one year from the date of termination.

 

 46

 

 

Outstanding Equity Awards at Fiscal Year End

The following table describes stock options outstanding and exercisable at February 28, 2015:

 

Options Outstanding and Exercisable

 

    Options Outstanding   Options Exercisable 
Range of Exercise Prices   Number   Price   Life   Number   Price   Life 
                          
$0.34    2,500,000(1)  $0.34    5    2,500,000(1)  $0.34    1 
      5,000,000              2,500,000           

 

(1) Represents options owned by Ronald Lusk.

 

Option Exercises

During our fiscal year ended February 28, 2015 there were no options exercised by our named officers.

 

Compensation of Directors

We do not have any agreements for compensating our directors for their services in their capacity as directors, although such directors are expected in the future to receive stock options to purchase shares of our common stock as awarded by our board of directors.

 

We have determined that none of our directors are independent directors, as that term is used in Item 7(d)(3)(iv)(B) of Schedule 14A under the Securities Exchange Act of 1934, as amended, and as defined by Rule 4200(a)(15) of the NASDAQ Marketplace Rules.

 

Pension, Retirement or Similar Benefit Plans

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. We have no material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of the board of directors or a committee thereof.

 

Indebtedness of Directors, Senior Officers, Executive Officers and Other Management

None of our directors or executive officers or any associate or affiliate of our company during the last two fiscal years, is or has been indebted to our company by way of guarantee, support agreement, letter of credit or other similar agreement or understanding currently outstanding.  

 

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

Security Ownership of Management

The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of July 24, 2015, by: (i) each of our directors; (ii) each of our named executive officers; and (iii) each person or group known by us to beneficially own more than 5% of our outstanding common shares.  Unless otherwise indicated, the shareholders listed below possess sole voting and investment power with respect to the shares they own.

 

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Name and Address of Beneficial Owner  Amount and Nature of
Beneficial
Ownership(1)
(#)		  Percent of
Class(2)
(%)		 
Russell G. Stone (3)  0 Direct   0.00%
2011 Ken Pratt Boulevard, Suite 210  158,718 Indirect   0.2%
Longmont, CO 80122        
         
Lewis “Spike” Humer (4)  824,511 Direct   0.2%
2011 Ken Pratt Boulevard, Suite 210  291,000,000 Indirect   68.6%
Longmont, CO 80122        
         
All officers and Directors as  824,511 Direct   0.2%
a Group (2 persons)  291,158,718 Indirect   68.7%
         
5% or more shareholders
Caduceus Industries LLC (5)  15,000,000 Direct   3.5%
2011 Ken Pratt Boulevard, Suite 2010
Longmont, CO 80501        
         
Phoenix Pharms Capital Corporation (6)  15,000,000 Direct   3.5%
2011 Ken Pratt Boulevard, Suite 2010      
Longmont, CO 80501        
         
Phoenix Bio Pharmaceuticals Corporation (6)  276,000,000 Direct(9)   65.1%
2011 Ken Pratt Boulevard, Suite 2010
Longmont, CO 80501        
         
Martin Tindall (7)  294,245,001 Indirect   69.4%
c/o Kronos International Investments
2011 Ken Pratt Boulevard, Suite 210
Longmont, CO 80501        
         
YP Holdings, LLC (8)  23,293,366 Direct   5.3%
6002 Costera Lane        
Dallas, TX 75248        

 

 48

 

 

(1) The number and percentage of shares beneficially owned is determined under rules of the SEC and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment power and also any shares that the individual has the right to acquire within 60 days through the exercise of any stock option or other right. The persons named in the table have sole voting and investment power with respect to all common shares shown as beneficially owned by them, subject to community property laws where applicable and the information contained in the footnotes to this table.

(2) Based on 423,927,259 issued and outstanding common shares as of July 24, 2015.

(3) Russell G. Stone is an officer and a director of the Company. Includes indirect ownership of 22,874 common shares held by Mr. Stone’s spouse and 136,044 common shares held indirectly by Mr. Stone through a trust.

(4) Lewis “Spike” Humer is a director of the Company.  Includes direct ownership of 824,611 common shares and indirect ownership of 291,000,000 common shares held by Caduceus (15,000,000) and Phoenix Bio Pharmaceuticals (276,000,000).

(5) Caduceus Industries LLC is controlled by Phoenix Pharms Capital Corporation.

(6) Lewis “Spike” Humer, a director of the Company, is also an officer and a director Phoenix Bio Pharmaceuticals Corporation and Phoenix Pharms Capital Corporation.

(7) Martin Tindall, an officer of Kronos International Investments and a director and officer of Phoenix Pharms Capital Corporation, and a director of Phoenix Bio Pharmaceuticals.  Includes indirect ownership of 294,245,001 common shares held by Kronos International Investments (3,234,101), Caduceus (15,000,000), and Phoenix Bio Pharmaceuticas (291,0000,000).

(8) YP Holdings, LLC is owned by Michal Yurkowsky, an unrelated party. Includes 6,666,667 shares of common stock and 13,333,334 warrants to purchase common stock as contemplated in this Offering.

(9) On July 8, 2015, Phoenix Bio Pharm accepted our exchange offer, in which their the company authorized an exchange agreement to exchange,276,000,000 common shares for 2,000,000 Series B preferred Shares. This exchange has not yet occurred.

 

Changes in Control

Other than as disclosed, we are unaware of any contract or other arrangement or provisions of our Articles or Bylaws the operation of which may at a subsequent date result in a change of control of our company. There are not any provisions in our Articles or Bylaws, the operation of which would delay, defer, or prevent a change in control of our company.

 

Item 13.  Certain Relationships and Related Transactions, and Director Independence

 

Except as disclosed herein, no director, executive officer, shareholder holding at least 5% of shares of our common stock, or any family member thereof, had any material interest, direct or indirect, in any transaction, or proposed transaction since the year ended February 28, 2014, in which the amount involved in the transaction exceeded or exceeds the lesser of $120,000 or one percent of the average of our total assets at the year-end for the last three completed fiscal years.

 

 49

 

 

Martin Tindall

 

Mr. Martin Tindall, assists the Company with business development activities through the Advisory Services Agreement with Kronos as discussed below.  Mr. Tindall serves as the CEO of Kronos. Mr. Tindall services as Interim CEO and a Director of Phoenix Pharms Capital Corporation.  Mr. Tindall also serves as a director of Phoenix Bio Pharmaceuticals Inc.

 

Kronos International Investments Ltd.

 

Sublease Agreement:  Effective March 1, 2014, the Company entered into a Sublease Agreement with Kronos for a four (4) year term.  The monthly sublease rent is $2,500 per month.  During the nine months ended November 30, 2014, the Company paid Kronos $22,500 in rent expense, and paid security deposit of $1,250.

 

Advisory Services: Effective March 1, 2014, the Company engaged Kronos to provide Advisory Services for a monthly retainer fee of $10,000 per month.  The advisory services include and are not limited to accounting and corporate compliance, business development and strategic planning services, corporate advisory and operational oversight.  Between March 1, 2014 and February 28, 2014, expenses related to the Advisory Services totaled $120,000.

 

Phoenix Bio Pharmaceuticals, Corporation

 

License Agreement:  On July 8, 2015, the Company agreed to enter into a new licensing agreement with Phoenix Bio Pharmaceuticals Corporation. This new agreement shall replace the previous licensing agreements. The new licensing agreement shall be a non-exclusive, CBD only licensing agreement with Phoenix Bio Pharmaceuticals Corporation.  This license agreement operates for a twenty (20) year period.  Phoenix Bio Pharm has granted to the Company a license for the territory of North America, Australia and New Zealand to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm related to CBD based cannabinoid products and delivery systems for the treatment and management of illnesses.  Products falling under the license will include the following CBD products: transdermal patches, orally administered extracts, concentrated extracts for vaporizers and inhalers, sublingual and buccal dispensing products and extraction technology, suppository delivery systems, salves, creams, gels, lotions, and liquid extracts, and any products or active ingredients sourced through Phoenix Bio Pharm affiliates or third party suppliers or licensors.  The Company will also have the right to sublicense the rights acquired pursuant to the license agreement and to use and develop copyrighted materials of Phoenix Bio Pharm for marketing and distribution purposes.  

 

In addition to the new license agreement, on July 8, 2015 the Company has authorized into an exchange agreement with Phoenix Bio Pharm where all existing common shares held by Phoenix Bio Pharm (276,000,000) are exchanged for 2,000,000 Series B Preferred Shares, par value $0.0001.  These preferred shares are entitled to 100 votes for each share held, and are convertible into 100 common shares at any time at the discretion of the holder.  

 

Related Party Loan:  Between March 1, 2014 and February 28, 2015, the Company has advanced Phoenix Bio Pharm in the form of a loan in the amount of $197,860.

 

Product Development - Between March 1, 2014 and November 30, 2014, the Company has recorded product development expenses paid to Phoenix Bio Pharm totaling $15,000.

 

 50

 

 

Phoenix Pharms Capital Corporation

 

Loan Funding:  From time to time, Phoenix Pharms has loaned the Company short term loans to cover its working capital needs.  Between March 1, 2014 and August 31, 2014, Phoenix Pharms advanced the Company $10,029.  As of August 31, 2014, this loan was paid in full.

 

Expense pass-through:  The Company and Phoenix Pharms share pro-rata in certain expenses for shared resources, typically for shared travel and consulting services.  Between March 1, 2014 and November 30, 2014, Phoenix Pharms invoiced pass through expenses to the Company totaling $30,421.   At November 30, 2014, the Company has applied the outstanding balance of $9,343 of pass through expenses against the related party loan as discussed below.

 

Related Party Loan:  On September 18, 2014, the Company advanced Phoenix Pharms a total of $85,000 as a short term loan.  The loan bears a simple interest rate of 8% and was due and payable on November 30, 2014.  As of February 28 2015, $26,425 of principal has been reduced by cash payment of $15,900 and expense offset of $10,525.  As of February 28, 2015 principal and interest outstanding on this related party note total $61,262.

 

New Product Development Agreement:  On October 23, 2014, the Company entered into a New Product Development Agreement (the “NPD Agreement”) with Phoenix Pharms for use of Phoenix Pharms’ expertise in identifying new product business development opportunities related to expanding the Company’s product offerings.  The NPD Agreement is for a period of four months at $16,000 per month.  As of February 28, 2015, the Company had paid $64,000 towards the NPD Agreement and has no further obligations under the NPD Agreement.

 

Russell Stone:  Mr. Russell Stone, the Company’s Chief Operating Officer, holds less than 5% of the outstanding common shares of Phoenix Pharms Capital Corporation indirectly through a trust.

 

Lewis “Spike” Humer:

 

Mr. Humer, serves as the interim Chief Executive Officer and as a director of the Company. Mr. Humer is a director of Phoenix Pharms Capital Corporation and Phoenix Bio Pharmaceuticals Corporation. Previously Mr. Humer served as  as CEO of Phoenix Bio Pharmaceuticals and CEO of Phoenix Pharms Capital Corporation. As of August 2014, the Company began paying Mr. Humer a consulting fee of $1,500 per week.  As of February 28, 2015, the Company has paid Mr. Humer $15,000 and has accrued a related party payable to Mr. Humer of $61,760.

 

Director Independence

We currently have two directors.  We have determined that we do not have an “independent director” as defined in NASDAQ Marketplace Rule 4200(a)(15).

 

We do not have a standing audit, compensation or nominating committee, but our entire board of directors acts in such capacities. We believe that our members of our board of directors are capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting. The board of directors of our company does not believe that it is necessary to have an audit committee because we believe that the functions of an audit committee can be adequately performed by the board of directors. In addition, we believe that retaining an independent director who would qualify as an “audit committee financial expert” would be overly costly and burdensome and is not warranted in our circumstances given the early stages of our development.

 

 51

 

 

Lock-up Agreements

Pursuant to the registration rights agreement between the Company and YP Holdings, LLC, the Company agreed to several lock-up agreements between itself and four shareholders of the Company: Phoenix Bio Pharmaceuticals Corporation, Ronald Lusk, Lewis Humer, and Caduceus Industries LLC.  Under these agreements, each shareholder has agreed that they will not offer, pledge, sell, contract to sell, grant any options for sale or transfer, distribute or dispose of, directly or indirectly, any shares of the Company for a 90 day period following the date that the registration statement is declared effective.

 

Item 14.  Principal Accountant Fees and Services

 

The aggregate fees billed for the most recently completed fiscal years ended February 28, 2015 and 2014 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included in our quarterly reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

 

  

Year Ended

February 28, 2015

  

Year Ended

February 28, 2014

 
Audit fees  $16,500   $Nil 
Audit-related fees  $0   $Nil 
Tax fees  $0   $Nil 
All other fees  $0   $Nil 
Total  $16,500   $Nil 

 

Our board of directors pre-approves all services provided by our independent auditors.  All of the above services and fees were reviewed and approved by the board of directors either before or after the respective services were rendered.

 

Our board of directors has considered the nature and amount of fees billed by our independent auditors and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independent auditors’ independence.

 

 52

 

 

PART IV

 

Item 15.   Exhibits, Financial Statement Schedules  

 

(a)(1)  List of Financial statements included in Part II hereof  

 

Balance Sheets, February 28, 2015 and 2014

Statements of Operations for the years ended February 28, 2015 and 2014

Statements of Stockholders’ Equity (Deficit) for the years ended February 28, 2015 and 2014

Statements of Cash Flows for the years ended February 28, 2015 and 2014

Notes to the Financial Statements  

 

(a)(2) List of Financial Statement schedules included in Part IV hereof:  None.

(a)(3) Exhibits  

 

The following exhibits are included herewith:

 

Exhibit No. Description
31 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS* XBRL Instance Document
101.SCH* XBRL Taxonomy Extension Schema Document
101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* XBRL Taxonomy Extension Label Linkbase Document
101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document

 

*XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

Following are a list of exhibits which we previously filed in other reports which we filed with the SEC, including the Exhibit No., description of the exhibit and the identity of the Report where the exhibit was filed.

 

 53

 

 

NO. DESCRIPTION FILED WITH DATE FILED
3.1 Articles of Incorporation Form S-1 June 3, 2010
3.2 Bylaws Form S-1 June 3, 2010
3.3 Certificate of Amendment (filed May 2, 2010) Form S-1 June 3, 2010
3.4 Certificate of Amendment (filed July 20, 2010) Form 8-K July 22, 2011
3.5 Certificate of Amendment (filed May 30, 2013) Form 8-K June 5, 2013
10.1 Form of Subscription Agreement Form S-1/A July 12, 2010
10.2 Investor Relations Agreement between our company and LiveCall Investor Relations Company dated April 28, 2011 Form 10-K June 14, 2011
10.3 Participation Agreement between our company and Buckeye Exploration Company dated May 12, 2011 Form 8-K June 8, 2011
10.4 Participation Agreement between our company and Premier Operating Company dated May 31, 2011 Form 8-K June 8, 2011
10.5 Convertible Note between our company and Exchequer Finance Inc. dated March 15, 2012 Form 8-K March 23, 2012
10.6 Stock Purchase Agreement Form 8-K March 6, 2014
10.7 License Agreement with Phoenix Bio Pharmaceutical Corporation Form 8-K May 20, 2014
10.8 Agreement with GoKush Form 8-K May 20, 2014
10.9 Securities Purchase Agreement with Typenex Co-Investment, LLC Form 8-K July 15, 2014
10.10 Securities Purchase Agreement with YP Holding, LLC Form 8-K September 23, 2014
10.11 Registration rights agreement with YP Holding, LLC Form 8-K September 23, 2014
10.12 Lock-up agreement with Phoenix Bio Pharmaceuticals Corp, Ron Lusk, Lewis Humer, and Caduceus Industries LLC Form 8-K September 23, 2014
10.13 License Agreement with Phoenix Bio Pharmaceutical Corporation Form 8-K January 8, 2015
10.14 Convertible Promissory Note issued to CannaVest Corp. Form 8-K January 8, 2015
16.1 Letter from M&K CPAs, PLLC to the SEC Form 8-K/A October 16, 2013
16.2 Letter from Goldman Accounting Services CPA, PLLC Form 8-K May 22, 2014
101.INS XBRL Instance Document    
101.SCH XBRL Taxonomy Extension Schema Document    
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document    
101.DEF XBRL Taxonomy Extension Definition Linkbase Document    
101.LAB XBRL Taxonomy Extension Label Linkbase Document    
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document    
       

 54

 

 

SIGNATURES

 

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

 

MEDIJANE HOLDINGS INC.  
   
/s/ Lewis “Spike” Humer  
Dated July 28, 2015  
Lewis “Spike” Humer  
Interim Chief Executive Officer  

 

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 Company and in the capacities and on the dates indicated.

 

/s/ Lewis “Spike” Humer  
Dated July 28, 2015  
Lewis “Spike” Humer  
Interim Chief Executive Officer  
Director  
   
/s/ Russell G. Stone  
Dated July 28, 2015  
Russell G. Stone  
Chief Operating Officer  
Interim Chief Financial Officer  
Director, Controller  

 

 55

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margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">*Market Price as defined by the Typenex Note</font></p> Phoenix Life Sciences International Limited. 10-K/A 2015-02-28 mjmd true 0001493212 --02-28 No No Smaller Reporting Company No FY 2015 197860 258122 85000 2000000 6500000 276000000 -13000 -2282132 20000000 197663 P4Y 2500 15000 10029 30421 54234 61262 2687 15900 10525 16000 1500 0.33 119666 551363 P3Y 11 0.40 0.15 0.05 15000 135000 7725 5000 20000 1 2 552500 22045006 31575175 9530169 10050251 31029272 20979021 2000000 0.05 0.0499 0.0999 0.0499 0.0999 false Amendment No. 2 on Form 10-K/A amends our Annual Report on Form 10-K for the fiscal year ended February 28, 2015, originally filed with the Securities and Exchange Commission on July 29, 2015. We are filing this Amendment to correct our financial statements and to provide all required information as required under Regulation S-X. This Amendment does not change any of the other disclosures contained in the Annual Report on Form 10-K, other than as described above. 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The fair value of stock issued of debt for inventory. The entire disclosure about a subsdiary. The entire disclosure about a subsdiary. Number of shares held by licensee. An affiliate is a party that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the entity. The cash payment received from a related party borrowing. Expenses due from related party offset against related party debt during the period. Information of generally of limited duration, under a new product development agreement. Information of generally of limited duration, under a consulting agreement. The cash inflow from a borrowing supported by a written promise to pay an obligation, net of financing costs. Number of shares to be received in exchange of common shares for preferred per agreement. Percent ownership in the entity as of date reported. Indicate if company meets the shell company criteria: a company with no or nominal operations, and with no or nominal assets or assets consisting solely of cash and cash equivalents. 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Document and Entity Information - USD ($)
 12 Months Ended
Feb. 28, 2015
Jul. 28, 2015
Aug. 29, 2014
Document and Entity Information:      
Entity Registrant Name Phoenix Life Sciences International Limited.    
Document Type 10-K/A    
Document Period End Date Feb. 28, 2015    
Trading Symbol mjmd    
Amendment Flag true    
Amendment Description Amendment No. 2 on Form 10-K/A amends our Annual Report on Form 10-K for the fiscal year ended February 28, 2015, originally filed with the Securities and Exchange Commission on July 29, 2015. We are filing this Amendment to correct our financial statements and to provide all required information as required under Regulation S-X. This Amendment does not change any of the other disclosures contained in the Annual Report on Form 10-K, other than as described above.    
Entity Central Index Key 0001493212    
Current Fiscal Year End Date --02-28    
Well Known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   423,927,259  
Entity Public Float     $ 16,885,689
Entity Filer Category Smaller Reporting Company    
Entity Current Reporting Status No    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2015    
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets - USD ($)
Feb. 28, 2015
Feb. 28, 2014
ASSETS    
Cash $ 9,400 $ 6,104
Accounts receivable 2,300
Notes receivable, related party 258,122
Inventory 1,211,340
Prepaid expenses 141,664
Total Current Assets 1,622,826 6,104
Security deposit 1,250
Total Assets 1,624,076 6,104
Current Liabilities    
Accounts payable and accrued liabilities 409,701 10,016
Due to related parties 50,000
Total current liabilities 459,701 10,016
Convertible notes payable, net 194,746
Convertible notes payable, Cannavest 1,222,027
Derivative liability, Typenex Note 169,868
Asset retirement obligation 420
Total Liabilities 2,046,342 10,436
STOCKHOLDERS' DEFICIT    
Common stock: Authorized: 1,000,000,000 common shares, par value of $0.001 per share, Issued and outstanding: 361,322,812 and 63,000,000 common shares, respectively 361,323 63,000
Additional paid-in capital 17,247,631 599,920
Accumulated deficit during the development stage (18,031,220) (667,252)
Total Stockholders' Equity (Deficit) (422,266) (4,332)
Total Liabilities and Stockholders' Equity $ 1,624,076 $ 6,104
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Feb. 28, 2015
Feb. 28, 2014
Aug. 22, 2013
Statement of Financial Position [Abstract]      
Common stock, par value (in dollars per share) $ 0.001 $ 0.001 $ 0.001
Common stock, shares authorized 1,000,000,000 1,000,000,000 100,000,000
Common stock, shares issued 361,322,812 63,000,000  
Common stock, shares outstanding 361,322,812 63,000,000  
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Feb. 28, 2015
Feb. 28, 2014
Income Statement [Abstract]    
Revenues $ 23,549
Cost of Sales 13,965
Gross Profit 9,584
Operating expenses    
Amortization expense 707,879  
Product development expense 84,490
Sales and marketing expenses 397,571
Operations expense 167,760
General and administrative 311,338
Professional fees 678,168
Lease operating expenses 34,185
Total operating expenses 2,381,391
Loss before other expenses (2,371,807)  
Other income (expense)    
Interest Income 2,687
Interest Expense (102,083)
Loss on impairment of license agreement (14,168,989)
Discount Amortization (554,630)
Gain (loss) on derivative liability (169,868)  
Gain (loss) on discontinued operations 722 (54,547)
Total other expense (14,992,161) (54,547)
Net loss $ (17,363,968) $ (54,547)
Basic and diluted loss per common share:    
Income (loss) from continuing operations $ (0.15) $ (0.00)
Income (loss) from discontinued operations 0 0
Basic and diluted loss per common share $ (0.15) $ (0.00)
Weighted average shares outstanding - basic and diluted 112,955,461 63,000,000
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Changes in Stockholders' Deficit - USD ($)
Common Stock Par Value
Additional paid-in capital
Accumulated deficit during the development stage
Total
Balance, beginning at Feb. 28, 2013 $ 7,800 $ 103,557 $ (612,705) $ (501,348)
Balance, beginning, shares at Feb. 28, 2013 7,800,000      
Adjustment for stock split $ 70,200 (70,200)    
Adjustment for stock split (shares) 70,200,000      
Cancellation of shares issued to consultant $ (15,000) 15,000    
Stock option compensation expense   551,563   551,563
Net loss for year     (54,547) (54,547)
Balance, ending at Feb. 28, 2014 $ 63,000 599,920 (667,252) $ (4,332)
Balance, ending, shares at Feb. 28, 2014 63,000,000     63,000,000
Issuance of stock for license agreement $ 276,000 14,441,868   $ 14,717,868
Issuance of stock for license agreement (shares) 276,000,000      
Issuance of common stock for distribution agreement $ 200 158,800   159,000
Issuance of common stock for distribution agreement (shares) 200,000      
Issuance of common stock for cash $ 7,107 968,818   975,925
Issuance of common stock for cash (shares) 7,106,967      
Issuance of common stock for compensation $ 5,000 195,000   200,000
Issuance of common stock for compensation (shares) 5,000,000      
Issuance of common stock for notes payable $ 10,016 28,484   38,500
Issuance of common stock for notes payable (shares) 10,015,845      
Issuance of common stock warrant   854,741   854,741
Net loss for year     (17,363,968) (17,363,968)
Balance, ending at Feb. 28, 2015 $ 361,323 $ 17,247,631 $ (18,031,220) $ (422,266)
Balance, ending, shares at Feb. 28, 2015 361,322,812     361,322,812
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Feb. 28, 2015
Feb. 28, 2014
OPERATING ACTIVITIES:    
Net loss $ (17,363,968) $ (54,547)
Loss from discontinued operations (722)  
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization 707,879
Non-cash cost of impairment of license agreement 14,168,989
Non-cash amortization of discount on convertible notes payable 554,630
Non-cash loss on derivative liability 169,868  
Non-cash stock option compensation 360,576
Changes in operating assets and liabilities:    
Accounts receivable (2,300)
Inventory (11,340)
Prepaid expense and deposits (1,250)
Accounts payable and accruals 267,829
Net changes in operating assets and liabilities - discontinued operations (9,218)
Net Cash provided by (used for) operating activities - current operations (1,149,809)
Net Cash provided by (used for) operating activities - discontinued operations 302 (63,765)
INVESTING ACTIVITIES:    
Related party notes receivable (258,122)
Net Cash Used in Investing Activities - continuing operations (258,122)
Net Cash Used in Investing Activities - discontinued operations 68,165
FINANCING ACTIVITIES:    
Proceeds from notes payable 385,000
Due to related parties 50,000
Proceeds from issuance of common shares 975,925
Net Cash Provided By Financing Activities - continuing operations 1,410,925
Increase (Decrease) in Cash - continuing operations 3,296 4,400
Cash - Beginning of Period - continuing operations 6,104  
Cash - Beginning of Period - discontinued operations   1,704
Cash - End of Period - continuing operations 9,400 $ 6,104
Supplemental disclosures    
Non-cash issuance of stock for consulting agreements 500,000  
Non-cash issuance of stock for license agreement, related party 17,000,000  
Non-cash issuance of stock for distribution agreement 172,000  
Non-cash issuance of stock for prepaid expenses 200,000  
Non-cash issuance of stock for conversion of debt 38,500  
Non-cash issuance of debt for inventory $ 1,200,000  
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of Operations and Continuance of Business
 12 Months Ended
Feb. 28, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Continuance of Business

1. Nature of Operations and Continuance of Business

 

The company was incorporated in the State of Nevada on April 21, 2009 under the name Mokita Exploration, Ltd. (the “Company”).  On February 27, 2014, there was a change of control of the Company.  On February 28, 2014, our board of directors and a majority of holders of the Company’s voting securities approved a change of name of the Company to MediJane Holdings Inc.  A Certificate of Amendment to effect the change of name was filed and became effective with the Nevada Secretary of State on March 4, 2014.  A Certificate of Correction was subsequently filed with the Nevada Secretary of State on March 6, 2014 to correct a spelling error in the Company’s new name.  These amendments have been reviewed by FINRA and were approved for filing with an effective date of March 12, 2014.  The name change became effective with the Over-the-Counter Bulletin Board at the opening of trading on March 12, 2014 under our new ticker symbol “MJMD”.

 

On February 27, 2014, after the change of control, the Company became a sales and distribution company focused on cannabinoid infused products for the treatment of medical conditions.

 

As of July 8, 2015, we have changed our business to only focus on Cannabidiol (CBD) products.  CBD is a non-psychotropic cannabinoid that is not restricted as part of the U.S. Controlled Substance Act (CSA), as defined under the 2014 U.S. Farming Bill to be derivatives of the Industrial Hemp plant that contain less than 0.3% tetra-hydro-cannabinol (THC).  We will contract out the manufacturing of the products. Phoenix Bio Pharmaceuticals Corporation and other groups may manufacture our products under our license agreement.

 

Going Concern

 

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company’s total operating expenditure plan for the following twelve months will require significant cash resources to meet the goals of its business plan.  The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.  These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Feb. 28, 2014
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

Basis of Presentation - The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars.  The Company’s fiscal year end is February 28

 

Basis of Consolidation – The consolidated financial statements include the accounts of Medi Holdings, Inc. and its wholly-owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.

 

Use of Estimates - The preparation of financial statements in conformity with US GAAP 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. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. 

 

A significant item that requires management’s estimates and assumptions is the estimate of proved oil reserves which are used in the calculation of depletion, impairment of its properties and asset retirement obligations. Other items subject to estimates and assumptions include the carrying amount of property, plant and equipment, valuation allowances for income taxes, valuation of derivatives instruments and accrued liabilities, among others. Although management believes these estimates are reasonable, actual results could differ from these estimates.

 

Cash and cash equivalents - The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. At February 28, 2015 and February 28, 2014, the Company did not hold any cash equivalents.

 

Accounts receivable - Accounts receivable consists of trade accounts arising in the normal course of business.  No interest is charged on past due accounts.  Accounts receivable are carried at the original invoice amount less a reserve for doubtful receivables based on a review of all outstanding amounts on a monthly basis.

 

Basic and Diluted Net Loss per Share - The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.  At February 28, 2015, the Company had outstanding stock options outstanding, the Company does not deem these options to be dilutive as the exercise price exceeds the current fair market value of the Company’s common stock.  At February 28, 2015 and 2014, the Company had did not have potentially dilutive shares outstanding.

 

Financial Instruments - Pursuant to ASC 820, Fair Value Measurements and Disclosures, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

 

Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

 

Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 

Level 3 - Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. 

 

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities, amounts due to related parties, and convertible debenture. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 

Derivative Financial Instruments - The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.

 

The Company reviews the terms of the common stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

 

Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. The Company uses a Black-Scholes model for valuation of the derivative. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.

 

The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.

 

Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net cash settlement of the derivative instrument could be required within the 12 months of the balance sheet date.

 

Comprehensive Loss - ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at February 28, 2015 and 2014, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

 

Stock-based Compensation - The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505-50 - Equity-Based Payments to Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

 

We account for share-based payments granted to non-employees in accordance with ASC Topic 505, “Equity Based Payments to Non-Employees.” The Company determines the fair value of the stock-based payment as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty’s performance is complete.

 

The fair value of each share based payment is estimated on the measurement date using the Black-Scholes model with the following assumptions, which are determined at the beginning of each year and utilized in all calculations for that year: 

 

Risk-Free Interest Rate. We utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of our awards.  

 

Expected Volatility. We calculate the expected volatility based on a volatility index of peer companies as we did not have sufficient historical market information to estimate the volatility of our own stock. 

 

Dividend Yield. We have not declared a dividend on its common stock since its inception and have no intentions of declaring a dividend in the foreseeable future and therefore used a dividend yield of zero.

 

Expected Term. The expected term of options granted represents the period of time that options are expected to be outstanding.  We estimated the expected term of stock options by using the simplified method.  For warrants, the expected term represents the actual term of the warrant.

 

Forfeitures. Estimates of option forfeitures are based on our experience. We will adjust our estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of compensation expense to be recognized in future periods.

 

Revenue Recognition – The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin Topic 13 when persuasive evidence of an arrangement exists and delivery has occurred, provided the fee is fixed or determinable and collection is probable. The Company assesses whether the fee is fixed and determinable based on the payment terms associated with the transaction. If a fee is based upon a variable such as acceptance by the customer, the Company accounts for the fee as not being fixed and determinable. In these cases, the Company defers revenue and recognizes it when it becomes due and payable. Up-front engagement fees are recorded as deferred revenue and amortized to income on a straight-line basis over the term of the agreement, although the fee is due and payable at the time the agreement is signed or upon annual renewal. Payments related to substantive, performance-based milestones in an agreement are recognized as revenue upon the achievement of the milestones as specified in the underlying agreement when they represent the culmination of the earnings process.

 

The Company assesses the probability of collection based on a number of factors, including past transaction history with the customer and the current financial condition of the customer. If the Company determines that collection of a fee is not reasonably assured, revenue is deferred until the time collection becomes reasonably assured. Significant management judgment and estimates must be made and used in connection with the revenue recognized in any accounting period. Material differences may result in the amount and timing of our revenue for any period if our management made different judgments or utilized different estimates.

 

Shipping and Handling costs— shipping and handling costs are included in cost of sales in the Statements of Operations.

 

Recent Accounting Pronouncements - The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

Reclassifications - Certain amounts in the prior period financial statements have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported losses, total assets or stockholders equity.

  
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Variable Interest Entity
 12 Months Ended
Feb. 28, 2014
Variable Interest Entity  
Variable Interest Entity

3. Variable Interest Entity

 

The Company follows the guidelines in FASB Codification of ASC 810 “Consolidation”which indicates “a legal entity that is deemed to be a business need not be evaluated by a reporting entity to determine if the legal entity is a Variable Interest Entity (“VIE”)” unless any one of four conditions exist: 

 

- The reporting entity, its related parties, or both participated significantly in the design or redesign of the legal entity;
- The legal entity is designed so that substantially all of its activities involve or are conducted on behalf of the reporting entity and its related parties;
- The reporting entity and its related parties provide more than half of the total of the equity, subordinated debt, and other forms of subordinated financial support to the legal entity; or
- The activities of the legal entity are primarily related to the securitizations or other forms of asset-backed financings or single-lessee leasing arrangements.

 

 A VIE is an entity that either (a) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (b) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate. The Company has not identified any VIEs as of February 28, 2015.

 

Due to the application of the FASB codification it is management’s opinion that the Company is a VIE under the control of Phoenix Bio Pharmaceuticals and its shared related parties.  This is primarily due to the fact that the design of the Company was significantly participated in by related parties of Phoenix Bio Pharmaceuticals and because Phoenix Bio Pharmaceuticals is exclusively dependent upon the Company for the use, sale, and distribution of its products.

 
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets
 12 Months Ended
Feb. 28, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

4. Intangible Assets

 

Effective September 1, 2014, the Company changed its method of computing amortization from a sales percentage method to the straight-line method for the intangible assets. Based on Statement of Financial Accounting Standards , “Accounting Changes and Error Corrections” FASB ASC 250, the Company determined that the change in depreciation method from an sales percentage method to a straight-line method is a change in accounting estimate affected by a change in accounting principle. Per FASB ASC 250, a change in accounting estimate affected by a change in accounting principle is to be applied prospectively. The change is considered preferable because the straight-line method will more accurately reflect the pattern of usage and the expected benefits of such assets and provide greater consistency with the depreciation methods used by other companies in the Company’s industry. The net book value of intangible assets acquired prior to September 1, 2014 with useful lives remaining will be depreciated using the straight-line method prospectively.
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
License Agreement - Phoenix Bio Pharmaceuticals, Inc.
 12 Months Ended
Feb. 28, 2014
License Agreement - Phoenix Bio Pharmaceuticals Inc.  
License Agreement - Phoenix Bio Pharmaceuticals, Inc.

5. License Agreement - Phoenix Bio Pharmaceuticals, Inc.

 

On March 14, 2014, the Company entered into a License Agreement with Phoenix Bio Pharmaceuticals Corporation (“Phoenix Bio Pharm”) where Phoenix Bio Pharm has granted exclusive rights to the Company for North America to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm for certain medical cannabinoid products and delivery systems for the treatment and management of illnesses.  The term of the License Agreement is Ten (10) years.  In consideration of the acquired license, the Company issued 26,000,000 shares of common stock to Phoenix Bio Pharm, valued at $13,000,000 based on a discounted cash flow model and the fair value of the assets acquired in the license agreement.  The Company will amortize the cost of the License Agreement over the ten year life.  As of February 28, 2015, the Company has recorded $1,300,000 of amortization expenses related to this License Agreement.  As of February 28, 2015, the Company has evaluated the value of the license agreement and has recorded an impairment loss in the amount of $6,500,000 reducing the book value of the license agreement to $6,500,000. 

 

On January 5, 2015, the Company entered into an additional license agreement with Phoenix Bio Pharmaceuticals Corporation to expand the territories covered under its original license agreement dated March 14, 2014.  Under the terms of the additional license agreement, the Company acquired the marketing rights to distribute products developed by Phoenix Bio Pharmaceuticals Corporation in Australia and New Zealand for ten years.  In exchange for the license, the Company has issued 250,000,000 restricted common shares at $0.016 per common share, for an aggregate value of $4,000,000.  This amount represents 33% over the market value on the date of execution of the license agreement.  The Company will begin to amortize the value of the license agreement upon the first sale in one of the two countries covered by the license, and will continue to amortize over the life of the license agreement.  On February 28, 2015, the Company has evaluated the value of the license agreement and has recorded an impairment loss in the amount of $2,000,000 reducing the book value of the license to $2,000,000.

 

On July 8, 2015, the Company agreed to enter into a new licensing agreement with Phoenix Bio Pharmaceuticals Corporation. This new agreement shall replace the previous licensing agreements. The new licensing agreement shall be a non-exclusive, CBD only licensing agreement with Phoenix Bio Pharmaceuticals Corporation.  This license agreement operates for a twenty (20) year period.  Phoenix Bio Pharm has granted to the Company a license for the territory of North America, Australia and New Zealand to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm related to CBD based cannabinoid products and delivery systems for the treatment and management of illnesses.  Products falling under the license will include the following CBD products: transdermal patches, orally administered extracts, concentrated extracts for vaporizers and inhalers, sublingual and buccal dispensing products and extraction technology, suppository delivery systems, salves, creams, gels, lotions, and liquid extracts, and any products or active ingredients sourced through Phoenix Bio Pharm affiliates or third party suppliers or licensors.  The Company will also have the right to sublicense the rights acquired pursuant to the license agreement and to use and develop copyrighted materials of Phoenix Bio Pharm for marketing and distribution purposes.  

 

In addition to the new license agreement, on July 8, 2015 the Company has authorized into an exchange agreement with Phoenix Bio Pharm where all existing common shares held by Phoenix Bio Pharm (276,000,000) are exchanged for 2,000,000 Series B Preferred Shares, par value $0.0001.  These preferred shares are entitled to 100 votes for each share held, and are convertible into 100 common shares at any time at the discretion of the holder.  

 

Subsequently as the Company has failed to meet projected cash flows which underpin the valuation model of the License Agreement, the Company in conjunction with its auditors determined that the balance of License Agreement should be impaired. Accordingly a total of $14,014,189 was expensed as an impairment to the License Agreement and paid in capital was reduced by $2,282,132.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Distribution Agreement - Go Kush, Inc.
 12 Months Ended
Feb. 28, 2014
Distribution Agreement - Go Kush Inc.  
Distribution Agreement - Go Kush, Inc.

6. Distribution Agreement – Go Kush, Inc.

 

On May 13, 2014, the Company entered into a distribution agreement with GoKush.com (www.gokush.com) that is part of a not-for-profit California Cooperative Corporation that is dedicated to providing safe and legal access to medical marijuana for patients throughout California.  Pursuant to the Agreement, amongst other things, GoKush agreed to become the online ordering platform for the ordering and re-stock of the Company’s products in California for a ten (10) year term and the Company has issued GoKush 200,000 shares of the Company’s restricted common stock valued at $172,000.  The Company will amortize the cost of the Distribution Agreement over the ten year life beginning October 2014 when on-line sales of product commenced.  As of February 28, 2015, the Company has recorded $17,200 of amortization expense related to this distribution agreement. 

 

However the Company was not paid for any sales and as such the Company in conjunction with its auditors determined that there is no value in the distribution agreement. Accordingly an impairment of $141,800 of the distribution agreement has been made and paid-in capital has been reduced by $13,000.

 
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Cannavest, Inc.
 12 Months Ended
Feb. 28, 2014
Short-term Debt, Other Disclosures [Abstract]  
Cannavest, Inc.

7. CannaVest, Inc.

 

On December 23, 2014, the Company entered into a convertible promissory note for $1,200,000 with CannaVest Corp.  The note represents $1,200,000 worth of raw material inventory to be obtained from CannaVest Corp. to use in the Company’s cannabidiol product formulations.  The note accrues simple interest at a rate of 10% per annum and is due and payable in six months from the date of issue.  The note cannot be prepaid.  At any time, the outstanding principal amount of this note and all accrued but unpaid interest under this note can be converted into common shares at a price equal to the lesser of $0.02 per common share, the closing sale price, or the average of the lowest closing sale prices of the Company’s common shares during the five trading day period immediately preceding the date of such determination.  

 

Should the Company default on this convertible promissory note, all outstanding obligations payable by the Company are immediately due and payable.  In addition, CannaVest Corp. may exercise any other right, power or remedy permitted by law.  Further, upon even of default, all unpaid obligations under this note shall bear interest at the rate of 12% per annum.

 

Warrant Agreement

 

In connection with the convertible promissory note dated December 23, 2014, the Company subsequently issued warrants to purchase 20,000,000 common shares at an exercise price of $0.02 per common share to Kisha Spendthrift Trust, an affiliate of CannaVest Corp.  These warrants were issued on January 6, 2015.  In exchange for these warrants, the Company shall have access to the technical and management staff of CannaVest Corp. for the development of products to be manufactured from cannabidiol sourced from CannaVest Corp.  The Company has valued these warrants using the black scholes option pricing model at $197,663 and recorded the expense related to the warrants as stock based compensation.

 
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
MediHoldings, Inc.
 12 Months Ended
Feb. 28, 2014
Mediholdings Inc.  
MediHoldings, Inc.

8. MediHoldings, Inc.

 

On March 17, 2014, MediHoldings, Inc. (“MediHoldings”), a Colorado corporation, was formed as a wholly-owned subsidiary of the Company.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
MediSales (CA), Inc.
 12 Months Ended
Feb. 28, 2014
Medisales Ca Inc.  
MediSales (CA), Inc.

9. MediSales (CA), Inc.

 

On June 27, 2014, MediSales (CA), Inc. (“MediSales”), a California corporation, was formed as a wholly-owned subsidiary of the Company.
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Discontinued Operations
 12 Months Ended
Feb. 28, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

10. Discontinued Operations

 

On March 1, 2014, the Company discontinued its prior operations as an oil and gas company and began its operations as a sales and distribution company focused on cannabinoid infused products for the treatment of medical conditions.  The statements for the year ended February 28, 2014 have been adjusted to reflect the accounting treatment related to the discontinued operations.
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
 12 Months Ended
Feb. 28, 2014
Related Party Transactions [Abstract]  
Related Party Transactions

11. Related Party Transactions

 

Martin Tindall

  

Mr. Martin Tindall, assists the Company with business development activities through the Advisory Services Agreement with Kronos as discussed below.  Mr. Tindall serves as an Executive Director of Kronos.  Mr. Tindall serves as Interim CEO and a Director of Phoenix Pharms Capital Corporation.  Mr. Tindall also serves as a director of Phoenix Bio Pharmaceuticals Corporation.

 

Kronos International Investments Ltd. (“Kronos”)

 

Sublease Agreement:  Effective March 1, 2014, the Company entered into a Sublease Agreement with Kronos International Investments, Ltd for a four (4) year term.  The monthly sublease rent is $2,500 per month.  During the year ended February 28, 2015, the Company paid Kronos $22,500 in rent expense, and paid security deposit of $1,250.

 

Advisory Services: Effective March 1, 2014, the Company engaged Kronos to provide Advisory Services for a monthly retainer fee of $10,000 per month.  The advisory services include and are not limited to accounting and corporate compliance, business development and strategic planning services, corporate advisory and operational oversight.   Between March 1, 2014 and February 28, 2015, expenses related to the Advisory Services totaled $120,000.

 

Phoenix Bio Pharmaceuticals, Inc. (“Phoenix Bio Pharm”)

 

License Agreement:  On March 14, 2014, the Company entered into a License Agreement with Phoenix Bio Pharm where it has granted exclusive rights to the Company for North America to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm for certain medical cannabinoid products and delivery systems for the treatment and management of illnesses.  The term of the License Agreement is Ten (10) years.  In consideration of the acquired license, the Company issued 26,000,000 shares of common stock to Phoenix Bio Pharm, valued at $13,000,000 based on a discounted cash flow model and the fair value of the assets acquired in the license agreement. The Company will amortize the cost of the License Agreement over the ten year life.  As of February 28, 2015, the Company has recorded $1,300,000 of amortization expense related to this agreement. As of February 28, 2015, the Company has evaluated the value of the license agreement and has recorded an impairment loss in the amount of $6,500,000 reducing the book value of the license agreement to $6,500,000.

 

On January 5, 2015, the Company entered into an additional license agreement with Phoenix Bio Pharmaceuticals Corporation to expand the territories covered under its original license agreement dated March 14, 2014.  Under the terms of the additional license agreement, the Company acquired the marketing rights to distribute products developed by Phoenix Bio Pharmaceuticals Corporation in Australia and New Zealand for ten years.  In exchange for the license, the Company has issued 250,000,000 restricted common shares at $0.016 per common share, for an aggregate value of $4,000,000.  This amount represents 33% over the market value on the date of execution of the license agreement.  The Company will begin to amortize the value of the license agreement upon the first sale in one of the two countries covered by the license, and will continue to amortize over the life of the license agreement.  On February 28, 2015, the Company has evaluated the value of the license agreement and has recorded an impairment loss in the amount of $2,000,000 reducing the book value of the license to $2,000,000.

 

On July 8, 2015, the Company agreed to enter into a new licensing agreement with Phoenix Bio Pharmaceuticals Corporation. This new agreement shall replace the previous licensing agreements. The new licensing agreement shall be a non-exclusive, CBD only licensing agreement with Phoenix Bio Pharmaceuticals Corporation.  This license agreement operates for a twenty (20) year period.  Phoenix Bio Pharm has granted to the Company a license for the territory of North America, Australia and New Zealand to exploit all presently owned and after-acquired intellectual property rights and know-how of Phoenix Bio Pharm related to CBD based cannabinoid products and delivery systems for the treatment and management of illnesses.  Products falling under the license will include the following CBD products: transdermal patches, orally administered extracts, concentrated extracts for vaporizers and inhalers, sublingual and buccal dispensing products and extraction technology, suppository delivery systems, salves, creams, gels, lotions, and liquid extracts, and any products or active ingredients sourced through Phoenix Bio Pharm affiliates or third party suppliers or licensors.  The Company will also have the right to sublicense the rights acquired pursuant to the license agreement and to use and develop copyrighted materials of Phoenix Bio Pharm for marketing and distribution purposes. 

 

In addition to the new license agreement, on July 8, 2015 the Company has authorized into an exchange agreement with Phoenix Bio Pharm where all existing common shares held by Phoenix Bio Pharm (276,000,000) are exchanged for 2,000,000 Series B Preferred Shares, par value $0.0001.  These preferred shares are entitled to 100 votes for each share held, and are convertible into 100 common shares at any time at the discretion of the holder.  

 

Related Party Loan:  Between March 1, 2014 and February 28, 2015, the Company has advanced Phoenix Bio Pharm in the form of a loan in the amount of $197,860. These transactions were originally recorded as prepayment on inventory and have subsequently been reclassified as loans.

 

Product Development - Between March 1, 2014 and February 28, 2015, the Company has recorded product development expenses paid to Phoenix Bio Pharm totaling $15,000.

 

Phoenix Pharms Capital Corporation (“Phoenix Pharms”)

 

Loan Funding:  From time to time, Phoenix Pharms has loaned the Company short term loans to cover its working capital needs.  Between March 1, 2014 and February 28, 2015, Phoenix Pharms advanced the Company $10,029.  As of February 28, 2015, this loan was paid in full.

 

Expense pass-through:  The Company and Phoenix Pharms share pro-rata in certain expenses for shared resources, typically for shared travel and consulting services.  Between March 1, 2014 and February 28, 2015, Phoenix Pharms invoiced pass through expenses to the Company totaling $30,421.   At February 28, 2015, the Company has applied the outstanding balance of $10,525 of pass through expenses against the related party loan as discussed below.

 

Related Party Loan:  On September 18, 2014, the Company advanced Phoenix Pharms a total of $85,000 as a short term loan.  The loan bears a simple interest rate of 8% and was due and payable on November 30, 2014.  As of February 28, 2015, the Company has received principal payments totaling $26,425 including cash payment of $15,900, and expense offset $10,525.  As of February 28, 2015, accrued interest on this loan is $2,687.  As of February 28, 2015, the outstanding balance due the Company on this related party loan is $61,262

 

New Product Development Agreement:  On October 23, 2014, the Company entered into a New Product Development Agreement (the “NPD Agreement”) with Phoenix Pharms for use of Phoenix Pharms’ expertise in identifying new product business development opportunities related to expanding the Company’s product offerings.  The NPD Agreement is for a period of four months at $16,000 per month.  As of February 28, 2015, the Company had paid $64,000 towards the NPD Agreement and has no further obligations under the NPD Agreement.

 

Russell Stone:  Mr. Russell Stone, the Company’s Chief Operating Officer, holds less than 5% of the outstanding common shares of Phoenix Pharms Capital Corporation indirectly through a trust.

 

Lewis “Spike” Humer:

 

Mr. Humer is the interim Chief Executive Officer and a director of the Company. Mr. Humer is a director of Phoenix Pharms Capital Corporation and Phoenix Bio Pharmaceuticals Corporation. Previously, Mr. Humer served as CEO of Phoenix Bio Pharmaceuticals and CEO of Phoenix Pharms Capital Corporation. As of August 2014, the Company began paying Mr. Humer a consulting fee of $1,500 per week.  As of February 28, 2015, the Company has paid Mr. Humer $15,000 and has accrued a related party payable to Mr. Humer of $61,760.

 
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock
 12 Months Ended
Feb. 28, 2014
Common Stock  
Common Stock

12. Common Stock

 

The Company has authorized 1,000,000,000 shares of its common stock, $0.001 par value.  On February 28, 2015, there were 361,322,812 shares of common stock issued and outstanding 53,000,000 shares of common stock reserved for issuance.  Effective August 23, 2013, the Company filed a Certificate of Change with the Nevada Secretary of State to give effect to a forward split of our authorized, issued and outstanding shares of common stock on a 10 new for 1 old basis and, consequently, an increase to our authorized share capital from 100,000,000 to 1,000,000,000 common shares, with a par value of $0.001 per share.

 

On February 27, 2014, the Company issued 5,000,000 shares to its Chief Executive Officer, who agreed to retire the 5,000,000 common shares and return them to the unissued, authorized common shares of the Company in exchange for a stock option.

 

On March 13, 2014, the Company issued 200,000 shares of its restricted common stock to GoKush, Inc. as described in Note 5.  On July 1, 2014, these restricted shares were issued.

 

On March 14, 2014, the Company issued 26,000,000 shares of its restricted common stock to Phoenix Bio Pharm as described in Note 5. On July 1, 2014, these restricted shares were issued.

 

On January 23, 2015, the Company issued 250,000,000 shares of its restricted common stock to Phoenix Bio Pharm as described in Note 5.

 

During the year ended February 28, 2015, the Company sold 440,330 shares of its restricted common stock to accredited investors for consideration for proceeds of $375,925.  

 

On December 9, 2014, the Company issued 5,000,000 shares of its common stock as compensation under two consulting agreements, each for one-year of marketing services. The Company values the issuance of shares at $119,666, which will be amortized over the twelve months beginning November 2014 to October 2015.

 

On December 16, 2014, the Company issued 6,666,667 shares of its common stock to YP Holdings for $600,000 under a Securities Purchase Agreement as discussed below.

 

Between January 15, 2015 and February 28, 2015, the Company issued 10,015,845 shares of common stock to Typenex from the conversion of a total principal amount of $38,500 under a Convertible Notes Agreement as discussed in Note 14 below.

 
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock Options
 12 Months Ended
Feb. 28, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Common Stock Options

13. Common Stock Options

 

2014 Stock Awards Plan:  Effective June 4, 2014, the Board of Directors adopted the 2014 Stock Awards Plan (the “Plan”) under which the Company is authorized to grant employees, directors, and consultants (“Participant”) incentive and non-qualified stock options.  Pursuant to the Plan, the Company is authorized to grant an aggregate of 10,000,000 stock options to purchase common stock of the Company.  The stock option price and vesting terms are determined by the Board of Directors or Compensation Committee (the “Committee”), and evidenced by a stock option agreement extended to the Participant.  The options granted generally terminate five years from the date of issuance.

 

Effective February 27, 2014, the Company’s former CEO and Director was granted incentive stock options to purchase 5,000,000 common shares of the Company at $0.34 per common share valued at $551,363.   Immediately upon the grant of the option, options to purchase 2,500,000 common shares vested.  The option to purchase the remaining 2,500,000 common shares shall vest in equal amounts over the next three years ending February 27, 2017.  As of February 18, 2015, the unvested options totaling 2,500,000 were cancelled upon resignation by the holder.  The remaining 2,500,000 vested options are exercisable until February 17, 2016.  

 

The following table describes stock options outstanding and exercisable at February 28, 2015:

 

Options Outstanding and Exercisable

      Options Outstanding     Options Exercisable 
 Range of Exercise Prices    Number    Price    Life    Number    Price    Life 
                                 
$0.34    2,500,000   $0.34    5    2,500,000   $0.34    5 
      5,000,000              2,500,000           

 
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Note
 12 Months Ended
Feb. 28, 2014
Convertible Promissory Note  
Convertible Promissory Note

14. Convertible Promissory Note

 

On June 24, 2014, the Company entered into a securities purchase agreement with Typenex Co-Investment, LLC, a Utah limited liability company.  Under this agreement, the Company has issued a secured convertible promissory note in the original principal amount of $1,105,000, deliverable in eleven tranches (the “Typenex Note”).  On the closing date, Typenex delivered the initial cash purchase price of $150,000, plus any interest, costs, fees or charges accrued under the Typenex Note, including the original issue discount of $20,000.  The outstanding principal and accrued and unpaid interest on the Typenex Note is convertible at any time into shares of common stock at a conversion price of $1.00, subject to adjustment as described below (the “Lender Conversion Price”).  As of June 24, 2014, the Company evaluated the Beneficial Conversion Feature under this note and determined as of June 24, 2014, there was no beneficial conversion feature as the Lender Conversion Price exceeded the fair market value of the Company’s common stock.

 

As of November 30, 2014, the company has received net proceeds of $135,000 related to this convertible promissory note, representing $150,000 less financing costs of $15,000.  During the nine months ended November 30, 2014 the Company has recorded interest expense of $7,725, and amortization expense of $554,413 related to the amortization of the original issue discount and the full-value of the warrant discussed below ($552,500).

 

Each subsequent tranche will be in the amount of $85,000, plus any interest, costs, fees or charges accrued thereon under the terms of the Typenex Note, including the original issuer discount of $8,500.  Each tranche will be accompanied by its own secured investor note (the “Investor Notes”).  The Company has agreed to pay $5,000 to cover Typenex’s legal fees, accounting costs, due diligence, monitoring and other transaction costs in connection with the purchase and sale of the Typenex Note.  All loans received bear an interest rate of 10% per annum.  The loan is due 23 months after the initial cash purchase price is delivered to the Company.  Typenex has pledged a 40% membership interest in Typenex Medical, LLC to secure its obligations under all of the Typenex Notes.

 

A warrant to purchase shares of the Company has been issued to Typenex as of June 24, 2014.  This warrant grants Typenex the ability to purchase a number of fully paid and non-assessable shares of the Company’s stock, par value $0.001, equal to $552,500 divided by the market price.  This warrant is issued pursuant to the terms of the securities purchase agreement as described above.

 

Provided there is an outstanding balance, the Company will pay an installment amount equal to $61,389 plus any accrued and unpaid interest on the installment due date, which is six months after the initial loan disbursement.  This installment amount is the maximum that must be paid on any given installment due date, and is limited by the amounts owed.  This amount can be converted at the lesser of either the lender conversion price or at 70% of the average of the three lowest closing bid prices in the 20 trading days immediately preceding the applicable conversion.  Should the average trading price be less than $0.35 during any such period, then the conversion factor will be reduced to 65% for all future conversion, additionally the conversion price will be reduced by 5% if the Company’s common stock is not available for DWAC.  Should the Company decide to prepay this amount, there is a prepayment premium equal to 125% of the outstanding balance of the Typenex Note.  Should the prepayment premium not be paid within 2 days of the prepayment notice, the Company forfeits its right to prepay the Typenex Note. 

 

Under this agreement, Typenex has the right at any time after the purchase price date until the outstanding balance has been paid in full to convert any or all of the outstanding balance into shares of the Company’s common stock under the following formula: the number of shares issued equals the amount being converted divided by $1.  These shares must be delivered to Typenex within three trading days of the conversion notice being given to the Company.  Should any shares be sold to Typenex or any third party at a value that is less than the effective lender conversion price, then the lender conversion price will be reduced to equal such lower issuance price.  The effective lender conversion price will also be adjusted as needed upon any forward or reverse split of the Company’s shares.  Should the Company fail to deliver the shares in a timely manner, a late fee of the greater of $500 per day and 2% of the applicable lender conversion share value rounded to the nearest multiple of $100 will be assed for each day after the third that the Company is late (though not exceeding 200% of the applicable lender conversion share value.

 

In the event of a default, the Typenex Note may be accelerated by Typenex by providing written notice to the Company.  The outstanding balance is immediately due and payable at the greater of the outstanding balance divided by the installment conversion price, or the default effect, which is calculated by multiplying the conversion eligible outstanding balance by 15% for each major default or 5% for each minor default and then adding the resulting product to the outstanding balance as of the date of default.  In addition, an interest rate of the lesser of 22% per annum (or the maximum rate permitted under law) will be applied to the outstanding balance.  Typenex is prohibited from owning more than 4.99% of the Company’s outstanding shares, unless the market capitalization of the Company’s common stock is less than $10,000,000, in which case Typenex is prohibited from owning more than 9.99% of the Company’s outstanding shares.

 

On a date that is 23 trading days from each date that the Company delivers conversion shares to Typenex, there is a true-up date in which the Company will deliver additional shares if the installment conversion price on that date is less than the installment conversion price used in the applicable installment notice.  These additional shares will be equal to the difference between the number of shares that would be delivered to Typenex at the time of the true-up date and the amount originally delivered.\

 

Notice of Default – on January 9, 2015, the Company received a Notice of Default from Typenex under the Convertible Promissory Note described in Note 12 above.  In the letter, the noteholder described two major defaults where the Company failed to meet its obligations under the Typenex Note.  The first default was triggered on December 16, 2014 related to a request from the noteholder to increase the number of shares reserved for issuance under the Typenex Note on the books of the Company’s transfer agent.  The second default was triggered on December 27, 2014, when the Company failed to make its first installment payment of $61,888.89 according to the terms of the Typenex Note.  Each default triggered a penalty of 115% of the then outstanding principal and accrued and unpaid interest and triggers the interest rate to 22%. As of January 9, 2015, the outstanding principal, accrued interest and accrued penalties on the Typenex Note was $239,483.61.  On January 23, 2015, the Company satisfied its first default by instructing its transfer agent to reserve a total of 50,925,000 shares of common stock covering the potential conversion of the original principal value of the Typenex Note ($1,100,000) plus common shares issuable upon the exercise of warrants underlying the Typenex Note.  On February 12, 2015, the Company received a notice from Typenex waiving the penalties on the December 16, 2014 default and waived $26,755.16 of penalies imposed on December 16, 2014.  Under the terms of the Typenex Note, the Lenders Conversion Price will reset to 60% of the average of the three lowest closing bid prices of the Company’s common stock in the 20 days prior to conversion.  As of December 16, 2014, the Company has re-evaluated the beneficial conversion feature under the Typenex Note and has recorded a liability for the beneficial conversion feature totaling $230,392.  This discount will be amortized over the remaining life of the Typenex Note. 

 

On February 3, 2015, the Company exercised its borrower offset right under the Typenex Note.  Through this offset right, the Company is entitled to deduct and offset any amount owing by Typenex under the initial securities purchase agreement dated June 24, 2014 from any amount owed by the Company under the note.  The combined balance of the secured investor notes and the investor notes as of the January 28, 2015 offset date was $890,800.  In addition, the note balance prior to the offset included $85,000 of unearned original issue discounts.

 

In conjunction with the Company’s exercise of its offset right, the Company and Typenex each hereby acknowledge that the secured investor notes and the investor notes were offset against the Company balances owed under the note as of the offset date, and as a result thereof, each of the secured investor notes and the investor notes is deemed to have been paid in full and are now cancelled and terminated and the Company balance owed under the note has been reduced to $218,028 as of the offset date.  Additionally, the Company specifically acknowledges that Typenex has no further obligations under any of the secured investor notes and investor notes.

 

Further, the Company acknowledges that the investor pledge agreement, dated June 24, 2014, and all security interests granted thereunder with respect to the collateral (as defined in the investor pledge agreement have terminated and all such security interests shall be deemed released.

 

Notice of Conversion – Between January 15, 2015 and February 28, 2015, the Company has received conversion notices from its noteholder on the Typenex Note to convert principal on the Typenex Note into shares of the Company’s Common Stock at a market price as defined by the Typenex Note.  The table below lists the conversion activity and the shares of common stock issued pursuant to each conversion:

 

Date of Notice

 

Principal

 

Market

Price*

 

Common

Stock issued

 January 15, 2015   $20,000   $0.00712    2,808,989 
 February 5, 2015   $18,500   $0.00257    7,206,856 
 Total   $38,500         10,015,845 

 

*Market Price as defined by the Typenex Note
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Promissory Note
 12 Months Ended
Feb. 28, 2014
Promissory Note  
Promissory Note

15. Promissory Note

 

On August 29, 2014, the company entered into a Promissory Note with YP Holdings, LLC for gross proceeds $100,000 as an advance towards the Securities Purchase Agreement dated September 17, 2014 described in Note 13 (the “YP Note”).  The YP Note matures in 60-days and bears interest of 12% per annum.  During the nine months ended November 30, 2014, the Company recorded $18,000 in financing fees related to the YP Note.  On September 17, 2014, the YP Note converted to equity in connection with the Securities Purchase Agreement dated September 17, 2014 as discussed below.  The Company has no further obligation under the YP Note.
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securities Purchase Agreement
 12 Months Ended
Feb. 28, 2014
Securities Purchase Agreement  
Securities Purchase Agreement

16. Securities Purchase Agreement

 

On September 17, 2014, the Company entered into a securities purchase agreement with YP Holdings, LLC.  YP Holdings, LLC has no material relationship with the Company other than with respect to this agreement.

 

Under this agreement, the purchasers will be purchasing units of one common share and two warrants to purchase common shares for $0.09 per unit, for a total of $600,000.  The common shares have a par value of $0.001 per share.  The warrants are exercisable for five years from the date of issuance and shall have an initial exercise price equal to $0.20.  As a result of this agreement, the Company will issue 6,666,667 common shares and 13,333,334 warrants to the purchasers.  On August 29, 2014 and September 17, 2014, the Company received gross proceeds of $100,000 and $500,000, respectively and has recorded financing fees of $18,000 and $52,000, related to this agreement.  The Company has valued these warrants using the Black Scholes option pricing model and has recorded expense related to the issuance of these warrants totaling $552,500 during the year ended February 28, 2015. 

 

The warrants can be exercised by paying the price for shares as stipulated by the warrant, or through cashless exercise, through which the purchaser will be issued a number of shares equal to the number of warrant shares applied to the subject exercise multiplied by the current market price on the date of conversion minus the exercise price on that date.  This total is then divided by the current market price on the date of conversion.  The cashless exercise may only be exercised after six months have passed from the original issuance of the warrants.

 

The purchaser has waived the clause prohibiting conversion of warrants into common shares if that would result in the purchaser owning in excess of 4.99% of the outstanding shares.  A second clause prohibits the conversion of warrants if the purchaser owns in excess of 9.99% of the outstanding common shares.  This clause can be waived by the purchaser providing notice of waiver.

 

The Company has agreed to pay a flat $20,000 to YP Holdings, LLC to reimburse them for the fees and expenses incurred by it in connection with its due diligence review of the Company and the preparation, negotiation, executive, delivery and performance of the agreement.

 

The two parties also entered into a registration rights agreement.  Under this agreement, the Company will prepare and file a registration statement on Form S-1 in order to register all shares issued under the securities purchase agreement.  The Company will keep the registration statement continuously effective for a period of two years following the effective date of the registration statement.  The Company will pay all reasonable fees and expenses incurred with respect to this agreement.  Unless previously agreed to in writing, the Company may not register any shares other than those intended to be sold under this agreement.

 

Should the Company fail to comply with the registration rights agreement, the Company agrees to pay liquidated damages to YP Holdings, LLC equal to 3% of the purchase price of the common shares paid by the purchaser for the first 30 day period, and 2% of such purchase price for each subsequent 30 day period.  These payments are payable upon demand in cash.

 

Pursuant to the registration rights agreement, the Company agreed to several lock-up agreements between itself and four shareholders of the Company: Phoenix Bio Pharmaceuticals Corporation, Ronald Lusk, Lewis Humer, and Caduceus Industries LLC.  Under these agreements, each shareholder has agreed that they will not offer, pledge, sell, contract to sell, grant any options for sale or transfer, distribute or dispose of, directly or indirectly, any shares of the Company for a 90 day period following the date that the registration statement is declared effective.

 

Additionally, on September 16, 2014, the Company issued warrants to purchase 533,333 common shares to consultants for services rendered.  The warrants expire five years from the date of issuance and are exercisable for $0.20 per share.  The Company has valued these warrants using the Black Scholes option pricing model and has recorded expense related to the issuance of these warrants totaling $104,578 during the year ended February 28, 2015.

 
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Corrections To Prior Financials As Filed
 12 Months Ended
Feb. 28, 2014
Prior Period Adjustment [Abstract]  
Corrections To Prior Financials As Filed

17. Corrections to Prior Financials As Filed

 

Due to a change in auditors and a subsequent review of the accounting treatment surrounding the Typenex Notes, there were corrections of expenses related to the Derivative Liability and Beneficial Conversion Feature recorded on the Typenex Notes for the year ended February 28, 2015. In addition, the carrying value of a Licence Agreement with Phoenix Bio Pharma and the Distribution agreement with Go Kush, Inc was written back to zero. The table below for the shows the effects on Net loss, earnings per share, and accumulated deficit for each of the periods.

 

Item Period Net Loss Earnings Per Share Accumulated Deficit
Typenex Note Year Ended February 28, 2015 205,522 (0.00) 205,522
Phoenix Bio Pharma Year Ended February 28, 2015 5,514,189 (0.05) 7,166,667
Go Kush, Inc Year Ended February 28, 2015 141,800 (0.00) 154,800
Accounts Payable Year Ended February 28, 2015 157,167 (0.00) 165,000
Amendment to Amortisation Year Ended February 28, 2015 (642,654)    
Total Year Ended February 28, 2015 5,376,024 (0.06) 7,691,989

 
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
 12 Months Ended
Feb. 28, 2014
Subsequent Events [Abstract]  
Subsequent Events

18. Subsequent Events

 

Notice of Conversion – Between March 1, 2015 and July 30, 2015, the Company has received conversion notices from its noteholder on the Typenex Note to convert principal on the Typenex Note into shares of the Company’s Common Stock at a market price as defined by the Typenex Note.  Additionally, the Company has issued shares pursuant to the true up provisions as defined in the Typenex Note.  The table below lists the conversion activity and the shares of common stock issued pursuant to each conversion and shares issued:

 

Date of Notice   Principal   Market Price*   Conversion Shares   True Up Shares   Total Shares Issued 
March 2, 2015   $14,000   $0.001393    10,050,257    —    10,050,251 
March 31, 2015    —    —    —    22,045,006    22,045,006 
May 14, 2015   $15,000   $0.000715    20,979,021    9,530,169    30,509,109 
Total   $29,000         31,029,272    31,575,175    62,604,447 

 

*Market Price as defined by the Typenex Note
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Feb. 28, 2014
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation - The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars.  The Company’s fiscal year end is February 28.
Basis of Consolidation

Basis of Consolidation – The consolidated financial statements include the accounts of Medi Holdings, Inc. and its wholly-owned subsidiaries.  All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates

Use of Estimates - The preparation of financial statements in conformity with US GAAP 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. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. 

 

A significant item that requires management’s estimates and assumptions is the estimate of proved oil reserves which are used in the calculation of depletion, impairment of its properties and asset retirement obligations. Other items subject to estimates and assumptions include the carrying amount of property, plant and equipment, valuation allowances for income taxes, valuation of derivatives instruments and accrued liabilities, among others. Although management believes these estimates are reasonable, actual results could differ from these estimates.
Cash and cash equivalents

Cash and cash equivalents - The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. At February 28, 2015 and February 28, 2014, the Company did not hold any cash equivalents.
Accounts Receivable

Accounts receivable - Accounts receivable consists of trade accounts arising in the normal course of business.  No interest is charged on past due accounts.  Accounts receivable are carried at the original invoice amount less a reserve for doubtful receivables based on a review of all outstanding amounts on a monthly basis.
Basic and Diluted Net Loss per Share

Basic and Diluted Net Loss per Share - The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.  At February 28, 2015, the Company had outstanding stock options outstanding, the Company does not deem these options to be dilutive as the exercise price exceeds the current fair market value of the Company’s common stock.  At February 28, 2015 and 2014, the Company had did not have potentially dilutive shares outstanding.
Financial Instruments

Financial Instruments - Pursuant to ASC 820, Fair Value Measurements and Disclosures, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

 

Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

 

Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 

Level 3 - Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. 

 

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable and accrued liabilities, amounts due to related parties, and convertible debenture. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 
Derivative Financial Instruments

Derivative Financial Instruments - The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.

 

The Company reviews the terms of the common stock, warrants and convertible debt it issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

 

Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. The Company uses a Black-Scholes model for valuation of the derivative. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value.

 

The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense, using the effective interest method.

 

Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net cash settlement of the derivative instrument could be required within the 12 months of the balance sheet date.

 
Comprehensive Income

Comprehensive Loss - ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at February 28, 2015 and 2014, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

 
Stock-based Compensation

Stock-based Compensation - The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505-50 - Equity-Based Payments to Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

 

We account for share-based payments granted to non-employees in accordance with ASC Topic 505, “Equity Based Payments to Non-Employees.” The Company determines the fair value of the stock-based payment as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.  If the fair value of the equity instruments issued is used, it is measured using the stock price and other measurement assumptions as of the earlier of either (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty’s performance is complete.

 

The fair value of each share based payment is estimated on the measurement date using the Black-Scholes model with the following assumptions, which are determined at the beginning of each year and utilized in all calculations for that year: 

 

Risk-Free Interest Rate. We utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of our awards.  

 

Expected Volatility. We calculate the expected volatility based on a volatility index of peer companies as we did not have sufficient historical market information to estimate the volatility of our own stock. 

 

Dividend Yield. We have not declared a dividend on its common stock since its inception and have no intentions of declaring a dividend in the foreseeable future and therefore used a dividend yield of zero.

 

Expected Term. The expected term of options granted represents the period of time that options are expected to be outstanding.  We estimated the expected term of stock options by using the simplified method.  For warrants, the expected term represents the actual term of the warrant.

 

Forfeitures. Estimates of option forfeitures are based on our experience. We will adjust our estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of compensation expense to be recognized in future periods.

 
Revenue Recognition

Revenue Recognition – The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin Topic 13 when persuasive evidence of an arrangement exists and delivery has occurred, provided the fee is fixed or determinable and collection is probable. The Company assesses whether the fee is fixed and determinable based on the payment terms associated with the transaction. If a fee is based upon a variable such as acceptance by the customer, the Company accounts for the fee as not being fixed and determinable. In these cases, the Company defers revenue and recognizes it when it becomes due and payable. Up-front engagement fees are recorded as deferred revenue and amortized to income on a straight-line basis over the term of the agreement, although the fee is due and payable at the time the agreement is signed or upon annual renewal. Payments related to substantive, performance-based milestones in an agreement are recognized as revenue upon the achievement of the milestones as specified in the underlying agreement when they represent the culmination of the earnings process.

 

The Company assesses the probability of collection based on a number of factors, including past transaction history with the customer and the current financial condition of the customer. If the Company determines that collection of a fee is not reasonably assured, revenue is deferred until the time collection becomes reasonably assured. Significant management judgment and estimates must be made and used in connection with the revenue recognized in any accounting period. Material differences may result in the amount and timing of our revenue for any period if our management made different judgments or utilized different estimates.

 
Shipping and Handling Costs

Shipping and Handling costs— shipping and handling costs are included in cost of sales in the Statements of Operations.
Recent Accounting Pronouncements

Recent Accounting Pronouncements - The recent accounting pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
Reclassifications

Reclassifications - Certain amounts in the prior period financial statements have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported losses, total assets or stockholders equity.
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock Options (Tables)
 12 Months Ended
Feb. 28, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock options outstanding and exercisable

The following table describes stock options outstanding and exercisable at February 28, 2015:

 

Options Outstanding and Exercisable

      Options Outstanding     Options Exercisable 
 Range of Exercise Prices    Number    Price    Life    Number    Price    Life 
                                 
$0.34    2,500,000   $0.34    5    2,500,000   $0.34    5 
      5,000,000              2,500,000           

 
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Note (Tables)
 12 Months Ended
Feb. 28, 2014
Convertible Promissory Note Tables Abstract  
Schedule of conversion activity of debt

The table below lists the conversion activity and the shares of common stock issued pursuant to each conversion:

 

Date of Notice

 

Principal

 

Market

Price*

 

Common

Stock issued

 January 15, 2015   $20,000   $0.00712    2,808,989 
 February 5, 2015   $18,500   $0.00257    7,206,856 
 Total   $38,500         10,015,845 

 

*Market Price as defined by the Typenex Note
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Corrections To Prior Financials As Filed (Tables)
 12 Months Ended
Feb. 28, 2014
Prior Period Adjustment [Abstract]  
Schedule of effects on Net loss, earnings per share, and accumulated deficit for each of the periods

The table below for the shows the effects on Net loss, earnings per share, and accumulated deficit for each of the periods.

 

Item Period Net Loss Earnings Per Share Accumulated Deficit
Typenex Note Year Ended February 28, 2015 205,522 (0.00) 205,522
Phoenix Bio Pharma Year Ended February 28, 2015 5,514,189 (0.05) 7,166,667
Go Kush, Inc Year Ended February 28, 2015 141,800 (0.00) 154,800
Accounts Payable Year Ended February 28, 2015 157,167 (0.00) 165,000
Amendment to Amortisation Year Ended February 28, 2015 (642,654)    
Total Year Ended February 28, 2015 5,376,024 (0.06) 7,691,989

 
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Tables)
 12 Months Ended
Feb. 28, 2014
Subsequent Events [Abstract]  
Schedule of conversion of noteholders and shares issued

The table below lists the conversion activity and the shares of common stock issued pursuant to each conversion and shares issued:

 

Date of Notice   Principal   Market Price*   Conversion Shares   True Up Shares   Total Shares Issued 
March 2, 2015   $14,000   $0.001393    10,050,257    —    10,050,251 
March 31, 2015    —    —    —    22,045,006    22,045,006 
May 14, 2015   $15,000   $0.000715    20,979,021    9,530,169    30,509,109 
Total   $29,000         31,029,272    31,575,175    62,604,447 

 

*Market Price as defined by the Typenex Note
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
License Agreement - Phoenix Bio Pharmaceuticals, Inc. (Details Narrative) - USD ($)
 2 Months Ended 12 Months Ended
Jul. 08, 2015
Jan. 05, 2015
Mar. 14, 2014
Feb. 28, 2015
Feb. 28, 2015
Feb. 28, 2015
Feb. 28, 2014
Shares issued for agreement           $ 159,000  
Impairment of license agreement           14,168,989
Subsequent Event [Member]              
Impairment of license agreement $ 14,014,189            
Reduction in paid in capital for impairment $ (2,282,132)            
Additional License Agreement [Member]              
License Agreement       $ 2,000,000 $ 2,000,000 2,000,000  
License Agreement [Member]              
License Agreement       6,500,000 6,500,000 $ 6,500,000  
Phoenix Bio Pharm [Member] | Subsequent Event [Member]              
Common stock held by licensee 276,000,000            
Phoenix Bio Pharm [Member] | Subsequent Event [Member] | Series B Preferred Stock [Member]              
Number of shares to be received in exchange for common stock held 2,000,000            
Preferred stock, par value $ .0001            
Convertible preferred stock, conversion basis 100            
Preferred return value of preferred shares $ 100            
Phoenix Bio Pharm [Member] | Additional License Agreement [Member]              
Shares issued for agreement (shares)   250,000,000          
Shares issued for agreement   $ 4,000,000          
Term of the agreement   10 years          
Useful life   10 years          
Issuance price per share   $ .016          
Value of stock issuance over market value of license agreement (percent)   33.00%          
Impairment of license agreement       $ 2,000,000      
Phoenix Bio Pharm [Member] | License Agreement [Member]              
Shares issued for agreement (shares)     26,000,000        
Shares issued for agreement     $ 13,000,000        
Amortization expenses         1,300,000    
Term of the agreement     10 years        
Useful life     10 years        
Impairment of license agreement         $ 6,500,000    
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Distribution Agreement - Go Kush, Inc. (Details Narrative) - USD ($)
 12 Months Ended
Mar. 13, 2015
Feb. 28, 2015
Feb. 28, 2015
Feb. 28, 2014
Shares issued for agreement     $ 159,000  
Impairment of agreement     $ 14,168,989
Distribution Agreement [Member]        
Shares issued for agreement (shares) 200,000      
Shares issued for agreement $ 172,000      
Amortization expenses   $ 17,200    
Term of agreement 10 years      
Impairment of agreement   141,800    
Reduction in paid in capital for impairment   $ (13,000)    
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Cannavest, Inc. (Details Narrative) - USD ($)
 2 Months Ended
Feb. 28, 2015
Jan. 06, 2015
Dec. 23, 2014
Warrant [Member]      
Number of common shares for issued warrants   20,000,000  
Exercise price   $ 0.02  
Stockbased compensation expense $ 197,663    
Convertible Promissory Notes [Member]      
Debt amount     $ 1,200,000
Interest rate     10.00%
Conversion price per common share     $ .02
Raw materials inventory to be acquired     $ 1,200,000
Default interest rate     12.00%
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Narrative) - USD ($)
 1 Months Ended 7 Months Ended 12 Months Ended
Sep. 18, 2014
Mar. 14, 2014
Mar. 31, 2014
Feb. 28, 2015
Feb. 28, 2015
Feb. 28, 2015
Feb. 28, 2014
Shares issued for agreement           $ 159,000  
Loans made to related parties           258,122
Principal payments of related party loan           50,000
Phoenix Pharms [Member]              
Interest rate 8.80%            
Loans made to related parties $ 85,000            
Advances repaid of related party loan           10,029  
Due to related party       $ 0 $ 0 0  
Expenses invoiced from related party           30,421  
Due from related party loan       61,262 61,262 61,262  
Due from related party       2,687 2,687 2,687  
Principal payments of related party loan           26,425  
Cash payments of related party loan           15,900  
Expense offset against related party loan           10,525  
Phoenix Pharms [Member] | New Product Development Agreement [Member]              
Monthly agreement payment           16,000  
Advisory service fees           $ 64,000  
Term of the agreement           4 months  
Kronos [Member]              
Lease term           4 years  
Monthly rent expense           $ 2,500  
Rent expenses           21,500  
(Increase) Decrease in security deposit           1,250  
Advisory service fees     $ 10,000     120,000  
Phoenix Bio Pharm [Member]              
Loans made to related parties           197,860  
Product development expense           15,000  
Due from related party loan             $ 54,234
Phoenix Bio Pharm [Member] | License Agreement [Member]              
Shares issued for agreement (shares)   26,000,000          
Shares issued for agreement   $ 13,000,000          
Amortization expenses         1,300,000    
Term of the agreement   10 years          
Useful life   10 years          
Russell Stone - CEO [Member] | Maximum [Member]              
Ownership interest of Company             5.00%
Mr. Humer - Director [Member]              
Monthly agreement payment       1,500      
Consulting fee       15,000      
Due to related party       $ 61,760 $ 61,760 $ 61,760  
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock (Details Narrative) - USD ($)
 2 Months Ended 12 Months Ended
Mar. 13, 2015
Jan. 05, 2015
Dec. 16, 2014
Dec. 09, 2014
Mar. 14, 2014
Feb. 27, 2014
Feb. 28, 2015
Feb. 28, 2015
Feb. 28, 2014
Aug. 22, 2013
Common stock, par value (in dollars per share)             $ 0.001 $ 0.001 $ 0.001 $ 0.001
Common stock, shares authorized             1,000,000,000 1,000,000,000 1,000,000,000 100,000,000
Common stock, shares issued             361,322,812 361,322,812 63,000,000  
Common stock, shares outstanding             361,322,812 361,322,812 63,000,000  
Common stock reserved for issuance             53,000,000 53,000,000    
Issuance of common stock for cash               $ 975,925    
Restricted Common Stock [Member]                    
Issuance of common stock for cash               $ 375,925    
Issuance of common stock for cash (shares)               440,330    
Convertible Promissory Notes [Member]                    
Shares issued upon conversion of convertible debt (shares)             10,015,845      
Prinicpal amount of debt converted             $ 38,500      
Consutling Agreement [Member]                    
Shares issued for consulting services (shares)       5,000,000            
Shares issued for consulting services       $ 119,666            
Securities Agreement [Member]                    
Shares issued for agreement (shares)     13,333,334              
Issuance of common stock for cash     $ 600,000              
Issuance of common stock for cash (shares)     6,666,667              
Distribution Agreement [Member]                    
Shares issued for agreement (shares) 200,000                  
Russell Stone - CEO [Member]                    
Issuance of shares           5,000,000        
Phoenix Bio Pharm [Member] | License Agreement [Member]                    
Shares issued for agreement (shares)         26,000,000          
Phoenix Bio Pharm [Member] | Additional License Agreement [Member]                    
Shares issued for agreement (shares)   250,000,000                
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock Options (Details Narrative) - 2014 Stock Awards Plan [Member] - USD ($)
Feb. 18, 2015
Feb. 27, 2014
Feb. 28, 2015
Jun. 04, 2014
Authorized common shares to grant under plan       10,000,000
Number of options unvested, end period     2,500,000  
Former CEO [Member]        
Stock options granted   5,000,000    
Exercise price of options granted   $ 0.34    
Value of stock options granted   $ 551,363    
Number of options vested   2,500,000    
Vesting term of options   3 years    
Number of options unvested, end period   2,500,000    
Stock options cancelled 2,500,000      
Number of options vested and exerciseable options     2,500,000  
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Common Stock Options (Details) - 2014 Stock Awards Plan [Member]
 12 Months Ended
Feb. 28, 2015
$ / shares
shares
Stock options Outstanding, end | shares 2,500,000
Stock options Outstanding, exercise price | $ / shares $ .34
Life of stock options, outstanding 5 years
Stock options Exercisable, end | shares 2,500,000
Stock options Exercisable, exercise price | $ / shares $ .34
Life of stock options, exercisable 5 years
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Note (Details Narrative) - USD ($)
 5 Months Ended 12 Months Ended
Feb. 12, 2015
Jun. 24, 2014
Nov. 30, 2014
Feb. 28, 2015
Feb. 28, 2014
Jan. 28, 2015
Jan. 24, 2015
Jan. 09, 2015
Dec. 16, 2014
Sep. 17, 2014
Proceeds from notes payable       $ 385,000          
Common stock reserved for conversion of debt       53,000,000            
Derivative liability       $ 169,868          
Non-cash amortization of discount on convertible notes payable       $ 554,630          
Securities Agreement [Member] | Minimum [Member]                    
Ownership interest of Company                   4.99%
Securities Agreement [Member] | Maximum [Member]                    
Ownership interest of Company                   9.99%
Securities Agreement [Member] | Typenex Note [Member]                    
Debt amount   $ 1,105,000       $ 890,000        
Conversion price per common share   $ 1.00                
Original issue discount   $ 20,000       85,000        
Number of tranches   11                
Proceeds from notes payable     $ 150,000              
Membership interest pledged   40.00%                
Warrant issued fair value                 $ 552,500  
Debt installment amount   $ 61,339                
Number of consecutive trading days   20 days                
Conversion price equals average closing bid price (percent)   70.00%                
Share price   $ 0.35                
Conversion price reduction due to closing bid price (percent)   65.00%                
Conversion price reduction due to availability of common stock (percent)   5.00%                
Prepayment premium (percent)   125.00%                
Late fee for failure to deliver shares   $ 500                
Late fee applicable lender conversion share value (percent)   2.00%                
Maximum late fee applicable lender conversion share value (percent)   200.00%                
Default interest rate   22.00%                
Major default rate of conversion eligible balance (percent)   15.00%                
Minor default rate of conversion eligible balance (percent)   5.00%                
Number of trading days from coversion date   23 days                
Outstanding debt amount           $ 218,028        
Amount of penalty waived $ 26,755                  
Derivative liability                 $ 230,932  
Proceeds from notes payable, net     135,000              
Financing costs     15,000              
Interest expense - debt     7,725              
Non-cash amortization of discount on convertible notes payable     $ 554,413              
Costs payable under agreement   $ 5,000                
Securities Agreement [Member] | Typenex Note [Member] | Notice #1 [Member]                    
Debt amount             $ 1,100,000      
Default penalty of outstanding balance (percent)               115.00%    
Outstanding debt amount               $ 239,484    
Common stock reserved for conversion of debt             50,925,000      
Securities Agreement [Member] | Typenex Note [Member] | Minimum [Member]                    
Ownership interest of Company   4.99%                
Market capitalization under agreement   $ 10,000,000                
Securities Agreement [Member] | Typenex Note [Member] | Maximum [Member]                    
Ownership interest of Company   9.99%                
Securities Agreement [Member] | Typenex Note [Member] | Tranche [Member]                    
Debt amount   $ 85,000                
Interest rate   10.00%                
Original issue discount   $ 8,500                
Debt term   23 months                
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Promissory Note (Details) - USD ($)
 2 Months Ended
Feb. 28, 2015
Feb. 28, 2015
Notice #1 [Member]    
Date of Notice   Jan. 01, 2015
Debt principal amount   $ 20,000
Market Price [1]   $ 0.00712
Common Stock Issued (shares)   2,808,989
Notice #2 [Member]    
Date of Notice Feb. 05, 2015  
Debt principal amount $ 18,500  
Market Price [1] $ 0.00257  
Common Stock Issued (shares) 7,206,856  
Total [Member]    
Debt principal amount $ 38,500  
Common Stock Issued (shares) 10,015,845  
[1] Market Price as defined by Typenex Note
XML 48 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Promissory Note (Details Narrative) - Promissory Note [Member] - USD ($)
 3 Months Ended
Aug. 29, 2014
Nov. 30, 2014
Debt amount $ 100,000  
Interest rate 12.00%  
Debt term 60 days  
Financing fees   $ 18,000
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securities Purchase Agreement (Details Narrative) - USD ($)
 12 Months Ended
Dec. 16, 2014
Sep. 17, 2014
Aug. 29, 2014
Feb. 28, 2015
Jan. 06, 2015
Jun. 24, 2014
Feb. 28, 2014
Aug. 22, 2013
Shares issued for agreement       $ 159,000        
Common stock, par value (in dollars per share)       $ 0.001     $ 0.001 $ 0.001
Warrant [Member]                
Exercise price         $ 0.02      
Securities Agreement [Member]                
Shares issued for agreement (shares) 13,333,334              
Shares issued for agreement $ 600,000              
Proceeds from issuance of purchasing units   $ 100,000 $ 500,000          
Financing fees   $ 52,000 $ 18,000          
Liquidated damages first 30 days (percent)   3.00%            
Liquidated damages subsequent 30 days (percent)   2.00%            
Securities Agreement [Member] | Minimum [Member]                
Ownership interest of Company   4.99%            
Securities Agreement [Member] | Maximum [Member]                
Ownership interest of Company   9.99%            
Securities Agreement [Member] | Typenex Note [Member]                
Unit price (per unit)           $ 0.35    
Warrant issued fair value $ 552,500              
Costs payable under agreement           $ 5,000    
Securities Agreement [Member] | Typenex Note [Member] | Minimum [Member]                
Ownership interest of Company           4.99%    
Securities Agreement [Member] | Typenex Note [Member] | Maximum [Member]                
Ownership interest of Company           9.99%    
Securities Agreement [Member] | Purchasing Unit [Member]                
Unit price (per unit)   $ 0.09            
Number of common shares per unit   1            
Number of warrants per unit   2            
Common stock, par value (in dollars per share)   $ 0.001            
Warrant term   5 years            
Exercise price   $ 0.20            
Costs payable under agreement   $ 20,000            
Consutling Agreement [Member] | Warrant [Member]                
Warrant term   5 years            
Exercise price   $ 0.20            
Issuance of warrants   $ 104,578            
Number of warrants issued for services   533,333            
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Corrections To Prior Financials As Filed (Details) - USD ($)
 12 Months Ended
Feb. 28, 2015
Feb. 28, 2014
Net loss $ (17,363,968) $ (54,547)
Earnings per share $ (0.15) $ (0.00)
Accumulated deficit $ (18,031,220) $ (667,252)
Adjustments for Corrections [Member]    
Net loss $ 5,376,024  
Earnings per share $ (0.06)  
Accumulated deficit $ 7,691,989  
Adjustments for Corrections [Member] | Amortization Expense [Member]    
Net loss (642,654)  
Adjustments for Corrections [Member] | Accounts Payable [Member]    
Net loss $ 157,167  
Earnings per share $ 0.00  
Accumulated deficit $ 165,000  
Adjustments for Corrections [Member] | Distribution Agreement [Member]    
Net loss $ 141,800  
Earnings per share $ 0.00  
Accumulated deficit $ 154,800  
Adjustments for Corrections [Member] | Phoenix Bio Pharm [Member]    
Net loss $ 5,514,189  
Earnings per share $ (.05)  
Accumulated deficit $ 7,166,667  
Adjustments for Corrections [Member] | Typenex Note [Member]    
Net loss $ 205,522  
Earnings per share $ 0.00  
Accumulated deficit $ 205,522  
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Details) - USD ($)
 2 Months Ended 5 Months Ended
Feb. 28, 2015
Feb. 28, 2015
Jul. 30, 2015
Notice #1 [Member]      
Date of Notice   Jan. 01, 2015  
Debt principal amount   $ 20,000  
Market Price [1]   $ 0.00712  
Common Stock Issued (shares)   2,808,989  
Notice #2 [Member]      
Date of Notice Feb. 05, 2015    
Debt principal amount $ 18,500    
Market Price [1] $ 0.00257    
Common Stock Issued (shares) 7,206,856    
Total [Member]      
Debt principal amount $ 38,500    
Common Stock Issued (shares) 10,015,845    
Subsequent Event [Member] | Notice #1 [Member]      
Date of Notice     Mar. 02, 2015
Debt principal amount     $ 14,000
Market Price     $ .001393
Conversion shares     10,050,251
Common Stock Issued (shares)     10,050,251
Subsequent Event [Member] | Notice #2 [Member]      
Date of Notice     Mar. 31, 2015
True up shares     22,045,006
Common Stock Issued (shares)     22,045,006
Subsequent Event [Member] | Notice #3 [Member]      
Date of Notice     May 14, 2015
Debt principal amount     $ 15,000
Market Price     $ .000715
Conversion shares     20,979,021
True up shares     9,530,169
Common Stock Issued (shares)     30,509,109
Subsequent Event [Member] | Total [Member]      
Debt principal amount     $ 29,000
Conversion shares     31,029,272
True up shares     31,575,175
Common Stock Issued (shares)     62,604,447
[1] Market Price as defined by Typenex Note
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