0001615774-16-003939.txt : 20160119 0001615774-16-003939.hdr.sgml : 20160118 20160119170032 ACCESSION NUMBER: 0001615774-16-003939 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20151130 FILED AS OF DATE: 20160119 DATE AS OF CHANGE: 20160119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENNY AUCTION SOLUTIONS INC CENTRAL INDEX KEY: 0001502974 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 273332009 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55004 FILM NUMBER: 161348908 BUSINESS ADDRESS: STREET 1: 330 A STREET STREET 2: STE. 156 CITY: SAN DIEGO STATE: CA ZIP: 92101 BUSINESS PHONE: 866-275-5260 MAIL ADDRESS: STREET 1: 330 A STREET STREET 2: STE. 156 CITY: SAN DIEGO STATE: CA ZIP: 92101 10-Q 1 s102506_10q.htm 10-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

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

for the quarterly period ended November 30, 2015.

 

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

for the transition period from ______to _________.

 

Commission file number: 000-55004

 

Penny Auction Solutions, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada    27-3332009

(State or other jurisdiction of

incorporation or organization)

   

(IRS Employer

Identification No.)

 

330 A Street, Suite 156, San Diego, CA    92101
(Address of principal executive offices)    (Zip Code)

 

(866) 275-5260

(Registrant’s telephone number, including area code)

 

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

Yes ¨ No x

 

Indicate by check mark whether the registrant 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-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

 

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

 

Large accelerated filer ¨ Accelerated filer ¨
   

Non-accelerated filer ¨

(Do not check if a smaller reporting company)

 Smaller reporting company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

 

The number of shares outstanding of the Registrant’s Common Stock on January 18, 2016 was 25,127,106.

 

 

 

 

PENNY AUCTION SOLUTIONS, INC.

FORM 10-Q

Quarterly Period Ended November 30, 2015

 

INDEX
   
  Page
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS 1
PART I. FINANCIAL INFORMATION 2
Item 1. Financial Statements 2
  Balance Sheets as of November 30, 2015 (Unaudited) and August 31, 2015 2
  Statements of Operations for the Three Months ended November 30, 2015 and 2014 (Unaudited) 3
  Statements of Cash Flows for the Three Months ended November 30, 2015 and 2014 (Unaudited) 4
  Notes to the Condensed Consolidated financial statements (Unaudited) 5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
Item 3. Quantitative and Qualitative Disclosures About Market Risk 17
Item 4. Controls and Procedures 17
     
PART II. OTHER INFORMATION 18
Item 1. Legal Proceedings 18
Item 1A. Risk Factors 18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18
Item 3. Defaults Upon Senior Securities 19
Item 4. Mine Safety Disclosures 19
Item 5. Other Information 19
Item 6. Exhibits 19
     
SIGNATURES 20

 

 

 

 

SPECIAL NOTE REGARDING FORWARD—LOOKING STATEMENTS

 

On one or more occasions, we may make forward-looking statements in this Quarterly Report on Form 10-Q regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “will likely result,” “will continue” or similar expressions identify forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified in our Annual Report on Form 10-12/A filed with the Securities and Exchange Commission (“SEC”) on October 29, 2015. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made on related subjects in our subsequent annual, periodic and current reports and other documents filed or furnished with the SEC.

 

Unless the context requires otherwise, references to “we,” “us,” “our,” and the “Company” refer specifically to Penny Auction Solutions, Inc.

 

1 

 

 

PART I - FINANCIAL INFORMATION

 

Item 1 - Financial Statements

 

PENNY AUCTION SOLUTIONS, INC. & SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   November 30,   August 31, 
   2015   2015 
ASSETS          
           
Current assets:          
Cash  $86,147   $63,268 
Prepaid expenses   1,431    7,089 
Security deposits   3,928    2,350 
Total current assets   91,506    72,707 
           
Property and equipment, net   840    889 
           
Total assets  $92,346   $73,596 
           
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)          
           
Current liabilities:          
Accounts payable, related party  $3,500   $3,500 
Accounts payable   119,119    124,569 
Deferred revenues   121,166    121,166 
Accrued expenses, related parties   14,989    13,364 
Accrued expenses   39,815    39,341 
Due to officer, related parties   35,356    35,356 
Current maturities of notes payable   219,693    219,693 
Total current liabilities   553,638    556,989 
           
Notes payable, less current maturities   100,000    100,000 
           
Total liabilities   653,638    656,989 
           
Stockholders' equity (deficit):          
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding at November 30, 2015 and August 31, 2015, respectively   -    - 
Common stock, $0.001 par value, 495,000,000 shares authorized, 24,907,106 and 23,687,106 shares issued and outstanding at November 30, 2015 and August 31, 2015, respectively   24,907    23,687 
Additional paid-in capital   1,465,072    1,343,735 
Subscriptions payable, consisting of 55,000 and 60,000 shares at November 30, 2015 and August 31, 2015, respectively   5,500    6,000 
Accumulated deficit   (2,056,771)   (1,956,815)
Total stockholders' equity (deficit)   (561,292)   (583,393)
           
Total liabilities and stockholders' equity (deficit)  $92,346   $73,596 

 

See Accompanying Notes to Financial Statements.

 

2 

 

 

PENNY AUCTION SOLUTIONS, INC. & SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

   For the three months 
   Ended November 30, 
   2015   2014 
         
Revenue  $-   $- 
Cost of goods sold   -    - 
Gross profit   -    - 
           
Operating expenses:          
General and administrative   37,703    1,252 
Professional fees   56,574    230,833 
Depreciation   49    - 
Total operating expenses   94,326    232,085 
           
Net operating loss   (94,326)   (232,085)
           
Other income (expenses):          
Interest expense   (5,630)   (4,280)
Total other income (expenses)   (5,630)   (4,280)
           
Net loss  $(99,956)  $(236,365)
           
Weighted average number of common shares outstanding - basic and fully diluted   24,587,051    100,829,284 
           
Net loss per share - basic and fully diluted  $(0.00)  $(0.00)

 

See Accompanying Notes to Financial Statements.

 

3 

 

 

PENNY AUCTION SOLUTIONS, INC. & SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

   For the three months 
   Ended November 30, 
   2015   2014 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss  $(99,956)  $(236,365)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation   49    - 
Imputed interest on non-interest bearing related party debts   557    557 
Shares issued for services, related parties   21,500    - 
Shares issued for services   -    233,534 
Decrease (increase) in assets:          
Prepaid expenses   5,658    (316)
Security deposits   (1,578)   - 
Increase (decrease) in liabilities:          
Accounts payable   (5,450)   (2,600)
Accrued expenses, related parties   1,625    794 
Accrued expenses   474    2,930 
Net cash used in operating activities   (77,121)   (1,466)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from sale of common stock   100,000    30,000 
Net cash provided by financing activities   100,000    30,000 
           
NET CHANGE IN CASH   22,879    28,534 
CASH AT BEGINNING OF YEAR   63,268    1,602 
CASH AT END OF YEAR  $86,147   $30,136 
           
SUPPLEMENTAL INFORMATION:          
Interest paid  $4,600   $- 
Income taxes paid  $-   $- 
           
Non-cash investing and financing activities:          
Accounts payable converted to promissory notes  $-   $50,000 
Common stock issued in settlement of accrued interest  $-   $18,466 

 

See Accompanying Notes to Financial Statements.

 

4 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 1 – Nature of Business and Significant Accounting Policies

 

Nature of Business

Penny Auction Solutions, Inc. (“we,” “us,” “our,” and the “The Company”) was formed in the state of Nevada on August 25, 2010 to establish a network of international internet auction sites whereby customers purchase bidding credits (“pennies”) that enable them to bid on goods at a fraction of their market value. The Company expects to generate revenues from the online sale of the “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase, as well as the sale of “advertisements” or “banner ads” on its internet site directed toward internet users, bargain shoppers and gaming aficionados.

 

Basis of Presentation

The interim condensed consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to not make the information presented misleading.

 

These statements reflect all adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. It is suggested that these interim condensed consolidated financial statements be read in conjunction with the audited financial statements for the year ended August 31, 2015, which are included in the Company’s Form 10-12/A as filed with the SEC on October 29, 2015. The Company follows the same accounting policies in the preparation of interim reports.

 

The Company has adopted a fiscal year end of August 31.

 

Principles of Consolidation

The consolidated financial statements herein contain the operations of the wholly-owned subsidiary of Bidwinfun.com, Inc. (“Bidwinfun.com”). All significant inter-company transactions have been eliminated in the preparation of these financial statements. The parent company, Penny Auction Solutions, Inc. and its subsidiary, Bidwinfun.com will be collectively referred to herein as the “Company”, or “Penny Auction Solutions”.

 

The accompanying consolidated financial statements include the accounts of Bidwinfun.com, Inc., a wholly-owned subsidiary under common control and ownership:

 

    State of       Abbreviated
Name of Entity   Incorporation   Relationship   Reference
Bidwinfun.com, Inc.   New York   Subsidiary(1)   Bidwinfun.com

(1)Wholly-owned subsidiary.

(2)On December 30, 2015, the Company amended the Articles of Incorporation of the wholly-owned subsidiary to change the subsidiary’s corporate name from Nail Bidder, Inc. to Bidwinfun.com, Inc.

 

Bidwinfun.com, Inc. was acquired on March 28, 2012 as part of a Securities Purchase Agreement (“SPA”). Pursuant to the SPA, we purchased all of Bidwinfun.com’s assets and assumed all of its liabilities, including all of its cash, intellectual property, its business trade name, website (nailbidder.com), goodwill, trade payables and loans due to officer in consideration for 340,000 shares of our common stock, with a fair value of $17,000, which was delivered at the closing. Bidwinfun.com operated a penny auction website similar to the planned operations of Penny Auction Solutions. The website auctions temporarily terminated shortly after the acquisition and have not yet recommenced due to a lack of operating funds.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. The Company follows the same accounting policies in the preparation of interim reports.

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and 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 period. Actual results could differ from those estimates.

 

5 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Segment Reporting

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280-10-50, the Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations.

 

Fair Value of Financial Instruments

Under FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts payable and accrued interest reported on the balance sheet are estimated by management to approximate fair value primarily due to the short term nature of the instruments. The Company also had debt instruments that required fair value measurement on a recurring basis.

 

Revenue Recognition

The Company generates revenue from the online sale of “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase, as well as, the sale of “advertisements” or “banner ads” on its internet site directed toward internet users, bargain shoppers and gaming aficionados, and the sale of goods sold at auction. The Company recognizes revenue using four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured, which is typically after receipt of payment and delivery, net of any credit card charge-backs and refunds. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund, and for unused bid pennies, until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Revenues on membership fees are also deferred and recognized ratably over the membership period.

 

Deferred revenues from the online sale of unused “pennies” were $121,166 and $121,166 at November 30, 2015 and August 31, 2015, respectively.

 

Advertising and Promotion

All costs associated with advertising and promoting products are expensed as incurred.

 

Website Development Costs

The Company accounts for website development costs in accordance with ASC 350-50, “Accounting for Website Development Costs” (“ASC 350-50”), wherein website development costs are segregated into three activities:

 

  1) Initial stage (planning), whereby the related costs are expensed.
  2) Development (web application, infrastructure, graphics), whereby the related costs are capitalized and amortized once the website is ready for use. Costs for development content of the website may be expensed or capitalized depending on the circumstances of the expenditures.
  3) Post-implementation (after site is up and running: security, training, admin), whereby the related costs are expensed as incurred. Upgrades are usually expensed, unless they add additional functionality.

 

The Company has not capitalized any website development costs related to its penny auction platform during the three months ended November 30, 2015 and the year ended August 31, 2015, respectively, related to its online penny auction platform.

 

Income Taxes

The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.

 

Impairment of Goodwill

The Company evaluates the carrying value of goodwill during the fourth quarter of each year and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. When evaluating whether goodwill is impaired, the Company compares the fair value of the reporting unit to which the goodwill is assigned to the reporting unit's carrying amount, including goodwill. The fair value of the reporting unit is estimated using a combination of the income, or discounted cash flows, approach and the market approach, which utilizes comparable companies' data. If the carrying amount of a reporting unit exceeds its fair value, then the amount of the impairment loss must be measured. The impairment loss would be calculated by comparing the implied fair value of reporting unit goodwill to its carrying amount. In calculating the implied fair value of reporting unit goodwill, the fair value of the reporting unit is allocated to all of the other assets and liabilities of that unit based on their fair values. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value. The Company's evaluation of goodwill completed during the year end August 31, 2015 did not result in any impairment losses.

 

6 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Basic and Diluted Loss Per Share

The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, there were no outstanding potential common stock equivalents and therefore basic and diluted earnings per share result in the same figure.

 

Stock-Based Compensation

Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. The Company recognized $21,500 and $233,534 for services and compensation for the three months ended November 30, 2015 and 2014, respectively.

 

Recent Accounting Pronouncements

In September, 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) (“ASU 2015-16”). Topic 805 requires that an acquirer retrospectively adjust provisional amounts recognized in a business combination, during the measurement period. To simplify the accounting for adjustments made to provisional amounts, the amendments in the Update require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning December 15, 2015. The adoption of ASU 2015-016 is not expected to have a material effect on the Company’s consolidated financial statements.

 

In August, 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods with that reporting period.

 

No other new accounting pronouncements, issued or effective during the three months ended November 30, 2015, have had or are expected to have a significant impact on the Company’s financial statements.

 

Note 2 – Going Concern

 

As shown in the accompanying consolidated financial statements, the Company has incurred continuous losses from operations, had an accumulated deficit of $2,056,771, the Company’s current liabilities exceeded its current assets by $462,132 and had cash on hand of $86,147 as of November 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is currently seeking additional sources of capital to fund short term operations through debt or equity investments, including loans from officers and directors. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful, therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern.

 

The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

7 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 3 – Fair Value of Financial Instruments

 

Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.

 

The Company has cash and debts that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of November 30, 2015 and August 31, 2015:

 

   Fair Value Measurements at November 30, 2015 
   Level 1   Level 2   Level 3 
Assets               
Cash  $86,147   $-   $- 
Total assets   86,147    -    - 
Liabilities               
Due to officer, related party   -    35,356    - 
Notes payable   -    319,693    - 
Total Liabilities   -    355,049    - 
   $86,147   $(355,049)  $- 

 

   Fair Value Measurements at August 31, 2015 
   Level 1   Level 2   Level 3 
Assets               
Cash  $63,268   $-   $- 
Total assets   63,268    -    - 
Liabilities               
Due to officer, related party   -    35,356    - 
Notes payable   -    319,693    - 
Total Liabilities   -    355,049    - 
   $63,268   $(355,049)  $- 

 

There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the three months ended November 30, 2015 and the year ended August 31, 2015.

 

Level 2 liabilities consist of demand notes and promissory notes. No fair value adjustment was necessary for the three months ended November 30, 2015 and the year ended August 31, 2015.

 

8 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 4 – Related Party

 

Employment Agreement, CEO

On January 1, 2015, the Company entered into an employment agreement with the Company’s CEO, Michael Holt, which consists of an annual salary of $78,500 payable in monthly increments, and carrying no specific term. During the three months ended November 30, 2015, the Company recognized $19,625 of compensation expense, and $14,989 remained unpaid as of November 30, 2015.

 

Consulting Agreement, CFO

On February 20, 2015, the Company entered into a consulting agreement with the Company’s newly appointed CFO, Bob van Leyen over a two year term, which is based on the amount of funding the Company receives beginning with the commencement of the agreement. Prior to the Company’s receipt of cumulative funding of $150,000, Mr. van Leyen shall receive compensation at the rate of $300 per hour (“Stage 1”) and subsequent to the cumulative receipt of $150,000 of financing, Mr. van Leyen shall be compensated at the rate of $250 per hour (“Stage 2”), payable in monthly increments. During Stage 1, the entire hourly rate may be paid in stock in lieu of cash at a rate of $0.10 per share with no cap on the amount of compensation. During Stage 2, Mr. van Leyen will be compensated equally in cash and stock in lieu of cash at a rate of $0.10 per share, initially, or $125 per hour in cash and $125 per hour in stock, with a maximum cash compensation of $5,000 per month. The Company, at its sole discretion, may change the conversion rate from time to time; however this cannot be done retroactively. On May 11, 2015 the minimum funding level of $150,000 had been achieved and Mr. van Leyen became entitled to the mixed cash/stock rate of $250 per hour as described above. The Company recognized $32,000 of compensation expense, consisting of $10,500 of cash compensation and $21,500 of stock-based compensation, including a subscriptions payable for 55,000 shares valued at $5,500. A total of $3,500 of the cash compensation remained unpaid as of November 30, 2015.

 

Debts

As disclosed in Note 6, the Company received loans at various dates from August 25, 2010 (inception) through the period presented herein, consisting of net outstanding balances of $35,356 and $35,356 at November 30, 2015 and August 31, 2015, respectively, to establish a Company bank account and cover expenses paid to form the Corporation and retain professionals to audit and file our reports with the SEC. The loans were provided by, “The Auction Coach.Com, LLC”, a single member LLC owned by our former CEO, Corey Park. The Company has issued an unsecured promissory note to The Auction Coach.Com, LLC, bearing interest at 8% and due on demand.

 

Common Stock Issuances

On November 30, 2015, the Company granted 55,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided. The fair value of the common stock in total was $5,500 based on recent sales of common stock to independent third parties at $0.10 per share. The shares were subsequently issued on January 5, 2016, as such they were presented as a subscriptions payable as of November 30, 2015.

 

On November 18, 2015, the Company issued 125,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on October 31, 2015 and previous. The fair value of the common stock in total was $12,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On October 14, 2015, the Company issued 35,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on September 30, 2015. The fair value of the common stock in total was $3,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On September 7, 2015, the Company issued 60,000 shares of common stock previously granted to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on August 31, 2015. The fair value of the common stock in total was $6,000 based on recent sales of common stock to independent third parties at $0.10 per share and was presented as a subscriptions payable at August 31, 2015.

 

9 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 5 – Deferred Revenues

 

Deferred revenues consist of the following at November 30, 2015 and August 31, 2015, respectively:

 

   November 30,   August 31, 
   2015   2015 
           
Bid “pennies” previously sold to customers still retained in customer accounts  $121,166   $121,166 

 

The Company generates revenue from the online sale of “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase. Deferred revenues consist of purchased “pennies” that have not yet been consumed during the bidding process. They are still held in the customer accounts.

 

Note 6 – Due to Officer

 

Due to officer consists of the following at November 30, 2015 and August 31, 2015, respectively:

 

   November 30,   August 31, 
   2015   2015 
           
8% unsecured demand notes from a related party, “The Auction Coach.Com, LLC”, a single member LLC owned by our former CEO and major shareholder, Corey Park.  $35,356   $35,356 

 

The Company recognized interest expense of $707 and $707 during the three months ended November 30, 2015 and 2014, respectively.

 

10 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 7 – Notes Payable

 

Notes Payable consists of the following at November 30, 2015 and August 31, 2015, respectively:

 

   November 30,   August 31, 
   2015   2015 
         
Unsecured, non-interest bearing note payable, matures on December 31, 2017 issued to memorialize the unpaid cash component of our commitment fee with Kodiak Capital as more fully described in the note below. On March 1, 2015, the original debt of $500,000 was modified to $100,000, along with the extended maturity date of December 31, 2017, resulting in a gain on debt extinguishment of $400,000 during the year ended August 31, 2015.  $100,000   $100,000 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on February 23, 2012   3,700    3,700 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on August 30, 2012   500    500 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on September 17, 2012   5,000    5,000 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on October 25, 2012   5,000    5,000 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on December 20, 2012   2,500    2,500 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on February 1, 2013   9,000    9,000 
           
Unsecured note payable non-interest bearing, due on demand   14,869    14,869 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on March 22, 2013   20,000    20,000 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on August 29, 2013   -    - 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on November 1, 2014 in satisfaction of $50,000 of outstanding accounts payable.   50,000    50,000 
           
Unsecured note payable bearing interest at 8%, due on demand, originated on November 7, 2014 in exchange and consolidation of the two previous loans originating on December 30, 2010 and August 29, 2013   55,000    55,000 
           
Unsecured note payable bearing interest at 10%, due on January 23, 2016, as amended, originated on January 23, 2015 in satisfaction of $54,124 of outstanding accounts payable to our securities attorney, Indeglia & Carney, LLP   54,124    54,124 
           
Total notes payable   319,693    319,693 
Less: current portion   219,693    219,693 
Notes payable, less current portion  $100,000   $100,000 

 

The Company recognized interest expense of $4,923 and $3,573 during the three months ended November 30, 2015 and 2014, respectively. The Company repaid $4,600 of interest during the three months ended November 30, 2015.

 

11 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

Note 8 – Put Rights Financing and Equity Line of Credit

 

Pursuant to an equity purchase agreement with Kodiak Capital dated March 1, 2015, which replaced the original purchase agreement dated September 1, 2010 (as subsequently amended on December 28, 2010 and March 14, 2012), we have the right to “put” to Kodiak Capital up to $5,000,000 in price of shares of our common stock (i.e., we can compel Kodiak Capital to purchase our common stock at a pre-determined formula). This arrangement may commonly be referred to as an equity line of credit.

 

In conjunction with our original investment agreements with Kodiak Capital, we issued 1,960,000 commitment shares of common stock on August 30, 2010 and 2,940,000 shares of our common stock pursuant to the addendum on December 28, 2010 to Kodiak Capital and its designee, split equally, as a commitment fee. The fair value of the common stock was $98,000 and $147,000 based on recent sales of common stock to independent third parties at $0.05 per share for the issuances at August 30, 2010 and December 28, 2010, respectively. The shares are restricted stock as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”). On July 21, 2015, a total of 1,978,944 of these shares were voluntarily cancelled by Kodiak and returned to treasury. We also issued a $500,000 promissory note, which was modified on March 1, 2015, down to $100,000 with a revised maturity date of December 31, 2017 to memorialize the unpaid cash component of our commitment fee.

 

The purchase agreement provides, in part, that following notice to Kodiak Capital, we may put to Kodiak Capital up to $5,000,000 in shares of our common stock for a purchase price equal to 85% percent of the lowest closing bid price of the common stock during the five consecutive trading days immediately following the date of our notice to Kodiak Capital of an election to put shares pursuant to the investment agreement. The aggregate dollar value that we will be permitted to put will be either: (a) $1,000,000 or (b) 200% of the average daily volume in the U.S. market of our common stock for the three trading days prior to the notice of our put, multiplied by the average of the three daily closing bid prices immediately preceding the date of the put notice. Kodiak Capital has indicated that it will resell those shares in the open market, resell our shares to other investors through negotiated transactions, or hold our shares in its portfolio.

 

Kodiak Capital will only purchase shares when we meet the following conditions:

 

·a registration statement under the Securities Act has been declared effective and remains effective for the resale of the common stock subject to the purchase agreement;

·our common stock has not been suspended from trading for a period of five consecutive trading days and we have not been notified of any pending or threatened proceeding or other action to delist or suspend our common stock;

·we have complied with our obligations under the purchase agreement and the attendant registration rights agreement;

·no injunction has been issued and remains in force, and no action has been commenced by a governmental authority which has not been stayed or abandoned, prohibiting the purchase or the issuance of our common stock; and
·we have not filed a petition in bankruptcy, either voluntarily or involuntarily, and there shall not have been commenced any proceedings under any bankruptcy or insolvency laws.

 

The purchase agreement will terminate when any of the following events occur:

 

·Kodiak has purchased an aggregate of $5,000,000 of our common stock or thirty-six months after the effective date;
·we file or otherwise enter an order for relief in bankruptcy; or

·our common stock ceases to be registered under the Securities Act.

 

As we draw down on the equity line of credit, shares of our common stock may be sold into the market by Kodiak Capital. The sale of these additional shares could cause our stock price to decline. In turn, if the price of our common stock declines and we issue more puts, more shares may go into the market, which could cause a further drop in the price of our common stock.

 

Note 9 – Stockholders’ Equity (Deficit)

 

The Company has authorized 495,000,000 shares of $0.001 par value common stock, of which 24,907,106 shares were issued and outstanding as of November 30, 2015. Additionally, the Company has 5,000,000 authorized shares of $0.001 par value preferred stock.

 

Common Stock

On November 18, 2015, the Company issued 125,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on October 31, 2015 and previous. The fair value of the common stock in total was $12,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

12 

 

 

Penny Auction Solutions, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

 

On October 27, 2015, the Company sold 250,000 shares of common stock to an accredited investor, in exchange for proceeds of $25,000 based on a sales price of $0.10 per share.

 

On October 14, 2015, the Company issued 35,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on September 30, 2015. The fair value of the common stock in total was $3,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On September 25, 2015, the Company sold 250,000 shares of common stock to an accredited investor, in exchange for proceeds of $25,000 based on a sales price of $0.10 per share.

 

On September 7, 2015, the Company issued 60,000 shares of common stock previously granted to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on August 31, 2015. The fair value of the common stock in total was $6,000 based on recent sales of common stock to independent third parties at $0.10 per share and was presented as a subscriptions payable at August 31, 2015.

 

On September 2, 2015, the Company sold 500,000 shares of common stock to an accredited investor, in exchange for proceeds of $50,000 based on a sales price of $0.10 per share.

 

Subscriptions Payable

On November 30, 2015, the Company granted 55,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided. The fair value of the common stock in total was $5,500 based on recent sales of common stock to independent third parties at $0.10 per share. The shares were subsequently issued on January 5, 2016, as such they were presented as a subscriptions payable as of November 30, 2015.

 

Note 10 – Subsequent Events

 

Common Stock

On January 6, 2016, the Company issued 55,000 shares of common stock previously granted to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on November 30, 2015. The fair value of the common stock in total was $5,500 based on recent sales of common stock to independent third parties at $0.10 per share and was presented as a subscriptions payable at November 30, 2015.

 

On January 6, 2016, the Company issued 65,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on December 31, 2015. The fair value of the common stock in total was $6,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On January 6, 2016, the Company issued 100,000 shares of common stock to a service provider, as compensation in lieu of cash for services provided. The fair value of the common stock in total was $10,000 based on recent sales of common stock to independent third parties at $0.10 per share.

 

Subsidiary Name Change

On December 30, 2015, the Company amended the Articles of Incorporation of its wholly-owned subsidiary to change the subsidiary’s corporate name from Nail Bidder, Inc. to Bidwinfun.com, Inc.

 

13 

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

Overview and Outlook

 

We are a development stage online pay-to-bid penny auction company. We were formed as a Nevada corporation on August 25, 2010. We consummated the purchase of our first penny auction website, Bidwinfun.com, Inc., formerly Nail Bidder, Inc., (www.nailbidder.com) in March 2012.

 

Our primary near-term objectives from an operational standpoint are as follows:

 

Our highest near-term priority is to reestablish our Nailbidder auction site (www.nailbidder.com). We acquired this auction site in 2012 and only a few additional tasks need to be completed by us in order for it to become operational and generate revenues. These tasks include, amongst others, retesting the system, reestablishing relationships with the site’s past customers and developing a marketing plan. The estimated timeframe needed to reestablish the Nailbidder site and ramp up operations is approximately three months after we receive appropriate funding. We anticipate that the total amount needed for this phase is $55,000, which we have not raised as of the date of this registration statement. Another important milestone to reach with respect to Nailbidder is to enable international auctions. We believe it will take approximately six months after we obtain additional funding (estimated at $95,000 beyond the $55,000 referenced above) to establish this functionality. Based on the foregoing, we anticipate that for Bidwinfun.com to achieve full functionality usable on a worldwide basis and allowing appropriate scaling, we will require approximately $150,000 in funding and need to hire additional employees and engage various IT contractors.

 

In order to continue growing beyond the Bidwinfun.com site, we have plans to develop a new Penny Auction (PA) platform (“PA Enterprise Model”). This enterprise model will be a top priority for us once the Nailbidder site has been successfully reestablished. The development time for this system is expected to take approximately 18 months after development is commenced and will require approximately $400,000 in funding. The PA Enterprise Model would encompass all of the necessary components to enable us to deploy a new website (for a new county) every 90 to 120 days. The model would also encompass better website design for customer interface and the development of a total back office support system that would be almost completely automated. The back office system would manifest in savings and efficiencies for our operations and provide for faster and more accurate training of our personnel. The PA Enterprise Model will be a template for implementing each new branded site in the future. This approach would allow us to leave Nailbidder intact and functioning throughout the development phase of the PA Enterprise Model and keep a steady and increasing stream of revenue from its operations.

 

Another high priority activity will be the development of a PA Mobile Platform. The development time for a mobile platform is expected to take approximately 18 months after development is commenced and will require approximately $350,000 in funding. The primary activities associated with this strategy include hiring a mobile computing development company, developing penny auction mobile products and services, and hiring a small number of internal support personnel. We expect that there will be a large and growing population of mobile application users in the coming years and our goal is to not only provide a full penny auction experience via our traditional websites, but to also serve the needs of our members through the ability to interact with mobile computing devices. These devices include but are not limited to: cell phones, tablets and internet appliances. The majority of the funding would be used in creating the mobile platforms for a host of devices to allow users to interact with their mobile device and still experience almost the same functionality of a traditional website. The other major expenditure would be deployment of the platforms and the marketing of the new applications.

 

Management believes that by using the proper marketing strategies, it is possible to attract customers to penny auction websites at a rapid rate. We are in the process of engaging one or more public relation firms to assist us with developing long-term marketing strategies based on our online business model. We have also built relationships with several individuals who have experience in our industry. We plan to hire some of these individuals as consultants in order to gain insight from their experiences.

 

We are focused on developing successful marketing campaigns to attract and retain customers, including several “membership based” reward systems which management believes will assist with long-term, sustained growth and profitability.

 

Management believes that we have a focused strategy, an experienced management team, and a successful business concept. Additional investment capital is required in order to implement our business model and grow the business to an international level.

 

14 

 

 

Results of Operations for the Three Months Ended November 30, 2015 and 2014:

 

   For the     
   Three Months Ended     
   November 30,   Increase / 
   2015   2014   (Decrease) 
         
Revenues  $-   $-   $- 
Cost of goods sold   -    -    - 
Gross profit   -    -    - 
                
General and administrative   37,703    1,252    36,451 
Professional fees   56,574    230,833    (174,259)
Depreciation   49    -    49 
                
Total operating expenses   94,326    232,085    (137,759)
                
Net operating loss   (94,326)   (232,085)   (137,759)
                
Total other income (expense)   (5,630)   (4,280)   1,350 
                
Net loss  $(99,956)  $(236,365)  $(136,409)

 

Revenue and Cost of Goods Sold:

 

We had no revenues and no cost of goods sold during the three months ended November 30, 2015 and 2014, as we did not have any penny auction websites operating during these periods.

 

Operating Expenses:

 

Operating expenses for the three months ended November 30, 2015 decreased to $94,326 from $232,085 for the three months ended November 30, 2014, a decrease of $137,759 or 59%. The primary reason for this decrease is the decreased stock-based compensation from $233,534 for the three months ended November 30, 2014 to $21,500 for the three months ended November 30, 2015, a net decrease of $212,034, as diminished by $30,125 of compensation expense paid, or accrued to officers over the previous fiscal three months as we ramped up efforts to implement our business plan and began to pay our officers compensation.

 

Other Income (Expenses):

 

Other income (expenses) for the three months ended November 30, 2015 increased to $5,630 from $4,280 for the comparable period in 2014, an increase of $1,350 or 32%. The increase is due to increased interest expense over the previous fiscal three months.

 

Net Loss:

 

Net loss for the three months ended November 30, 2015 decreased to $99,956 from $236,365 for the three months ended November 30, 2014, a decrease of $136,409 or 58%. The primary reason for the decreased net loss is the decreased stock-based compensation from $233,534 for the three months ended November 30, 2014 to $21,500 for the three months ended November 30, 2015, a net decrease of $212,034, as diminished by increased compensation to officers and consultants over the previous fiscal three months as we re-commenced efforts to implement our business plan.

 

15 

 

  

LIQUIDITY AND CAPITAL RESOURCES

 

The following table summarizes total assets, accumulated deficit, stockholders’ equity and working capital at November 30, 2015 compared to August 31, 2015.

 

   November 30,   August 31,   Increase / 
   2015   2015   (Decrease) 
             
Total Assets  $92,346   $73,596   $18,750 
                
Total Liabilities  $653,638   $656,989   $(3,351)
                
Accumulated Deficit  $(2,056,771)  $(1,956,815)  $99,956 
                
Stockholders’ Equity (Deficit)  $(561,292)  $(583,393)  $(22,101)
                
Working Capital (Deficit)  $(462,132)  $(484,282)  $(22,150)

 

Our principal source of operating capital has been provided from debt financing, loans from officers, and issuance of equity securities.

 

Equity Financing

 

On October 27, 2015, the Company sold 250,000 shares of common stock to an accredited investor, in exchange for proceeds of $25,000 based on a sales price of $0.10 per share.

 

On September 25, 2015, the Company sold 250,000 shares of common stock to an accredited investor, in exchange for proceeds of $25,000 based on a sales price of $0.10 per share.

 

On September 2, 2015, the Company sold 500,000 shares of common stock to an accredited investor, in exchange for proceeds of $50,000 based on a sales price of $0.10 per share.

 

Off-Balance Sheet Arrangements

 

As of November 30, 2015, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations liquidity, capital expenditures or capital resources.

 

Going Concern

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

 

The Company has had recurring net losses, an accumulated deficit, and a working capital deficiency. These conditions raise substantial doubt about its ability to continue as a going concern. Management plans to try to implement its business plan and improve operating results through cost reductions. We cannot assure that we will have sufficient capital to finance our growth and business operations or that such capital will be available on terms that are favorable to us or at all. We are currently incurring operating deficits that are expected to continue for the foreseeable future.

 

The unaudited consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

Critical Accounting Policies

 

We have identified the following policies below as critical to our business and results of operations. Our reported results are impacted by the application of the following accounting policies, certain of which require management to make subjective or complex judgments. These judgments involve making estimates about the effect of matters that are inherently uncertain and may significantly impact quarterly or annual results of operations. For all of these policies, management cautions that future events rarely develop exactly as expected, and the best estimates routinely require adjustment. Specific risks associated with these critical accounting policies are described in the following paragraphs.

 

16 

 

 

Principles of Consolidation

The consolidated financial statements herein contain the operations of the Company’s wholly-owned subsidiary of Bidwinfun.com. All significant inter-company transactions have been eliminated in the preparation of these financial statements. The parent company, Penny Auction Solutions, Inc. and its subsidiary, Bidwinfun.com will be collectively referred to herein as the “Company”, or “Penny Auction Solutions”.

 

The accompanying consolidated financial statements include the accounts of Bidwinfun.com, Inc., a wholly-owned subsidiary under common control and ownership:

 

    State of       Abbreviated
Name of Entity   Incorporation   Relationship   Reference
Bidwinfun.com, Inc.   New York   Subsidiary(1)   Bidwinfun.com

(1)Wholly-owned subsidiary.

(2)On December 30, 2015, the Company amended the Articles of Incorporation of its wholly-owned subsidiary to change the subsidiary’s corporate name from Nail Bidder, Inc. to Bidwinfun.com, Inc.

 

Bidwinfun.com, Inc. was acquired on March 28, 2012 as part of a Securities Purchase Agreement (“SPA”). Pursuant to the SPA, we purchased all of Bidwinfun.com’s assets and assumed all of its liabilities, including all of its cash, intellectual property, its business trade name, website (nailbidder.com), goodwill, trade payables and loans due to officer in consideration for 340,000 shares of our common stock, with a fair value of $17,000, which was delivered at the closing. Bidwinfun.com operated a penny auction website similar to the planned operations of Penny Auction Solutions. The website auctions temporarily terminated shortly after the acquisition and have not yet recommenced due to a lack of operating funds.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. The Company follows the same accounting policies in the preparation of interim reports.

 

Revenue Recognition

The Company generates revenue from the online sale of “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase, as well as, the sale of “advertisements’ or “banner ads” on its internet site directed toward internet users, bargain shoppers and gaming aficionados, and the sale of goods sold at auction. The Company recognizes revenue using four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured, which is typically after receipt of payment and delivery, net of any credit card charge-backs and refunds. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund, and for unused bid pennies, until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Revenues on membership fees are also deferred and recognized ratably over the membership period.

 

Deferred revenues from the online sale of unused “pennies” were $121,166 and $121,166 at November 30, 2015 and August 31, 2015, respectively.

 

Stock-Based Compensation

Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. The Company recognized $21,500 and $233,534 for services and compensation for the three months ended November 30, 2015 and 2014, respectively.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risks

 

Not applicable.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation as of November 30, 2015, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, who are one and the same, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(f) and 15d–15(e)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

17 

 

 

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during our most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

In the ordinary course of business, we may become subject to lawsuits and other claims and proceedings that might arise from litigation matters or regulatory audits. Such matters are subject to uncertainty and outcomes are often not predictable with assurance. Our management does not presently expect that such matters will have a material adverse effect on the Company’s financial condition or results of operations. We are not currently involved in any pending or threatened material litigation or other material legal proceedings, nor have we been made aware of any penalties from regulatory audits, except as we have previously disclosed, or may in the future disclose.

 

Item 1A. Risk Factors

 

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

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

The following sales of equity securities by the Company occurred during the three month period ended November 30, 2015:

 

Common Stock Sales

On October 27, 2015, the Company sold 250,000 shares of common stock to an accredited investor, in exchange for proceeds of $25,000 based on a sales price of $0.10 per share.

 

On September 25, 2015, the Company sold 250,000 shares of common stock to an accredited investor, in exchange for proceeds of $25,000 based on a sales price of $0.10 per share.

 

On September 2, 2015, the Company sold 500,000 shares of common stock to an accredited investor, in exchange for proceeds of $50,000 based on a sales price of $0.10 per share.

 

The foregoing securities issued upon conversion of the Notes are restricted securities as defined in Rule 144 promulgated under the Securities Act of 1933. The issuances of the Notes were exempt from the registration requirements of the Securities Act of 1933 pursuant to Rule 506 of Regulation D promulgated thereunder. The purchasers were accredited and sophisticated investors, familiar with our operations, and there was no solicitation.

 

Common Stock Issued for Services

On November 18, 2015, the Company issued 125,000 shares of common stock, restricted in accordance with Rule 144, to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on October 31, 2015 and previous. The issuance was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, and the investor was accredited and familiar with our operations and there was no solicitation in connection with the issuance.

 

On October 14, 2015, the Company issued 35,000 shares of common stock, restricted in accordance with Rule 144, to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on September 30, 2015. The issuance was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, and the investor was accredited and familiar with our operations and there was no solicitation in connection with the issuance.

 

 18 

 

 

On September 7, 2015, the Company issued 60,000 shares of common stock, restricted in accordance with Rule 144, previously granted to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on August 31, 2015. The issuance was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, and the investor was accredited and familiar with our operations and there was no solicitation in connection with the issuance.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

On December 30, 2015, the Company amended the Articles of Incorporation of its wholly-owned subsidiary to change the subsidiary’s corporate name from Nail Bidder, Inc. to Bidwinfun.com, Inc.

 

Item 6. Exhibits

 

Exhibit No.   Description
2.1   Stock Purchase Agreement by and among Penny Auctions Solutions, Inc., Nail Bidder, Inc. and the stockholders of Nail Bidder, Inc. (incorporated by reference to Exhibit 2.1 of our registration statement on Form 10-12G filed with the Securities and Exchange Commissioner on July 11, 2013)
3.1   Articles of Incorporation (incorporated by reference to Exhibit 3.1 of our registration statement on Form S-1 filed with the Securities and Exchange Commissioner on February 3, 2011)
3.2   Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.2 of our registration statement on Form S-1 filed with the Securities and Exchange Commissioner on February 3, 2011)
3.3   Bylaws (incorporated by reference to Exhibit 3.3 of our registration statement on Form S-1 filed with the Securities and Exchange Commissioner on February 3, 2011)
3.4   Certificate of Withdrawal of Certificate of Designation of Series A Preferred Stock (incorporated by reference to Exhibit 3.4 of our registration statement on Form 10-12G filed with the Securities and Exchange Commissioner on July 11, 2013)
4.1   Specimen Certificate for Common Stock (incorporated by reference to Exhibit 4.1 of our registration statement on Form S-1 filed with the Securities and Exchange Commissioner on February 3, 2011)
4.2   Equity Purchase Agreement with Kodiak Capital Group, LLC, a Delaware limited liability company, dated March 1, 2015 (incorporated by reference to Exhibit 4.2 of our registration statement on Form 10-12G filed with the Securities and Exchange Commissioner on September 4, 2015)
4.3   Registration Rights Agreement with Kodiak Capital Group, LLC, a Delaware limited liability company, dated March 1, 2015 (incorporated by reference to Exhibit 4.3 of our registration statement on Form 10-12G filed with the Securities and Exchange Commissioner on September 4, 2015)
21.1*   Subsidiaries
31.1*   Section 302 Certification of Chief Executive Officer
31.2*   Section 302 Certification of Chief Financial Officer
32.1*   Section 906 Certification of Chief Executive Officer
32.2*   Section 906 Certification of Chief Financial Officer
101.INS*   XBRL Instance Document
101.SCH*   XBRL Schema Document
101.CAL*   XBRL Calculation Linkbase Document
101.DEF*   XBRL Definition Linkbase Document
101.LAB*   XBRL Labels Linkbase Document
101.PRE*   XBRL Presentation Linkbase Document

* Filed herewith

Ω This exhibit is a management contract or a compensatory plan or arrangement

 

 19 

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

  PENNY AUCTION SOLUTIONS, INC.  
     
Date: January 19, 2016 /s/ Michael Holt  
  Michael Holt, Chief Executive Officer  
  (Principal Executive Officer)  
     
Date: January 19, 2016 /s/ Bob van Leyen  
  Bob van Leyen, Chief Financial Officer  
  (Principal Financial Officer)  

 

 20 

 

 

 EX-21.1 2 s102506_ex21-1.htm EXHIBIT 21.1

 

Exhibit 21.1

 

Subsidiaries

 

    State of    
Name of Entity(2)   Incorporation   Relationship(1)
Penny Auction Solutions, Inc.   Nevada   Parent
Bidwinfun.com, Inc.(3)   New York   Subsidiary

(1)All subsidiaries are wholly-owned subsidiaries of Penny Auction Solutions, Inc.

(2)All entities are in the form of Corporations.

(3)All On December 30, 2015, the Company amended the Articles of Incorporation of the wholly-owned subsidiary to change the subsidiary’s corporate name from Nail Bidder, Inc. to Bidwinfun.com, Inc.

 

 

 EX-31.1 3 s102506_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATIONS

 

I, Michael Holt, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended November 30, 2015 of Penny Auction Solutions, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation: and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 19, 2016

 

/s/ Michael Holt  
Michael Holt, Chief Executive Officer  
(Principal Executive Officer)  

 

 

 

 

 EX-31.2 4 s102506_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

CERTIFICATIONS

 

I, Bob van Leyen, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended November 30, 2015 of Penny Auction Solutions, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation: and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 19, 2016

 

/s/ Bob van Leyen  
Bob van Leyen, Chief Financial Officer  
(Principal Financial Officer)  

 

 

 

 

 EX-32.1 5 s102506_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Michael Holt, Chief Executive Officer of Penny Auction Solutions, Inc., a Nevada corporation (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The quarterly report on Form 10-Q of Penny Auction Solutions, Inc. (the "Registrant") for the quarter ended November 30, 2015 (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: January 19, 2016

 

/s/ Michael Holt  
Michael Holt, Chief Executive Officer  
(Principal Executive Officer)  

 

 

 

 

 EX-32.2 6 s102506_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Bob van Leyen, Chief Financial Officer of Penny Auction Solutions, Inc., a Nevada corporation (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The quarterly report on Form 10-Q of Penny Auction Solutions, Inc. (the "Registrant") for the quarter ended November 30, 2015 (the "Report") which this statement accompanies fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: January 19, 2016

 

/s/ Bob van Leyen  
Bob van Leyen, Chief Financial Officer  
(Principal Financial Officer)  

 

 

  

 

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Nov. 30, 2015
Jan. 18, 2016
Document And Entity Information    
Entity Registrant Name PENNY AUCTION SOLUTIONS INC  
Entity Central Index Key 0001502974  
Document Type 10-Q  
Document Period End Date Nov. 30, 2015  
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Current Fiscal Year End Date --08-31  
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Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   25,127,106
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2016  
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Nov. 30, 2015
Aug. 31, 2015
Current assets:    
Cash $ 86,147 $ 63,268
Prepaid expenses 1,431 7,089
Security deposits 3,928 2,350
Total current assets 91,506 72,707
Property and equipment, net 840 889
Total assets 92,346 73,596
Current liabilities:    
Accounts payable, related party 3,500 3,500
Accounts payable 119,119 124,569
Deferred revenues 121,166 121,166
Accrued expenses, related parties 14,989 13,364
Accrued expenses 39,815 39,341
Due to officer, related parties 35,356 35,356
Current maturities of notes payable 219,693 219,693
Total current liabilities 553,638 556,989
Notes payable, less current maturities 100,000 100,000
Total liabilities $ 653,638 $ 656,989
Stockholders' equity (deficit):    
Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding at November 30, 2015 and August 31, 2015, respectively
Common stock, $0.001 par value, 495,000,000 shares authorized, 24,907,106 and 23,687,106 shares issued and outstanding at November 30, 2015 and August 31, 2015, respectively $ 24,907 $ 23,687
Additional paid-in capital 1,465,072 1,343,735
Subscriptions payable, consisting of 55,000 and 60,000 shares at November 30, 2015 and August 31, 2015, respectively 5,500 6,000
Accumulated deficit (2,056,771) (1,956,815)
Total stockholders' equity (deficit) (561,292) (583,393)
Total liabilities and stockholders' equity (deficit) $ 92,346 $ 73,596
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Nov. 30, 2015
Aug. 31, 2015
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 495,000,000 495,000,000
Common stock, shares issued 24,907,106 23,687,106
Common stock, shares outstanding 24,907,106 23,687,106
Number of shares issued for subscription payable 55,000 60,000
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended
Nov. 30, 2015
Nov. 30, 2014
Income Statement [Abstract]    
Revenue  
Cost of goods sold  
Gross profit  
Operating expenses:    
General and administrative $ 37,703 $ 1,252
Professional fees 56,574 $ 230,833
Depreciation 49
Total operating expenses 94,326 $ 232,085
Net operating loss (94,326) (232,085)
Other income (expenses):    
Interest expense (5,630) (4,280)
Total other income (expenses) (5,630) (4,280)
Net loss $ (99,956) $ (236,365)
Weighted average number of common shares outstanding - basic and fully diluted (in shares) 24,587,051 100,829,284
Net loss per share - basic and fully diluted (in dollars per share) $ (0.00) $ (0.00)
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Nov. 30, 2015
Nov. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (99,956) $ (236,365)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 49
Imputed interest on non-interest bearing related party debts 557 $ 557
Shares issued for services, related parties $ 21,500
Shares issued for services $ 233,534
Decrease (increase) in assets:    
Prepaid expenses $ 5,658 $ (316)
Security deposits (1,578)
Increase (decrease) in liabilities:    
Accounts payable (5,450) $ (2,600)
Accrued expenses, related parties 1,625 794
Accrued expenses 474 2,930
Net cash used in operating activities (77,121) (1,466)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock 100,000 30,000
Net cash provided by financing activities 100,000 30,000
NET CHANGE IN CASH 22,879 28,534
CASH AT BEGINNING OF YEAR 63,268 1,602
CASH AT END OF YEAR 86,147 $ 30,136
SUPPLEMENTAL INFORMATION:    
Interest paid $ 4,600
Income taxes paid
Non-cash investing and financing activities:    
Accounts payable converted to promissory notes $ 50,000
Common stock issued in settlement of accrued interest $ 18,466
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Nature of Business and Significant Accounting Policies
 3 Months Ended
Nov. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business and Significant Accounting Policies

Note 1 – Nature of Business and Significant Accounting Policies

 

Nature of Business 

Penny Auction Solutions, Inc. (“we,” “us,” “our,” and the “The Company”) was formed in the state of Nevada on August 25, 2010 to establish a network of international internet auction sites whereby customers purchase bidding credits (“pennies”) that enable them to bid on goods at a fraction of their market value. The Company expects to generate revenues from the online sale of the “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase, as well as the sale of “advertisements” or “banner ads” on its internet site directed toward internet users, bargain shoppers and gaming aficionados.

 

Basis of Presentation 

The interim condensed consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to not make the information presented misleading.

 

These statements reflect all adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. It is suggested that these interim condensed consolidated financial statements be read in conjunction with the audited financial statements for the year ended August 31, 2015, which are included in the Company’s Form 10-12/A as filed with the SEC on October 29, 2015. The Company follows the same accounting policies in the preparation of interim reports.

 

The Company has adopted a fiscal year end of August 31.

 

Principles of Consolidation 

The consolidated financial statements herein contain the operations of the wholly-owned subsidiary of Bidwinfun.com, Inc. (“Bidwinfun.com”). All significant inter-company transactions have been eliminated in the preparation of these financial statements. The parent company, Penny Auction Solutions, Inc. and its subsidiary, Bidwinfun.com will be collectively referred to herein as the “Company”, or “Penny Auction Solutions”.

 

The accompanying consolidated financial statements include the accounts of Bidwinfun.com, Inc., a wholly-owned subsidiary under common control and ownership:

 

    State of       Abbreviated
Name of Entity   Incorporation   Relationship   Reference
Bidwinfun.com, Inc.   New York   Subsidiary(1)   Bidwinfun.com

(1)Wholly-owned subsidiary.

(2)On December 30, 2015, the Company amended the Articles of Incorporation of the wholly-owned subsidiary to change the subsidiary’s corporate name from Nail Bidder, Inc. to Bidwinfun.com, Inc.

 

Bidwinfun.com, Inc. was acquired on March 28, 2012 as part of a Securities Purchase Agreement (“SPA”). Pursuant to the SPA, we purchased all of Bidwinfun.com’s assets and assumed all of its liabilities, including all of its cash, intellectual property, its business trade name, website (nailbidder.com), goodwill, trade payables and loans due to officer in consideration for 340,000 shares of our common stock, with a fair value of $17,000, which was delivered at the closing. Bidwinfun.com operated a penny auction website similar to the planned operations of Penny Auction Solutions. The website auctions temporarily terminated shortly after the acquisition and have not yet recommenced due to a lack of operating funds.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. The Company follows the same accounting policies in the preparation of interim reports.

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and 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 period. Actual results could differ from those estimates.

 

Segment Reporting

 

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280-10-50, the Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations.

 

Fair Value of Financial Instruments

Under FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts payable and accrued interest reported on the balance sheet are estimated by management to approximate fair value primarily due to the short term nature of the instruments. The Company also had debt instruments that required fair value measurement on a recurring basis.

 

Revenue Recognition 

The Company generates revenue from the online sale of “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase, as well as, the sale of “advertisements” or “banner ads” on its internet site directed toward internet users, bargain shoppers and gaming aficionados, and the sale of goods sold at auction. The Company recognizes revenue using four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured, which is typically after receipt of payment and delivery, net of any credit card charge-backs and refunds. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund, and for unused bid pennies, until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Revenues on membership fees are also deferred and recognized ratably over the membership period.

 

Deferred revenues from the online sale of unused “pennies” were $121,166 and $121,166 at November 30, 2015 and August 31, 2015, respectively.

 

Advertising and Promotion

All costs associated with advertising and promoting products are expensed as incurred.

 

Website Development Costs

The Company accounts for website development costs in accordance with ASC 350-50, “Accounting for Website Development Costs” (“ASC 350-50”), wherein website development costs are segregated into three activities:

 

  1) Initial stage (planning), whereby the related costs are expensed.
  2) Development (web application, infrastructure, graphics), whereby the related costs are capitalized and amortized once the website is ready for use. Costs for development content of the website may be expensed or capitalized depending on the circumstances of the expenditures.
  3) Post-implementation (after site is up and running: security, training, admin), whereby the related costs are expensed as incurred. Upgrades are usually expensed, unless they add additional functionality.

 

The Company has not capitalized any website development costs related to its penny auction platform during the three months ended November 30, 2015 and the year ended August 31, 2015, respectively, related to its online penny auction platform.

 

Income Taxes

The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.

 

Impairment of Goodwill

The Company evaluates the carrying value of goodwill during the fourth quarter of each year and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. When evaluating whether goodwill is impaired, the Company compares the fair value of the reporting unit to which the goodwill is assigned to the reporting unit's carrying amount, including goodwill. The fair value of the reporting unit is estimated using a combination of the income, or discounted cash flows, approach and the market approach, which utilizes comparable companies' data. If the carrying amount of a reporting unit exceeds its fair value, then the amount of the impairment loss must be measured. The impairment loss would be calculated by comparing the implied fair value of reporting unit goodwill to its carrying amount. In calculating the implied fair value of reporting unit goodwill, the fair value of the reporting unit is allocated to all of the other assets and liabilities of that unit based on their fair values. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value. The Company's evaluation of goodwill completed during the year end August 31, 2015 did not result in any impairment losses.

 

Basic and Diluted Loss Per Share

The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, there were no outstanding potential common stock equivalents and therefore basic and diluted earnings per share result in the same figure.

 

Stock-Based Compensation

Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. The Company recognized $21,500 and $233,534 for services and compensation for the three months ended November 30, 2015 and 2014, respectively.

 

Recent Accounting Pronouncements 

In September, 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) (“ASU 2015-16”). Topic 805 requires that an acquirer retrospectively adjust provisional amounts recognized in a business combination, during the measurement period. To simplify the accounting for adjustments made to provisional amounts, the amendments in the Update require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning December 15, 2015. The adoption of ASU 2015-016 is not expected to have a material effect on the Company’s consolidated financial statements.

 

In August, 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods with that reporting period.

 

No other new accounting pronouncements, issued or effective during the three months ended November 30, 2015, have had or are expected to have a significant impact on the Company’s financial statements.
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Going Concern
 3 Months Ended
Nov. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

Note 2 – Going Concern

 

As shown in the accompanying consolidated financial statements, the Company has incurred continuous losses from operations, had an accumulated deficit of $2,056,771, the Company’s current liabilities exceeded its current assets by $462,132 and had cash on hand of $86,147 as of November 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is currently seeking additional sources of capital to fund short term operations through debt or equity investments, including loans from officers and directors. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful, therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern.

 

The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
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Fair Value of Financial Instruments
 3 Months Ended
Nov. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 3 – Fair Value of Financial Instruments

 

Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value.

 

The Company has cash and debts that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of November 30, 2015 and August 31, 2015:

 

    Fair Value Measurements at November 30, 2015  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 86,147     $ -     $ -  
Total assets     86,147       -       -  
Liabilities                        
Due to officer, related party     -       35,356       -  
Notes payable     -       319,693       -  
Total Liabilities     -       355,049       -  
    $ 86,147     $ (355,049 )   $ -  

 

    Fair Value Measurements at August 31, 2015  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 63,268     $ -     $ -  
Total assets     63,268       -       -  
Liabilities                        
Due to officer, related party     -       35,356       -  
Notes payable     -       319,693       -  
Total Liabilities     -       355,049       -  
    $ 63,268     $ (355,049 )   $ -  

 

There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the three months ended November 30, 2015 and the year ended August 31, 2015.

 

Level 2 liabilities consist of demand notes and promissory notes. No fair value adjustment was necessary for the three months ended November 30, 2015 and the year ended August 31, 2015.
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Related Party
 3 Months Ended
Nov. 30, 2015
Related Party Transactions [Abstract]  
Related Party

Note 4 – Related Party

 

Employment Agreement, CEO

On January 1, 2015, the Company entered into an employment agreement with the Company’s CEO, Michael Holt, which consists of an annual salary of $78,500 payable in monthly increments, and carrying no specific term. During the three months ended November 30, 2015, the Company recognized $19,625 of compensation expense, and $14,989 remained unpaid as of November 30, 2015.

 

Consulting Agreement, CFO 

On February 20, 2015, the Company entered into a consulting agreement with the Company’s newly appointed CFO, Bob van Leyen over a two year term, which is based on the amount of funding the Company receives beginning with the commencement of the agreement. Prior to the Company’s receipt of cumulative funding of $150,000, Mr. van Leyen shall receive compensation at the rate of $300 per hour (“Stage 1”) and subsequent to the cumulative receipt of $150,000 of financing, Mr. van Leyen shall be compensated at the rate of $250 per hour (“Stage 2”), payable in monthly increments. During Stage 1, the entire hourly rate may be paid in stock in lieu of cash at a rate of $0.10 per share with no cap on the amount of compensation. During Stage 2, Mr. van Leyen will be compensated equally in cash and stock in lieu of cash at a rate of $0.10 per share, initially, or $125 per hour in cash and $125 per hour in stock, with a maximum cash compensation of $5,000 per month. The Company, at its sole discretion, may change the conversion rate from time to time; however this cannot be done retroactively. On May 11, 2015 the minimum funding level of $150,000 had been achieved and Mr. van Leyen became entitled to the mixed cash/stock rate of $250 per hour as described above. The Company recognized $32,000 of compensation expense, consisting of $10,500 of cash compensation and $21,500 of stock-based compensation, including a subscriptions payable for 55,000 shares valued at $5,500. A total of $3,500 of the cash compensation remained unpaid as of November 30, 2015.

 

Debts

As disclosed in Note 6, the Company received loans at various dates from August 25, 2010 (inception) through the period presented herein, consisting of net outstanding balances of $35,356 and $35,356 at November 30, 2015 and August 31, 2015, respectively, to establish a Company bank account and cover expenses paid to form the Corporation and retain professionals to audit and file our reports with the SEC. The loans were provided by, “The Auction Coach.Com, LLC”, a single member LLC owned by our former CEO, Corey Park. The Company has issued an unsecured promissory note to The Auction Coach.Com, LLC, bearing interest at 8% and due on demand.

 

Common Stock Issuances

On November 30, 2015, the Company granted 55,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided. The fair value of the common stock in total was $5,500 based on recent sales of common stock to independent third parties at $0.10 per share. The shares were subsequently issued on January 5, 2016, as such they were presented as a subscriptions payable as of November 30, 2015.

 

On November 18, 2015, the Company issued 125,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on October 31, 2015 and previous. The fair value of the common stock in total was $12,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On October 14, 2015, the Company issued 35,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on September 30, 2015. The fair value of the common stock in total was $3,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On September 7, 2015, the Company issued 60,000 shares of common stock previously granted to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on August 31, 2015. The fair value of the common stock in total was $6,000 based on recent sales of common stock to independent third parties at $0.10 per share and was presented as a subscriptions payable at August 31, 2015.
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Deferred Revenues
 3 Months Ended
Nov. 30, 2015
Deferred Revenue Disclosure [Abstract]  
Deferred Revenues

Note 5 – Deferred Revenues

 

Deferred revenues consist of the following at November 30, 2015 and August 31, 2015, respectively:

 

    November 30,     August 31,  
    2015     2015  
                 
Bid “pennies” previously sold to customers still retained in customer accounts   $ 121,166     $ 121,166  

 

The Company generates revenue from the online sale of “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase. Deferred revenues consist of purchased “pennies” that have not yet been consumed during the bidding process. They are still held in the customer accounts.
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Due to Officer
 3 Months Ended
Nov. 30, 2015
Related Party Transactions [Abstract]  
Due to Officer

Note 6 – Due to Officer

 

Due to officer consists of the following at November 30, 2015 and August 31, 2015, respectively:

 

    November 30,     August 31,  
    2015     2015  
                 
8% unsecured demand notes from a related party, “The Auction Coach.Com, LLC”, a single member LLC owned by our former CEO and major shareholder, Corey Park.   $ 35,356     $ 35,356  

 

The Company recognized interest expense of $707 and $707 during the three months ended November 30, 2015 and 2014, respectively.
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Notes Payable
 3 Months Ended
Nov. 30, 2015
Debt Disclosure [Abstract]  
Notes Payable

Note 7 – Notes Payable

 

Notes Payable consists of the following at November 30, 2015 and August 31, 2015, respectively:

 

    November 30,     August 31,  
    2015     2015  
             
Unsecured, non-interest bearing note payable, matures on December 31, 2017 issued to memorialize the unpaid cash component of our commitment fee with Kodiak Capital as more fully described in the note below. On March 1, 2015, the original debt of $500,000 was modified to $100,000, along with the extended maturity date of December 31, 2017, resulting in a gain on debt extinguishment of $400,000 during the year ended August 31, 2015.   $ 100,000     $ 100,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on February 23, 2012     3,700       3,700  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on August 30, 2012     500       500  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on September 17, 2012     5,000       5,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on October 25, 2012     5,000       5,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on December 20, 2012     2,500       2,500  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on February 1, 2013     9,000       9,000  
                 
Unsecured note payable non-interest bearing, due on demand     14,869       14,869  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on March 22, 2013     20,000       20,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on August 29, 2013     -       -  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on November 1, 2014 in satisfaction of $50,000 of outstanding accounts payable.     50,000       50,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on November 7, 2014 in exchange and consolidation of the two previous loans originating on December 30, 2010 and August 29, 2013     55,000       55,000  
                 
Unsecured note payable bearing interest at 10%, due on January 23, 2016, as amended, originated on January 23, 2015 in satisfaction of $54,124 of outstanding accounts payable to our securities attorney, Indeglia & Carney, LLP     54,124       54,124  
                 
Total notes payable     319,693       319,693  
Less: current portion     219,693       219,693  
Notes payable, less current portion   $ 100,000     $ 100,000  

 

The Company recognized interest expense of $4,923 and $3,573 during the three months ended November 30, 2015 and 2014, respectively. The Company repaid $4,600 of interest during the three months ended November 30, 2015.
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Put Rights Financing and Equity Line of Credit
 3 Months Ended
Nov. 30, 2015
Debt Disclosure [Abstract]  
Put Rights Financing and Equity Line of Credit

Note 8 – Put Rights Financing and Equity Line of Credit 

 

Pursuant to an equity purchase agreement with Kodiak Capital dated March 1, 2015, which replaced the original purchase agreement dated September 1, 2010 (as subsequently amended on December 28, 2010 and March 14, 2012), we have the right to “put” to Kodiak Capital up to $5,000,000 in price of shares of our common stock (i.e., we can compel Kodiak Capital to purchase our common stock at a pre-determined formula). This arrangement may commonly be referred to as an equity line of credit.

 

In conjunction with our original investment agreements with Kodiak Capital, we issued 1,960,000 commitment shares of common stock on August 30, 2010 and 2,940,000 shares of our common stock pursuant to the addendum on December 28, 2010 to Kodiak Capital and its designee, split equally, as a commitment fee. The fair value of the common stock was $98,000 and $147,000 based on recent sales of common stock to independent third parties at $0.05 per share for the issuances at August 30, 2010 and December 28, 2010, respectively. The shares are restricted stock as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”). On July 21, 2015, a total of 1,978,944 of these shares were voluntarily cancelled by Kodiak and returned to treasury. We also issued a $500,000 promissory note, which was modified on March 1, 2015, down to $100,000 with a revised maturity date of December 31, 2017 to memorialize the unpaid cash component of our commitment fee.

 

The purchase agreement provides, in part, that following notice to Kodiak Capital, we may put to Kodiak Capital up to $5,000,000 in shares of our common stock for a purchase price equal to 85% percent of the lowest closing bid price of the common stock during the five consecutive trading days immediately following the date of our notice to Kodiak Capital of an election to put shares pursuant to the investment agreement. The aggregate dollar value that we will be permitted to put will be either: (a) $1,000,000 or (b) 200% of the average daily volume in the U.S. market of our common stock for the three trading days prior to the notice of our put, multiplied by the average of the three daily closing bid prices immediately preceding the date of the put notice. Kodiak Capital has indicated that it will resell those shares in the open market, resell our shares to other investors through negotiated transactions, or hold our shares in its portfolio.

 

Kodiak Capital will only purchase shares when we meet the following conditions: 

 

  • a registration statement under the Securities Act has been declared effective and remains effective for the resale of the common stock subject to the purchase agreement;

  • our common stock has not been suspended from trading for a period of five consecutive trading days and we have not been notified of any pending or threatened proceeding or other action to delist or suspend our common stock;

  • we have complied with our obligations under the purchase agreement and the attendant registration rights agreement;

  • no injunction has been issued and remains in force, and no action has been commenced by a governmental authority which has not been stayed or abandoned, prohibiting the purchase or the issuance of our common stock; and
  • we have not filed a petition in bankruptcy, either voluntarily or involuntarily, and there shall not have been commenced any proceedings under any bankruptcy or insolvency laws.

  

The purchase agreement will terminate when any of the following events occur:

 

  • Kodiak has purchased an aggregate of $5,000,000 of our common stock or thirty-six months after the effective date;
  • we file or otherwise enter an order for relief in bankruptcy; or

  • our common stock ceases to be registered under the Securities Act.

  

As we draw down on the equity line of credit, shares of our common stock may be sold into the market by Kodiak Capital. The sale of these additional shares could cause our stock price to decline. In turn, if the price of our common stock declines and we issue more puts, more shares may go into the market, which could cause a further drop in the price of our common stock.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stockholders' Equity (Deficit)
 3 Months Ended
Nov. 30, 2015
Stockholders' Equity Note [Abstract]  
Stockholders' Equity (Deficit)

Note 9 – Stockholders’ Equity (Deficit)

 

The Company has authorized 495,000,000 shares of $0.001 par value common stock, of which 24,907,106 shares were issued and outstanding as of November 30, 2015. Additionally, the Company has 5,000,000 authorized shares of $0.001 par value preferred stock.

 

Common Stock

On November 18, 2015, the Company issued 125,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on October 31, 2015 and previous. The fair value of the common stock in total was $12,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On October 27, 2015, the Company sold 250,000 shares of common stock to an accredited investor, in exchange for proceeds of $25,000 based on a sales price of $0.10 per share.

 

On October 14, 2015, the Company issued 35,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on September 30, 2015. The fair value of the common stock in total was $3,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On September 25, 2015, the Company sold 250,000 shares of common stock to an accredited investor, in exchange for proceeds of $25,000 based on a sales price of $0.10 per share.

 

On September 7, 2015, the Company issued 60,000 shares of common stock previously granted to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on August 31, 2015. The fair value of the common stock in total was $6,000 based on recent sales of common stock to independent third parties at $0.10 per share and was presented as a subscriptions payable at August 31, 2015.

 

On September 2, 2015, the Company sold 500,000 shares of common stock to an accredited investor, in exchange for proceeds of $50,000 based on a sales price of $0.10 per share.

 

Subscriptions Payable

On November 30, 2015, the Company granted 55,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided. The fair value of the common stock in total was $5,500 based on recent sales of common stock to independent third parties at $0.10 per share. The shares were subsequently issued on January 5, 2016, as such they were presented as a subscriptions payable as of November 30, 2015.
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
Subsequent Events
 3 Months Ended
Nov. 30, 2015
Subsequent Events [Abstract]  
Subsequent Events

Note 10 – Subsequent Events

 

Common Stock

On January 6, 2016, the Company issued 55,000 shares of common stock previously granted to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on November 30, 2015. The fair value of the common stock in total was $5,500 based on recent sales of common stock to independent third parties at $0.10 per share and was presented as a subscriptions payable at November 30, 2015.

 

On January 6, 2016, the Company issued 65,000 shares of common stock to Bob van Leyen, the Company’s CFO, as compensation in lieu of cash for services provided on December 31, 2015. The fair value of the common stock in total was $6,500 based on recent sales of common stock to independent third parties at $0.10 per share.

 

On January 6, 2016, the Company issued 100,000 shares of common stock to a service provider, as compensation in lieu of cash for services provided. The fair value of the common stock in total was $10,000 based on recent sales of common stock to independent third parties at $0.10 per share.

 

Subsidiary Name Change

On December 30, 2015, the Company amended the Articles of Incorporation of its wholly-owned subsidiary to change the subsidiary’s corporate name from Nail Bidder, Inc. to Bidwinfun.com, Inc.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.3.1.900
Nature of Business and Significant Accounting Policies (Policies)
 3 Months Ended
Nov. 30, 2015
Accounting Policies [Abstract]  
Nature of Business

Nature of Business 

Penny Auction Solutions, Inc. (“we,” “us,” “our,” and the “The Company”) was formed in the state of Nevada on August 25, 2010 to establish a network of international internet auction sites whereby customers purchase bidding credits (“pennies”) that enable them to bid on goods at a fraction of their market value. The Company expects to generate revenues from the online sale of the “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase, as well as the sale of “advertisements” or “banner ads” on its internet site directed toward internet users, bargain shoppers and gaming aficionados.
Basis of Presentation

Basis of Presentation 

The interim condensed consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to not make the information presented misleading.

 

These statements reflect all adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. It is suggested that these interim condensed consolidated financial statements be read in conjunction with the audited financial statements for the year ended August 31, 2015, which are included in the Company’s Form 10-12/A as filed with the SEC on October 29, 2015. The Company follows the same accounting policies in the preparation of interim reports.

 

The Company has adopted a fiscal year end of August 31.
Principles of Consolidation

Principles of Consolidation 

The consolidated financial statements herein contain the operations of the wholly-owned subsidiary of Bidwinfun.com, Inc. (“Bidwinfun.com”). All significant inter-company transactions have been eliminated in the preparation of these financial statements. The parent company, Penny Auction Solutions, Inc. and its subsidiary, Bidwinfun.com will be collectively referred to herein as the “Company”, or “Penny Auction Solutions”.

 

The accompanying consolidated financial statements include the accounts of Bidwinfun.com, Inc., a wholly-owned subsidiary under common control and ownership:

 

    State of       Abbreviated
Name of Entity   Incorporation   Relationship   Reference
Bidwinfun.com, Inc.   New York   Subsidiary(1)   Bidwinfun.com

(1)Wholly-owned subsidiary.

(2)On December 30, 2015, the Company amended the Articles of Incorporation of the wholly-owned subsidiary to change the subsidiary’s corporate name from Nail Bidder, Inc. to Bidwinfun.com, Inc.

 

Bidwinfun.com, Inc. was acquired on March 28, 2012 as part of a Securities Purchase Agreement (“SPA”). Pursuant to the SPA, we purchased all of Bidwinfun.com’s assets and assumed all of its liabilities, including all of its cash, intellectual property, its business trade name, website (nailbidder.com), goodwill, trade payables and loans due to officer in consideration for 340,000 shares of our common stock, with a fair value of $17,000, which was delivered at the closing. Bidwinfun.com operated a penny auction website similar to the planned operations of Penny Auction Solutions. The website auctions temporarily terminated shortly after the acquisition and have not yet recommenced due to a lack of operating funds.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. The Company follows the same accounting policies in the preparation of interim reports.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and 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 period. Actual results could differ from those estimates.
Segment Reporting

Segment Reporting 

Under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280-10-50, the Company operates as a single segment and will evaluate additional segment disclosure requirements as it expands its operations.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

Under FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts payable and accrued interest reported on the balance sheet are estimated by management to approximate fair value primarily due to the short term nature of the instruments. The Company also had debt instruments that required fair value measurement on a recurring basis.
Revenue Recognition

Revenue Recognition 

The Company generates revenue from the online sale of “pennies” that are consumed in the bidding process regardless of whether the bid has resulted in a successful purchase, as well as, the sale of “advertisements” or “banner ads” on its internet site directed toward internet users, bargain shoppers and gaming aficionados, and the sale of goods sold at auction. The Company recognizes revenue using four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured, which is typically after receipt of payment and delivery, net of any credit card charge-backs and refunds. Determination of criteria (3) and (4) are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company defers any revenue for which the product has not been delivered or is subject to refund, and for unused bid pennies, until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Revenues on membership fees are also deferred and recognized ratably over the membership period.

 

Deferred revenues from the online sale of unused “pennies” were $121,166 and $121,166 at November 30, 2015 and August 31, 2015, respectively.
Advertising and Promotion

Advertising and Promotion

All costs associated with advertising and promoting products are expensed as incurred.
Website Development Costs

Website Development Costs

The Company accounts for website development costs in accordance with ASC 350-50, “Accounting for Website Development Costs” (“ASC 350-50”), wherein website development costs are segregated into three activities:

 

  1) Initial stage (planning), whereby the related costs are expensed.
  2) Development (web application, infrastructure, graphics), whereby the related costs are capitalized and amortized once the website is ready for use. Costs for development content of the website may be expensed or capitalized depending on the circumstances of the expenditures.
  3) Post-implementation (after site is up and running: security, training, admin), whereby the related costs are expensed as incurred. Upgrades are usually expensed, unless they add additional functionality.

 

The Company has not capitalized any website development costs related to its penny auction platform during the three months ended November 30, 2015 and the year ended August 31, 2015, respectively, related to its online penny auction platform.
Income Taxes

Income Taxes

The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.
Impairment of Goodwill

Impairment of Goodwill

The Company evaluates the carrying value of goodwill during the fourth quarter of each year and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. When evaluating whether goodwill is impaired, the Company compares the fair value of the reporting unit to which the goodwill is assigned to the reporting unit's carrying amount, including goodwill. The fair value of the reporting unit is estimated using a combination of the income, or discounted cash flows, approach and the market approach, which utilizes comparable companies' data. If the carrying amount of a reporting unit exceeds its fair value, then the amount of the impairment loss must be measured. The impairment loss would be calculated by comparing the implied fair value of reporting unit goodwill to its carrying amount. In calculating the implied fair value of reporting unit goodwill, the fair value of the reporting unit is allocated to all of the other assets and liabilities of that unit based on their fair values. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value. The Company's evaluation of goodwill completed during the year end August 31, 2015 did not result in any impairment losses.
Basic and Diluted Loss Per Share

Basic and Diluted Loss Per Share

The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, there were no outstanding potential common stock equivalents and therefore basic and diluted earnings per share result in the same figure.
Stock-Based Compensation

Stock-Based Compensation

Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. The Company recognized $21,500 and $233,534 for services and compensation for the three months ended November 30, 2015 and 2014, respectively.
Recent Accounting Pronouncements

Recent Accounting Pronouncements 

In September, 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) (“ASU 2015-16”). Topic 805 requires that an acquirer retrospectively adjust provisional amounts recognized in a business combination, during the measurement period. To simplify the accounting for adjustments made to provisional amounts, the amendments in the Update require that the acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years beginning December 15, 2015. The adoption of ASU 2015-016 is not expected to have a material effect on the Company’s consolidated financial statements.

 

In August, 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods with that reporting period.

 

No other new accounting pronouncements, issued or effective during the three months ended November 30, 2015, have had or are expected to have a significant impact on the Company’s financial statements.
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.3.1.900
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Nov. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule of valuation of financial instruments at fair value on a recurring basis

The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of November 30, 2015 and August 31, 2015:

 

    Fair Value Measurements at November 30, 2015  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 86,147     $ -     $ -  
Total assets     86,147       -       -  
Liabilities                        
Due to officer, related party     -       35,356       -  
Notes payable     -       319,693       -  
Total Liabilities     -       355,049       -  
    $ 86,147     $ (355,049 )   $ -  

 

    Fair Value Measurements at August 31, 2015  
    Level 1     Level 2     Level 3  
Assets                        
Cash   $ 63,268     $ -     $ -  
Total assets     63,268       -       -  
Liabilities                        
Due to officer, related party     -       35,356       -  
Notes payable     -       319,693       -  
Total Liabilities     -       355,049       -  
    $ 63,268     $ (355,049 )   $ -  
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.3.1.900
Deferred Revenues (Tables)
 3 Months Ended
Nov. 30, 2015
Deferred Revenue Disclosure [Abstract]  
Schedule of deferred revenues

Deferred revenues consist of the following at November 30, 2015 and August 31, 2015, respectively:

 

    November 30,     August 31,  
    2015     2015  
                 
Bid “pennies” previously sold to customers still retained in customer accounts   $ 121,166     $ 121,166  
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
Due to Officer (Tables)
 3 Months Ended
Nov. 30, 2015
Related Party Transactions [Abstract]  
Schedule of due to officer

Due to officer consists of the following at November 30, 2015 and August 31, 2015, respectively:

 

    November 30,     August 31,  
    2015     2015  
                 
8% unsecured demand notes from a related party, “The Auction Coach.Com, LLC”, a single member LLC owned by our former CEO and major shareholder, Corey Park.   $ 35,356     $ 35,356  
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
Notes Payable (Tables)
 3 Months Ended
Nov. 30, 2015
Debt Disclosure [Abstract]  
Schedule of notes payable

Notes Payable consists of the following at November 30, 2015 and August 31, 2015, respectively:

 

    November 30,     August 31,  
    2015     2015  
             
Unsecured, non-interest bearing note payable, matures on December 31, 2017 issued to memorialize the unpaid cash component of our commitment fee with Kodiak Capital as more fully described in the note below. On March 1, 2015, the original debt of $500,000 was modified to $100,000, along with the extended maturity date of December 31, 2017, resulting in a gain on debt extinguishment of $400,000 during the year ended August 31, 2015.   $ 100,000     $ 100,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on February 23, 2012     3,700       3,700  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on August 30, 2012     500       500  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on September 17, 2012     5,000       5,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on October 25, 2012     5,000       5,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on December 20, 2012     2,500       2,500  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on February 1, 2013     9,000       9,000  
                 
Unsecured note payable non-interest bearing, due on demand     14,869       14,869  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on March 22, 2013     20,000       20,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on August 29, 2013     -       -  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on November 1, 2014 in satisfaction of $50,000 of outstanding accounts payable.     50,000       50,000  
                 
Unsecured note payable bearing interest at 8%, due on demand, originated on November 7, 2014 in exchange and consolidation of the two previous loans originating on December 30, 2010 and August 29, 2013     55,000       55,000  
                 
Unsecured note payable bearing interest at 10%, due on January 23, 2016, as amended, originated on January 23, 2015 in satisfaction of $54,124 of outstanding accounts payable to our securities attorney, Indeglia & Carney, LLP     54,124       54,124  
                 
Total notes payable     319,693       319,693  
Less: current portion     219,693       219,693  
Notes payable, less current portion   $ 100,000     $ 100,000  
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.3.1.900
Nature of Business and Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended
Mar. 28, 2012
Nov. 30, 2015
Nov. 30, 2014
Aug. 31, 2015
Deferred revenues   $ 121,166   $ 121,166
Shares issued for services, related parties   $ 21,500  
Stock-based compensation   $ 233,534  
Securities Purchase Agreement [Member] | Bidwinfun.com, Inc. [Member]        
Number of common stock issued upon consideration 340,000      
Fair value of common stock issued upon consideration $ 17,000      
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
Going Concern (Details Narrative) - USD ($)
 3 Months Ended
Nov. 30, 2015
Aug. 31, 2015
Nov. 30, 2014
Aug. 31, 2014
Going Concern Details Narrative        
Accumulated deficit $ (2,056,771) $ (1,956,815)    
Working capital (462,132)      
Cash $ 86,147 $ 63,268 $ 30,136 $ 1,602
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.3.1.900
Fair Value of Financial Instruments (Details) - Recurring Basis [Member] - USD ($)
Nov. 30, 2015
Aug. 31, 2015
Fair Value Measurements Level 1 [Member]    
Assets    
Cash $ 86,147 $ 63,268
Total assets $ 86,147 $ 63,268
Liabilities    
Due to officer, related party
Notes payable
Total Liabilities
Net total $ 86,147 $ 63,268
Fair Value Measurements Level 2 [Member]    
Assets    
Cash
Total assets
Liabilities    
Due to officer, related party $ 35,356 $ 35,356
Notes payable 319,693 319,693
Total Liabilities 355,049 355,049
Net total $ (355,049) $ (355,049)
Fair Value Measurements Level 3 [Member]    
Assets    
Cash
Total assets
Liabilities    
Due to officer, related party
Notes payable
Total Liabilities
Net total
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.3.1.900
Related Party (Details Narrative) - USD ($)
 3 Months Ended
Jan. 06, 2016
Nov. 30, 2015
Nov. 18, 2015
Oct. 14, 2015
Sep. 07, 2015
Feb. 20, 2015
Jan. 01, 2015
Nov. 30, 2015
Nov. 30, 2014
Aug. 31, 2015
Stock-based compensation               $ 233,534  
Due to officer, related parties   $ 35,356           $ 35,356   $ 35,356
Bob van Leyen [Member] | Subsequent Event [Member]                    
Number of common stock issued upon subscriptions payable 55,000                  
Fair value of common stock issued upon subscriptions payable $ 5,500                  
Share price (in dollars per share) $ 0.10                  
Former CEO & Major Shareholder, Mr.Corey Park [Member] | Auction Coach.Com, LLC [Member] | 8% Unsecured Note Payable [Member]                    
Due to officer, related parties   35,356           35,356   $ 35,356
Employment agreement [Member] | Micheal C Holt [Member]                    
Salary to officers             $ 78,500 19,625    
Unpaid compensation expenses to officers   14,989           14,989    
Consulting Agreement [Member] | Bob van Leyen [Member]                    
Stock-based compensation   21,500                
Unpaid compensation expenses to officers   3,500           $ 3,500    
Agreement term           2 years        
Related party cumulative funding amount           $ 150,000        
Officers compensation, per hour (Stage 1)           300        
Subsequent officers compensation, per hour (Stage 2)           $ 250        
Description of officers compensation, per hour (Stage 1)          

The entire hourly rate may be paid in stock in lieu of cash at a rate of $0.10 per share with no cap on the amount of compensation.

        
Description of subsequent officers compensation, per hour (Stage 2)          

Compensated equally in cash and stock in lieu of cash at a rate of $0.10 per share, initially, or $125 per hour in cash and $125 per hour in stock, with a maximum cash compensation of $5,000 per month.

        
Stock price (in dollars per share) (Stage 1)           $ 0.10        
Subsequent stock price (in dollars per share) (Stage 2)           $ 0.10        
Maximum cash compensation, per month   10,500       $ 5,000        
Total compensation expense   $ 32,000                
Number of common stock issued upon subscriptions payable     125,000 35,000 60,000          
Fair value of common stock issued upon subscriptions payable     $ 12,500 $ 3,500 $ 6,000          
Share price (in dollars per share)     $ 0.10 $ 0.10 $ 0.10          
Consulting Agreement [Member] | Bob van Leyen [Member] | Subsequent Event [Member]                    
Number of common stock issued upon subscriptions payable 55,000                  
Fair value of common stock issued upon subscriptions payable $ 5,500                  
Share price (in dollars per share) $ 0.10                  
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.3.1.900
Deferred Revenues (Details) - USD ($)
Nov. 30, 2015
Aug. 31, 2015
Deferred Revenue Disclosure [Abstract]    
Bid "pennies" previously sold to customers still retained in customer accounts $ 121,166 $ 121,166
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.3.1.900
Due to Officer (Details) - USD ($)
Nov. 30, 2015
Aug. 31, 2015
Former CEO & Major Shareholder, Mr.Corey Park [Member] | Auction Coach.Com, LLC [Member] | 8% Unsecured Note Payable [Member]    
Due to officer from related parties $ 35,356 $ 35,356
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.3.1.900
Due to Officer (Details Narrative) - Former CEO & Major Shareholder, Mr.Corey Park [Member] - Auction Coach.Com, LLC [Member] - 8% Unsecured Note Payable [Member] - USD ($)
 3 Months Ended
Nov. 30, 2015
Nov. 30, 2014
Aug. 31, 2015
Interest expense $ 707 $ 707  
Percentage of interest bearing rate 8.00%   8.00%
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.3.1.900
Notes Payable (Details) - USD ($)
 12 Months Ended
Aug. 31, 2015
Nov. 30, 2015
Mar. 01, 2015
Sep. 01, 2010
Total notes payable $ 319,693 $ 319,693    
Less: current portion 219,693 219,693    
Notes payable, less current portion 100,000 100,000    
8% Unsecured Note Payable Originated On February 23, 2012 [Member]        
Total notes payable 3,700 3,700    
8% Unsecured Note Payable Originated On August 30, 2012 [Member]        
Total notes payable 500 500    
8% Unsecured Note Payable Originated On September 17, 2012 [Member]        
Total notes payable 5,000 5,000    
8% Unsecured Note Payable Originated On October 25, 2012 [Member]        
Total notes payable 5,000 5,000    
8% Unsecured Note Payable Originated On December 20, 2012 [Member]        
Total notes payable 2,500 2,500    
8% Unsecured Note Payable Originated On February 1, 2013 [Member]        
Total notes payable 9,000 9,000    
8% Unsecured Note Payable Non-Interest Bearing [Member]        
Total notes payable 14,869 14,869    
8% Unsecured Note Payable Originated On March 22, 2013 [Member]        
Total notes payable $ 20,000 $ 20,000    
8% Unsecured Note Payable Originated On August 29, 2013 [Member]        
Total notes payable    
8% Unsecured Note Payable Originated On November 1, 2014 [Member]        
Total notes payable $ 50,000 $ 50,000    
Accounts payable outstanding   50,000    
8% Unsecured Note Payable Originated On November 7, 2014 [Member]        
Total notes payable 55,000 55,000    
10% Unsecured Note Payable Originated On January 23, 2015 [Member] | Indeglia & Carney, LLP (Securities Attorney) [Member]        
Total notes payable 54,124 54,124    
Accounts payable outstanding   54,124    
Equity Purchase Agreement [Member] | Unsecured Non-Interest Bearing Note Payable Due December 31, 2017 [Member] | Kodiak Capital Group, LLC [Member]        
Total notes payable 100,000 $ 100,000    
Debt face amount     $ 100,000  
Gain on debt extinguishment $ 400,000      
Original Equity Purchase Agreement [Member] | Unsecured Non-Interest Bearing Note Payable Due December 31, 2017 [Member] | Kodiak Capital Group, LLC [Member]        
Debt face amount       $ 500,000
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.3.1.900
Notes Payable (Details Narrative) - USD ($)
 3 Months Ended
Nov. 30, 2015
Nov. 30, 2014
Debt Disclosure [Abstract]    
Interest expense $ 4,923 $ 3,573
Interest paid $ 4,600
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.3.1.900
Put Rights Financing and Equity Line of Credit (Details Narrative) - Kodiak Capital Group, LLC [Member] - USD ($)
 3 Months Ended
Jul. 21, 2015
Mar. 01, 2015
Dec. 28, 2010
Aug. 30, 2010
Nov. 30, 2015
Sep. 01, 2010
Equity Purchase Agreement [Member] | Unsecured Non-Interest Bearing Note Payable Due December 31, 2017 [Member]            
Debt face amount   $ 100,000        
Revised maturity date   Dec. 31, 2017        
Equity Purchase Agreement [Member] | Restricted Common Stock [Member]            
Maximum common shares purchase upon agreement   $ 5,000,000        
Number of shares cancelled & returned to treasury 1,978,944          
Description of agreement purchase price        

Equal to 85% percent of the lowest closing bid price of the common stock during the five consecutive trading days immediately following the date of our notice to Kodiak Capital of an election to put shares pursuant to the investment agreement. The aggregate dollar value that we will be permitted to put will be either: (a) $1,000,000 or (b) 200% of the average daily volume in the U.S. market of our common stock for the three trading days prior to the notice of our put, multiplied by the average of the three daily closing bid prices immediately preceding the date of the put notice.

  
Original Equity Purchase Agreement [Member] | Unsecured Non-Interest Bearing Note Payable Due December 31, 2017 [Member]            
Debt face amount           $ 500,000
Original Equity Purchase Agreement [Member] | Restricted Common Stock [Member]            
Number of common stock issued upon commitment fee     2,940,000 1,960,000    
Fair value of the common stock     $ 147,000 $ 98,000    
Share price (in dollars per share)     $ 0.05 $ 0.05    
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.3.1.900
Stockholders' Equity (Deficit) (Details Narrative) - USD ($)
Jan. 06, 2016
Nov. 18, 2015
Oct. 27, 2015
Oct. 14, 2015
Sep. 25, 2015
Sep. 07, 2015
Sep. 02, 2015
Nov. 30, 2015
Aug. 31, 2015
Common stock, shares authorized               495,000,000 495,000,000
Common stock, par value (in dollars per share)               $ 0.001 $ 0.001
Common stock, shares issued               24,907,106 23,687,106
Common stock, shares outstanding               24,907,106 23,687,106
Preferred shares, authorized               5,000,000 5,000,000
Preferred shares, par value (in dollars per share)               $ 0.001 $ 0.001
Bob van Leyen [Member] | Subsequent Event [Member]                  
Number of common stock issued upon subscriptions payable 55,000                
Fair value of common stock issued upon subscriptions payable $ 5,500                
Share price (in dollars per share) $ 0.10                
Accredited Investor [Member]                  
Number of common stock issued upon services     250,000   250,000   500,000    
Value of common stock issued upon services     $ 25,000   $ 25,000   $ 50,000    
Share price (in dollars per share)     $ 0.10   $ 0.10   $ 0.10    
Consulting Agreement [Member] | Bob van Leyen [Member]                  
Number of common stock issued upon subscriptions payable   125,000   35,000   60,000      
Fair value of common stock issued upon subscriptions payable   $ 12,500   $ 3,500   $ 6,000      
Share price (in dollars per share)   $ 0.10   $ 0.10   $ 0.10      
Consulting Agreement [Member] | Bob van Leyen [Member] | Subsequent Event [Member]                  
Number of common stock issued upon subscriptions payable 55,000                
Fair value of common stock issued upon subscriptions payable $ 5,500                
Share price (in dollars per share) $ 0.10                
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.3.1.900
Subsequent Events (Details Narrative) - Subsequent Event [Member]
Jan. 06, 2016
USD ($)
$ / shares
shares
Service Provider [Member]  
Number of common stock issued upon subscriptions payable | shares 100,000
Fair value of common stock issued upon subscriptions payable | $ $ 10,000
Share price (in dollars per share) | $ / shares $ 0.10
Bob van Leyen [Member]  
Number of common stock issued upon subscriptions payable | shares 55,000
Fair value of common stock issued upon subscriptions payable | $ $ 5,500
Share price (in dollars per share) | $ / shares $ 0.10
Number of common stock issued upon subscriptions payable | shares 65,000
Fair value of common stock issued upon subscriptions payable | $ $ 6,500
Share price (in dollars per share) | $ / shares $ 0.10
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