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RESTATEMENT FOR THE THREE AND SIX-MONTHS ENDED JUNE 30, 2015 (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues, net $ 489,995 $ 11,046 [1] $ 810,741 $ 11,046 [1]
Operating Expenses:        
Depreciation and amortization 157,702 44,018 [1] 260,761 55,289 [1]
Research and development 292,592 853 [1] 321,664 224,853 [1]
General and administrative 4,147,408 456,360 [1] 8,540,314 929,197 [1]
Total operating expenses 4,712,250 501,231 [1] 9,355,397 1,209,339 [1]
Loss from operations (4,222,255) (490,185) [1] (8,544,656) (1,198,293) [1]
Derivative expense 4,735,589 (2,865,353) [1] 17,677,252 (2,865,353) [1]
Interest expense (1,346,025) (33,974) [1] (2,272,777) (35,729) [1]
Translation loss (26,259)   (26,259)
Net income (loss) $ (832,691) $ (3,415,771) [1] $ 6,859,819 $ (4,125,634) [1]
Net loss per share: Basic and Diluted (in dollars per share)   $ (0.02)   $ (0.02)
As Reported [Member]        
Revenues, net   $ 11,046   $ 11,046
Operating Expenses:        
Depreciation and amortization   11,469   22,740 [2]
Research and development   853   24,853 [3]
General and administrative   570,622   1,043,459
Total operating expenses   582,944   1,091,052
Loss from operations   (571,898)   (1,080,006)
Derivative expense   (3,680,374)   (3,680,374)
Interest expense   (11,741)   (13,496)
Translation loss   (26,259)   (26,259)
Net income (loss)   $ (4,290,272)   $ (4,800,135)
Net loss per share: Basic and Diluted (in dollars per share)   $ (0.03)   $ (0.03)
Reclassifications [Member]        
Revenues, net    
Operating Expenses:        
Depreciation and amortization    
Research and development    
General and administrative   (67,918)   (67,918)
Total operating expenses   (67,918)   (67,918)
Loss from operations   67,918   67,918
Derivative expense    
Interest expense   (67,918)   (67,918)
Translation loss    
Net income (loss)    
Net loss per share: Basic and Diluted (in dollars per share)    
As Reclassified [Member]        
Revenues, net   $ 11,046   $ 11,046
Operating Expenses:        
Depreciation and amortization [2]   11,469   22,740
Research and development   853   24,853 [3]
General and administrative [4],[5]   502,704   975,541
Total operating expenses   515,026   1,023,134
Loss from operations   (503,980)   (1,012,088)
Derivative expense [6]   (3,680,374)   (3,680,374)
Interest expense [6]   (79,659)   (81,414)
Translation loss   (26,259)   (26,259)
Net income (loss)   $ (4,290,272)   $ (4,800,135)
Net loss per share: Basic and Diluted (in dollars per share)   $ (0.03)   $ (0.03)
Adjustments [Member]        
Revenues, net    
Operating Expenses:        
Depreciation and amortization   32,549   32,549
Research and development     200,000
General and administrative   (46,344)   (46,344)
Total operating expenses   (13,795)   186,205
Loss from operations   13,795   (186,205)
Derivative expense   815,021   815,021
Interest expense   45,685   45,685
Translation loss    
Net income (loss)   $ 874,501   $ 674,501
Net loss per share: Basic and Diluted (in dollars per share)   $ 0.01   $ 0.01
[1] Restated
[2] Fair Value of Intangible Assets In Connection with Business Acquisition. During the three months ended June 30, 2015, the Company accounted for the acquisition of Multipay as a business combination using the acquisition method of accounting utilizing an incorrect valuation. The adjustment to reflect the correct valuation, including the purchase price allocation of assets acquired, resulted in an increase of $166,689 to Goodwill, $200,986 to Intangible Assets (net of $32,549 additional amortization) and $370,125 to Contingent Purchase Consideration as of June 30, 2015. In addition, certain previously reported contingent assets and liabilities of $149,848 were eliminated.
[3] Intangible Assets-Capitalized Software. The Company determined that previously capitalized software should have been expensed in accordance with US GAAP. Accordingly, a reduction of $200,000 to Intangible Assets and an increase to Research and Development Expenses is made as of and for the six months ended June 30, 2015.
[4] Debt Issuance Costs. The capitalization of debt issuance costs as a reduction of the debt principal resulted in a reduction to convertible notes payable of $60,000 and a corresponding decrease to general and administrative for the three and six months ended June 30, 2015. The decrease to General and Administrative expenses, after considering the increase of $13,656 related to stock-based compensation in (4) above and the capitalization of debt issuance costs of $60,000 is $46,344 for the three and six months ended June 30, 2015.
[5] Stock-Based Compensation. The adjusted fair value of the Company's stock-based compensation resulted in an increase to general and administrative expenses of $13,656 for the three and six months ended June 30, 2015.
[6] Derivative Liability. The fair value of the derivative liabilities related to convertible and other notes payable have now been estimated based on the Monte Carlo Simulation Model because it considers the effect of the down round feature (probability of a triggering capital raise) along with the other assumptions associated with the Black-Scholes option pricing model. The previously used methodology by the Company incorrectly did not take into consideration the probability of a financing at a price that would trigger the instruments down round provision. The adjusted fair value of the Company's derivatives associated with its Convertible and other Notes Payable resulted in a decrease of $907,123 to the Derivative Liability as of June 30, 2015. For the three and six months ended June 30, 2015, the Company's derivative expense is reduced by $815,021. In addition, the finalized fair value analysis of the Company's derivatives associated with its Convertible and other Notes Payable required a reduction to the previously recorded Debt Discount and interest expense by $45,685 for the three and six months ended June 30, 2015.