UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Amendment
No. 1)
(Mark
One)
☒ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended March 31, 2015
OR
☐ 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 033-25126-D
MedeFile
International, Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
85-0368333 |
State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization |
|
Identification
No.) |
301
Yamato Rd, Suite 1200
Boca
Raton, FL 33431
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code (561) 912-3393
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
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition
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 |
☐ |
|
Smaller
reporting company |
☒ |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐
Yes ☒ No
Number
of shares outstanding of registrant’s common stock, par value $0.0001: 572,953,672 as of May 18, 2015.
Explanatory
Note
This
Amendment No. 1 to Form 10-Q for the period ended March 31, 2015, amends our Quarterly Report on Form 10-Q for the period ended
March 31, 2015, which was originally filed with the Securities and Exchange Commission on May 19, 2015 (the “Original 10-Q”)
This amendment is being filed solely to restate the financial statements as of and for the quarter ended March 31, 2015 for a
failure to properly account for the derivative liability on a convertible note. Except with respect to the financial statements,
and corresponding changes to Management’s Discussion and Analysis of Financial Condition and Results of Operations, the
Original 10-Q has not been amended, updated or otherwise modified.
Table
of Contents
|
Page |
PART
I |
|
|
|
FINANCIAL
INFORMATION |
4 |
ITEM
1. Financial Statements |
4 |
ITEM
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
21 |
ITEM
3. Quantitative and Qualitative Disclosures about Market Risk |
24 |
ITEM
4. Controls and Procedures |
24 |
|
|
PART
II |
|
|
|
OTHER
INFORMATION |
24 |
ITEM
1. Legal Proceedings |
24 |
ITEM
1A. Risk Factors |
24 |
ITEM
2. Unregistered Sales of Equity Securities and Use of Proceeds |
25 |
ITEM
3. Defaults Upon Senior Securities |
25 |
ITEM
4. Mine Safety Disclosures |
25 |
ITEM
5. Other Information |
25 |
ITEM
6. Exhibits |
25 |
Signatures |
26 |
Item
1. Financial Statements.
Medefile
International, Inc.
Condensed
Consolidated Balance Sheets
(unaudited)
| |
March 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
(Restated) | | |
| |
Assets | |
| | |
| |
Current assets | |
| | |
| |
Cash | |
$ | 512,714 | | |
$ | 36,170 | |
Accounts
receivable | |
| 4,938 | | |
| 5,425 | |
Inventory | |
| 23,096 | | |
| 23,412 | |
Merchant
services reserve | |
| 2,939 | | |
| 2,939 | |
Prepaid
expense | |
| - | | |
| 5,709 | |
Total
current assets | |
| 543,687 | | |
| 73,655 | |
| |
| | | |
| | |
Website
development, net of accumulated amortization | |
| 243,643 | | |
| 265,792 | |
Furniture
and equipment, net of accumulated depreciation | |
| - | | |
| - | |
Total
assets | |
$ | 787,330 | | |
$ | 339,447 | |
| |
| | | |
| | |
Liabilities
and Stockholders' Equity | |
| | | |
| | |
Current
Liabilities | |
| | | |
| | |
Accounts
payable and accrued liabilities | |
$ | 49,886 | | |
$ | 47,697 | |
Convertible
debenture | |
| 84,586 | | |
| 122,538 | |
Deferred
revenues | |
| 1,018 | | |
| 684 | |
Derivative
liability - convertible note | |
| 33,243 | | |
| | |
Derivative
liability - warrants | |
| - | | |
| 51 | |
Total
Current Liabilities | |
| 168,733 | | |
| 170,970 | |
| |
| | | |
| | |
Stockholders'
Equity | |
| | | |
| | |
Preferred
stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding | |
| - | | |
| - | |
Common
stock, $.0001 par value: 500,000,000 authorized; 522,953,672 and 225,836,554 shares issued and outstanding on March 31, 2015
and December 31, 2014, respectively | |
| 52,295 | | |
| 22,583 | |
Additional
paid in capital | |
| 28,060,805 | | |
| 27,430,517 | |
Common
stock to be issued | |
| 69,920 | | |
| 69,920 | |
Accumulated
deficit | |
| (27,564,423 | ) | |
| (27,354,543 | ) |
Total
stockholders' equity | |
| 618,597 | | |
| 168,477 | |
Total
liability and stockholders' equity | |
$ | 787,330 | | |
$ | 339,447 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements
Medefile
International, Inc.
Condensed
Consolidated Statements of Operations
(unaudited)
| |
For the | | |
For the | |
| |
three months | | |
three months | |
| |
ended | | |
ended | |
| |
March 31, | | |
March 31, | |
| |
2015 | | |
2014 | |
| |
(Restated) | | |
| |
Revenue | |
| 13,100 | | |
| 15,926 | |
Cost of goods sold | |
| 316 | | |
| 279 | |
| |
| | | |
| | |
Gross profit | |
| 12,784 | | |
| 15,647 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Selling, general and administrative
expenses | |
| 165,275 | | |
| 173,607 | |
Depreciation
and amortization expenses | |
| 22,149 | | |
| 106 | |
Total operating expenses | |
| 187,424 | | |
| 173,713 | |
| |
| | | |
| | |
Loss from operations | |
| (174,640 | ) | |
| (158,066 | ) |
| |
| | | |
| | |
Other income (expenses) | |
| | | |
| | |
Interest expense - convertible
note | |
| (2,048 | ) | |
| (2,737 | ) |
Interest expense - discount
on convertible note | |
| - | | |
| (27,124 | ) |
Change in derivative liability
- convertible note | |
| (33,243 | ) | |
| - | |
Change
of derivative liabilities - warrants | |
| 51 | | |
| 948,857 | |
Total other income (expense) | |
| (35,240 | ) | |
| 918,996 | |
| |
| | | |
| | |
Gain (loss) before income tax | |
| (209,880 | ) | |
| 760,930 | |
Provision
for income tax | |
| | | |
| | |
Net income (loss) | |
$ | (209,880 | ) | |
$ | 760,930 | |
| |
| | | |
| | |
Net loss per share: basic | |
$ | (0.00 | ) | |
$ | 0.02 | |
| |
| | | |
| | |
Net loss per share: diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | |
Weighted average share outstanding basic | |
| 265,897,289 | | |
| 40,706,899 | |
| |
| | | |
| | |
Weighted average share outstanding diluted | |
| 266,954,614 | | |
| 40,777,993 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements
Medefile
International, Inc.
Consolidated
Statement of Stockholders' Equity
| |
Preferred | | |
Common
Stock | | |
| | |
Common | | |
| | |
| |
| |
Shares | | |
Par | | |
Shares | | |
Par | | |
| | |
Stock | | |
Accumulated | | |
| |
| |
Outstanding | | |
Amount | | |
Outstanding | | |
Amount | | |
APIC | | |
Payable | | |
Deficit | | |
Total | |
Balance
December 31, 2012 | |
| - | | |
$ | - | | |
| 11,413,189 | | |
$ | 1,141 | | |
$ | 23,886,499 | | |
$ | - | | |
$ | (29,123,348 | ) | |
$ | (5,235,708 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock sale | |
| | | |
| | | |
| 17,421,429 | | |
| 1,742 | | |
| 913,258 | | |
| | | |
| | | |
| 915,000 | |
Adjustment
to derivative liability | |
| | | |
| | | |
| | | |
| | | |
| 2,190,460 | | |
| | | |
| | | |
| 2,190,460 | |
Convertible
debenture discount | |
| | | |
| | | |
| | | |
| | | |
| 110,000 | | |
| | | |
| | | |
| 110,000 | |
Common
stock issued for anti-dilution | |
| | | |
| | | |
| 11,872,281 | | |
| 1,187 | | |
| (1,187 | ) | |
| | | |
| | | |
| - | |
Common
stock payable | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 69,920 | | |
| | | |
| 69,920 | |
Net
income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,427,251 | | |
| 1,427,251 | |
Balance
December 31, 2013 | |
| - | | |
| - | | |
| 40,706,899 | | |
| 4,070 | | |
| 27,099,030 | | |
| 69,920 | | |
| (27,696,097 | ) | |
| (523,077 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common
stock issued for anti-dilution | |
| | | |
| | | |
| 150,129,655 | | |
| 15,013 | | |
| (15,013 | ) | |
| | | |
| | | |
| - | |
Common
stock sale | |
| | | |
| | | |
| 35,000,000 | | |
| 3,500 | | |
| 346,500 | | |
| | | |
| | | |
| 350,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 341,554 | | |
| 341,554 | |
Balance
December 31, 2014 | |
| - | | |
$ | - | | |
| 225,836,554 | | |
$ | 22,583 | | |
$ | 27,430,517 | | |
$ | 69,920 | | |
$ | (27,354,543 | ) | |
$ | 168,477 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sale
of common stock | |
| | | |
| | | |
| 279,099,100 | | |
| 27,910 | | |
| 592,090 | | |
| | | |
| | | |
| 620,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
issued for debt conversion | |
| | | |
| | | |
| 18,018,018 | | |
| 1,802 | | |
| 38,198 | | |
| | | |
| | | |
| 40,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (209,880 | ) | |
| (209,880 | ) |
Balance
March 31, 2015 (restated) | |
| - | | |
$ | - | | |
| 522,953,672 | | |
$ | 52,295 | | |
$ | 28,060,805 | | |
$ | 69,920 | | |
$ | (27,564,423 | ) | |
$ | 618,597 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements
Medefile
International, Inc.
Condensed
Consolidated Statements of Cash Flows
| |
For the | | |
For the | |
| |
three months | | |
three months | |
| |
ended | | |
ended | |
| |
March 31, | | |
March 31, | |
| |
2015 | | |
2014 | |
| |
(Restated) | | |
| |
Cash flows from operating activities | |
| | |
| |
Net income | |
$ | (209,880 | ) | |
$ | 760,930 | |
Adjustments to reconcile net loss to net cash
used in operating activities: | |
| | | |
| | |
Depreciation | |
| - | | |
| 106 | |
Amortization | |
| 22,149 | | |
| - | |
Interest expense - discount
on convertible debenture | |
| - | | |
| 27,124 | |
Change in derivative - convertible
note | |
| 33,243 | | |
| - | |
(Gain) loss in fair value of
derivative liabilities – warrants | |
| (51 | ) | |
| (948,857 | ) |
Changes in operating assets
and liabilities | |
| | | |
| | |
Accounts receivable | |
| 487 | | |
| (2,089 | ) |
Inventory | |
| 316 | | |
| 279 | |
Prepaid insurance | |
| 5,709 | | |
| 1,057 | |
Accounts payable and accrued
liabilities | |
| 2,189 | | |
| (9,656 | ) |
Accrued Interest - convertible
debenture | |
| 2,048 | | |
| 2,737 | |
Deferred
revenue | |
| 334 | | |
| (772 | ) |
Net Cash used in operating
activities | |
| (143,456 | ) | |
| (169,141 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
| |
| | | |
| | |
Net cash used in investing
activities | |
| - | | |
| - | |
| |
| | | |
| | |
Cash flow from financing activities | |
| | | |
| | |
Proceeds
from common stock subscriptions | |
| 620,000 | | |
| - | |
Net
cash provided by financing activities | |
| 620,000 | | |
| - | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| 476,544 | | |
| (169,141 | ) |
Cash
and cash equivalents at beginning of period | |
| 36,170 | | |
| 266,843 | |
Cash and
cash equivalents at end of period | |
$ | 512,714 | | |
$ | 97,702 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information | |
| | | |
| | |
Cash paid
for interest | |
$ | - | | |
$ | - | |
Cash paid
for income taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Stock issued
for conversion of debt | |
$ | 40,000 | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements
Medefile
International, Inc.
Notes
to Unaudited Consolidated Financial Statements
1.
BASIS OF PRESENTATION AND NATURE OF BUSINESS OPERATIONS
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements of MedeFile International Inc., a Nevada corporation (the "Company"),
have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required
by accounting principles generally accepted in the United States of America for complete consolidated financial statements. These
unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company's Form
10-K for the fiscal year ended December 31, 2014. In the opinion of management, these unaudited condensed consolidated financial
statements reflect all adjustments that are of a normal recurring nature and which are necessary to present fairly the financial
position of the Company as of March 31, 2015, and the results of operations and cash flows for the three months ended March 31,
2015 and 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results
that may be expected for the entire fiscal year.
Restatement
The
Company entered into two 10% Secured Convertible Debentures with a significant shareholder. The debentures carry a
one year term. The debentures were issued in the amount of $50,000 on November 4, 2013 and $60,000 on December 17,
2013.
The
company assessed the fair value of the conversion option using the Black Scholes pricing model and recorded a derivative liability
for the value. The adjustment for this valuation to Derivative Liability is $33,243. An adjustment to change
in fair value of derivative liability is a loss of $33,243 for the quarter ended March 31, 2015.
During
the first quarter 2015, the company recognized a change in derivative for the convertible debenture in amount of $33,243, the
resulting derivative liability balance at March 31, 2015 is $33,243.
The
following table provides additional details regarding the changes to the balance sheet, statement of operations and statement
of cash flows as of and for the three months ended March 31, 2015.
| |
Original | | |
| | |
Restated | |
| |
March 31, | | |
Restatement | | |
March 31, | |
| |
2015 | | |
Adjustments | | |
2015 | |
| |
| | |
| | |
| |
| |
| | |
| | |
| |
Cash | |
$ | 512,714 | | |
| - | | |
$ | 512,714 | |
Accounts receivable | |
| 4,938 | | |
| - | | |
| 4,938 | |
Inventory | |
| 23,096 | | |
| - | | |
| 23,096 | |
Merchant services reserve | |
| 2,939 | | |
| - | | |
| 2,939 | |
Prepaid expense | |
| - | | |
| - | | |
| - | |
| |
| 543,687 | | |
| | | |
| 543,687 | |
| |
| | | |
| | | |
| | |
Website development, net of accumulated amortization | |
| 243,643 | | |
| - | | |
| 243,643 | |
Furniture and equipment,
net of accumulated depreciation | |
| - | | |
| - | | |
| - | |
Total
assets | |
$ | 787,330 | | |
| | | |
$ | 787,330 | |
| |
| | | |
| | | |
| | |
Current Liabilities | |
| | | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 49,886 | | |
| - | | |
$ | 49,886 | |
Convertible debenture | |
| 84,586 | | |
| - | | |
| 84,586 | |
Deferred revenues | |
| 1,018 | | |
| - | | |
| 1,018 | |
Derivative liability - convertible note | |
| - | | |
| 33,243 | | |
| 33,243 | |
Derivative liability - warrants | |
| - | | |
| - | | |
| - | |
Total Current Liabilities | |
| 135,490 | | |
| | | |
| 168,733 | |
| |
| | | |
| | | |
| | |
Preferred
stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding | |
| - | | |
| - | | |
| - | |
Common stock,
$.0001 par value: 500,000,000 authorized; 522,953,672 shares issued and outstanding | |
| 52,295 | | |
| - | | |
| 52,295 | |
Additional paid in capital | |
| 28,060,805 | | |
| - | | |
| 28,060,805 | |
Common stock to be issued | |
| 69,920 | | |
| - | | |
| 69,920 | |
Accumulated deficit | |
| (27,531,180 | ) | |
| (33,243 | ) | |
| (27,564,423 | ) |
Total
stockholders' equity | |
| 651,840 | | |
| | | |
| 618,597 | |
Total
liability and stockholders' equity | |
$ | 787,330 | | |
| | | |
$ | 787,330 | |
|
|
For
the |
|
|
|
|
|
For
the |
|
|
|
three
months |
|
|
|
|
|
three
months |
|
|
|
ended |
|
|
|
|
|
ended |
|
|
|
March
31, |
|
|
|
|
|
March
31, |
|
|
|
2015 |
|
|
|
|
|
2015 |
|
Revenue |
|
|
13,100 |
|
|
|
- |
|
|
|
13,100 |
|
Cost
of goods sold |
|
|
316 |
|
|
|
- |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
12,784 |
|
|
|
|
|
|
|
12,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
|
165,275 |
|
|
|
- |
|
|
|
165,275 |
|
Depreciation
and amortization expenses |
|
|
22,149 |
|
|
|
- |
|
|
|
22,149 |
|
Total
operating expenses |
|
|
187,424 |
|
|
|
|
|
|
|
187,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
|
(174,640 |
) |
|
|
|
|
|
|
(174,640 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense - convertible note |
|
|
(2,048 |
) |
|
|
- |
|
|
|
(2,048 |
) |
Change
in derivative liability - convertible note |
|
|
- |
|
|
|
(33,243 |
) |
|
|
(33,243 |
) |
Change
of derivative liabilities – warrants |
|
|
51 |
|
|
|
- |
|
|
|
51 |
|
Total
other income (expense) |
|
|
(1,997 |
) |
|
|
|
|
|
|
(35,240 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain
(loss) before income tax |
|
|
(176,637 |
) |
|
|
|
|
|
|
(209,880 |
) |
Provision
for income tax |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
(176,637 |
) |
|
|
|
|
|
$ |
(209,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share: basic |
|
$ |
(0.00 |
) |
|
|
|
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share: diluted |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average share outstanding basic |
|
|
265,897,289 |
|
|
|
|
|
|
|
40,706,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average share outstanding diluted |
|
|
266,954,614 |
|
|
|
|
|
|
|
|
|
|
|
For
the |
|
|
|
|
|
For
the |
|
|
|
three
months |
|
|
|
|
|
three
months |
|
|
|
ended |
|
|
|
|
|
ended |
|
|
|
March
31, |
|
|
|
|
|
March
31, |
|
|
|
2015 |
|
|
|
|
|
2015 |
|
Cash
flows from operating activities |
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
(176,637 |
) |
|
|
(33,243 |
) |
|
$ |
(209,880 |
) |
Adjustments
to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization |
|
|
22,149 |
|
|
|
- |
|
|
|
22,149 |
|
Interest
expense - discount on convertible debenture |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change
in derivative - convertible note |
|
|
- |
|
|
|
33,243 |
|
|
|
33,243 |
|
(Gain)loss in
fair value of derivative liabilities – warrants |
|
|
(51 |
) |
|
|
- |
|
|
|
(51 |
) |
Changes
in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts
receivable |
|
|
487 |
|
|
|
- |
|
|
|
487 |
|
Inventory |
|
|
316 |
|
|
|
- |
|
|
|
316 |
|
Prepaid
insurance |
|
|
5,709 |
|
|
|
- |
|
|
|
5,709 |
|
Accounts
payable and accrued liabilities |
|
|
2,189 |
|
|
|
- |
|
|
|
2,189 |
|
Accrued
Interest - convertible debenture |
|
|
2,048 |
|
|
|
- |
|
|
|
2,048 |
|
Deferred
revenue |
|
|
334 |
|
|
|
- |
|
|
|
334 |
|
Net
Cash used in operating activities |
|
|
(143,456 |
) |
|
|
|
|
|
|
(143,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash used in investing activities |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flow from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from common stock subscriptions |
|
|
620,000 |
|
|
|
- |
|
|
|
620,000 |
|
Net
cash provided by financing activities |
|
|
620,000 |
|
|
|
|
|
|
|
620,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents |
|
|
476,544 |
|
|
|
|
|
|
|
476,544 |
|
Cash
and cash equivalents at beginning of period |
|
|
36,170 |
|
|
|
|
|
|
|
36,170 |
|
Cash
and cash equivalents at end of period |
|
$ |
512,714 |
|
|
|
|
|
|
$ |
512,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
|
Cash
paid for interest |
|
$ |
- |
|
|
|
|
|
|
$ |
- |
|
Cash
paid for income taxes |
|
$ |
- |
|
|
|
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
issued for conversion of debt |
|
$ |
40,000 |
|
|
|
|
|
|
$ |
40,000 |
|
Nature
of Business Operations
Medefile
International, Inc. has developed and globally markets a proprietary, patient-centric, Internet-enabled Personal Health Record
(iPHR) system for gathering, digitizing, maintaining, accessing and sharing an individual’s actual medical records. Medefile's
goal is to revolutionize the medical industry by bringing patient-centric digital technology to the business of medicine. Medefile
intends to accomplish its objective by providing individuals with a simple and secure way to access their lifetime of actual medical
records in an efficient and cost-effective manner. Medefile's products and services are designed to provide healthcare providers
with the ability to reference their patients’ actual past medical records, thereby ensuring the most accurate treatment
and services possible while simultaneously reducing redundant procedures.
Interoperable
with most electronic medical record systems utilized by physician practices, clinics, hospitals and other care providers, the
highly secure, feature-rich MedeFileiPHR solution has been designed to gather all of its members’ actual medical records
on behalf of each member, and create a single, comprehensive Electronic Health Record (EHR). The member can access his/her records
24-hours a day, seven days a week – or authorize a third party user – on any web-enabled device (PC, cell phone, PDA,
e-reader, et al), as well as the portable MedeFile flash drive/keychain or branded UBS-bracelet.
By
subscribing to the MedeFile system, members empower themselves to take control of their own health and well-being, and empower
their healthcare providers to make sound and lifesaving decisions with the most accurate, up-to-date medical information available. In
addition, with MedeFile, members enjoy the peace of mind that comes from knowing that their medical records are protected from
fire, natural disaster, document misplacement or the closing of a medical or dental practice.
MedeFile
believes it enjoys a number of competitive advantages over other firms within the medical records marketplace, including:
|
●
|
MedeFile
has developed products and services geared to the patient, which also have the depth and breadth of information required by
treating physicians and medical personnel. |
|
|
|
|
● |
MedeFile
does all the work of collecting and updating medical information on an ongoing basis; our products’ dependence on the
patient taking action is minimal – particularly when compared to patient action required to support competing solutions. |
|
|
|
|
● |
MedeFile
provides a complete medical record. Other companies claim complete longitudinal records, but in reality only provide histories
(usually completed by the member/patient), which are by no means complete or necessarily accurate records. |
|
|
|
|
● |
MedeFile
provides a coherent mix of services and products that are intended to improve the quality of healthcare by enabling the patient
to manage and access the information normally retained by doctors and other care providers. |
Going
Concern
The
accompanying financial statements have been prepared contemplating a continuation of the Company as a going concern. However,
the Company has reported an operating loss of $174,640 and a net loss of $209,880 for the three months ended March 31, 2015.
During the comparable three month period of 2014, the Company had an operating loss of $158,066 and net income (as a result of
the change in the valuation of the Company’s warrant derivative) of $760,930. The Company had an accumulated deficit of
$27,564,423 as of March 31, 2015. The Company has working capital of $374,954 as of March 31, 2015.
The
accompanying financial statements have been prepared assuming the Company will continue as a going concern. The operating losses
raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to obtain additional
financing depends on the success of its growth strategy and its future performance, each of which is subject to general economic,
financial, competitive, legislative, regulatory, and other factors beyond the Company's control.
We
will need additional investments in order to continue operations. Additional investments are being sought, but we cannot guarantee
that we will be able to obtain such investments. Financing transactions may include the issuance of equity or debt securities,
obtaining credit facilities, or other financing mechanisms.
However,
the trading price of our common stock could make it more difficult to obtain financing through the issuance of equity or debt
securities. Even if we are able to raise the funds required, we may incur unexpected costs and expenses, fail to collect significant
amounts owed to us, or experience unexpected cash requirements that would force us to seek alternative financing. Further, if
we issue additional equity or debt securities, stockholders may experience additional dilution or the new equity securities may
have rights, preferences or privileges senior to those of existing holders of our common stock. If additional financing is not
available or is not available on acceptable terms, we will have to curtail our operations.
Cash
and Cash Equivalents
For
purposes of these financial statements, cash and cash equivalents includes highly liquid debt instruments with maturity of less
than three months.
Concentrations
of Credit Risk
Financial
instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash
and cash equivalents. The Company places its cash and temporary cash investments with high credit quality institutions. At times,
such investments may be in excess of the FDIC insurance limit. Currently our operating account is not above the FDIC limit.
Income
Taxes
The
Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets
and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under
this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and
tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.
The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes
the enactment date.
The
Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized.
In making such determination, the Company considers all available positive and negative evidence, including future reversals of
existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations.
A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the
Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded
amount, the Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes.
The
Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when
it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals
or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold
at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, recognition,
classification, interest and penalties, accounting in interim periods, disclosure and transition.
Property
and Equipment
Property
and equipment are stated at cost. When retired or otherwise disposed, the related carrying value and accumulated depreciation
are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings.
Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over
their estimated useful lives being 3 years up to 10 years.
Trademark
Costs
Trademark
costs incurred in the registration and acquisition of trademarks and trademark rights are capitalized. These costs will be amortized
over the legal life of the related trademark once the trademark is awarded. The Company performs an annual review of its identified
intangible assets to determine if facts and circumstances exist which indicate that the useful life is shorter than originally
estimated or that the carrying amount of the assets may not be recoverable.
The
Company expenses all software costs associated with the conceptual formulation and evaluation of alternatives until the application
development stage has been reached. Costs to improve or support the technology are expensed as these costs are incurred.
Website
Development
The
Company's policy is to capitalize website development costs at original cost and amortize the balance over the life of the product.
The life of website is determined at completion of the project. The Company reviews the amounts capitalized for impairment whenever
events or circumstances indicate that the carrying amounts of the assets may not be recoverable.
The
Company expenses all development costs associated with the conceptual formulation and evaluation of alternatives until the application
development stage has been reached. Costs to improve or support the technology are expensed as these costs are incurred.
Revenue
Recognition
The
Company generates revenue from licensing the right to utilize its proprietary software for the storage and distribution of healthcare
information to individuals and affinity groups. For revenue from product sales, the Company recognizes revenue on four basic criteria
which 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. Determination of criteria (3) and
(4) are based on management's judgments 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.
Deferred
Revenue
The
Company generally receives subscription fees for its services. From time to time, the Company will receive quarterly or annual
subscriptions paid in advance and deferred revenue is recorded at that time. The deferred revenue is amortized into revenue on
a pro- rata basis each month. Customers with quarterly or annual subscriptions may cancel their subscriptions and request a refund
for future months' revenues at any time. Therefore, a liability is recorded to reflect the amounts that are potentially refundable.
At March 31, 2015 and December 31, 2014, deferred revenue totaled $1,018 and $684, respectively.
Recent
Accounting Pronouncements
In
August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern. The provisions
of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and
expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition
of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles
for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated
as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial
doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are
issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016,
and for annual periods and interim periods thereafter. The Company is currently assessing the impact of this ASU on the Company’s
financial statements.
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue
recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or
enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605,
“Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in
Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core
principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that
reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies
will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance
obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating
the transaction price to each separate performance obligation. ASU 2014-09 is effective for the Company beginning November 1,
2017 and, at that time the Company may adopt the new standard under the full retrospective approach or the modified retrospective
approach. Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU
2014-09 will have on the Company’s condensed consolidated financial statements and disclosures.
In
January 2014, the FASB issued ASU 2014-04, an update to ASC 310, "Receivables." The ASU clarifies that an in substance
repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the
borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion
of a deed in lieu of foreclosure or through a similar legal agreement. The amendments are effective for annual periods, and interim
reporting periods within those annual periods, beginning after December 15, 2014. The amendments may be adopted using either a
modified retrospective transition method or a prospective transition method. Early adoption of the guidance is permitted. The
impact of this guidance is currently being evaluated by the Company, but is not expected to have a significant impact on the Company's
financial position, results of operations or disclosures.
Fair
Value of Financial Instruments
Cash
and Equivalents, Deposits In-Transit, Receivables, Prepaid and Other Current Assets, Accounts Payable, Accrued Salaries and Wages
and Other Current Liabilities
The
carrying amounts of these items approximated fair value.
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. To increase the comparability of fair value measures, Financial Accounting
Standards Board (“FASB”) ASC Topic 820-10-35 establishes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements).
Level 1
—Valuations based on quoted prices for identical assets and liabilities in active markets.
Level 2
—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar
assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not
active, or other inputs that are observable or can be corroborated by observable market data.
Level 3
—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions
made by other market participants. These valuations require significant judgment.
The
application of the three levels of the fair value hierarchy under Topic 820-10-35 to our assets and liabilities are described
below:
| |
Fair Value Measurements | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets | |
| | |
| | |
| | |
| |
Website development | |
$ | - | | |
$ | - | | |
$ | 243,643 | | |
$ | 243,643 | |
Total | |
$ | - | | |
$ | - | | |
$ | 243,643 | | |
$ | 243,643 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability – Convertible Note | |
$ | | | |
| | | |
$ | $33,243 | | |
$ | 33,243 | |
Deferred Revenues | |
| 1,018 | | |
| - | | |
| - | | |
| 1,018 | |
Total | |
$ | 1,018 | | |
$ | - | | |
$ | 33,243 | | |
$ | 34,261 | |
Impairment
of Long Lived Assets
In
accordance with Accounting Standards Codification (“ASC”) 360-10, Accounting for the Impairment or Disposal of Long-Lived
Assets, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. ASC 360-10 relates to assets that can be amortized and the life can
be determinable. The Company reviews property and equipment and other long-lived assets for impairment annually, or whenever events
or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by
comparison of the asset’s carrying amount to future undiscounted net cash flows the assets are expected to generate. Cash
flow forecasts are based on trends of historical performance and management's estimate of future performance, giving consideration
to existing and anticipated competitive and economic conditions. If such assets are considered to be impaired, the impairment
to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future
cash flows arising from the assets or their fair values, whichever is more determinable.
Inventory
Inventories
are stated at the lower of cost or market value. Cost is determined by the first-in, first-out basis and market being determined
as the lower of replacement cost or net realizable value. The Company records inventory write-downs for estimated obsolescence
of unmarketable inventory based upon assumptions about future demand and market conditions. For the year ended December 31, 2014
the Company had an inventory write down in the amount of $30,000. There was no write down of inventory in the three months ended
March 31, 2015.
Net
Loss per Share
Basic
loss per share is computed using the weighted average number of common shares outstanding during the year. Diluted earnings per
share reflect the potential dilution that could occur if potentially dilutive securities were exercised or converted to common
stock. The dilutive effect of options and warrants and their equivalent is computed by application of the treasury stock method
and the effect of convertible securities by the “if converted” method.
Management
Estimates
The
presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results
could differ from those estimates.
Stock
Based Compensation
The
Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation
cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually
the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued
to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of
the related agreement.
2. ACCOUNTS
RECEIVABLE
Due
to the collection history of the Company, the Company does not maintain an allowance for doubtful accounts. Recognition
of a specific uncollectible account is written directly against the invoice in accounts receivable and expensed in the current
period. Accounts receivables as of March 31, 2015 totaled $4,938 and $5,425 as of December 31, 2014.
3.
WEBSITE DEVELOPMENT
Website
development consists of the following:
| |
March 31,
2015 | | |
December 31,
2014 | |
| |
| | |
| |
Website development | |
$ | 328,737 | | |
$ | 324,285 | |
Additional development | |
| - | | |
| 4,453 | |
Accumulated amortization | |
| (85,094 | ) | |
| (62,946 | ) |
Net website development | |
$ | 243,643 | | |
$ | 265,792 | |
The
Company completed the redesign in January 2015. The redesign is being amortized over a three year period. Amortization expense
for the three month period ending March 31, 2015 was $22,149 compared to $0 for the three month period ended March 31, 2014, respectively.
4.
FURNITURE AND EQUIPMENT
Furniture
and equipment consists of the following:
| |
March 31,
2014 | | |
December 31,
2014 | |
| |
| | |
| |
Computers and equipment | |
$ | 169,286 | | |
$ | 169,286 | |
Furniture and fixtures | |
| 38,618 | | |
| 38,618 | |
Subtotal | |
| 207,904 | | |
| 207,904 | |
Less: accumulated depreciation | |
| (207,904 | ) | |
| (207,904 | ) |
Net furniture and equipment | |
$ | - | | |
$ | - | |
Depreciation
is calculated by using the straight-line method over the estimated useful life. Furniture and equipment was fully depreciated
as of March 31, 2015. Depreciation expense for the three months ended March 31, 2015 and 2014 totaled $0 and $106, respectively.
5.
CONVERTIBLE DEBENTURE – RELATED PARTY
The
Company entered into two 10% Secured Convertible Debentures with a significant shareholder. The debentures carry a
one year term. The debentures were issued in the amount of $50,000 on November 4, 2013 and $60,000 on December 17,
2013. Both debentures are convertible into common stock at a conversion price of the lower of $0.10 (subject to adjustments
for the events of stock splits, stock dividends and similar transactions) or 80% of the previous day’s market price of common
stock.
| |
March 31,
2015 | | |
December 31, 2014 | |
| |
| | |
| |
Convertible debenture – related party | |
$ | 122,538 | | |
$ | 122,538 | |
Accumulated Interest | |
| 2,048 | | |
| | |
Payment | |
| (40,000 | ) | |
| - | |
Convertible debenture | |
$ | 84,586 | | |
$ | 122,538 | |
6.
WARRANT LIABILITY
In
connection with certain securities purchase agreements entered into during the third quarter of 2011 and the second quarter of
2012 , the Company granted warrants with ratchet provisions. The warrants contain an expiration date of four years from the date
of grant. During the first two years of grant, if the Company issues any additional shares of common stock at a price per share
less than the exercise price in effect, the exercise price will be adjusted to equal the average price per share received by the
Company for the additional shares issued. After the first two years following the issuance date, if the Company issues any additional
shares of common stock at a price per share less than the exercise price in effect, the exercise price will be adjusted using
a formula based on the existing exercise price, the outstanding shares before and after the issuance of such shares, and the average
price during the issuance of such shares. In addition to the exercise price adjustment, the number of shares upon exercise of
the warrants is also subject to adjustment.
Upon
grant, the Company assesses the fair value of the warrants using the Black Scholes pricing model and records a warrant liability
for the value. The Company then assesses the fair value of the warrants quarterly based on the Black Scholes Model and increases
or decreases the warrant liability to the new value, and records a corresponding gain or loss (see below for variables used in
assessing the fair value). The Company uses expected volatility based primarily on historical volatility using weekly pricing
observations for recent periods that correspond to the expected life of the warrants. The risk-free interest rate is based on
U.S. Treasury securities rates.
Due
to the ratchet provisions, the Company treats the warrants as a derivative liability in accordance with the provisions of ASC
815 “Derivatives and Hedging” (ASC 815). ASC 815 applies to any freestanding financial instruments or embedded features
that have the characteristics of a derivative and to any freestanding financial instruments that potentially settle in an entity’s
own common stock.
As
of March 31, 2015, these warrants include the following:
Warrants
granted during July 2011 in connection with the sale of 35,461 shares of common stock with the right to originally purchase up
to 35,461 shares of the Company’s common stock with an original exercise price of $2.50. Due to the issuance of the Company’s
common stock in April 2012, the exercise price was adjusted to $0.50 and the number of shares to 1,808,511. Fair value was determined
using the following variables:
| |
Grant Date | | |
March 31,
2015 | | |
December 31,
2014 | |
Risk-free interest rate at grant date | |
| 1.21 | % | |
| 1.13 | % | |
| 1.27 | % |
Expected stock price volatility | |
| 194.9 | % | |
| 92.2 | % | |
| 189.65 | % |
Expected dividend payout | |
| - | | |
| - | | |
| - | |
Expected option in life-years | |
| 4 | | |
| .27 | | |
| 1.5 | |
Warrants
granted during April 2012 in connection with the sale of 100,000 shares of the Company’s preferred stock to a significant
shareholder and brother of the then-Chief Executive Officer with the right to purchase up to 200,000 shares of the Company’s
common stock with an exercise price of $0.50. Fair value was determined using the following variables:
| |
Grant Date | | |
March 31,
2015 | |
Risk-free interest rate at grant date | |
| 0.47 | % | |
| 1.13 | % |
Expected stock price volatility | |
| 137.8 | % | |
| 92.2 | % |
Expected dividend payout | |
| - | | |
| - | |
Expected option in life-years | |
| 3.75 | | |
| 1.03. | |
Warrants
granted during April 2012 in connection with the sale of 1,000,000 shares of the Company’s common stock with an exercise
price of $0.50.
| |
Grant Date | | |
March 31,
2015 | |
Risk-free interest rate at grant date | |
| 0.47 | % | |
| 1.13 | % |
Expected stock price volatility | |
| 137.8 | % | |
| 92.2 | % |
Expected dividend payout | |
| - | | |
| - | |
Expected option in life-years | |
| 3.75 | | |
| 1.05 | |
Transactions
involving warrants with ratchet provisions are as follows:
| |
Number of
Warrants | |
Weighted-
Average
Price Per
Share | |
Outstanding at December 31, 2013 | |
| 3,008,511 | |
$ | 0.50 | |
Granted | |
| | |
| | |
Exercised | |
| | |
| | |
Canceled or expired | |
| | |
| | |
Additional due to ratchet trigger | |
| | |
| | |
Outstanding at December 31, 2014 | |
| 3,008,511 | |
| 0.50 | |
Granted | |
| | |
| | |
Exercised | |
| | |
| | |
Canceled or expired | |
| | |
| | |
Addition due to ratchet trigger | |
| | |
| | |
Outstanding at March 31, 2015 | |
| 3,008,511 | |
$ | 0.50 | |
As
of March 31, 2015 and December 31, 2014, the warrant liability consisted of the following:
| |
March 31,
2015 | | |
December 31,
2014 | |
Warrant liability (beginning balance) | |
$ | 51 | | |
$ | 5,618,819 | |
Additional liability due to new grants | |
| | | |
| | |
Loss(gain) on changes in fair market value of warrant liability | |
| (51 | ) | |
| (5,618,786 | ) |
Net warrant liability | |
$ | - | | |
$ | 51 | |
Change
in fair market value of warrant liability resulted in a gain of $51 and a loss of $948,857 for the three months ended March 31
2015 and 2014, respectively.
7.
DERIVATIVE LIABILITY
The
following Secured Convertible Debentures entered into in November and December 2013 contain ratchet provisions regarding the conversion
of debt into shares of common stock.
The
Company entered into 10% Secured Convertible Notes in November 2013 and December 2013, both for a term of 12 months. The debentures
are in the amount of $50,000 and $60,000 respectively. The conversion price of the note is based on 80% of the previous day’s
market price.
T he
Company assesses the fair value of the conversion option using the Black Scholes pricing model and records a derivative expense
and a corresponding derivative liability for the value. The Company then assesses the fair value of the derivative liability quarterly
based on the Black Scholes Model and increases or decreases the liability to the new value, and records a corresponding gain or
loss. The Company uses expected volatility based primarily on historical volatility using daily pricing observations for recent
periods that correspond to the expected life of the warrants. The risk-free interest rate is based on U.S. Treasury securities
rates.
Due
to the ratchet provisions, the Company treats the convertible debenture as a derivative liability in accordance with the provisions
of ASC 815 “Derivatives and Hedging” (ASC 815). ASC 815 applies to any freestanding financial instruments or embedded
features that have the characteristics of a derivative and to any freestanding financial instruments that potentially settle in
an entity’s own common stock.
| |
March 31,
2015 | |
Risk-free interest rate at grant date | |
| .26 | % |
Expected stock price volatility | |
| 248 | % |
Expected dividend payout | |
| – | |
Expected option in life-years | |
| 1.0 | |
As
of March 31 2015, derivative liability for this note is $33,243 and the change of derivative liability for the three months ended
March 31, 2015 was $33,243.
8.
EQUITY
Common
Stock
On
October 8, 2012, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of
Nevada, pursuant to which (i) the Company effected a 5,000-to-1 reverse split of its common stock and (ii) the number of authorized
shares of the Company’s common stock decreased from 75,000,000,000 to 100,000,000. The market effective date of the reverse
split was October 9, 2012. The effect of the stock split has been applied retroactively. On December 19, 2013 the Company
increased its authorized shares of common stock from 100,000,000 to 500,000,000. On February 10, 2015 the Company increased its
authorized shares of common stock from 500,000,000 to 700,000,000.
2013
On
January 17, 2013 the Company entered into a Securities Purchase Agreement pursuant to which the Company sold 400,000 shares of
common stock for an aggregate purchase price of $200,000
On
April 15, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company
sold 2,000,000 shares of common stock for an aggregate purchase price of $400,000.
On
May 1, 2013 the Company issued an aggregate of 11,872,281shares of common stock to purchasers under the securities purchase agreements
entered into by the Company in July 2011 and April 2012 pursuant to anti-dilution rights held by such purchasers.
On
August 27, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company
sold 42,743 shares of common stock for an aggregate purchase price of $29,920.
On
September 23, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company
sold 21,429 shares of common stock for an aggregate purchase price of $15,000.
On
December 17, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company
sold 2,000,000 shares of common stock for an aggregate purchase price of $40,000.
On
December 20, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company
sold 15,000,000 shares of common stock for an aggregate purchase price of $300,000.
2014
On
April 17, 2014, the Company issued an aggregate of 150,129,655 shares of common stock to certain shareholders of the Company,
in accordance with anti-dilution rights held by such shareholders, including 125,584,200 shares to Lyle Hauser and 24,545,455
shares to purchasers under Securities Purchase Agreements entered into by the Company in July 2011. Lyle Hauser is the Company's
largest shareholder.
On
July 3, 2014, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company
sold 15,000,000 shares of common stock for an aggregate purchase price of $200,000.
On
July 6, 2014, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company
sold 20,000,000 shares of common stock for an aggregate purchase price of $150,000.
2015
During
the first quarter of 2015, the Company issued an aggregate of 279,099,100 shares of common stock to purchasers under the securities
purchase agreements entered into by the Company in January and February 2015 for aggregate price of $620,000.
On
March 18, 2015 the Company issued 18,018,018 shares of common stock in exchange for $40,000 of debt owed by the Company
Preferred
Stock
On
April 10, 2012, the Company filed a certificate of designation of Series B Preferred Stock (the “Series B Certificate of
Designation”) with the Secretary of State of Nevada, pursuant to which 100,000 shares of the Company’s preferred stock
were designated as Series B Convertible Preferred Stock (the “Series B Preferred Stock”). Pursuant to the
Series B Certificate of Designation, the Series B Preferred Stock:
|
● |
Has
a liquidation preference over the common stock equal to the stated value of $1.00 per share. |
|
|
|
|
● |
Votes
as a single class with the common stock and entitles its holders, for each share of Series B Preferred Stock, to cast such
number of votes equal to 0.00051% of the total number of votes entitled to be cast. Accordingly, a holder of all 100,000 shares
of Series B Preferred Stock will have the right to cast 51% of the total number of votes entitled to be cast. |
|
|
|
|
● |
Will
automatically convert into common stock at a ratio of 2 shares of common stock for each share of Series B Preferred Stock,
effective upon the Company’s filing of a certificate of amendment to its articles of incorporation. |
On
April 12, 2012, the Company entered into a securities purchase agreement with Lyle Hauser (the “Preferred Stock Investor”).
Lyle Hauser is the Company’s largest shareholder and the brother of Kevin Hauser, the Company’s then-chief executive
officer. Pursuant to the purchase agreement, on April 12, 2012, the Company sold 100,000 shares of Series B Preferred Stock to
the Preferred Stock Investor for an aggregate purchase price of $100,000, and the Company issued four-year warrants to purchase
200,000 shares of common stock to the Preferred Stock Investor with an exercise price of $0.50. On April 23, 2012, 100,000 Series
B Preferred shares were converted to 200,000 shares of common stock.
Stock
Options
2008
Amended and Restated Incentive Stock Plan
In
November 2008, our Board of Directors adopted the 2008 Equity Incentive Plan and subsequently amended it in January 2009, June
2009 and July 2009 (the “2008 Plan”). The purpose of the 2008 Plan was to provide an incentive to attract and retain
directors, officers, consultants, advisors and employees whose services are considered valuable, to encourage a sense of proprietorship
and to stimulate an active interest of such persons into our development and financial success. Under the 2008 Plan, the Company
is authorized to issue incentive stock options intended to qualify under Section 422 of the Code, non-qualified stock options,
stock appreciation rights, performance shares, restricted stock and long term incentive awards. The 2008 Plan will be administered
by our Board of Directors until such time as such authority has been delegated to a committee of the board of directors.
Other
Warrants
On
June 22, 2011, the Company awarded 2,000 Common Stock warrants, at an exercise price of $50 per share, to consultants
for services at the quoted stock price on the effective date of the awards. The warrants have an expiration date of four years
from the issue date and contain provisions for a cash exercise. The estimated value of the compensatory warrants granted to non-employees
in exchange for services and financing expenses was determined using the Black-Scholes pricing model and the following assumptions
listed below.
Risk-free interest rate at grant date | |
| 0.39 | % |
Expected stock price volatility | |
| 172.1 | % |
Expected dividend payout | |
| -- | |
Expected option in life-years | |
| 4 | |
On
July 28, 2011, the Company awarded 27,000 Common Stock Warrants, at an exercise price of $25 per share to consultants for services
at the quoted stock price on the effective date of the awards. The warrants have an expiration date of three years from the issue
date and contain provisions for a cash exercise. The estimated value of the compensatory warrants granted to non-employees in
exchange for services was determined using the Black-Scholes pricing model and the assumptions listed below. These warrants have
expired.
Transactions
involving warrants are summarized as follows:
| |
Number of
Warrants | | |
Weighted-
Average
Price Per
Share | |
Outstanding at December 31, 2013 | |
| 29,000 | | |
| 30.07 | |
Granted | |
| - | | |
| - | |
Exercised | |
| 27,000 | | |
| 25.00 | |
Canceled or expired | |
| - | | |
| - | |
Outstanding at December 31, 2014 | |
| 2,000 | | |
$ | 50.00 | |
Granted | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | |
Canceled or expired | |
| - | | |
| - | |
Outstanding at March 31, 2015 | |
| 2,000 | | |
$ | 50.00 | |
Warrants
Outstanding |
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
Average |
|
|
|
|
|
|
Remaining |
Exercise |
|
|
Number |
|
|
Contractual |
Prices |
|
|
Outstanding |
|
|
Life (years) |
$ |
25 |
|
|
|
2,000 |
|
|
|
.25 |
9.
RELATED PARTY TRANSACTIONS
The
Company entered into two 10% Secured Convertible Debentures with a significant shareholder. The debentures carry a
one year term. The debentures were issued in the amount of $50,000 on November 4, 2013 and $60,000 on December 17,
2013. Both debentures are convertible into common stock at a conversion price of the lower of $0.10 (subject to adjustments
for the events of stock splits, stock dividends and similar transactions) or 80% of the previous day’s market price of common
stock.
10. SUBSEQUENT
EVENTS
Management
has evaluated all events through the date of issuance and there are no reportable subsequent events.
Item
2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
This
Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain "forward-looking
statements." The terms "believe," "anticipate," "intend," "goal," "expect,"
and similar expressions may identify forward-looking statements. These forward-looking statements represent the Company's current
expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those set forth in the forward-looking statements, including customer
acceptance of new products, the impact of competition and price erosion, as well as other risks and uncertainties. In light of
the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should
not be regarded as a representation that the strategy, objectives or other plans of the Company will be achieved. The Company
wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date
made. Except as may be required under applicable securities laws, we undertake no duty to update this information.
OVERVIEW
Organizational
History
On
November 1, 2005, Bio-Solutions International, Inc. ("Bio-Solutions") entered into an Agreement and Plan of Merger (the
"Agreement") with OmniMed Acquisition Corp., (the "Acquirer), a Nevada corporation and a wholly owned subsidiary
of Bio-Solutions, OmniMed International, Inc., a Nevada corporation ("OmniMed"), and the shareholders of OmniMed (the
"OmniMed Shareholders"). Pursuant to the Agreement, Bio-Solutions acquired all of the outstanding equity stock of OmniMed
from the OmniMed Shareholders. As consideration for the acquisition of OmniMed, Bio-Solutions agreed to issue 1,979 shares of
Bio-Solutions' common stock to the OmniMed Shareholders.
As
a result of the Agreement, the OmniMed Shareholders assumed control of Bio-Solutions. Effective November 21, 2005, Bio-Solutions
changed its name to OmniMed International, Inc. Effective January 17, 2006, OmniMed changed its name to MedeFile International,
Inc. ("MedeFile" or the "Company").
Overview
of Business
MedeFile
International, Inc., through its MedeFile, Inc. subsidiary, has developed and globally markets a proprietary, patient-centric,
Internet-enabled Personal Health Record (iPHR) system for gathering, digitizing, maintaining, accessing and sharing an individual’s
actual medical records. Our goal is to revolutionize the medical industry by bringing patient-centric digital technology to the
business of medicine. We intend to accomplish our objective by providing individuals with a simple and secure way to access their
lifetime of actual medical records in an efficient and cost-effective manner. Our products and services are designed to provide
healthcare providers with the ability to reference their patient's actual past medical records, thereby ensuring the most accurate
treatment and services possible while simultaneously reducing redundant procedures.
Interoperable
with most electronic medical record systems utilized by physician practices, clinics, hospitals and other care providers, the
highly secure, feature-rich MedeFileiPHR solution has been designed to gather all of its members’ actual medical records
on behalf of each member, and create a single, comprehensive Electronic Health Record (EHR). The member can access
his/her records 24-hours a day, seven days a week – or authorize a third party user – on any web-enabled device (PC,
cell phone, PDA, e-reader, et al), as well as the portable MedeFile flash drive/keychain or branded UBS-bracelet.
By
subscribing to the MedeFile system, members can empower themselves to take control of their own health and well-being, as well
as empower their healthcare providers to make sound and lifesaving decisions with the most accurate, up-to-date medical information
available. In addition, with MedeFile, members enjoy the peace of mind that comes from knowing that their medical records
are protected from fire, natural disaster, document misplacement or the closing of a medical or dental practice.
We
believe we enjoy a number of direct, competitive advantages over others in the medical records marketplace, including that:
| ● | We
have developed products and services geared to the patient, which also have the depth
and breadth of information required by treating physicians and medical personnel |
| ● | We
do all the work of collecting and updating medical information on an ongoing basis; our
products’ dependence on the patient taking action is minimal – particularly
when compared to patient action required to support competing solutions. |
| | |
| ● | We
provide a complete medical record. Other companies claim complete longitudinal
records, but in reality only provide histories (usually completed by the member/patient),
which are by no means complete or necessarily accurate records |
| | |
| ● | We
provide a coherent mix of services and products that are intended to improve the quality
of healthcare by enabling the patient to manage and access the information normally retained
by doctors and other care providers. |
RESULTS
OF OPERATIONS
FOR
THE THREE MONTHS ENDED MARCH 31, 2015 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2014
Revenues
Revenues
for the three months ended March 31, 2015 totaled $13,100 compared to revenues of $15,926 during the three months ended March
31, 2014. The decrease in membership revenue is primarily related to amount of members and medical record reimbursement
revenue received from members. Medical record reimbursement revenue is a dollar for dollar reimbursement for charges from members’
doctors for sending updated medical records to MedeFile. The off-setting expense is charged to selling general and administrative
expense. Revenues received from memberships are recognized through the period of the membership, and, therefore, revenue
recognized represents a fraction of the membership in the quarter being reported.
Selling,
General and Administrative Expenses
Selling,
general and administrative expenses for the three months ended March 31, 2015 totaled $165,275, a decrease of $8,332 or approximately
4.8% compared to selling, general and administrative expenses of $173,607 for the three months ended March 31, 2014. The decrease
was due mainly to decreased payroll, legal expense and consulting fees.
Depreciation
Expense
Depreciation
expense totaled $0 for the three months ended March 31, 2015, compared to depreciation expense of $106 during the three months
ended March 31, 2014. The decrease in depreciation was due to some assets being fully depreciated. All assets are fully depreciated.
Amortization
Expense
Amortization
expense for the three months ended March 31, 2015 was $22,149, compared to $0 the three months ended March 31, 2014. Amortization
expense is the expensing of the website development.
Interest
Expense
Interest
expense on convertible debentures for the three months ended March 31, 2015 and 2014, was $2,048 and $2,737 respectively. The
Company entered into two secured convertible debentures during the third quarter of 2013. The notes have a one year
term at a 10% interest rate.
Interest
expense on the discount for convertible notes for the three months ended March 31, 2015 and 2014 was $0 and $27,124 respectively. The
conversion feature of the debentures allows the note to be converted at a share price of $0.10.
Change
in derivative liability for convertible debenture for the three months ended March 31, 2015 and 2014, was $33,243 and $0 respectively.
Net
Income
For
the reasons stated above, our operating loss for the three months ended March 31, 2015 was $174,640 compared to an operating
loss of $158,066 for the three months ended March 31, 2014. The increase in operating loss of $16,574 is primarily the result
of increased amortization expense (partially offset by a decrease in our selling, general and administrative expenses) as detailed
above. We had a net loss of $209,880, or $.00 per share, for the three months ended March 31, 2015, a decrease of $970,810 compared
to net income of $760,930 (due to a change in the fair value of our derivative liability), or $0.02 per share, for the three months
ended March 31, 2014.
FINANCIAL
CONDITION
Liquidity
and Capital Resources
As
of March 31, 2015, we had cash and cash equivalents of $512,714, inventory of $23,096, merchant services reserve of $2,939,
and accounts receivable of $4,938. Net cash used in operating activities for the three months ended March 31, 215 was
approximately $143,456. Current liabilities of $168,733 consisted of: $49,886 for accounts payable and accrued liabilities, deferred
revenues of $1,018, convertible debenture of $84,586 and derivative liability of $33,243. As of March 31, 2015, we have net working
capital of $374,954.
The
accompanying financial statements have been prepared contemplating a continuation of the Company as a going concern. The Company
has reported a net loss of $209,880 for the three months ended March 31 2015 and had an accumulated deficit of $27,564,423
as of March 31, 2015. The Company has net working capital of $374,954 as of March 31, 2015.
The
Company currently estimates that it will require approximately $420,000 to continue its operations for the next twelve months. Additional
investments are being sought, but we cannot guarantee that we will be able to obtain such investments. Financing transactions
may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms. However, the
trading price of our common stock and conditions in the U.S. stock and debt markets could make it more difficult to obtain financing
through the issuance of equity or debt securities. Even if we are able to raise the funds required, it is possible that we could
incur unexpected costs and expenses, fail to collect significant amounts owed to us, or experience unexpected cash requirements
that would force us to seek alternative financing. Further, if we issue additional equity or debt securities, stockholders may
experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing
holders of our common stock. If additional financing is not available or is not available on acceptable terms, we will have to
curtail our operations
Off-Balance
Sheet Arrangements
We
do not have any off balance sheet arrangements as of March 31, 2015 or as of the date of this report.
Critical
Accounting Policies
The
preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United
States requires us to make estimates and judgments that affect our reported assets, liabilities, revenues, and expenses, and the
disclosure of contingent assets and liabilities.
We
base our estimates and judgments on historical experience and on various other assumptions we believe to be reasonable under the
circumstances. Future events, however, may differ markedly from our current expectations and assumptions. While there are a number
of significant accounting policies affecting our consolidated financial statements, we believe the following critical accounting
policy involves the most complex, difficult and subjective estimates and judgments:
Revenue
Recognition
The
Company generates revenue from licensing the right to utilize its proprietary software for the storage and distribution of healthcare
information to individuals and affinity groups. For revenue from product sales, the Company recognizes revenue on four basic criteria
which 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. Determination of criteria (3) and
(4) are based on management's judgments 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 until such time that the Company and the customer jointly determine that the product has been
delivered or no refund will be required.
Stock-based
Compensation
The
Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation
cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually
the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued
to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of
the related agreement.
Recent
Accounting Pronouncements
In
August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern. The provisions
of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and
expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition
of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles
for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated
as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial
doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are
issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016,
and for annual periods and interim periods thereafter. The Company is currently assessing the impact of this ASU on the Company’s
financial statements.
In
May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue
recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or
enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605,
“Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in
Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core
principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that
reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies
will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance
obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating
the transaction price to each separate performance obligation. ASU 2014-09 is effective for the Company beginning November 1,
2017 and, at that time the Company may adopt the new standard under the full retrospective approach or the modified retrospective
approach. Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU
2014-09 will have on the Company’s condensed consolidated financial statements and disclosures.
In
January 2014, the FASB issued ASU 2014-04, an update to ASC 310, "Receivables." The ASU clarifies that an in substance
repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the
borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion
of a deed in lieu of foreclosure or through a similar legal agreement. The amendments are effective for annual periods, and interim
reporting periods within those annual periods, beginning after December 15, 2014. The amendments may be adopted using either a
modified retrospective transition method or a prospective transition method. Early adoption of the guidance is permitted. The
impact of this guidance is currently being evaluated by the Company, but is not expected to have a significant impact on the Company's
financial position, results of operations or disclosures.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
required for a smaller reporting company.
Item
4. Controls and Procedures.
Disclosure
Controls and Procedures
Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed
by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported, within the
time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports
that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive and financial
officers, as appropriate to allow timely decisions regarding required disclosure.
As
of the end of the period covered by this Quarterly Report, we conducted an evaluation, under the supervision and with the participation
of our Chief Executive Officer (Principal Executive and Financial Officer) of our disclosure controls and procedures (as defined
in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon this evaluation, our Chief Executive Officer (Principal
Executive and Financial Officer) concluded that the Company’s disclosure controls and procedures are not effective to ensure
that information required to be disclosed by the Company in the reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules and forms and also are not effective
in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer (Principal
Executive and Financial Officer), to allow timely decisions regarding required disclosure.
Changes
in Internal Control over Financial Reporting
During
the quarter ended March 31, 2015, there has been no change in our internal control over financial reporting (as
defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely
to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
We
are not party to any material legal proceedings.
Item
1A. Risk Factors
Not
required for a smaller reporting company.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
On
May 12, 2015, the Company issued an aggregate of 50,000,000 shares of common stock to employees for services provided, including
45,000,000 shares to the Company’s chief executive officer. In connection with the foregoing, the Company relied upon the
exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, for transactions not involving
a public offering.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
31.1 |
Certification
of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under
the Securities and Exchange Act of 1934, as amended. |
|
|
32.1 |
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
EX-101.INS |
XBRL
INSTANCE DOCUMENT |
|
|
EX-101.SCH |
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TAXONOMY EXTENSION SCHEMA DOCUMENT |
|
|
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XBRL
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|
|
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XBRL
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|
|
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|
|
EX-101.PRE |
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TAXONOMY EXTENSION PRESENTATION LINKBASE |
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.
|
MEDEFILE
INTERNATIONAL, INC. |
|
|
|
December
22, 2015 |
By: |
/s/
Niquana Noel |
|
|
Niquana
Noel |
|
|
Chief
Executive Officer
(Principal Executive Officer,
Principal Financial Officer and
Principal Accounting Officer) |
26
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO SECTION 302 OF THE
SARBANES-OXLEY
ACT OF 2002
I,
Niquana Noel, certify that:
1.
I have reviewed this quarterly report on Form 10-Q/A of MedeFile International, 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.
The registrant’s other certifying officer(s) and I are 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.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financing 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:
December 22, 2015 |
By: |
/s/
Niquana Noel |
|
|
Niquana
Noel |
|
|
Chief
Executive Officer
(principal executive officer,
principal financial officer) |
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
In
connection with the Quarterly Report of MedeFile International, Inc. (the “Company”) on Form 10-Q/A for the quarter
ended March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Niquana
Noel, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350 as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that:
(1) |
|
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
(2) |
|
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
December 22, 2015 |
By: |
/s/
Niquana Noel |
|
|
Niquana
Noel |
|
|
Chief
Executive Officer
(principal executive officer,
principal financial officer) |
v3.3.1.900
Document and Entity Information - shares
|
3 Months Ended |
|
Mar. 31, 2015 |
May. 18, 2015 |
Document and Entity Information [Abstract] |
|
|
Entity Registrant Name |
Medefile International, Inc.
|
|
Entity Central Index Key |
0000842013
|
|
Document Type |
10-Q
|
|
Document Period End Date |
Mar. 31, 2015
|
|
Amendment Flag |
true
|
|
Amendment Description |
This Amendment No. 1 to Form 10-Q for the period ended March 31, 2015, amends our Quarterly Report on Form 10-Q for the period ended March 31, 2015, which was originally filed with the Securities and Exchange Commission on May 19, 2015 (the "Original 10-Q") This amendment is being filed solely to restate the financial statements as of and for the quarter ended March 31, 2015 for a failure to properly account for the derivative liability on a convertible note. Except with respect to the financial statements, and corresponding changes to Management's Discussion and Analysis of Financial Condition and Results of Operations, the Original 10-Q has not been amended, updated or otherwise modified.
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity Filer Category |
Smaller Reporting Company
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2015
|
|
Entity Common Stock, Shares Outstanding |
|
572,953,672
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Mar. 31, 2015 |
Dec. 31, 2014 |
Current assets |
|
|
Cash |
$ 512,714
|
$ 36,170
|
Accounts receivable |
4,938
|
5,425
|
Inventory |
23,096
|
23,412
|
Merchant services reserve |
$ 2,939
|
2,939
|
Prepaid expense |
|
5,709
|
Total current assets |
$ 543,687
|
73,655
|
Website development, net of accumulated amortization |
$ 243,643
|
$ 265,792
|
Furniture and equipment, net of accumulated depreciation |
|
|
Total assets |
$ 787,330
|
$ 339,447
|
Current Liabilities |
|
|
Accounts payable and accrued liabilities |
49,886
|
47,697
|
Convertible debenture |
84,586
|
122,538
|
Deferred revenues |
1,018
|
684
|
Derivative liability - convertible note |
33,243
|
|
Derivative liability - warrants |
|
51
|
Total Current Liabilities |
$ 168,733
|
$ 170,970
|
Stockholders' Equity |
|
|
Preferred stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding |
|
|
Common stock, $.0001 par value: 500,000,000 authorized; 522,953,672 and 225,836,554 shares issued and outstanding on March 31, 2015 and December 31, 2014, respectively |
$ 52,295
|
$ 22,583
|
Additional paid in capital |
28,060,805
|
27,430,517
|
Common stock to be issued |
69,920
|
69,920
|
Accumulated deficit |
(27,564,423)
|
(27,354,543)
|
Total stockholders' equity |
618,597
|
168,477
|
Total liability and stockholders' equity |
$ 787,330
|
$ 339,447
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Mar. 31, 2015 |
Dec. 31, 2014 |
Basis of Presentation and Nature of Business Operations - Balance Sheet [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
|
|
Preferred stock, shares outstanding |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
522,953,672
|
225,836,554
|
Common stock, shares outstanding |
522,953,672
|
225,836,554
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2015 |
Mar. 31, 2014 |
Income Statement [Abstract] |
|
|
Revenue |
$ 13,100
|
$ 15,926
|
Cost of goods sold |
316
|
279
|
Gross profit |
12,784
|
15,647
|
Operating expenses |
|
|
Selling, general and administrative expenses |
165,275
|
173,607
|
Depreciation and amortization expenses |
22,149
|
106
|
Total operating expenses |
187,424
|
173,713
|
Loss from operations |
(174,640)
|
(158,066)
|
Other income (expenses) |
|
|
Interest expense - convertible note |
$ (2,048)
|
(2,737)
|
Interest expense - discount on convertible note |
|
$ (27,124)
|
Change in derivative liability - convertible note |
$ (33,243)
|
|
Change of derivative liabilities - warrants |
51
|
$ 948,857
|
Total other income (expense) |
(35,240)
|
918,996
|
Gain (loss) before income tax |
$ (209,880)
|
$ 760,930
|
Provision for income tax |
|
|
Net income (loss) |
$ (209,880)
|
$ 760,930
|
Net loss per share: basic |
$ 0.00
|
$ 0.02
|
Net loss per share: diluted |
$ 0.00
|
$ 0.00
|
Weighted average share outstanding basic |
265,897,289
|
40,706,899
|
Weighted average share outstanding diluted |
266,954,614
|
40,777,993
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.3.1.900
Consolidated Statement of Stockholders' Equity - USD ($)
|
Total |
Preferred |
Common Stock |
APIC |
Common Stock Payable |
Accumulated Deficit |
Beginning Balance at Dec. 31, 2012 |
$ (5,235,708)
|
|
$ 1,141
|
$ 23,886,499
|
|
$ (29,123,348)
|
Beginning Balance (in shares) at Dec. 31, 2012 |
|
|
11,413,189
|
|
|
|
Sale of common stock |
915,000
|
|
$ 1,742
|
913,258
|
|
|
Sale of common stock (in shares) |
|
|
17,421,429
|
|
|
|
Adjustment to derivative liability |
2,190,460
|
|
|
2,190,460
|
|
|
Covertible debenture discount |
$ 110,000
|
|
|
110,000
|
|
|
Common stock issued for anti-dilution |
|
|
$ 1,187
|
(1,187)
|
|
|
Common stock issued for anti-dilution (in shares) |
|
|
11,872,281
|
|
|
|
Common stock payable |
$ 69,920
|
|
|
|
$ 69,920
|
|
Net loss |
1,427,251
|
|
|
|
|
1,427,251
|
Ending Balance at Dec. 31, 2013 |
(523,077)
|
|
$ 4,070
|
27,099,030
|
69,920
|
(27,696,097)
|
Ending Balance (in shares) at Dec. 31, 2013 |
|
|
40,706,899
|
|
|
|
Sale of common stock |
350,000
|
|
$ 3,500
|
346,500
|
|
|
Sale of common stock (in shares) |
|
|
35,000,000
|
|
|
|
Common stock issued for anti-dilution |
|
|
$ 15,013
|
(15,013)
|
|
|
Common stock issued for anti-dilution (in shares) |
|
|
150,129,655
|
|
|
|
Net loss |
341,554
|
|
|
|
|
341,554
|
Ending Balance at Dec. 31, 2014 |
168,477
|
|
$ 22,583
|
27,430,517
|
69,920
|
(27,354,543)
|
Ending Balance (in shares) at Dec. 31, 2014 |
|
|
225,836,554
|
|
|
|
Sale of common stock |
620,000
|
|
$ 27,910
|
592,090
|
|
|
Sale of common stock (in shares) |
|
|
279,099,100
|
|
|
|
Stock issued for conversion of debt |
40,000
|
|
$ 1,802
|
38,198
|
|
|
Stock issued for debt conversion (in shares) |
|
|
18,018,018
|
|
|
|
Net loss |
(209,880)
|
|
|
|
|
(209,880)
|
Ending Balance at Mar. 31, 2015 |
$ 618,597
|
|
$ 52,295
|
$ 28,060,805
|
$ 69,920
|
$ (27,564,423)
|
Ending Balance (in shares) at Mar. 31, 2015 |
|
|
522,953,672
|
|
|
|
X |
- DefinitionAdjustments to additional paid in capital debt discount.
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v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2015 |
Mar. 31, 2014 |
Cash flows from operating activities |
|
|
Net income |
$ (209,880)
|
$ 760,930
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
|
$ 106
|
Amortization |
$ 22,149
|
|
Interest expense - discount on convertible debenture |
|
$ 27,124
|
Change in derivative - convertible note |
$ 33,243
|
|
(Gain) loss in fair value of derivative liabilities - warrants |
(51)
|
(948,857)
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
487
|
(2,089)
|
Inventory |
316
|
279
|
Prepaid insurance |
5,709
|
1,057
|
Accounts payable and accrued liabilities |
2,189
|
(9,656)
|
Accrued Interest - convertible debenture |
2,048
|
2,737
|
Deferred revenue |
334
|
(772)
|
Net cash used in operating activities |
$ (143,456)
|
$ (169,141)
|
Cash flows from investing activities |
|
|
Net cash used in investing activities |
|
|
Cash flow from financing activities |
|
|
Proceeds from common stock subscriptions |
$ 620,000
|
|
Net cash provided by financing activities |
620,000
|
|
Net increase (decrease) in cash and cash equivalents |
476,544
|
$ (169,141)
|
Cash and cash equivalents at beginning of period |
36,170
|
266,843
|
Cash and cash equivalents at end of period |
$ 512,714
|
$ 97,702
|
Supplemental disclosure of cash flow information |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Stock issued for conversion of debt |
$ 40,000
|
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of accrued Interest convertible debenture.
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v3.3.1.900
Basis of Presentation and Nature of Business Operations
|
3 Months Ended |
Mar. 31, 2015 |
Basis of Presentation and Nature of Business Operations [Abstract] |
|
BASIS OF PRESENTATION AND NATURE OF BUSINESS OPERATIONS |
1. BASIS OF PRESENTATION AND NATURE OF BUSINESS OPERATIONS
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of MedeFile International Inc., a Nevada corporation (the "Company"), have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company's Form 10-K for the fiscal year ended December 31, 2014. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and which are necessary to present fairly the financial position of the Company as of March 31, 2015, and the results of operations and cash flows for the three months ended March 31, 2015 and 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the entire fiscal year.
Restatement
The Company entered into two 10% Secured Convertible Debentures with a significant shareholder. The debentures carry a one year term. The debentures were issued in the amount of $50,000 on November 4, 2013 and $60,000 on December 17, 2013.
The company assessed the fair value of the conversion option using the Black Scholes pricing model and recorded a derivative liability for the value. The adjustment for this valuation to Derivative Liability is $33,243. An adjustment to change in fair value of derivative liability is a loss of $33,243 for the quarter ended March 31, 2015.
During the first quarter 2015, the company recognized a change in derivative for the convertible debenture in amount of $33,243, the resulting derivative liability balance at March 31, 2015 is $33,243.
The following table provides additional details regarding the changes to the balance sheet, statement of operations and statement of cash flows as of and for the three months ended March 31, 2015.
|
|
Original |
|
|
|
|
|
Restated |
|
|
|
March 31, |
|
|
Restatement |
|
|
March 31, |
|
|
|
2015 |
|
|
Adjustments |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
512,714 |
|
|
|
- |
|
|
$ |
512,714 |
|
Accounts receivable |
|
|
4,938 |
|
|
|
- |
|
|
|
4,938 |
|
Inventory |
|
|
23,096 |
|
|
|
- |
|
|
|
23,096 |
|
Merchant services reserve |
|
|
2,939 |
|
|
|
- |
|
|
|
2,939 |
|
Prepaid expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
543,687 |
|
|
|
|
|
|
|
543,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Website development, net of accumulated amortization |
|
|
243,643 |
|
|
|
- |
|
|
|
243,643 |
|
Furniture and equipment, net of accumulated depreciation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total assets |
|
$ |
787,330 |
|
|
|
|
|
|
$ |
787,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
49,886 |
|
|
|
- |
|
|
$ |
49,886 |
|
Convertible debenture |
|
|
84,586 |
|
|
|
- |
|
|
|
84,586 |
|
Deferred revenues |
|
|
1,018 |
|
|
|
- |
|
|
|
1,018 |
|
Derivative liability - convertible note |
|
|
- |
|
|
|
33,243 |
|
|
|
33,243 |
|
Derivative liability - warrants |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total Current Liabilities |
|
|
135,490 |
|
|
|
|
|
|
|
168,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common stock, $.0001 par value: 500,000,000 authorized; 522,953,672 shares
issued and outstanding |
|
|
52,295 |
|
|
|
- |
|
|
|
52,295 |
|
Additional paid in capital |
|
|
28,060,805 |
|
|
|
- |
|
|
|
28,060,805 |
|
Common stock to be issued |
|
|
69,920 |
|
|
|
- |
|
|
|
69,920 |
|
Accumulated deficit |
|
|
(27,531,180 |
) |
|
|
(33,243 |
) |
|
|
(27,564,423 |
) |
Total stockholders' equity |
|
|
651,840 |
|
|
|
|
|
|
|
618,597 |
|
Total liability and stockholders' equity |
|
$ |
787,330 |
|
|
|
|
|
|
$ |
787,330 |
|
|
|
For the |
|
|
|
|
|
For the |
|
|
|
three months |
|
|
|
|
|
three months |
|
|
|
ended |
|
|
|
|
|
ended |
|
|
|
March 31, |
|
|
|
|
|
March 31, |
|
|
|
2015 |
|
|
|
|
|
2015 |
|
Revenue |
|
|
13,100 |
|
|
|
- |
|
|
|
13,100 |
|
Cost of goods sold |
|
|
316 |
|
|
|
- |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
12,784 |
|
|
|
|
|
|
|
12,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
165,275 |
|
|
|
- |
|
|
|
165,275 |
|
Depreciation and amortization expenses |
|
|
22,149 |
|
|
|
- |
|
|
|
22,149 |
|
Total operating expenses |
|
|
187,424 |
|
|
|
|
|
|
|
187,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(174,640 |
) |
|
|
|
|
|
|
(174,640 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - convertible note |
|
|
(2,048 |
) |
|
|
- |
|
|
|
(2,048 |
) |
Change in derivative liability - convertible note |
|
|
- |
|
|
|
(33,243 |
) |
|
|
(33,243 |
) |
Change of derivative liabilities – warrants |
|
|
51 |
|
|
|
- |
|
|
|
51 |
|
Total other income (expense) |
|
|
(1,997 |
) |
|
|
|
|
|
|
(35,240 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) before income tax |
|
|
(176,637 |
) |
|
|
|
|
|
|
(209,880 |
) |
Provision for income tax |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(176,637 |
) |
|
|
|
|
|
$ |
(209,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: basic |
|
$ |
(0.00 |
) |
|
|
|
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: diluted |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average share outstanding basic |
|
|
265,897,289 |
|
|
|
|
|
|
|
40,706,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average share outstanding diluted |
|
|
266,954,614 |
|
|
|
|
|
|
|
|
|
|
|
For the |
|
|
|
|
|
For the |
|
|
|
three months |
|
|
|
|
|
three months |
|
|
|
ended |
|
|
|
|
|
ended |
|
|
|
March 31, |
|
|
|
|
|
March 31, |
|
|
|
2015 |
|
|
|
|
|
2015 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
(176,637 |
) |
|
|
(33,243 |
) |
|
$ |
(209,880 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization |
|
|
22,149 |
|
|
|
- |
|
|
|
22,149 |
|
Interest expense - discount on convertible debenture |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change in derivative - convertible note |
|
|
- |
|
|
|
33,243 |
|
|
|
33,243 |
|
(Gain)loss in fair value of derivative liabilities – warrants |
|
|
(51 |
) |
|
|
- |
|
|
|
(51 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
487 |
|
|
|
- |
|
|
|
487 |
|
Inventory |
|
|
316 |
|
|
|
- |
|
|
|
316 |
|
Prepaid insurance |
|
|
5,709 |
|
|
|
- |
|
|
|
5,709 |
|
Accounts payable and accrued liabilities |
|
|
2,189 |
|
|
|
- |
|
|
|
2,189 |
|
Accrued Interest - convertible debenture |
|
|
2,048 |
|
|
|
- |
|
|
|
2,048 |
|
Deferred revenue |
|
|
334 |
|
|
|
- |
|
|
|
334 |
|
Net Cash used in operating activities |
|
|
(143,456 |
) |
|
|
|
|
|
|
(143,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock subscriptions |
|
|
620,000 |
|
|
|
- |
|
|
|
620,000 |
|
Net cash provided by financing activities |
|
|
620,000 |
|
|
|
|
|
|
|
620,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
476,544 |
|
|
|
|
|
|
|
476,544 |
|
Cash and cash equivalents at beginning of period |
|
|
36,170 |
|
|
|
|
|
|
|
36,170 |
|
Cash and
cash equivalents at end of period |
|
$ |
512,714 |
|
|
|
|
|
|
$ |
512,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
- |
|
|
|
|
|
|
$ |
- |
|
Cash paid for income taxes |
|
$ |
- |
|
|
|
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for conversion of debt |
|
$ |
40,000 |
|
|
|
|
|
|
$ |
40,000 |
|
Nature of Business Operations
Medefile International, Inc. has developed and globally markets a proprietary, patient-centric, Internet-enabled Personal Health Record (iPHR) system for gathering, digitizing, maintaining, accessing and sharing an individual’s actual medical records. Medefile's goal is to revolutionize the medical industry by bringing patient-centric digital technology to the business of medicine. Medefile intends to accomplish its objective by providing individuals with a simple and secure way to access their lifetime of actual medical records in an efficient and cost-effective manner. Medefile's products and services are designed to provide healthcare providers with the ability to reference their patients’ actual past medical records, thereby ensuring the most accurate treatment and services possible while simultaneously reducing redundant procedures.
Interoperable with most electronic medical record systems utilized by physician practices, clinics, hospitals and other care providers, the highly secure, feature-rich MedeFileiPHR solution has been designed to gather all of its members’ actual medical records on behalf of each member, and create a single, comprehensive Electronic Health Record (EHR). The member can access his/her records 24-hours a day, seven days a week – or authorize a third party user – on any web-enabled device (PC, cell phone, PDA, e-reader, et al), as well as the portable MedeFile flash drive/keychain or branded UBS-bracelet.
By subscribing to the MedeFile system, members empower themselves to take control of their own health and well-being, and empower their healthcare providers to make sound and lifesaving decisions with the most accurate, up-to-date medical information available. In addition, with MedeFile, members enjoy the peace of mind that comes from knowing that their
medical records are protected from fire, natural disaster, document misplacement or the closing of a medical or dental practice.
MedeFile believes it enjoys a number of competitive advantages over other firms within the medical records marketplace, including:
|
● |
MedeFile has developed products and services geared to the patient, which also have the depth and breadth of information required by treating physicians and medical personnel. |
|
|
|
|
● |
MedeFile does all the work of collecting and updating medical information on an ongoing basis; our products’ dependence on the patient taking action is minimal – particularly when compared to patient action required to support competing solutions. |
|
|
|
|
● |
MedeFile provides a complete medical record. Other companies claim complete longitudinal records, but in reality only provide histories (usually completed by the member/patient), which are by no means complete or necessarily accurate records. |
|
|
|
|
● |
MedeFile provides a coherent mix of services and products that are intended to improve the quality of healthcare by enabling the patient to manage and access the information normally retained by doctors and other care providers. |
Going Concern
The accompanying financial statements have been prepared contemplating a continuation of the Company as a going concern. However, the Company has reported an operating loss of $174,640 and a net loss of $209,880 for the three months ended March 31, 2015. During the comparable three month period of 2014, the Company had an operating loss of $158,066 and net income (as a result of the change in the valuation of the Company’s warrant derivative) of $760,930. The Company had an accumulated deficit of $27,564,423 as of March 31, 2015. The Company has working capital of $374,954 as of March 31, 2015.
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The operating losses raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to obtain additional financing depends on the success of its growth strategy and its future performance, each of which is subject to general economic, financial, competitive, legislative, regulatory, and other factors beyond the Company's control.
We will need additional investments in order to continue operations. Additional investments are being sought, but we cannot guarantee that we will be able to obtain such investments. Financing transactions may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms.
However, the trading price of our common stock could make it more difficult to obtain financing through the issuance of equity or debt securities. Even if we are able to raise the funds required, we may incur unexpected costs and expenses, fail to collect significant amounts owed to us, or experience unexpected cash requirements that would force us to seek alternative financing. Further, if we issue additional equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of our common stock. If additional financing is not available or is not available on acceptable terms, we will have to curtail our operations.
Cash and Cash Equivalents
For purposes of these financial statements, cash and cash equivalents includes highly liquid debt instruments with maturity of less than three months.
Concentrations of Credit Risk
Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit. Currently our operating account is not above the FDIC limit.
Income Taxes
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes.
The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including
resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
Property and Equipment
Property and equipment are stated at cost. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over their estimated useful lives being 3 years up to 10 years.
Trademark Costs
Trademark costs incurred in the registration and acquisition of trademarks and trademark rights are capitalized. These costs will be amortized over the legal life of the related trademark once the trademark is awarded. The Company performs an annual review of its identified intangible assets to determine if facts and circumstances exist which indicate that the useful life is shorter than originally estimated or that the carrying amount of the assets may not be recoverable.
The Company expenses all software costs associated with the conceptual formulation and evaluation of alternatives until the application development stage has been reached. Costs to improve or support the technology are expensed as these costs are incurred.
Website Development
The Company's policy is to capitalize website development costs at original cost and amortize the
balance over the life of the product. The life of website is determined at completion of the project. The Company reviews the amounts capitalized for impairment whenever events or circumstances indicate that the carrying amounts of the assets may not be recoverable.
The Company expenses all development costs associated with the conceptual formulation and evaluation of alternatives until the application development stage has been reached. Costs to improve or support the technology are expensed as these costs are incurred.
Revenue Recognition
The Company generates revenue from licensing the right to utilize its proprietary software for the storage and distribution of healthcare information to individuals and affinity groups. For revenue from product sales, the Company recognizes revenue on four basic criteria which 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. Determination of criteria (3) and (4) are based on management's judgments 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.
Deferred Revenue
The Company generally receives subscription fees for its services. From time to time, the Company will receive quarterly or annual subscriptions paid in advance and deferred revenue is recorded at that time. The deferred revenue is amortized into revenue on a pro- rata basis each month. Customers with quarterly or annual subscriptions may cancel their subscriptions and request a refund for future months' revenues at any time. Therefore, a liability is recorded to reflect the amounts that are potentially refundable. At March 31, 2015 and December 31, 2014, deferred revenue totaled $1,018 and $684, respectively.
Recent Accounting Pronouncements
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern. The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of this ASU on the Company’s financial statements.
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for the Company beginning November 1, 2017 and, at that time the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s condensed consolidated financial statements and disclosures.
In January 2014, the FASB issued ASU 2014-04, an update to ASC 310, "Receivables." The ASU clarifies that an in substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The amendments may be adopted using either a modified retrospective transition method or a prospective transition method. Early adoption of the guidance is permitted. The impact of this guidance is currently being evaluated by the Company, but is not expected to have a significant impact on the Company's financial position, results of operations or disclosures.
Fair Value of Financial Instruments
Cash and Equivalents, Deposits In-Transit, Receivables, Prepaid and Other Current Assets, Accounts Payable, Accrued Salaries and Wages and Other Current Liabilities
The carrying amounts of these items approximated fair value.
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. To increase the comparability of fair value measures, Financial Accounting Standards Board (“FASB”) ASC Topic 820-10-35 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements).
Level 1 —Valuations based on quoted prices for identical assets and liabilities in active markets.
Level 2 —Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 —Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
The application of the three levels of the fair value hierarchy under Topic 820-10-35 to our assets and liabilities are described below:
|
|
Fair Value Measurements |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Website development |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
243,643 |
|
|
$ |
243,643 |
|
Total |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
243,643 |
|
|
$ |
243,643 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Liability – Convertible Note |
|
$ |
|
|
|
|
|
|
|
$ |
$33,243 |
|
|
$ |
33,243 |
|
Deferred Revenues |
|
|
1,018 |
|
|
|
- |
|
|
|
- |
|
|
|
1,018 |
|
Total |
|
$ |
1,018 |
|
|
$ |
- |
|
|
$ |
33,243 |
|
|
$ |
34,261 |
|
Impairment of Long Lived Assets
In accordance with Accounting Standards Codification (“ASC”) 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. ASC 360-10 relates to assets that can be amortized and the life can be determinable. The Company reviews property and equipment and other long-lived assets for impairment annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the asset’s carrying amount to future undiscounted net cash flows the assets are expected to generate. Cash flow forecasts are based on trends of historical performance and management's estimate of future performance, giving consideration to existing and anticipated competitive and economic conditions. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future cash flows arising from the assets or their fair values, whichever is more determinable.
Inventory
Inventories are stated at the lower of cost or market value. Cost is determined by the first-in, first-out basis and market being determined as the lower of replacement cost or net realizable value. The Company records inventory write-downs for estimated obsolescence of unmarketable inventory based upon assumptions about future demand and market conditions. For the year ended December 31, 2014 the Company had an inventory write down in the amount of $30,000. There was no write down of inventory in the three months ended March 31, 2015.
Net Loss per Share
Basic loss per share is computed using the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if potentially dilutive securities were exercised or converted to common stock. The dilutive effect of options and warrants and their equivalent is computed by application of the treasury stock method and the effect of convertible securities by the “if converted” method.
Management Estimates
The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
Stock Based Compensation
The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement.
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Accounts Receivable
|
3 Months Ended |
Mar. 31, 2015 |
Accounts Receivable [Abstract] |
|
ACCOUNTS RECEIVABLE |
2. ACCOUNTS RECEIVABLE Due to the collection history of the Company, the Company does not maintain an allowance for doubtful accounts. Recognition of a specific uncollectible account is written directly against the invoice in accounts receivable and expensed in the current period. Accounts receivables as of March 31, 2015 totaled $4,938 and $5,425 as of December 31, 2014.
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Website Development
|
3 Months Ended |
Mar. 31, 2015 |
Website Development [Abstract] |
|
WEBSITE DEVELOPMENT |
3. WEBSITE DEVELOPMENT Website development consists of the following: | | March 31, 2015 | | | December 31, 2014 | | | | | | | | | Website development | | $ | 328,737 | | | $ | 324,285 | | Additional development | | | - | | | | 4,453 | | Accumulated amortization | | | (85,094 | ) | | | (62,946 | ) | Net website development | | $ | 243,643 | | | $ | 265,792 | |
The Company completed the redesign in January 2015. The redesign is being amortized over a three year period. Amortization expense for the three month period ending March 31, 2015 was $22,149 compared to $0 for the three month period ended March 31, 2014, respectively.
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Furniture and Equipment
|
3 Months Ended |
Mar. 31, 2015 |
Furniture and Equipment [Abstract] |
|
FURNITURE AND EQUIPMENT |
4. FURNITURE AND EQUIPMENT Furniture and equipment consists of the following: | | March 31, 2014 | | | December 31, 2014 | | | | | | | | | Computers and equipment | | $ | 169,286 | | | $ | 169,286 | | Furniture and fixtures | | | 38,618 | | | | 38,618 | | Subtotal | | | 207,904 | | | | 207,904 | | Less: accumulated depreciation | | | (207,904 | ) | | | (207,904 | ) | Net furniture and equipment | | $ | - | | | $ | - | |
Depreciation is calculated by using the straight-line method over the estimated useful life. Furniture and equipment was fully depreciated as of March 31, 2015. Depreciation expense for the three months ended March 31, 2015 and 2014 totaled $0 and $106, respectively.
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Convertible Debebture - Related Party
|
3 Months Ended |
Mar. 31, 2015 |
Convertible Debebture - Related Party [Abstract] |
|
CONVERTIBLE DEBEBTURE - RELATED PARTY |
5. CONVERTIBLE DEBENTURE – RELATED PARTY The Company entered into two 10% Secured Convertible Debentures with a significant shareholder. The debentures carry a one year term. The debentures were issued in the amount of $50,000 on November 4, 2013 and $60,000 on December 17, 2013. Both debentures are convertible into common stock at a conversion price of the lower of $0.10 (subject to adjustments for the events of stock splits, stock dividends and similar transactions) or 80% of the previous day’s market price of common stock. | | March 31, 2015 | | | December 31, 2014 | | | | | | | | | Convertible debenture – related party | | $ | 122,538 | | | $ | 122,538 | | Accumulated Interest | | | 2,048 | | | | | | Payment | | | (40,000 | ) | | | - | | Convertible debenture | | $ | 84,586 | | | $ | 122,538 | |
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v3.3.1.900
Warrant Liability
|
3 Months Ended |
Mar. 31, 2015 |
Warrant Liability [Abstract] |
|
WARRANT LIABILITY |
6. WARRANT LIABILITY In connection with certain securities purchase agreements entered into during the third quarter of 2011 and the second quarter of 2012 , the Company granted warrants with ratchet provisions. The warrants contain an expiration date of four years from the date of grant. During the first two years of grant, if the Company issues any additional shares of common stock at a price per share less than the exercise price in effect, the exercise price will be adjusted to equal the average price per share received by the Company for the additional shares issued. After the first two years following the issuance date, if the Company issues any additional shares of common stock at a price per share less than the exercise price in effect, the exercise price will be adjusted using a formula based on the existing exercise price, the outstanding shares before and after the issuance of such shares, and the average price during the issuance of such shares. In addition to the exercise price adjustment, the number of shares upon exercise of the warrants is also subject to adjustment. Upon grant, the Company assesses the fair value of the warrants using the Black Scholes pricing model and records a warrant liability for the value. The Company then assesses the fair value of the warrants quarterly based on the Black Scholes Model and increases or decreases the warrant liability to the new value, and records a corresponding gain or loss (see below for variables used in assessing the fair value). The Company uses expected volatility based primarily on historical volatility using weekly pricing observations for recent periods that correspond to the expected life of the warrants. The risk-free interest rate is based on U.S. Treasury securities rates. Due to the ratchet provisions, the Company treats the warrants as a derivative liability in accordance with the provisions of ASC 815 “Derivatives and Hedging” (ASC 815). ASC 815 applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative and to any freestanding financial instruments that potentially settle in an entity’s own common stock. As of March 31, 2015, these warrants include the following: Warrants granted during July 2011 in connection with the sale of 35,461 shares of common stock with the right to originally purchase up to 35,461 shares of the Company’s common stock with an original exercise price of $2.50. Due to the issuance of the Company’s common stock in April 2012, the exercise price was adjusted to $0.50 and the number of shares to 1,808,511. Fair value was determined using the following variables: | | Grant Date | | | March 31, 2015 | | | December 31, 2014 | | Risk-free interest rate at grant date | | | 1.21 | % | | | 1.13 | % | | | 1.27 | % | Expected stock price volatility | | | 194.9 | % | | | 92.2 | % | | | 189.65 | % | Expected dividend payout | | | - | | | | - | | | | - | | Expected option in life-years | | | 4 | | | | .27 | | | | 1.5 | |
Warrants granted
during April 2012 in connection with the sale of 100,000 shares of the Company’s preferred stock to a significant shareholder and brother of the then-Chief Executive Officer with the right to purchase up to 200,000 shares of the Company’s common stock with an exercise price of $0.50. Fair value was determined using the following variables: | | Grant Date | | | March 31, 2015 | | Risk-free interest rate at grant date | | | 0.47 | % | | | 1.13 | % | Expected stock price volatility | | | 137.8 | % | | | 92.2 | % | Expected dividend payout | | | - | | | | - | | Expected option in life-years | | | 3.75 | | | | 1.03. | |
Warrants granted during April 2012 in connection with the sale of 1,000,000 shares of the Company’s common stock with an exercise price of $0.50. | | Grant Date | | | March 31, 2015 | | Risk-free interest rate at grant date | | | 0.47 | % | | | 1.13 | % | Expected stock price volatility | | | 137.8 | % | | | 92.2 | % | Expected dividend payout | | | - | | | | - | | Expected option in life-years | | | 3.75 | | | | 1.05 | |
Transactions involving warrants with ratchet provisions are as follows: | | Number of Warrants | | | Weighted-Average Price Per Share | | Outstanding at December 31, 2013 | | | 3,008,511 | | | $ | 0.50 | | Granted | | | | | | | | | Exercised | | | | | | | | | Canceled or expired | | | | | | | | | Additional due to ratchet trigger | | | | | | | | | Outstanding at December 31, 2014 | | | 3,008,511 | | | | 0.50 | | Granted | | | | | | | | | Exercised | | | | | | | | | Canceled or expired | | | | | | | | | Addition due to ratchet trigger | | | | | | | | | Outstanding at March 31, 2015 | | | 3,008,511 | | | $ | 0.50 | |
As of March 31, 2015 and December 31, 2014, the warrant liability consisted of the following: | | March 31, 2015 | | | December 31, 2014 | | Warrant liability (beginning balance) | | $ | 51 | | | $ | 5,618,819 | | Additional liability due to new grants | | | | | | | | | Loss(gain) on changes in fair market value of warrant liability | | | (51) | | | | (5,618,786) | | Net warrant liability | | $ | - | | | $ | 51 | |
Change in fair market value of warrant liability resulted in a gain of $51 and a loss of $948,857 for the three months ended March 31 2015 and 2014, respectively.
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v3.3.1.900
Derivative Liability
|
3 Months Ended |
Mar. 31, 2015 |
Derivative Liability [Abstract] |
|
DERIVATIVE LIABILITY |
7. DERIVATIVE LIABILITY The following Secured Convertible Debentures entered into in November and December 2013 contain ratchet provisions regarding the conversion of debt into shares of common stock. The Company entered into 10% Secured Convertible Notes in November 2013 and December 2013, both for a term of 12 months. The debentures are in the amount of $50,000 and $60,000 respectively. The conversion price of the note is based on 80% of the previous day’s market price. The Company assesses the fair value of the conversion option using the Black Scholes pricing model and records a derivative expense and a corresponding derivative liability for the value. The Company then assesses the fair value of the derivative liability quarterly based on the Black Scholes Model and increases or decreases the liability to the new value, and records a corresponding gain or loss. The Company uses expected volatility based primarily on historical volatility using daily pricing observations for recent periods that correspond to the expected life of the warrants. The risk-free interest rate is based on U.S. Treasury securities rates. Due to the ratchet provisions, the Company treats the convertible debenture as a derivative liability in accordance with the provisions of ASC 815 “Derivatives and Hedging” (ASC 815). ASC 815 applies to any freestanding financial instruments or embedded features that have the characteristics of a derivative and to any freestanding financial instruments that potentially settle in an entity’s own common stock. | | March 31, 2015 | | Risk-free interest rate at grant date | | | .26 | % | Expected stock price volatility | | | 248 | % | Expected dividend payout | | | – | | Expected option in life-years | | | 1.0 | |
As of March 31 2015, derivative liability for this note is $33,243 and the change of derivative liability for the three months ended March 31, 2015 was $33,243.
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Equity
|
3 Months Ended |
Mar. 31, 2015 |
Equity [Abstract] |
|
EQUITY |
8. EQUITY Common Stock On October 8, 2012, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Secretary of State of Nevada, pursuant to which (i) the Company effected a 5,000-to-1 reverse split of its common stock and (ii) the number of authorized shares of the Company’s common stock decreased from 75,000,000,000 to 100,000,000. The market effective date of the reverse split was October 9, 2012. The effect of the stock split has been applied retroactively. On December 19, 2013 the Company increased its authorized shares of common stock from 100,000,000 to 500,000,000. On February 10, 2015 the Company increased its authorized shares of common stock from 500,000,000 to 700,000,000. 2013 On January 17, 2013 the Company entered into a Securities Purchase Agreement pursuant to which the Company sold 400,000 shares of common stock for an aggregate purchase price of $200,000 On April 15, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company sold 2,000,000 shares of common stock for an aggregate purchase price of $400,000. On May 1, 2013 the Company issued an aggregate of 11,872,281shares of common stock to purchasers under the securities purchase agreements entered into by the Company in July 2011 and April 2012 pursuant to anti-dilution rights held by such purchasers. On August 27, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company sold 42,743 shares of common stock for an aggregate purchase price of $29,920. On September 23, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company sold 21,429 shares of common stock for an aggregate purchase price of $15,000. On December 17, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company sold 2,000,000 shares of common stock for an aggregate purchase price of $40,000. On December 20, 2013, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company sold 15,000,000 shares of common stock for an aggregate purchase price of $300,000. 2014 On April 17, 2014, the Company issued an aggregate of 150,129,655 shares of common stock to certain shareholders of the Company, in accordance with anti-dilution rights held by such shareholders, including 125,584,200 shares to Lyle Hauser and 24,545,455 shares to purchasers under Securities Purchase Agreements entered into by the Company in July 2011. Lyle Hauser is the Company's largest shareholder. On July 3, 2014, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company sold 15,000,000 shares of common stock for an aggregate purchase price of $200,000. On July 6, 2014, the Company entered into a Securities Purchase Agreement with accredited investors pursuant to which the Company sold 20,000,000 shares of common stock for an aggregate purchase price of
$150,000. 2015 During the first quarter of 2015, the Company issued an aggregate of 279,099,100 shares of common stock to purchasers under the securities purchase agreements entered into by the Company in January and February 2015 for aggregate price of $620,000. On March 18, 2015 the Company issued 18,018,018 shares of common stock in exchange for $40,000 of debt owed by the Company Preferred Stock On April 10, 2012, the Company filed a certificate of designation of Series B Preferred Stock (the “Series B Certificate of Designation”) with the Secretary of State of Nevada, pursuant to which 100,000 shares of the Company’s preferred stock were designated as Series B Convertible Preferred Stock (the “Series B Preferred Stock”). Pursuant to the Series B Certificate of Designation, the Series B Preferred Stock: | ● | Has a liquidation preference over the common stock equal to the stated value of $1.00 per share. | | | | | ● | Votes as a single class with the common stock and entitles its holders, for each share of Series B Preferred Stock, to cast such number of votes equal to 0.00051% of the total number of votes entitled to be cast. Accordingly, a holder of all 100,000 shares of Series B Preferred Stock will have the right to cast 51% of the total number of votes entitled to be cast. | | | | | ● | Will automatically convert into common stock at a ratio of 2 shares of common stock for each share of Series B Preferred Stock, effective upon the Company’s filing of a certificate of amendment to its articles of incorporation. |
On April 12, 2012, the Company entered into a securities purchase agreement with Lyle Hauser (the “Preferred Stock Investor”). Lyle Hauser is the Company’s largest shareholder and the brother of Kevin Hauser, the Company’s then-chief executive officer. Pursuant to the purchase agreement, on April 12, 2012, the Company sold 100,000 shares of Series B Preferred Stock to the Preferred Stock Investor for an aggregate purchase price of $100,000, and the Company issued four-year warrants to purchase 200,000 shares of common stock to the Preferred Stock Investor with an exercise price of $0.50. On April 23, 2012, 100,000 Series B Preferred shares were converted to 200,000 shares of common stock. Stock Options 2008 Amended and Restated Incentive Stock Plan In November 2008, our Board of Directors adopted the 2008 Equity Incentive Plan and subsequently amended it in January 2009, June 2009 and July 2009 (the “2008 Plan”). The purpose of the 2008 Plan was to provide an incentive to attract and retain directors, officers, consultants, advisors and employees whose services are considered valuable, to encourage a sense of proprietorship and to stimulate an active interest of such persons into our development and financial success. Under the 2008 Plan, the Company is authorized to issue incentive stock options intended to qualify under Section 422 of the Code, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and long term incentive awards. The 2008 Plan will be administered by our Board of Directors until such time as such authority has been delegated to a committee of the board of directors. Other Warrants On June 22, 2011, the Company awarded 2,000 Common Stock warrants, at an exercise price of $50 per share, to consultants for services at the quoted stock price on the effective date of the awards. The warrants have an expiration date of four years from the issue date and contain provisions for a cash exercise. The estimated value of the compensatory warrants granted to non-employees in exchange for services and financing expenses was determined using the Black-Scholes pricing model and the following assumptions listed below. Risk-free interest rate at grant date | | | 0.39 | % | Expected stock price volatility | | | 172.1 | % | Expected dividend payout | | | -- | | Expected option in life-years | | | 4 | |
On July 28, 2011, the Company awarded 27,000 Common Stock Warrants, at an exercise price of $25 per share to consultants for services at the quoted stock price on the effective date of the awards. The warrants have an expiration date of three years from the issue date and contain provisions for a cash exercise. The estimated value of the compensatory warrants granted to non-employees in exchange for services was determined using the Black-Scholes pricing model and the assumptions listed below. These warrants have expired. Transactions involving warrants are summarized as follows: | | Number of Warrants | | | Weighted- Average Price Per Share | | Outstanding at December 31, 2013 | | | 29,000 | | | | 30.07 | | Granted | | | - | | | | - | | Exercised | | | 27,000 | | | | 25.00 | | Canceled or expired | | | - | | | | - | | Outstanding at December 31, 2014 | | | 2,000 | | | $ | 50.00 | | Granted | | | - | | | | - | | Exercised | | | - | | | | - | | Canceled or expired | | | - | | | | - | | Outstanding at March 31, 2015 | | | 2,000 | | | $ | 50.00 | |
Warrants Outstanding | | | | | | | Weighted | | | | | | | Average | | | | | | | Remaining | Exercise | | | Number | | | Contractual | Prices | | | Outstanding | | | Life (years) | $ | 25 | | | | 2,000 | | | | .25 |
|
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
Related Party Transactions
|
3 Months Ended |
Mar. 31, 2015 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
9. RELATED PARTY TRANSACTIONS The Company entered into two 10% Secured Convertible Debentures with a significant shareholder. The debentures carry a one year term. The debentures were issued in the amount of $50,000 on November 4, 2013 and $60,000 on December 17, 2013. Both debentures are convertible into common stock at a conversion price of the lower of $0.10 (subject to adjustments for the events of stock splits, stock dividends and similar transactions) or 80% of the previous day’s market price of common stock.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Subsequent Events
|
3 Months Ended |
Mar. 31, 2015 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
10. SUBSEQUENT EVENTS Management has evaluated all events through the date of issuance and there are no reportable subsequent events.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
Basis of Presentation and Nature of Business Operations (Policies)
|
3 Months Ended |
Mar. 31, 2015 |
Basis of Presentation and Nature of Business Operations [Abstract] |
|
Basis of Presentation |
Basis of Presentation The accompanying unaudited condensed consolidated financial statements of MedeFile International Inc., a Nevada corporation (the "Company"), have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company's Form 10-K for the fiscal year ended December 31, 2014. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and which are necessary to present fairly the financial position of the Company as of March 31, 2015, and the results of operations and cash flows for the three months ended March 31, 2015 and 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the entire fiscal year.
|
Restatement |
Restatement
The Company entered into two 10% Secured Convertible Debentures with a significant shareholder. The debentures carry a one year term. The debentures were issued in the amount of $50,000 on November 4, 2013 and $60,000 on December 17, 2013.
The company assessed the fair value of the conversion option using the Black Scholes pricing model and recorded a derivative liability for the value. The adjustment for this valuation to Derivative Liability is $33,243. An adjustment to change in fair value of derivative liability is a loss of $33,243 for the quarter ended March 31, 2015.
During the first quarter 2015, the company recognized a change in derivative for the convertible debenture in amount of $33,243, the resulting derivative liability balance at March 31, 2015 is $33,243.
The following table provides additional details regarding the changes to the balance sheet, statement of operations and statement of cash flows as of and for the three months ended March 31, 2015.
|
|
Original |
|
|
|
|
|
Restated |
|
|
|
March 31, |
|
|
Restatement |
|
|
March 31, |
|
|
|
2015 |
|
|
Adjustments |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
512,714 |
|
|
|
- |
|
|
$ |
512,714 |
|
Accounts receivable |
|
|
4,938 |
|
|
|
- |
|
|
|
4,938 |
|
Inventory |
|
|
23,096 |
|
|
|
- |
|
|
|
23,096 |
|
Merchant services reserve |
|
|
2,939 |
|
|
|
- |
|
|
|
2,939 |
|
Prepaid expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
543,687 |
|
|
|
|
|
|
|
543,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Website development, net of accumulated amortization |
|
|
243,643 |
|
|
|
- |
|
|
|
243,643 |
|
Furniture and equipment, net of accumulated depreciation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total assets |
|
$ |
787,330 |
|
|
|
|
|
|
$ |
787,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
49,886 |
|
|
|
- |
|
|
$ |
49,886 |
|
Convertible debenture |
|
|
84,586 |
|
|
|
- |
|
|
|
84,586 |
|
Deferred revenues |
|
|
1,018 |
|
|
|
- |
|
|
|
1,018 |
|
Derivative liability - convertible note |
|
|
- |
|
|
|
33,243 |
|
|
|
33,243 |
|
Derivative liability - warrants |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total Current Liabilities |
|
|
135,490 |
|
|
|
|
|
|
|
168,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common stock, $.0001 par value: 500,000,000 authorized; 522,953,672 shares issued and outstanding |
|
|
52,295 |
|
|
|
- |
|
|
|
52,295 |
|
Additional paid in capital |
|
|
28,060,805 |
|
|
|
- |
|
|
|
28,060,805 |
|
Common stock to be issued |
|
|
69,920 |
|
|
|
- |
|
|
|
69,920 |
|
Accumulated deficit |
|
|
(27,531,180 |
) |
|
|
(33,243 |
) |
|
|
(27,564,423 |
) |
Total stockholders' equity |
|
|
651,840 |
|
|
|
|
|
|
|
618,597 |
|
Total liability and stockholders' equity |
|
$ |
787,330 |
|
|
|
|
|
|
$ |
787,330 |
|
|
|
For the |
|
|
|
|
|
For the |
|
|
|
three months |
|
|
|
|
|
three months |
|
|
|
ended |
|
|
|
|
|
ended |
|
|
|
March 31, |
|
|
|
|
|
March 31, |
|
|
|
2015 |
|
|
|
|
|
2015 |
|
Revenue |
|
|
13,100 |
|
|
|
- |
|
|
|
13,100 |
|
Cost of goods sold |
|
|
316 |
|
|
|
- |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
12,784 |
|
|
|
|
|
|
|
12,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
165,275 |
|
|
|
- |
|
|
|
165,275 |
|
Depreciation and amortization expenses |
|
|
22,149 |
|
|
|
- |
|
|
|
22,149 |
|
Total operating expenses |
|
|
187,424 |
|
|
|
|
|
|
|
187,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(174,640 |
) |
|
|
|
|
|
|
(174,640 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - convertible note |
|
|
(2,048 |
) |
|
|
- |
|
|
|
(2,048 |
) |
Change in derivative liability - convertible note |
|
|
- |
|
|
|
(33,243 |
) |
|
|
(33,243 |
) |
Change of derivative liabilities – warrants |
|
|
51 |
|
|
|
- |
|
|
|
51 |
|
Total other income (expense) |
|
|
(1,997 |
) |
|
|
|
|
|
|
(35,240 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) before income tax |
|
|
(176,637 |
) |
|
|
|
|
|
|
(209,880 |
) |
Provision for income tax |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(176,637 |
) |
|
|
|
|
|
$ |
(209,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: basic |
|
$ |
(0.00 |
) |
|
|
|
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: diluted |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average share outstanding basic |
|
|
265,897,289 |
|
|
|
|
|
|
|
40,706,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average share outstanding diluted |
|
|
266,954,614 |
|
|
|
|
|
|
|
|
|
|
|
For the |
|
|
|
|
|
For the |
|
|
|
three months |
|
|
|
|
|
three months |
|
|
|
ended |
|
|
|
|
|
ended |
|
|
|
March 31, |
|
|
|
|
|
March 31, |
|
|
|
2015 |
|
|
|
|
|
2015 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
(176,637 |
) |
|
|
(33,243 |
) |
|
$ |
(209,880 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization |
|
|
22,149 |
|
|
|
- |
|
|
|
22,149 |
|
Interest expense - discount on convertible debenture |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change in derivative - convertible note |
|
|
- |
|
|
|
33,243 |
|
|
|
33,243 |
|
(Gain)loss in fair value of derivative liabilities – warrants |
|
|
(51 |
) |
|
|
- |
|
|
|
(51 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
487 |
|
|
|
- |
|
|
|
487 |
|
Inventory |
|
|
316 |
|
|
|
- |
|
|
|
316 |
|
Prepaid insurance |
|
|
5,709 |
|
|
|
- |
|
|
|
5,709 |
|
Accounts payable and accrued liabilities |
|
|
2,189 |
|
|
|
- |
|
|
|
2,189 |
|
Accrued Interest - convertible debenture |
|
|
2,048 |
|
|
|
- |
|
|
|
2,048 |
|
Deferred revenue |
|
|
334 |
|
|
|
- |
|
|
|
334 |
|
Net Cash used in operating activities |
|
|
(143,456 |
) |
|
|
|
|
|
|
(143,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock subscriptions |
|
|
620,000 |
|
|
|
- |
|
|
|
620,000 |
|
Net cash provided by financing activities |
|
|
620,000 |
|
|
|
|
|
|
|
620,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
476,544 |
|
|
|
|
|
|
|
476,544 |
|
Cash and cash equivalents at beginning of period |
|
|
36,170 |
|
|
|
|
|
|
|
36,170 |
|
Cash and cash equivalents at end of period |
|
$ |
512,714 |
|
|
|
|
|
|
$ |
512,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
- |
|
|
|
|
|
|
$ |
- |
|
Cash paid for income taxes |
|
$ |
- |
|
|
|
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for conversion of debt |
|
$ |
40,000 |
|
|
|
|
|
|
$ |
40,000 |
|
|
Nature of Business Operations |
Nature of Business Operations Medefile International, Inc. has developed and globally markets a proprietary, patient-centric, Internet-enabled Personal Health Record (iPHR) system for gathering, digitizing, maintaining, accessing and sharing an individual’s actual medical records. Medefile's goal is to revolutionize the medical industry by bringing patient-centric digital technology to the business of medicine. Medefile intends to accomplish its objective by providing individuals with a simple and secure way to access their lifetime of actual medical records in an efficient and cost-effective manner. Medefile's products and services are designed to provide healthcare providers with the ability to reference their patients’ actual past medical records, thereby ensuring the most accurate treatment and services possible while simultaneously reducing redundant procedures. Interoperable with most electronic medical record systems utilized by physician practices, clinics, hospitals and other care providers, the highly secure, feature-rich MedeFileiPHR solution has been designed to gather all of its members’ actual medical records on behalf of each member, and create a single, comprehensive Electronic Health Record (EHR). The member can access his/her records 24-hours a day, seven days a week – or authorize a third party user – on any web-enabled device (PC, cell phone, PDA, e-reader, et al), as well as the portable MedeFile flash drive/keychain or branded UBS-bracelet. By subscribing to the MedeFile system, members empower themselves to take control of their own health and well-being, and empower their healthcare providers to make sound and lifesaving decisions with the most accurate, up-to-date medical information available. In addition, with MedeFile, members enjoy the peace of mind that comes from knowing that their medical records are protected from fire, natural disaster, document misplacement or the closing of a medical or dental practice. MedeFile believes it enjoys a number of competitive advantages over other firms within the medical records marketplace, including: | ● | MedeFile has developed products and services geared to the patient, which also have the depth and breadth of information required by
treating physicians and medical personnel. | | | | | ● | MedeFile does all the work of collecting and updating medical information on an ongoing basis; our products’ dependence on the patient taking action is minimal – particularly when compared to patient action required to support competing solutions. | | | | | ● | MedeFile provides a complete medical record. Other companies claim complete longitudinal records, but in reality only provide histories (usually completed by the member/patient), which are by no means complete or necessarily accurate records. | | | | | ● | MedeFile provides a coherent mix of services and products that are intended to improve the quality of healthcare by enabling the patient to manage and access the information normally retained by doctors and other care providers. |
|
Going Concern |
Going Concern The accompanying financial statements have been prepared contemplating a continuation of the Company as a going concern. However, the Company has reported an operating loss of $174,640 and a net loss of $209,880 for the three months ended March 31, 2015. During the comparable three month period of 2014, the Company had an operating loss of $158,066 and net income (as a result of the change in the valuation of the Company’s warrant derivative) of $760,930. The Company had an accumulated deficit of $27,564,423 as of March 31, 2015. The Company has working capital of $374,954 as of March 31, 2015. The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The operating losses raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to obtain additional financing depends on the success of its growth strategy and its future performance, each of which is subject to general economic, financial, competitive, legislative, regulatory, and other factors beyond the Company's control. We will need additional investments in order to continue operations. Additional investments are being sought, but we cannot guarantee that we will be able to obtain such investments. Financing transactions may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms. However, the trading price of our common stock could make it more difficult to obtain financing through the issuance of equity or debt securities. Even if we are able to raise the funds required, we may incur unexpected costs and expenses, fail to collect significant amounts owed to us, or experience unexpected cash requirements that would force us to seek alternative financing. Further, if we issue additional equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of our common stock. If additional financing is not available or is not available on acceptable terms, we will have to curtail our operations.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents For purposes of these financial statements, cash and cash equivalents includes highly liquid debt instruments with maturity of less than three months.
|
Concentrations of Credit Risk |
Concentrations of Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit. Currently our operating account is not above the FDIC limit.
|
Income Taxes |
Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes. The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
|
Property and Equipment |
Property and Equipment Property and equipment are stated at cost. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over their estimated useful lives being 3 years up to 10 years.
|
Trademark Costs |
Trademark Costs Trademark costs incurred in the registration and acquisition of trademarks and trademark rights are capitalized. These costs will be amortized over the legal life of the related trademark once the trademark is awarded. The Company performs an annual review of its identified intangible assets to determine if facts and circumstances exist which indicate that the useful life is shorter than originally estimated or that the carrying amount of the assets may not be recoverable. The Company expenses all software costs associated with the conceptual formulation and evaluation of alternatives until the application development stage has been reached. Costs to improve or support the technology are expensed as these costs are incurred.
|
Website Development |
Website Development The Company's policy is to capitalize website development costs at original cost and amortize the balance over the life of the product. The life of website is determined at completion of the project. The Company reviews the amounts capitalized for impairment whenever events or circumstances indicate that the carrying amounts of the assets may not be recoverable. The Company expenses all development costs associated with the conceptual formulation and evaluation of alternatives until the application development stage has been reached. Costs to improve or support the technology are expensed as these costs are incurred.
|
Revenue Recognition |
Revenue Recognition The Company generates revenue from licensing the right to utilize its proprietary software for the storage and distribution of healthcare information to individuals and affinity groups. For revenue from product sales, the Company recognizes revenue on four basic criteria which 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. Determination of criteria (3) and (4) are based on management's judgments 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.
|
Deferred Revenue |
Deferred Revenue The Company generally receives subscription fees for its services. From time to time, the Company will receive quarterly or annual subscriptions paid in advance and deferred revenue is recorded at that time. The deferred revenue is amortized into revenue on a pro- rata basis each month. Customers with quarterly or annual subscriptions may cancel their subscriptions and request a refund for future months' revenues at any time. Therefore, a liability is recorded to reflect the amounts that are potentially refundable. At March 31, 2015 and December 31, 2014, deferred revenue totaled $1,018 and $684, respectively.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern. The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of this ASU on the Company’s financial statements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which provides guidance for revenue recognition. ASU 2014-09 affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets and supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition-Construction-Type and Production-Type Contracts.” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for the Company beginning November 1, 2017 and, at that time the Company may adopt the new standard under the full retrospective approach or the modified retrospective approach. Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s condensed consolidated financial statements and disclosures. In January 2014, the FASB issued ASU 2014-04, an update to ASC 310, "Receivables." The ASU clarifies that an in substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The amendments may be adopted using either a modified retrospective transition method or a prospective transition method. Early adoption of the guidance is permitted. The impact of this guidance is currently being evaluated by the Company, but is not expected to have a significant impact on the Company's financial position, results of operations or disclosures.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments Cash and Equivalents, Deposits In-Transit, Receivables, Prepaid and Other Current Assets, Accounts Payable, Accrued Salaries and Wages and Other Current Liabilities The carrying amounts of these items approximated fair value. 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. To increase the comparability of fair value measures, Financial Accounting Standards Board (“FASB”) ASC Topic 820-10-35 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). Level 1 —Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 —Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 —Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The application of the three levels of the fair value hierarchy under Topic 820-10-35 to our assets and liabilities are described below: | | Fair Value Measurements | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | Assets | | | | | | | | | | | | | Website development | | $ | - | | | $ | - | | | $ | 243,643 | | | $ | 243,643 | | Total | | $ | - | | | $ | - | | | $ | 243,643 | | | $ | 243,643 | | Liabilities | | | | | | | | | | | | | | | | | Derivative Liability – Convertible Note | | $ | | | | | | | | $ | $33,243 | | | $ | 33,243 | | Deferred Revenues | | | 1,018 | | | | - | | | | - | | | | 1,018 | | Total | | $ | 1,018 | | | $ | - | | | $ | 33,243 | | | $ | 34,261 | |
|
Impairment of Long Lived Assets |
Impairment of Long Lived Assets In accordance with Accounting Standards Codification (“ASC”) 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. ASC 360-10 relates to assets that can be amortized and the life can be determinable. The Company reviews property and equipment and other long-lived assets for impairment annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the asset’s carrying amount to future undiscounted net cash flows the assets are expected to generate. Cash flow forecasts are based on trends of historical performance and management's estimate of future performance, giving consideration to existing and anticipated competitive and economic conditions. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future cash flows arising from the assets or their fair values, whichever is more determinable.
|
Inventory |
Inventory Inventories are stated at the lower of cost or market value. Cost is determined by the first-in, first-out basis and market being determined as the lower of replacement cost or net realizable value. The Company records inventory write-downs for estimated obsolescence of unmarketable inventory based upon assumptions about future demand and market conditions. For the year ended December 31, 2014 the Company had an inventory write down in the amount of $30,000. There was no write down of inventory in the three months ended March 31, 2015.
|
Net Loss per Share |
Net Loss per Share Basic loss per share is computed using the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if potentially dilutive securities were exercised or converted to common stock. The dilutive effect of options and warrants and their equivalent is computed by application of the treasury stock method and the effect of convertible securities by the “if converted” method.
|
Management Estimates |
Management Estimates The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
|
Stock Based Compensation |
Stock Based Compensation The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement.
|
X |
- DefinitionDisclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.
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v3.3.1.900
Basis of Presentation and Nature of Business Operations (Tables)
|
3 Months Ended |
Mar. 31, 2015 |
Basis of Presentation and Nature of Business Operations [Abstract] |
|
Schedule of changes to the balance sheet, statement of operations and statement of cash flows |
|
|
Original |
|
|
|
|
|
Restated |
|
|
|
March 31, |
|
|
Restatement |
|
|
March 31, |
|
|
|
2015 |
|
|
Adjustments |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
512,714 |
|
|
|
- |
|
|
$ |
512,714 |
|
Accounts receivable |
|
|
4,938 |
|
|
|
- |
|
|
|
4,938 |
|
Inventory |
|
|
23,096 |
|
|
|
- |
|
|
|
23,096 |
|
Merchant services reserve |
|
|
2,939 |
|
|
|
- |
|
|
|
2,939 |
|
Prepaid expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
543,687 |
|
|
|
|
|
|
|
543,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Website development, net of accumulated amortization |
|
|
243,643 |
|
|
|
- |
|
|
|
243,643 |
|
Furniture and equipment, net of accumulated depreciation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total assets |
|
$ |
787,330 |
|
|
|
|
|
|
$ |
787,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
49,886 |
|
|
|
- |
|
|
$ |
49,886 |
|
Convertible debenture |
|
|
84,586 |
|
|
|
- |
|
|
|
84,586 |
|
Deferred revenues |
|
|
1,018 |
|
|
|
- |
|
|
|
1,018 |
|
Derivative liability - convertible note |
|
|
- |
|
|
|
33,243 |
|
|
|
33,243 |
|
Derivative liability - warrants |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total Current Liabilities |
|
|
135,490 |
|
|
|
|
|
|
|
168,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common stock, $.0001 par value: 500,000,000 authorized; 522,953,672 shares issued and outstanding |
|
|
52,295 |
|
|
|
- |
|
|
|
52,295 |
|
Additional paid in capital |
|
|
28,060,805 |
|
|
|
- |
|
|
|
28,060,805 |
|
Common stock to be issued |
|
|
69,920 |
|
|
|
- |
|
|
|
69,920 |
|
Accumulated deficit |
|
|
(27,531,180 |
) |
|
|
(33,243 |
) |
|
|
(27,564,423 |
) |
Total stockholders' equity |
|
|
651,840 |
|
|
|
|
|
|
|
618,597 |
|
Total liability and stockholders' equity |
|
$ |
787,330 |
|
|
|
|
|
|
$ |
787,330 |
|
|
|
For the |
|
|
|
|
|
For the |
|
|
|
three months |
|
|
|
|
|
three months |
|
|
|
ended |
|
|
|
|
|
ended |
|
|
|
March 31, |
|
|
|
|
|
March 31, |
|
|
|
2015 |
|
|
|
|
|
2015 |
|
Revenue |
|
|
13,100 |
|
|
|
- |
|
|
|
13,100 |
|
Cost of goods sold |
|
|
316 |
|
|
|
- |
|
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
12,784 |
|
|
|
|
|
|
|
12,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
165,275 |
|
|
|
- |
|
|
|
165,275 |
|
Depreciation and amortization expenses |
|
|
22,149 |
|
|
|
- |
|
|
|
22,149 |
|
Total operating expenses |
|
|
187,424 |
|
|
|
|
|
|
|
187,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(174,640 |
) |
|
|
|
|
|
|
(174,640 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - convertible note |
|
|
(2,048 |
) |
|
|
- |
|
|
|
(2,048 |
) |
Change in derivative liability - convertible note |
|
|
- |
|
|
|
(33,243 |
) |
|
|
(33,243 |
) |
Change of derivative liabilities – warrants |
|
|
51 |
|
|
|
- |
|
|
|
51 |
|
Total other income (expense) |
|
|
(1,997 |
) |
|
|
|
|
|
|
(35,240 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) before
income tax |
|
|
(176,637 |
) |
|
|
|
|
|
|
(209,880 |
) |
Provision for income tax |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(176,637 |
) |
|
|
|
|
|
$ |
(209,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: basic |
|
$ |
(0.00 |
) |
|
|
|
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: diluted |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average share outstanding basic |
|
|
265,897,289 |
|
|
|
|
|
|
|
40,706,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average share outstanding diluted |
|
|
266,954,614 |
|
|
|
|
|
|
|
|
|
|
|
For the |
|
|
|
|
|
For the |
|
|
|
three months |
|
|
|
|
|
three months |
|
|
|
ended |
|
|
|
|
|
ended |
|
|
|
March 31, |
|
|
|
|
|
March 31, |
|
|
|
2015 |
|
|
|
|
|
2015 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
(176,637 |
) |
|
|
(33,243 |
) |
|
$ |
(209,880 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization |
|
|
22,149 |
|
|
|
- |
|
|
|
22,149 |
|
Interest expense - discount on convertible debenture |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change in derivative - convertible note |
|
|
- |
|
|
|
33,243 |
|
|
|
33,243 |
|
(Gain)loss in fair value of derivative liabilities – warrants |
|
|
(51 |
) |
|
|
- |
|
|
|
(51 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
- |
|
Accounts receivable |
|
|
487 |
|
|
|
- |
|
|
|
487 |
|
Inventory |
|
|
316 |
|
|
|
- |
|
|
|
316 |
|
Prepaid insurance |
|
|
5,709 |
|
|
|
- |
|
|
|
5,709 |
|
Accounts payable and accrued liabilities |
|
|
2,189 |
|
|
|
- |
|
|
|
2,189 |
|
Accrued Interest - convertible debenture |
|
|
2,048 |
|
|
|
- |
|
|
|
2,048 |
|
Deferred revenue |
|
|
334 |
|
|
|
- |
|
|
|
334 |
|
Net Cash used in operating activities |
|
|
(143,456 |
) |
|
|
|
|
|
|
(143,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock subscriptions |
|
|
620,000 |
|
|
|
- |
|
|
|
620,000 |
|
Net cash provided by financing activities |
|
|
620,000 |
|
|
|
|
|
|
|
620,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
476,544 |
|
|
|
|
|
|
|
476,544 |
|
Cash and cash equivalents at beginning of period |
|
|
36,170 |
|
|
|
|
|
|
|
36,170 |
|
Cash and cash equivalents at end of period |
|
$ |
512,714 |
|
|
|
|
|
|
$ |
512,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
- |
|
|
|
|
|
|
$ |
- |
|
Cash paid for income taxes |
|
$ |
- |
|
|
|
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for conversion of debt |
|
$ |
40,000 |
|
|
|
|
|
|
$ |
40,000 |
|
Schedule of three levels of the fair value hierarchy to assets and liabilities |
| | Fair Value Measurements | | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | Assets | | | | | | | | | | | | | Website development | | $ | - | | | $ | - | | | $ | 243,643 | | | $ | 243,643 | | Total | | $ | - | | | $ | - | | | $ | 243,643 | | | $ | 243,643 | | Liabilities | | | | | | | | | | | | | | | | | Derivative Liability – Convertible Note | | $ | | | | | | | | $ | $33,243 | | | $ | 33,243 | | Deferred Revenues | | | 1,018 | | | | - | | | | - | | | | 1,018 | | Total | | $ | 1,018 | | | $ | - | | | $ | 33,243 | | | $ | 34,261 | |
|
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v3.3.1.900
Website Development (Tables)
|
3 Months Ended |
Mar. 31, 2015 |
Website Development [Abstract] |
|
Schedule of website development |
| | March 31, 2015 | | | December 31, 2014 | | | | | | | | | Website development | | $ | 328,737 | | | $ | 324,285 | | Additional development | | | - | | | | 4,453 | | Accumulated amortization | | | (85,094 | ) | | | (62,946 | ) | Net website development | | $ | 243,643 | | | $ | 265,792 | |
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Furniture and Equipment (Tables)
|
3 Months Ended |
Mar. 31, 2015 |
Furniture and Equipment [Abstract] |
|
Schedule of furniture and equipment |
| | March 31, 2014 | | | December 31, 2014 | | | | | | | | | Computers and equipment | | $ | 169,286 | | | $ | 169,286 | | Furniture and fixtures | | | 38,618 | | | | 38,618 | | Subtotal | | | 207,904 | | | | 207,904 | | Less: accumulated depreciation | | | (207,904 | ) | | | (207,904 | ) | Net furniture and equipment | | $ | - | | | $ | - | |
|
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- DefinitionTabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.
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v3.3.1.900
Warrant Liability (Tables)
|
3 Months Ended |
Mar. 31, 2015 |
Class of Warrant or Right [Line Items] |
|
Schedule of Transactions involving warrants |
| | Number of Warrants | | | Weighted-Average Price Per Share | | Outstanding at December 31, 2013 | | | 3,008,511 | | | $ | 0.50 | | Granted | | | | | | | | | Exercised | | | | | | | | | Canceled or expired | | | | | | | | | Additional due to ratchet trigger | | | | | | | | | Outstanding at December 31, 2014 | | | 3,008,511 | | | | 0.50 | | Granted | | | | | | | | | Exercised | | | | | | | | | Canceled or expired | | | | | | | | | Addition due to ratchet trigger | | | | | | | | | Outstanding at March 31, 2015 | | | 3,008,511 | | | $ | 0.50 | |
|
Schedule of warrant liability |
| | March 31, 2015 | | | December 31, 2014 | | Warrant liability (beginning balance) | | $ | 51 | | | $ | 5,618,819 | | Additional liability due to new grants | | | | | | | | | Loss(gain) on changes in fair market value of warrant liability | | | (51) | | | | (5,618,786) | | Net warrant liability | | $ | - | | | $ | 51 | |
|
Warrants granted during July 2011 [Member] |
|
Class of Warrant or Right [Line Items] |
|
Schedule of fair value assumptions for warrants |
| | Grant Date | | | March 31, 2015 | | | December 31, 2014 | | Risk-free interest rate at grant date | | | 1.21 | % | | | 1.13 | % | | | 1.27 | % | Expected stock price volatility | | | 194.9 | % | | | 92.2 | % | | | 189.65 | % | Expected dividend payout | | | - | | | | - | | | | - | | Expected option in life-years | | | 4 | | | | .27 | | | | 1.5 | |
|
Warrants granted during April 2012 [Member] |
|
Class of Warrant or Right [Line Items] |
|
Schedule of fair value assumptions for warrants |
| | Grant Date | | | March 31, 2015 | | Risk-free interest rate at grant date | | | 0.47 | % | | | 1.13 | % | Expected stock price volatility | | | 137.8 | % | | | 92.2 | % | Expected dividend payout | | | - | | | | - | | Expected option in life-years | | | 3.75 | | | | 1.05 | |
|
Warrants granted during April 2012 [Member] | Shareholder and Brother of Chief Executive Officer [Member] |
|
Class of Warrant or Right [Line Items] |
|
Schedule of fair value assumptions for warrants |
| | Grant Date | | | March 31, 2015 | | Risk-free interest rate at grant date | | | 0.47 | % | | | 1.13 | % | Expected stock price volatility | | | 137.8 | % | | | 92.2 | % | Expected dividend payout | | | - | | | | - | | Expected option in life-years | | | 3.75 | | | | 1.03. | |
|
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- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of warrants: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
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v3.3.1.900
Basis of Presentation and Nature of Business Operations (Details) - USD ($)
|
Mar. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Cash |
$ 512,714
|
$ 36,170
|
$ 97,702
|
$ 266,843
|
|
Accounts receivable |
4,938
|
5,425
|
|
|
|
Inventory |
23,096
|
23,412
|
|
|
|
Merchant services reserve |
$ 2,939
|
2,939
|
|
|
|
Prepaid expense |
|
5,709
|
|
|
|
Total current assets |
$ 543,687
|
73,655
|
|
|
|
Website development, net of accumulated amortization |
$ 243,643
|
$ 265,792
|
|
|
|
Furniture and equipment, net of accumulated depreciation |
|
|
|
|
|
Total assets |
$ 787,330
|
$ 339,447
|
|
|
|
Current Liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
49,886
|
47,697
|
|
|
|
Convertible debenture |
84,586
|
122,538
|
|
|
|
Deferred revenues |
1,018
|
684
|
|
|
|
Derivative liability - convertible note |
33,243
|
|
|
|
|
Derivative liability - warrants |
|
51
|
|
|
|
Total Current Liabilities |
$ 168,733
|
$ 170,970
|
|
|
|
Preferred stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding |
|
|
|
|
|
Common stock, $.0001 par value: 500,000,000 authorized; 522,953,672 shares issued and outstanding |
$ 52,295
|
$ 22,583
|
|
|
|
Additional paid in capital |
28,060,805
|
27,430,517
|
|
|
|
Common stock to be issued |
69,920
|
69,920
|
|
|
|
Accumulated deficit |
(27,564,423)
|
(27,354,543)
|
|
|
|
Total stockholders' (deficit) |
618,597
|
168,477
|
|
$ (523,077)
|
$ (5,235,708)
|
Total liability and stockholders' equity |
787,330
|
339,447
|
|
|
|
Original [Member] |
|
|
|
|
|
Cash |
512,714
|
$ 36,170
|
|
|
|
Accounts receivable |
4,938
|
|
|
|
|
Inventory |
23,096
|
|
|
|
|
Merchant services reserve |
$ 2,939
|
|
|
|
|
Prepaid expense |
|
|
|
|
|
Total current assets |
$ 543,687
|
|
|
|
|
Website development, net of accumulated amortization |
$ 243,643
|
|
|
|
|
Furniture and equipment, net of accumulated depreciation |
|
|
|
|
|
Total assets |
$ 787,330
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
49,886
|
|
|
|
|
Convertible debenture |
84,586
|
|
|
|
|
Deferred revenues |
$ 1,018
|
|
|
|
|
Derivative liability - convertible note |
|
|
|
|
|
Derivative liability - warrants |
|
|
|
|
|
Total Current Liabilities |
$ 135,490
|
|
|
|
|
Preferred stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding |
|
|
|
|
|
Common stock, $.0001 par value: 500,000,000 authorized; 522,953,672 shares issued and outstanding |
$ 52,295
|
|
|
|
|
Additional paid in capital |
28,060,805
|
|
|
|
|
Common stock to be issued |
69,920
|
|
|
|
|
Accumulated deficit |
(27,531,180)
|
|
|
|
|
Total stockholders' (deficit) |
651,840
|
|
|
|
|
Total liability and stockholders' equity |
$ 787,330
|
|
|
|
|
Restatement Adjustments [Member] |
|
|
|
|
|
Cash |
|
|
|
|
|
Accounts receivable |
|
|
|
|
|
Inventory |
|
|
|
|
|
Merchant services reserve |
|
|
|
|
|
Prepaid expense |
|
|
|
|
|
Total current assets |
|
|
|
|
|
Website development, net of accumulated amortization |
|
|
|
|
|
Furniture and equipment, net of accumulated depreciation |
|
|
|
|
|
Total assets |
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
|
|
|
Convertible debenture |
|
|
|
|
|
Deferred revenues |
|
|
|
|
|
Derivative liability - convertible note |
$ 33,243
|
|
|
|
|
Derivative liability - warrants |
|
|
|
|
|
Total Current Liabilities |
|
|
|
|
|
Preferred stock, $.0001 par value: 10,000,000 authorized, no shares issued and outstanding |
|
|
|
|
|
Common stock, $.0001 par value: 500,000,000 authorized; 522,953,672 shares issued and outstanding |
|
|
|
|
|
Additional paid in capital |
|
|
|
|
|
Common stock to be issued |
|
|
|
|
|
Accumulated deficit |
$ (33,243)
|
|
|
|
|
Total stockholders' (deficit) |
|
|
|
|
|
Total liability and stockholders' equity |
|
|
|
|
|
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v3.3.1.900
Basis of Presentation and Nature of Business Operations (Details 1) - USD ($)
|
3 Months Ended |
Mar. 31, 2015 |
Mar. 31, 2014 |
Revenue |
$ 13,100
|
$ 15,926
|
Cost of goods sold |
316
|
279
|
Gross profit |
12,784
|
15,647
|
Operating expenses |
|
|
Selling, general and administrative expenses |
165,275
|
173,607
|
Depreciation and amortization expenses |
22,149
|
106
|
Total operating expenses |
187,424
|
173,713
|
Loss from operations |
(174,640)
|
(158,066)
|
Other income (expenses) |
|
|
Interest expense - convertible note |
(2,048)
|
$ (2,737)
|
Change in derivative liability - convertible note |
(33,243)
|
|
Change of derivative liabilities - warrants |
51
|
$ 948,857
|
Total other income (expense) |
(35,240)
|
918,996
|
Gain (loss) before income tax |
$ (209,880)
|
$ 760,930
|
Provision for income tax |
|
|
Net income (loss) |
$ (209,880)
|
$ 760,930
|
Net loss per share: basic |
$ 0.00
|
$ 0.02
|
Net loss per share: diluted |
$ 0.00
|
$ 0.00
|
Weighted average share outstanding basic |
265,897,289
|
40,706,899
|
Weighted average share outstanding diluted |
266,954,614
|
40,777,993
|
Original [Member] |
|
|
Revenue |
$ 13,100
|
|
Cost of goods sold |
316
|
|
Gross profit |
12,784
|
|
Operating expenses |
|
|
Selling, general and administrative expenses |
165,275
|
|
Depreciation and amortization expenses |
22,149
|
|
Total operating expenses |
187,424
|
|
Loss from operations |
(174,640)
|
|
Other income (expenses) |
|
|
Interest expense - convertible note |
$ (2,048)
|
|
Change in derivative liability - convertible note |
|
|
Change of derivative liabilities - warrants |
$ 51
|
|
Total other income (expense) |
(1,997)
|
|
Gain (loss) before income tax |
$ (176,637)
|
|
Provision for income tax |
|
|
Net income (loss) |
$ (176,637)
|
|
Net loss per share: basic |
$ 0.00
|
|
Net loss per share: diluted |
$ 0.00
|
|
Weighted average share outstanding basic |
265,897,289
|
|
Weighted average share outstanding diluted |
266,954,614
|
|
Restatement Adjustments [Member] |
|
|
Revenue |
|
|
Cost of goods sold |
|
|
Gross profit |
|
|
Operating expenses |
|
|
Selling, general and administrative expenses |
|
|
Depreciation and amortization expenses |
|
|
Total operating expenses |
|
|
Loss from operations |
|
|
Other income (expenses) |
|
|
Interest expense - convertible note |
|
|
Change in derivative liability - convertible note |
$ (33,243)
|
|
Change of derivative liabilities - warrants |
|
|
Total other income (expense) |
|
|
Gain (loss) before income tax |
|
|
Provision for income tax |
|
|
Net income (loss) |
|
|
Net loss per share: basic |
|
|
Net loss per share: diluted |
|
|
Weighted average share outstanding basic |
|
|
Weighted average share outstanding diluted |
|
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.3.1.900
Basis of Presentation and Nature of Business Operations (Details 2) - USD ($)
|
3 Months Ended |
Mar. 31, 2015 |
Mar. 31, 2014 |
Cash flows from operating activities |
|
|
Net loss |
$ (209,880)
|
$ 760,930
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
|
$ 106
|
Amortization |
$ 22,149
|
|
Interest expense - discount on convertible debenture |
|
$ 27,124
|
Change in derivative - convertible note |
$ 33,243
|
|
(Gain) loss in fair value of derivative liabilities - warrants |
(51)
|
(948,857)
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
487
|
(2,089)
|
Inventory |
316
|
279
|
Prepaid insurance |
5,709
|
1,057
|
Accounts payable and accrued liabilities |
2,189
|
(9,656)
|
Accrued Interest - convertible debenture |
2,048
|
2,737
|
Deferred revenue |
334
|
(772)
|
Net cash used in operating activities |
(143,456)
|
$ (169,141)
|
Cash flow from financing activities |
|
|
Proceeds from common stock subscriptions |
620,000
|
|
Net cash provided by financing activities |
620,000
|
|
Net increase (decrease) in cash and cash equivalents |
476,544
|
$ (169,141)
|
Cash and cash equivalents at beginning of period |
36,170
|
266,843
|
Cash and cash equivalents at end of period |
$ 512,714
|
$ 97,702
|
Supplemental disclosure of cash flow information |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Stock issued for conversion of debt |
$ 40,000
|
|
Original [Member] |
|
|
Cash flows from operating activities |
|
|
Net loss |
$ (176,637)
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
|
|
Amortization |
$ 22,149
|
|
Interest expense - discount on convertible debenture |
|
|
Change in derivative - convertible note |
|
|
(Gain) loss in fair value of derivative liabilities - warrants |
$ (51)
|
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
487
|
|
Inventory |
316
|
|
Prepaid insurance |
5,709
|
|
Accounts payable and accrued liabilities |
2,189
|
|
Accrued Interest - convertible debenture |
2,048
|
|
Deferred revenue |
334
|
|
Net cash used in operating activities |
$ (143,456)
|
|
Cash flows from investing activities |
|
|
Net cash used in investing activities |
|
|
Cash flow from financing activities |
|
|
Proceeds from common stock subscriptions |
$ 620,000
|
|
Net cash provided by financing activities |
620,000
|
|
Net increase (decrease) in cash and cash equivalents |
476,544
|
|
Cash and cash equivalents at beginning of period |
36,170
|
|
Cash and cash equivalents at end of period |
$ 512,714
|
|
Supplemental disclosure of cash flow information |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Stock issued for conversion of debt |
$ 40,000
|
|
Restatement Adjustments [Member] |
|
|
Cash flows from operating activities |
|
|
Net loss |
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
|
|
Amortization |
|
|
Interest expense - discount on convertible debenture |
|
|
Change in derivative - convertible note |
$ 33,243
|
|
(Gain) loss in fair value of derivative liabilities - warrants |
|
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
|
|
Inventory |
|
|
Prepaid insurance |
|
|
Accounts payable and accrued liabilities |
|
|
Accrued Interest - convertible debenture |
|
|
Deferred revenue |
|
|
Net cash used in operating activities |
|
|
Cash flows from investing activities |
|
|
Net cash used in investing activities |
|
|
Cash flow from financing activities |
|
|
Proceeds from common stock subscriptions |
|
|
Net cash provided by financing activities |
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of period |
|
|
Cash and cash equivalents at end of period |
|
|
Supplemental disclosure of cash flow information |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Stock issued for conversion of debt |
|
|
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v3.3.1.900
Basis of Presentation and Nature of Business Operations (Details 3)
|
Mar. 31, 2015
USD ($)
|
Assets |
|
Website development |
$ 243,643
|
Total |
243,643
|
Liabilities |
|
Derivative liability - convertible note |
33,243
|
Deferred Revenues |
1,018
|
Total |
$ 34,261
|
Level 1 |
|
Assets |
|
Website development |
|
Total |
|
Liabilities |
|
Derivative liability - convertible note |
|
Deferred Revenues |
$ 1,018
|
Total |
$ 1,018
|
Level 2 |
|
Assets |
|
Website development |
|
Total |
|
Liabilities |
|
Derivative liability - convertible note |
|
Deferred Revenues |
|
Total |
|
Level 3 |
|
Assets |
|
Website development |
$ 243,643
|
Total |
243,643
|
Liabilities |
|
Derivative liability - convertible note |
$ 33,243
|
Deferred Revenues |
|
Total |
$ 33,243
|
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v3.3.1.900
Basis of Presentation and Nature of Business Operations (Details Textual) - USD ($)
|
|
3 Months Ended |
|
|
Nov. 04, 2013 |
Mar. 31, 2015 |
Mar. 31, 2014 |
Dec. 31, 2014 |
Dec. 17, 2013 |
Derivative [Line Items] |
|
|
|
|
|
Net loss |
|
$ (209,880)
|
$ 760,930
|
|
|
Accumulated deficit |
|
(27,564,423)
|
|
$ (27,354,543)
|
|
Net working capital deficit |
|
374,954
|
|
|
|
Deferred revenues |
|
1,018
|
|
$ 684
|
|
Operating loss |
|
$ (174,640)
|
$ (158,066)
|
|
|
Method used for fair value of warrant granted |
|
Black Scholes pricing model
|
|
|
|
Change in derivative - convertible note |
|
$ 33,243
|
|
|
|
Derivative liability - convertible note |
|
$ 33,243
|
|
|
|
Convertible Debt Securities [Member] |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Convertible Debt |
$ 50,000
|
|
|
|
$ 60,000
|
Percentage of secured convertible debenture |
10.00%
|
|
|
|
|
Term on secured convertible debentures |
1 year
|
|
|
|
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v3.3.1.900
Furniture and Equipment (Details) - USD ($)
|
Mar. 31, 2015 |
Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
$ 207,904
|
$ 207,904
|
Less: accumulated depreciation |
$ (207,904)
|
$ (207,904)
|
Net furniture and equipment |
|
|
Computers and equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
$ 169,286
|
$ 169,286
|
Furniture and fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Subtotal |
$ 38,618
|
$ 38,618
|
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Warrant Liability (Details 1) - Warrants with ratchet provisions [Member]
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2015
$ / shares
$ / Warrant
shares
|
Dec. 31, 2014
$ / shares
$ / Warrant
shares
|
Warrant Outstanding [Roll Forward] |
|
|
Number of Warrants, Outstanding, Beginning |
3,008,511
|
3,008,511
|
Number of Warrants, Granted |
|
|
Number of Warrants, Exercised |
|
|
Number of Warrants, Canceled or expired |
|
|
Additional due to ratchet trigger |
|
|
Number of Warrants, Outstanding, Ending |
3,008,511
|
3,008,511
|
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|
|
Weighted-Average Price Per Share, Outstanding Beginning | $ / Warrant |
0.50
|
0.50
|
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|
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|
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v3.3.1.900
Warrant Liability (Details Textual) - USD ($)
|
1 Months Ended |
3 Months Ended |
Apr. 30, 2012 |
Jul. 31, 2011 |
Mar. 31, 2015 |
Mar. 31, 2014 |
Class of Warrant or Right [Line Items] |
|
|
|
|
Term of warrants expired from date of grant |
|
|
4 years
|
|
Company granted the additional shares of common stock period |
|
|
2 years
|
|
Method used for fair value of warrant granted |
|
|
Black Scholes pricing model
|
|
Loss (gain) on changes in fair market value of warrant liability |
|
|
$ 51
|
$ 948,857
|
Warrants granted during July 2011 [Member] | Common Stock |
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
Sale of common stock (in shares) |
|
35,461
|
|
|
Number of share stock called by warrants |
|
35,461
|
|
|
Exercise price of warrants (in dollars per share) |
|
$ 2.50
|
|
|
Warrants granted during April 2012 [Member] | Common Stock |
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
Sale of common stock (in shares) |
1,000,000
|
|
|
|
Number of share stock called by warrants |
1,808,511
|
|
|
|
Exercise price of warrants (in dollars per share) |
$ 0.50
|
|
|
|
Warrants granted during April 2012 [Member] | Shareholder and Brother of Chief Executive Officer [Member] | Common Stock |
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
Number of share stock called by warrants |
200,000
|
|
|
|
Exercise price of warrants (in dollars per share) |
$ 0.50
|
|
|
|
Warrants granted during April 2012 [Member] | Shareholder and Brother of Chief Executive Officer [Member] | Preferred Stock |
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
Sale of common stock (in shares) |
100,000
|
|
|
|
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Equity (Details 1) - Warrant [Member] - $ / shares
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2015 |
Dec. 31, 2014 |
Class of Warrant or Right [Line Items] |
|
|
Beginning balance |
2,000
|
29,000
|
Granted |
|
|
Exercised |
|
27,000
|
Canceled or expired |
|
|
Ending balance |
2,000
|
2,000
|
Weighted average price per share, Beginning balance |
$ 50.00
|
$ 30.07
|
Weighted average price per share, Granted |
|
|
Weighted average price per share, Exercised |
|
$ 25.00
|
Weighted average price per share, Canceled or expired |
|
|
Weighted average price per share, Ending balance |
$ 50.00
|
$ 50.00
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Equity (Details Textual) - shares
|
Oct. 08, 2012 |
Mar. 31, 2015 |
Feb. 10, 2015 |
Dec. 31, 2014 |
Dec. 19, 2013 |
Reverse split of common stock |
5,000-to-1
|
|
|
|
|
Common stock, shares authorized |
|
500,000,000
|
700,000,000
|
500,000,000
|
|
Common Stock [Member] |
|
|
|
|
|
Common stock, shares authorized |
75,000,000,000
|
|
700,000,000
|
|
100,000,000
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
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Equity (Details Textual 1) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Jul. 06, 2014 |
Jul. 03, 2014 |
May. 01, 2013 |
Mar. 18, 2015 |
Apr. 17, 2014 |
Dec. 20, 2013 |
Dec. 17, 2013 |
Sep. 23, 2013 |
Aug. 27, 2013 |
Apr. 15, 2013 |
Jan. 17, 2013 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Aggregate purchase price of common stock sold |
|
|
|
|
|
|
|
|
|
|
|
$ 620,000
|
$ 350,000
|
$ 915,000
|
Common stock shares issued in exchange of debt |
|
|
|
18,018,018
|
|
|
|
|
|
|
|
|
|
|
Common stock in exchange of debt owed by company |
|
|
|
$ 40,000
|
|
|
|
|
|
|
|
|
|
|
Security Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock sold (in shares) |
|
|
11,872,281
|
|
24,545,455
|
|
|
|
|
|
400,000
|
279,099,100
|
|
|
Aggregate purchase price of common stock sold |
|
|
|
|
|
|
|
|
|
|
$ 200,000
|
$ 620,000
|
|
|
Security Purchase Agreement [Member] | Accredited Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock sold (in shares) |
20,000,000
|
15,000,000
|
|
|
|
15,000,000
|
2,000,000
|
21,429
|
42,743
|
2,000,000
|
|
|
|
|
Aggregate purchase price of common stock sold |
$ 150,000
|
$ 200,000
|
|
|
|
$ 300,000
|
$ 40,000
|
$ 15,000
|
$ 29,920
|
$ 400,000
|
|
|
|
|
Lyle Hauser [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock sold (in shares) |
|
|
|
|
125,584,200
|
|
|
|
|
|
|
|
|
|
Lyle Hauser [Member] | Security Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock sold (in shares) |
|
|
|
|
150,129,655
|
|
|
|
|
|
|
|
|
|
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Equity (Details Textual 2) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
May. 01, 2013 |
Apr. 12, 2012 |
Apr. 10, 2012 |
Apr. 17, 2014 |
Jan. 17, 2013 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Schedule Of Equity [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock designated as Series B Convertible Preferred Stock |
|
|
|
|
|
10,000,000
|
10,000,000
|
|
Sale of common stock |
|
|
|
|
|
$ 620,000
|
$ 350,000
|
$ 915,000
|
Lyle Hauser [Member] |
|
|
|
|
|
|
|
|
Schedule Of Equity [Line Items] |
|
|
|
|
|
|
|
|
Number of stock sold (in shares) |
|
|
|
125,584,200
|
|
|
|
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Schedule Of Equity [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock designated as Series B Convertible Preferred Stock |
|
|
100,000
|
|
|
|
|
|
Liquidation preference stated value |
|
|
$ 1.00
|
|
|
|
|
|
Number of votes entitled to be cast |
|
|
0.00051%
|
|
|
|
|
|
Total percentage of number of votes entitled to be cast per share |
|
|
51.00%
|
|
|
|
|
|
Common stock for each share of Series B Preferred Stock |
|
|
2
|
|
|
|
|
|
Number of preferred stock converted |
|
100,000
|
|
|
|
|
|
|
Stock issued for debt conversion (in shares) |
|
200,000
|
|
|
|
|
|
|
Security Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
Schedule Of Equity [Line Items] |
|
|
|
|
|
|
|
|
Sale of common stock |
|
|
|
|
$ 200,000
|
$ 620,000
|
|
|
Number of stock sold (in shares) |
11,872,281
|
|
|
24,545,455
|
400,000
|
279,099,100
|
|
|
Security Purchase Agreement [Member] | Lyle Hauser [Member] |
|
|
|
|
|
|
|
|
Schedule Of Equity [Line Items] |
|
|
|
|
|
|
|
|
Number of stock sold (in shares) |
|
|
|
150,129,655
|
|
|
|
|
Security Purchase Agreement [Member] | Series B Preferred Stock [Member] | Lyle Hauser [Member] |
|
|
|
|
|
|
|
|
Schedule Of Equity [Line Items] |
|
|
|
|
|
|
|
|
Number of stock sold (in shares) |
|
100,000
|
|
|
|
|
|
|
Warrants issued to purchase common stock to the investor |
|
200,000
|
|
|
|
|
|
|
Warrants Outstanding, Exercise Price |
|
$ 0.50
|
|
|
|
|
|
|
Term of warrants |
|
4 years
|
|
|
|
|
|
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