U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One)
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended November 30, 2015
Commission File Number: 000-55140
STREAMTRACK, INC. |
(Exact name of registrant as specified in its charter) |
Wyoming | | 26-2589503 |
(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification No.) |
347 Chapala Street
Santa Barbara, California 93101
(Address of principal executive offices)
(805) 308-9151
(Registrant's telephone number, including area code)
____________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
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 x No o
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 x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer,""accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company | x |
(Do not check if a 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 o No x
At January 1, 2016, there were 3,568,519,796 shares of the Company's common stock outstanding.
TABLE OF CONTENTS
| | | Page | |
PART I |
|
Item 1. | Financial Statements | | | 3 | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operation | | | 16 | |
Item 3. | Quantitative and Qualitative Disclosure About Market Risk | | | 21 | |
Item 4. | Controls and Procedures | | | 21 | |
|
PART II |
|
Item 1. | Legal Proceedings | | | 22 | |
Item 1A. | Risk Factors | | | 22 | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | | | 22 | |
Item 3. | Defaults Upon Senior Securities | | | 22 | |
Item 4. | Mine Safety Disclosures | | | 22 | |
Item 5. | Other Information | | | 22 | |
Item 6. | Exhibits | | | 23 | |
StreamTrack, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
| | As of November 30, 2015 | | | As of August 31, 2015 | |
Assets: | | | | | | |
Current assets | | | | | | |
Cash | | $ | - | | | $ | 7,909 | |
Accounts receivable, net of allowances of $6,000 and $6,000, respectively | | | 121,940 | | | | 114,253 | |
Prepaid expenses | | | 1,842 | | | | 2,196 | |
Total current assets | | | 123,782 | | | | 124,358 | |
Property and equipment, net | | | 612,349 | | | | 660,973 | |
Other assets | | | 45,853 | | | | 56,613 | |
Total assets | | $ | 781,984 | | | $ | 841,944 | |
| | | | | | | | |
Liabilities and Stockholders' Deficit | | | | | | | | |
Current liabilities | | | | | | | | |
Account payable and accrued expenses | | $ | 1,078,478 | | | $ | 1,147,249 | |
Line of credit | | | 828,858 | | | | 610,950 | |
Derivative liabilities embedded within convertible notes payable | | | 894,974 | | | | 898,856 | |
Capital lease payable - in default | | | 54,704 | | | | 54,704 | |
Related party payables | | | 260,052 | | | | 159,660 | |
Convertible notes payable, net of discount of $16,667 and $19,794, respectively | | | 747,700 | | | | 739,798 | |
Related party convertible notes payable, net of discount of $293,500 and $0, respectively | | | 525,214 | | | | 197,850 | |
Total current liabilities | | | 4,389,980 | | | | 3,809,067 | |
Long term liabilities | | | | | | | | |
Convertible notes payable, net of discount of $128,652 and $155,249, respectively | | | 142,505 | | | | 115,907 | |
Related party convertible notes payable, net of discount of $55,479 and $442,744, respectively | | | 194,771 | | | | 428,370 | |
Total long term liabilities | | | 337,276 | | | | 544,277 | |
Total liabilities | | | 4,727,256 | | | | 4,353,344 | |
| | | | | | | | |
Series C preferred stock; $0.0001 par value; 20,000 shares authorized; 11,690 and 11,800 shares issued and outstanding as of November 30, 2015 and August 31, 2015 | | | 1,753,500 | | | | 1,770,000 | |
| | | | | | | | |
Commitments and contingencies (Note 5) | | | | | | | | |
Stockholders' Deficit: | | | | | | | | |
Series A preferred stock; $0.0001 par value; 100 shares authorized; 0 shares issued and outstanding as of November 30, 2015 and August 31, 2015 | | | - | | | | - | |
Series B preferred stock; $0.0001 par value; 200,000 shares authorized; 200,000 shares issued and outstanding as of November 30, 2015 and August 31, 2015 | | | 20 | | | | 20 | |
Common stock, $0.0001 par value; Unlimited shares authorized at November 30, 2015 and August 31, 2015; 3,568,519,796 shares issued and outstanding at November 30, 2015; 3,403,519,796 shares issued and outstanding as of August 31, 2015 | | | 356,852 | | | | 340,352 | |
Additional paid-in capital | | | 3,341,837 | | | | 3,341,837 | |
Common stock to be issued | | | 75,000 | | | | 75,000 | |
Accumulated deficit | | | (9,472,481 | ) | | | (9,038,609 | ) |
Total stockholders' deficit | | | (5,698,772 | ) | | | (5,281,400 | ) |
Total liabilities and stockholders' deficit | | $ | 781,984 | | | $ | 841,944 | |
The accompanying notes are an integral part of the condensed unaudited consolidated financial statements.
StreamTrack, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
| | For the Three Months Ended November 30, 2015 | | | For the Three Months Ended November 30, 2014 | |
Revenues: | | | | | | |
Advertising | | $ | 174,025 | | | $ | 309,108 | |
Services | | | 8,250 | | | | 11,000 | |
Total revenues | | | 182,275 | | | | 320,108 | |
| | | | | | | | |
Costs of revenues: | | | | | | | | |
Media network | | | 70,266 | | | | 105,582 | |
Depreciation and amortization | | | - | | | | 68,646 | |
Colocation services | | | 6,136 | | | | 38,334 | |
Broadcaster commissions | | | 11,530 | | | | 45,131 | |
Other costs | | | 274 | | | | 2,454 | |
Total costs of revenues | | | 88,206 | | | | 260,147 | |
| | | | | | | | |
Gross profit | | | 94,069 | | | | 59,961 | |
| | | | | | | | |
Operating expenses: | | | | | | | | |
Product development | | | 72 | | | | 8,999 | |
Officer compensation | | | 25,000 | | | | 48,000 | |
Sales and marketing (including stock compensation of $0 and $8,262, respectively) | | | 5,748 | | | | 40,849 | |
Other expenses | | | 281,495 | | | | 217,359 | |
Total operating expenses | | | 312,315 | | | | 315,207 | |
| | | | | | | | |
Loss from operations | | | (218,246 | ) | | | (255,246 | ) |
| | | | | | | | |
Other income (expense): | | | | | | | | |
Other income (expense) | | | - | | | | (26,457 | ) |
Interest expense (including accretion of debt discount of $123,489 and $122,569, respectively) | | | (219,508 | ) | | | (195,126 | ) |
Change in fair value of derivatives | | | 3,882 | | | | (4,575,975 | ) |
Total other income (expense) | | | (215,626 | ) | | | (4,797,558 | ) |
| | | | | | | | |
Loss before provision for income taxes | | | (433,872 | ) | | | (5,052,804 | ) |
| | | | | | | | |
Provision for income taxes | | | - | | | | - | |
| | | | | | | | |
Net loss | | $ | (433,872 | ) | | $ | (5,052,804 | ) |
| | | | | | | | |
Basic and diluted net loss per common share attributable to common stockholders | | $ | (0.00 | ) | | $ | (0.02 | ) |
Weighted-average number of shares used in computing basic and diluted per share amounts | | | 3,425,519,796 | | | | 294,532,882 | |
The accompanying notes are an integral part of the condensed unaudited consolidated financial statements.
StreamTrack, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| | For the Three Months Ended November 30, 2015 | | | For the Three Months Ended November 30, 2014 | |
| | | | | | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | |
Net loss | | $ | (433,872 | ) | | $ | (5,052,804 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
Depreciation and amortization | | | 77,801 | | | | 132,317 | |
Re-measurement of derivative liabilities | | | (3,882 | ) | | | 4,575,975 | |
Accretion of debt discount | | | 123,490 | | | | 122,569 | |
Stock issued for services and finance fees | | | - | | | | 23,392 | |
Changes in operating assets and liabilities: | | | | | | | | |
Accounts receivable | | | (7,687 | ) | | | 54,674 | |
Prepaid expenses | | | 354 | | | | 4,104 | |
Note receivable | | | - | | | | (2,625 | ) |
Other current assets | | | - | | | | (2,132 | ) |
Accounts payable and accrued expenses | | | (63,996 | ) | | | 23,312 | |
Related party accrued liabilities | | | 100,392 | | | | 84,557 | |
Net cash used in operating activities | | | (207,400 | ) | | | (36,661 | ) |
| | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Purchase or development of property and equipment | | | (18,417 | ) | | | (174,624 | ) |
Net cash used in investing activities | | | (18,417 | ) | | | (174,624 | ) |
| | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Proceeds from issuance of convertible promissory notes | | | - | | | | 50,000 | |
Payments on related party notes payable | | | - | | | | (25,284 | ) |
Proceeds from line of credit | | | 217,908 | | | | 15,190 | |
Payments on capital lease | | | - | | | | (4,500 | ) |
Proceeds from issuance of convertible promissory notes - related parties | | | - | | | | 152,000 | |
Net cash provided by financing activities | | | 217,908 | | | | 187,406 | |
| | | | | | | | |
Change in cash and cash equivalents | | | (7,909 | ) | | | (23,879 | ) |
Cash and cash equivalents, beginning of period | | | 7,909 | | | | 26,590 | |
Cash and cash equivalents, end of period | | $ | - | | | $ | 2,711 | |
| | | | | | | | |
Supplemental disclosures of cash flow information: | | | | | | | | |
Cash paid for interest | | $ | 5,728 | | | $ | - | |
Cash paid for income taxes | | $ | - | | | $ | - | |
| | | | | | | | |
Non cash investing and financing activities: | | | | | | | | |
Issuance of common stock for conversion of debt and accrued interest | | $ | - | | | $ | 41,942 | |
Conversion of Series C preferred stock in common stock | | $ | 16,500 | | | $ | - | |
Beneficial conversion feature recorded on convertible debt | | $ | - | | | $ | 828,864 | |
Issuance of common stock for accounts payable | | $ | - | | | $ | 63,029 | |
Increase in line of credit for facility fee | | $ | 2,500 | | | $ | - | |
The accompanying notes are an integral part of the condensed unaudited consolidated financial statements.
StreamTrack, Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)
1. Nature of Business
StreamTrack, Inc. (the "Company") is a digital media and technology services company. The Company provides audio and video streaming and advertising services through its RadioLoyaltyTM Platform (the "Platform") to over 5,000 internet and terrestrial radio stations and other broadcast content providers. The Platform consists of a web-based and mobile player that manages streaming audio and video content, social media engagement, display and video ad serving within the web player and is also capable of replacing audio ads with video ads within the web player in a live or on-demand environment. The Company offers the Platform directly to its broadcasters and integrates or white labels its technologies with web-based internet radio guides and other web-based content providers. The Company is also continuing development of Amped Fantasy and SportsAlert™, a fantasy sports product. The Company was incorporated as a Wyoming corporation on May 6, 2008.
Basis of Presentation
The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Form 10-K for year ended August 31, 2015. In the opinion of management, all adjustments necessary in order for the consolidated financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ended August 31, 2016. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, StreamTrack Media, Inc. and RadioLoyalty, Inc., California corporations. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of the Company's management, the consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company's financial position for the periods presented.
Going Concern
The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. For the three months ended November 30, 2015, the Company recorded an operating loss of $218,246 and a net loss of $433,872. As of November 30, 2015, the Company had a working capital deficit of $4,266,198, which excluding the derivative liability was $3,371,224. The net loss and negative working capital indicate substantial doubt about the entity's ability to continue as a going concern.
Management is confident but cannot guarantee that the Company will be able to raise additional capital in order to repay debts and continue operations. As of August 31, 2015, during fiscal 2016, the Company is obligated to make payments on certain operating leases, convertible debts, and a capital lease, among others. The Company's normal operating costs are also significant and include consulting fees, professional fees, product development costs and marketing and sales costs associated with management's business plan. Since inception and through the date of these financial statements, the Company has successfully raised a significant amount of capital through debt and equity offerings. The Company anticipates launching several new product offerings and initiating certain new significant partnerships during the fiscal year ending August 31, 2016. The Company anticipates those products and partnerships to be profitable but notes that it will require an unknown amount of capital for product development and commercial deployment. The Company will attempt to have its potential partners pay for the some of these costs but management cannot be certain that it will succeed in entering into such arrangements. Management may potentially make a business decision to move forward, delay, or cancel certain partnerships because of the Company's overall capital needs. Nonetheless, the ability of the Company to continue as a going concern is dependent on the successful execution of the business plan and become profitable. If the Company is unable to become profitable and sustain positive cash flow from operations, the Company could be forced to modify its business operations or possibly cease operations entirely. Management cannot provide any assurances that the Company will be successful in its operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates are used for determining the allowance for doubtful accounts, stock-based compensation, fair values of warrants to purchase common stock, derivative liabilities and income taxes. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, the Company's financial statements could be affected. In many cases, the accounting treatment of a particular transaction is specifically dictated by U.S. GAAP and does not require management's judgment in its application. There are also areas in which management's judgment in selecting among available alternatives would not produce a materially different result.
Net Loss Per Share
Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period.
Diluted net loss per share is computed by giving effect to all potential shares of common stock, including convertible debt instruments, preferred stock, restricted stock unit grants and detachable stock warrants. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential common shares outstanding would have been anti-dilutive.
Recent Accounting Pronouncements
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers", which supersedes most of the current revenue recognition requirements. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for these goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. This guidance is effective for the Company in the first quarter of fiscal year 2018 and early application is not permitted. Entities must adopt the new guidance using one of two retrospective application methods. The Company is currently evaluating the standard but does not expect it to have a material impact on our financial position, results of operations or cash flows.
In August 2014, the FASB issued ASU 2014-15, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if "conditions or events raise substantial doubt about the entity's ability to continue as a going concern." The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted.
The Financial Accounting Standards Board issues Accounting Standard Updates ("ASUs") to amend the authoritative literature in Accounting Standards Codification ("ASC"). There have been a number of ASUs to date that amend the original text of ASC. The Company believes those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company.
2. Composition of Certain Financial Statement Captions
Property and Equipment
Property and equipment consisted of the following:
| | November 30, 2015 | | | August 31, 2015 | |
| | | | | | |
Software | | $ | 1,804,397 | | | $ | 1,775,220 | |
Servers, computers, and other related equipment | | | 198,924 | | | | 198,924 | |
Leasehold improvements | | | 1,675 | | | | 1,675 | |
| | | 2,004,996 | | | | 1,975,819 | |
Less accumulated depreciation and amortization | | | (1,392,647 | ) | | | (1,314,846 | ) |
Property and equipment, net | | $ | 612,349 | | | $ | 660,973 | |
Depreciation expense totaled $77,801 and $132,317 for the three months ended November 30, 2015 and 2014, respectively. There have been no write-offs or impairments of property and equipment since the Company's inception on November 30, 2011.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following:
| | November 30, 2015 | | | August 31, 2015 | |
| | | | | | |
Accounts payable | | $ | 698,689 | | | $ | 751,129 | |
Accrued interest | | | 212,307 | | | | 184,007 | |
Accrued broadcaster commissions | | | 90,954 | | | | 92,304 | |
Accrued consulting fees | | | - | | | | - | |
Credit card | | | 76,528 | | | | 120,049 | |
Accounts payable and accrued expenses | | $ | 1,078,478 | | | $ | 1,147,489 | |
3. Fair Value
Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are required to be disclosed by level within the following fair value hierarchy:
Level 1– Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 – Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life.
Level 3 – Inputs lack observable market data to corroborate management's estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
When determining fair value, whenever possible the Company uses observable market data, and relies on unobservable inputs only when observable market data is not available. Fair-value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of November 30, 2015 and August 31, 2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, accounts receivable, prepaids, accounts payable, accrued liabilities, notes payable, and convertible notes payable. Fair values for these items were assumed to approximate carrying values because of their short term in nature or they are payable on demand.
The fair value of these financial assets and liabilities was determined using the following inputs:
| | Fair Value Measurement Using | | | | |
| | Quoted Prices in Active Markets for Identical Instruments (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | |
| | | | | | | | | | | | |
Fair values as of November 30, 2015 | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | |
Derivative liabilities | | $ | - | | | $ | 894,974 | | | | - | | | $ | 894,974 | |
| | | | | | | | | | | | | | | | |
Total liabilities measured at fair value | | $ | - | | | $ | 894,974 | | | | - | | | $ | 894,974 | |
| | | | | | | | | | | | | | | | |
Fair values as of August 31, 2015 | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Derivative liabilities | | | - | | | $ | 898,856 | | | | - | | | $ | 898,856 | |
| | | | | | | | | | | | | | | | |
Total liabilities measured at fair value | | $ | - | | | $ | 898,856 | | | | - | | | $ | 898,856 | |
The Company's derivative liabilities were classified as Level 2 within the fair value hierarchy because they were valued using significant other observable inputs. At each reporting period, the Company calculates the derivative liability using the Black-Scholes pricing model taking into account variables such as expected life, risk free interest rate, expected volatility, the fair market value of the Company's common stock and the conversion price.
4. Asset Acquisition / Disposition
Asset Acquisitions
On April 24, 2015, the Company, entered into an Asset Purchase Agreement with Lux Digital Pictures GmbH Partners ("Lux") pursuant to which, the Company issued 800 shares of Series C Convertible Preferred Stock for the rights to various domains, source codes, etc related to Lux's Sports Alert and Amped Fantasy Sports products. The Company determined the price of the Series C issued to be $120,000 based upon the conversion value of $150 worth of common stock for each share of Series C. The Company recorded the value of the asset as software within property and equipment on the accompanying consolidated balance sheets. The Company capitalized the value of the Series C as the products received were near completion and need limited modification prior to the Company placing into production. The expected life of the asset acquired was estimated to be 36 months.
5. Commitments and Contingencies
On October 23, 2013, the Superior Court in the Judicial District of Danbury, Connecticut entered an order approving the stipulation of the parties (the "Stipulation") in the matter of ASC Recap LLC ("ASC") v. StreamTrack, Inc. Under the Stipulation, the Company agreed to issue, as settlement of liabilities owed by the Company to ASC in the aggregate amount of $766,288 (the "Claim Amount"), shares of common stock (the "Settlement Shares") as follows:
(a) In one or more tranches as necessary, 3,740,000 shares of common stock (the "Initial Issuance") and an additional 200,000 shares of common stock as a settlement fee.
(b) Through the Initial Issuance and any required additional issuances, that number of shares of common stock with an aggregate value equal to (A) the sum of
(i) the Claim Amount and (ii) reasonable attorney fees and trade execution fees in the amount of $75,000, divided by (B) the Purchase Price (defined under the Stipulation as the market price (defined as the lowest closing bid price of the Company's common stock during the valuation period set forth in the Stipulation) less the product of the Discount (equal to 25%) and the market price. The parties reasonably estimated that the fair market value of the Settlement Shares and all other amounts to be received by ASC is equal to approximately $1,100,000.
(c) If at any time during the valuation period the closing bid price of the Company's common stock is below 90% of the closing bid price on the day before an issuance date, the Company will immediately cause to be issued to ASC such additional shares as may be required to effect the purposes of the Stipulation.
(d) Notwithstanding anything to the contrary in the Stipulation, the number of shares beneficially owned by ASC will not exceed 9.99% of the Company's outstanding common stock.
In connection with the Settlement Shares, the Company relied on the exemption from registration provided by Section 3(a)(10) under the Securities Act.
In connection with the settlement, during the three months ended November 30, 2014 the Company issued 105,663,000 shares of common stock to ASC in which gross proceeds of $86,421 were generated from the sale of the common shares. In connection with the transaction, ASC received fees of $23,392 and provided payments of $63,029 to settle outstanding vendor payables. There were no shares issued to ASC during the three months ended November 30, 2015. The remaining amount on the settlement of liabilities owed by the Company to ASC is in the aggregate amount of $151,290 as of November 30, 2015. The Company cannot reasonably estimate the amount of proceeds ASC expects to receive from the sale of these shares which will be used to satisfy the liabilities. Thus, the Company accounts for the transaction as the shares are sold and the liabilities are settled. All amounts are included within accounts payable. Shares which are held by ASC at each reporting period are accounted for as issued but not outstanding.
Legal Proceedings
The Company is potentially subject to various legal proceedings and claims arising in the ordinary course of its business. There are no pending legal proceedings against the Company as of the date of these financial statements.
6. Capital Lease
On March 22, 2013, the Company reached a settlement and release agreement with IBM Credit, LLC, ("IBM") the lessor associated with the Company's computer servers and software classified under capital lease. The balance owed to IBM as of March 22, 2013 was agreed to be $108,704. The Company agreed to make payments of $9,000 per month, with a final payment of $9,704 on March 1, 2014, in order to satisfy this balance. As of November 30, 2015 and August 31, 2015, the Company was in default of this agreement and the amount outstanding of $54,704 is reflected as a current liability on the accompanying consolidated balance sheets.
7. Related Party Transactions
The Company has only been operating since November 30, 2011. As a result, the Company has an extremely limited credit history. The Company's Chief Executive Officer, and the Chief Executive Officer of StreamTrack Media, Inc. (the "Executives") use their personal credit cards to fund operations on a frequent basis. If the Company did not have access to these credit cards, the Company would have to rely exclusively on external sources of capital. The Company's external sources of capital are not always readily available. As a result, in time-constrained circumstances, the use of personal credit cards is necessary until such time as the Company is able to build up its own credit-worthiness and access more readily available and significant credit.
The related party payable as of November 30, 2015 and August 31, 2015 consists of unpaid compensation and non-interest bearing cash advances and charges on personal credit lines made on behalf of the Company by the Executives. The balances owed to the Executives are not secured and are due on demand. Interest will be charged on these balances based upon effective credit card rates. During the three months ended November 30, 2014, the Executives converted a significant portion of amounts due to them for unpaid compensation and other advances to long-term convertible notes payable, see Note 8 for additional information. In addition, the Executives agreed to a temporary reduction in their annual salary from $240,000 to $50,000 per annum for the period from December 1, 2014 to December 1, 2015. As of November 30, 2015 and August 31, 2015, amounts due to these Executive related to accrued compensation and advances were $260,052 and $159,660, respectively.
See Notes 8 and 10 for additional related party transactions.
8. Debt Instruments
Asset-Based Debt Financing
On April 11, 2013, the Company executed a non-dilutive asset-based debt financing (the "Lender Financing") with a third party (the "Lender"). The Lender Financing for a line of credit, secured by all of the Company's assets. The Company's management also executed limited recourse guarantees with the Lender. Interest is payable monthly based on a floating interest rate determined based on a formula outlined in detail within the financing agreement. The Company anticipates the effective monthly interest rate charged on the outstanding balance owed to the third party will be between 3.2% and 1.1%.
On October 14, 2015, the Company executed an extension to the Lender Financing agreement whereby the maturity date has been extended to December 15, 2016 with interest calculated at 35% per annum. In the event the facility is below $650,000 prior to December 31, 2015; below $550,000 prior to March 15, 2016; and below $300,000 prior to June 15, 2016, the interest rate will be adjusted to 7% per annum.
Vendor Convertible Note
On November 1, 2012, the Company issued a convertible note for $140,000 (the "Vendor Note") to a former Vendor ("Vendor"). The Vendor Note was executed on November 1, 2012 and was immediately convertible into the Company's common stock at a 50% discount to the lowest bid price for the five days prior to the conversion date. As of August 31, 2015, the note was fully converted.
Creditor #2 Convertible Promissory Notes
In April 2014, the Creditor entered into an exchange agreement with another lender (the "Creditor #2") whereby the Creditor transferred the Creditor's notes and accrued interest to Creditor #2. In April, the Company entered into i) a note agreement for $284,560 representing amounts transferred from the Creditor; ii) two $125,000 notes in which the proceeds were received on the same date (collectively referred to as the "Creditor #2 Notes") with Creditor #2. The Creditor #2 Notes bear interest per annum at 10.0%, payable six months after the issuance date and are convertible on the date of issuance based upon based upon a 45% discount to lowest trading price, for the 15 trading days prior to conversion. As a result, the lower the stock price at the time the Creditor #2 converts the Creditor #2 Notes, the more common shares the Creditor #2 will receive. There were no conversions during the three months ended November 30, 2015 and thus the remaining principal balance was $391,242 as of November 30, 2015 and August 31, 2015.
To the extent the Creditor #2 converts the Creditor #2 Notes and then sells its common stock, the market price of the common stock may decrease due to the additional shares in the market. This could allow the Creditor #2 to receive greater amounts of common stock upon conversion. The sale of each share of common stock could further depress the stock price. Due to the floating conversion price of the notes, the Company does not know the exact number of shares that the Creditor #2 would be issued upon conversion. The shares issuable upon conversion of the Creditor #2 Notes may result in substantial dilution to the interests of the Company's other shareholders. In this regard, even though the investor may not hold shares amounting to more than 9.99% of the outstanding shares at one time, this restriction does not prevent the investor from selling some of its holdings and then receiving additional shares. In this way, the investor could sell more than the 9.99% limit while never holding more than the limit.
During the three months ended November 30, 2015, the Company amortized a discount of $62,500 to interest expense. As of August 31, 2015, the discount was fully amortized.
Creditor #3 Convertible Promissory Note
In December 2014, a convertible promissory note holder ("Holder") entered into an exchange agreement with another lender (the "Creditor #3") whereby the Holder transferred the Holder's notes and accrued interest to Creditor #3. In December 2014, the Company entered into i) a note agreement for $150,000 representing the principal amount transferred from the Holder. The Creditor #3 Note bears interest per annum at 10.0%, due on August 22, 2015 and is convertible on the date of issuance based upon based upon a 25% discount to lowest trading price, for the 5 trading days prior to conversion. As a result, the lower the stock price at the time the Creditor #3 converts the Creditor #3 Notes, the more common shares the Creditor #3 will receive. There were no conversions during the three months ended November 30, 2015 and thus the remaining principal balance was $93,350 as of November 30, 2015 and August 31, 2015.
To the extent the Creditor #3 converts the Creditor #3 Note and then sells its common stock, the market price of the common stock may decrease due to the additional shares in the market. This could allow the Creditor #3 to receive greater amounts of common stock upon conversion. The sale of each share of common stock could further depress the stock price. Due to the floating conversion price of the notes, the Company does not know the exact number of shares that the Creditor #3 would be issued upon conversion. The shares issuable upon conversion of the Creditor #3 Note may result in substantial dilution to the interests of the Company's other shareholders. In this regard, even though the investor may not hold shares amounting to more than 9.99% of the outstanding shares at one time, this restriction does not prevent the investor from selling some of its holdings and then receiving additional shares. In this way, the investor could sell more than the 9.99% limit while never holding more than the limit.
Upon issuance, the Company recorded a discount of $150,000 due to the derivative liability, as discussed below in Note 9, having a fair market value in excess of the principal amount of the convertible note. As of August 31, 2015, the discount was fully amortized.
Convertible Promissory Notes
As of November 30, 2015 and August 31, 2015, the Company has outstanding 31 convertible promissory notes issued between December 2011 and August 2015. The convertible promissory notes bear interest at either 4% or 8% per year and are due in full, including principal and interest, two-three years from the issuance date ranging from August 2014 to February 2018. The convertible promissory notes also include a conversion option whereby the holders may elect at any time to convert any portion or the entire balance into the Company's common stock at conversion prices ranging from $0.0001 to $1.25. There were transactions in which impacted the convertible notes payable during the three months ended November 30, 2015, other than the accrual of interest. As of November 30, 2015 and August 31, 2015, the balance of convertible notes payable was $1,615,120.
As of November 30, 2015 and August 31, 2015, convertible promissory notes outstanding of $1,068,964 are held by related parties. These related parties consist of the Company's officers, former officers, significant shareholders or entities controlled by these individuals. As of November 30, 2015 and August 31, 2015, $818,714 and $197,850, respectively, of these notes were included within the current portion of convertible promissory notes on the accompanying balance sheet as the note was due within one year of the balance sheet.
For some of the convertible promissory notes, the conversion feature associated with the convertible promissory notes provide for a rate of conversion that is below market value. This conversion feature is accounted for as a beneficial conversion feature. A beneficial conversion feature was recorded and classified as a debt discount on the balance sheet at the time of issuance of each convertible promissory note with a corresponding credit to additional paid-in capital.
In addition, six of the convertible promissory note purchasers were issued warrants to purchase shares of the Company's common stock. The valuation of the stock warrants and the beneficial conversion feature associated with the issuance of convertible promissory notes utilized valuation inputs and related figures provided by a professional and independent valuation firm. The Company allocated a portion of the proceeds received from the convertible promissory notes to the warrants using the relative fair value resulting in a debt discount to each convertible promissory note.
The discounts are amortized over the term of the convertible promissory note using the straight line method. The amortized value for each period is recorded as an offset against the debt discount on the balance sheet, classified as interest expense. During the three months ended November 30, 2015 and 2014, $123,490 and $122,569 of the discounts were amortized to interest expense, respectively. As of November 30, 2015, $494,298 discounts remained which will be expensed in fiscal 2016 through 2018.
Future Maturities
As of August 31, 2015, future maturities of notes payable is as follows for the years ending August 31; $957,442 current; $1,067,270 2017; and $75,000 2018. Included within those amounts due to related parties are: $197,820 current and $871,114 for 2017.
9. Derivatives
Creditor #2 Note
The Creditor #2 Notes were executed on April 15, 2014 and were immediately convertible into the Company's common stock at a 45% discount to the lowest trading price for the 15 days prior to the conversion date. As a result of the fact that the number of shares the Creditor #2 Notes was convertible into was indeterminable, the Company determined a derivative liability was embedded within the Creditor #2 Notes. The Company measured the derivative liability using the input attributes disclosed below and recorded a derivative liability of $3,158,190 as of April 15, 2014 of which $1,219,891 was included within "change in fair value of derivatives" due to a portion of the derivative liability being in excess of the $250,000 in proceeds received and $1,481,723, which included offset of $206,576 from relief of the derivative liability related to the Creditor Notes, within "Loss on extinguishment" due to extinguishment accounting on the Creditor Note transferred to Creditor #2.
On November 30, 2015, the Company re-measured the derivative liability using the input attributes below and determined the value to be $606,655 of which $44 was classified as income within "change in fair value of derivatives" and was recorded for the three months ended November 30, 2015 in the statement of operations.
| | November 30, 2015 | |
| | | |
Expected life (in years) | | | 0.50 | |
Balance of note outstanding | | $ | 391,221 | |
Stock price | | $ | 0.0001 | |
Effective conversion price | | $ | 0.00006 | |
Shares issuable upon conversion | | | 7,113,490,909 | |
Risk-free interest rate | | | 0.5 | % |
Expected volatility | | | 361.00 | % |
Expected dividend yield | | | - | % |
Creditor #3 Note
The Creditor #3 Note was immediately convertible into the Company's common stock at a 25% discount to the lowest traded price for the five days prior to the conversion date. As a result of the fact that the number of shares the Creditor #3 is convertible into is indeterminable, the Company determined a derivative liability was embedded within the Creditor #3. The Company measured the derivative liability using the input attributes disclosed below and recorded a derivative liability of $50,000 as of December 24, 2014. As a result of the valuation of the derivative liability being in excess of the value of the carrying value of Creditor #3 by $50,000, a loss on derivative liability of $50,000 was recorded by the Company.
On November 30, 2015, the Company re-measured the derivative liability using the input attributes below and determined the value to be $102,800 of which $9 was classified as income within "change in fair value of derivatives" and was recorded for the three months ended November 30, 2015 in the statement of operations.
| | November 30, 2015 | |
| | | |
Expected life (in years) | | | 0.50 | |
Balance of note outstanding | | $ | 93,350 | |
Stock price | | $ | 0.0001 | |
Effective conversion price | | $ | 0.000075 | |
Shares issuable upon conversion | | | 1,244,666,667 | |
Risk-free interest rate | | | 0.27 | % |
Expected volatility | | | 361.00 | % |
Expected dividend yield | | | - | % |
Other Notes with Adjustable Conversion Features
As discussed in Note 8, on December 24, 2014 the Company issued a $72,890 promissory note to a third party. The convertible promissory note was immediately convertible into the Company's common stock at a 10% discount to the lowest traded price for the five days prior to the conversion date. As a result of the fact that the number of shares the promissory note is convertible into is indeterminable, the Company determined a derivative liability was embedded within the promissory note. The Company measured the derivative liability using the input attributes disclosed below and recorded a derivative liability of $94,487 as of December 24, 2014. As a result of the valuation of the derivative liability being in excess of the value of the carrying value of convertible promissory note by $21,597, a loss on derivative liability of $21,597 was recorded by the Company. In addition, on March 17, 2015 the Company received an additional $41,459 in proceeds under the promissory note. On March 17, 2015, the Company recorded an additional derivative liability of $69,098, resulting in a loss on derivative liability of $27,639.
On November 30, 2015, the Company re-measured the derivative liability using the input attributes below and determined the value to be $120,684 of which $2,882 was classified as income within "change in fair value of derivatives" and was recorded for the three months ended November 30, 2015 in the statement of operations.
| | November 30, 2015 | |
| | | |
Expected life (in years) | | | 1.15 | |
Balance of note outstanding | | $ | 114,350 | |
Stock price | | $ | 0.0001 | |
Effective conversion price | | $ | 0.00009 | |
Shares issuable upon conversion | | | 1,270,555,556 | |
Risk-free interest rate | | | 0.39 | % |
Expected volatility | | | 361.00 | % |
Expected dividend yield | | | - | % |
As discussed in Note 8, on April 28, 2015 the Company issued a $56,806 promissory note to a third party. The convertible promissory note was immediately convertible into the Company's common stock at a 15% discount to the lowest traded price for the five days prior to the conversion date. As a result of the fact that the number of shares the promissory note is convertible into is indeterminable, the Company determined a derivative liability was embedded within the promissory note. The Company measured the derivative liability using the input attributes disclosed below and recorded a derivative liability of $66,831 as of April 28, 2015.
On November 30, 2015, the Company re-measured the derivative liability using the input attributes below and determined the value to be $64,837 of which $947 was classified as income within "change in fair value of derivative" and was recorded for the three months ended November 30, 2015 in the statement of operations.
| | November 30, 2015 | |
| | | |
Expected life (in years) | | | 1.42 | |
Balance of note outstanding | | $ | 56,806 | |
Stock price | | $ | 0.0001 | |
Effective conversion price | | $ | 0.00009 | |
Shares issuable upon conversion | | | 668,305,882 | |
Risk-free interest rate | | | 0.75 | % |
Expected volatility | | | 361.00 | % |
Expected dividend yield | | | - | % |
10. Stockholders' Equity
Series A Preferred Stock
Each share of Series A Preferred Stock has voting rights equal to the voting equivalent of the common stock into which it is convertible at the time of the vote. The holders of the Series A Preferred Stock are not entitled to dividends. The Series A Preferred Stock has no preferential rights to the Company's common stock and will share in any liquidation proceeds with the common stock on an as converted basis. No shares of Series A Preferred Stock are outstanding as of November 30, 2015.
Series B Preferred Stock
On October 25, 2013, the Company filed a Certificate of Designation of Series B Preferred Stock (the "Series B Certificate of Designation") with the Secretary of State of Wyoming. Pursuant to the Series B Certificate of Designation, the Company designated 200,000 shares of its blank check preferred stock as Series B Preferred Stock. The Series B Preferred Stock will rank senior to the common stock, Series A Preferred Stock and any subsequently created series of preferred stock that does not expressly rank pari passu with or senior to the Series B Preferred Stock (the "Junior Stock"). The Series B Preferred Stock will not be entitled to dividends. In the event of a liquidation, the Series B Preferred Stock will be entitled to a payment of the Stated Value of $1.00 per share prior to any payments being made in respect of the Junior Stock. Each share of Series B Preferred Stock will entitle the holder to vote on all matters voted on by holders of common stock as a single class. With respect to any such vote, each share of Series B Preferred Stock will entitle the holder to cast such number of votes equal to 0.000255% of the total number of votes entitled to be cast. Effective upon the closing of a Qualified Financing, all issued and outstanding shares of Series B Preferred Stock will automatically convert into common stock in an amount determined by dividing the product of the number of shares being converted and the Stated Value by the Conversion Price. The Conversion Price will be equal to the price per share of the common stock sold under the Qualified Financing (or, if the Qualified Financing involves the sale of securities convertible into common stock, by the conversion price of such convertible securities). A "Qualified Financing" is defined as the sale by the Company in a single offering of common stock or securities convertible into common stock for gross proceeds of at least $5,000,000.
On October 31, 2013, the Company entered into amendment, waiver and exchange agreements (the "Exchange Agreements") with Michael Hill (the Company's chief executive officer and director) and Aaron Gravitz (the Company's director). Under each Exchange Agreement, the Company issued to each of Mr. Hill and Mr. Gravitz 100,000 shares of Series B Preferred Stock in exchange for $100,000 in unpaid compensation.
Series C Preferred Stock
Effective December 29, 2014, the Company filed a Certificate of Designation of Series C Convertible Preferred Stock (the "Series C") with the Secretary of State of Wyoming. Pursuant to the Series C, the Company designated 20,000 shares of its blank check preferred stock as Series C Preferred Stock. Each share of Series C is convertible into $150 in fair market value of the Company's common stock, which fair market value will be equal to the average closing price of the common stock on the over-the-counter market during the 10 trading days immediately prior to the delivery to the Company of a conversion notice. The Series C will share in any liquidation proceeds with the common stock on an as-converted basis, will not have voting rights prior to being converted to common stock, and in the event of any payment of dividends by the Company, will be entitled to dividends on an as-converted basis with the common stock. The Company has presented the Series C outside of stockholders' equity due to the variable conversion price.
On April 24, 2015, the Company entered into an Exchange Agreement with Lux pursuant to which the Company issued 10,000 shares of its Series C in exchange for 1,495,313 shares of Company common stock tendered by Lux to the Company for cancellation. The Lux common stock was originally issued to Lux by the Company on March 12, 2013. In connection with the transaction, the Company recorded a loss on settlement of $1,499,850, which represented the difference in the fair market value of the Series C issued of $1.5 million and the common stock received of $150. See Note 4 for additional transaction with Lux.
On April 24, 2015, the Company entered into an Exchange Agreement with Mark J. Richardson ("MJR") pursuant to which the Company issued 500 shares of its Series C in exchange for 15,140 shares of Company common stock tendered by MJR to the Company for cancellation. The MJR common stock was originally issued to MJR by the Company on March 13, 2013. In connection with the transaction, the Company recorded a loss on settlement of $74,998, which represented the difference in the fair market value of the Series C issued of $75,000 and the common stock received of $2.
See below and Note 8 for discussion related to additional issuances of Series C.
Common Stock
Each share of common stock has the right to one vote per share. The holders of common stock are also entitled to receive dividends as and when declared by the board of directors of the Company, whenever funds are legally available, subject to the rights under any outstanding preferred stock.
Effective February 17, 2015, the Company filed Articles of Amendment to the Company's Articles of Incorporation with the Secretary of State of Wyoming to (i) increase the Company's authorized shares of common stock from 1,000,000,000 to an unlimited number; and (ii) allow for shareholders to take actions by the written consent of the holders of outstanding shares having not less than the minimum number of votes that would be required to authorize or take the action at a meeting at which all shares entitled to vote on the action were present and voted.
On October 26, 2015, the Company filed a Preliminary Schedule 14C Information Statement with the Securities and Exchange Commission in connection with approval by the Company's board of directors and majority stockholders of an amendment the Articles of Incorporation to: (i) change the Company's name from StreamTrack, Inc. to Total Sports Media, Inc., (ii) effect a 1-for 800 reverse split of the Company's common stock and (iii) decrease the authorized number of shares of common stock from an unlimited number to 40,000,000. The amendment will be effective upon filing with the Secretary of State of Wyoming, which the Company anticipates to occur approximately, but not less than, 20 days after the definitive information statement is mailed to stockholders.
During the three months ended November 30, 2015, 110 shares of Series C with a value of $16,500 were converted into 165,000,000 shares of common stock.
Detachable Stock Warrants
On April 27, 2015, the Company entered into an Investment Agreement with RTV Media Corp. ("RTV") pursuant to which RTV initially invested $75,000 into the Company in consideration for $75,000 of worth of warrants at an exercise price of $0.0001 to purchase the common stock of the Company. Upon exercise, RTV has up to five years to exercise the warrants. In addition, RTV agreed to invest up to an additional $425,000 of capital into the Company in consideration for which additional warrants will be granted upon investment. The Company has accounted for the warrants as common stock to be issued as there are no provisions within the agreement in which will require the Company to return the capital provided.
As of November 30, 2015, the Company has a total of 225,000 detachable stock warrants outstanding. The warrants have a three-year term and are exercisable into the Company's common stock at an exercise price of $0.41 per share.
11. Subsequent Events
In accordance with ASC 855-10, we have analyzed our operations subsequent to January 19, 2016 to the date of these financial statements were issued, and have determined that we do not have any material subsequent events to disclose in these financial statements other than the events discussed below.
Subsequent to November 30, 2015, 630,000,000 shares of common stock were issued in connection with the conversion of 420 shares of preferred stock.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in this report and those in our Form 10-K for the fiscal year ended August 31, 2015 filed with the Securities and Exchange Commission December 15, 2015 and all subsequent filings.
Overview
StreamTrack, Inc. ("StreamTrack," or the "Company") is a digital media and technology services company. The Company provides audio and video streaming and advertising services through the RadioLoyaltyTM Platform (the "Platform") to a global group of over 5,000 internet and terrestrial radio stations and other broadcast content providers. We also developing Robot Fruit, which is intended to be a powerful marketing tool that combines a mobile app creation platform, customer loyalty program, and content management system into an instant and measurable marketing engine for businesses. The Company is also continuing development of StreamTrak, designed to enable fans, artists, bands, music publishers and record labels to distribute, discover, create and share content.In addition, the Company through ampedfantasy.com has entered the rapidly growing daily fantasy sports industry. The Amped Fantasy brand will offer diverse contests to attract fans of all kinds. The mobile and web offering which is under development will include, but not be limited to free and paid daily, weekly, pick'em, salary cap, flex or customized roster and guaranteed prize or payout contests. Fantify which is under development, is a fully customizable daily fantasy sports and private label fantasy sports technology platform. Once venues signup for Fantify and setup a contest, they invite new or existing customers, and award prizes. It will be free to play for customers to win prizes, compete against friends and others, feel closer to the real life game, and all with no season-long commitment. Through sportsalert.com the Company owns a subscriber based alert system for various sports with over 100,000 registered users. Users can choose whether they want score updates sent to their mobile phone or email, customizable by sport and events.
Our streaming business model is focused on the following core principles:
| 1. | We barter with audio content providers, namely internet and terrestrial radio stations, to obtain control and management of their desktop advertising opportunity ("Ad Inventory"). We also routinely purchase any Ad Inventory the content providers have not previously transferred to us by barter. |
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| 2. | In exchange for the Ad Inventory, we pay for all internet and mobile streaming costs associated with the broadcaster's content that is streamed through our platform. We barter in order to scale our business. The end result of the barter is that we aggregate Ad Inventory from broadcasters that management believes can reach substantial size while maintaining a primarily fixed cost structure for our hardware, content delivery, labor and other costs, respectively. |
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| 3. | We re-broadcast original audio broadcast content through the Platform in a streaming media format in desktop and mobile environments. By re-broadcasting we ensure that we do not pay any royalties. Royalties are the responsibility of our broadcasters. This is a substantial advantage for us as many of our competitors pay royalties of up to 70% of revenues generated from licensed broadcast content. |
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| 4. | We serve advertisements ("Ads") within the Platform in audio, display and video formats in a desktop environment and display ads in a mobile environment using our RadioLoyaltyTM Apps. |
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| 5. | Ads are served by our automated systems based on geography and demographics data, among others. |
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| 6. | The primary technology that makes our Platform unique in the industry is that we are able to re-broadcast audio content with geographically targeted Ads that replace Ads served within an original broadcast targeting a listener in a certain geography. By having this capability we can also choose to replace audio Ads that do not generate as high of Ad revenues with video-based Ads that generate much higher Ad revenues. In effect, we make the broadcaster's original broadcast capable of delivering Ads that are geographically targeted throughout a global broadcast marketplace while also utilizing video Ads and our proprietary video in-stream technology to increase advertising rates. |
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| 7. | All of our primary technology that supports the Platform is automated and capable of operating in a live environment. Audio content is streamed, Ads are targeted and served, audio Ads are replaced as needed and video Ads replace audio Ads, as desired and when possible. |
Advertising revenue constitutes the majority of our total revenue, representing 95.5% of total revenue for the three months ended November 30, 2015. We anticipate this trend will continue and our revenues will be generated primarily from advertising. Our advertising revenue for the three months ended November 30, 2015 was almost entirely derived from advertising delivered on desktop devices.
We deliver content on mobile devices through our RadioLoyaltyTM app but we do not currently generate significant mobile advertising revenues. Management believes that mobile advertising represents an opportunity for the Company in the coming years and on an ongoing basis. Management expects the mobile advertising market will grow at substantial rates in the coming years. However, many challenges exist in this market. We believe these challenges will be solved primarily with new technologies. We believe our current technologies and other technology under development will solve some of these challenges. By solving these challenges we will be able to monetize the mobile listenership we are growing today.
In June 2015, the Company received an Office Action where the examiner laid out new grounds of rejection addressed to the new claim language from our previous amendment to U.S. App No.: 12/146,922 - WATCH THIS - RAD-00330. Claims 20, 22-27, 36, and 38-43 were rejected under 35 U.S.C. 103(a) as being unpatentable over US 2006/0089843 filed 10/26/2004 by Flather in view of US 2008/0307454 filed 6/6/08 by Ahanger et al in view of US 2008/0109844 filed 11 /2/06 by Baldeschwieler et al. in view of US 2013/0061262 with priority to 1 /30/0S, filed by Briggs et al. The Company had until June 19, 2015 to respond to this decision, and while the Company believes that its claims are patentable, it choose not to pursue the claims further because it would have been cost prohibitive.
The Company is exploring alternative options as it relates to the WatchThis brand and technology. While the USPTO has rejected our claims put forth, management believes that the viability of the technology is still feasible. Currently we have stopped development of this product until management identifies all of the options that are available for the business to potentially pursue.
In November 2013, we completed an asset purchase of RobotFruit, a mobile loyalty and application platform. Robot Fruit provides a complete SAAS based mobile platform for publishers and content owners to directly sell their mobile web and in-app ad inventory on leading mobile devices. The platform is a self-service mobile loyalty and development platform that has an easy to use interface which enables station owners, content owners, business owners, artists and bands to quickly deploy in HTML5, native iOS and Android based application environments. We anticipate making the technology available to broadcasters, content owners and artists in the coming months.
In April 2015, we completed an asset purchase of Amped Fantasy and SportsAlert™, a daily fantasy sports and alert platform. Amped Fantasy provides a complete daily fantasy sports web based platform where players compete to win cash and prizes. The platform is designed with an easy to use interface which enables players to compete across all major professional sports events. SportsAlert is an alert messaging platform that allows subscribers to obtain current stats and scores relating to teams or individual players performances. The daily fantasy sports industry is experiencing rapid growth. Traditional fantasy sports games have been an integral part of the sports industry for decades. Now, the rapidly expanding "daily fantasy" or "DFS" industry is quickly becoming the new alternative with sports fans. Industry leaders have reported annual growth of daily fantasy sports of close to 300% over the past several years, with in excess of 40 million active players. According to the Fantasy Sports Trade Association (FSTA), daily fantasy sports revenue in 2014 was around $1 billion and is projected to grow to $17 billion by 2020. With endorsements by professional sports organizations including the NFL, MLB, and NBA along with credible media outlets and organizations including Yahoo!, CBS, Rotowire, and more, daily fantasy sports is quickly becoming commonplace. We believe there is a large and growing market opportunity for our AmpedFantasy, Fantify, and SportsAlert products.
The Company received a Final Office Action rejecting the company's claims to U.S. App No.: 13/559,503 - Ads with Media Streams - RAD-0045. The Company plans to submit a response to this rejection and file an appeal.
Key Metrics:
We track listener hours because we believe it is the best key indicator of the growth of our Platform business. Revenues from advertising through our Platform represented substantially all of our revenues for the six months ended November 30, 2015. We also track the number of active users on our Platform as well as the RadioLoyaltyTM app as indicators of the size and quality of our audience, which are particularly important to potential advertisers.
We calculate actual listener hours using our internal analytics systems. Some of our competitors do not always calculate their listener hours in the same way we do. As a result, their stated listener hours may not represent a truly comparable figure.
Player launches are defined as the number of individual times the UniversalPlayer™ was launched.
Registered users are defined as the number of users who have signed up for an account with us in order to access our broadcasters' content and to earn loyalty points. The number of registered users may overstate the number of actual unique individuals who have signed up for an account with us in order to earn loyalty points, as an individual may register for, and use, multiple accounts under unique registration information. This is in breach of our terms and conditions but we may not be able to effectively manage and authenticate registration information in order to ensure each user is a unique individual. We define registered users as those who have signed up with us to receive loyalty points. We calculate this by the number of submissions we receive from users signing up for our loyalty service.
We calculate listener hours as follows. When the UniversalPlayer TM is launched a session is created - this is considered the listener's start time. At one minute following the launch of the UniversalPlayerTM, we record 1 minute of listening time. If a session lasts between 1 and 59 seconds, we record 30 seconds of listening time. At ten-minute intervals following the session being created, we count each 10 minute period as listening time. So for example, if a user launched the UniversalPlayer TM at 11:00am, we will recognize 1 minute of listening time at 11:01, then 10 minutes of listening time at 11:10, 20 minutes at 11:20, etc.
Stations are defined as the total of all stations created by broadcasters that utilize the Platform. A single broadcaster may create many stations and these stations may be active or inactive.
Events are user interactions such as a 10 minute interval, clicking song like/dislike, sharing what they are listening to, checking the news through our news app in the player, etc. The last event we see for the user is considered the end of their session. We then take that time minus the time the session started to determine how long the session is. So for example, if a user launched the UniversalPlayer TM at 11am, and liked a song at 11:07am, but exited the player at 11:09am, we would recognize 7 minutes of listening.
Comparison of the Three months ended November 30, 2015 and November 30, 2014
| | For the Three Months Ended November 30, 2015 | | | For the Three Months Ended November 30, 2014 | |
| | | | | | | | |
Revenue: | | | | | | | | |
Advertising | | $ | 174,025 | | | $ | 309,108 | |
Services | | | 8,250 | | | | 11,000 | |
Total revenue | | $ | 182,275 | | | $ | 320,108 | |
Revenues for the three months ended November 30, 2015 and 2014, totaled $182,275 and $320,108 respectively. The period over period decline can be attributed to several factors. Video revenue decreased for the three month period year over year by $49,378 attributable to overall industry technical changes and ad related errors including Vpaid errors, ad response times, increased latency, creative errors and creative load time. Tighter buying criteria by Customers as a result of quality scoring from companies such as Integral Ad Science and ForensIQ also reduced buys from some Customers. Display revenue decreased for the three month period year over year by $86,395. Listening hours decreased for the three month period year over year by about 28.1%, also contributing to the decline in revenue.
| | For the Three Months Ended November 30, 2015 | | | For the Three Months Ended November 30, 2014 | |
| | | | | | |
Costs of revenues: | | | | | | |
Media network | | $ | 70,266 | | | $ | 105,582 | |
Depreciation and amortization | | | - | | | | 68,646 | |
Colocation services | | | 6,136 | | | | 38,334 | |
Broadcaster commissions | | | 11,530 | | | | 45,131 | |
Other | | | 274 | | | | 2454 | |
Total costs of revenue | | $ | 88,206 | | | $ | 260,147 | |
Costs of revenues for the three months ended November 30, 2015 and 2014 totaled $88,206 and $260,147, respectively. We incurred substantial media network costs associated with the distribution of our content across a variety of advertising networks. Our costs of distributing our content will proportionally decrease dramatically as we reach scale. Amortization of the software that powers the Platform accounted for the majority of the depreciation recorded during 2014. In order to operate the RadioLoyaltyTM online broadcasting platform, RadioLoyaltyTM mobile and tablet apps and our ad-serving technologies, we require substantial computing power, hosting and streaming hosting. We operate a technology center at our offices in Santa Barbara, California as well as utilize ASW's cloud. We refer to these costs as colocation services. Our advertising sales arrangements with over 5,000 RadioLoyaltyTM stations facilitate us paying the broadcasters a monthly revenue sharing fee or license fee in exchange for advertising inventory around their content and listenership. We refer to these costs as broadcaster commissions in the event that we purchase the ad inventory. Other costs of sales include depreciation associated with the computer servers at our two colocation facilities, streaming costs, adserving costs, and various application technologies that support our primary product offerings.
| | For the Three Months Ended November 30, 2015 | | | For the Three Months Ended November 30, 2014 | |
Operating expenses | | | | | | |
Product development | | $ | 72 | | | $ | 8,999 | |
Officer compensation | | | 25,000 | | | | 48,000 | |
Sales and marketing | | | 5,748 | | | | 40,849 | |
Other | | | 281,495 | | | | 217,359 | |
Total operating expenses | | $ | 312,315 | | | $ | 315,207 | |
Operating expenses for the three months ended November 30, 2015 and 2014 totaled $312,315 and $315,207, respectively. We have a broad-based business strategy to acquire more broadcasters directly, enter into joint ventures, revenue sharing arrangements or similar contracts with internet radio station guides (aggregators), and consider mergers and acquisition targets on an ongoing basis. Product development costs were associated with continuing improvements to the software and related infrastructure for our primary product offering as well as development work on our online product portfolio including the Robot Fruit, StreamTrak, Amped Fantasy, Fantify, SportsAlert and mobile technology. We expect these costs to increase in the current fiscal year. Marketing and sales costs included compensation for our sales staff and various internet marketing-related costs. Rents were primarily related to three leases we are obligated under for our Santa Barbara, California office. Officer compensation related to a variety of accruals to the two primary executives that operate our business. Other operating costs include telecom, depreciation, utilities, travel and entertainment and various other costs of doing business.
| | For the Three Months Ended November 30, 2015 | | | For the Three Months Ended November 30, 2014 | |
Other income (expenses) | | | | | | |
Other income (expense) | | $ | - | | | $ | (26,457 | ) |
Interest expense | | | (96,019 | ) | | | (72,557 | ) |
Interest expense – accretion | | | (123,489 | ) | | | (122,569 | ) |
Loss on settlements | | | - | | | | - | |
Change in fair value of derivatives | | | 3,882 | | | | (4,575,975 | |
Total other income (expenses) | | $ | (215,626 | ) | | $ | (4,797,558 | ) |
Other (expense) income for the three months ended November 30, 2015 and 2014, totaled $(215,626) and $(4,797,558), respectively. We incurred interest expense calculated on our convertible promissory notes and fees charged by the provider of our factoring line of credit, among others. We recorded the accretion of various debt discounts associated with our convertible promissory notes. The accretion is a result of the amortization of the debt discounts associated with the convertible promissory notes over the term of the convertible promissory notes. As a result of the derivative classification regarding the beneficial conversion feature on some of our convertible notes, the derivative liabilities have to be re-measured as of each reporting date. For the three months ended November 30, 2015 and 2014, the re-measurement resulted in a gain (loss) on change in fair value of derivative liabilities of $3,882 and $4,575,975, respectively. During the three months ended November 30, 2014, the Company's stock price decreased substantially from August 31, 2014 which impacted the valuation of the derivative liabilities.
We did not generate taxable profits for the three months ended November 30, 2015 and 2014, respectively. As a result, no provision for income taxes was recorded during either period.
Liquidity and Capital Resources
As of November 30, 2015 we had cash totaling $0. We had net a working capital deficit of $4,266,198 as of November 30, 2015, compared to a net working capital deficit of $3,684,709 as of August 31, 2015. Our principal uses of cash during the three months ending November 30, 2015 were funding our operations.
Going Concern
The Company's consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. For the three months ended November 30, 2015, the Company recorded an operating loss of $218,246 and a net loss of $433,872. As of November 30, 2015, the Company had a working capital deficit of $4,266,198, which excluding the derivative liability was $3,371,224, indicating substantial doubt regarding the Company's ability to continue as a going concern.
Management is confident but cannot guarantee that the Company will be able to raise in order to repay debts and continue operations. During the year ending August 31, 2016, the Company is obligated to make payments on certain operating leases, convertible debts, and a capital lease, among others. The Company's normal operating costs are also significant and include consulting fees, professional fees, product development costs and marketing and sales costs associated with management's business plan. Additionally, the Company is currently in default on its capital lease. If the Company defaults on this capital lease, the lessor may decide to take back its equipment. The Company has replaced its use of the equipment with ASW's cloud so if the lessor decides to take back its equipment the impact operational impact would be minimal. Since inception and through November 30, 2015, the Company has successfully raised a significant amount of capital. However, the ability of the Company to continue as a going concern is dependent on the successful execution of the business plan in order to become profitable. If the Company is unable to become profitable or sustain its cash flow, the Company could be forced to modify its business operations or possibly cease operations entirely. Management cannot provide any assurances that the Company will be successful in its operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Working Capital Related Party Financing
The Company has only been operating since November 30, 2011. As a result, the Company has an extremely limited credit history. The Company's Chief Executive Officer, and the Chief Executive Officer of StreamTrack Media, Inc. use their personal credit cards to fund operations on a frequent basis. If the Company did not have access to these credit cards, the Company would have to rely exclusively on external sources of capital. The Company's external sources of capital are not always readily available. As a result, in time-constrained circumstances, the use of personal credit cards is necessary until such time as the Company is able to build up its own credit-worthiness and access more readily available and significant credit.
Capital Expenditures
Based on current estimates, we believe that our anticipated capital expenditures will be adequate to implement our current plans.
Historical Trends
The following table summarizes our cash flow data for the three months ended November 30, 2015 and 2014.
| | For the Three MonthsEnded November 30, 2015 | | | For the Three MonthsEnded November 30, 2014 | |
| | | | | | |
Net cash provided by (used in) operating activities | | $ | (207,400 | ) | | $ | (36,661 | ) |
Net cash used in investing activities | | | (18,417 | ) | | | (174,624 | ) |
Net cash provided by financing activities | | | 217,908 | | | | 187,406 | |
Cash flow used by operating activities totaled $207,400 for the three months ended November 30, 2015, compared to $36,661 used for the three months ended November 30, 2014. Operating cash flow was negative as we continued operations and a focused effort on product development and efforts towards certain potential significant partnerships with third parties within the digital media industry.
Cash flow used in investing activities totaled $18,417 for the three months ended November 30, 2015, compared to $174,624 for the three months ended November 30, 2014. The decrease in cash used in investing activities relates to internally developed products in which we have slowed the development on due to our cash flow limitations.
Cash flow provided by financing activities totaled $217,908 for the three months ended November 30, 2015, compared to $187,406 for the three months ended November 30, 2014. We raised substantial capital through the issuance of convertible promissory notes, net proceeds from the line of credit, and advances from related our primary executive officers during the three months ended November 30, 2015 and 2014, respectively.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK..
Not required for a smaller reporting company.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
For purposes of this section, the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the 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 in our reports filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, 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 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 which also are 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 Controls over Financial Reporting
There has not been any changes in our internal controls over financial reporting during the period covered by this report 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
The Company is not party to any legal proceeding.
ITEM 1A. RISK FACTORS.
Not required for a smaller reporting company.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS
(a) Exhibits:
Number | | Description |
| | |
31.1 | | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| | |
32.1 | | Certification of Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | | XBRL Instance Document |
| | |
101.SCH | | XBRL Taxonomy Extension Schema Document |
| | |
101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document |
| | |
101.DEF | | XBRL Taxonomy Extension Definition Linkbase Document |
| | |
101.LAB | | XBRL Taxonomy Extension Label Linkbase Document |
| | |
101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document |
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.
| STREAMTRACK, INC. | |
| | | |
Date: January 19, 2016 | By: | /s/ Michael Hill | |
| Name: | Michael Hill | |
| Title: | Chairman of the Board of Directors, Chief Executive Officer, President, and Chief Financial Officer (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer) | |
24
EXHIBIT 31.1
CERTIFICATION
I, Michael Hill, certify that:
1. | I have reviewed this report on Form 10-Q of StreamTrack, 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. |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (of 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 small business issuer's internal control over financial reporting. |
Dated: January 19, 2016 | By: | /s/ Michael Hill | |
| | Michael Hill | |
| | Chief Executive Officer and Chief Financial Officer (Principal Executive and 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 StreamTrack, Inc. (the "Company") on Form 10-Q for the period ending November 30, 2015 (the "Report") I, Michael Hill, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:
| (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. |
Dated: January 19, 2016 | By: | /s/ Michael Hill | |
| | Michael Hill | |
| | Chief Executive Officer and Chief Financial Officer (Principal Executive and Financial Officer) | |
This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
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Condensed Consolidated Balance Sheets - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Current assets: |
|
|
Cash |
|
$ 7,909
|
Accounts receivable, net of allowances of $6,000 and $6,000, respectively |
$ 121,940
|
114,253
|
Prepaid expenses |
1,842
|
2,196
|
Total current assets |
123,782
|
124,358
|
Property and equipment, net |
612,349
|
660,973
|
Other assets |
45,853
|
56,613
|
Total assets |
781,984
|
841,944
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
1,078,478
|
1,147,249
|
Line of credit |
828,858
|
610,950
|
Derivative liability embedded within convertible note payable |
894,974
|
898,856
|
Capital lease payable - in default |
54,704
|
54,704
|
Related party payable |
260,052
|
159,660
|
Convertible notes payable, net of discount of $16,667 and $19,794, respectively |
747,700
|
739,798
|
Related party convertible notes payable, net of discount of $293,500 and $0, respectively |
525,214
|
197,850
|
Total current liabilities |
4,389,980
|
3,809,067
|
Long term liabilities |
|
|
Convertible notes payable, net of discount of $128,652 and $155,249, respectively |
142,505
|
115,907
|
Related party convertible notes payable, net of discount of $55,479 and $442,744, respectively |
194,771
|
428,370
|
Total long term liabilities |
337,276
|
544,277
|
Total liabilities |
4,727,256
|
4,353,344
|
Series C preferred stock; $0.0001 par value; 20,000 shares authorized; 11,690 and 11,800 shares issued and outstanding as of November 30, 2015 and August 31, 2015 |
$ 1,753,500
|
$ 1,770,000
|
Commitments and contingencies (note 5) |
|
|
Stockholders' Deficit: |
|
|
Series A preferred stock; $0.0001 par value; 100 shares authorized; 0 shares issued and outstanding as of November 30, 2015 and August 31, 2015 |
|
|
Series B preferred stock; $0.0001 par value; 200,000 shares authorized; 200,000 shares issued and outstanding as of November 30, 2015 and August 31, 2015 |
$ 20
|
$ 20
|
Common stock, $0.0001 par value; Unlimited shares authorized at November 30, 2015 and August 31, 2015; 3,568,519,796 shares issued and outstanding at November 30, 2015; 3,403,519,796 shares issued and outstanding as of August 31, 2015 |
356,852
|
340,352
|
Additional paid-in capital |
$ 3,341,837
|
$ 3,341,837
|
Common stock to be issued |
75,000
|
75,000
|
Accumulated deficit |
$ (9,472,481)
|
$ (9,038,609)
|
Total stockholders' deficit |
(5,698,772)
|
(5,281,400)
|
Total liabilities and stockholders' deficit |
$ 781,984
|
$ 841,944
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Assets |
|
|
Accounts receivable, net of allowances |
$ 6,000
|
$ 6,000
|
Current liabilities: |
|
|
Convertible notes payable, net of discount |
16,667
|
19,794
|
Related party convertible notes payable, net of debt discount |
293,500
|
0
|
Long term liabilities |
|
|
Convertible notes payable, net of discount |
128,652
|
155,249
|
Related party convertible promissory notes, net of debt discount |
$ 55,479
|
$ 442,744
|
Stockholders' deficit: |
|
|
Preferred stock series C, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock series C, Authorized |
20,000
|
20,000
|
Preferred stock series C, Issued |
11,690
|
11,800
|
Preferred stock series C, outstanding |
11,690
|
11,800
|
Preferred stock series A, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock series A, Authorized |
100
|
100
|
Preferred stock series A, Issued |
0
|
0
|
Preferred stock series A, outstanding |
0
|
0
|
Preferred stock series B, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock series B, Authorized |
200,000
|
200,000
|
Preferred stock series B, Issued |
200,000
|
200,000
|
Preferred stock series B, outstanding |
200,000
|
200,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, Authorized |
|
|
Common stock, Issued |
3,568,519,796
|
3,403,519,796
|
Common stock, outstanding |
3,568,519,796
|
3,403,519,796
|
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v3.3.1.900
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Revenue |
|
|
Advertising |
$ 174,025
|
$ 309,108
|
Services |
8,250
|
11,000
|
Total revenue |
182,275
|
320,108
|
Costs of revenues: |
|
|
Media network |
$ 70,266
|
105,582
|
Depreciation and amortization |
|
68,646
|
Colocation services |
$ 6,136
|
38,334
|
Broadcaster commissions |
11,530
|
45,131
|
Other costs |
274
|
2,454
|
Total costs of revenues |
88,206
|
260,147
|
Gross profit |
94,069
|
59,961
|
Operating expenses |
|
|
Product development |
72
|
8,999
|
Officer compensation |
25,000
|
48,000
|
Sales and marketing (including stock compensation of $0 and $8,262, respectively) |
5,748
|
40,849
|
Other expenses |
281,495
|
217,359
|
Total operating expenses |
312,315
|
315,207
|
Loss from operations |
$ (218,246)
|
(255,246)
|
Other income (expense): |
|
|
Other income (expense) |
|
(26,457)
|
Interest expense (including accretion of debt discount of $123,489 and $122,569, respectively) |
$ (219,508)
|
(195,126)
|
Change in fair value of derivatives |
3,882
|
(4,575,975)
|
Total other income (expense) |
(215,626)
|
(4,797,558)
|
Loss before provision for income taxes |
$ (433,872)
|
$ (5,052,804)
|
Provision for income taxes |
|
|
Net loss |
$ (433,872)
|
$ (5,052,804)
|
Basic and diluted net loss per common share attributable to common stockholders |
$ (0.00)
|
$ (0.02)
|
Weighted-average number of shares used in computing basic and diluted per share amounts |
3,425,519,796
|
294,532,882
|
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (433,872)
|
$ (5,052,804)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
77,801
|
132,317
|
Re-measurement of derivative liabilities |
(3,882)
|
4,575,975
|
Accretion of debt discount |
$ 123,490
|
122,569
|
Stock issued for services and finance fees |
|
23,392
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
$ (7,687)
|
54,674
|
Prepaid expenses |
$ 354
|
4,104
|
Note receivable |
|
(2,625)
|
Other current assets |
|
(2,132)
|
Accounts payable and accrued expenses |
$ (63,996)
|
23,312
|
Related party accrued liabilities |
100,392
|
84,557
|
Net cash used in operating activities |
(207,400)
|
(36,661)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase or development of property and equipment |
(18,417)
|
(174,624)
|
Net cash used in investing activities |
$ (18,417)
|
(174,624)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from issuance of convertible promissory notes |
|
50,000
|
Payments on related party notes payable |
|
(25,284)
|
Proceeds from line of credit |
$ 217,908
|
15,190
|
Payments on capital lease |
|
(4,500)
|
Proceeds from issuance of convertible promissory notes - related parties |
|
152,000
|
Net cash provided by financing activities |
$ 217,908
|
187,406
|
Change in cash and cash equivalents |
(7,909)
|
(23,879)
|
Cash and cash equivalents, beginning of period |
$ 7,909
|
26,590
|
Cash and cash equivalents, end of period |
|
$ 2,711
|
Supplemental disclosures of cash flow information |
|
|
Cash paid for interest |
$ 5,728
|
|
Cash paid for income taxes |
|
|
Non cash investing and financing activities: |
|
|
Issuance of common stock for conversion of debt and accrued interest |
|
$ 41,942
|
Conversion of Series C preferred stock in common stock |
$ 16,500
|
|
Beneficial conversion feature recorded on convertible debt |
|
$ 828,864
|
Issuance of common stock for accounts payable |
|
$ 63,029
|
Increase in line of credit for facility fee |
$ 2,500
|
|
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v3.3.1.900
Nature of Business
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 1 - Nature of Business |
StreamTrack, Inc. (the
"Company") is a digital media and technology services company. The Company provides audio and video streaming and advertising
services through its RadioLoyaltyTM Platform (the "Platform") to over 5,000 internet and terrestrial radio stations and
other broadcast content providers. The Platform consists of a web-based and mobile player that manages streaming audio and video
content, social media engagement, display and video ad serving within the web player and is also capable of replacing audio ads
with video ads within the web player in a live or on-demand environment. The Company offers the Platform directly to its broadcasters
and integrates or white labels its technologies with web-based internet radio guides and other web-based content providers. The
Company is also continuing development of Amped Fantasy and SportsAlert, a fantasy sports product. The Company was incorporated
as a Wyoming corporation on May 6, 2008.
Basis of Presentation
The accompanying interim
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction
with the audited financial statements and notes thereto contained in the Company's Form 10-K for year ended August 31, 2015. In
the opinion of management, all adjustments necessary in order for the consolidated financial statements to be not misleading have
been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected
for the full year ended August 31, 2016. The consolidated financial statements include the accounts of the Company and its wholly-owned
subsidiaries, StreamTrack Media, Inc. and RadioLoyalty, Inc., California corporations. All intercompany balances and transactions
have been eliminated in consolidation. In the opinion of the Company's management, the consolidated financial statements include
all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company's financial
position for the periods presented.
Going Concern
The Company's financial
statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern,
which contemplates the realization of assets and liquidation of liabilities in the normal course of business. For the three months
ended November 30, 2015, the Company recorded an operating loss of $218,246 and a net loss of $433,872. As of November 30, 2015,
the Company had a working capital deficit of $4,266,198, which excluding the derivative liability was $3,371,224. The net loss
and negative working capital indicate substantial doubt about the entity's ability to continue as a going concern.
Management is confident
but cannot guarantee that the Company will be able to raise additional capital in order to repay debts and continue operations.
As of August 31, 2015, during fiscal 2016, the Company is obligated to make payments on certain operating leases, convertible debts,
and a capital lease, among others. The Company's normal operating costs are also significant and include consulting fees, professional
fees, product development costs and marketing and sales costs associated with management's business plan. Since inception
and through the date of these financial statements, the Company has successfully raised a significant amount of capital through
debt and equity offerings. The Company anticipates launching several new product offerings and initiating certain new significant
partnerships during the fiscal year ending August 31, 2016. The Company anticipates those products and partnerships to be profitable
but notes that it will require an unknown amount of capital for product development and commercial deployment. The Company will
attempt to have its potential partners pay for the some of these costs but management cannot be certain that it will succeed in
entering into such arrangements. Management may potentially make a business decision to move forward, delay, or cancel certain
partnerships because of the Company's overall capital needs. Nonetheless, the ability of the Company to continue as a going concern
is dependent on the successful execution of the business plan and become profitable. If the Company is unable to become profitable
and sustain positive cash flow from operations, the Company could be forced to modify its business operations or possibly cease
operations entirely. Management cannot provide any assurances that the Company will be successful in its operations. The accompanying
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Use of Estimates
The preparation of financial
statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the
reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the
reported amounts of revenue and expenses during the periods presented. Estimates are used for determining the allowance for doubtful
accounts, stock-based compensation, fair values of warrants to purchase common stock, derivative liabilities and income taxes.
To the extent there are material differences between these estimates, judgments, or assumptions and actual results, the Company's
financial statements could be affected. In many cases, the accounting treatment of a particular transaction is specifically dictated
by U.S. GAAP and does not require management's judgment in its application. There are also areas in which management's judgment
in selecting among available alternatives would not produce a materially different result.
Net Loss Per Share
Basic net loss per share
is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period.
Diluted net loss per
share is computed by giving effect to all potential shares of common stock, including convertible debt instruments, preferred stock,
restricted stock unit grants and detachable stock warrants. Basic and diluted net loss per share was the same for each period presented
as the inclusion of all potential common shares outstanding would have been anti-dilutive.
Recent Accounting
Pronouncements
In May 2014, the FASB
issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers", which supersedes most of the
current revenue recognition requirements. The core principle of the new guidance is that an entity should recognize revenue to
depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for these goods or services. New disclosures about the nature, amount, timing and uncertainty
of revenue and cash flows arising from contracts with customers are also required. This guidance is effective for the Company in
the first quarter of fiscal year 2018 and early application is not permitted. Entities must adopt the new guidance using one of
two retrospective application methods. The Company is currently evaluating the standard but does not expect it to have a material
impact on our financial position, results of operations or cash flows.
In August 2014, the FASB
issued ASU 2014-15, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial
statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as
a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if
"conditions or events raise substantial doubt about the entity's ability to continue as a going concern." The ASU applies
to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early
adoption permitted.
The Financial Accounting
Standards Board issues Accounting Standard Updates ("ASUs") to amend the authoritative literature in Accounting Standards
Codification ("ASC"). There have been a number of ASUs to date that amend the original text of ASC. The Company believes
those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the
Company or (iv) are not expected to have a significant impact on the Company.
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- DefinitionThe entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).
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v3.3.1.900
Composition of Certain Financial Statement Captions
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 2 - Composition of Certain Financial Statement Captions |
Property
and Equipment
Property
and equipment consisted of the following:
|
|
November
30,
2015 |
|
|
August
31,
2015 |
|
|
|
|
|
|
|
|
Software |
|
$ |
1,804,397 |
|
|
$ |
1,775,220 |
|
Servers, computers,
and other related equipment |
|
|
198,924 |
|
|
|
198,924 |
|
Leasehold improvements |
|
|
1,675 |
|
|
|
1,675 |
|
|
|
|
2,004,996 |
|
|
|
1,975,819 |
|
Less accumulated
depreciation and amortization |
|
|
(1,392,647 |
) |
|
|
(1,314,846 |
) |
Property and equipment,
net |
|
$ |
612,349 |
|
|
$ |
660,973 |
|
Depreciation
expense totaled $77,801 and $132,317 for the three months ended November 30, 2015 and 2014, respectively. There have been no write-offs
or impairments of property and equipment since the Company's inception on November 30, 2011.
Accounts
Payable and Accrued Expenses
Accounts
payable and accrued expenses consisted of the following:
|
|
November
30,
2015 |
|
|
August
31,
2015 |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
698,689 |
|
|
$ |
751,129 |
|
Accrued interest |
|
|
212,307 |
|
|
|
184,007 |
|
Accrued broadcaster
commissions |
|
|
90,954 |
|
|
|
92,304 |
|
Accrued consulting
fees |
|
|
- |
|
|
|
- |
|
Credit card |
|
|
76,528 |
|
|
|
120,049 |
|
Accounts payable
and accrued expenses |
|
$ |
1,078,478 |
|
|
$ |
1,147,489 |
|
|
X |
- DefinitionComposition of certain financial statement captions.
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v3.3.1.900
Fair Value
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 3 - Fair Value |
Fair
value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability
in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined
based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are required
to be disclosed by level within the following fair value hierarchy:
Level
1 Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level
2 Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or
liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life.
Level
3 Inputs lack observable market data to corroborate management's estimate of what market participants would use in pricing
the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the
risk inherent in the inputs to the model.
When
determining fair value, whenever possible the Company uses observable market data, and relies on unobservable inputs only when
observable market data is not available. Fair-value estimates discussed herein are based upon certain market assumptions and pertinent
information available to management as of November 30, 2015 and August 31, 2015. The respective carrying value of certain on-balance-sheet
financial instruments approximated their fair values. These financial instruments include cash, accounts receivable, prepaids,
accounts payable, accrued liabilities, notes payable, and convertible notes payable. Fair values for these items were assumed
to approximate carrying values because of their short term in nature or they are payable on demand.
The
fair value of these financial assets and liabilities was determined using the following inputs:
|
|
Fair
Value Measurement Using |
|
|
|
|
|
|
Quoted Prices in
Active
Markets
for
Identical
Instruments
(Level
1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair values as
of November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
liabilities |
|
$ |
- |
|
|
$ |
894,974 |
|
|
|
- |
|
|
$ |
894,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
measured at fair value |
|
$ |
- |
|
|
$ |
894,974 |
|
|
|
- |
|
|
$ |
894,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair values as
of August 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
liabilities |
|
|
- |
|
|
$ |
898,856 |
|
|
|
- |
|
|
$ |
898,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
measured at fair value |
|
$ |
- |
|
|
$ |
898,856 |
|
|
|
- |
|
|
$ |
898,856 |
|
The
Company's derivative liabilities were classified as Level 2 within the fair value hierarchy because they were valued using significant
other observable inputs. At each reporting period, the Company calculates the derivative liability using the Black-Scholes pricing
model taking into account variables such as expected life, risk free interest rate, expected volatility, the fair market value
of the Company's common stock and the conversion price.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Asset Acquisitions and Disposition
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 4 - Asset Acquisitions and Disposition |
On
April 24, 2015, the Company, entered into an Asset Purchase Agreement with Lux Digital Pictures GmbH Partners ("Lux")
pursuant to which, the Company issued 800 shares of Series C Convertible Preferred Stock for the rights to various domains, source
codes, etc related to Lux's Sports Alert and Amped Fantasy Sports products. The Company determined the price of the Series C issued
to be $120,000 based upon the conversion value of $150 worth of common stock for each share of Series C. The Company recorded
the value of the asset as software within property and equipment on the accompanying consolidated balance sheets. The Company
capitalized the value of the Series C as the products received were near completion and need limited modification prior to the
Company placing into production. The expected life of the asset acquired was estimated to be 36 months.
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- DefinitionThe entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
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v3.3.1.900
Commitments and Contingencies
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 5 - Commitments and Contingencies |
On
October 23, 2013, the Superior Court in the Judicial District of Danbury, Connecticut entered an order approving the stipulation
of the parties (the "Stipulation") in the matter of ASC Recap LLC ("ASC") v. StreamTrack, Inc. Under the Stipulation,
the Company agreed to issue, as settlement of liabilities owed by the Company to ASC in the aggregate amount of $766,288 (the
"Claim Amount"), shares of common stock (the "Settlement Shares") as follows:
(a)
In one or more tranches as necessary, 3,740,000 shares of common stock (the "Initial Issuance") and an additional 200,000
shares of common stock as a settlement fee.
(b)
Through the Initial Issuance and any required additional issuances, that number of shares of common stock with an aggregate value
equal to (A) the sum of
(i)
the Claim Amount and (ii) reasonable attorney fees and trade execution fees in the amount of $75,000, divided by (B) the Purchase
Price (defined under the Stipulation as the market price (defined as the lowest closing bid price of the Company's common stock
during the valuation period set forth in the Stipulation) less the product of the Discount (equal to 25%) and the market price.
The parties reasonably estimated that the fair market value of the Settlement Shares and all other amounts to be received by ASC
is equal to approximately $1,100,000.
(c)
If at any time during the valuation period the closing bid price of the Company's common stock is below 90% of the closing bid
price on the day before an issuance date, the Company will immediately cause to be issued to ASC such additional shares as may
be required to effect the purposes of the Stipulation.
(d)
Notwithstanding anything to the contrary in the Stipulation, the number of shares beneficially owned by ASC will not exceed 9.99%
of the Company's outstanding common stock.
In
connection with the Settlement Shares, the Company relied on the exemption from registration provided by Section 3(a)(10) under
the Securities Act.
In
connection with the settlement, during the three months ended November 30, 2014 the Company issued 105,663,000 shares of common
stock to ASC in which gross proceeds of $86,421 were generated from the sale of the common shares. In connection with the transaction,
ASC received fees of $23,392 and provided payments of $63,029 to settle outstanding vendor payables. There were no shares issued
to ASC during the three months ended November 30, 2015. The remaining amount on the settlement of liabilities owed by the Company
to ASC is in the aggregate amount of $151,290 as of November 30, 2015. The Company cannot reasonably estimate the amount of proceeds
ASC expects to receive from the sale of these shares which will be used to satisfy the liabilities. Thus, the Company accounts
for the transaction as the shares are sold and the liabilities are settled. All amounts are included within accounts payable.
Shares which are held by ASC at each reporting period are accounted for as issued but not outstanding.
Legal
Proceedings
The
Company is potentially subject to various legal proceedings and claims arising in the ordinary course of its business. There are
no pending legal proceedings against the Company as of the date of these financial statements.
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v3.3.1.900
Capital Lease
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 6 - Capital Lease |
On March 22, 2013, the
Company reached a settlement and release agreement with IBM Credit, LLC, ("IBM") the lessor associated with the Company's
computer servers and software classified under capital lease. The balance owed to IBM as of March 22, 2013 was agreed to be $108,704.
The Company agreed to make payments of $9,000 per month, with a final payment of $9,704 on March 1, 2014, in order to satisfy this
balance. As of November 30, 2015 and August 31, 2015, the Company was in default of this agreement and the amount outstanding of
$54,704 is reflected as a current liability on the accompanying consolidated balance sheets.
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v3.3.1.900
Related Party Transactions
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 7 - Related Party Transactions |
The Company has only
been operating since November 30, 2011. As a result, the Company has an extremely limited credit history. The Company's Chief Executive
Officer, and the Chief Executive Officer of StreamTrack Media, Inc. (the "Executives") use their personal credit cards
to fund operations on a frequent basis. If the Company did not have access to these credit cards, the Company would have to rely
exclusively on external sources of capital. The Company's external sources of capital are not always readily available. As a result,
in time-constrained circumstances, the use of personal credit cards is necessary until such time as the Company is able to build
up its own credit-worthiness and access more readily available and significant credit.
The related party payable
as of November 30, 2015 and August 31, 2015 consists of unpaid compensation and non-interest bearing cash advances and charges
on personal credit lines made on behalf of the Company by the Executives. The balances owed to the Executives are not secured and
are due on demand. Interest will be charged on these balances based upon effective credit card rates. During the three months ended
November 30, 2014, the Executives converted a significant portion of amounts due to them for unpaid compensation and other advances
to long-term convertible notes payable, see Note 8 for additional information. In addition, the Executives agreed to a temporary
reduction in their annual salary from $240,000 to $50,000 per annum for the period from December 1, 2014 to December 1, 2015. As
of November 30, 2015 and August 31, 2015, amounts due to these Executive related to accrued compensation and advances were $260,052
and $159,660, respectively.
See Notes 8 and 10 for
additional related party transactions.
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Debt Instruments
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 8 - Debt Instruments |
Asset-Based Debt
Financing
On April 11, 2013, the
Company executed a non-dilutive asset-based debt financing (the "Lender Financing") with a third party (the "Lender").
The Lender Financing for a line of credit, secured by all of the Company's assets. The Company's management also executed limited
recourse guarantees with the Lender. Interest is payable monthly based on a floating interest rate determined based on a formula
outlined in detail within the financing agreement. The Company anticipates the effective monthly interest rate charged on the outstanding
balance owed to the third party will be between 3.2% and 1.1%.
On October 14, 2015,
the Company executed an extension to the Lender Financing agreement whereby the maturity date has been extended to December 15,
2016 with interest calculated at 35% per annum. In the event the facility is below $650,000 prior to December 31, 2015; below $550,000
prior to March 15, 2016; and below $300,000 prior to June 15, 2016, the interest rate will be adjusted to 7% per annum.
Vendor Convertible
Note
On November 1, 2012,
the Company issued a convertible note for $140,000 (the "Vendor Note") to a former Vendor ("Vendor"). The
Vendor Note was executed on November 1, 2012 and was immediately convertible into the Company's common stock at a 50% discount
to the lowest bid price for the five days prior to the conversion date. As of August 31, 2015, the note was fully converted.
Creditor #2 Convertible
Promissory Notes
In April 2014, the Creditor
entered into an exchange agreement with another lender (the "Creditor #2") whereby the Creditor transferred the Creditor's
notes and accrued interest to Creditor #2. In April, the Company entered into i) a note agreement for $284,560 representing amounts
transferred from the Creditor; ii) two $125,000 notes in which the proceeds were received on the same date (collectively referred
to as the "Creditor #2 Notes") with Creditor #2. The Creditor #2 Notes bear interest per annum at 10.0%, payable six
months after the issuance date and are convertible on the date of issuance based upon based upon a 45% discount to lowest trading
price, for the 15 trading days prior to conversion. As a result, the lower the stock price at the time the Creditor #2 converts
the Creditor #2 Notes, the more common shares the Creditor #2 will receive. There were no conversions during the three months ended
November 30, 2015 and thus the remaining principal balance was $391,242 as of November 30, 2015 and August 31, 2015.
To the extent the Creditor
#2 converts the Creditor #2 Notes and then sells its common stock, the market price of the common stock may decrease due to the
additional shares in the market. This could allow the Creditor #2 to receive greater amounts of common stock upon conversion. The
sale of each share of common stock could further depress the stock price. Due to the floating conversion price of the notes, the
Company does not know the exact number of shares that the Creditor #2 would be issued upon conversion. The shares issuable upon
conversion of the Creditor #2 Notes may result in substantial dilution to the interests of the Company's other shareholders. In
this regard, even though the investor may not hold shares amounting to more than 9.99% of the outstanding shares at one time, this
restriction does not prevent the investor from selling some of its holdings and then receiving additional shares. In this way,
the investor could sell more than the 9.99% limit while never holding more than the limit.
During the three months
ended November 30, 2015, the Company amortized a discount of $62,500 to interest expense. As of August 31, 2015, the discount was
fully amortized.
Creditor #3 Convertible
Promissory Note
In December 2014, a convertible
promissory note holder ("Holder") entered into an exchange agreement with another lender (the "Creditor #3")
whereby the Holder transferred the Holder's notes and accrued interest to Creditor #3. In December 2014, the Company entered into
i) a note agreement for $150,000 representing the principal amount transferred from the Holder. The Creditor #3 Note bears interest
per annum at 10.0%, due on August 22, 2015 and is convertible on the date of issuance based upon based upon a 25% discount to lowest
trading price, for the 5 trading days prior to conversion. As a result, the lower the stock price at the time the Creditor #3 converts
the Creditor #3 Notes, the more common shares the Creditor #3 will receive. There were no conversions during the three months ended
November 30, 2015 and thus the remaining principal balance was $93,350 as of November 30, 2015 and August 31, 2015.
To the extent the Creditor
#3 converts the Creditor #3 Note and then sells its common stock, the market price of the common stock may decrease due to the
additional shares in the market. This could allow the Creditor #3 to receive greater amounts of common stock upon conversion. The
sale of each share of common stock could further depress the stock price. Due to the floating conversion price of the notes, the
Company does not know the exact number of shares that the Creditor #3 would be issued upon conversion. The shares issuable upon
conversion of the Creditor #3 Note may result in substantial dilution to the interests of the Company's other shareholders. In
this regard, even though the investor may not hold shares amounting to more than 9.99% of the outstanding shares at one time, this
restriction does not prevent the investor from selling some of its holdings and then receiving additional shares. In this way,
the investor could sell more than the 9.99% limit while never holding more than the limit.
Upon issuance, the Company
recorded a discount of $150,000 due to the derivative liability, as discussed below in Note 9, having a fair market value in excess
of the principal amount of the convertible note. As of August 31, 2015, the discount was fully amortized.
Convertible Promissory
Notes
As of November 30, 2015
and August 31, 2015, the Company has outstanding 31 convertible promissory notes issued between December 2011 and August 2015.
The convertible promissory notes bear interest at either 4% or 8% per year and are due in full, including principal and interest,
two-three years from the issuance date ranging from August 2014 to February 2018. The convertible promissory notes also include
a conversion option whereby the holders may elect at any time to convert any portion or the entire balance into the Company's common
stock at conversion prices ranging from $0.0001 to $1.25. There were transactions in which impacted the convertible notes payable
during the three months ended November 30, 2015, other than the accrual of interest. As of November 30, 2015 and August 31, 2015,
the balance of convertible notes payable was $1,615,120.
As of November 30, 2015
and August 31, 2015, convertible promissory notes outstanding of $1,068,964 are held by related parties. These related parties
consist of the Company's officers, former officers, significant shareholders or entities controlled by these individuals. As of
November 30, 2015 and August 31, 2015, $818,714 and $197,850, respectively, of these notes were included within the current portion
of convertible promissory notes on the accompanying balance sheet as the note was due within one year of the balance sheet.
For some of the convertible
promissory notes, the conversion feature associated with the convertible promissory notes provide for a rate of conversion that
is below market value. This conversion feature is accounted for as a beneficial conversion feature. A beneficial conversion feature
was recorded and classified as a debt discount on the balance sheet at the time of issuance of each convertible promissory note
with a corresponding credit to additional paid-in capital.
In addition, six of the
convertible promissory note purchasers were issued warrants to purchase shares of the Company's common stock. The valuation of
the stock warrants and the beneficial conversion feature associated with the issuance of convertible promissory notes utilized
valuation inputs and related figures provided by a professional and independent valuation firm. The Company allocated a portion
of the proceeds received from the convertible promissory notes to the warrants using the relative fair value resulting in a debt
discount to each convertible promissory note.
The discounts are amortized
over the term of the convertible promissory note using the straight line method. The amortized value for each period is recorded
as an offset against the debt discount on the balance sheet, classified as interest expense. During the three months ended November
30, 2015 and 2014, $123,490 and $122,569 of the discounts were amortized to interest expense, respectively. As of November 30,
2015, $494,298 discounts remained which will be expensed in fiscal 2016 through 2018.
Future Maturities
As of August 31, 2015,
future maturities of notes payable is as follows for the years ending August 31; $957,442 current; $1,067,270 2017; and $75,000
2018. Included within those amounts due to related parties are: $197,820 current and $871,114 for 2017.
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v3.3.1.900
Derivatives
|
3 Months Ended |
Nov. 30, 2015 |
Derivatives |
|
Note 9 - Derivatives |
Creditor
#2 Note
The
Creditor #2 Notes were executed on April 15, 2014 and were immediately convertible into the Company's common stock at a 45% discount
to the lowest trading price for the 15 days prior to the conversion date. As a result of the fact that the number of shares the
Creditor #2 Notes was convertible into was indeterminable, the Company determined a derivative liability was embedded within the
Creditor #2 Notes. The Company measured the derivative liability using the input attributes disclosed below and recorded a derivative
liability of $3,158,190 as of April 15, 2014 of which $1,219,891 was included within "change in fair value of derivatives"
due to a portion of the derivative liability being in excess of the $250,000 in proceeds received and $1,481,723, which included
offset of $206,576 from relief of the derivative liability related to the Creditor Notes, within "Loss on extinguishment"
due to extinguishment accounting on the Creditor Note transferred to Creditor #2.
On
November 30, 2015, the Company re-measured the derivative liability using the input attributes below and determined the value
to be $606,655 of which $44 was classified as income within "change in fair value of derivatives" and was recorded for
the three months ended November 30, 2015 in the statement of operations.
|
|
November
30,
2015 |
|
|
|
|
|
Expected life
(in years) |
|
|
0.50 |
|
Balance of note
outstanding |
|
$ |
391,221 |
|
Stock price |
|
$ |
0.0001 |
|
Effective conversion
price |
|
$ |
0.00006 |
|
Shares issuable
upon conversion |
|
|
7,113,490,909 |
|
Risk-free interest
rate |
|
|
0.5 |
% |
Expected volatility |
|
|
361.00 |
% |
Expected dividend
yield |
|
|
- |
% |
Creditor
#3 Note
The
Creditor #3 Note was immediately convertible into the Company's common stock at a 25% discount to the lowest traded price for
the five days prior to the conversion date. As a result of the fact that the number of shares the Creditor #3 is convertible into
is indeterminable, the Company determined a derivative liability was embedded within the Creditor #3. The Company measured the
derivative liability using the input attributes disclosed below and recorded a derivative liability of $50,000 as of December
24, 2014. As a result of the valuation of the derivative liability being in excess of the value of the carrying value of Creditor
#3 by $50,000, a loss on derivative liability of $50,000 was recorded by the Company.
On
November 30, 2015, the Company re-measured the derivative liability using the input attributes below and determined the value
to be $102,800 of which $9 was classified as income within "change in fair value of derivatives" and was recorded for
the three months ended November 30, 2015 in the statement of operations.
|
|
November
30,
2015 |
|
|
|
|
|
Expected life
(in years) |
|
|
0.50 |
|
Balance of note
outstanding |
|
$ |
93,350 |
|
Stock price |
|
$ |
0.0001 |
|
Effective conversion
price |
|
$ |
0.000075 |
|
Shares issuable
upon conversion |
|
|
1,244,666,667 |
|
Risk-free interest
rate |
|
|
0.27 |
% |
Expected volatility |
|
|
361.00 |
% |
Expected dividend
yield |
|
|
- |
% |
Other
Notes with Adjustable Conversion Features
As
discussed in Note 8, on December 24, 2014 the Company issued a $72,890 promissory note to a third party. The convertible promissory
note was immediately convertible into the Company's common stock at a 10% discount to the lowest traded price for the five days
prior to the conversion date. As a result of the fact that the number of shares the promissory note is convertible into is indeterminable,
the Company determined a derivative liability was embedded within the promissory note. The Company measured the derivative liability
using the input attributes disclosed below and recorded a derivative liability of $94,487 as of December 24, 2014. As a result
of the valuation of the derivative liability being in excess of the value of the carrying value of convertible promissory note
by $21,597, a loss on derivative liability of $21,597 was recorded by the Company. In addition, on March 17, 2015 the Company
received an additional $41,459 in proceeds under the promissory note. On March 17, 2015, the Company recorded an additional derivative
liability of $69,098, resulting in a loss on derivative liability of $27,639.
On
November 30, 2015, the Company re-measured the derivative liability using the input attributes below and determined the value
to be $120,684 of which $2,882 was classified as income within "change in fair value of derivatives" and was recorded
for the three months ended November 30, 2015 in the statement of operations.
|
|
November
30,
2015 |
|
|
|
|
|
Expected life
(in years) |
|
|
1.15 |
|
Balance of note
outstanding |
|
$ |
114,350 |
|
Stock price |
|
$ |
0.0001 |
|
Effective conversion
price |
|
$ |
0.00009 |
|
Shares issuable
upon conversion |
|
|
1,270,555,556 |
|
Risk-free interest
rate |
|
|
0.39 |
% |
Expected volatility |
|
|
361.00 |
% |
Expected dividend
yield |
|
|
- |
% |
As
discussed in Note 8, on April 28, 2015 the Company issued a $56,806 promissory note to a third party. The convertible promissory
note was immediately convertible into the Company's common stock at a 15% discount to the lowest traded price for the five days
prior to the conversion date. As a result of the fact that the number of shares the promissory note is convertible into is indeterminable,
the Company determined a derivative liability was embedded within the promissory note. The Company measured the derivative liability
using the input attributes disclosed below and recorded a derivative liability of $66,831 as of April 28, 2015.
On
November 30, 2015, the Company re-measured the derivative liability using the input attributes below and determined the value
to be $64,837 of which $947 was classified as income within "change in fair value of derivatives" and was recorded for
the three months ended November 30, 2015 in the statement of operations.
|
|
November 30,
2015 |
|
|
|
|
|
Expected life (in years) |
|
|
1.42 |
|
Balance of note outstanding |
|
$ |
56,806 |
|
Stock price |
|
$ |
0.0001 |
|
Effective conversion price |
|
$ |
0.00009 |
|
Shares issuable upon conversion |
|
|
668,305,882 |
|
Risk-free interest rate |
|
|
0.75 |
% |
Expected volatility |
|
|
361.00 |
% |
Expected dividend yield |
|
|
- |
% |
|
X |
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- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
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v3.3.1.900
Stockholders' Equity
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 10 - Stockholders' Equity |
Series A Preferred
Stock
Each share of Series
A Preferred Stock has voting rights equal to the voting equivalent of the common stock into which it is convertible at the time
of the vote. The holders of the Series A Preferred Stock are not entitled to dividends. The Series A Preferred Stock has no preferential
rights to the Company's common stock and will share in any liquidation proceeds with the common stock on an as converted basis.
No shares of Series A Preferred Stock are outstanding as of November 30, 2015.
Series B Preferred
Stock
On October 25, 2013,
the Company filed a Certificate of Designation of Series B Preferred Stock (the "Series B Certificate of Designation")
with the Secretary of State of Wyoming. Pursuant to the Series B Certificate of Designation, the Company designated 200,000 shares
of its blank check preferred stock as Series B Preferred Stock. The Series B Preferred Stock will rank senior to the common stock,
Series A Preferred Stock and any subsequently created series of preferred stock that does not expressly rank pari passu with or
senior to the Series B Preferred Stock (the "Junior Stock"). The Series B Preferred Stock will not be entitled to dividends.
In the event of a liquidation, the Series B Preferred Stock will be entitled to a payment of the Stated Value of $1.00 per share
prior to any payments being made in respect of the Junior Stock. Each share of Series B Preferred Stock will entitle the holder
to vote on all matters voted on by holders of common stock as a single class. With respect to any such vote, each share of Series
B Preferred Stock will entitle the holder to cast such number of votes equal to 0.000255% of the total number of votes entitled
to be cast. Effective upon the closing of a Qualified Financing, all issued and outstanding shares of Series B Preferred Stock
will automatically convert into common stock in an amount determined by dividing the product of the number of shares being converted
and the Stated Value by the Conversion Price. The Conversion Price will be equal to the price per share of the common stock sold
under the Qualified Financing (or, if the Qualified Financing involves the sale of securities convertible into common stock, by
the conversion price of such convertible securities). A "Qualified Financing" is defined as the sale by the Company in
a single offering of common stock or securities convertible into common stock for gross proceeds of at least $5,000,000.
On October 31, 2013,
the Company entered into amendment, waiver and exchange agreements (the "Exchange Agreements") with Michael Hill (the
Company's chief executive officer and director) and Aaron Gravitz (the Company's director). Under each Exchange Agreement, the
Company issued to each of Mr. Hill and Mr. Gravitz 100,000 shares of Series B Preferred Stock in exchange for $100,000 in unpaid
compensation.
Series C Preferred
Stock
Effective December 29,
2014, the Company filed a Certificate of Designation of Series C Convertible Preferred Stock (the "Series C") with the
Secretary of State of Wyoming. Pursuant to the Series C, the Company designated 20,000 shares of its blank check preferred stock
as Series C Preferred Stock. Each share of Series C is convertible into $150 in fair market value of the Company's common stock,
which fair market value will be equal to the average closing price of the common stock on the over-the-counter market during the
10 trading days immediately prior to the delivery to the Company of a conversion notice. The Series C will share in any liquidation
proceeds with the common stock on an as-converted basis, will not have voting rights prior to being converted to common stock,
and in the event of any payment of dividends by the Company, will be entitled to dividends on an as-converted basis with the common
stock. The Company has presented the Series C outside of stockholders' equity due to the variable conversion price.
On April 24, 2015, the
Company entered into an Exchange Agreement with Lux pursuant to which the Company issued 10,000 shares of its Series C in exchange
for 1,495,313 shares of Company common stock tendered by Lux to the Company for cancellation. The Lux common stock was originally
issued to Lux by the Company on March 12, 2013. In connection with the transaction, the Company recorded a loss on settlement of
$1,499,850, which represented the difference in the fair market value of the Series C issued of $1.5 million and the common stock
received of $150. See Note 4 for additional transaction with Lux.
On April 24, 2015, the
Company entered into an Exchange Agreement with Mark J. Richardson ("MJR") pursuant to which the Company issued 500 shares
of its Series C in exchange for 15,140 shares of Company common stock tendered by MJR to the Company for cancellation. The MJR
common stock was originally issued to MJR by the Company on March 13, 2013. In connection with the transaction, the Company recorded
a loss on settlement of $74,998, which represented the difference in the fair market value of the Series C issued of $75,000 and
the common stock received of $2.
See below and Note 8
for discussion related to additional issuances of Series C.
Common Stock
Each share of common
stock has the right to one vote per share. The holders of common stock are also entitled to receive dividends as and when declared
by the board of directors of the Company, whenever funds are legally available, subject to the rights under any outstanding preferred
stock.
Effective February 17,
2015, the Company filed Articles of Amendment to the Company's Articles of Incorporation with the Secretary of State of Wyoming
to (i) increase the Company's authorized shares of common stock from 1,000,000,000 to an unlimited number; and (ii) allow for shareholders
to take actions by the written consent of the holders of outstanding shares having not less than the minimum number of votes that
would be required to authorize or take the action at a meeting at which all shares entitled to vote on the action were present
and voted.
On October 26, 2015,
the Company filed a Preliminary Schedule 14C Information Statement with the Securities and Exchange Commission in connection with
approval by the Company's board of directors and majority stockholders of an amendment the Articles of Incorporation to: (i) change
the Company's name from StreamTrack, Inc. to Total Sports Media, Inc., (ii) effect a 1-for 800 reverse split of the Company's common
stock and (iii) decrease the authorized number of shares of common stock from an unlimited number to 40,000,000. The amendment
will be effective upon filing with the Secretary of State of Wyoming, which the Company anticipates to occur approximately, but
not less than, 20 days after the definitive information statement is mailed to stockholders.
During the three months
ended November 30, 2015, 110 shares of Series C with a value of $16,500 were converted into 165,000,000 shares of common stock.
Detachable Stock
Warrants
On April 27, 2015, the
Company entered into an Investment Agreement with RTV Media Corp. ("RTV") pursuant to which RTV initially invested $75,000
into the Company in consideration for $75,000 of worth of warrants at an exercise price of $0.0001 to purchase the common stock
of the Company. Upon exercise, RTV has up to five years to exercise the warrants. In addition, RTV agreed to invest up to an additional
$425,000 of capital into the Company in consideration for which additional warrants will be granted upon investment. The Company
has accounted for the warrants as common stock to be issued as there are no provisions within the agreement in which will require
the Company to return the capital provided.
As of November 30, 2015,
the Company has a total of 225,000 detachable stock warrants outstanding. The warrants have a three-year term and are exercisable
into the Company's common stock at an exercise price of $0.41 per share.
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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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Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C
Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
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v3.3.1.900
Subsequent Events
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 11 - Subsequent Events |
In accordance with ASC
855-10, we have analyzed our operations subsequent to January 19, 2016 to the date of these financial statements were
issued, and have determined that we do not have any material subsequent events to disclose in these financial statements other
than the events discussed below.
Subsequent to November
30, 2015, 630,000,000 shares of common stock were issued in connection with the conversion of 420 shares of preferred stock.
|
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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
Nature of Business (Policies)
|
3 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Basis of Presentation |
The
accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read
in conjunction with the audited financial statements and notes thereto contained in the Company's Form 10-K for year ended August
31, 2015. In the opinion of management, all adjustments necessary in order for the consolidated financial statements to be not
misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results
to be expected for the full year ended August 31, 2016. The consolidated financial statements include the accounts of the Company
and its wholly-owned subsidiaries, StreamTrack Media, Inc. and RadioLoyalty, Inc., California corporations. All intercompany balances
and transactions have been eliminated in consolidation. In the opinion of the Company's management, the consolidated financial
statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the
Company's financial position for the periods presented.
|
Going Concern |
The
Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable
to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.
For the three months ended November 30, 2015, the Company recorded an operating loss of $218,246 and a net loss of $433,872. As
of November 30, 2015, the Company had a working capital deficit of $4,266,198, which excluding the derivative liability was $3,371,224.
The net loss and negative working capital indicate substantial doubt about the entity's ability to continue as a going concern.
Management
is confident but cannot guarantee that the Company will be able to raise additional capital in order to repay debts and continue
operations. As of August 31, 2015, during fiscal 2016, the Company is obligated to make payments on certain operating leases,
convertible debts, and a capital lease, among others. The Company's normal operating costs are also significant and include consulting
fees, professional fees, product development costs and marketing and sales costs associated with management's business plan. Since
inception and through the date of these financial statements, the Company has successfully raised a significant amount of capital
through debt and equity offerings. The Company anticipates launching several new product offerings and initiating certain new
significant partnerships during the fiscal year ending August 31, 2016. The Company anticipates those products and partnerships
to be profitable but notes that it will require an unknown amount of capital for product development and commercial deployment.
The Company will attempt to have its potential partners pay for the some of these costs but management cannot be certain that
it will succeed in entering into such arrangements. Management may potentially make a business decision to move forward, delay,
or cancel certain partnerships because of the Company's overall capital needs. Nonetheless, the ability of the Company to continue
as a going concern is dependent on the successful execution of the business plan and become profitable. If the Company is unable
to become profitable and sustain positive cash flow from operations, the Company could be forced to modify its business operations
or possibly cease operations entirely. Management cannot provide any assurances that the Company will be successful in its operations.
The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue
as a going concern.
|
Use of Estimates |
The
preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and
assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial
statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates are used for determining
the allowance for doubtful accounts, stock-based compensation, fair values of warrants to purchase common stock, derivative liabilities
and income taxes. To the extent there are material differences between these estimates, judgments, or assumptions and actual results,
the Company's financial statements could be affected. In many cases, the accounting treatment of a particular transaction is specifically
dictated by U.S. GAAP and does not require management's judgment in its application. There are also areas in which management's
judgment in selecting among available alternatives would not produce a materially different result.
|
Net Loss Per Share |
Basic
net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during
the period.
Diluted
net loss per share is computed by giving effect to all potential shares of common stock, including convertible debt instruments,
preferred stock, restricted stock unit grants and detachable stock warrants. Basic and diluted net loss per share was the same
for each period presented as the inclusion of all potential common shares outstanding would have been anti-dilutive.
|
Recent Accounting Pronouncements |
In
May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers", which supersedes
most of the current revenue recognition requirements. The core principle of the new guidance is that an entity should recognize
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which
the entity expects to be entitled in exchange for these goods or services. New disclosures about the nature, amount, timing and
uncertainty of revenue and cash flows arising from contracts with customers are also required. This guidance is effective for
the Company in the first quarter of fiscal year 2018 and early application is not permitted. Entities must adopt the new guidance
using one of two retrospective application methods. The Company is currently evaluating the standard but does not expect it to
have a material impact on our financial position, results of operations or cash flows.
In
August 2014, the FASB issued ASU 2014-15, which provides guidance on determining when and how to disclose going-concern uncertainties
in the financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability
to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain
disclosures if "conditions or events raise substantial doubt about the entity's ability to continue as a going concern."
The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter,
with early adoption permitted.
The
Financial Accounting Standards Board issues Accounting Standard Updates ("ASUs") to amend the authoritative literature
in Accounting Standards Codification ("ASC"). There have been a number of ASUs to date that amend the original text
of ASC. The Company believes those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii)
are not applicable to the Company or (iv) are not expected to have a significant impact on the Company.
|
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- 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
Composition of Certain Financial Statement Captions (Tables)
|
3 Months Ended |
Nov. 30, 2015 |
Composition Of Certain Financial Statement Captions Tables |
|
Property and Equipment |
|
|
November
30,
2015 |
|
|
August
31,
2015 |
|
|
|
|
|
|
|
|
Software |
|
$ |
1,804,397 |
|
|
$ |
1,775,220 |
|
Servers, computers,
and other related equipment |
|
|
198,924 |
|
|
|
198,924 |
|
Leasehold improvements |
|
|
1,675 |
|
|
|
1,675 |
|
|
|
|
2,004,996 |
|
|
|
1,975,819 |
|
Less accumulated
depreciation and amortization |
|
|
(1,392,647 |
) |
|
|
(1,314,846 |
) |
Property and equipment,
net |
|
$ |
612,349 |
|
|
$ |
660,973 |
|
|
Accounts Payable and Accrued Expenses |
|
|
November
30,
2015 |
|
|
August
31,
2015 |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
698,689 |
|
|
$ |
751,129 |
|
Accrued interest |
|
|
212,307 |
|
|
|
184,007 |
|
Accrued broadcaster
commissions |
|
|
90,954 |
|
|
|
92,304 |
|
Accrued consulting
fees |
|
|
- |
|
|
|
- |
|
Credit card |
|
|
76,528 |
|
|
|
120,049 |
|
Accounts payable
and accrued expenses |
|
$ |
1,078,478 |
|
|
$ |
1,147,489 |
|
|
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- DefinitionTabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.
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v3.3.1.900
Fair Value (Tables)
|
3 Months Ended |
Nov. 30, 2015 |
Fair Value Tables |
|
Fair Value of financial assets and liabilities |
|
|
Fair
Value Measurement Using |
|
|
|
|
|
|
Quoted Prices in
Active
Markets
for
Identical
Instruments
(Level
1) |
|
|
Significant
Other
Observable
Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair values as
of November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
liabilities |
|
$ |
- |
|
|
$ |
894,974 |
|
|
|
- |
|
|
$ |
894,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
measured at fair value |
|
$ |
- |
|
|
$ |
894,974 |
|
|
|
- |
|
|
$ |
894,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair values as
of August 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
liabilities |
|
|
- |
|
|
$ |
898,856 |
|
|
|
- |
|
|
$ |
898,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
measured at fair value |
|
$ |
- |
|
|
$ |
898,856 |
|
|
|
- |
|
|
$ |
898,856 |
|
|
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v3.3.1.900
Derivatives (Tables)
|
3 Months Ended |
Nov. 30, 2015 |
Creditor Notes 2 [Member] |
|
Change in fair value of derivatives |
On November 30, 2015,
the Company re-measured the derivative liability using the input attributes below and determined the value to be $606,655 of which
$44 was classified as income within "change in fair value of derivatives" and was recorded for the three months ended
November 30, 2015 in the statement of operations.
|
|
November 30,
2015 |
|
|
|
|
|
Expected life (in years) |
|
|
0.50 |
|
Balance of note outstanding |
|
$ |
391,221 |
|
Stock price |
|
$ |
0.0001 |
|
Effective conversion price |
|
$ |
0.00006 |
|
Shares issuable upon conversion |
|
|
7,113,490,909 |
|
Risk-free interest rate |
|
|
0.5 |
% |
Expected volatility |
|
|
361.00 |
% |
Expected dividend yield |
|
|
- |
% |
|
Creditor Notes 3 [Member] |
|
Change in fair value of derivatives |
On November 30, 2015,
the Company re-measured the derivative liability using the input attributes below and determined the value to be $102,800 of which
$9 was classified as income within "change in fair value of derivatives" and was recorded for the three months ended
November 30, 2015 in the statement of operations.
|
|
November 30,
2015 |
|
|
|
|
|
Expected life (in years) |
|
|
0.50 |
|
Balance of note outstanding |
|
$ |
93,350 |
|
Stock price |
|
$ |
0.0001 |
|
Effective conversion price |
|
$ |
0.000075 |
|
Shares issuable upon conversion |
|
|
1,244,666,667 |
|
Risk-free interest rate |
|
|
0.27 |
% |
Expected volatility |
|
|
361.00 |
% |
Expected dividend yield |
|
|
- |
% |
|
Other Notes with Adjustable Conversion Features [Member] |
|
Change in fair value of derivatives |
On November 30, 2015,
the Company re-measured the derivative liability using the input attributes below and determined the value to be $120,684 of which
$2,882 was classified as income within "change in fair value of derivatives" and was recorded for the three months ended
November 30, 2015 in the statement of operations.
|
|
November 30,
2015 |
|
|
|
|
|
Expected life (in years) |
|
|
1.15 |
|
Balance of note outstanding |
|
$ |
114,350 |
|
Stock price |
|
$ |
0.0001 |
|
Effective conversion price |
|
$ |
0.00009 |
|
Shares issuable upon conversion |
|
|
1,270,555,556 |
|
Risk-free interest rate |
|
|
0.39 |
% |
Expected volatility |
|
|
361.00 |
% |
Expected dividend yield |
|
|
- |
% |
|
Convertible Promissory Notes [Member] |
|
Change in fair value of derivatives |
On November 30, 2015,
the Company re-measured the derivative liability using the input attributes below and determined the value to be $64,837 of which
$947 was classified as income within "change in fair value of derivative" and was recorded for the three months ended
November 30, 2015 in the statement of operations.
|
|
November 30,
2015 |
|
|
|
|
|
Expected life (in years) |
|
|
1.42 |
|
Balance of note outstanding |
|
$ |
56,806 |
|
Stock price |
|
$ |
0.0001 |
|
Effective conversion price |
|
$ |
0.00009 |
|
Shares issuable upon conversion |
|
|
668,305,882 |
|
Risk-free interest rate |
|
|
0.75 |
% |
Expected volatility |
|
|
361.00 |
% |
Expected dividend yield |
|
|
- |
% |
|
X |
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|
3 Months Ended |
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Nov. 30, 2014 |
Nature Of Business Details Narrative |
|
|
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|
$ (255,246)
|
Net loss |
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|
$ (5,052,804)
|
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|
|
Working capital deficit excluding derivative liability |
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|
Nov. 30, 2015 |
Aug. 31, 2015 |
Property and equipment, gross |
$ 2,004,996
|
$ 1,975,819
|
Less accumulated depreciation and amortization |
(1,392,647)
|
(1,314,846)
|
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612,349
|
660,973
|
Software [Member] |
|
|
Property and equipment, gross |
1,804,397
|
1,775,220
|
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|
|
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|
198,924
|
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|
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|
$ 1,675
|
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v3.3.1.900
Composition of Certain Financial Statement Captions (Details 1) - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Composition Of Certain Financial Statement Captions Details 1 |
|
|
Accounts payable |
$ 698,689
|
$ 751,129
|
Accrued interest |
212,307
|
184,007
|
Accrued broadcaster commisions |
$ 90,954
|
$ 92,304
|
Accrued consulting fees |
|
|
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$ 76,528
|
$ 120,049
|
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$ 1,078,478
|
$ 1,147,489
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Aug. 31, 2015 |
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|
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- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements.
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Debt Instruments (Details Narrative) - USD ($)
|
3 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Aug. 31, 2015 |
Amortized discount to interest expense |
$ 123,490
|
$ 122,569
|
|
Convertible promissory notes |
16,667
|
|
$ 19,794
|
Future maturities of notes payable, current |
|
|
957,442
|
Future maturities of notes payable in 2017 |
|
|
1,067,270
|
Future maturities of notes payable in 2018 |
|
|
75,000
|
Creditor Notes 3 [Member] |
|
|
|
Remaining principal balance |
93,350
|
|
93,350
|
Creditor Notes 2 [Member] |
|
|
|
Amortized discount to interest expense |
62,500
|
|
|
Remaining principal balance |
391,242
|
|
391,242
|
Convertible Promissory Note [Member] |
|
|
|
Amortized discount to interest expense |
123,490
|
$ 122,569
|
|
Discount due to derivative liability |
494,298
|
|
|
Convertible promissory notes held by related parties |
1,068,964
|
|
1,068,964
|
Convertible promissory notes |
1,615,120
|
|
1,615,120
|
Amount included in current portion of convertible promissory notes |
$ 818,714
|
|
$ 197,850
|
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v3.3.1.900
Derivatives (Details Narrative) - USD ($)
|
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Derivative liability |
$ 2,500
|
|
Change in fair value of derivatives |
3,882
|
$ (4,575,975)
|
Creditor Notes 2 [Member] |
|
|
Derivative liability |
606,655
|
|
Change in fair value of derivatives |
44
|
|
Creditor Notes 3 [Member] |
|
|
Derivative liability |
102,800
|
|
Change in fair value of derivatives |
9
|
|
Other Notes with Adjustable Conversion Features [Member] |
|
|
Derivative liability |
120,684
|
|
Change in fair value of derivatives |
2,882
|
|
Convertible Promissory Notes [Member] |
|
|
Derivative liability |
64,837
|
|
Change in fair value of derivatives |
$ 947
|
|
X |
- DefinitionThe value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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