UNITED STATES
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
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT |
For the transition period from ________ to ________
Commission File No. 333-136247
Domark International, Inc. |
(Name of small business issuer as specified in its charter) |
Nevada | | 20-4647578 |
(State of Incorporation) | | (IRS Employer Identification No.) |
34 King Street, East Suite 1102 Toronto,
Ontario M5C1E9
321-250-4996
(Issuer's telephone number)
Securities registered under Section 12(b) of the Exchange Act:
None
Securities registered under Section 12(g) of the Exchange Act:
Common Stock, $0.001 par value per share
(Title of Class)
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 ¨
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 (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Nonaccelerated filer | ¨ | Smaller reporting company | x |
Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act) Yes ¨ No x
As of November 30, 2015, there were 2,045,627 shares of Common Stock, $0.001 par value per share, issued and outstanding and there were 50,000 shares of Series A Preferred Stock, $0.001 par value per share, issued and outstanding, and there are 1,950.000 shares of Series B Preferred Stock, $0.001 par value per share, issued and outstanding.
DOMARK INTERNATIONAL, INC.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION | |
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Item 1. | Consolidated Balance Sheets November 30, 2015 (unaudited and unreviewed) and May 31, 2015 (audited) | | 3 | |
| Consolidated Statements of Operations six months ended November 30, 2015 and six months ended November 30, 2014 (unaudited & unreviewed) | | | 5 | |
| Consolidated Statements of Cash Flows six months ended November 30, 2015 and six months ended November 30, 2014 (unaudited & unreviewed) | | | 6 | |
| Notes to Consolidated Financial Statements (unaudited) | | 7 | |
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Item 2. | Management Discussion & Analysis of Financial Condition and Results of Operations | | | 19 | |
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Item 3. | Quantitative and Qualitative Disclosures About Market Risk | | 20 | |
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Item 4. | Controls and Procedures | | | 21 | |
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PART II - OTHER INFORMATION | | |
Item 1. | Legal Proceedings | | | 22 | |
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Item 1A. | Risk Factors | | | 22 | |
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Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | | | 22 | |
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Item 3. | Defaults Upon Senior Securities | | | 22 | |
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Item 4. | Mine Safety Disclosure | | | 22 | |
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Item 5. | Other information | | | 22 | |
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Item 6. | Exhibits | | | 22 | |
DOMARK INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS
| | November 30, | | | May 31, | | | | 2015 | | | 2015 | | | | (Unaudited & Unreviewed) | | | (Audited) | | ASSETS | | | | | | | | CURRENT ASSETS | | | | | | | Cash and cash equivalents | | $ | - | | | $ | - | | Loan receivable from consultant | | | 36,203 | | | | 36,203 | | Prepaid expenses | | | 4,500 | | | | 4,500 | | TOTAL CURRENT ASSETS | | | 40,703 | | | | 40,703 | | | | | | | | | | | INVESTMENTS | | | 1,144,166 | | | | 1,144,166 | | | | | | | | | | | OTHER ASSETS | | | | | | | | | Patents, net of accumulated amortization of $18,605 and $3,605, respectively | | | 51,897 | | | | 56,897 | | Licenses, net of accumulated amortization of $305,058 and $268,338 respectively | | | 4,942 | | | | 41,662 | | TOTAL OTHER ASSETS | | | 56,839 | | | | 98,559 | | | | | | | | | | | TOTAL ASSETS | | $ | 1,241,708 | | | $ | 1,283,428 | | The accompanying notes are an integral part of these consolidated financial statements DOMARK INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' (DEFICIT) CURRENT LIABILITIES | | | | | | | Amounts payable to Bank | | $ | 22 | | | $ | 115 | | Note payable to bank | | | 198,000 | | | | 198,000 | | Accounts payable and accrued expenses | | | 225,770 | | | | 855,665 | | Amounts due under Licensing Agreement with Wazzamba SA | | | 224,924 | | | | 224,924 | | Loans payable to consultants and stockholders | | | 126,993 | | | | 189,928 | | Convertible notes payable (net of unamortized discounts | | | | | | | | | of $134,533 and $674,886 respectively) | | | 651,785 | | | | 580,956 | | Derivative liability for convertible notes payable | | | 2,241,309 | | | | 2,564,280 | | TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES | | | 3,668,803 | | | | 4,613,868 | | | | | | | | | | | STOCKHOLDERS' DEFICIT | | | | | | | | | Preferred stock, $0.001 par value, authorized 10,000,000 shares: | | | | | | | | | Series A convertible preferred stock - issued and outstanding 50,000 shares as of November 30, 2015 and May 31, 2015 | | | 50 | | | | 50 | | Preferred stock, $0.001 par value, authorized 2,000,000 shares | | | | | | | | | Series B convertible preferred stock - issued and outstanding 1,950,000 shares as of November 30, 2015 and "0" as of May 31, 2015 | | | 1,950 | | | | - | | Common stock, $0.001 par value, authorized 30,000,000 shares: | | | | | | | | | 2,045,627 and 8,805,932,169 shares issued, and 2,045,627 and 8,681,112,367 shares outstanding, as of November 30, 2015 and May 31, 2015 | | | 2,042 | | | | 8,805,932 | | Less: Treasury stock (20,803 shares) as of November 30, 2015 and 124,819,802 May 31, 2015 | | | (21 | ) | | | (124,820 | ) | Common stock payable | | | 858,000 | | | | 858,000 | | Additional paid in capital | | | 46,473,922 | | | | 36,219,642 | | Accumulated other comprehensive income (loss) | | | (131,453 | ) | | | (126,453 | ) | Accumulated deficit | | | (49,631,585 | ) | | | (48,962,791 | ) | | | | | | | | | | TOTAL STOCKHOLDERS' DEFICIT | | | (2,427,095 | ) | | | (3,330,440 | ) | | | | | | | | | | TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | | $ | 1,241,708 | | | $ | 1,283,428 | | The accompanying notes are an integral part of these consolidated financial statements DOMARK INTERNATIONAL, INC. CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED & UNREVIEWED) | | For the three | | | For the three | | | For the six | | | For the six | | | | months | | | months | | | months | | | months | | | | ending | | | ending | | | ending | | | ending | | | | November 30, | | | November 30, | | | November 30, | | | November 30, | | | | 2015 | | | 2014 | | | 2015 | | | 2014 | | | | | | | | | | | | | | | Sales | | $ | - | | | $ | - | | | $ | - | | | $ | - | | Cost of sles | | | | | | | | | | | | | | | | | Gross profit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating expenses: | | | | | | | | | | | | | | | | | General and administrative | | | 15 | | | | 32,163 | | | | (462,755 | ) | | | 241,806 | | Stock-based compensation - Consultants | | | 0 | | | | - | | | | 1,326,000 | | | | 55,620 | | Stock-based compensation - Salaries and wages | | | - | | | | - | | | | - | | | | - | | Depreciation and amortization expense | | | 2,860 | | | | 53,360 | | | | 41,720 | | | | 106,720 | | Total operating expenses | | | 2,875 | | | | 85,523 | | | | 904,965 | | | | 404,146 | | | | | 0 | | | | | | | | | | | | | | Loss from operations | | | (2,875 | ) | | | (85,523 | ) | | | (904,965 | ) | | | (404,146 | ) | | | | | | | | | | | | | | | | | | Other income (expense): | | | | | | | | | | | | | | | | | Other income | | | | | | | | | | | | | | | | | Revaluation of derivative liability for convertible notes | | | 746,909 | | | | (474,291 | ) | | | 322,971 | | | | (667,181 | ) | Interest expense | | | (22,181 | ) | | | (196,797 | ) | | | (86,801 | ) | | | (344,230 | ) | Total other income (expense) | | | 724,728 | | | | (671,088 | ) | | | 236,170 | | | | (1,011,411 | ) | | | | | | | | | | | | | | | | | | Net gain ( loss ) | | | 721,853 | | | | (756,611 | ) | | | (668,795 | ) | | | (1,415,557 | ) | | | | | | | | | | | | | | | | | | Statement of Comprehensive Income: | | | | | | | | | | | | | | | | | Net income ( loss ) | | | 721,853 | | | | (756,611 | ) | | | (668,795 | ) | | | (1,415,557 | ) | | | | | | | | | | | | | | | | | | Other Comprehensive loss | | | | | | | | | | | | | | | | | Foreign currency adjustment | | | 0 | | | | (12,039 | ) | | | (5,000 | ) | | | (23,689 | ) | | | | 0 | | | | (12,039 | ) | | | (5,000 | ) | | | (23,689 | ) | | | | | | | | | | | | | | | | | | Total comprehensive gain ( loss ) | | $ | 721,853 | | | $ | (768,650 | ) | | $ | (673,795 | ) | | $ | (1,439,246 | ) | | | | | | | | | | | | | | | | | | Net gain ( loss ) per common shares, basic and diluted | | $ | 0.29 | | | $ | (0.01 | ) | | $ | (0.01 | ) | | $ | 0.00 | | Weighted average common shares outstanding | | | 2,504,311 | | | | 87,316,592 | | | | 43,824,765 | | | | 2,625,689,405 | | The accompanying notes are an integral part of these consolidated financial statements DOMARK INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED & UNREVIEWED) | | For the six months ended | | | | November 30, | | | November 30, | | | | 2015 | | | 2014 | | | | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | Net Loss | | $ | (668,795 | ) | | $ | (1,415,557 | ) | | | | | | | | | | Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | Depreciation and amortization | | | 41,720 | | | | 106,720 | | Common stock issued as compensation - consultants | | | 1,326,000 | | | | 55,620 | | Common stock issued as compensation | | | - | | | | - | | Non cash interest expense | | | 86,801 | | | | 344,230 | | Loss (gain) on derivative valuation | | | (322,971 | ) | | | 667,181 | | Effect of reverse stock split | | | 361,621 | | | | | | | | | | | | | | | Change in operating assets and liabilities: | | | | | | | | | Prepaid expenses | | | - | | | | - | | Accounts payable and accrued expenses | | | (629,895 | ) | | | (4,823 | ) | Accounts payable - related party | | | (62,935 | ) | | | 7,644 | | | | | | | | | | | Net cash used in operating activities | | | 131,546 | | | | (238,985 | ) | | | | | | | | | | CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | Cash paid for investments | | | - | | | | - | | Cash paid for loan receivable from consultant | | | - | | | | - | | | | | | | | | | | Net cash used in investing activities | | | - | | | | - | | | | | | | | | | | CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | Proceeds from convertible notes payable | | | - | | | | 138,829 | | Proceeds from loans payable to consultants and stockholders | | | - | | | | 123,367 | | Payments made on loans payables to consultants & stockholders | | | - | | | | | | Net cash provided by financing activities | | | 0 | | | | 262,196 | | | | | | | | | | | Other Comprehensive income ( loss ) effect of exchange rate changes on cash | | | (131,453 | ) | | | (23,689 | ) | | | | | | | | | | Net increase (decrease) in cash and cash equivalents | | | 93 | | | | (478 | ) | | | | | | | | | | CASH BALANCE BEGINNING OF PERIOD | | | (115 | ) | | | 460 | | CASH BALANCE END OF PERIOD | | $ | (22 | ) | | $ | (18 | ) | | | | | | | | | | Cash paid for interest | | $ | 0 | | | $ | 20,424 | | Cash paid for taxes | | $ | 0 | | | $ | 0 | | | | | | | | | | | SUPPLEMENT SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | | | | | | | Shares issued for settlement of loans payable to consultants and stockholders | | $ | 0 | | | $ | 55,623 | | Shares issued for settlement of convertible notes payable | | $ | 6,036 | | | $ | 391,584 | | The accompanying notes are an integral part of these consolidated financial statements DOMARK INTERNATIONAL, INC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDING NOVEMBER 30, 2015 AND NOVEMBER 30, 2014 (Unaudited & Unreviewed) NOTE 1 – DESCRIPTION OF BUSINESS DOMARK INTERNATIONAL, INC. ("DoMark" or the "Company") was incorporated under the laws of the State of Nevada on March 30, 2006. During 2008 and 2009, the Company acquired several operating businesses. On May 21, 2009, the Company entered into an acquisition agreement (the "Victory Lane Agreement") with Victory Lane Financial Elite, LLC ("Victory Lane") with respect to a real estate lifestyle business known as "Victory Lane" (the "Victory Lane Business"). Shortly thereafter, a dispute arose between the Company and the principals of Victory Lane regarding the representations of the principals of Victory Lane and the Victory Lane Business and the Victory Lane Agreement. On March 5, 2012, the Company entered into an Asset Purchase Agreement with its then controlling shareholder, R. Thomas Kidd, for the sale of the Company's subsidiary Armada Armada/The Golf Championships and certain assets related thereto. The Company relied upon Accounting Standards Codification ("ASC") Topic Nos, 860-20-25 and 860-20-40 to record the sale. The fair value of the transaction was measured at the fair value of the assets less any liabilities sold. On February 29, 2012, the Company formed a new wholly owned subsidiary, Solarwerks, Inc. in the state of Nevada, for the purposes of entering the business of marketing specialized solar consumer electronics. Solarwerks' current focus is to develop and distribute the SolaPad, a combined cover and charging system for Apple's iPad; and the SolaCase, a combined cover and charging system for all versions of Apple's iPhone. Solarwerks competes in a market that also includes 3D Systems (DDD), Dell (DELL) and Hewlett Packard (HPQ). Solarwerks, Inc. is currently in default with the Nevada Secretary of State. On June 20, 2012, the Company formed a new wholly-owned subsidiary, MuscleFoot Inc. in the state of Nevada for the purpose of distributing, marketing, and acting as sales agent for the patented foot care system of Barefoot Science. MuscleFoot Inc. is currently in default with the Nevada Secretary of State. On July 20, 2012, the Company formed a new wholly-owned subsidiary, DoMark Canada Inc. in the province of Ontario for the purpose of supporting the Company's corporate operations based in Toronto, Ontario, Canada. On February 28, 2013, the Company entered into a Memorandum of Understanding to purchase 44% of Zaktek Ltd. ("Zaktek"). Zaktek's main product is the phonepad+, an Apple Inc. approved tablet device that works with smartphones, including the Apple iPhoneÒ and Samsung Galaxy products to improve functionality including video and gaming abilities. On April 23, 2013, the Company received notification that Zaktek was ending discussions in regards to the definitive purchase agreement with DoMark. On June 11, 2013, the Company then purchased 100% of South Hill Ltd., an English private limited company, which owns approximately 19% of Zaktek. NOTE 2 – GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which contemplate continuation of the Company as a going concern. Furthermore, the Company has inadequate working capital to maintain or develop its operations, and is dependent upon funds from private investors, promissory notes from lenders, and the support of certain stockholders. These factors raise substantial doubt about the ability of the Company to continue as a going concern. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. In this regard, management is planning to raise any necessary additional funds through loans and additional sales of its common stock. There isn't any assurance that the Company will be successful in raising additional capital to meet its operating needs. NOTE 3 – BASIS OF PRESENTATION The unaudited consolidated financial statements as of November 30, 2015 and for the six months ended November 30, 2014 have been prepared in accordance with accounting principles generally accepted in the United States for interim consolidated financial information and with instructions to Form 10-Q. In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the consolidated financial position as of November 30, 2015 and the results of operations and cash flows for the six months ended November 30, 2015 and 2014. The financial data and other information disclosed in these notes to the interim consolidated financial statements related to these periods are unaudited. The results for the six month period November 30, 2015 are not necessarily indicative of the results to be expected for any subsequent quarter of the entire year ending May 31, 2016. The consolidated balance sheet at November 30, 2015 has been derived from the unaudited consolidated financial statements at that date. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended May 31, 2015 as included in our annual SEC report on Form 10-K. NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES RECENT ACCOUNTNG PRONOUNCEMENTS In June 2014, The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-10, "Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation" ("ASU 2014-10"). ASU 2014-10 removes the financial reporting distinction between development stage entities and other reporting entities and eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. As permitted by ASU 2014-10, the Company has elected early application of this standard for the accompanying consolidated financial statements for the Quarter ended November 30, 2015 and year ended May 31, 2015. The Company has reviewed other recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements represent the consolidated financial position and results of operations of the Company and include the accounts and results of operations of the Company and its subsidiaries. The accompanying consolidated financial statements include the parent entity of DoMark International, Inc. and its wholly owned subsidiaries, Domark Canada, Inc., Solarwerks, Inc., MuscleFoot, Inc. The Company has relied upon the guidance provided by ASC Topic No. 810-10-15-3. Foreign Currency Translation and Transaction Gains and Losses We record foreign currency translation adjustments and transaction gains and losses in accordance with SFAS 52, Foreign Currency Translation. For our operations that have a functional currency other than the U.S. dollar, gains and losses resulting from the translation of the functional currency into U.S. dollars for financial statement presentation are not included in determining net loss but are accumulated in the cumulative foreign currency translation adjustment account as a separate component of shareholders' deficit. The Company and its subsidiaries also have transactions in foreign currencies other than the functional currency. We record transaction gains and losses in our consolidated statements of income related to the recurring measurement and settlement of such transactions. The translation rates as of November 30, 2015 were $.75 US equaled $1.00 Canadian. USE OF ESTIMATES The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. The primary management estimates included in these condensed consolidated financial statements are the fair value of Company stock tendered in various nonmonetary transactions and the fair value of the derivative liability for convertible notes payable. CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At November 30, 2015 there weren't any cash or cash equivalents. At November 30, 2015 and May 31, 2015, cash and cash equivalents consisted only of cash in the bank, or a bank over draft. LOANS RECEIVABLE CONSULTANT The loan receivable consultants are a short term, less than one-year note, due February 28, 2016 and non-interest bearing. NET LOSS PER COMMON SHARE Basic net loss per common share is computed by dilutive net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially dilutive securities (such as convertible notes payable, convertible preferred stock, and warrants) outstanding during the relevant period. Dilutive securities having an anti-dilutive effect on diluted net loss per common share are excluded from the calculation. For the six months ending November 30, 2015 and 2014, diluted common shares outstanding excluded the following dilutive securities as the effect of their inclusion was anti-dilutive: | | Common Shares Equivalents | | | | Six Months Ended November 30, | | | | 2015 | | | 2014 | | | | | | | | | Convertible Notes Payable | | | 297,790,212 | | | | 2,661,720,333 | | | | | | | | | | | Serie A Convertible Preferred Shares | | | 50,000,000 | | | | 50,000,000 | | | | | | | | | | | Serie B Convertible Preferred Shares | | | 15,600,000,000 | | | | - | | | | | | | | | | | Warrants | | | 850,000 | | | | 850,000 | | | | | | | | | | | Total Common Shares Equivalents | | | 15,948,640,212 | | | | 2,712,570,333 | | INTANGIBLE ASSETS Intangible assets are carried at cost less accumulated amortization. Amortization is recorded over the estimated useful lives of the respective assets. IMPAIRMENT OF LONG-LIVED ASSETS In accordance with ASC Topic No. 360-10-40, long-lived assets, such as property, plant, and equipment, and purchased intangibles, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill and other intangible assets are tested for impairment annually. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. STOCK-BASED COMPENSATION The Company accounts for share based payments in accordance with ASC Topic No. 718, Compensation - Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant date fair value of the award. In accordance with ASC 718-10-30-9, Measurement Objective - Fair Value at Grant Date, the Company estimates the fair value of the award using a valuation technique. For stock options, the Company uses the Black-Scholes option pricing model. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as stock volatility, interest rates, and to allow for actual exercise behavior of option holders. Compensation cost is recognized over the requisite service period which is generally equal to the vesting period. Upon exercise, shares issued will be newly issued free trading shares from the Company's authorized common stock. ASC Topic No. 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505. RESEARCH AND DEVELOPMENT All research and development expenditures are expensed as incurred. REVENUE RECOGNITION The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. In the six month periods ending November 30, 2015 and 2014 there weren't any revenues. NOTE 5 – INVESTMENTS Investments consist of: | | November 30, 2015 | | | November 30, 2014 | | | | | | | | | Imagic Ltd. - 40% equity interest | | $ | 1,094,166 | | | $ | 1,094,166 | | Barefoot Science Products & Services Inc. - 15% equity interest | | | 50,000 | | | | 50,000 | | Total | | $ | 1,144,166 | | | $ | 1,144,166 | | The cost of the 40% equity interest in Imagic Ltd. at November 30, 2014 consists of: July 22, 2013 issuance of 7,500,000 shares of DoMark common stock to Imagic Ltd. | | $ | 697,500 | | December 3, 2013 issuance of 8,000,000 shares of DoMark common stock to Meadow Grove Ltd. in exchange for 9% equity interest in Imagic Ltd. | | | 96,005 | | Cash payments to or for the benefit of Imagic Ltd. | | | 150,661 | | Payments from Foremark Holdings to Imagic Ltd. in exchange for DoMark notes payable to Foremark Holdings | | | 150,000 | | Total | | $ | 1,094,166 | | Imagic is a privately owned company registered in Gibraltar which owns proprietary product designs for its Digilink and Game Control products. Imagic shares are not quoted or traded on any securities exchange or in any recognized over-the counter market. Imagic is accounted for on the equity method of accounting. The Company consolidates entities that we control. The Company accounts for investments in joint ventures using the equity method of accounting when we exercise significant influence over the venture. If the Company does not exercise significant influence, we account for the investment using the cost method of accounting. Imagic did not have any revenues or expenses for the period ended November 30, 2015. NOTE 6 – LICENSING AGREEMENT WITH WAZZAMBA SA During the three months ended February 28, 2014, the Company executed a Licensing Agreement with Wazzamba SA (the "Licensor"). The agreement provides the Company an exclusive license to use certain technology (which permits third-party subscribers to integrate a fully equipped online shop into their websites) in Canada and the United States for an initial term ending July 31, 2015. The agreement provides for the Company to pay the Licensor "Flat Fee" compensation of $300,000 in 3 installments of $100,000 each (first installment payable within 5 days of the signing of the agreement, second installment payable on July 1, 2014, and third installment payable on February 1, 2015) plus "Revenue Share" compensation equal to 50% of Net Commissions generated by the Company payable monthly. In the event that the Company does not generate $500,000 in Net Commissions by January 31, 2015, the Licensor has the right to cancel the agreement with one month notice (in which case the third $100,000 installment will no longer be due). With respect to an Extended License Term after July 31, 2015, the agreement provides the Company a right of first refusal to match any offer received by the Licensor from a third party. At November 30, 2015, the Company has a recorded intangible asset for "Licensing Agreement with Wazzamba SA" in the amount of $300,000, and included the liability under the Licenses net of accumulated amortization. Commencing March 1, 2014, the Company will amortize the $300,000 intangible asset on a straight line basis over the remaining 17 months of the Initial Term ending July 31, 2015 (approximately $17,647 per month). On March 27, 2014, the Company paid $75,000 of the first $300,000 "Flat Fee" installment due the Licensor under the agreement. The other $225,000 due is presently past due. Licenses, net of accumulated amortization are as follows: | | November 30, | | | May 31, | | | | 2015 | | | 2015 | | | | | | | | | Wazzamba S.A. | | $ | 300,000 | | | $ | 300,000 | | Bioharmonics | | | 10,000 | | | | 10,000 | | Subtotal | | | 310,000 | | | | 310,000 | | Accumulated amortization | | | (305,058 | ) | | | (268,338 | ) | | | | | | | | | | Totals | | $ | 4,942 | | | $ | 41,662 | | NOTE 7 – NOTE PAYABLE TO BANK In December 2013, the Company entered into a Loan Agreement with a bank located in Maryland. The related Promissory Note in the amount of $180,000 bears interest at a rate at 10% payable monthly, and is due in full on December 31, 2014, and is secured by a 2,500,000 shares of Domark International, Inc (Common Stock Reserve as defined in the Loan Agreement), a Guaranty of Payment from the Company's chief financial officer and his wife, and certain real property owned by the Company's chief financial officer and his wife. The loan has been modified and the lender has extended a twelve month extension for the loan repayment, with a December 31, 2016 balloon due date. NOTE 8 – LOANS PAYALE TO CONSULTANTS AND STOCKHOLDERS Loans payable to consultants and stockholders consist of ; | | November 30, | | | May 31, | | | | 2015 | | | 2015 | | Consultant and stockholder | | $ | 80,796 | | | $ | 90,402 | | President of Domark | | | - | | | | 47,500 | | Non-exec Chairman of Domark | | | - | | | | 11,875 | | Chairman of BarefoOT Science and affilliate | | | 21,500 | | | | 21,500 | | Consultant | | | 16,097 | | | | 16,097 | | Consultant | | | 8,600 | | | | 2,554 | | | | | | | | | | | Totals | | $ | 126,993 | | | $ | 189,928 | | These loans are informal and do not provide for interest or a stated maturity date NOTE 9 – CONVERTIBLE NOTES PAYABLE
At November 30, 2015 the convertible notes payable consisted of ;
Date of | | | | Interest | | | Maturity | | Principal | | | Unamortized | | | Net | | Note | | Noteholder | | Rate | | | Date | | Amount | | | Discount | | | Note | | | | | | | | | | | | | | | | | | | 12/19/13 | | JMJ Financial Inc | | | 10 | % | | 12/19/14 | | $ | 26,557 | (i) | | $ | 0 | | | $ | 26,557 | | 3/7/14 | | JSJ Investments, Inc. | | | 12 | % | | 10/7/14 | | | 11,882 | (g) | | | 0 | | | | 11,882 | | 3/28/14 | | Redwood Fund III | | | 10 | % | | 9/28/14 | | | 35,122 | (f) | | | 0 | | | | 35,122 | | 3/18/14 | | Redwood Managament, LLC. | | | 10 | % | | 9/28/14 | | | 50,000 | (g) | | | 0 | | | | 50,000 | | 4/14/14 | | WHC Capital, Inc | | | 12 | % | | 10/14/14 | | | 37,830 | (i) | | | 0 | | | | 37,830 | | 4/11/14 | | Tonaquint, Inc | | | 12 | % | | 10/11/14 | | | 39,681 | (g) | | | 0 | | | | 39,681 | | 4/24/14 | | JSJ Investments, Inc. | | | 12 | % | | 10/24/14 | | | 50,000 | (g) | | | 0 | | | | 50,000 | | 5/12/14 | | Iconic Holdings, LLC | | | 10 | % | | 11/12/14 | | | 46,645 | (g) | | | 0 | | | | 46,645 | | 5/16/14 | | KBM Worldwide, Inc | | | 8 | % | | 11/14/14 | | | 11,240 | (l) | | | 0 | | | | 11,240 | | 6/3/14 | | Adar Bays, Inc | | | 8 | % | | 12/12/14 | | | 48,654 | (g) | | | 0 | | | | 48,654 | | 6/23/14 | | JMJ Financial Inc | | | 10 | % | | 12/23/14 | | | 50,000 | (i) | | | 0 | | | | 50,000 | | 7/3/14 | | LG Capital, Inc | | | 8 | % | | 1/3/15 | | | 36,750 | (a) | | | 0 | | | | 36,750 | | 7/22/14 | | Redwood Fund III | | | 10 | % | | 1/22/15 | | | 100,082 | (g) | | | 0 | | | | 100,082 | | 8/14/14 | | KBM Worldwide, Inc | | | 8 | % | | 2/14/15 | | | 27,500 | (l) | | | 0 | | | | 27,500 | | 10/8/14 | | LG Capital, Inc | | | 8 | % | | 4/8/15 | | | 3,000 | (a) | | | 0 | | | | 3,000 | | 12/2/14 | | Tonaquint, Inc | | | 12 | % | | 6/2/15 | | | 10,000 | (g) | | | 0 | | | | 10,000 | | 12/5/14 | | LG Capital, Inc. | | | 8 | % | | 6/5/15 | | | 9,500 | (a) | | | 0 | | | | 9,500 | | 1/7/15 | | LG Capital Inc | | | 8 | % | | 7/7/15 | | | 22,500 | (a) | | | 0 | | | | 22,500 | | 3/15/15 | | Curran | | | 10 | % | | 9/15/15 | | | 25,000 | (l) | | | 74 | | | | 24,926 | | 7/22/15 | | LG Capital Inc | | | 8 | % | | 1/22/15 | | | 60,375 | (a) | | | 57,060 | | | | 3,315 | | 7/22/15 | | JMJ Financial Inc | | | 10 | % | | 1/22/15 | | | 20,000 | (i) | | | 18,401 | | | | 1,599 | | 7/17/15 | | Iconic Holdings, LLC | | | 10 | % | | 1/17/15 | | | 22,000 | (g) | | | 20,302 | | | | 1,698 | | 7/22/15 | | Redwood Fund III | | | 10 | % | | 1/22/15 | | | 22,000 | (g) | | | 20,302 | | | | 1,698 | | 7/18/15 | | Tonaquint, Inc | | | 12 | % | | 1/18/15 | | | 20,000 | (g) | | | 18,394 | | | | 1,606 | | | | Totals | | | | | | | | $ | 786,318 | | | $ | 134,533 | | | $ | 651,785 | | Legend (a) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.081 or 50% of the average of the three lowest closing prices during the 10 trading days prior to the notice of conversion. | | | (b) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.085 or 60% of the lowest closing price during the 25 trading days prior to the notice of conversion. | | | (c) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.08 or 50% of the lowest closing price during the 10 trading days prior to the notice of conversion. |
(d) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.0725 or 34% of the lowest closing price during the 20 trading days prior to the notice of conversion. | | | (e) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 55% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. | | | (f) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.00929 or 50% of the average of the three lowest trading prices during the 10 trading days prior to the notice of conversion. | | | (g) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 25% of the lowest trading price during the 20 trading days prior to the notice of conversion. | | | (h) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 58% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. | | | (i) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 40% of the lowest closing price during the 25 trading days prior to the notice of conversion. | | | (j) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 40% of the lowest closing price during the 20 trading days prior to the notice of conversion. | | | (k) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 58% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. | | | (l) | At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 49% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
NOTE 10 – STOCKHOLDERS' EQUITY Series A Convertible Preferred Stock Each share of Series A Convertible Preferred Stock has .67 share voting rights and is convertible into .67 shares of the Company's common stock. Series B Convertible Preferred Stock Each share of Series B Convertible Preferred Stock has 1,333 voting rights and is convertible into 1,333 shares of the Company's common stock. Common Stock Issuances On October 14, 2015, the Company issued 117,000 shares of common shares on behalf of Tonaquint, Inc. in satisfaction of $878 unpaid debt. On October 14, 2015, the Company issued 70,588 common shares on behalf of Asher Enterprises, Inc. in satisfaction of $1,440 of unpaid debt. On October 14, 2015, the Company issued 72,000 common shares on behalf of JMJ Financial, Inc. in satisfaction of $1,296 of unpaid debt. On October 30, 2015, the Company issued 70,561 common shares on behalf of KBM Worldwide, Inc in satisfaction of $755 of unpaid debt. On October 30, 2015, the Company issued 83,600 common shares on behalf of JMJ Financial, Inc. in satisfaction of $1,053 of unpaid debt. On November 1, 2015, the Company reversed 17,500 common shares on behalf of JMJ Financial, Inc in of $6,300 of unpaid debt. Warrants to Purchase Common Stock A summary of warrant activity from May 31, 2012 until the six months ending November 30, 2015 are as follows: | | Weighted Average Number of Warrants | | | Exercise Price | | Outstanding at May 31, 2012 | | $ | - | | | | - | | Granted | | | 850,000 | | | | 0.42 | | Exercised | | | - | | | | - | | Cancelled | | | - | | | | - | | | | | | | | | | | Outstanding at May 31, 2013 | | | 850,000 | | | | 0.42 | | Granted | | | - | | | | - | | Exercised | | | - | | | | - | | Cancelled | | | - | | | | - | | Outstanding at November 30, 2015 | | $ | 850,000 | | | | 0.42 | | Warrants outstanding at November 30, 2015 consist of: Date Granted | | Number Outstanding | | | Exercise price | | | Expiration Date | May 25, 2012 | | | 100,000 | | | $ | 1.00 | | | May 25, 2016 | June 12, 2012 | | | 150,000 | | | $ | 1.00 | | | June 12, 2016 | June 26, 2012 | | | 100,000 | | | $ | 1.00 | | | June 26, 2016 | January 1, 2012 | | | 500,000 | | | $ | 0.01 | | | January 1, 2016 | | | | | | | | | | | | Totals | | | 850,000 | | | | | | | | NOTE 11— FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILIITY The Company evaluates all of it financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting ate, with changes in the fair value reported as charges or credits to income. For option-based derivative financial instruments, the Companyuses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. During the period ended November 30, 2015 the Company did not enter into several convertible note agreements. The conversion option and the outstanding common stock warrants on that date which were tainted by the convertible note were classified as derivative liabilities at their fair value on the date of issuance. Under ASC-815 the conversion options embedded in the notes payable described in Note 9 require liability classification because they do not contain an explicit limit to the number of shares that could be issued upon settlement. As defined in FASB ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities. Level 2 - Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. Level 3 - Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. Derivative liability — the Company's derivative liability is classified within Level 3 of the fair value hierarchy. The Company uses the Black Scholes Option Pricing Model to value its option based derivatives predicated upon the following assumptions: dividend yield of -0-%, volatility of stock price =200%, risk free interest rate varying from 8 to 12 % and an expected term equal to the remaining conversion period of the note. The following table sets forth by level within the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value as of November 30, 2015. Recurring Fair Value Measurements | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | LIABILITIES: | | | | | | | | | | | | | Derivative liability- November 30, 2015 | | | - | | | | - | | | | 2,241,309 | | | | 2,241,309 | | Derivative liability- May 31, 2015 | | | - | | | | - | | | | 2,564,280 | | | | 2,564,280 | | NOTE 12 – COMMITMENTS AND CONTINGENCIES License Agreements On February 29, 2012, the Company entered into a Memorandum of Agreement with Xiamen Taiyang Neng Gongsi and Michael Franklin. For and in consideration of the payment of an initial license fee of $10,000, and for the future payment of royalties of $5.00 per SolaPad unit sold, Xiamen granted an exclusive worldwide license and joint patent rights to the Company for a solar charging case for IPAD, including IPAD 3. The license under the Agreement expires on December 31, 2018. On April 19, 2013, our subsidiary DoMark Canada Inc. executed an agreement with Bioharmonics Technologies Cop. ("Bioharmoniecs"). The agreement provided for the acquisition of certain inventions and related patents and patent applications in exchange for 500,000 shares of DoMark common stock (which was delivered April 19, 2013) and $30,000 cash payable no later than October 17, 2013 (which was satisfied through the delivery of an additional 500,000 shares of DoMark common stock to Bioharmonics on August 15, 2013). The agreement also provides for a royalty obligation payable quarterly to Bioharmonics equal to 10% of the wholesale price for each unit using infrared and solar charging. In January 2014, the Company executed a Licensing Agreement with Wazzamba SA. See Note 6. Employment Agreements On May 25, 2012, the Company entered into an employment agreement with its President, R. Brentwood Strasler, for an indefinite period or until terminated. Mr. Strasler is entitled to an annual salary of $150,000 USD and 100,000 stock purchase warrants exercisable to purchase shares of common stock of the Company at $1.00 per share. The warrants are exercisable for a three year period and can be vested quarterly on a pro rata basis over twelve months from the date of issue. Additionally, Mr. Strasler is to be enrolled in a long term Executive Option Plan and is entitled to term life insurance in the face amount of $2,500,000, payable to the beneficiary designated by Mr. Strasler. On December 1, 2014 Mr. Strasler resigned from the Company, mutually accepted by Mr. Ritchie, CEO and President. On June 15, 2012, the Company entered into an employment agreement with its Chief Executive Officer Andrew Ritchie, for an indefinite period or until terminated. Mr. Ritchie is entitled to an annual salary of $240,000 USD and 150,000 stock purchase warrants exercisable to purchase shares of common stock of the Company at $1.00 per share. The warrants are exercisable for a three year period and can be vested quarterly on a pro rata basis over twelve months from the date of issue. Additionally, Mr. Ritchie is to be enrolled in a long term Executive Option Plan and is entitled to term life insurance in the face amount of $2,500,000, payable to the beneficiary designated by Mr. Richie. Lease Agreement On August 1, 2013, the Company entered into an office lease in Toronto, Ontario, Canada for a five year period. At November 30, 2015, the future lease commitments on this lease for the years ended May 31, are as follows, and are in U.S. dollars: 2016 | | $ | 47,616 | | 2017 | | | 47,616 | | 2018 | | | 47,616 | | Thereafter | | | 7,936 | | Total | | $ | 149,784 | | NOTE 13 – SUBSEQUENT EVENT In September 22, 2015 the Company applied to FINRA to enact a 1:6000 ( one for six thousand ) one common share for six thousand common shares, reverse stock split. The Company already had the form 14C approved by the SEC to apply for the reverse stock split. Since there are two shareholders with over 63% ( sixty three percent ) voting control, there wasn't any need for a proxy vote on the reverse stock split. The Company's ahareholder's were notified of the reverse stock split application, Due to the fact the Company's stock value was significantly low, the Company needed to do a reverse stock split to raise potential capital , through promissory note and investment vehicle funding, to continue operations. Mr Andrew Ritchie, is still the Company's CEO, President, and sole board director. The Company is actively seeking a sale, joint venture, marketing partnership, or any other related venture opportunity with Simba Deals. ITEM 2 - MANAGEMENT DISCUSSION AND ANALYSIS OF THE CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management's discussion and analysis of certain significant factors that have affected our condensed consolidated financial position and operating results during the periods included in the accompanying condensed consolidated financial statements, as well as information relating to the current plans of our management. This report includes forward-looking statements. Generally, the words "believes", "anticipates", "may", "will", "should", "expect", "intend", "estimate", "continue", and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this report or other reports or documents we file with the Securities and Exchange Commission from time to time, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes thereto and other financial information contained elsewhere in this Form 10-Q. RECENT DEVELOPMENTS The main operations of the Company have been to search, negotiate and acquire ownership interests in companies with products at an advanced stage of their development or products already in production. In December 2013, the Company increased its equity interest in Imagic Ltd. to 40%. Imagic is a company registered in Gibraltar which owns proprietary product designs for its Digilink and Game Control products. In January 2014, the Company acquired United States and Canada marketing rights to certain online shop technology pursuant to a Licensing Agreement with Wazzamba SA. On February 24, 2014, the Company increased the number of authorized shares of common stock to 900,000,000 shares. On August 11, 2014 the Company increased the number of authorized shares of common stock to 7,500,000,000. On December 15, 2014, R. Brent Strasler ( non Exec. Chariman) tendered his resignation to the Company, mutually agreed upon by the President/CEO. On August 11, 2014 the Company increased the number of authorized shares of common stock to 7,500,000,000. On December 9, 2014 the Company increased the number of authorized shares of common stock to 14,000,000,000. In January 2015, the Company entered into a joint venture agreement with Mobil Lads, Corp, to acquire 75% of Simbadeals North American licensing rights, for $700,000 value of Mobile Lads Corp common stock and $225,000 in cash. The cash will be used by Domark to pay off the existing licensing responsibilities to Wazzamba ( the program developer of Simbadeals). Mobil Lads Corp will manage the future of Simbadeals and will be fully responsible for all future funding of the operation. Domark will retain the 25% interest in the Joint Venture. On August 13, 2015, the Company issued 1,170,000 Preferred Series B convertible shares, to Mr. Andrew Ritchie ( CEO & President ), and 780,000 Preferred Series B convertible shares to Mr. Thomas Crompton ( CFO), with a conversion rate of 8,000 common shares to one preferred share. These shares were issued for unpaid compensation and unpaid loans to Mr. Ritchie and Mr. Crompton. The unpaid compensation for Mr. Ritchie and Mr. Crompton were $365,708 and $203,121 respectively. The unpaid loans, at the time of preferred share issuance for Mr. Ritchie and Mr. Crompton were $45,480 and $30,723 respectively. Post reverse stock split of 6,000:1 ( six thousand to one ) common shares the new conversion rate for Mr. Rutchie's and Mr. Crompton's Series B preferred convertible shares are 1,333:1 ( one thousand three hundred thirty three to one ) common share of the Company's stock. On September 8, 2015, the Company has filed an S-8 for the announcement of a reverse stock split. The SEC has approved the 14C filing, for the application. Currently the Company is applying for a 6,000: 1 ( six thousand common shares for one common share ) reverse stock split on the Company's voting common stock. Since Mr, Ritchie and Mr. Crompton have over 50% ( fifty per cent ) voting control of the Company ( See Item #2, recent developments below ), the shareholders are being notified, and no proxy is required. The stock split was approved by FINRA on August 13, 2015. LIQUIDITY AND CAPITAL RESOURCES Our operating requirements have been funded primarily through financing facilities, sales of our common stock, and loans from shareholders and 3rd party financiers. Currently, the Company's cash flows do not adequately support the operating expenses of the Company. We received $0 in the six months ended November 30, 2015 from the sale of our common stock. The Company will continue to require financing from loans and notes payable until such time as our business has generated income sufficient to carry our operating costs. Cash increase or used by operating activities for the six month period ended November 30, 2015 was $131,546 compared to $238,985 for the same period in 2014. Stock-based compensation for the six month period ended November 30, 2015 was $1,326,000 as compared to $55,620 for the six month period ended November 30, 2014. Cash used in investing activities was $0 for the six month period ended November 30, 2015 compared to $0 for the six month period ended November 30, 2014. Cash provided by financing activities was $0 for the six month period ended November 30, 2015 versus $0 for the six month period ended November 30, 2014. Financing activities consist of cash received from related parties, promissory convertible notes payable, and notes payable. OTHER CONSIDERATIONS There are numerous factors that affect the Company's business and the results of its consolidated operations. Sources of these factors include general economic and business conditions, federal and state regulation of business activities, the level of demand for services, the level and intensity of competition, and our ability to continue to improve our infrastructure, including personnel and systems, to keep pace with our anticipated rapid growth in the development of our business. RESULTS OF CONDENSED CONSOLIDATED OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 2015 VS NOVEMBER 30, 2014 The Company did not have any revenues for the six months ending November 30, 2015 and November 30, 2014 Total general and administrative expenses for the six months ending November 30, 2015 were $(462,755) compared to $241,806 for the same six month period in 2014. The decrease is primarily due to the lesser operational expense amounts for the period ending November 30, 2015 The net loss for the six months ending November 30, 2015 amounted to $673,795 for a net loss per share of $0.01 vs. a net loss of $1,439,246 and a net loss per share of $0.00 for the same six month period ending in 2014. The decrease was primarily due to decreased stock based compensation and general and administrative costs. ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable to smaller reporting companies. ITEM 4 - CONTROLS AND PROCEDURES EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES Our management team, under the supervision and with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended ("Exchange Act"), as of the last day of the fiscal period covered by this report, November 30, 2013. The term disclosure controls and procedures means our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective as of November 30, 2014. Management is working on hiring other responsibilities to add some internal control procedures. Our principal executive officer and our principal financial officer are responsible for establishing and maintaining adequate internal controls over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f). Management is required to base its assessment of the effectiveness of our internal control over financial reporting on a suitable, recognized control framework, such as the framework developed by the Committee of Sponsoring Organizations ("COSO"). The COSO framework, published in INTERNAL CONTROL-INTEGRATED FRAMEWORK, is known as the COSO Report. Our principal executive officer and our principal financial officer have chosen the COSO framework on which to base its assessment. Based on this evaluation, our management concluded that our internal control over financial reporting was not effective as of November 30, 2015. There weren't any changes in our internal control over financial reporting that occurred during the period ended November 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. Controls are being put in place for daily operations which will allow for controlled cash management and oversite. It should be noted that any system of controls, however well designed and operated, can provide only reasonable and not absolute assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of certain events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Management is aware that there is a lack of segregation of duties at the Company due to the small number of employees dealing with general administrative and financial matters. However, at this time management has decided that considering the abilities of the employees now involved and the control procedures in place, the risks associated with such lack of segregation are low and the potential benefits of adding employees to clearly segregate duties do not justify the substantial expenses associated with such increases. Management will periodically reevaluate this situation. PART II - OTHER INFORMATION ITEM 1 - LEGAL PROCEEDINGS On May 21, 2009, the Company entered into an Agreement for the Exchange of Common Stock (the "Victory Lane Agreement") with Victory Lane Financial Elite, LLC ("Victory Lane") with respect to a real estate lifestyle business known as Victory Lane (the "Victory Lane Business") pursuant to which the Company intended to purchase the Victory Lane Business. Shortly thereafter, a dispute arose between the Company and Victory Lane regarding alleged misrepresentations made by Victory Lane in connection with the Victory Lane Agreement. In August, 2009, Victory Lane Financial Elite, LLC, Legacy Development, LLC and Patrick Costello filed suit in the Superior Court of Tattnall County, Georgia (Civ. No. 2009-V-381-JW) against the Company, R. Thomas Kidd and various officers and directors of the Company, alleging that the Company was in breach of the Victory Lane Agreement and that the Company and certain of the individual defendants had committed various torts against the plaintiffs and that certain of the individual defendants had violated various fiduciary and other duties owed to the plaintiffs in connection with the Victory Lane Agreement and the handling of the Victory Lane Business (the "VLFE Case"). The plaintiffs sought a declaratory judgment to the effect that the Victory Lane Agreement had not been executed, as well as money damages from the Company and the individual defendants. The Company and Mr. Kidd have answered the Complaint, denying any liability for the plaintiff's claims and have asserted various counterclaims including fraud and other torts. In July 2010 the court dismissed all of the individual defendants, other than R. Thomas Kidd, in response to a motion to dismiss for lack of jurisdiction. The case has since been stayed. In December, 2009, AHIFO-21, LLC filed a lawsuit in the Superior Court of Tattnall County, Georgia (Civ. No. 2009-V-672-JS) against Victory Lane, LLC, Patrick J. Costello and Stephen Brown (the "Victory Lane Defendants") alleging that the Victory Lane Defendants owe the plaintiff more than $7,740,000 in respect of one or more loans made by the plaintiff to certain Victory Lane Defendants in connection with the Victory Lane Business (the "AHIFO Case"). In February 2010, the Victory Lane Defendants filed a Third Party Complaint against the Company and R. Thomas Kidd, claiming that the Company and Mr. Kidd should be liable for any amounts the Victory Lane Defendants are required to pay to the plaintiff in this case. The Company and Mr. Kidd have answered the Complaint, denying any liability for the plaintiff's claims and Mr. Kidd has asserted various counterclaims including fraud and other torts. The Company and Mr. Kidd filed a motion to dismiss the Third Party Complaint, but the entire case was subsequently stayed. A final equitable settlement was arrived at between the plaintiffs, Victory Lane Financial Elite, LLC, Legacy Development, LLC and Domark International, Inc. The amount to be paid to Victory Financial, by Domark, is undisclosed. A $150,000 promissory note to be paid by Domark International, Inc. with a three month balloon. This finalizes all lawsuits caused by previous management. Domark does not have any outstanding lawsuits against it whatsoever. ITEM 1A - RISK FACTORS Not required. ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS None. ITEM 3 - DEFAULTS UPON SENIOR SECURITIES There were no defaults upon senior securities during the interim period ended November 30, 2015. ITEM 4 - MINE SAFETY DISCLOSURE None. ITEM 5 - OTHER INFORMATION None. ITEM 6 - EXHIBITS Exhibit No. | | Document Description | | | | 31.1 | | Certification of CEO Pursuant to 18 U.S.C. Section 1350, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | | | 31.2 | | Certification of CFO Pursuant to 18 U.S.C. Section 1350, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | | | 32.1* | | Certification of CEO Pursuant to 18 U.S.C. Section 1350, Pursuant to Section 906 of the Sarbanes-Oxley act of 2002. | | | | 32.2* | | Certification of CFO Pursuant to 18 U.S.C. Section 1350, Pursuant to Section 906 of the Sarbanes-Oxley act of 2002. | | | | 101 | | Interactive data files pursuant to Rule 405 of Regulation S-T. | ______________ * This exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 of the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings. SIGNATURES In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized. | DOMARK INTERNATIONAL, INC. REGISTRANT | | | | | | Date: January 12, 2016 | By: | /s/ Andrew Ritchie | | | | Andrew Ritchie | | | | Chief Executive Officer/President | | Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the undersigned on behalf of the registrant and in the capacities indicated on the 12th day of January 2016. | | | | | By: | /s/ A. Thomas Crompton | | | | A. Thomas Crompton | | | | Chief Financial Officer | | 24
|
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO RULES 13A-14 AND 15D-14 OF THE SECURITIES EXCHANGE ACT OF 1934
I, Andrew Ritchie, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of DoMark International, Inc.; |
| |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report; |
| |
4. | The small business issuer'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 small business issuer 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 small business issuer, 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 small business issuer'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 small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the small business issuer's internal control over financial reporting; and |
5. | The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer'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. |
January 12, 2016 | By: | /s/ Andrew Ritchie | |
| | Andrew Ritchie | |
| | CEO | |
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO RULES 13A-14 AND 15D-14 OF THE SECURITIES EXCHANGE ACT OF 1934
I, Andrew Ritchie, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of DoMark International, Inc.; |
| |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report; |
| |
4. | The small business issuer'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 small business issuer 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 small business issuer, 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 small business issuer'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 small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the small business issuer's internal control over financial reporting; and |
5. | The small business issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer'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. |
January 12, 2016 | By: | /s/ Thomas Crompton | |
| | Thomas Crompton | |
| | Chief 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 Annual Report of DoMark International, Inc. (the "Company") on Form 10-Q for the period ended November 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Andrew Ritchie, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, That to the best of my knowledge:
(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. |
January 12, 2016 | By: | /s/ Andrew Ritchie | |
| | Andrew Ritchie | |
| | Chief Executive Officer | |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of DoMark International, Inc. (the "Company") on Form 10-Q for the period ended November 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Andrew Ritchie, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, That to the best of my knowledge:
(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. |
January 12, 2016 | By: | /s/ Thomas Crompton | |
| | Thomas Crompton | |
| | Chief Financial Officer | |
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v3.3.1.900
Consolidated Balance Sheets - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
|
|
Loan receivable from consultant |
$ 36,203
|
$ 36,203
|
Prepaid expenses |
4,500
|
4,500
|
TOTAL CURRENT ASSETS |
40,703
|
40,703
|
INVESTMENTS |
1,144,166
|
1,144,166
|
OTHER ASSETS |
|
|
Patents, net of accumulated amortization of $18,605 and $3,605, respectively |
51,897
|
56,897
|
Licenses, net of accumulated amortization of $305,058 and $268,338 respectively |
4,942
|
41,662
|
TOTAL OTHER ASSETS |
56,839
|
98,559
|
TOTAL ASSETS |
1,241,708
|
1,283,428
|
CURRENT LIABILITIES |
|
|
Amounts payable to Bank |
22
|
115
|
Note payable to bank |
198,000
|
198,000
|
Accounts payable and accrued expenses |
225,770
|
855,665
|
Amounts due under Licensing Agreement with Wazzamba SA |
224,924
|
224,924
|
Loans payable to consultants and stockholders |
126,993
|
189,928
|
Convertible notes payable (net of unamortized discounts of $134,533 and $674,886 respectively) |
651,785
|
580,956
|
Derivative liability for convertible notes payable |
2,241,309
|
2,564,280
|
TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES |
3,668,803
|
4,613,868
|
STOCKHOLDERS' DEFICIT |
|
|
Preferred stock, $0.001 par value, authorized 10,000,000 shares: Series A convertible preferred stock - issued and outstanding 50,000 shares as of November 30, 2015 and May 31, 2015 |
50
|
$ 50
|
Preferred stock, $0.001 par value, authorized 2,000,000 shares Series B convertible preferred stock - issued and outstanding 1,950,000 shares as of November 30, 2015 and "0" as of May 31, 2015 |
1,950
|
|
Common stock, $0.001 par value, authorized 30,000,000 shares: 2,045,627 and 8,805,932,169 shares issued, and 2,045,627 and 8,681,112,367 shares outstanding, as of November 30, 2015 and May 31, 2015 |
2,042
|
$ 8,805,932
|
Less: Treasury stock (20,803 shares) as of November 30, 2015 and 124,819,802 May 30, 2015 |
(21)
|
(124,820)
|
Common stock payable |
858,000
|
858,000
|
Additional paid-in capital |
46,473,922
|
36,219,642
|
Accumulated other comprehensive income (loss) |
(131,453)
|
(126,453)
|
Accumulated deficit |
(49,631,585)
|
(48,962,791)
|
TOTAL STOCKHOLDERS' DEFICIT |
(2,427,095)
|
(3,330,440)
|
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ 1,241,708
|
$ 1,283,428
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v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
OTHER ASSETS |
|
|
Patents, net of accumulated amortization |
$ 18,605
|
$ 3,605
|
License, net of accumulated amortization |
305,058
|
268,338
|
CURRENT LIABILITIES |
|
|
Convertible notes payable net of unamortized discounts |
$ 134,533
|
$ 674,886
|
STOCKHOLDERS' DEFICIT |
|
|
Preferred stock series A, par value |
$ 0.001
|
$ 0.001
|
Preferred stock series A, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock series A, shares issued |
50,000
|
50,000
|
Preferred stock series A, shares outstanding |
50,000
|
50,000
|
Convertible preferred stock series B, par value |
0.001
|
0.001
|
Convertible preferred stock series B, shares authorized |
2,000,000
|
2,000,000
|
Convertible preferred stock series B, shares issued |
1,950,000
|
0
|
Convertible preferred stock series B, shares outstanding |
1,950,000
|
0
|
Common Stock, par value |
$ 0.001
|
$ 0.001
|
Common Stock, shares authorized |
30,000,000
|
30,000,000
|
Common Stock, shares issued |
2,045,627
|
8,805,932,169
|
Common Stock, shares outstanding |
2,045,627
|
8,681,112,367
|
Treasury Stock, Shares |
20,803
|
124,819,802
|
X |
- DefinitionConvertible preferred stock series B, par value.
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v3.3.1.900
Consolidated Statement Of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Consolidated Statement Of Operations |
|
|
|
|
Sales |
|
|
|
|
Cost of sales |
|
|
|
|
Gross profit |
|
|
|
|
Operating expenses: |
|
|
|
|
General and administrative |
$ 15
|
$ 32,163
|
$ (462,755)
|
$ 241,806
|
Stock-based compensation - consultants |
$ 0
|
|
$ 1,326,000
|
$ 55,620
|
Stock-based compensation - Salaries and wages |
|
|
|
|
Depreciation and amortization expense |
$ 2,860
|
$ 53,360
|
$ 41,720
|
$ 106,720
|
Total operating expenses |
2,875
|
85,523
|
904,965
|
404,146
|
Loss from operations |
$ (2,875)
|
$ (85,523)
|
$ (904,965)
|
$ (404,146)
|
Other income (expense): |
|
|
|
|
Other income |
|
|
|
|
Revaluation of derivative liability for convertible notes |
$ 746,909
|
$ (474,291)
|
$ 322,971
|
$ (667,181)
|
Interest expense |
(22,181)
|
(196,797)
|
(86,801)
|
(344,230)
|
Total other income (expense) |
724,728
|
(671,088)
|
236,170
|
(1,011,411)
|
Net gain (loss) |
721,853
|
(756,611)
|
(668,795)
|
(1,415,557)
|
Statement of Comprehensive Income: Net income (loss) |
721,853
|
(756,611)
|
(668,795)
|
(1,415,557)
|
Other Comprehensive Loss |
|
|
|
|
Foreign currency translation adjustment |
0
|
(12,039)
|
(5,000)
|
(23,689)
|
Total Other Comprehensive Loss |
0
|
(12,039)
|
(5,000)
|
(23,689)
|
Total comprehensive gain (loss) |
$ 721,853
|
$ (768,650)
|
$ (673,795)
|
$ (1,439,246)
|
Net gain (loss) per common shares, basic and diluted |
$ 0.29
|
$ (0.01)
|
$ (0.01)
|
$ 0
|
Weighted average common shares outstanding |
2,504,311
|
87,316,592
|
43,824,765
|
2,625,689,405
|
X |
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v3.3.1.900
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net Loss |
$ (668,795)
|
$ (1,415,557)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
41,720
|
106,720
|
Common stock issued as compensation - consultants |
$ 1,326,000
|
$ 55,620
|
Common stock issued as compensation |
|
|
Non cash interest expense |
$ 86,801
|
$ 344,230
|
Loss (gain) on derivative valuation |
(322,971)
|
$ 667,181
|
Effect of reverse stock split |
$ 361,621
|
|
Changes in Operating assets and liabilities: |
|
|
Prepaid expenses |
|
|
Accounts payable and accrued expenses |
$ (629,895)
|
$ (4,823)
|
Accounts payable -related party |
(62,935)
|
7,644
|
Net cash used in operating activities |
$ 131,546
|
$ (238,985)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Cash paid for investments |
|
|
Cash paid for loan receivable from consultant |
|
|
Net cash used in investing activities |
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from convertible notes payable |
|
$ 138,829
|
Proceeds from loans payable to consultants and stockholders |
|
$ 123,367
|
Payments made on loans payables to consultants & stockholders |
|
|
Net cash provided by financing activities |
$ 0
|
$ 262,196
|
Other Comprehensive income ( loss ) effect of exchange rate changes on cash |
(131,453)
|
(23,689)
|
Net increase (decrease) in cash and cash equivalents |
93
|
(478)
|
CASH BALANCE BEGINNING OF PERIOD |
(115)
|
460
|
CASH BALANCE END OF PERIOD |
(22)
|
(18)
|
Cash paid for interest |
0
|
20,424
|
Cash paid for taxes |
0
|
0
|
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
Shares issued for settlement of loans payable to consultants and stockholders |
0
|
55,623
|
Shares issued for settlement of convertible notes payable |
$ 6,036
|
$ 391,584
|
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v3.3.1.900
Description of Business
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 1 - Description of Business |
DOMARK INTERNATIONAL, INC. ("DoMark" or the "Company")
was incorporated under the laws of the State of Nevada on March 30, 2006. During 2008 and 2009, the Company acquired several operating
businesses. On May 21, 2009, the Company entered into an acquisition agreement (the "Victory Lane Agreement") with Victory
Lane Financial Elite, LLC ("Victory Lane") with respect to a real estate lifestyle business known as "Victory Lane"
(the "Victory Lane Business"). Shortly thereafter, a dispute arose between the Company and the principals of Victory
Lane regarding the representations of the principals of Victory Lane and the Victory Lane Business and the Victory Lane Agreement.
On March 5, 2012, the Company entered into
an Asset Purchase Agreement with its then controlling shareholder, R. Thomas Kidd, for the sale of the Company's subsidiary Armada
Armada/The Golf Championships and certain assets related thereto. The Company relied upon Accounting Standards Codification ("ASC")
Topic Nos, 860-20-25 and 860-20-40 to record the sale. The fair value of the transaction was measured at the fair value of the
assets less any liabilities sold.
On February 29, 2012, the Company formed a
new wholly owned subsidiary, Solarwerks, Inc. in the state of Nevada, for the purposes of entering the business of marketing specialized
solar consumer electronics. Solarwerks' current focus is to develop and distribute the SolaPad, a combined cover and charging system
for Apple's iPad; and the SolaCase, a combined cover and charging system for all versions of Apple's iPhone. Solarwerks competes
in a market that also includes 3D Systems (DDD), Dell (DELL) and Hewlett Packard (HPQ). Solarwerks, Inc. is currently in default
with the Nevada Secretary of State.
On June 20, 2012, the Company formed a new
wholly-owned subsidiary, MuscleFoot Inc. in the state of Nevada for the purpose of distributing, marketing, and acting as sales
agent for the patented foot care system of Barefoot Science. MuscleFoot Inc. is currently in default with the Nevada Secretary
of State.
On July 20, 2012, the Company formed a new
wholly-owned subsidiary, DoMark Canada Inc. in the province of Ontario for the purpose of supporting the Company's corporate operations
based in Toronto, Ontario, Canada.
On February 28, 2013, the Company entered into
a Memorandum of Understanding to purchase 44% of Zaktek Ltd. ("Zaktek"). Zaktek's main product is the phonepad+, an Apple
Inc. approved tablet device that works with smartphones, including the Apple iPhoneÒ
and Samsung Galaxy products to improve functionality including video and gaming abilities.
On April 23, 2013, the Company received notification
that Zaktek was ending discussions in regards to the definitive purchase agreement with DoMark.
On June 11, 2013, the Company then purchased
100% of South Hill Ltd., an English private limited company, which owns approximately 19% of Zaktek.
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v3.3.1.900
Going Concern
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 2 - Going Concern |
The accompanying consolidated financial statements
have been prepared in conformity with accounting principles generally accepted in the United States of America which contemplate
continuation of the Company as a going concern. Furthermore, the Company has inadequate working capital to maintain or develop
its operations, and is dependent upon funds from private investors, promissory notes from lenders, and the support of certain stockholders.
These factors raise substantial doubt about
the ability of the Company to continue as a going concern. These condensed consolidated financial statements do not include any
adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities
that might result from this uncertainty. In this regard, management is planning to raise any necessary additional funds through
loans and additional sales of its common stock. There isn't any assurance that the Company will be successful in raising additional
capital to meet its operating needs.
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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
Basis of Presentation
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 3 - Basis of Presentation |
The unaudited consolidated financial statements as of November 30,
2015 and for the six months ended November 30, 2014 have been prepared in accordance with accounting principles generally accepted
in the United States for interim consolidated financial information and with instructions to Form 10-Q. In the opinion of management,
the unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements
and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the consolidated financial
position as of November 30, 2015 and the results of operations and cash flows for the six months ended November 30, 2015 and 2014.
The financial data and other information disclosed in these notes to the interim consolidated financial statements related to these
periods are unaudited. The results for the six month period November 30, 2015 are not necessarily indicative of the results to
be expected for any subsequent quarter of the entire year ending May 31, 2016. The consolidated balance sheet at November 30, 2015
has been derived from the unaudited consolidated financial statements at that date.
Certain information and footnote disclosures
normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in
the United States have been omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited
consolidated financial statements should be read in conjunction with our audited financial statements and notes thereto for the
year ended May 31, 2015 as included in our annual SEC report on Form 10-K.
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v3.3.1.900
Summary of Significant Accounting Policies
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 4 - Summary of Significant Accounting Policies |
RECENT ACCOUNTNG PRONOUNCEMENTS
In June 2014, The Financial Accounting Standards
Board ("FASB") issued Accounting Standards Update ("ASU") 2014-10, "Development Stage Entities (Topic
915): Elimination of Certain Financial Reporting
Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation" ("ASU 2014-10").
ASU 2014-10 removes the financial reporting distinction between development stage entities and other reporting entities and eliminates
the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash
flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description
of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is
no longer a development stage entity that in prior years it had been in the development stage. As permitted by ASU 2014-10, the
Company has elected early application of this standard for the accompanying consolidated financial statements for the Quarter
ended November 30, 2015 and year ended May 31, 2015. The Company has reviewed other recently issued accounting pronouncements
and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material
impact on its financial position, results of operations or cash flows.
PRINCIPLES OF CONSOLIDATION
The accompanying consolidated financial statements
represent the consolidated financial position and results of operations of the Company and include the accounts and results of
operations of the Company and its subsidiaries. The accompanying consolidated financial statements include the parent entity of
DoMark International, Inc. and its wholly owned subsidiaries, Domark Canada, Inc., Solarwerks, Inc., MuscleFoot, Inc. The Company
has relied upon the guidance provided by ASC Topic No. 810-10-15-3.
Foreign Currency Translation and Transaction
Gains and Losses
We record foreign currency translation adjustments
and transaction gains and losses in accordance with SFAS 52, Foreign Currency Translation. For our operations that have a functional
currency other than the U.S. dollar, gains and losses resulting from the translation of the functional currency into U.S. dollars
for financial statement presentation are not included in determining net loss but are accumulated in the cumulative foreign currency
translation adjustment account as a separate component of shareholders' deficit. The Company and its subsidiaries also have transactions
in foreign currencies other than the functional currency. We record transaction gains and losses in our consolidated statements
of income related to the recurring measurement and settlement of such transactions. The translation rates as of November 30, 2015
were $.75 US equaled $1.00 Canadian.
USE OF ESTIMATES
The preparation of the consolidated financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements.
These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management
evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.
The primary management estimates included in
these condensed consolidated financial statements are the fair value of Company stock tendered in various nonmonetary transactions
and the fair value of the derivative liability for convertible notes payable.
CASH AND CASH EQUIVALENTS
The Company considers all highly liquid investments
with an original maturity of three months or less to be cash equivalents. At November 30, 2015 there weren't any cash or cash equivalents.
At November 30, 2015 and May 31, 2015, cash and cash equivalents consisted only of cash in the bank, or a bank over draft.
LOANS RECEIVABLE CONSULTANT
The loan receivable consultants are a short
term, less than one-year note, due February 28, 2016 and non-interest bearing.
NET LOSS PER COMMON SHARE
Basic net loss per common share is computed
by dilutive net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per
common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially dilutive
securities (such as convertible notes payable, convertible preferred stock, and warrants) outstanding during the relevant period.
Dilutive securities having an anti-dilutive effect on diluted net loss per common share are excluded from the calculation.
For the six months ending November 30, 2015
and 2014, diluted common shares outstanding excluded the following dilutive securities as the effect of their inclusion was anti-dilutive:
|
|
Common Shares Equivalents |
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
Convertible Notes Payable |
|
|
297,790,212 |
|
|
|
2,661,720,333 |
|
|
|
|
|
|
|
|
|
|
Serie A Convertible Preferred Shares |
|
|
50,000,000 |
|
|
|
50,000,000 |
|
|
|
|
|
|
|
|
|
|
Serie B Convertible Preferred Shares |
|
|
15,600,000,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Warrants |
|
|
850,000 |
|
|
|
850,000 |
|
|
|
|
|
|
|
|
|
|
Total Common Shares Equivalents |
|
|
15,948,640,212 |
|
|
|
2,712,570,333 |
|
INTANGIBLE ASSETS
Intangible assets are carried at cost less
accumulated amortization. Amortization is recorded over the estimated useful lives of the respective assets.
IMPAIRMENT OF LONG-LIVED ASSETS
In accordance with ASC Topic No. 360-10-40,
long-lived assets, such as property, plant, and equipment, and purchased intangibles, are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill and other intangible
assets are tested for impairment annually. Recoverability of assets to be held and used is measured by a comparison of the carrying
amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of
an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount
of the asset exceeds the fair value of the asset.
STOCK-BASED COMPENSATION
The Company accounts for share based payments in accordance with
ASC Topic No. 718, Compensation - Stock Compensation, which requires all share-based payments to employees, including grants of
employee stock options, to be recognized in the financial statements based on the grant date fair value of the award. In accordance
with ASC 718-10-30-9, Measurement Objective - Fair Value at Grant Date, the Company estimates the fair value of the award using
a valuation technique. For stock options, the Company uses the Black-Scholes option pricing model. The Company believes this model
provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as stock volatility,
interest rates, and to allow for actual exercise behavior of option holders. Compensation cost is recognized over the requisite
service period which is generally equal to the vesting period. Upon exercise, shares issued will be newly issued free trading shares
from the Company's authorized common stock.
ASC Topic No. 505, "Compensation-Stock
Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments
to non-employees for goods or services. Under this method, stock compensation expense includes compensation expense for all stock-based
compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions
of ASC 505.
RESEARCH AND DEVELOPMENT
All research and development expenditures are
expensed as incurred.
REVENUE RECOGNITION
The Company recognizes revenues when persuasive
evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable,
and collection of the resulting receivable is reasonably assured. In the six month periods ending November 30, 2015 and 2014 there
weren't any revenues.
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v3.3.1.900
Investments
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 5 - Investments |
Investments consist of:
|
|
November 30,
2015 |
|
|
November 30,
2014 |
|
|
|
|
|
|
|
|
Imagic Ltd. - 40% equity interest |
|
$ |
1,094,166 |
|
|
$ |
1,094,166 |
|
Barefoot Science Products & Services Inc. - 15% equity interest |
|
|
50,000 |
|
|
|
50,000 |
|
Total |
|
$ |
1,144,166 |
|
|
$ |
1,144,166 |
|
The cost of the 40% equity interest in Imagic
Ltd. at November 30, 2014 consists of:
July 22, 2013 issuance of 7,500,000 shares of DoMark common stock to Imagic Ltd. |
|
$ |
697,500 |
|
December 3, 2013 issuance of 8,000,000 shares of DoMark common stock to Meadow Grove Ltd. in exchange for 9% equity interest in Imagic Ltd. |
|
|
96,005 |
|
Cash payments to or for the benefit of Imagic Ltd. |
|
|
150,661 |
|
Payments from Foremark Holdings to Imagic Ltd. in exchange for DoMark notes payable to Foremark Holdings |
|
|
150,000 |
|
Total |
|
$ |
1,094,166 |
|
Imagic is a privately owned company registered
in Gibraltar which owns proprietary product designs for its Digilink and Game Control products. Imagic shares are not quoted or
traded on any securities exchange or in any recognized over-the counter market. Imagic is accounted for on the equity method of
accounting. The Company consolidates entities that we control. The Company accounts for investments in joint ventures using the
equity method of accounting when we exercise significant influence over the venture. If the Company does not exercise significant
influence, we account for the investment using the cost method of accounting. Imagic did not have any revenues or expenses for
the period ended November 30, 2015.
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v3.3.1.900
Licensing Agreement With Wazzamba Sa
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 6 - Licensing Agreement With Wazzamba Sa |
During the three months ended February 28, 2014, the Company executed
a Licensing Agreement with Wazzamba SA (the "Licensor"). The agreement provides the Company an exclusive license to
use certain technology (which permits third-party subscribers to integrate a fully equipped online shop into their websites) in
Canada and the United States for an initial term ending July 31, 2015. The agreement provides for the Company to pay the Licensor
"Flat Fee" compensation of $ 300,000 in 3 installments of $100,000 each (first installment payable within 5 days of
the signing of the agreement, second installment payable on July 1, 2014, and third installment payable on February 1, 2015) plus
"Revenue Share" compensation equal to 50% of Net Commissions generated by the Company payable monthly. In the event
that the Company does not generate $500,000 in Net Commissions by January 31, 2015, the Licensor has the right to cancel the agreement
with one month notice (in which case the third $100,000 installment will no longer be due). With respect to an Extended License
Term after July 31, 2015, the agreement provides the Company a right of first refusal to match any offer received by the Licensor
from a third party.
At November 30, 2015, the Company has a recorded
intangible asset for "Licensing Agreement with Wazzamba SA" in the amount of $300,000, and included the liability under
the Licenses net of accumulated amortization. Commencing March 1, 2014, the Company will amortize the $300,000 intangible asset
on a straight line basis over the remaining 17 months of the Initial Term ending July 31, 2015 (approximately $17,647 per month).
On March 27, 2014, the Company paid $75,000
of the first $300,000 "Flat Fee" installment due the Licensor under the agreement. The other $225,000 due is presently
past due.
Licenses, net of accumulated amortization are
as follows:
|
|
November 30, |
|
|
May 31, |
|
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
|
Wazzamba S.A. |
|
$ |
300,000 |
|
|
$ |
300,000 |
|
Bioharmonics |
|
|
10,000 |
|
|
|
10,000 |
|
Subtotal |
|
|
310,000 |
|
|
|
310,000 |
|
Accumulated amortization |
|
|
(305,058 |
) |
|
|
(268,338 |
) |
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
4,942 |
|
|
$ |
41,662 |
|
|
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v3.3.1.900
Note Payable To Bank
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 7 - Note Payable To Bank |
In December 2013, the Company entered into a Loan Agreement with
a bank located in Maryland. The related Promissory Note in the amount of $180,000 bears interest at a rate at 10% payable monthly,
and is due in full on December 31, 2014, and is secured by a 2,500,000 shares of Domark International, Inc (Common Stock Reserve
as defined in the Loan Agreement), a Guaranty of Payment from the Company's chief financial officer and his wife, and certain real
property owned by the Company's chief financial officer and his wife. The loan has been modified and the lender has extended a
twelve month extension for the loan repayment, with a December 31, 2016 balloon due date.
|
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- DefinitionThe entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.
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v3.3.1.900
Loans Payable to Consultants and Stockholders
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 8 - Loans Payable To Related Parties, Consultants, And Stockholders |
Loans payable to consultants and stockholders
consist of ;
|
|
November 30, |
|
|
May 31, |
|
|
|
2015 |
|
|
2015 |
|
Consultant and stockholder |
|
$ |
80,796 |
|
|
$ |
90,402 |
|
President of Domark |
|
|
- |
|
|
|
47,500 |
|
Non-exec Chairman of Domark |
|
|
- |
|
|
|
11,875 |
|
Chairman of BarefoOT Science and affilliate |
|
|
21,500 |
|
|
|
21,500 |
|
Consultant |
|
|
16,097 |
|
|
|
16,097 |
|
Consultant |
|
|
8,600 |
|
|
|
2,554 |
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
126,993 |
|
|
$ |
189,928 |
|
These loans are informal and do not provide
for interest or a stated maturity date.
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5
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v3.3.1.900
Convertible Notes Payable
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 9 - Convertible Notes Payable |
At November 30, 2015 the convertible
notes payable consisted of ;
Date of |
|
|
|
Interest |
|
|
Maturity |
|
Principal |
|
|
Unamortized |
|
|
Net |
|
Note |
|
Noteholder |
|
Rate |
|
|
Date |
|
Amount |
|
|
Discount |
|
|
Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/19/13 |
|
JMJ Financial Inc |
|
|
10 |
% |
|
12/19/14 |
|
$ |
26,557 |
(i) |
|
$ |
0 |
|
|
$ |
26,557 |
|
3/7/14 |
|
JSJ Investments, Inc. |
|
|
12 |
% |
|
10/7/14 |
|
|
11,882 |
(g) |
|
|
0 |
|
|
|
11,882 |
|
3/28/14 |
|
Redwood Fund III |
|
|
10 |
% |
|
9/28/14 |
|
|
35,122 |
(f) |
|
|
0 |
|
|
|
35,122 |
|
3/18/14 |
|
Redwood Managament, LLC. |
|
|
10 |
% |
|
9/28/14 |
|
|
50,000 |
(g) |
|
|
0 |
|
|
|
50,000 |
|
4/14/14 |
|
WHC Capital, Inc |
|
|
12 |
% |
|
10/14/14 |
|
|
37,830 |
(i) |
|
|
0 |
|
|
|
37,830 |
|
4/11/14 |
|
Tonaquint, Inc |
|
|
12 |
% |
|
10/11/14 |
|
|
39,681 |
(g) |
|
|
0 |
|
|
|
39,681 |
|
4/24/14 |
|
JSJ Investments, Inc. |
|
|
12 |
% |
|
10/24/14 |
|
|
50,000 |
(g) |
|
|
0 |
|
|
|
50,000 |
|
5/12/14 |
|
Iconic Holdings, LLC |
|
|
10 |
% |
|
11/12/14 |
|
|
46,645 |
(g) |
|
|
0 |
|
|
|
46,645 |
|
5/16/14 |
|
KBM Worldwide, Inc |
|
|
8 |
% |
|
11/14/14 |
|
|
11,240 |
(l) |
|
|
0 |
|
|
|
11,240 |
|
6/3/14 |
|
Adar Bays, Inc |
|
|
8 |
% |
|
12/12/14 |
|
|
48,654 |
(g) |
|
|
0 |
|
|
|
48,654 |
|
6/23/14 |
|
JMJ Financial Inc |
|
|
10 |
% |
|
12/23/14 |
|
|
50,000 |
(i) |
|
|
0 |
|
|
|
50,000 |
|
7/3/14 |
|
LG Capital, Inc |
|
|
8 |
% |
|
1/3/15 |
|
|
36,750 |
(a) |
|
|
0 |
|
|
|
36,750 |
|
7/22/14 |
|
Redwood Fund III |
|
|
10 |
% |
|
1/22/15 |
|
|
100,082 |
(g) |
|
|
0 |
|
|
|
100,082 |
|
8/14/14 |
|
KBM Worldwide, Inc |
|
|
8 |
% |
|
2/14/15 |
|
|
27,500 |
(l) |
|
|
0 |
|
|
|
27,500 |
|
10/8/14 |
|
LG Capital, Inc |
|
|
8 |
% |
|
4/8/15 |
|
|
3,000 |
(a) |
|
|
0 |
|
|
|
3,000 |
|
12/2/14 |
|
Tonaquint, Inc |
|
|
12 |
% |
|
6/2/15 |
|
|
10,000 |
(g) |
|
|
0 |
|
|
|
10,000 |
|
12/5/14 |
|
LG Capital, Inc. |
|
|
8 |
% |
|
6/5/15 |
|
|
9,500 |
(a) |
|
|
0 |
|
|
|
9,500 |
|
1/7/15 |
|
LG Capital Inc |
|
|
8 |
% |
|
7/7/15 |
|
|
22,500 |
(a) |
|
|
0 |
|
|
|
22,500 |
|
3/15/15 |
|
Curran |
|
|
10 |
% |
|
9/15/15 |
|
|
25,000 |
(l) |
|
|
74 |
|
|
|
24,926 |
|
7/22/15 |
|
LG Capital Inc |
|
|
8 |
% |
|
1/22/15 |
|
|
60,375 |
(a) |
|
|
57,060 |
|
|
|
3,315 |
|
7/22/15 |
|
JMJ Financial Inc |
|
|
10 |
% |
|
1/22/15 |
|
|
20,000 |
(i) |
|
|
18,401 |
|
|
|
1,599 |
|
7/17/15 |
|
Iconic Holdings, LLC |
|
|
10 |
% |
|
1/17/15 |
|
|
22,000 |
(g) |
|
|
20,302 |
|
|
|
1,698 |
|
7/22/15 |
|
Redwood Fund III |
|
|
10 |
% |
|
1/22/15 |
|
|
22,000 |
(g) |
|
|
20,302 |
|
|
|
1,698 |
|
7/18/15 |
|
Tonaquint, Inc |
|
|
12 |
% |
|
1/18/15 |
|
|
20,000 |
(g) |
|
|
18,394 |
|
|
|
1,606 |
|
|
|
Totals |
|
|
|
|
|
|
|
$ |
786,318 |
|
|
$ |
134,533 |
|
|
$ |
651,785 |
|
Legend
(a) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.081 or 50% of the average of the three lowest closing prices during the 10 trading days prior to the notice of conversion. |
|
|
(b) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.085 or 60% of the lowest closing price during the 25 trading days prior to the notice of conversion. |
|
|
(c) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.08 or 50% of the lowest closing price during the 10 trading days prior to the notice of conversion. |
|
|
(d) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.0725 or 34% of the lowest closing price during the 20 trading days prior to the notice of conversion. |
|
|
(e) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 55% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
|
|
(f) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.00929 or 50% of the average of the three lowest trading prices during the 10 trading days prior to the notice of conversion. |
|
|
(g) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 25% of the lowest trading price during the 20 trading days prior to the notice of conversion. |
|
|
(h) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 58% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
|
|
(i) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 40% of the lowest closing price during the 25 trading days prior to the notice of conversion. |
|
|
(j) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 40% of the lowest closing price during the 20 trading days prior to the notice of conversion. |
|
|
(k) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 58% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
|
|
(l) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 49% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
|
X |
- DefinitionConvertible notes payable.
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v3.3.1.900
Stockholders Equity
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 10 - Stockholders' Equity |
Series
A Convertible Preferred Stock
Each
share of Series A Convertible Preferred Stock has .67 share voting rights and is convertible into, .67 shares of the Company's
common stock.
Series
B. Convertible Preferred Stock
Each
share of Series B Convertible Preferred Stock has 1,333 voting rights and is convertible into 1,333 shares of the Company's common
stock.
Common
Stock Issuances
On
October 14, 2015, the Company issued 117,000 shares of common shares on behalf of Tonaquint, Inc. in satisfaction of $878 unpaid
debt.
On
October 14, 2015, the Company issued 70,588 common shares on behalf of Asher Enterprises, Inc. in satisfaction of $1,440 of unpaid
debt.
On
October 14, 2015, the Company issued 72,000 common shares on behalf of JMJ Financial, Inc. in satisfaction of $1,296 of unpaid
debt.
On
October 30, 2015, the Company issued 70,561 common shares on behalf of KBM Worldwide, Inc in satisfaction of $755 of unpaid debt.
On
October 30, 2015, the Company issued 83,600 common shares on behalf of JMJ Financial, Inc. in satisfaction of $1,053 of unpaid
debt.
On
November 1, 2015, the Company reversed 17,500 common shares on behalf of JMJ Financial, Inc in of $6,300 of unpaid debt.
Warrants
to Purchase Common Stock
A
summary of warrant activity from May 31, 2012 until the six months ending November 30, 2015 are as follows:
|
|
Weighted
Average
Number of
Warrants |
|
|
Exercise
Price |
|
Outstanding
at May 31, 2012 |
|
$ |
- |
|
|
|
- |
|
Granted |
|
|
850,000 |
|
|
|
0.42 |
|
Exercised |
|
|
- |
|
|
|
- |
|
Cancelled |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Outstanding
at May 31, 2013 |
|
|
850,000 |
|
|
|
0.42 |
|
Granted |
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
Cancelled |
|
|
- |
|
|
|
- |
|
Outstanding
at November 30, 2015 |
|
$ |
850,000 |
|
|
|
0.42 |
|
Warrants
outstanding at November 30, 2015 consist of:
Date
Granted |
|
Number
Outstanding |
|
|
Exercise
price |
|
|
Expiration
Date |
May 25, 2012 |
|
|
100,000 |
|
|
$ |
1.00 |
|
|
May 25,
2016 |
June 12, 2012 |
|
|
150,000 |
|
|
$ |
1.00 |
|
|
June 12, 2016 |
June 26, 2012 |
|
|
100,000 |
|
|
$ |
1.00 |
|
|
June 26, 2016 |
January 1, 2012 |
|
|
500,000 |
|
|
$ |
0.01 |
|
|
January 1, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
|
850,000 |
|
|
|
|
|
|
|
|
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
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Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5
Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4
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
Fair Value Measurements and Derivative Liabiliity
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 11 - Fair Value Measurements and Derivative Liabiliity |
The Company evaluates all of it financial
instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative
financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value
and is then re-valued at each reporting ate, with changes in the fair value reported as charges or credits to income. For option-based
derivative financial instruments, the Companyuses the Black-Scholes option-pricing model to value the derivative instruments at
inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should
be recorded as liabilities or as equity, is re-assessed at the end of each reporting period derivative instrument liabilities
are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument
could be required within 12 months of the balance sheet date.
During the period ended November 30, 2015 the
Company did not enter into several convertible note agreements. The conversion option and the outstanding common stock warrants
on that date which were tainted by the convertible note were classified as derivative liabilities at their fair value on the date
of issuance.
Under ASC-815 the conversion options embedded
in the notes payable described in Note 9 require liability classification because they do not contain an explicit limit to the
number of shares that could be issued upon settlement.
As defined in FASB ASC 820, fair value is the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that
market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the
inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The
Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy
that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level
3 measurement).
The three levels of the fair value hierarchy
are as follows:
Level 1 Quoted prices are available
in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions
for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1
primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.
Level 2 - Pricing inputs are other than quoted
prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date.
Level 3 - Pricing inputs include significant
inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies
that result in management's best estimate of fair value.
Derivative liability the Company's
derivative liability is classified within Level 3 of the fair value hierarchy.
The Company uses the Black Scholes Option Pricing
Model to value its option based derivatives predicated upon the following assumptions: dividend yield of -0-%, volatility of stock
price =200%, risk free interest rate varying from 8 to 12 % and an expected term equal to the remaining conversion period of the
note.
The following table sets forth by level within
the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value as of November 30,
2015.
Recurring Fair Value Measurements |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability- November 30, 2015 |
|
|
- |
|
|
|
- |
|
|
|
2,241,309 |
|
|
|
2,241,309 |
|
Derivative liability- May 31, 2015 |
|
|
- |
|
|
|
- |
|
|
|
2,564,280 |
|
|
|
2,564,280 |
|
|
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v3.3.1.900
Commitments and Contingencies
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 12 - Commitments and Contingencies |
License Agreements
On February 29, 2012, the Company entered into
a Memorandum of Agreement with Xiamen Taiyang Neng Gongsi and Michael Franklin. For and in consideration of the payment of an initial
license fee of $10,000, and for the future payment of royalties of $5.00 per SolaPad unit sold, Xiamen granted an exclusive worldwide
license and joint patent rights to the Company for a solar charging case for IPAD, including IPAD 3. The license under the Agreement
expires on December 31, 2018.
On April 19, 2013, our subsidiary DoMark Canada
Inc. executed an agreement with Bioharmonics Technologies Cop. ("Bioharmoniecs"). The agreement provided for the acquisition
of certain inventions and related patents and patent applications in exchange for 500,000 shares of DoMark common stock (which
was delivered April 19, 2013) and $30,000 cash payable no later than October 17, 2013 (which was satisfied through the delivery
of an additional 500,000 shares of DoMark common stock to Bioharmonics on August 15, 2013). The agreement also provides for a royalty
obligation payable quarterly to Bioharmonics equal to 10% of the wholesale price for each unit using infrared and solar charging.
In January 2014, the Company executed a Licensing
Agreement with Wazzamba SA. See Note 6.
Employment Agreements
On May 25, 2012, the Company entered into an
employment agreement with its President, R. Brentwood Strasler, for an indefinite period or until terminated. Mr.
Strasler is entitled to an annual salary of
$150,000 USD and 100,000 stock purchase warrants exercisable to purchase shares of common stock of the Company at $1.00 per share.
The warrants are exercisable for a three year period and can be vested quarterly on a pro rata basis over twelve months from the
date of issue. Additionally, Mr. Strasler is to be enrolled in a long term Executive Option Plan and is entitled to term life insurance
in the face amount of $2,500,000, payable to the beneficiary designated by Mr. Strasler. On December 1, 2014 Mr, Strasler resigned
from the Company, mutually accepted by Mr. Ritchie, CEO and President.
On June 15, 2012, the Company entered into
an employment agreement with its Chief Executive Officer Andrew Ritchie, for an indefinite period or until terminated. Mr. Ritchie
is entitled to an annual salary of $240,000 USD and 150,000 stock purchase warrants exercisable to purchase shares of common stock
of the Company at $1.00 per share. The warrants are exercisable for a three year period and can be vested quarterly on a pro rata
basis over twelve months from the date of issue. Additionally, Mr. Ritchie is to be enrolled in a long term Executive Option Plan
and is entitled to term life insurance in the face amount of $2,500,000, payable to the beneficiary designated by Mr. Richie.
Lease Agreement
On August 1, 2013, the Company entered into
an office lease in Toronto, Ontario, Canada for a five year period. At November 302015, the future lease commitments on this lease
for the years ended May 31, are as follows, and are in U.S. dollars:
2016 |
|
$ |
47,616 |
|
2017 |
|
|
47,616 |
|
2018 |
|
|
47,616 |
|
Thereafter |
|
|
7,936 |
|
Total |
|
$ |
149,784 |
|
|
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v3.3.1.900
Subsequent Event
|
6 Months Ended |
Nov. 30, 2015 |
Notes to Financial Statements |
|
Note 13 - Subsequent Event |
In September 22, 2015 the Company applied to
FINRA to enact a 1:6000 ( one for six thousand ) one common share for six thousand common shares, reverse stock split. The Company
already had the form 14C approved by the SEC to apply for the reverse stock split. Since there are two shareholders with over 63%
( sixty three per cent ) voting control, there wasn't any need for a proxy vote on the reverse stock split. The Company's ahareholder's
were notified of the reverse stock split application, Due to the fact the Company's stock value was significantly low, the Company
needed to do a reverse stock split to raise potential capital , through promissory note and investment vehicle funding, to continue
operations. Mr Andrew Ritchie, is still the Company's CEO, President, and sole board director.
The Company is actively seeking a sale, joint
venture, marketing partnership, or any other related venture opportunity with Simba Deals.
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v3.3.1.900
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Nov. 30, 2015 |
Summary Of Significant Accounting Policies Policies |
|
Recent Accountng Pronouncements |
In June 2014, The Financial Accounting Standards
Board ("FASB") issued Accounting Standards Update ("ASU") 2014-10, "Development Stage Entities (Topic
915): Elimination of Certain Financial Reporting
Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation" ("ASU 2014-10").
ASU 2014-10 removes the financial reporting distinction between development stage entities and other reporting entities and eliminates
the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash
flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description
of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no
longer a development stage entity that in prior years it had been in the development stage. As permitted by ASU 2014-10, the Company
has elected early application of this standard for the accompanying consolidated financial statements for the Quarter ended November
30, 2015 and year ended May 31, 2015. The Company has reviewed other recently issued accounting pronouncements and plans to adopt
those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial
position, results of operations or cash flows.
|
Principles of Consolidation |
The accompanying consolidated financial statements
represent the consolidated financial position and results of operations of the Company and include the accounts and results of
operations of the Company and its subsidiaries. The accompanying consolidated financial statements include the parent entity of
DoMark International, Inc. and its wholly owned subsidiaries, Domark Canada, Inc., Solarwerks, Inc., MuscleFoot, Inc. The Company
has relied upon the guidance provided by ASC Topic No. 810-10-15-3.
|
Foreign Currency Translation and Transaction Gains and Losses |
We record foreign currency translation adjustments
and transaction gains and losses in accordance with SFAS 52, Foreign Currency Translation. For our operations that have a functional
currency other than the U.S. dollar, gains and losses resulting from the translation of the functional currency into U.S. dollars
for financial statement presentation are not included in determining net loss but are accumulated in the cumulative foreign currency
translation adjustment account as a separate component of shareholders' deficit. The Company and its subsidiaries also have transactions
in foreign currencies other than the functional currency. We record transaction gains and losses in our consolidated statements
of income related to the recurring measurement and settlement of such transactions. The translation rates as of November 30, 2015
were $.75 US equaled $1.00 Canadian.
|
Use of Estimates |
The preparation of the consolidated financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements.
These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management
evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.
The primary management estimates included in
these condensed consolidated financial statements are the fair value of Company stock tendered in various nonmonetary transactions
and the fair value of the derivative liability for convertible notes payable.
|
Cash and Cash Equivalents |
The Company considers all highly liquid investments
with an original maturity of three months or less to be cash equivalents. At November 30, 2015 there weren't any cash or cash equivalents.
At November 30, 2015 and May 31, 2015, cash and cash equivalents consisted only of cash in the bank, or a bank over draft.
|
Loan Receivable Consultant |
The loan receivable consultants are a short
term, less than one-year note, due February 28, 2016 and non-interest bearing.
|
Net Loss Per Common Share |
Basic net loss per common share is computed
by dilutive net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per
common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially dilutive
securities (such as convertible notes payable, convertible preferred stock, and warrants) outstanding during the relevant period.
Dilutive securities having an anti-dilutive effect on diluted net loss per common share are excluded from the calculation.
For the six months ending November 30, 2015
and 2014, diluted common shares outstanding excluded the following dilutive securities as the effect of their inclusion was anti-dilutive:
|
|
Common Shares Equivalents |
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
Convertible Notes Payable |
|
|
297,790,212 |
|
|
|
2,661,720,333 |
|
|
|
|
|
|
|
|
|
|
Serie A Convertible Preferred Shares |
|
|
50,000,000 |
|
|
|
50,000,000 |
|
|
|
|
|
|
|
|
|
|
Serie B Convertible Preferred Shares |
|
|
15,600,000,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Warrants |
|
|
850,000 |
|
|
|
850,000 |
|
|
|
|
|
|
|
|
|
|
Total Common Shares Equivalents |
|
|
15,948,640,212 |
|
|
|
2,712,570,333 |
|
|
Intangible Assets |
Intangible assets are carried at cost less
accumulated amortization. Amortization is recorded over the estimated useful lives of the respective assets.
|
Impairment of Long-Lived Assets |
In accordance with ASC Topic No. 360-10-40,
long-lived assets, such as property, plant, and equipment, and purchased intangibles, are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill and other intangible
assets are tested for impairment annually. Recoverability of assets to be held and used is measured by a comparison of the carrying
amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of
an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount
of the asset exceeds the fair value of the asset.
|
Stock-Based Compensation |
The Company accounts for share based payments
in accordance with ASC Topic No. 718, Compensation - Stock Compensation, which requires all share-based payments to employees,
including grants of employee stock options, to be recognized in the financial statements based on the grant date fair value of
the award. In accordance with ASC 718-10-30-9, Measurement Objective - Fair Value at Grant Date, the Company estimates the fair
value of the award using a valuation technique. For stock options, the Company uses the Black-Scholes option pricing model. The
Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over
time, such as stock volatility, interest rates, and to allow for actual exercise behavior of option holders. Compensation cost
is recognized over the requisite service period which is generally equal to the vesting period. Upon exercise, shares issued will
be newly issued free trading shares from the Company's authorized common stock.
ASC Topic No. 505, "Compensation-Stock
Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments
to non-employees for goods or services. Under this method, stock compensation expense includes compensation expense for all stock-based
compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions
of ASC 505.
|
Research and Development |
All research and development expenditures are
expensed as incurred.
|
Revenue Recognition |
The Company recognizes revenues when persuasive
evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable,
and collection of the resulting receivable is reasonably assured. In the six month periods ending November 30, 2015 and 2014 there
weren't any revenues.
|
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v3.3.1.900
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Summary Of Significant Accounting Policies Tables |
|
Net Loss Per Common Share |
For the six months ending November 30, 2015
and 2014, diluted common shares outstanding excluded the following dilutive securities as the effect of their inclusion was anti-dilutive:
|
|
Common Shares Equivalents |
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
Convertible Notes Payable |
|
|
297,790,212 |
|
|
|
2,661,720,333 |
|
|
|
|
|
|
|
|
|
|
Serie A Convertible Preferred Shares |
|
|
50,000,000 |
|
|
|
50,000,000 |
|
|
|
|
|
|
|
|
|
|
Serie B Convertible Preferred Shares |
|
|
15,600,000,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Warrants |
|
|
850,000 |
|
|
|
850,000 |
|
|
|
|
|
|
|
|
|
|
Total Common Shares Equivalents |
|
|
15,948,640,212 |
|
|
|
2,712,570,333 |
|
|
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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v3.3.1.900
Investments (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Investments Tables |
|
Investments |
Investments consist of:
|
|
November 30,
2015 |
|
|
November 30,
2014 |
|
|
|
|
|
|
|
|
Imagic Ltd. - 40% equity interest |
|
$ |
1,094,166 |
|
|
$ |
1,094,166 |
|
Barefoot Science Products & Services Inc. - 15% equity interest |
|
|
50,000 |
|
|
|
50,000 |
|
Total |
|
$ |
1,144,166 |
|
|
$ |
1,144,166 |
|
|
Cost of equity interest 40% |
The cost of the 40% equity interest in Imagic
Ltd. at November 30, 2014 consists of:
July 22, 2013 issuance of 7,500,000 shares of DoMark common stock to Imagic Ltd. |
|
$ |
697,500 |
|
December 3, 2013 issuance of 8,000,000 shares of DoMark common stock to Meadow Grove Ltd. in exchange for 9% equity interest in Imagic Ltd. |
|
|
96,005 |
|
Cash payments to or for the benefit of Imagic Ltd. |
|
|
150,661 |
|
Payments from Foremark Holdings to Imagic Ltd. in exchange for DoMark notes payable to Foremark Holdings |
|
|
150,000 |
|
Total |
|
$ |
1,094,166 |
|
|
X |
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v3.3.1.900
Licensing Agreement With Wazzamba Sa (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Licensing Agreement With Wazzamba Sa Tables |
|
Licenses, net of accumulated amortization |
Licenses, net of accumulated amortization are
as follows:
|
|
November 30, |
|
|
May 31, |
|
|
|
2015 |
|
|
2015 |
|
|
|
|
|
|
|
|
Wazzamba S.A. |
|
$ |
300,000 |
|
|
$ |
300,000 |
|
Bioharmonics |
|
|
10,000 |
|
|
|
10,000 |
|
Subtotal |
|
|
310,000 |
|
|
|
310,000 |
|
Accumulated amortization |
|
|
(305,058 |
) |
|
|
(268,338 |
) |
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
4,942 |
|
|
$ |
41,662 |
|
|
X |
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v3.3.1.900
Loans Payable to Consultants and Stockholders (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Loans Payable To Consultants And Stockholders Tables |
|
Loans payable to related parties, consultants, and stockholders |
Loans payable to consultants and stockholders
consist of ;
|
|
November 30, |
|
|
May 31, |
|
|
|
2015 |
|
|
2015 |
|
Consultant and stockholder |
|
$ |
80,796 |
|
|
$ |
90,402 |
|
President of Domark |
|
|
- |
|
|
|
47,500 |
|
Non-exec Chairman of Domark |
|
|
- |
|
|
|
11,875 |
|
Chairman of BarefoOT Science and affilliate |
|
|
21,500 |
|
|
|
21,500 |
|
Consultant |
|
|
16,097 |
|
|
|
16,097 |
|
Consultant |
|
|
8,600 |
|
|
|
2,554 |
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
126,993 |
|
|
$ |
189,928 |
|
|
X |
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v3.3.1.900
Convertible Notes Payable (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Convertible Notes Payable Tables |
|
Convertible notes payable |
At November 30, 2015 the convertible
notes payable consisted of ;
Date of |
|
|
|
Interest |
|
|
Maturity |
|
Principal |
|
|
Unamortized |
|
|
Net |
|
Note |
|
Noteholder |
|
Rate |
|
|
Date |
|
Amount |
|
|
Discount |
|
|
Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/19/13 |
|
JMJ Financial Inc |
|
|
10 |
% |
|
12/19/14 |
|
$ |
26,557 |
(i) |
|
$ |
0 |
|
|
$ |
26,557 |
|
3/7/14 |
|
JSJ Investments, Inc. |
|
|
12 |
% |
|
10/7/14 |
|
|
11,882 |
(g) |
|
|
0 |
|
|
|
11,882 |
|
3/28/14 |
|
Redwood Fund III |
|
|
10 |
% |
|
9/28/14 |
|
|
35,122 |
(f) |
|
|
0 |
|
|
|
35,122 |
|
3/18/14 |
|
Redwood Managament, LLC. |
|
|
10 |
% |
|
9/28/14 |
|
|
50,000 |
(g) |
|
|
0 |
|
|
|
50,000 |
|
4/14/14 |
|
WHC Capital, Inc |
|
|
12 |
% |
|
10/14/14 |
|
|
37,830 |
(i) |
|
|
0 |
|
|
|
37,830 |
|
4/11/14 |
|
Tonaquint, Inc |
|
|
12 |
% |
|
10/11/14 |
|
|
39,681 |
(g) |
|
|
0 |
|
|
|
39,681 |
|
4/24/14 |
|
JSJ Investments, Inc. |
|
|
12 |
% |
|
10/24/14 |
|
|
50,000 |
(g) |
|
|
0 |
|
|
|
50,000 |
|
5/12/14 |
|
Iconic Holdings, LLC |
|
|
10 |
% |
|
11/12/14 |
|
|
46,645 |
(g) |
|
|
0 |
|
|
|
46,645 |
|
5/16/14 |
|
KBM Worldwide, Inc |
|
|
8 |
% |
|
11/14/14 |
|
|
11,240 |
(l) |
|
|
0 |
|
|
|
11,240 |
|
6/3/14 |
|
Adar Bays, Inc |
|
|
8 |
% |
|
12/12/14 |
|
|
48,654 |
(g) |
|
|
0 |
|
|
|
48,654 |
|
6/23/14 |
|
JMJ Financial Inc |
|
|
10 |
% |
|
12/23/14 |
|
|
50,000 |
(i) |
|
|
0 |
|
|
|
50,000 |
|
7/3/14 |
|
LG Capital, Inc |
|
|
8 |
% |
|
1/3/15 |
|
|
36,750 |
(a) |
|
|
0 |
|
|
|
36,750 |
|
7/22/14 |
|
Redwood Fund III |
|
|
10 |
% |
|
1/22/15 |
|
|
100,082 |
(g) |
|
|
0 |
|
|
|
100,082 |
|
8/14/14 |
|
KBM Worldwide, Inc |
|
|
8 |
% |
|
2/14/15 |
|
|
27,500 |
(l) |
|
|
0 |
|
|
|
27,500 |
|
10/8/14 |
|
LG Capital, Inc |
|
|
8 |
% |
|
4/8/15 |
|
|
3,000 |
(a) |
|
|
0 |
|
|
|
3,000 |
|
12/2/14 |
|
Tonaquint, Inc |
|
|
12 |
% |
|
6/2/15 |
|
|
10,000 |
(g) |
|
|
0 |
|
|
|
10,000 |
|
12/5/14 |
|
LG Capital, Inc. |
|
|
8 |
% |
|
6/5/15 |
|
|
9,500 |
(a) |
|
|
0 |
|
|
|
9,500 |
|
1/7/15 |
|
LG Capital Inc |
|
|
8 |
% |
|
7/7/15 |
|
|
22,500 |
(a) |
|
|
0 |
|
|
|
22,500 |
|
3/15/15 |
|
Curran |
|
|
10 |
% |
|
9/15/15 |
|
|
25,000 |
(l) |
|
|
74 |
|
|
|
24,926 |
|
7/22/15 |
|
LG Capital Inc |
|
|
8 |
% |
|
1/22/15 |
|
|
60,375 |
(a) |
|
|
57,060 |
|
|
|
3,315 |
|
7/22/15 |
|
JMJ Financial Inc |
|
|
10 |
% |
|
1/22/15 |
|
|
20,000 |
(i) |
|
|
18,401 |
|
|
|
1,599 |
|
7/17/15 |
|
Iconic Holdings, LLC |
|
|
10 |
% |
|
1/17/15 |
|
|
22,000 |
(g) |
|
|
20,302 |
|
|
|
1,698 |
|
7/22/15 |
|
Redwood Fund III |
|
|
10 |
% |
|
1/22/15 |
|
|
22,000 |
(g) |
|
|
20,302 |
|
|
|
1,698 |
|
7/18/15 |
|
Tonaquint, Inc |
|
|
12 |
% |
|
1/18/15 |
|
|
20,000 |
(g) |
|
|
18,394 |
|
|
|
1,606 |
|
|
|
Totals |
|
|
|
|
|
|
|
$ |
786,318 |
|
|
$ |
134,533 |
|
|
$ |
651,785 |
|
Legend
(a) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.081 or 50% of the average of the three lowest closing prices during the 10 trading days prior to the notice of conversion. |
|
|
(b) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.085 or 60% of the lowest closing price during the 25 trading days prior to the notice of conversion. |
|
|
(c) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.08 or 50% of the lowest closing price during the 10 trading days prior to the notice of conversion. |
|
|
(d) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.0725 or 34% of the lowest closing price during the 20 trading days prior to the notice of conversion. |
|
|
(e) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 55% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
|
|
(f) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to the lower of $0.00929 or 50% of the average of the three lowest trading prices during the 10 trading days prior to the notice of conversion. |
|
|
(g) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 25% of the lowest trading price during the 20 trading days prior to the notice of conversion. |
|
|
(h) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 58% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
|
|
(i) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 40% of the lowest closing price during the 25 trading days prior to the notice of conversion. |
|
|
(j) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 40% of the lowest closing price during the 20 trading days prior to the notice of conversion. |
|
|
(k) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 58% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
|
|
(l) |
At noteholder's option, the principal amount (and accrued interest) are convertible into shares of DoMark common stock at a conversion price equal to 49% of the average of the two lowest closing prices during the 15 trading days prior to the notice of conversion. |
|
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v3.3.1.900
Stockholders Equity (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Stockholders Equity Tables |
|
Summary of warrant activity |
A
summary of warrant activity from May 31, 2012 until the six months ending November 30, 2015 are as follows:
|
|
Weighted
Average
Number of
Warrants |
|
|
Exercise
Price |
|
Outstanding
at May 31, 2012 |
|
$ |
- |
|
|
|
- |
|
Granted |
|
|
850,000 |
|
|
|
0.42 |
|
Exercised |
|
|
- |
|
|
|
- |
|
Cancelled |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Outstanding
at May 31, 2013 |
|
|
850,000 |
|
|
|
0.42 |
|
Granted |
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
Cancelled |
|
|
- |
|
|
|
- |
|
Outstanding
at November 30, 2015 |
|
$ |
850,000 |
|
|
|
0.42 |
|
|
Warrants outstanding |
Warrants outstanding at November 30, 2015 consist
of:
Date Granted |
|
Number Outstanding |
|
|
Exercise
price |
|
|
Expiration
Date |
May 25, 2012 |
|
|
100,000 |
|
|
$ |
1.00 |
|
|
May 25, 2016 |
June 12, 2012 |
|
|
150,000 |
|
|
$ |
1.00 |
|
|
June 12, 2016 |
June 26, 2012 |
|
|
100,000 |
|
|
$ |
1.00 |
|
|
June 26, 2016 |
January 1, 2012 |
|
|
500,000 |
|
|
$ |
0.01 |
|
|
January 1, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
|
850,000 |
|
|
|
|
|
|
|
|
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v3.3.1.900
Fair Value Measurements and Derivative Liabiliity (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Fair Value Measurements And Derivative Liabiliity Tables |
|
Recurring Fair Value Measurements |
The following table sets forth by level within
the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value as of November 30,
2015.
Recurring Fair Value Measurements |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability- November 30, 2015 |
|
|
- |
|
|
|
- |
|
|
|
2,241,309 |
|
|
|
2,241,309 |
|
Derivative liability- May 31, 2015 |
|
|
- |
|
|
|
- |
|
|
|
2,564,280 |
|
|
|
2,564,280 |
|
|
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v3.3.1.900
Commitments and Contingencies (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Commitments And Contingencies Tables |
|
Future Lease Commitments |
At November 30 2015, the future lease
commitments on this lease for the years ended May 31, are as follows, and are in U.S. dollars:
2016 |
|
$ |
47,616 |
|
2017 |
|
|
47,616 |
|
2018 |
|
|
47,616 |
|
Thereafter |
|
|
7,936 |
|
Total |
|
$ |
149,784 |
|
|
X |
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v3.3.1.900
Summary of Significant Accounting Policies (Details) - shares
|
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Summary Of Significant Accounting Policies Details |
|
|
Convertible notes payable |
297,790,212
|
2,661,720,333
|
Series A convertible preferred shares |
50,000,000
|
50,000,000
|
Series B convertible preferred shares |
15,600,000,000
|
|
Warrants |
850,000
|
850,000
|
Total common shares equivalent |
15,948,640,212
|
2,712,570,333
|
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v3.3.1.900
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|
Nov. 30, 2015 |
Nov. 30, 2014 |
Investments Details |
|
|
Imagic Ltd. - 40% equity interest |
$ 1,094,166
|
$ 1,094,166
|
Barefoot Science Products & Services Inc. - 15% equity interest |
50,000
|
50,000
|
Total |
$ 1,144,166
|
$ 1,144,166
|
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v3.3.1.900
Investments (Details 1) - USD ($)
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Investments Details |
|
|
July 22, 2013 issuance of 7,500,000 shares of DoMark common stock to Imagic Ltd. |
697,500
|
|
December 3, 2013 issuance of 8,000,000 shares of DoMark common stock to Meadow Grove Ltd. in exchange for 9% equity interest in Imagic Ltd. |
96,005
|
|
Cash payments to or for the benefit of Imagic Ltd. |
$ 150,661
|
|
Payments from Foremark Holdings to Imagic Ltd. in exchange for DoMark notes payable to Foremark Holdings |
150,000
|
|
Total |
$ 1,094,166
|
$ 1,094,166
|
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v3.3.1.900
Licensing Agreement With Wazzamba Sa (Details) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Licensing Agreement With Wazzamba Sa Details |
|
|
Wazzamba, S.A. |
$ 300,000
|
$ 300,000
|
Bioharmonics |
10,000
|
10,000
|
Subtotal |
310,000
|
310,000
|
Accumulated amortization |
(305,058)
|
(268,338)
|
Total |
$ 4,942
|
$ 41,662
|
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v3.3.1.900
Loans Payable to Consultants and Stockholders (Details) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Loans payable to consultants and stockholders |
$ 126,993
|
$ 189,928
|
Consultant And Stockholder [Member] |
|
|
Loans payable to consultants and stockholders |
$ 80,796
|
90,402
|
President of Domark [Member] |
|
|
Loans payable to consultants and stockholders |
|
47,500
|
Non-exec Chairman of Domark [Member] |
|
|
Loans payable to consultants and stockholders |
|
11,875
|
Chairman Of Barefor Science And Affiliate [Member] |
|
|
Loans payable to consultants and stockholders |
$ 21,500
|
21,500
|
Consultant [Member] |
|
|
Loans payable to consultants and stockholders |
16,097
|
16,097
|
Consultant One [Member] |
|
|
Loans payable to consultants and stockholders |
$ 8,600
|
$ 2,554
|
X |
- DefinitionAmount payable to broker-dealers and clearing organizations, including, but not limited to, securities failed-to-receive, certain deposits received for securities loaned, open transactions, and floor-brokerage payables.
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v3.3.1.900
Convertible Notes Payable (Details) - USD ($)
|
6 Months Ended |
|
Nov. 30, 2015 |
May. 31, 2015 |
Principal Amount |
|
$ 786,318
|
|
Unamortized Discount |
|
134,533
|
$ 674,886
|
Net Note |
|
$ 651,785
|
$ 580,956
|
JMJ Financial Inc. [Member] |
|
|
|
Date of Note |
|
Dec. 19, 2013
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Dec. 19, 2014
|
|
Principal Amount |
[1] |
$ 26,557
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 26,557
|
|
JSJ Investments, Inc [Member] |
|
|
|
Date of Note |
|
Mar. 07, 2014
|
|
Interest Rate |
|
12.00%
|
|
Maturity date |
|
Oct. 07, 2014
|
|
Principal Amount |
[2] |
$ 11,882
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 11,882
|
|
Redwood Fund, III [Member] |
|
|
|
Date of Note |
|
Mar. 28, 2014
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Sep. 28, 2014
|
|
Principal Amount |
[3] |
$ 35,122
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 35,122
|
|
Redwood Management, LLC [Member] |
|
|
|
Date of Note |
|
Mar. 18, 2014
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Sep. 28, 2014
|
|
Principal Amount |
[2] |
$ 50,000
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 50,000
|
|
WHC Capital, Inc [Member] |
|
|
|
Date of Note |
|
Apr. 14, 2014
|
|
Interest Rate |
|
12.00%
|
|
Maturity date |
|
Oct. 14, 2014
|
|
Principal Amount |
[1] |
$ 37,830
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 37,830
|
|
Tonaquint Inc [Member] |
|
|
|
Date of Note |
|
Apr. 11, 2014
|
|
Interest Rate |
|
12.00%
|
|
Maturity date |
|
Oct. 11, 2014
|
|
Principal Amount |
[2] |
$ 39,681
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 39,681
|
|
JSJ Investments, Inc One [Member] |
|
|
|
Date of Note |
|
Apr. 24, 2014
|
|
Interest Rate |
|
12.00%
|
|
Maturity date |
|
Oct. 24, 2014
|
|
Principal Amount |
[2] |
$ 50,000
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 50,000
|
|
Iconic Holdings, LLC [Member] |
|
|
|
Date of Note |
|
May 12, 2014
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Nov. 12, 2014
|
|
Principal Amount |
[2] |
$ 46,645
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 46,645
|
|
KBM Worldwide, Inc [Member] |
|
|
|
Date of Note |
|
May 16, 2014
|
|
Interest Rate |
|
8.00%
|
|
Maturity date |
|
Nov. 14, 2014
|
|
Principal Amount |
[1] |
$ 11,240
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 11,240
|
|
Adar Bays, Inc [Member] |
|
|
|
Date of Note |
|
Jun. 03, 2014
|
|
Interest Rate |
|
8.00%
|
|
Maturity date |
|
Dec. 12, 2014
|
|
Principal Amount |
[2] |
$ 48,654
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 48,654
|
|
JMJ Financial, Inc One [Member] |
|
|
|
Date of Note |
|
Jun. 23, 2014
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Dec. 23, 2014
|
|
Principal Amount |
[1] |
$ 50,000
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 50,000
|
|
LG Capital, Inc [Member] |
|
|
|
Date of Note |
|
Jul. 03, 2014
|
|
Interest Rate |
|
8.00%
|
|
Maturity date |
|
Jan. 03, 2015
|
|
Principal Amount |
[4] |
$ 36,750
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 36,750
|
|
Redwood Fund, III One [Member] |
|
|
|
Date of Note |
|
Jul. 22, 2014
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Jan. 22, 2015
|
|
Principal Amount |
[2] |
$ 100,082
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 100,082
|
|
KBM Worldwide, Inc One [Member] |
|
|
|
Date of Note |
|
Aug. 14, 2014
|
|
Interest Rate |
|
8.00%
|
|
Maturity date |
|
Feb. 14, 2015
|
|
Principal Amount |
[5] |
$ 27,500
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 27,500
|
|
LG Capital, Inc One [Member] |
|
|
|
Date of Note |
|
Oct. 08, 2014
|
|
Interest Rate |
|
8.00%
|
|
Maturity date |
|
Apr. 08, 2015
|
|
Principal Amount |
[4] |
$ 3,000
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 3,000
|
|
Tonaquint, Inc One [Member] |
|
|
|
Date of Note |
|
Dec. 02, 2014
|
|
Interest Rate |
|
12.00%
|
|
Maturity date |
|
Jun. 02, 2015
|
|
Principal Amount |
[5] |
$ 10,000
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 10,000
|
|
LG Capital, Inc. Two [Member] |
|
|
|
Date of Note |
|
Dec. 05, 2014
|
|
Interest Rate |
|
8.00%
|
|
Maturity date |
|
Jun. 05, 2015
|
|
Principal Amount |
[4] |
$ 9,500
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 9,500
|
|
LG Capital, Inc. Three [Member] |
|
|
|
Date of Note |
|
Jan. 07, 2015
|
|
Interest Rate |
|
8.00%
|
|
Maturity date |
|
Jul. 07, 2015
|
|
Principal Amount |
[4] |
$ 22,500
|
|
Unamortized Discount |
|
0
|
|
Net Note |
|
$ 22,500
|
|
Curran [Member] |
|
|
|
Date of Note |
|
Mar. 15, 2015
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Sep. 15, 2015
|
|
Principal Amount |
[5] |
$ 25,000
|
|
Unamortized Discount |
|
74
|
|
Net Note |
|
$ 24,926
|
|
LG Capital Inc Four [Member] |
|
|
|
Date of Note |
|
Jul. 22, 2015
|
|
Interest Rate |
|
8.00%
|
|
Maturity date |
|
Jan. 22, 2015
|
|
Principal Amount |
[4] |
$ 60,375
|
|
Unamortized Discount |
|
57,060
|
|
Net Note |
|
$ 3,315
|
|
JMJ Financial, Inc Two [Member] |
|
|
|
Date of Note |
|
Jul. 22, 2015
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Jan. 22, 2015
|
|
Principal Amount |
[2] |
$ 20,000
|
|
Unamortized Discount |
|
18,401
|
|
Net Note |
|
$ 1,599
|
|
Iconic Holdings, LLC One [Member] |
|
|
|
Date of Note |
|
Jul. 17, 2015
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Jan. 17, 2015
|
|
Principal Amount |
[2] |
$ 22,000
|
|
Unamortized Discount |
|
20,302
|
|
Net Note |
|
$ 1,698
|
|
Redwood Fund, III Two [Member] |
|
|
|
Date of Note |
|
Jul. 22, 2015
|
|
Interest Rate |
|
10.00%
|
|
Maturity date |
|
Jan. 22, 2015
|
|
Principal Amount |
[3] |
$ 22,000
|
|
Unamortized Discount |
|
20,302
|
|
Net Note |
|
$ 1,698
|
|
Tonaquint, Inc Two [Member] |
|
|
|
Date of Note |
|
Jul. 18, 2015
|
|
Interest Rate |
|
12.00%
|
|
Maturity date |
|
Jan. 18, 2015
|
|
Principal Amount |
[2] |
$ 20,000
|
|
Unamortized Discount |
|
18,394
|
|
Net Note |
|
$ 1,606
|
|
|
|
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v3.3.1.900
Stockholders' Equity (Details) - $ / shares
|
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Stockholders Equity Details |
|
|
Outstanding Number of Warrants, Beginning Balance |
850,000
|
|
Granted |
|
850,000
|
Exercised |
|
|
Cancelled |
|
|
Outstanding Number of Warrants, Ending Balance |
850,000
|
850,000
|
Weighted Average Exercise Price, Beginning Balance |
$ 0.42
|
|
Granted |
|
$ 0.42
|
Exercised |
|
|
Cancelled |
|
|
Weighted Average Exercise Price, Ending Balance |
$ 0.42
|
$ 0.42
|
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v3.3.1.900
Stockholders' Equity (Details 1) - $ / shares
|
6 Months Ended |
|
|
|
Nov. 30, 2015 |
May. 31, 2015 |
Nov. 30, 2014 |
May. 31, 2014 |
Number Of Warrant Outstanding |
850,000
|
850,000
|
850,000
|
|
Warrant [Member] |
|
|
|
|
Date Granted |
May 25, 2012
|
|
|
|
Number Of Warrant Outstanding |
100,000
|
|
|
|
Exercise price |
$ 1.00
|
|
|
|
Expiration Date |
May 25, 2016
|
|
|
|
Warrant One [Member] |
|
|
|
|
Date Granted |
Jun. 12, 2012
|
|
|
|
Number Of Warrant Outstanding |
150,000
|
|
|
|
Exercise price |
$ 1.00
|
|
|
|
Expiration Date |
Jun. 12, 2016
|
|
|
|
Warrant Two [Member] |
|
|
|
|
Date Granted |
Jun. 26, 2012
|
|
|
|
Number Of Warrant Outstanding |
100,000
|
|
|
|
Exercise price |
$ 1.00
|
|
|
|
Expiration Date |
Jun. 26, 2016
|
|
|
|
Warrant Three [Member] |
|
|
|
|
Date Granted |
Jan. 01, 2012
|
|
|
|
Number Of Warrant Outstanding |
500,000
|
|
|
|
Exercise price |
$ 0.01
|
|
|
|
Expiration Date |
Jan. 01, 2016
|
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v3.3.1.900
Fair Value Measurements and Derivative Liabiliity (Details)
|
Nov. 30, 2015
USD ($)
|
LIABILITIES |
|
Derivative liability- November 30, 2015 |
$ 2,241,309
|
Derivative liability - May 31, 2015 |
$ 2,564,280
|
Level 1 [Member] |
|
LIABILITIES |
|
Derivative liability- November 30, 2015 |
|
Derivative liability - May 31, 2015 |
|
Level 2 [Member] |
|
LIABILITIES |
|
Derivative liability- November 30, 2015 |
|
Derivative liability - May 31, 2015 |
|
Level 3 [Member] |
|
LIABILITIES |
|
Derivative liability- November 30, 2015 |
$ 2,241,309
|
Derivative liability - May 31, 2015 |
$ 2,564,280
|
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