0001255294-14-001056.txt : 20141016 0001255294-14-001056.hdr.sgml : 20141016 20141014183606 ACCESSION NUMBER: 0001255294-14-001056 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20140630 FILED AS OF DATE: 20141015 DATE AS OF CHANGE: 20141014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vantage Health CENTRAL INDEX KEY: 0001497130 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 980659770 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-55155 FILM NUMBER: 141156168 BUSINESS ADDRESS: STREET 1: 401 WARREN ST. STREET 2: SUITE 200 CITY: REDWOOD CITY STATE: CA ZIP: 94063 BUSINESS PHONE: 310-477-5811 MAIL ADDRESS: STREET 1: 401 WARREN ST. STREET 2: SUITE 200 CITY: REDWOOD CITY STATE: CA ZIP: 94063 10-K/A 1 mainbody.htm MAINBODY

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K/A

Amendment No. 1

 

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  For the fiscal year ended  June 30, 2014
   
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
   
  For the transition period from _________ to ________
  Commission file number:  000-55155

 

Vantage Health
(Exact name of registrant as specified in its charter)
Nevada 93-0659770
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

401 Warren Street, Suite 200

Redwood City, CA

 

 

94063

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number: (917) 745-7202

 

 

 

Securities registered under Section 12(b) of the Exchange Act:

 

Title of each class Name of each exchange on which registered
None Not applicable

 

Securities registered under Section 12(g) of the Exchange Act:

Title of each class

Common stock, par value of $0.001

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes [ ] No [X]

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes [ ] No [X]

 

Indicate by checkmark 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 (§ 232.405 of this chapter) during the preceeding 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes [ ] No [X]

 

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

 

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated 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]

 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. $4,408,546

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. 192,009,927 as of October 14, 2014.  

 

 
 

 

Explanatory Note

 

The purpose of this Amendment No. 1 to the registrant’s Annual Report on Form 10-K for the period ended June 30, 2014, filed with the Securities and Exchange Commission on October 14, 2014 (the “Form 10-K”), is solely to furnish Exhibit 101 to the Form 10-K. Exhibit 101 provides the financial statements and related notes from the Form 10-K formatted in XBRL (Extensible Business Reporting Language).

 

No other changes have been made to the Form 10-K. This Amendment No. 1 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the original Form 10-K.

 

2
 

 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Vantage Health

 

By: /s/ Joseph C. Peters
 

Joseph C. Peters

President, Chief Executive Officer, Principal Executive Officer,

Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Director

  October 14, 2014

 

In accordance with Section 13 or 15(d) of the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

 

By: /s/ Joseph C. Peters
 

Joseph C. Peters

President, Chief Executive Officer, Principal Executive Officer,

Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Director 

  October 14, 2014

 

By: /s/ Tony van Bijleveld
 

Tony van Bijleveld

Director

  October 14, 2014

 

By: /s/ Dr. Steven R. Steinhubl
 

Dr. Steven R. Steinhubl

Director 

  October 14, 2014

 

By: /s/ Edward Rollins
 

Edward Rollins

Director 

  October 14, 2014

 

 

3
 

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StockholdersDeficit Repayments of Convertible Debt Repayments of Related Party Debt Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net Cash Provided by (Used in) Discontinued Operations WriteoffOfStockSubscriptionReceivable1 CommonStockIssuedValue WarrantsIssued WarrantsIssuedPrice Fair Value Assumptions, Expected Dividend Rate ShareholderLoansAbstract StockWarrantsDisclosureAbstract EX-101.PRE 7 vnth-20140630_pre.xml XBRL PRESENTATION FILE XML 8 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
COMMITMENTS (Details Narrative) (NASA Agmt, USD $)
12 Months Ended
Jun. 30, 2014
NASA Agmt
 
Expensed, Amount $ 1,184,251
Repayment to Parent Company $ 854,251
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STOCK WARRANTS - Schedule of Derivative Warrant Liability (Details)
12 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
Risk-free interest rate 1.62%
Expected term (years) P5Y
Expected volatility 362.00%
Expected dividends 0.00%
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SUMMARY OF ACCOUNTING POLICIES - Schedule of Fair Value Assets and Liabilities (Details) (USD $)
Mar. 07, 2014
Jun. 30, 2013
Jun. 30, 2014
Level 1
Jun. 30, 2014
Level 2
Jun. 30, 2014
Level 3
Jun. 30, 2014
Total
Assets            
Securities - available for sale $ 20,000    $ 20,000       $ 20,000
Liabilities            
Derivative Financial Instruments $ 659,934          $ 659,934 $ 659,934

XML 14 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUBSEQUENT EVENTS (Details Narrative) (USD $)
12 Months Ended 1 Months Ended 1 Months Ended
Jun. 30, 2014
Mar. 07, 2014
Jun. 30, 2013
Jul. 30, 2014
Convertible Note 3
Jul. 15, 2014
Convertible Note 3
Jul. 30, 2014
Long Term Loan
Aug. 25, 2014
Parent Company SH Conversion
Convertible note, amount         $ 50,000    
Interest rate         8.00%    
Due date       Dec. 15, 2015      
Convertible debt   71,875           
Warrant, grant           291,494  
Warrant, expiration date           Jul. 15, 2019  
Warrant, value $ 85,053         $ 71,297  
Common Stock, shares issued   189,423,721 80,125,000       2,586,206
XML 15 R37.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCK WARRANTS (Details Narrative) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Mar. 07, 2014
Jun. 30, 2014
Rees Agmt
Jun. 30, 2014
Accent Healthcare Advisors
Jun. 30, 2014
Stock Based Comp 1
Nov. 27, 2013
Stock Based Comp 1
Jun. 30, 2014
Stock Based Comp 2
Dec. 10, 2013
Stock Based Comp 2
Jun. 30, 2014
Lender
Jun. 30, 2014
Issuance of Warrants 1
Apr. 17, 2014
Issuance of Warrants 1
Jun. 30, 2014
Issuance of Warrants 2
May 05, 2014
Issuance of Warrants 2
Jun. 30, 2014
Issuance of Warrants 3
Jun. 11, 2014
Issuance of Warrants 3
Estimated fair value of warrants                   $ 241,004 $ 106,426   $ 63,468   $ 71,110  
Warrants exercise price per share       $ 0.05 $ 0.049   $ 0.05   $ 0.0478     $ 0.0701   $ 0.0589   $ 0.0750
Warrants Issued       2,000,000 25,000,000   3,875,000   5,000,000 244,261   1,185,192   705,229   553,840
Warrants Issued, par value     $ 0.10   $ 0.01   $ 0.01   $ 0.01     $ 0.09   $ 0.09   $ 0.1284
Stock-based compensation 760,750      11,115   204,904   37,311                
Deferred stock-based compensation       99,764 2,994,407       238,925              
Warrants, Exercise period 7 years     5 years 7 years 5 years   7 years                
Loss in Change in fair value                   $ 418,930            
XML 16 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
LIQUIDITY AND GOING CONCERN
12 Months Ended
Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
LIQUIDITY AND GOING CONCERN

The Company has incurred losses since inception, and has not yet received any revenues from sales of products or services. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern.

 

The ability of Vantage Health to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts.

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RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)
12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Mar. 07, 2014
Oct. 09, 2013
Loan repaid in full   $ 100,000    
Loan amount due to shareholder   555,680    0
Common stock, issued 7,875,000      
Common stock, value 630,000      
Additional paid in capital     630,000  
Convertible common stock, issued 9,030,000      
Convertible common stock, value 868,800      
Warrant, issued 4,999,998      
Warrant, value 85,053      
Warrant, exercise price     $ 0.10  
Warrant, exercise perioid 7 years      
SH Loan 1
       
Loans received from shareholder   $ 16,725    
XML 19 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
SECURITIES AVAILABLE FOR SALE (Details Narrative) (USD $)
Mar. 07, 2014
Jun. 30, 2013
Investments, Debt and Equity Securities [Abstract]    
Shares acquired, shares 2,000,000  
Shares acquired, par value $ 0.03  
Original value of shares $ 60,000  
Value of shares $ 20,000   
XML 20 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONVERTIBLE NOTE PAYABLE - Schedule of Disbursement (Details) (USD $)
Jun. 11, 2014
Convertible Note Payable
May 06, 2014
Convertible Note Payable
Apr. 21, 2014
Convertible Note Payable
Jun. 30, 2014
Total
Principal $ 55,384 $ 55,384 $ 110,776 $ 221,544
Accrued Interest $ 243 $ 680 $ 1,724 $ 2,647
XML 21 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONVERTIBLE NOTE PAYABLE (Details Narrative) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended
Jun. 30, 2014
Convertible Note
Mar. 07, 2014
Convertible Note
Jun. 30, 2014
Convertible Note 2
Apr. 17, 2014
Convertible Note 2
Apr. 18, 2014
Convertible Note 3
Jun. 11, 2014
Tranche Disbursements
May 06, 2014
Tranche Disbursements
Apr. 21, 2014
Tranche Disbursements
Jun. 30, 2014
Convertible Note 4
Apr. 30, 2014
Convertible Note 4
Note   $ 100,000   $ 71,875 $ 650,000 $ 250,000        
Interest rate   8.00%   15.00% 8.00% 0.00%        
Due date Mar. 10, 2015   Apr. 16, 2015           Apr. 16, 2016  
Interest 2,411   0              
Early payment fee   2,411                
Interest expense     1,541              
Debt discount         10.00% 10.00%        
Expense fee         5,000          
Tranche disbursements           60,000 50,000 100,000   50,000
Loan balance           $ 66,000        
XML 22 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUMMARY OF ACCOUNTING POLICIES
12 Months Ended
Jun. 30, 2014
Accounting Policies [Abstract]  
SUMMARY OF ACCOUNTING POLICIES

Nature of Business

Vantage Health (“Vantage Health” and the “Company”) was incorporated in Nevada on April 21, 2010.

 

On October 9, 2013, Vantage Health executed an Agreement of Conveyance, Transfer and Assignment of Subsidiary and Assumption of Obligations for the sale of the Company’s 51% interest in Moxisign (PTY) Ltd (“Moxisign”) with Lisa Ramakrishnan, an officer, director and shareholder of the Company. Pursuant to the terms of the Agreement, Ms. Ramakrishnan agreed to assume all of the debts and liabilities of Moxisign, totaling approximately $575,971. The assets and beneficial equity relief of Moxisign are valued at approximately $203,477. As a result of this transaction, we are no longer in the business of becoming a pharmaceutical distributor with the specific intention of bidding on South African government health care contracts and tenders.  This line of business was sold under the Agreement. We are currently evaluating alternative business opportunities. 

 

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The Company has adopted a June 30 year end.

 

Cash and Cash Equivalents

Vantage Health considers all highly liquid investments with maturities of three months or less to be cash equivalents. At June 30, 2014 the Company had $235,073 of cash, and June 30, 2013, the Company had $89,089 of cash related to discontinued operations.

 

Development Stage Company

On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders 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. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

 

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

 

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

  

Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date.

 

Level 2— Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

 

Level 3— Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

   

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:

 

      Level 1       Level 2       Level 3       Total  
Assets                                
Securities -available for sale   $ 20,000       $     $ —       $ 20,000  
Liabilities                                
Derivative Financial Instruments   $ —       $ —       $ 659,934     $ 659,934  

 

Investment Securities

Under Accounting Standards Codification (ASC) 320-10, Investments – Debt and Equity Securities, investment securities must be classified as held-to-maturity, available-for-sale, or trading. Management has determined the appropriate classification at the time of purchase to be available-for-sale. The classification of investment securities is significant since it directly impacts the accounting for unrealized gains and losses on securities. Investment securities not classified as held-to-maturity are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income and do not affect earnings until realized. Investment in stock is carried at cost. The Company has no trading account investment securities. The fair values of the Company’s investment securities are generally determined by reference to quoted prices from reliable independent sources utilizing observable inputs.

The Company evaluates all the securities in its investment securities portfolio on a quarterly basis, and more frequently when economic conditions warrant additional evaluations, to determine if an other-than-temporary impairment (OTTI) exists pursuant to guidelines established in ASC 320-10. In evaluating for possible impairment, consideration is given to many factors including the length of time and the extent to which the fair value has been less than cost, whether the market decline was affected by macroeconomic conditions, the financial condition and near-term prospects of the issuer, and the Company’s ability and intent to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may consider whether the investment securities are issued by the federal government or its agencies or government sponsored 

agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.

If management determines that an investment experienced an OTTI, management must then determine the amount of the OTTI to be recognized in earnings. If management does not intend to sell the investment security and it is more likely than not that the Company will not be required to sell the investment security before recovery of its amortized cost basis less any current period loss, the OTTI will be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the OTTI related to other factors will be recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings will become the new amortized cost basis of the investment. If management intends to sell the investment security or it is more likely than not the Company will be required to sell the investment security before recovery of its amortized cost basis less any current period credit loss, the OTTI will be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. Any recoveries related to the value of these investment securities are recorded as an unrealized gain (as other comprehensive income [loss] in shareholders’ equity) and not recognized in income until the investment security is ultimately sold. From time to time, management may dispose of an impaired investment security in response to asset/liability management decisions, market movements, business plan changes, or if the net proceeds can be reinvested at a rate of return that is expected to recover the loss within a reasonable period of time.

Management evaluates all investment securities on a quarterly basis, and more frequently when economic conditions warrant additional evaluations, for determining if an OTTI exists pursuant to guidelines established in ASC 320-10, Investments – Debt and Equity Securities. Current accounting guidance generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the investment securities must assess whether the impairment is other-than-temporary.

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

 

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Because the Company has no net income, the tax benefit of the accumulated net loss has been fully offset by an equal valuation allowance.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.

 

Other Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholder’s equity that, under GAAP, are excluded from net income (loss), including foreign currency translation adjustments, gains and losses related to certain derivative contracts, and gains or losses, prior service costs or credits, and transition assets or obligations associated with pension or other postretirement benefits that have not been recognized as components of net periodic benefit cost.

 

Stock-Based Compensation

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 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 their fair values.  The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

 

The Company follows ASC Topic 505-50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered.

XML 23 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8
COMMON STOCK (Details Narrative) (USD $)
12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Mar. 07, 2014
Proceeds from issuance of common stock       
Convertible common stock, issued 9,030,000    
Convertible common stock, value 868,800    
Warrant, issued 4,999,998    
Warrant, value 85,053    
Warrant, exercise price     $ 0.10
Warrant, exercise perioid 7 years    
Contributed capital       
Common Stock Issued
     
Common stock, shares issued 54,900,000    
Common stock, value 269,010    
Common Stock Issued1
     
Common stock, shares issued 9,150,000    
Common stock, value 760,750    
Stock-based compensation 760,750    
Common Stock Issued 2
     
Common stock, shares issued 7,875,000    
Common stock, value 630,000    
Convertible common stock, issued 9,030,000    
Convertible common stock, value 868,800    
Warrant, issued 4,999,998    
Warrant, value 85,053    
Warrant, exercise price $ 0.10    
Warrant, exercise perioid 7 years    
Contributed capital 408,885    
Common Stock Issued 3
     
Common stock, shares issued 24,739,555    
Common stock, price per share $ 0.11    
Proceeds from issuance of common stock 1,956,500    
Additional stock issued, stock 1,000,000    
Additional stock issued, price per share $ 0.11    
Issuance cost 43,500    
Common Stock Issued 4
     
Common stock, shares issued 2,000,000    
Common stock, value $ 290,000    
XML 24 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
INCOME TAXES - Schedule of Deferred Tax (Details) (USD $)
Jun. 30, 2014
Jun. 30, 2013
Deferred tax asset attributable to:    
Net operating loss carryover $ 1,211,000 $ 308,598
Valuation allowance (1,211,000) (308,598)
Net deferred tax asset      
XML 25 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (USD $)
Mar. 07, 2014
Jun. 30, 2013
Current Assets    
Cash and cash equivalents $ 235,073   
Prepaid expenses 143,259   
Total Current Assets 378,332   
Securities - available for sale 20,000   
Assets of discontinued operations    95,248
TOTAL ASSETS 398,332 95,248
Current Liabilities    
Accounts payable and accrued expenses 114,486 35,266
Convertible debt 71,875   
Shareholder loans    555,680
Derivative liabilities 659,934   
Total Current Liabilities 846,295 590,946
Long-term Liabilities    
Convertible debt 221,544   
Total Liabilities 1,067,839 590,946
Stockholders Equity (Deficit)    
Common stock, $.001 par value, 250,000,000 shares authorized, 189,423,721 and 80,125,000 shares issued and outstanding, as of June 30, 2014 and June 30, 2013 189,424 80,125
Additional paid-in capital 7,747,925 261,585
Accumulated other comprehensive income    164,320
Accumulated deficit (8,606,856) (695,953)
Total Vantage Health equity (669,507) (189,923)
Non-controlling interest    (305,775)
Total Stockholders Equity (Deficit) (669,507) (495,698)
TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) $ 398,332 $ 95,248
XML 26 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders Equity (USD $)
Common Stock
Additional Paid-In Capital
Stock Subscription Receivable
Non-controlling Interest
Accumulated Other Comprehensive Income (Loss)
Deficit Accumulated
Total
Beginning balance, shares at Jun. 30, 2012 80,125,000            
Beginning balance, amount at Jun. 30, 2012 $ 80,125 $ 380,335 $ (118,750) $ (222,616) $ 67,441 $ (558,488) $ (371,953)
Write-off of stock subscription receivable   (118,750) 118,750         
Stock issued intangible asset, amount               
Stock issued for finder's fees, amount               
Warrants issued for services               
Contributed capital               
Other comprehensive income         96,879   96,879
Net loss       (83,159)   (137,465) (220,624)
Ending balance, amount at Jun. 30, 2013 80,125 261,585    (305,775) 164,320 (695,953) (495,698)
Beginning balance, shares at Jun. 30, 2013 80,125,000            
Write-off of stock subscription receivable               
Stock issued for cash, net, shares 24,739,555            
Stock issued for cash, net, amount 24,740 1,931,760         1,956,500
Stock issued for services, shares 64,005,000            
Stock issued for services, amount 64,050 965,710         1,029,760
Stock issued intangible asset, shares 16,905,000            
Stock issued intangible asset, amount 16,905 (16,905)           
Stock issued for securities, shares 2,000,000            
Stock issued for securities, amount 2,000 288,000         290,000
Stock issued for finder's fees, shares 1,604,166            
Stock issued for finder's fees, amount 1,604 (1,604)           
Warrants issued for services   3,538,000         3,528,000
Spin-off subsidary   372,494   305,775     678,269
Contributed capital   408,885          
Other comprehensive income         (164,320)   (164,320)
Net loss       305,775   (7,910,903) (7,910,903)
Ending balance, shares at Jun. 30, 2014 189,423,721            
Ending balance, amount at Jun. 30, 2014 $ 189,424 $ 7,747,925       $ (8,606,856) $ (669,507)
XML 27 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCK WARRANTS - Warrant Exercise Range (Details) (USD $)
9 Months Ended 12 Months Ended
Mar. 31, 2013
Jun. 30, 2014
Notes to Financial Statements    
Exercise Price Range $ 0.100 $ 0.050
Shares Outstanding 4,999,998 35,875,000
Shares Exercisable 5,000,000 35,875,000
Weighted Contractual Life Remaining (in Years) 6 years 20 days 6 years 61 days
Weighted Average Exercise Price $ 0.100 $ 0.050
XML 28 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONVERTIBLE NOTE PAYABLE (Tables)
12 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Schedule of Disbursement

Tranche Date     Principal with OID       Accrued Interest     Converted to Stock
April 21, 2014   $ 110,776     $ 1,724     None
May 6, 2014     55,384       680     None
June 11, 2014     55,384       243     None
    $ 221,544     $ 2,647      

XML 29 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCK WARRANTS - Fair Value Assumptions (Details)
12 Months Ended
Jun. 30, 2014
Fair value assumptions  
Risk free interest rate, minimum 1.62%
Risk free interest rate, maximum 2.19%
Expected term, minimum 5 years
Expected term, maximum 7 years
Expected volatility, minimum 291.00%
Expected volatility, maximum 362.00%
Expected dividends 0.00%
XML 30 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax

    2014   2013
Deferred tax asset attributable to:                
  Net operating loss carryover   $ 1,211,000     $ 308,598  
  Valuation allowance     (1,211,000 )     (308,598 )
      Net deferred tax asset   $ —       $ —    

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Statements of Cash Flows (USD $)
12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS:    
Net loss from continuing operations $ (7,632,992) $ (50,910)
Adjustments to Reconcile Net Loss to Net Cash Used by Operating Activities of Continuing Operations:    
Stock issued for compensation and services 760,750   
Amortization of debt discount 27,544   
Warrants issued related to debt interest 241,004   
Unrealized loss on investment 40,000   
Loss on equity swap 230,000   
Warrants issued for services 3,528,000   
Gain of derivative liabilities 418,930   
Changes in assets and liabilities    
(Increase) derease in prepaid expenses (143,259)   
Increase (decrease) in accounts payable and accrued expenses 79,220 (19,385)
Net Cash Used by Operating Activities of Continuing Operations (2,718,714) (70,295)
CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS:    
Proceeds from sales of common stock     
Contributed capital     
Payments on convertible debt (166,000)   
Borrowings on convertible debt 431,875   
Payments on notes payable related parties    (402,519)
Net Cash Provided by (Used by) Financing Activities of Continuing Operations 2,631,260 (402,519)
CASH FLOWS FROM DISCONTINUED OPERATIONS:    
Cash flows from operating activities of discontinued operations 947,279 135,508
Cash flows from investing activities of discontinued operations 6,159   
Cash flows from financing activities of discontinued operations (555,680) 337,306
Net Cash (Used by) Provided by Discontinued Operations 397,758 472,814
Foreign exchange (164,320)   
NET INCREASE (DECREASE) IN CASH 145,984   
Cash, beginning of period 889,089   
Cash, end of period 235,073   
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION:    
Stock issued to acquirs available for sale securities 60,000   
Shares issued for intangeible asset 16,905   
Write-off of stock subscription receivable    (118,750)
Shares issued for finder's fees 1,605   
Debt discount $ 27,544   
XML 33 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (Parenthetical) (USD $)
Mar. 07, 2014
Jun. 30, 2013
Statement of Financial Position [Abstract]    
Common Stock, par value $ 0.001 $ 0.001
Common Stock, shares authorized 250,000,000 250,000,000
Common Stock, shares issued 189,423,721 80,125,000
Common Stock, shares outstanding 189,423,721 80,125,000
XML 34 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
COMMITMENTS
12 Months Ended
Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS

On January 1, 2014, the Company entered into a Sub-License Agreement affiliated with the National Aeronautics and Space Administration (“NASA”) pursuant to which the Company was granted a royalty-bearing, non-transferable license to certain inventions and patent rights owned by NASA relating to chemical sensing nanotechnology, for use within the United States and its territories. The License is effective as of December 31, 2013 and subject to an initial five year term, during which the License will be exclusive to the Company. Following the initial five-year term, the License shall automatically convert to a non-exclusive license. The License may be terminated by NASA following a 30 day cure period, among other reasons, upon a breach of the License Agreement or upon its determination that the Company has failed to adequately develop or commercialize the licensed patents. Specific milestones and commercialization requirements are set forth in the License Agreement. NASA provides no warranties under the License Agreement and assumes no responsibility for our use, sale or other disposition of the licensed technology. We agree to indemnify NASA against all liabilities arising from such use, sale or other disposition. We must pay certain royalties in connection with the License as set forth in the License Agreement. Royalties owed for 2014 have been paid in advance by a related party and will not be charged to Vantage Health, with the next Vantage Health payment due in 2015. The Company expensed $1,184,251 under this agreement of which $854,251 was paid directly to the Parent Company who in turned paid NASA for fees under this agreement.

XML 35 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information (USD $)
12 Months Ended
Jun. 30, 2014
Oct. 14, 2014
Document And Entity Information    
Entity Registrant Name Vantage Health  
Entity Central Index Key 0001497130  
Document Type 10-K  
Document Period End Date Jun. 30, 2014  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 4,408,546
Entity Common Stock, Shares Outstanding   192,009,927
Document Fiscal Period Focus FY  
Document Fiscal Year Focus 2014  
XML 36 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
INCOME TAXES
12 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
INCOME TAXES

For the year ended June 30, 2014, the cumulative net operating loss carry-forward from continuing operations is approximately $3,561,000 at June 30, 2014, and will expire beginning in the year 2030.

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of June 30, 2014 and 2013:

 

    2014   2013
Deferred tax asset attributable to:                
  Net operating loss carryover   $ 1,211,000     $ 308,598  
  Valuation allowance     (1,211,000 )     (308,598 )
      Net deferred tax asset   $ —       $ —    

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $3,561,000 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

XML 37 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Operations (USD $)
9 Months Ended 12 Months Ended
Mar. 31, 2013
Jun. 30, 2014
Income Statement [Abstract]    
REVENUES      
OPERATING EXPENSES    
Professional fees 33,162 176,935
Office expenses/salaries and wages 10,160 186,923
Officer/director compensation    107,057
Compensation - other    4,298,750
Consulting    570,099
Other consulting fees    342,326
Travel and entertainment    92,524
Bank fees 369 161
Royalty expense    854,251
TOTAL OPERATING EXPENSES 43,691 6,629,026
LOSS FROM CONTINUING OPERATIONS (43,691) (6,629,026)
OTHER INCOME (EXPENSE)    
Interest income (expense) 11,875 (315,036)
Bad debt interest (19,094)   
Gain (loss) on Derivative    418,930
Gain (loss) on equity swap    (230,000)
Unrealized loss in investment    (40,000)
TOTAL OTHER EXPENSE (7,219) (1,003,966)
NET LOSS FROM CONTINUING OPERATIONS (50,910) (7,632,992)
LOSS FROM DISCONTINUED OPERATIONS (169,714) (277,911)
NET LOSS (220,624) (7,910,903)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST 83,159   
NET LOSS VANTAGE HEALTH $ (137,465) $ (7,910,903)
NET LOSS PER SHARE FROM CONTINUNING OPERATIONS: BASIC AND DILUTED 0.00 (0.06)
NET LOSS PER SHARE FROM DISCONTINUED OPERATIONS: BASIC AND DILUTED $ 0.00 $ 0.00
NET LOSS PER SHARE: BASIC AND DILUTED $ 0.00 $ (0.06)
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED 80,125,000 131,638,614
XML 38 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
RELATED PARTY TRANSACTIONS
12 Months Ended
Jun. 30, 2014
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

During the year ended June 30, 2013, the Company received loans totaling $16,725 from a shareholder and repaid $100,000 of the outstanding shareholder loans. On October 9, 2013 the Company entered into an agreement whereby the originator of the shareholder loans agreed to forgive the existing loan balance in exchange for all the assets and liabilities of the Company as of October 9, 2013. Therefore, the balance of the loan was reduced to $0 as of that date. The total amount due to the shareholders was $0 and $555,680 as of June 30, 2014 and 2013, respectively.

 

During the year ended June 30, 2014, the Company received the rights to Vantage Health Sensor’s nanotechnology that has been internally developed by a related and controlling party. The Company has issued 7,875,000 shares of common stock with a market value of $630,000 in exchange for the exclusive rights to this technology. In accordance with generally accepted accounting principles, the Company recognizes no book value for internally generated technology acquired from a controlling entity. Therefore, the entire $630,000 was absorbed as a reduction in the stock valuation passing through additional paid in capital. . In addition, the Company issued 9,030,000 common shares for the conversion of the Parent Company common shares and issued 4,999,998 common stock warrants, exercisable at $0.10 per share and expires in 7 year from the date of issuance (see footnote 8). The fair value of the common shares is $868,800 and the fair value of the warrants is $85,053. The fair value of the common shares and stock warrants is considered to be the excess value from the carry over cost basis of $0 and is recorded as a pass through to additional paid in capital.

XML 39 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
SECURITIES AVAILABLE FOR SALE
12 Months Ended
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
SECURITIES AVAILABLE FOR SALE

On January 16, 2014, the Company acquired 2,000,000 restricted common shares of a publicly traded company. (See Note 6 for more details) The investment was acquired at market value of $0.03 per share, and is held for future trade. The value of the investment will be adjusted quarterly to reflect the change in market value of the holding. The investment does not represent a controlling interest in the publicly traded company. The company has elected the fair value option under ASC 825 allowing gains and losses to be recorded in earnings each period. From receipt of the shares on January 16, 2014 through June 30, 2014 the securities were reduced in value from $60,000 to $20,000 due to a change in the publicly traded company’s stock price. These securities are measured under level 1 of ASC 820.

XML 40 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCK WARRANTS (Tables)
12 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
Schedule of Derivative Warrant Liability
Fair value assumptions – derivative warrants:   Year Ended
June 30, 2014
Risk free interest rate     1.62 %
Expected term (years)     5  
Expected volatility     362 %
Expected dividends     0 %
Warrants
    Number of
Shares
Granted
  Weighted
Average
Exercise
Price
  Weighted Average
Remaining
Contractual Life
(years)
  Aggregate
Intrinsic
Value
  July 1, 2012       —       $ —         —       $ —    
  Grants       —         —         —         —    
  Expired       —         —         —         —    
  June 30, 2013       —       $ —         —         —    
  Grants       43,319,259       0.06       6.17       9,272,292  
  Expired       —         —         —         —    
  June 30, 2014       43,319,259     $ 0.06       6.17     $ 9,272,292  
Warrant Exercise Range
Exercise
Price Range
  Shares
Outstanding
  Shares
Exercisable
  Weighted Contractual Life
Remaining (in Years)
  Weighted Average
Exercise Price
$ 0.050       35,875,000       35,875,000       6.16     $ 0.050  
$ 0.100       4,999,998       5,000,000       6.3     $ 0.100  
  $0.059-$0.070       2,444,261       2,444,261       6.5       $0.059-$0.070  
Fair Value Assumptions
Fair value assumptions –   Year Ended
June 30, 2014
Risk free interest rate     1.62%-2.19  
Expected term (years)     5-7  
Expected volatility     219%-362%  
Expected dividends     0 %
XML 41 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUBSEQUENT EVENTS
12 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On July 15, 2014, the Company received an additional $50,000 tranche on an existing convertible promissory note entitling them to draw up to the amount of $650,000. As of the date of these financial statements, the Company has only drawn $250,000 against this note. This portion of the note is due on December 15, 2015 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of the lesser of a 50% discount of the lowest reported sale price of the common stock for the 20 trading business days immediately prior to (i) the date of the Purchase Agreement, or (ii) the Voluntary Conversion Date. As of the date of these financial statements the Company has not converted any portion of this note into shares of common stock.

 

On July 15, 2014 the Company granted stock warrants for 291,494 shares of common stock in association with a long-term loan at no cost to the lender. These warrants had an expiration date of July 15, 2019, and were valued using the Black Scholes Valuation Model, the stock price at the grant date was $0.2446/share, the exercise price is $0.1425/share, the value of the issuance is $71,297.

 

On August 25, 2014, the Company issued 2,586,206 common shares of stock when a parent company shareholder converted their holdings into Vantage Health common stock in a cashless transaction.

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2014 through the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above.

XML 42 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCK WARRANTS
12 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
STOCK WARRANTS

On December 16, 2013, the Board of Directors of the Company approved the election of William S. Rees, Jr. to serve as a member of the Board effective December 16, 2014. Mr. Rees has not yet been appointed to serve on any committee of the Board. There are no arrangements or understandings between Mr. Rees and any other person pursuant to which Mr. Rees was appointed as a director. The Company entered into an agreement with Mr. Rees pursuant to which it agreed to issue to him, in consideration of his services, a warrant to purchase up to 2,000,000 shares of the Company’s common stock for a period of five years at an exercise price of $0.05 per share. The Company determined the fair value of the warrants to be $99,764 using the Black Scholes Valuation Model. As of June 30, 2014 the warrants were fully vested and the Company recorded $99,764 as stock-based compensation expense.

 

On December 31, 2013, we issued to Accent Healthcare Advisors, LLC, a California limited liability company, as compensation for their past and future advisory services for the next several years in the bio-pharmaceutical and healthcare industries, a warrant to purchase up to 25,000,000 shares of the

 

Company’s common stock, par value $.01 per share, for a period of seven years at an exercise price of $0.049 per share. The warrants issued vest immediately. The exercise price was calculated based on the prior ten days average closing price per share. The holder may not exercise the Warrant such that the number of shares of common stock beneficially owned by the holder and its affiliates exceeds 4.9% of the total outstanding shares of common stock of the Company. The fair value of the warrants using the Black Scholes valuation model was determined to be $2,994,407. The exercise price and number of Warrant Shares are subject to adjustment upon the subdivision or combination of the Company’s common stock. Further, upon the consolidation, merger or sale of the Company, the holder is entitled to receive, at the Company’s discretion, either (a) if the Warrant is exercised, the consideration payable with respect to or in exchange for those Warrant Shares that would have been received if no consolidation, merger or sale had taken place or (b) cash equal to the value of the Warrant as determined in accordance with the Black-Scholes option pricing formula. As of June 30, 2014 the stock-based compensation expense related to this issuance was $2,994,407.

 

On November 27, 2013, the Company issued 3,875,000 warrants for the Company’s common stock as stock based compensation for a three year period, par value $.01 per share, at an exercise price per share equal to $0.05. The warrants issued vest immediately. The warrants are exercisable any time after November 27, 2013 for a period of five years from date of issuance. The fair value of the warrants using the Black Scholes Valuation Model was $204,904. As of June 30, 2014 the stock-based compensation expense related to this issuance was 204,904.

 

On December 10, 2013, the Company issued 5,000,000 warrants for the Company’s common stock as stock based compensation for a three year period, par value $.01 per share, at an exercise price per share equal to the closing price on December 10, 2013 of $0.0478. The warrants are exercisable any time after December 10, 2013 for a period of seven years from date of issuance. The fair value of the warrants using the Black Scholes Valuation Model was $238,925. As of June 30, 2014 the stock-based compensation expense related to this issuance was $238,925.

 

During the year ending June 30, 2014, the Company issued 2,444,261 warrants for shares of common stock to lenders in connection with loans received by the Company. The warrants have anti-dilution provisions, including a provision for adjustments to the exercise price and to the number of warrant shares purchasable if we issue or sell common shares at a price less than the then current exercise price. We determined that the warrants were not afforded equity classification because the warrants are not considered to be indexed to our own stock due to the anti-dilution provision. Accordingly, the warrants are treated as a derivative liability and are carried at fair value. We estimate the fair value of these derivative warrants at each balance sheet date and the changes in fair value are recognized in earnings in the statement of operations under the caption “change in fair value of derivative warrant liability” until such time as the derivative warrants are exercised or expire.

 

We estimate the fair value of our derivative warrants on the date of issuance and each subsequent balance sheet date using the Black-Scholes option pricing model, which includes assumptions for expected dividends, expected share price volatility, risk-free interest rate, and expected life of the warrants. Currently, we believe that the potential impact to the fair value of our derivative warrants attributable to the anti-dilution provision is insignificant and we will consider using a lattice model for purposes of valuation if and when the fair value of the anti-dilution provision becomes significant. Our expected volatility assumption is based on our historical weekly closing price of our stock over a period equivalent to the expected remaining life of the derivative warrants. The Black Scholes Valuation Model was used to value these warrants at $241,004 on the grant date and accounted for as a derivative liability. The change

  

in fair value as of June 30, 2014 was 659,934 and the Company recorded a loss in the change in fair value due to derivative warrant liability of $418,930.

 

Fair value assumptions – derivative warrants:   Year Ended
June 30, 2014
Risk free interest rate     1.62 %
Expected term (years)     5  
Expected volatility     362 %
Expected dividends     0 %

  

On April 17, 2014 the Company granted stock warrants for 1,185,192 shares of common stock in association with a long-term loan at no cost to the lender. These warrants had an expiration date of April 17, 2019, and were valued using the Black Scholes Valuation Model, the stock price at the grant date was $0.09/share, the exercise price is $0.0701/share, the value of the issuance is $106,426.

 

On May 5, 2014 the Company granted stock warrants for 705,229 shares of common stock in association with a long-term loan at no cost to the lender. These warrants had an expiration date of May 5, 2019, and were valued using the Black Scholes Valuation Model, the stock price at the grant date was $0.09/share, the exercise price is $0.0589/share, the value of the issuance is $63,468.

 

On June 11, 2014 the Company granted stock warrants for 553,840 shares of common stock in association with a long-term loan at no cost to the lender. These warrants had an expiration date of June 11, 2019, and were valued using the Black Scholes Valuation Model, the stock price at the grant date was $0.1284/share, the exercise price is $0.0750/share, the value of the issuance is $71,110.

Summary of warrant activity for the two years ended June 30, 2014 is presented below:

    Number of
Shares
Granted
  Weighted
Average
Exercise
Price
  Weighted Average
Remaining
Contractual Life
(years)
  Aggregate
Intrinsic
Value
  July 1, 2012       —       $ —         —       $ —    
  Grants       —         —         —         —    
  Expired       —         —         —         —    
  June 30, 2013       —       $ —         —         —    
  Grants       43,319,259       0.06       6.17       9,272,292  
  Expired       —         —         —         —    
  June 30, 2014       43,319,259     $ 0.06       6.17     $ 9,272,292  

 

Exercise
Price Range
  Shares
Outstanding
  Shares
Exercisable
  Weighted Contractual Life
Remaining (in Years)
  Weighted Average
Exercise Price
$ 0.050       35,875,000       35,875,000       6.16     $ 0.050  
$ 0.100       4,999,998       5,000,000       6.3     $ 0.100  
  $0.059-$0.070       2,444,261       2,444,261       6.5       $0.059-$0.070  

 

Fair value assumptions –   Year Ended
June 30, 2014
Risk free interest rate     1.62%-2.19  
Expected term (years)     5-7  
Expected volatility     219%-362%  
Expected dividends     0 %

 

XML 43 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONVERTIBLE NOTE PAYABLE
12 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
CONVERTIBLE NOTE PAYABLE

On March 7, 2014, the Company issued a convertible promissory note in the amount of $100,000. The note is due on March 10, 2015 and bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 58% multiplied by the market price, which is the average of the lowest three (3) trading prices for the common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. Before the loan became convertible and prior to June 30, 2014, the Company fully paid off this loan in cash and did not convert any portion of this note into shares of common stock. The interest associated with this loan was $2,411, with an additional early payment fee of $24,846.

 

On April 17, 2014, the Company issued a convertible promissory note in the amount of $71,875. The note is due on April 16, 2015 and bears interest at 15% per annum, which was prepaid by the Company and is being amortized over the life of the loan. The loan is secured by shares of the Company’s common stock. The loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 50% multiplied by the market price, which is the lowest quoted price for the common stock during the 25 trading day period ending on the latest complete trading day prior to the conversion date. During the year ended June 30, 2014, the Company has not converted any portion of this note into shares of common stock. The accrued interest related to this debt is $0 because the entire term’s interest was prepaid, the interest expense related to this loan is $1,541.

 

On April 18, 2014, the Company issued a convertible promissory note in which the Company will be taking tranche payments on pre-defined dates, the total of these payments cannot exceed $650,000. There is an original discount component of 10% per tranche and an additional expense fee of $5,000. Therefore, the funds available to the Company will be $650,000 and the liability (net of interest) will be $750,000 when all disbursements have been received by the Company. Each tranche is accounted for separately with each principal and OID balance becoming due 18 months after receipt. Each tranche bears interest at 8% per annum. The loan is secured by shares of the Company’s common stock. Each portion of the loan becomes convertible 180 days after date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of 50% multiplied by the market price, which is the lowest quoted price for the common stock during the 20 trading day period ending on the latest complete trading day prior to the conversion date. During the period ended June 30, 2014, the Company has received three tranche disbursements of $100,000 on April 21, 2014; $50,000 on May 6, 2014; and $50,000 on June 11, 2014. The following details the disbursements as of June 30, 2014:

 

 

Tranche Date     Principal with OID       Accrued Interest     Converted to Stock
April 21, 2014   $ 110,776     $ 1,724     None
May 6, 2014     55,384       680     None
June 11, 2014     55,384       243     None
    $ 221,544     $ 2,647      

 

On April 30, 2014, the Company issued a convertible promissory note with available funds of $250,000, however, the Company only received one tranche payment of $60,000 from this note, carrying a loan balance of $66,000 with principal and OID. There is an original discount component of 10% per tranche. The note is due on April 30, 2016 and bears interest at 0% if repaid within 90 days; and 12% per annum for any remaining balances past 90 days. The loan is secured by shares of the Company’s common stock. The loan becomes convertible immediately upon the date of the note. The loan and any accrued interest can then be converted into shares of the Company’s common stock at a rate of the lower of (1) $0.11per share or (2) 60% multiplied by the market price, which is the lowest quoted price for the common stock during the 25 trading day period ending on the latest complete trading day prior to the conversion date. During the year ended June 30, 2014, the Company fully paid off this loan in cash and did not convert any portion of this note into shares of common stock. The interest associated with this loan was $667.

 

The Company analyzed the conversion options embedded in the Convertible Promissory Notes for derivative accounting consideration under ASC 815, Derivatives and Hedging, and determined that there is not a derivative as the above references convertible notes are not convertible as of June 30, 2014 as they have not reach 180 days from the date of issuance.

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COMMON STOCK
12 Months Ended
Jun. 30, 2014
Equity [Abstract]  
COMMON STOCK

During the year ended June 30, 2014, 54,900,000 shares of common stock were issued for services rendered in connection with discontinued operations. This stock issuance was initiated by the former management of the Company. The stock was valued at the market value on the grant date for a total of $269,010.

 

During the year ending June 30, 2014, the Company issued 9,150,000 shares of common stock (exclusive of the 54,900,000 shares issued in connection with discontinued operations as disclosed in the paragraph above) for current and future consulting services. The value of the shares at the dates of issuance was $760,750, and is being amortized over the life of each contract to a stock based compensation expense. As of June 30, 2014 the stock-based compensation expense related to these issuances was $760,750.

 

During the year ending June 30, 2014, the Company issued 7,875,000 shares of common stock with a market value of $630,000 for rights to internally generated technology from a controlling party. Subsequently, the Company has valued the technology at $0 and recorded the adjustment to additional paid in capital. In addition, the Company issued 9,030,000 common shares for the conversion of the Parent Company common shares and issued 4,999,998 common stock warrants, exercisable at $0.10 per share and expires in 7 year from the date of issuance (see footnote 8). The fair value of the common shares is $868,800 and the fair value of the warrants is $85,053. The fair value of the common shares and stock warrants is considered to be the excess value from the carry over cost basis of $0 and is recorded as a pass through to additional paid in capital.

 

During the year ending June 30, 2014, the majority shareholder has contributed capital of $408,885.

 

During the year ending June 30, 2014, the Company issued 24,739,555 shares of common stock for cash net of cash proceeds of $1,956,500. In connection with the sales, the Company paid stock issuance costs of $43,500 and issued an aggregate of 604, 166 common stock as payment for stock issuance costs. The common stock was fair value using the market price on the grant date of $0.11 per share. In addition, the Company issued 1,000,000 common shares fair valued at $0.11 per shares and recorded as finder’s fees.

 

During the year ended June 30, 2014, the Company issued 2,000,000 shares of common stock with a fair value of $290,000 for the exchange of an investment in securities with a market value at the trade date of $60,000 (see footnote 3). The Company recorded a loss for the exchange of common stock of $230,000 for the difference in fair value of the marketable security and the fair value of the Company’s common stock issued.

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DISCONTINUED OPERATIONS
12 Months Ended
Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

On October 9, 2013, Vantage Health executed an Agreement of Conveyance, Transfer and Assignment of Subsidiary and Assumption of Obligations for the sale of the Company’s 51% interest in Moxisign (PTY) Ltd (“Moxisign”) with Lisa Ramakrishnan, an officer, director and shareholder of the Company. Pursuant to the terms of the Agreement, Ms. Ramakrishnan agreed to assume all of the debts and liabilities of Moxisign, totaling approximately $575,971. The assets and beneficial equity relief of Moxisign are valued at approximately $203,477. As a result of this transaction, we are no longer in the business of becoming a pharmaceutical distributor with the specific intention of bidding on South African government health care contracts and tenders.  This line of business was sold under the Agreement. We are currently evaluating alternative business opportunities. 

 

The gain of $372,494, on the disposal of the subsidiary is included as additional paid in capital for the period.

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STOCK WARRANTS - Warrants (Details) (USD $)
12 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Ending Balance, number of shares 43,319,259
Ending Balance, weighted average exercise price $ 0.06
Warrants, weighted average remaining contractual life (years) P6Y62D
Warrants, Aggregate Intrinsic Value $ 9,272,292
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SUMMARY OF ACCOUNTING POLICIES (Tables)
12 Months Ended
Jun. 30, 2014
Accounting Policies [Abstract]  
Schedule of Fair Value Assets and Liabilities
      Level 1       Level 2       Level 3       Total  
Assets                                
Securities -available for sale   $ 20,000       $     $ —       $ 20,000  
Liabilities                                
Derivative Financial Instruments   $ —       $ —       $ 659,934     $ 659,934  
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SUMMARY OF ACCOUNTING POLICIES (Details Narrative) (USD $)
12 Months Ended
Jun. 30, 2014
Mar. 07, 2014
Jun. 30, 2013
Oct. 09, 2013
Moxisign Sale
Date of Incorporation Apr. 21, 2010      
Cash and equivalents   $ 235,073     
Discountinued operations 89,089      
Interest sold       51.00%
Current liabilities at disposition date   846,295 590,946 575,971
Current assets at disposition date   $ 378,332    $ 203,477
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INCOME TAXES (Details Narrative) (USD $)
12 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Efffective Tax Rate 34.00%
Operating Loss Carryforwards $ 3,561,000
Carryforward Expiration Date Jan. 01, 2030
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Statements of Other Comprehensive Income (Loss) (USD $)
12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Net Loss $ (7,910,903) $ (137,465)
Foreign Currency Translation    
Change in cumulative translation adjustment    96,879
Change in cumulative translation adjustment from discontinued operations    (96,879)
Total $ (7,910,903) $ (137,465)
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PREPAID EXPENSES
12 Months Ended
Jun. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES

In relation to a sub-licensing agreement with NASA, a shareholder has paid royalty fees applicable to 2014 on behalf of the Company. The $100,000 payment was an additional investment in the Company and is not required to be repaid. In addition, the Company has prepaid rent through December 2014, with a remaining prepaid balance of $37,300 as of June 30, 2014, and prepaid interest on a short-term loan of $5,959 as of June 30, 2014.

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PREPAID EXPENSES (Details Narrative) (USD $)
Mar. 07, 2014
Jun. 30, 2013
Jun. 30, 2014
NASA Agmt
Prepaid expenses $ 143,259    $ 100,000
Remaining prepaid balance     37,300
Prepaid interest     $ 5,959
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DISCONTINUED OPERATIONS (Details Narrative) (USD $)
12 Months Ended
Jun. 30, 2014
Mar. 07, 2014
Jun. 30, 2013
Oct. 09, 2013
Moxisign Sale
Interest sold       51.00%
Current assets at disposition date   $ 378,332    $ 203,477
Current liabilities at disposition date   846,295 590,946 575,971
Gain on disposal of subisdiary $ 372,494      
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SUMMARY OF ACCOUNTING POLICIES (Policies)
12 Months Ended
Jun. 30, 2014
Accounting Policies [Abstract]  
Nature of Business

Nature of Business

Vantage Health (“Vantage Health” and the “Company”) was incorporated in Nevada on April 21, 2010.

 

On October 9, 2013, Vantage Health executed an Agreement of Conveyance, Transfer and Assignment of Subsidiary and Assumption of Obligations for the sale of the Company’s 51% interest in Moxisign (PTY) Ltd (“Moxisign”) with Lisa Ramakrishnan, an officer, director and shareholder of the Company. Pursuant to the terms of the Agreement, Ms. Ramakrishnan agreed to assume all of the debts and liabilities of Moxisign, totaling approximately $575,971. The assets and beneficial equity relief of Moxisign are valued at approximately $203,477. As a result of this transaction, we are no longer in the business of becoming a pharmaceutical distributor with the specific intention of bidding on South African government health care contracts and tenders.  This line of business was sold under the Agreement. We are currently evaluating alternative business opportunities. 

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The Company has adopted a June 30 year end.

Cash and Cash Equivalents

Cash and Cash Equivalents

Vantage Health considers all highly liquid investments with maturities of three months or less to be cash equivalents. At June 30, 2014 the Company had $235,073 of cash, and June 30, 2013, the Company had $89,089 of cash related to discontinued operations.

Development Stage Company

Development Stage Company

On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders 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. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

 

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

  

Fair Value of Financial Instruments, continued

 

Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date.

 

Level 2— Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

 

Level 3— Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

   

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 

Financial assets and liabilities measured at fair value on a recurring basis are summarized below:

 

      Level 1       Level 2       Level 3       Total  
Assets                                
Securities -available for sale   $ 20,000       $     $ —       $ 20,000  
Liabilities                                
Derivative Financial Instruments   $ —       $ —       $ 659,934     $ 659,934  
Investment Securities

Investment Securities

Under Accounting Standards Codification (ASC) 320-10, Investments – Debt and Equity Securities, investment securities must be classified as held-to-maturity, available-for-sale, or trading. Management has determined the appropriate classification at the time of purchase to be available-for-sale. The classification of investment securities is significant since it directly impacts the accounting for unrealized gains and losses on securities. Investment securities not classified as held-to-maturity are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income and do not affect earnings until realized. Investment in stock is carried at cost. The Company has no trading account investment securities. The fair values of the Company’s investment securities are generally determined by reference to quoted prices from reliable independent sources utilizing observable inputs.

The Company evaluates all the securities in its investment securities portfolio on a quarterly basis, and more frequently when economic conditions warrant additional evaluations, to determine if an other-than-temporary impairment (OTTI) exists pursuant to guidelines established in ASC 320-10. In evaluating for possible impairment, consideration is given to many factors including the length of time and the extent to which the fair value has been less than cost, whether the market decline was affected by macroeconomic conditions, the financial condition and near-term prospects of the issuer, and the Company’s ability and intent to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. In analyzing an issuer’s financial condition, the Company may consider whether the investment securities are issued by the federal government or its agencies or government sponsored 

agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.

If management determines that an investment experienced an OTTI, management must then determine the amount of the OTTI to be recognized in earnings. If management does not intend to sell the investment security and it is more likely than not that the Company will not be required to sell the investment security before recovery of its amortized cost basis less any current period loss, the OTTI will be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the OTTI related to other factors will be recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings will become the new amortized cost basis of the investment. If management intends to sell the investment security or it is more likely than not the Company will be required to sell the investment security before recovery of its amortized cost basis less any current period credit loss, the OTTI will be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. Any recoveries related to the value of these investment securities are recorded as an unrealized gain (as other comprehensive income [loss] in shareholders’ equity) and not recognized in income until the investment security is ultimately sold. From time to time, management may dispose of an impaired investment security in response to asset/liability management decisions, market movements, business plan changes, or if the net proceeds can be reinvested at a rate of return that is expected to recover the loss within a reasonable period of time.

Management evaluates all investment securities on a quarterly basis, and more frequently when economic conditions warrant additional evaluations, for determining if an OTTI exists pursuant to guidelines established in ASC 320-10, Investments – Debt and Equity Securities. Current accounting guidance generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the investment securities must assess whether the impairment is other-than-temporary.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

Income Taxes

Income Taxes

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Because the Company has no net income, the tax benefit of the accumulated net loss has been fully offset by an equal valuation allowance.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Basic Income (Loss) Per Share

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity.

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and other gains and losses affecting stockholder’s equity that, under GAAP, are excluded from net income (loss), including foreign currency translation adjustments, gains and losses related to certain derivative contracts, and gains or losses, prior service costs or credits, and transition assets or obligations associated with pension or other postretirement benefits that have not been recognized as components of net periodic benefit cost.

Stock-Based Compensation

Stock-Based Compensation

The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 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 their fair values.  The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

 

The Company follows ASC Topic 505-50, formerly EITF 96-18, “Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services,” for stock options and warrants issued to consultants and other non-employees.  In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered.