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Subsequent Events
12 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events

The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported.  The Management of the Company determined that there were reportable subsequent event(s) to be disclosed as follows:

 

On April 15, 2015 and May 15, 2015, the Company issued 145,161 and 191,489 shares of the Company’s common stock, respectively, to a consultant in exchange for services to be provided.  These shares are fully vested and non-forfeitable. These shares were valued at $0.031 and $0.0235 per share, the closing price of the Company’s common stock on the dates of issuance, and were expensed upon issuance.

 

On April 1, 2015 and May 1, 2015, the Company issued 137,931 and 163,265 shares of the Company’s common stock, respectively, to a consultant in exchange for services to be provided.  These shares are fully vested and non-forfeitable. These shares were valued at $0.029 and $0.0245 per share, the closing price of the Company’s common stock on the dates of issuance, and were expensed upon issuance.

 

On April 1, 2015, the Company entered into a Contribution Agreement with a company to provide marketing services for a period of six (6) months for from the date of signing in exchange for 1,500,000 shares of the Company’s common stock.  These shares are fully vested and non-forfeitable. These shares were valued at $0.029 per share, the closing price of the Company’s common stock on the date of issuance, or $43,500 on the date of grant and were expensed upon issuance.

 

On July 23, 2015, the Company issued 2,330,097 shares to each of its five officers in exchange for their services as executives of the Company. These shares are fully vested and non-forfeitable.  These shares were valued at $0.03 per share, the closing price of the Company’s common stock on the date of issuance, or $70,000 on the date of grant and were expensed upon issuance.

 

On April 21, 2015, $25,000 of principal of issued on September 15, 2014 (the “Debenture”) was converted into 1,532,332 shares of the Company’s common stock at $0.016315 per share.

 

On May 20, 2015, $25,000 of principal of the Debenture was converted into 2,236,135 shares of the Company’s common stock at $0.01118 per share.

 

On April 23, 2015, the Company sold 925,926 shares of its common stock to one investor at $0.027 per share or $25,000.

 

On May 26, 2015, the Company sold 11,363,630 shares of its common stock to one investor at $0.022 per share or $250,000.

 

On June 29, 2015, $25,000 of principal of the Debenture was converted into 2,727,768 shares of the Company’s common stock at $0.009165 per share.

 

On July 15, 2015, the Company sold 966,183 shares of its common stock to one investor at $0.0207 per share or $20,000.

 

On August 28, 2015, the Company sold 454,545 shares of its common stock to one investor at $0.022 per share or $10,000.

 

On October 30, 2015, Montalvo Spirits, Inc. (the “Registrant”) effectuated a Securities Purchase Agreement (the “Agreement”) with an accredited investor (the “Investor”) for the purchase and sale of up to $540,000 of the Registrant’s original issue discount convertible debentures (collectively, the “Debentures”).  The Debentures do not bear interest and are convertible into shares of the Registrant’s common stock, par value $0.001 per share (the “Common Stock”) at a conversion price equal to sixty percent (60%) of the lowest closing bid price (as reported by Bloomberg LP) of the Common Stock for the twenty (20) trading days immediately preceding the date of conversion.  In addition, the Registrant paid the Investor a fee consisting of $2,900 and 400,000 shares of restricted Common Stock (the “Commitment Shares”) in connection with the Investor’s due diligence review of the Registrant and reimbursed the Investor for $5,000 in legal fees incurred by the Investor.  The shares were valued at $0.03 per share, the closing price of the Company’s common stock on the date of issuance.