0001493152-15-005154.txt : 20151105 0001493152-15-005154.hdr.sgml : 20151105 20151105093243 ACCESSION NUMBER: 0001493152-15-005154 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151105 DATE AS OF CHANGE: 20151105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL EQUITY INTERNATIONAL INC CENTRAL INDEX KEY: 0001533106 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 273986073 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54557 FILM NUMBER: 151199090 BUSINESS ADDRESS: STREET 1: OFFICE 3305, JUMEIRAH BAY TOWER X3 STREET 2: PO BOX 454332, JUMEIRAH LAKE TOWERS CITY: DUBAI STATE: C0 ZIP: 340100 BUSINESS PHONE: (971) 42 76 7576 MAIL ADDRESS: STREET 1: OFFICE 3305, JUMEIRAH BAY TOWER X3 STREET 2: PO BOX 454332, JUMEIRAH LAKE TOWERS CITY: DUBAI STATE: C0 ZIP: 340100 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2015

 

or

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE TRANSITION FROM __________ TO __________.

 

Commission File Number: 0-54557

 

 

 

GLOBAL EQUITY INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   27-3986073
(State or other Jurisdiction
of Incorporation or Organization)		   (I.R.S. Employer
Identification No.)
     

X3 Jumeirah Bay, Office 3305,

Jumeirah Lake Towers, Dubai, UAE

    
(Address of principal executive offices)   (Zip code)

 

Registrant’s telephone number: +971 (0) 42767576

 

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 Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec.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. 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]

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS

 

Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes [  ] No [  ]

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: As of November 4, 2015, there were 772,523,183 outstanding shares of the Registrant’s Common Stock, $.001 par value.

 

 

 

 
 

 

INDEX

 

    Page
     
PART I – FINANCIAL INFORMATION    3
     
Item 1. Financial Statements.    3
     
Notes to Financial Statements (Unaudited)    F-4
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations    4
     
Item 3. Quantitative and Qualitative Disclosures about Market Risk    12
     
Item 4. Controls and Procedures    12
     
PART II – OTHER INFORMATION    13
     
Item 1. Legal Proceedings.    13
     
Item 1A. Risk Factors    13
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds    13
     
Item 3. Defaults Upon Senior Securities    13
     
Item 4. Mine Safety Disclosure    13
     
Item 5. Other Information.    13
     
Item 6. Exhibits    13
     
SIGNATURES    14

 

2
 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

Global Equity International, Inc. and Subsidiary

Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

CONTENTS

 

  Page(s)
   
Consolidated Balance Sheets – September 30, 2015 (unaudited) and December 31, 2014 F-1
   
Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and September 30, 2014 (unaudited) F-2
   
Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and September 30, 2014 (unaudited) F-3
   
Notes to the Consolidated Financial Statements (unaudited) F-4

 

3
 

 

Global Equity International, Inc. and Subsidiaries

Consolidated Balance Sheets

 

   September 30, 2015    December 31, 2014  
   (Unaudited)     
Assets          
           
Current Assets          
Cash  $1,447   $19,026 
Accounts receivable   -    2,520 
Prepaids   15,107    6,248 
Other current assets   7,982    9,481 
Loans receivable   6,000    10,825 
Total current assets   30,536    48,100 
           
Investments, cost   1,543,950    3,000 
           
Fixed assets, net   22,916    30,224 
           
Total assets  $1,597,402   $81,324 
           
Liabilities, Redeemable Preferred Stock and Stockholders’ Deficit          
           
Current Liabilities          
Accounts payable and accrued liabilities  $162,282   $114,191 
Accounts payable and accrued liabilities - related parties   107,912    360,984 
Deferred revenue   500,000    462,015 
Loans payable - related parties   5,500    58,595 
Accrued interest   324,569    657,918 
Loans payable - net of unamortized issue costs and discount of $29,167 and $0, respectively   545,851    440,018 
Convertible notes payable - net of unamortized discount of $0 and $87,064, respectively   -    79,936 
Embedded conversion option derivative liabilities   -    301,937 
Total current liabilities    1,646,114    2,475,594 
           
Long term liabilities           
Convertible loan payable - related party - net of unamortized discount of $0 and $268,189, respectively   -    33,800 
Embedded conversion option derivative liabilities - related party notes   -    393,510 
Total liabilities   $1,646,114   $2,902,904 
           
Redeemable Series A, Convertible Preferred Stock: 5,000,000 shares authorized; 0 and 1,983,332 issued and outstanding, respectively.   -    1,020,000 
           
Commitments and contingencies (Note 8)          
           
Stockholders’ Deficit          
           
Common stock: 1,000,000,000 shares authorized; $0.001 par value 771,523,183 and 36,271,148 shares issued and outstanding, respectively.  $771,523   $36,271 
Additional paid in capital   6,804,705    3,472,904 
Stock payable   -    82,850 
Accumulated deficit   (7,624,940)   (7,434,650)
Other comprehensive gain   -    1,045 
Total stockholders’ deficit   (48,712)   (3,841,580)
           
Total liabilities, redeemable preferred stock & stockholders’ deficit  $1,597,402   $81,324 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-1
 

 

Global Equity International, Inc. and Subsidiaries

Consolidated Statement of Operations

For the three and nine months ended September 30, 2015 and September 30, 2014 (Unaudited)

 

   For the three months ended,   For the nine months ended, 
   September 30, 2015   September 30, 2014   September 30, 2015   September 30, 2014 
                 
Revenue - Clients  $1,032,465   $184,000   $2,187,965   $345,000 
Revenue - Related party clients   98,000    -    98,000    - 
Total revenue   1,130,465    184,000    2,285,965    345,000 
                     
General and administrative expenses   61,963    130,263    198,405    237,162 
Salaries   278,123    251,657    770,719    639,374 
Professional services   101,656    111,215    307,114    211,648 
Depreciation   2,835    653    8,416    1,630 
Total operating expenses   444,577    493,788    1,284,654    1,089,814 
                     
Net income / (loss) from operations  $685,888   $(309,788)  $1,001,311   $(744,814)
                     
Other income (expense):                    
Interest expense   (114,930)   (124,524)   (319,606)   (466,866)
Finance Charges   (12,396)   -    (124,175)   - 
Amortization of debt discount   (139,367)   (76,604)   (355,253)   (141,989)
Loss on derivative liability   (139,237)   61,003    (459,095)   (165,020)
Loss on conversion of notes   (793,809)   -    (732,022)   - 
Gain on settlement of debt   660,578    -    660,578    16,560 
Gain on debt extinguishment   94,043    -    146,358    - 
Bad debt expense   (7,345)   -    (7,345)   - 
Exchange rate loss   (700)   (323)   (1,040)   (476)
Total other income (expense)  $(453,163)  $(140,448)  $(1,191,600)  $(757,791)
                     
Net income (loss)  $232,725   $(450,236)  $(190,289)  $(1,502,605)
                     
Weighted average number of common shares outstanding - basic & dilutive   551,531,231    32,474,668    238,222,071    31,526,843 
                     
Net income (loss) per common share - basic & dilutive  $0.0004   $(0.01)  $(0.001)  $(0.05)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-2
 

 

Global Equity International Inc. And Subsidiaries

Consolidated Statement of Cash Flows

For the nine months period ended September 30, 2015 and September 30, 2014 (Unaudited)

 

   For the nine months ended, 
   September 30, 2015   September 30, 2014 
         
Cash flows from operating activities           
Net loss  $(190,289)  $(1,502,605)
           
Adjustments to reconcile net loss to net cash provided by (used in) operating activities          
Depreciation   8,416    1,630 
Common stock issued for services rendered   42,202    186,275 
Common stock issued for interest   -    65,785 
Securities received as payment for services   (1,540,950)   - 
Loss on conversion of notes   732,022    - 
Loss on derivate liability - Notes payable   459,095    165,020 
Gain on settlement of debt   (660,578)   (16,560)
Gain on debt extinguishment   (146,358)   - 
Amortization of debt discount   355,253    141,989 
Bad debts   7,345    - 
Finance Charges   124,175    - 
           
Changes in operating assets and liabilities:           
Prepaids   (8,859)   12,502 
Accrued interest   319,683    401,081 
Accounts payable and accrued liabilities   193,987    49,598 
Accounts payable - related parties   145,005    117,182 
Deferred revenue   37,985    213,000 
Other current assets   1,500    - 
           
Net cash used in operating activities:   $(120,366)  $(165,103)
           
Cash Flows used in investing activities:           
Office furniture and equiment, net   (1,108)   (24,712)
           
Net cash used in investing activities   $(1,108)  $(24,712)
           
Cash flows from financing activities:           
Proceeds from loans - related parties   48,422    700 
Proceeds from notes payable   100,000    208,000 
Repayment of notes payable   (43,482)   (50,500)
           
Net cash provided by financing activities   $104,940   $158,200 
           
Net decrease in cash   $(16,534)  $(31,615)
           
Effect of Exchange Rates on Cash   (1,045)   (89)
           
Cash at Beginning of Period   $19,026   $48,856 
           
Cash at End of Period   $1,447   $17,152 
           
Supplemental disclosure of cash flow information:           
Cash paid for interest  $10,981   $- 
           
Cash paid for income taxes  $-   $- 
           
Supplemental disclosure of non-cash investing and financing activities:          
           
Notes payable and interest converted into shares  $637,820   $121,819 
Debt discount and issuance costs recorded on notes payable  $35,000   $208,000 
Accounts payable and accrued salaries settled in shares  $574,359   $186,275 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

F-3
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

Note 1 - Basis of Presentation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and disclosures necessary for a comprehensive presentation of consolidated financial position, results of operations, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair consolidated financial statements presentation.

 

The unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended December 31, 2014. The interim results for the period ended September 30, 2015 are not necessarily indicative of results for the full fiscal year.

 

Note 2 - Nature of Operations

 

Global Equity Partners, Plc. (“GEP”), a private company, was organized under the laws of the Republic of Seychelles on September 2, 2009. Global Equity International Inc. (the “Company” or “GEI”), a reporting company since June 21, 2012, was organized under the laws of the state of Nevada on October 1, 2010.On November 15, 2010, GEP executed a reverse recapitalization with GEI. On August 22, 2014, we formed a Dubai subsidiary of Global Equity Partners Plc. called GE Professionals DMCC. Global Equity Partners Plc. is the parent company of its 100% subsidiary GE Professionals DMCC (Dubai).

 

Revenue is generated from business consulting services, introduction fees, and equity participation.

 

Note 3 - Going Concern

 

As reflected in the accompanying consolidated financial statements, the Company had a net loss of $190,289 and net cash used in operations of $120,366 for the nine months ended September 30, 2015; and a working capital deficit of $1,615,578 and stockholders’ deficit of $48,712 as of September 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

The ability of the Company to continue its operations is dependent on Management’s plans, which include the raising of capital through non-convertible debt and/or equity markets, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur liabilities with certain related parties to sustain the Company’s existence.

 

The Company expects to expend funds to implement a marketing program to increase awareness of its business model, which includes, but is not limited to, acquisition of private companies, with the intention of taking those companies public on recognized stock exchanges around the globe and possibly dual listing some of its clients on foreign stock exchanges. In the event that operating cash flows are slowed or nonexistent, the Company plans to reduce its overhead wherever possible.

 

Depending upon market conditions, the Company may not be successful in raising sufficient additional capital to achieve its business objectives. In such event, the business, prospects, financial condition, and results of operations could be materially adversely affected; hence there is substantial doubt about the Company’s ability to continue as a going concern.

 

F-4
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

 

Note 4 - Summary of Significant Accounting Policies

 

Principles of Consolidation

 

Global Equity International Inc. is the parent company of its 100% subsidiary Global Equity Partners Plc and Global Equity Partners Plc. is the parent company of its 100% subsidiary, GE Professionals DMCC (Dubai). All significant inter-company accounts and transactions have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non confirming events. Accordingly, the actual results could differ from those estimates. Significant estimates in the accompanying financial statements include allowance for doubtful accounts and loans, estimates of fair value of securities received for services, estimates of fair value of securities held, depreciation of fixed assets, derivative valuations and valuations for non-cash equity grants.

 

Risks and Uncertainties

 

The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. The risk of social and governmental factors is also a concern since the Company is headquartered in Dubai.

 

Cash

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At September 30, 2015 and at December 31, 2014, respectively; the Company had no cash equivalents.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

The Company recognizes accounts receivable in connection with the services provided. The Company recognizes an allowance for doubtful accounts based on an analysis of current receivables aging and expected future write-offs, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible.

 

F-5
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

Foreign currency policy

 

The Company’s accounting policies related to the consolidation and accounting for foreign operations are as follows: The accompanying consolidated financial statements are presented in U.S. dollars. The functional currency of the Company’s Dubai subsidiary is the Arab Emirates Dirham (AED).All foreign currency balances and transactions are translated into United States dollars “$” and/or “USD” as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of our stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).“Since the AED is tagged to the U.S. dollar, translation gains and losses are always de minimis, therefore a statement of comprehensive income (loss) is not presented. Gains and losses resulting from foreign currency transactions are included in the statement of operations.

 

For the three and nine months ended September 30, 2015 and for the year ended December 31, 2014, our functional and operational currency was the U.S. Dollar.

 

Investments

 

(A) Classification of Securities

 

Marketable Securities

 

At the time of the acquisition, a marketable security is designated as held-to-maturity, available-for-sale or trading, which depends on the ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-maturity are reported at amortized cost.

 

Any unrealized gains and losses are reported as a component of other comprehensive income (loss). Realized gains (losses) are computed on a specific identification basis and are reflected in the statement of operations.

 

Cost Method Investments

 

Securities that are not classified as marketable securities are accounted for under the cost method. These securities are recorded at their original cost basis and are subject to impairment testing.

 

At June 30, 2013, the Company had investments in securities of two different companies, having a cost of $163,000 that was treated as a cost method investment. The value of the cost method investment pertains to the receipt of 9.2% of the common stock in a private company in which the best evidence of value was the services rendered and a further 9.86% of the common stock in another private company in which the best evidence of value was the services rendered.

 

At June 30, 2013, there were identifiable events or changes in circumstances that had a significant adverse effect on the value of one of the investments; hence, the Company impaired $160,000 of the investments.

 

F-6
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

At June 30, 2013, the Company received 2,000,000 shares from a private company and client having a cost of $2,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 8.55% of the common stock in a private company in which the best evidence of value was the services rendered.

 

At December 31, 2014, there were identifiable events or changes in circumstances that had a significant adverse effect on the value of one of the investments; hence, the Company impaired $2,000 of the investments.

 

On April 28, 2015, the Company received 3,460,000 common shares from a private company and client having a fair market value of $865,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 9.09% of the common stock in a private company in which the best evidence of value was the last available price at which shares were sold in a private placement. On April 28, 2015, the Company received 500,000 preferred shares from the same private company and client having a fair market value of $500 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 10% of the preferred stock in this private company in which the best evidence of value was the services rendered.

 

On September 24, 2015, the Company received 4,500,000 common shares from a private company and client having a fair market value of $675,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 5% of the common stock in a private company in which the best evidence of value was based on the net asset value of the private company. On September 24, 2015, the Company also received 450,000 preferred shares from the same private company and client having a fair market value of $450 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of the preferred stock (10% of 4,500,000 common shares received) in this private company in which the best evidence of value was the services rendered.

 

(B) Other than Temporary Impairment

 

The Company reviews its equity investment portfolio for any unrealized losses that would be deemed other than temporary and require the recognition of an impairment loss in income. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company’s intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. The Company did not record any permanent impairment during the nine months ended September 30, 2015 and 2014.

 

Fixed Assets

 

Fixed assets are to be stated at cost of acquisition less accumulated depreciation. Depreciation is provided based on estimated useful lives of the assets. Cost of improvements that substantially extend the useful lives of assets can be capitalized. Repairs and maintenance expenses are to be charged to expense when incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements.

 

    09/30/2015   12/31/2014  Useful Life
Furniture and Equipment  $37,203   $36,095   3 to 5 years
Accumulated depreciation  $(14,287)  $(5,871)   
Net fixed assets  $22,916   $30,224    

 

Depreciation expense for the nine months ended September 30, 2015 and September 30, 2014, was $8,416and $1,630, respectively.

 

F-7
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

Beneficial Conversion Feature

 

For conventional convertible debt where the rate of conversion is below market value, the Company records any “beneficial conversion feature” (“BCF”) intrinsic value as additional paid in capital and related debt discount.

 

When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument. The discount is amortized to interest expense over the life of the debt.

 

Debt issue costs and debt discount

 

The Company may pay debt issue costs, and record financing costs and debt discounts in connection with raising funds through the issuance of debt whether convertible or not. These costs are amortized over the life of the debt to interest expense. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.

 

Original issue discount

 

For certain debt issued whether convertible or not, the Company provides the debt holder with an original issue discount. The original issue discount is recorded to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.

 

Valuation of Derivative Instruments

 

ASC 815 “Derivatives and Hedging” requires that embedded derivative instruments be bifurcated and assessed, along with free-standing derivative instruments such as warrants, on their issuance date and measured at their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option pricing formula. At September 30, 2015, the Company had no derivative liability balance.

 

Revenue Recognition

 

We recognize revenue from the services we provide in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally when all of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been performed; (3) the seller’s price to the buyer is fixed or determinable; and (4) collectability is reasonably assured. Generally, the contract terms for these services are relatively short in duration.

 

We receive consideration in the form of cash and/or securities.

 

We recognize cash consideration as revenues as the services are performed either on a pro rata basis or on a stage of completion basis.

 

F-8
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

Securities received as consideration are typically earned at a point in time when the specified event occurs and the securities are issued to us. Therefore, we measure and recognize these securities received at fair value on the date of receipt.

 

All revenues are generated from clients whose operations are based outside of the United States.

 

At September 30, 2015 and December 31, 2014, the Company had the following concentrations of accounts receivables with customers:

 

Customer   September 30, 2015   December 31, 2014 
           
ACI   0%   100%

 

For the nine months ended September 30, 2015 and 2014, the Company had the following concentrations of revenues with customers:

 

Customer  September 30, 2015   September 30, 2014 
         
STV   0%   7.25%
PCI   0%   8.70%
YMD   0%   7.25%
IOA   0%   7.25%
DSI   0%   24.35%
SAC   2.62%   16.23%
MHB   1.31%   28.99%
TAM   2.62%   0%
EER   1.31%   0%
MGP   2.62%   0%
UNI   8.84%   0%
DUO   43.11%   0%
PDI   33.27%   0%
ALP   4.29%   0%
    100%   100%

 

During the nine months ended September 30, 2015, the Company received $1,540,950 in equity securities in two private companies in exchange for services performed. The valuation of one company was based on 3,460,000 common shares valued at $0.25 per share, based on a contemporaneous private placement of the customer’s shares and 500,000 preferred shares of the same company valued at $0.001 per share. The valuation of other company was based on 4,500,000 common shares valued at $0.15 per share, based on net asset value of the company and 450,000 preferred shares of the same company valued at $0.001 per share.

 

F-9
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

The Company currently holds the following common equity securities in private and also reporting companies:

 

Company  No. of Shares   Status
M1 Lux AG   2,000,000   Private Company
Monkey Rock Group Inc.   1,500,000   Reporting Company – OTC
Voz Mobile Cloud Limited   3,200,000   Private Company
Arrow Cars International Inc.   3,000,000   Reporting Company – OTC
Direct Security Integration Inc.   400,000   Private Company
Duo World Inc.   3,460,000   Private Company
Primesite Developments Inc.   4,500,000   Private Company
    18,060,000    

 

The Company currently holds the following preferred equity securities:

 

Company  No. of Shares   Status
Duo World Inc.   500,000   Private Company
Primesite Developments Inc.   450,000   Private Company
    950,000    

 

Deferred Revenue

 

Deferred revenue represents fees that have been received by the Company for requested services that have not been completed. During the nine months ending on September 30, 2015, the Company further recognized $783,000 as deferred revenue, making total deferred revenue balance of $1,245,015.As at September 30, 2015, the Company recognized $745,015 of deferred revenue as revenue, leaving the deferred revenue balance of $500,000 (which includes $250,000 of deferred revenue received during the years ended 2013 and 2014.)

 

Share-based payments

 

The Company recognizes all forms of share-based payments to employees, including stock option grants, warrants and restricted stock grants at their fair value on the grant date, which is based on the estimated number of awards that are ultimately expected to vest.

 

Share based payments, excluding restricted stock, are valued using a Black-Scholes pricing model. Share based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable as of the measurement date. Amounts received prior to the measurement date are adjusted to fair value at each reporting period until a measurement date is achieved. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.

 

When computing fair value, the Company considered the following variables:

 

  ● The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the share based payment in effect at the time of the grant.
     
  ● The expected term is developed by management estimate.
     
  ● The Company has not paid any dividends on common stock since inception and does not anticipate paying dividends on its common stock in the near future.
     
  ● The expected volatility is based on management estimates which are based upon our historical volatility.
     
  ● The forfeiture rate is based on historical experience.

 

F-10
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

Earnings per Share

 

Basic earnings (loss) per share are computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period.

 

Fair Value of Financial Assets and Liabilities

 

The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability.

 

The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:

 

  ● Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
     
  ● Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
     
  ● Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

 

The carrying amounts reported in the balance sheet for prepaid expenses, accounts receivable, accounts payable, accounts payable to related parties and loans payable to related parties, approximate fair value are based on the short-term nature of these instruments.

 

The Company has assets and liabilities measured at fair market value on a recurring basis. Consequently, the Company had gains and losses reported in the statement of operations.

 

F-11
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

The following is the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis at September 30, 2015 and December 31, 2014, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

 

   September 30, 2015   December 31, 2014 
         
Level 1 – Cash  $1,447   $19,026 
Level 3 – Non-Marketable Securities   1,543,950    3,000 
Level 3 – Derivative liabilities   -    (695,447)

 

The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value:

 

Marketable Securities — The Level 2 position consists of the Company’s investment in equity securities of stock held in publically traded companies. The valuation of these securities is based on significant inputs that are observable or can be derived from or corroborated by observable market data. These valuations are typically based on quoted prices in active markets. The Company´s investments in equity securities are in relatively inactive markets.

 

Non-Marketable Securities at Fair Value on a Nonrecurring Basis — Certain assets are measured at fair value on a nonrecurring basis. The level 3 position consist of investments accounted for under the cost method. The Level 3 position consists of investments in equity securities held in private companies.

 

Management believes that an “other-than-temporary impairment” would be justified, as according to ASC 320-10 an investment is considered impaired when the fair value of an investment is less than its amortized cost basis. The impairment is considered either temporary or other-than-temporary. The accounting literature does not define other-than-temporary. It does, however, state that other-than-temporary does not mean permanent; although, all permanent impairments are considered other-than-temporary. The literature does provide some examples of factors which may be indicative of an “other-than-temporary impairment”, such as:

 

  ● the length of time and extent to which market value has been less than cost;
     
  ● the financial condition and near-term prospects of the issuer; and
     
  ● the intent and ability of the holder to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value.

 

Management believes that the fair value of its investment has been correctly measured, as the length of time that the stock has been less than cost is nominal.

 

Changes in Level 3 assets measured at fair value for the nine months ended September 30, 2015 and the year ended December 31, 2014, were as follows:

 

Balance, December 31, 2014  $3,000 
Realized and unrealized gains (losses)   - 
Purchases, sales and settlements   1,540,950 
Impairment loss   - 
Balance, September 30, 2015  $1,543,950 

 

Derivative liabilities — These instruments result from certain of our notes which are convertible based on a discount to the market value of our common stock. These instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend rate and estimated life.

 

F-12
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (derivative liabilities) for the nine months ended September 30, 2015.

 

Balance, December 31, 2014  $695,447 
Initial derivatives recorded from 1/1/15 to 9/30/15   - 
Changes in fair value from 1/1/15 to 9/30/15   459,095 
Reduction of derivative from debt conversions or paybacks   (1,154,542)
Reclassifications to/from APIC for the change in status   - 
Balance, September 30, 2015  $- 

 

Loans Receivable

 

On March 22, 2013, the Company granted a loan to a third party, Dreamscapes Properties International Inc. The principal amount loaned was $6,000, the agreed interest rate was 5% per annum and the loan would have to be repaid no later than one year from the date that the loan was granted. This loan is currently in default. The Company has spoken to Dreamscapes Properties International Inc. about a payment plan over the next 3 months and has received a positive response.

 

In October 2014, the Company granted a loan to another third party. The principal amount loaned was $4,825.It was agreed that no interest would be paid and that the loan would have to be repaid no later than one year from the date that the loan was granted. During the nine months ended September 30, 2015, the company wrote off $4,825 as it was deemed uncollectible.

 

Recent Accounting Pronouncements

 

There are no new accounting pronouncements that have any impact on the Company’s financial statements other than discussed below:

 

In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03,“Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. Under this guidance such costs would be presented as a direct deduction from the related debt liability rather than as an asset. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its Consolidated Balance Sheet.

 

F-13
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

Note 5 – Debt & Accounts Payables

 

(A) Accounts payable and accrued liabilities

 

The following table represents breakdown of accounts payable as of September 30, 2015 and December 31, 2014, respectively:

 

    9/30/2015   12/31/2014
Accrued salaries and benefits  $40,045   $13,658 
Other payables & accrued liabilities   122,237    100,533 
   $162,282   $114,191 

 

On September 9, 2015, one of the employees of the Company decided to convert his accrued salary and bonus balance to the common shares of the Company at $0.01 per share. As a result of this conversion, the Company issued 5,500,000 common shares having a fair value of $0.014 per share or $77,000 to the employee for his accrued salary and bonus of $55,000. The $22,000 loss has been recorded on the income statement as a loss on conversion of notes.

 

On September 10, 2015, another employee of the Company decided to convert his accrued salary and bonus balance to the common shares of the Company at $0.00735 per share. As a result of this conversion, the Company issued 10,749,000 common shares having a fair value of $0.0127 per share or $136,512 to the employee for his accrued salary and bonus of $79,000. The $57,512 loss has been recorded on the income statement as a loss on conversion of notes.

 

(B) Accounts payable and accrued liabilities – related parties

 

The following table represents the accounts payable to related parties as of September 30, 2015 and December 31, 2014, respectively:

 

    9/30/2015   12/31/2014
Salaries  $91,180   $353,913 
Expenses   16,732    7,071 
   $107,912   $360,984 

 

On August 27, 2015, all of the officers and directors of the Company decided to convert their accrued salaries balance amounting to $398,156 to the common shares of the Company at $0.0025 per share which is 50% of the average 20 days closing price prior to the conversion. As a result of this conversion, the Company issued 69,076,922 common shares at $0.0025 per share having a fair value of $0.0064 per share or $442,092 to Mr. Enzo Taddei for his accrued salary balance of $173,901, issued 42,127,492 common shares at $0.0025 per share having a fair value of $0.0064 per share or $269,616 to Mr. Peter Smith for his accrued salary balance of $106,056, and issued 46,951,071 common shares at $0.0025 per share having a fair value of $0.0064 per share or $300,487 to Mr. Patrick Dolan for his accrued salary balance of $118,199. The total aggregate loss amounted to $614,039 and is stated on the income statement under loss on conversion of notes.

 

F-14
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

(C) Related party – short term loans payable

 

The Company received loans from two of its officers and directors. The loans are non-interest bearing, unsecured and due on demand. The following table represents the loans payable activity as of September 30, 2015:

 

Loans payable – related party – December 31, 2014  $58,595 
Proceeds from loans   48,422 
Repayments   - 
Converted to common stock   (101,517)
Loans payable – related party – September 30, 2015  $5,500 

 

On August 27, 2015, both of the officers and directors of the Company decided to convert their short term loans payable balance amounting to $101,517 to the common shares of the Company at $0.0025 per share which is 50% of the average 20 days closing price prior to the conversion. As a result of this conversion, the Company issued 11,776,756 common shares at $0.0025 per share having a fair value of $0.0064 per share or $75,371 to Mr. Enzo Taddei for his loan payable balance of $29,648 and issued 28,547,822 common shares at $0.0025 per share having a fair value of $0.0064 per share or $182,706 to Mr. Peter Smith for his loan payable balance of $71,869. The total aggregate loss amounted to $156,560 and is stated on the income statement under loss on conversion of notes.

 

(D) Related party – short term convertible notes

 

The Company had accrued salary to the officers and directors of the Company based on the terms of the employment agreements entered into with each officer. As at December 31, 2012, $209,475 was due to the Chief Executive Officer and $115,000 was due to the Chief Financial Officer. During the quarter ended March 31, 2013, the Company converted these amounts to Convertible Loans Payable. These amounts had a term of two years from March 31, 2013 and were payable on demand having accrued interest at 10% on the loan period. The agreements also gave an option to the officers of the Company to convert all or part of the debt that the Company maintains with them into restricted shares at $1.20 per share.

 

On November 15, 2014, the board of directors agreed to modify the conversion terms of the loan and extend the term until December 31, 2015. The new conversion terms are as follows: 50% of the average 10 day closing price prior to the conversion. This modification caused the initial notes to be deemed extinguished. The company has accounted for the corresponding debt discount, derivate liability and gain on extinguishment attached to these notes.

 

During the nine months ended September 30, 2015, the Company converted the full amount of convertible loans outstanding to its officers and directors into its common stock which makes the outstanding convertible loan payable of $0 as at September 30, 2015.

 

F-15
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

During the nine months ended September 30, 2015, total interest of $17,297 was accrued and a total of $268,190 debt discount was amortized leaving an unamortized balance of $0. The fair value of derivative liability as on September 30, 2015 is $0, as the debt was fully converted into shares, thereby recognizing a net loss on derivative liability for the nine months ending on September 30, 2015 of $206,765.

 

(E) Notes payable

 

  ● On October 9, 2013, the Company secured a two month loan for GBP 75,000 (equivalent to $120,420) with the understanding that the Company will issue 10,000 common restricted shares, issued to the lender on December 7, 2013, and also repay 35,000 GBP (equivalent to $56,196) in lieu of interest. As the principal and interest was not paid back to the lender on time, the Company compensated the lender with an additional 20,000 common restricted shares and for this the lender agreed to a five month extension. This stock compensation was issued to the lender also on December 12, 2013. This loan is currently in default. Total accrued interest as at September 30, 2015 is $106,196.

 

Loan granted in 2013  $120,420 
Interest accrued in 2013   56,196 
Balance at December 31, 2013  $176,616 
      
Interest accrued in 2014   50,000 
Balance at December 31, 2014  $226,616 
      
Interest accrued in 2015   - 
Balance at September 30, 2015  $226,616 

 

  ● On October 17, 2013, the Company secured a three month bridge loan for 200,000 GBP (equivalent to $319,598) with the agreement to repay the principle plus 5% per month interest on or before January 18, 2014.The note holder received, as a form of guarantee, 1,600,000 shares of Direct Security Integration Inc. and the note holder is currently trying to sell these shares. The shares used as a form of guarantee formed part of the assets of our Company.
     
  ● On September 18, 2015, the Company and the note holder agreed to amend the previous terms of the agreement and both parties agreed on the new terms whereby the company is now liable to pay $500,000 as full and final payment of the October 17, 2013 loan principal, accrued interest and all other related penalties. This repayment will not accrue any further interest or penalties. As a result, the Company has reversed the excess accrued interest and monitoring fee payable amounting to $660,578 recognized as a gain on settlement; leaving the principal loan balance of $319,598 and accrued interest balance $180,402 of as on September 30, 2015.

 

Loan granted in 2013  $319,598 
Interest accrued in 2013   39,602 
Balance at December 31, 2013  $359,200 
      
Interest accrued in 2014   390,197 
Balance at December 31, 2014  $749,397 
      
Monitoring fee accrual   124,175 
Interest accrued in 2015   287,006 
Excess interest and monitoring fee gain   (660,578)
Balance at September 30, 2015  $500,000 

 

F-16
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

  ● On August 27, 2015, the Company secured a six month non-convertible loan for$135,000 carrying an original issue discount of $30,000. In addition, the company agreed to pay $5,000 to the note holder to cover their legal costs. The interest will not be accrued on the outstanding principal balance unless an event of default occurs. During the nine months ended September 30, 2015, $833 of the debt issuance costs and $5,000 of the debt discount balance was amortized to interest expense, leaving an unamortized issue cost and discount balance of $29,167.

 

Principal loan amount  $135,000 
Original issue discount   (30,000)
Issuance costs   (5,000)
Amortization of OID and issuance costs in 2015   5,833 
      
Balance at September 30, 2015  $105,833 
(Net of unamortized discount and issue costs of $29,167)     

 

A summary of all non-convertible notes, net of debt discount, including the accrued interest as depicted in Note 5 e) at September 30, 2015.

 

    Principal           
Notes   (net of debt discount)    Interest    Total payable 
October 9, 2013  $120,420   $106,196   $226,616 
October 17, 2013   319,598    180,402    500,000 
November 26, 2013   -    37,971    37,971 
August 27, 2015   105,833    -    105,833 
                
   $545,851   $324,569   $870,420 

 

(F) Convertible notes and derivative liability

 

We have evaluated the terms and conditions of the notes. Because the economic characteristics and risks of the equity linked conversion options are not clearly and closely related to a debt-type host, the conversion features require classification and measurement as derivative financial instruments. The accounting treatment of derivative financial instruments requires that the Company record the initial fair value of the derivative first by allocating the fair value of the embedded derivative as a reduction to the face value of the debt recorded as a contra liability or debt discount to be accreted over the term of the note. On each reporting date, the fair value of the embedded derivative is calculated with changes in value recorded to other income (expense).

 

●LG Capital LLC:

 

On May 1, 2014,the Company issued a $100,000 convertible promissory note (the “LG Note”) to LG Capital Funding, LLC, a New York limited liability company (the “Lender”). The LG Note provided up to an aggregate of $100,000 in gross proceeds. The LG Note matured on May 1, 2015, having accrued interest of 8% and was convertible into shares of common stock any time 180 days after May 1, 2014, at a conversion price equal to 60% of lowest daily VWAP of the Common Stock as reported on the National Quotations Bureau OTCQB which the Company’s shares were traded or any exchange upon which the Common Stock might be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion was received by the Company. Accrued interest was paid back in shares of common stock at the discretion of the Lender pursuant to the conversion terms above. The first LG Note may be prepaid within 180 days with penalty. The note may not be prepaid after the 180th day.

 

F-17
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

The principal amount of $50,000 under the second note was to be received by the Company no later than January 1, 2015. All principal under this Note was due and payable no later than July 1, 2015. This Full Recourse Note would have accrued simple interest at the rate of 8%. On December 19, 2014 the note holder decided not to lend any further amounts against the second note, so this amount was not received by the company. As such, the second note and corresponding subscription receivable was cancelled during the year ended December 31, 2014.

 

The fair value of the derivative liability as at September 30, 2015, was nil as this loan was fully converted into shares during the nine months ending on September 30, 2015.

 

During the nine months ended September 30, 2015, the Company fully repaid $50,000 in principal and $4,024 of accrued interest by the issuance of 65,283,160 shares of common stock priced between $0.0011 and $0.0067per share. As a result, $6,757 was recognized as net gain on conversion into stock.

 

During the nine months ending on September 30, 2015, total interest of $1,424 was accrued and a total of $16,575 debt discount was amortized leaving an unamortized balance of $0.The company recognized a net gain on derivative liability during the nine months ending on September 30, 2015, of $61,641.As of September 30, 2015, this convertible debt has been fully extinguished.

 

  ● Adar Bay LLC:

 

On May 1, 2014, the Company entered into a Securities Purchase Agreement with Adar Bay, LLC (“Adar Bay”) providing for the purchase of a Convertible Redeemable Note (the “AB Note”) in the aggregate principal amount of $100,000. The AB Note provided up to an aggregate principal amount of $100,000 (with the first note being in the amount of $50,000 and the second note being in the amount of $50,000 (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note. The first of the two notes (the “First Note”) shall be paid for by the Buyer as set forth herein. The second note (the “Second Note”) shall initially be paid for by the issuance of an offsetting $50,000secured note issued to the Company by the Buyer (“Buyer Note”), provided that prior to conversion of the Second Note, the Buyer must have paid off the Buyer Note in cash such that the Second Note may not be converted until it has been paid for in cash.

 

The first note matures on May 1, 2015, accrues interest of 8% and is convertible into shares of common stock any time 180 days after May 1, 2014, at a conversion price equal to 60% of lowest daily VWAP of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Accrued interest shall be paid in shares of common stock at any time at the discretion of the Lender pursuant to the conversion terms above. The First Note may be prepaid within 180 days with penalty. The First Note may not be prepaid after the 180th day.

 

F-18
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

The principal amount of $50,000 under the second note was to be received by the Company no later than January 1, 2015. All principal under this Note would be due and payable no later than July 1, 2015. This Full Recourse Note would have accrued simple interest at the rate of 8%. This amount was not received and as on December 24, 2014 the note holder decided not to lend any further amounts. As such the second note and corresponding subscription receivable was cancelled during the year ended December 31, 2014.

 

The fair value of the derivative liability as at September 30, 2015, was nil as this loan was fully converted into shares at the quarter ending on March 31, 2015.

 

During the nine months ended September 30, 2015, the Company fully repaid $37,000 in principal and $3,171 of accrued interest by the issuance of 24,570,088 shares of common stock priced between $0.0024 and $0.0057 per share. As a result, $14,641was recognized as net gain on conversion into stock.

 

During the nine months ending on September 30, 2015, total interest of $652 was accrued and a total of $14,421 debt discount was amortized leaving an unamortized balance of $0. The company recognized a net loss on derivative liability during the nine months ending on September 30, 2015 of $(157). As of September 30, 2015, this convertible debt has been fully extinguished.

 

●JMJ Financial

 

On June 12, 2014, the Company issued a $250,000 convertible promissory note (the “JMJ Note”) to JMJ Financial, a Nevada sole proprietorship (the “Lender”). The JMJ Note provides up to an aggregate of $250,000 in gross proceeds. The JMJ Note matures on June 12, 2016, accrues interest of 12% and is convertible into shares of common stock any time after the agreement was signed. The Conversion Price is the lesser of $.30 or 60% of the lowest trade price in the 25 trading days previous to the conversion. The Note also contemplated a further 10% discount to market if the shares were not deliverable by Deposits/Withdrawals at Custodian (DWAC). Accrued interest shall be paid in shares of common stock at any time at the discretion of the Lender pursuant to the conversion terms above. The Company opted to receive only $55,000 of the possible $250,000.

 

The fair value of the derivative liability as at September 30, 2015, was nil as this loan was fully converted into shares during the nine months ending on September 30, 2015.

 

During the nine months ended September 30, 2015, the Company fully repaid $47,500 in principal and $18,372 of accrued original issue discount by the issuance of 103,313,129 shares of common stock priced between $0.0010 and $0.0065 per share. As a result, $57,039 was recognized as net gain on conversion into stock.

 

During the nine months ended September 30, 2015, a total debt discount of $34,805 was amortized leaving an unamortized balance of $0. The company recognized a net gain on derivative liability during the nine months ending on September 30, 2015 of $190,844.As of September 30, 2015, this convertible debt has been fully extinguished.

 

●KMB Worldwide Inc.

 

The Company entered into Securities Purchase Agreement (the “Agreement”), dated as of September 25, 2014, with KMB Worldwide Inc. On October 2, 2014, the Company received $32,500 from a secured nine month convertible loan signed on September 29, 2014. The loan carried an 8% interest rate and was due on June 29, 2015. The terms of the conversion included a 42% discount to market based on an average price calculated on the 10 trading days prior to the conversion date. If the Company opted to pay the loan back on or before 180 days, hence not converting the debt into equity, borrower should make payment to the holder of an amount in cash equal to 130% of total amount due inclusive of principal and interest accrued. On March 24, 2015, this note, the 8% per annum accrued interest and 130% premium was fully paid back to the note holder.

 

F-19
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

During the nine months ended September 30, 2015, total interest of $10,325 was accrued and a total of $21,259 debt discount was amortized leaving an unamortized balance of $0. The fair value of the derivative liability as on September 30, 2015, was $0 as this loan was fully paid back during the quarter ending on March 31, 2015 and the company recognized a gain of $51,613 on extinguishment of derivative liability balance.

 

●Peter J. Smith

 

During the quarter ended March 31, 2013, the Company converted $209,475 of unpaid salary to a Convertible Loan Payable. This amount will be advanced for a term of two years and is repayable on demand and will accrue interest at 10% on the loan period. The agreement also gave an option to the company´s CEO to convert all or part of the debt that the Company maintains with them into restricted shares at $1.20 per share.

 

On November 15, 2014, the board of directors agreed to modify the conversion terms of the loan and extend the term until December 31, 2015. The new conversion terms are now as follows: 50% of the average 10 day closing price prior to the conversion. This modification caused the initial note to be deemed extinguished. The Company has accounted for the corresponding debt discount, derivative liability and gain on extinguishment attached to the note.

 

During the nine months ending on September 30, 2015, the Company converted full amount of convertible loan outstanding to Mr. Peter Smith into its common stock which makes the outstanding convertible loan payable of $0 as at September 30, 2015.

 

During the nine months ending on September 30, 2015, total interest of $11,555 was accrued and a total of $173,138 debt discount was amortized leaving an unamortized balance of $0. The fair value of derivative liability as on September 30, 2015, is recorded at $0 as the debt was fully converted into shares, thereby recognizing a net gain on derivative liability during the nine months ending on September 30, 2015, of $128,481.

 

●Enzo Taddei

 

During the quarter ended March 31, 2013, the Company converted $115,000 of unpaid salary to a Convertible Loan Payable. This amount will be advanced for a term of two years and is repayable on demand and will accrue interest at 10% on the loan period. The agreement also gave an option to the company´s CFO to convert all or part of the debt that the Company maintains with them into restricted shares at $1.20 per share.

 

On November 15, 2014, the board of directors agreed to modify the conversion terms of the loan and extend the term until December 31, 2015. The new conversion terms are now as follows: 50% of the average 10 day closing price prior to the conversion. This modification caused the initial note to be deemed extinguished. The company has accounted for the corresponding debt discount, derivate liability and gain on extinguishment attached to the note.

 

During the nine months ending on September 30, 2015, the Company converted full amount of convertible loan outstanding to Mr. Enzo Taddei into its common stock which makes the outstanding convertible loan payable of $0 as at September 30, 2015.

 

During the nine months ending on September 30, 2015, a total interest of $5,742 was accrued and a total of $95,052 debt discount was amortized leaving an unamortized balance of $0. The fair value of derivative liability as on September 30, 2015 is recorded at $0 as the debt was fully converted into shares, thereby recognizing a net loss on derivative liability during the nine months ending on September 30, 2015 of $78,284.

 

F-20
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

Note 6 - Equity and Stockholders’ Equity (Deficit)

 

(A) Redeemable Preferred Stock

 

On November 30, 2011, the Company authorized and designated 5,000,000 Series “A” convertible preferred shares. On November 13, 2012, the Company’s board of directors approved an amendment to the Certificate of Designation; to amend the voting rights and conversion rights of the Company’s Series “A” preferred shares as follows:

 

  ● Voting Rights: 10 votes per share (votes along with common stock);
     
  ● Conversion Rights: Each share of Series “A” Preferred is convertible into ten (10) shares of common stock 1 day after the second anniversary of issuance;
     
  ● Dividend Rights: None;
     
  ● Liquidation Rights: None

 

Under Regulation S-X, Rule 5-02-28, preferred stock must be classified outside of stockholders’ equity when the stock is:

 

●Redeemable at a fixed or determinable price on a fixed or determinable date,
    
●Redeemable at the option of the holder, or
    
●Redeemable based on conditions outside the control of the issuer.

 

The Series “A”, convertible preferred stock was redeemable on December 1, 2014 and it was presented on the balance sheets as “Redeemable Preferred Stock” in a manner consistent with temporary equity as at December 31, 2014. There were no other features associated with this class of redeemable preferred stock, which require disclosure. As at December 31, 2014, there were 1,983,332 series “A” preferred shares issued and outstanding. The carrying amount and redemption amount was $1,020,000 as at December 31, 2014.

 

On May 19, 2015, the board of directors agreed to the non-redemption and returned the 1,983,332 series “A” preferred shares of the Company to Treasury. Since the preferred shares were vested upon issuance in prior years, the cancellation of these shares was considered a contribution back to the company at zero cost with no gain or loss recognized.

 

(B) Common Stock

 

During the nine months ended September 30, 2015, the Company issued 735,252,035 common shares valued at their fair value of $3,047,052 in exchange for conversion of promissory notes, accrued interest, accrued salaries and commission of $1,212,102 and related derivative liabilities of $1,102,928, thereby recognizing a net loss on conversion of $732,022.

 

Effective February 16, 2015, the Company amended its Articles of Incorporation (Article 3) to increase the number of shares of common stock which the Company has the authority to issue from 70,000,000 to 500,000,000.

 

Effective August 3, 2015, the Company again amended its Articles of Incorporation (Article 3) to increase the number of shares of common stock available to issue from 500,000,000 to 1,000,000,000.

 

F-21
 

 

Global Equity International, Inc. and Subsidiary

Notes to the Consolidated Financial Statements

September 30, 2015

(Unaudited)

 

(C) Notes Receivable Common

 

On May 1, 2014, the Company entered into two Securities Purchase Agreements, one with Adar Bay LLC and the other with LG Capital Inc., each providing for the purchase of a Convertible Redeemable Note. The aggregate principal amount of each note was $100,000. The first note from each of the funders (“Buyers”) being in the amount of $50,000 each and the second (the “Second Note”) shall initially be paid for by the issuance of an offsetting $50,000 secured note issued to the Company by the Buyer (“Buyer Note”), provided that prior to conversion of the Second Note, the Buyer must have paid off the Buyer Note in cash such that the Second Note may not be converted until it has been paid for in cash. The amount due under second note is classified as Contra Equity account and presented under the statement of stockholders’ deficit. On December 19, 2014 and December 24, 2014, respectively, the note holders unilaterally decided not to fund these second notes and hence the Second Note, along with the Buyers Note stands cancelled leaving $0 balance in notes payable and in the Contra Equity Account as at December 31, 2014.

 

Note 7 – Related Party Transactions.

 

On July 1, 2015, the Company entered into a consultancy agreement valued at $148,000 with a Nevada Corporation that is majority owned by Mr Peter Smith and Mr. Enzo Taddei. At September 30, 2015 we had received a total of $98,000 and this income was recognized as revenue.

 

Note 8 – Commitments and contingencies

 

On October 9, 2013, the Company secured a two month loan for GBP 75,000 (equivalent to $120,420) and issued 10,000 restricted shares of common stock to the lender. On December 7, 2013, the company agreed to pay an extra 35,000 GBP (equivalent to $56,196) in lieu of interest. As the principal and interest was not paid back to the lender on time, the Company compensated the lender with an additional 20,000 restricted shares of common stock in consideration for a for a five month extension on the loan. This stock compensation was issued to the lender also on December 12, 2013. The Company is currently in litigation, in the courts of Dubai, regarding the Able Foundation loan. The plaintiff, Able Foundation, is requesting a settlement of $300,000 which is the $226,616 currently owed plus an additional $73,384 of damages (see Note 5(e)). On, June 1, 2015, the Company (the defendant) retained the legal services of a Dubai based law firm called Alsafar & Partners. These legal proceeding are currently ongoing. The Company intends to vigorously defend the litigation. At this time, the Company cannot predict the outcome of the litigation.

 

On October 28, 2013, the Company entered into a lease agreement for its head office at Dubai for a period of two years amounting to a rental of $31,850 per annum. On October 7, 2015, the Company renewed its lease agreement for its head office at Dubai for a further period of two years amounting to a rental of $31,850 per annum for the first year (from November 2015 until October 2016) and $35,035 for the second year (from November 2016 until October 2017). This agreement is renewable for a further period of one year at 5% higher than the current rent.

 

Note 9 – Subsequent events

 

On October 7, 2015, the Company renewed its lease agreement for its head office at Dubai for a further period of two years amounting to a rental of $31,850 per annum for the first year and $35,035 for the second year. This agreement will expire on October 30, 2017 and will be renewable for a further period of one year at 5% higher than the current rent.

 

On October 7, 2015, the Company employed and appointed Mr. Charles Taylor as Chairman of the Board of Directors under a renewable employment agreement (initially) for a period of six months. On October 16, 2015, the Company issued 1,000,000 shares of restricted common stock valued at a fair value of $0.0419 per share based on the quoted trade price on the day of issuance or $41,900 to Mr. Charles Taylor upon conversion of agreed salary compensation of $40,000 into equity.

  

F-22
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Cautionary Forward - Looking Statement

 

The following discussion and analysis of the results of operations and financial condition of Global Equity International, Inc. should be read in conjunction with the unaudited financial statements, and the related notes. References to “we,” “our,” or “us” in this section refers to the Company and its subsidiaries. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions.. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions to identify forward-looking statements.

 

Certain matters discussed herein may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:

 

  ● the volatile and competitive nature of our industry,
     
  ● the uncertainties surrounding the rapidly evolving markets in which we compete,
     
  ● the uncertainties surrounding technological change of the industry,
     
  ● our dependence on its intellectual property rights,
     
  ● the success of marketing efforts by third parties,
     
  ● the changing demands of customers and
     
  ● the arrangements with present and future customers and third parties.

 

Should one or more of these risks or uncertainties materialize or should any of the underlying assumptions prove incorrect, actual results of current and future operations may vary materially from those anticipated.

 

For the three months ended September 30, 2015 and September 30, 2014:

 

The Company had revenues amounting to $1,130,465 and $184,000, for the three months ended September 30, 2015 and 2014, respectively.

 

   September 30, 2015   September 30, 2014 
         
Revenue  $1,130,465   $184,000 
     $1,130,465   $184,000 

 

Following is the breakdown of total revenue for the three months ended September 30, 2015 amounted to $1,130,465:

 

  a) $675,450 was received in equity securities in a private company in exchange for services performed. The valuation was based on 4,500,000 common shares at $0.15 per share and 450,000 preferred shares at $0.001 per share.
     
  b) $272,015 was recognized as revenue from deferred revenue as we performed related services to the clients against payments received in prior quarters.
     
  c) $183,000 was received in cash for services performed to two new clients during the three months ending on September 30, 2015.

 

4
 

 

For the three months ended September 30, 2015 and 2014, the Company had the following concentrations of revenues with customers:

 

Customer  September 30, 2015   September 30, 2014 
         
DSI   0%   45.65%
MHB   2.65%   54.35%
SAC   3.98%   0%
UNI   14.33%   0%
DUO   3.10%   0%
PDI   67.27%   0%
ALP   8.67%   0%
    100%   100%

 

The total operating expenses amounted to $444,577 and $493,788, for the three months ending on September 30, 2015 and 2014, respectively. The following table sets forth the Company’s operating expenditure analysis for both periods:

 

   September 30, 2015   September 30, 2014   Change 
             
General and administrative expenses  $61,693   $130,363   $(68,300)
Salaries   278,123    251,657    26,466 
Professional services   101,656    111,215    (9,559)
Depreciation   2,835    653    2,182 
Total operating expenses  $444,577   $493,788   $(49,211)

 

During the three months ended September 30, 2015, total operating expenses were decreased by $49,211 from the previous three months ending on September 30, 2014. The reason for the decrease in expenses and also increase in salaries are mainly due to the reduction in general & administrative expenses and professional fees and the fact that employed more staff. The net income (loss) from operations for the three months ended September 30, 2015 and 2014, were $685,888 and $(309,788), respectively.

 

The Company´s other income and (expenses) for the three months ended September 30, 2015 and 2014, were $(453,163) and $(140,448), respectively. The following table sets forth the Company’s other income and (expenses) analysis for both periods:

 

   September 30, 2015   September 30, 2014   Changes 
Interest expense  $(114,930)  $(124,524)  $9,594 
Finance Charges   (12,396)   -    (12,396)
Amortization of debt discount   (139,367)   (76,604)   (62,763)
Gain on settlement of liabilities   660,578    -    660,578 
Gain (loss) on derivative liability   (139,237)   61,003    (200,240)
Gain (loss) on conversion of notes   (793,809)   -    (793,809)
Gain on debt extinguishment   94,043    -    94,043 
Bad debt expense   (7,345)   -    (7,345)
Exchange rate loss   (700)   (323)   (377)
Total other income (expense)  $(453,163)  $(140,448)  $(312,715)

 

5
 

 

Our total other expense has increased mainly due to the increase in loss on derivative liability, amortization of debt discount and loss on conversion of convertible notes. There was also a gain on debt extinguishment and gain on settlement of liabilities. Gain on debt extinguishment includes extinguishment of stock payable balance amounting to $82,850 and $11,193 relates to balances written back that company owed to different static parties from a long time. Gain on settlement of liabilities includes write back of excess amount of accrued interest and monitoring fee payable relating to Eden loan as per the new arrangement between the lender (Eden) and the Company. Balances written off consist of static receivable balances from two parties which are deemed uncollectible, hence written off during the three months ending on September 30, 2015.

 

The net income (loss) for the three months ended September 30, 2015 and 2014 were $232,725 and $(450,236), respectively.

 

The Company had 771,523,183 and 33,159,418 common shares issued and outstanding at September 30, 2015 and September 30, 2014, respectively. The weighted average number of shares for the three months ended September 30, 2015 and September 30, 2014, was 551,531,231 and 32,474,668, respectively. The income / (loss) per share for both periods was $0.0004 and $(0.01) respectively.

 

For the nine months ended September 30, 2015 and September 30, 2014:

 

The Company had revenues amounting to $2,285,965 and $345,000, for the nine months ended September 30, 2015 and 2014, respectively.

 

   September 30, 2015   September 30, 2014 
         
Revenue    $2,285,965   $345,000 
     $2,285,965   $345,000 

 

Following is the breakdown of total revenue for the nine months ended September 30, 2015 amounted to $2,285,965:

 

  a) $865,500 in equity securities in a private company in exchange for services performed. The valuation was based on 3,460,000 common shares at $0.25 per share and 500,000 preferred shares at $0.001 per share.
     
  b) $675,450 was received in equity securities in another private company in exchange for services performed. The valuation was based on 4,500,000 common shares at $0.15 per share and 450,000 preferred shares at $0.001 per share.
     
  c) $212,015 was recognized as revenue from deferred revenue as we performed related services to the clients against payments received in prior years.
     
  d) $533,000 was received in cash for services performed to our new clients during the nine months ending on September 30, 2015.

 

6
 

 

For the nine months ended September 30, 2015 and 2014, the Company had the following concentrations of revenues with customers:

 

Customer  September 30, 2015   September 30, 2014 
         
STV   0%   7.25%
PCI   0%   8.70%
YMD   0%   7.25%
IOA   0%   7.25%
DSI   0%   24.35%
SAC   2.62%   16.23%
MHB   1.31%   28.99%
TAM   2.62%   0%
EER   1.31%   0%
MGP   2.62%   0%
UNI   8.84%   0%
DUO   43.11%   0%
PDI   33.27%   0%
ALP   4.29%   0%
    100%   100%

 

The total operating expenditures amounted to $1,284,654 and $1,089,814, for the nine months ending on September 30, 2015 and 2014, respectively. The following table sets forth the Company’s operating expenditure analysis for both periods:

 

   September 30, 2015    September 30, 2014    Change  
General and administrative expenses  $198,405   $237,162   $(38,757)
Salaries   770,719    639,374    131,345 
Professional services   307,114    211,648    95,466 
Depreciation   8,416    1,630    6,786 
Total operating expenses  $1,284,654   $1,089,814   $194,840 

 

Total operating expenses increased by $194,840 as we had more legal and professional fees to pay on behalf of new clients during the nine months ended September 30, 2015. We also had three more employees, which was the reason for an increase in salaries expense.

 

The net income (loss) from operations for the nine months ended September 30, 2015 and 2014, were $1,001,311 and $(744,814), respectively.

 

The Company´s other income and (expenses) for the nine months ended September 30, 2015 and 2014, were $(1,191,600) and $(757,791), respectively. The following table sets forth the Company’s other income and (expenses) analysis for both periods:

 

   September 30, 2015   September 30, 2014    Change  
Interest expense  $(319,606)  $(466,866)  $147,260 
Finance charges   (124,175)   -    (124,175)
Amortization of debt discount   (355,253)   (141,989)   (213,264)
Gain (loss) on settlement of liabilities   660,578    16,560    644,018 
Gain (loss) on derivative liability   (459,095)   (165,020)   (294,075)
Gain (loss) on conversion of notes   (732,022)   -    (732,022)
Gain on debt extinguishment   146,358    -    146,358 
Balance written off   (7,345)   -    (7,345)
Exchange rate loss   (1,040)   (476)   (564)
Total other income (expense)  $(1,191,600)  $(757,791)  $(433,809)

 

7
 

 

Our total other income (expense) increased mainly due to the fact that a larger portion of our convertible notes was converted into our common stock during the nine months ended September 30, 2015. There were no such conversions executed during the nine months ended on September 30, 2014. These note conversions caused an increase in amortization of debt discount and loss on conversion of notes. Loss on derivative liabilities also increased due to the change in fair values of the derivative liabilities at each conversion and reporting date. There was also a gain on debt extinguishment and gain on settlement of liabilities. Gain on debt extinguishment includes extinguishment of derivative liability balance amounting to $51,613 relating to early cash settlement of KMB convertible note. It also includes extinguishment of stock payable balance amounting to $82,850 and $11,193 which relates to balances written back that company owed to different static creditors from a long time. Gain on settlement of liabilities includes write back of excess amount of accrued interest and monitoring fee payable relating to Eden loan as per the new arrangement between the lender (Eden) and the Company. The interest expense decreased due to the fact that we paid back loans in cash and all of the convertible notes were converted into common stock of the Company during the nine months ended September 30, 2015. Balances written off consist of static receivable balances from two parties which are deemed uncollectible, hence written off during the nine months ending on September 30, 2015.

 

The net loss for the nine months ended September 30, 2015 and 2014 were $190,289 and $1,502,605, respectively.

 

The Company had 771,523,183 and 33,159,418 common shares issued and outstanding at September 30, 2015, and September 30, 2014, respectively. The weighted average number of shares for the nine months ended September 30, 2015, and September 30, 2014, was 238,222,071 and 31,526,843, respectively. The loss per share for both periods was $(0.001) and $(0.05), respectively.

 

LIQUIDITY AND CAPITAL RESERVES

 

Our financial statements contained herein have been prepared assuming that the Company will continue as a going concern. The Company had net income from operations of $685,888 and $1,001,311 for the three and nine months ended September 30, 2015, respectively; a total “Other Income (Expenses)” amounting to $(453,163) and $( 1,191,600) for the three and nine months ended September 30, 2015, respectively; and net income (loss) of $232,725 and $(190,289) for the three and nine months ended September 30, 2015, respectively.

 

The Company had $1,447 in cash; net cash used in operations of $(120,366) for the nine months ended September 30, 2015; working capital deficit of $1,615,578 and stockholders´ deficit of $48,712 as of September 30, 2015.

 

While the Company receives cash revenues periodically from its current clients, the ability of the Company to continue its operations is dependent on Management’s plans, which may include raising capital through non-convertible debt and/or equity markets, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur liabilities with certain related parties to sustain the Company’s existence.

 

During the nine months ending on September 30, 2015, the Company had paid off 100% of its discounted convertible loan notes, as follows:

 

  1) LG Capital LLC: Converted into equity.
     
  2) Adar Bays LLC: Converted into equity.
     
  3) KMB Worldwide Inc.: Paid in cash.
     
  4) JMJ Financial: Converted into equity.
     
  5) Peter Smith: Converted into equity.
     
  6) Enzo Taddei: Converted into equity.
     
  7) Patrick V. Dolan: Converted into equity.

 

8
 

 

The Company does not intend to obtain any further funding through convertible notes and the fact that we now have no more discounted convertible loan notes, should allow our common stock to trade in a more orderly manner. Currently, our common stock price is on a rising trend which is as a result of our organic growth, which should improve our options to source funding through the equity markets, if required.

 

Depending on achievement of certain milestones and contractual agreements, the Company will be due further cash fees from current clients amounting to $1,747,985.

 

Also, of the cash fees paid to date, the Company has deferred a total $500,000 from cash fees received from four clients. These deferred cash fees will be reflected on the Company´s income statement once certain milestones and contractual agreements have been completed.

 

Customer  Fees due over the life of the executed contracts   Cash fees deferred
to date		 
SCI  $170,000   $- 
DUO   80,000    50,000 
MHB   235,000    100,000 
SAC   190,000    100,000 
UNI   752,985    185,000 
PDI   150,000    65,000 
MAR   60,000    - 
SPP   60,000    - 
ALP   50,000    - 
           
Total  $1,747,985   $500,000 

 

Depending upon market conditions, the Company may not be successful in raising sufficient additional capital to achieve its business objectives. In such event, the business, prospects, financial condition, and results of operations could be materially adversely affected; hence, there is a substantial doubt about the Company’s ability to continue as a going concern.

 

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

 

It is the Company’s intention to seek additional non-convertible debt financing when necessary, which we plan to use as additional working capital to implement our marketing program to increase awareness of our business model and also to expand our operations via the acquisition of companies that are in a similar space and industry as ours, although we have not identified any companies that we would consider acquiring. However, we do not have any verbal or written agreements with anyone to provide us with debt financing. Any short fall in our projected operating revenues will be covered by:

 

  ● The cash fees that we expect to receive from the clients we currently have under contract.
     
  ● Receiving loans from one or more of our officers even though at the present time, we do not have verbal or written commitments from any of our officers to lend us money.
     
  ● Receiving non-convertible loans from third party investors.

 

9
 

 

FUTURE PLANS

 

To date we have 14 clients under contract that we deem to be active and are either seeking a listing on a recognized stock exchange or seeking funding for acquisition and growth:

 

  Client:   Sector:
1 Regis Card Group Limited   Prepaid cards and payment services.
2 Arrow Cars International Inc.   Long term car rental.
3 Medinas Holdings BV   Theraputical stomach cancer treatment.
4 Your MD   Mobile application for health diagnostic.
5 Duo World Inc   Software development and integration.
6 VT Hydrocarbon Holdings (Pte.)   LNG Gas storage.
7 Authenta Trade   Bitcoin.
8 ATC Enterprises DMCC   Diamonds.
9 Unii Limited   Mobile Applications such as “Fling”.
10 Energy Equity Resources (Norway) Limited   Natural resources.
11 Scandinavian AgriTex Co. Limited   Cotton and clothing industry.
12 Tam Mining Limited   Natural resources.
13 Primesite Developments Limited   Residential and commercial Development.
14 International FIM SRL   Manufacturing of automotive car parts.

 

MILESTONES FOR 2015 /2016:

 

Our specific plan of operations and milestones through December 2016 are as follows:

 

  1)DEVELOP THE INTRODUCER NETWORK FURTHER AND IN HOPES OF ATTRACTING NEW INTEREST FOR OUR SERVICES.

 

We currently are relying on introductions to potential clients by the following firms in the Middle East, South East Asia, Europe and the US:

 

  ● Certain registered investment houses and funds in London (United Kingdom).
     
  ● An Austrian management consultancy firm based in Vienna (Austria).
     
  ● Various investment banks based in Dubai (UAE)
     
  ● Certain Private Banks based in Amsterdam (Holland), Luxembourg (Luxembourg) and Zurich in Switzerland.
     
  ● Various family offices in Dubai (UAE).
     
  ● Various introducers to Capital based on the East and West coast of the US.
     
  ● Yemon (Pvt.) Limited – An introducer of new business based in Sri Lanka.
     
  ● MEPEX – A Bahrain Oil and Gas exhibit with over 280 members.

 

We intend to develop relationships with a further six “introducers” to potential new business for the Company before the end of December 2016.

 

10
 

 

1)NEW BUSINESS

 

During 2015 and the 2016, we believe that we have the capacity to sign at least another 15 new clients a lot of which will be in the oil and gas sector due to our newly formed alliance with MEPEX.

 

2)DUBAI EXPANSION

 

We will continue to establish a firm presence in Dubai, UAE where we are attracting clients, relationships and awareness. Our Dubai operation is currently a branch office of the Company allowing us a license to trade in the area. This branch office will continue to recruit new members of staff that will allow us to grow and become more efficient in Dubai.

 

3)SOUTH EAST ASIAN EXPANSION

 

We will continue to establish a firm presence in South East Asia where we are attracting clients, relationships and awareness.

 

4)OPEN AN OFFICE IN THE US.

 

During 2016, we intend to open an office on the east coast of the USA in order to substantially expand our network of introducers to new business and also professionals and consultants.

 

5)EXPAND OUR CONSULTANCY TO INCLUDE MORE MERGER AND ACQUISITION ACTIVITY.

 

We intend to form relationships with merger and acquisition specialists during 2015 and 2016 which will hopefully enable us to:

 

  ● Find potential merger and acquisition candidates.
     
  ● Introduce our clients to brokers and investment bankers.
     
  ● Introduce our clients to the appropriate professionals (attorneys and accountants) to assist them in a public offering or exchange listing.

 

6)DEVELOP IN HOUSE IT DEPARTMENT

 

Commencing initially with one member we will start to develop a proprietary program allowing us to easily monitor a client’s development status and work in progress. We will also use this tool to manage our pipeline of clients and therefore it will become vital in our cash flow forecasting.

 

7)EXPAND ITS NEWLY FORMED HUMAN RESOURCES DEPARTMENT IN DUBAI.

 

The Company has already created an in-house human resources department called “Kingsman James” (http://kingsmanjames.com/) with a view to be able to provide its existing clients and other new clients with the possibility of restructuring their companies management with seasoned professionals, if required. We intend to continue expanding this human resources department throughout 2015 and 2016.

 

8)DUAL LISTING DUBAI AND UP-LIST IN THE U.S.

 

When this option becomes feasible, we intend to try to become one of the first foreign companies to dual list on Dubai NASDAQ. Our plan is to carry out a public relations campaign alongside the dual listing process with the public relations firm we have selected with a view to preparing a campaign that will have a maximum effect. The Company intends to apply for an up-listing to a bigger board such as the NYSE Mkt. in the US as soon as the criteria’s set out by the chosen market have been met.

 

11
 

 

9)EXPAND OUR NETWORK OF CONTACTS WITHIN THE INVESTMENT COMMUNITY

 

During 2015 and 2016, we intend to substantially expand our Middle Eastern, South East Asian and also our US networks in order to enable us to make introductions on a more institutional level.

 

At present, we are being received with open arms by all of the financial communities with whom we have contact; hence, we have plans to host various hospitality events for our current clients, our key contacts and upper management of the Company.

 

10)EXPAND OUR RANGE OF BUSINESS AND CONTACTS

 

We intend to take our consultancy service outside of the Middle East and Europe and into Asia and Sri Lanka. We will expand on a “Commission Only” basis for the individuals or companies who take on our service to offer to their clients. Accountants, lawyers and finance professionals are the target market for overlaying our service into their existing client banks in return for a percentage of fees received. We also intend to add at least two new members to our administration team during the next 12 months.

 

11)ROAD SHOWS

 

We will continue working on different “Road shows” in Dubai, Europe and the US during 2015 and 2016.

 

12)FURTHER EXPAND OUR RANGE OF BUSINESS AND CONTACTS

 

During this year 2015 and 2016, we intend to cement the relationships created. The target markets for attracting clients are: Thailand, Sri Lanka, China, Hong Kong and Singapore.

 

To service the clients generated from these markets, we will spend time creating a network of service companies who we can utilize to assist us on a local basis. We will explore the possibilities of dual listings for our clients in Singapore to allow us a local market for any Asian clients we will attract and giving the Company a firm foothold in the Asian territory.

 

Item 3. Quantitative and Qualitative Disclosure about Market Risk.

 

Not applicable.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934) were effective.

 

Changes in internal control over financial reporting.

 

There were no changes in our internal control over financial reporting during our last fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

12
 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

On October 9, 2013, the Company secured a two month loan for GBP 75,000 (equivalent to $120,420) and issued 10,000 restricted shares of common stock to the lender, The Able Foundation, on December 7, 2013, and also repay 35,000 GBP (equivalent to $56,196) in lieu of interest. As the principal and interest was not paid back to the lender on time, the Company compensated the lender with an additional 20,000 restricted shares of common stock in consideration for a for a five month extension on the loan. This stock compensation was issued to the lender also on December 12, 2013. The Company is currently in litigation, in the courts of Dubai, regarding the Able Foundation loan. The plaintiff, Able Foundation, is requesting a settlement of $300,000 which is the $226,616 currently owed plus an additional $73,384 of damages. On, June 1, 2015, the Company (the defendant) retained the legal services of a Dubai based law firm called Alsafar & Partners. These legal proceeding are currently ongoing. The Company intends to vigorously defend the litigation. At this time, the Company cannot predict the finally outcome of the litigation but so far the preliminary proceedings in Dubai have been favorable to the Company.

 

Item 1A. Risk Factors.

 

Not applicable.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

On October 16, 2015, the Company issued 1,000,000 restricted common stock valued at a fair value of $0.0419 per share or $41,900 to Mr. Charles Taylor upon conversion of agreed salary compensation of $40,000 into equity.

 

The above securities were issued by the Company in reliance on the exemption from registration provided by Section 4(a (2) of the Securities Act of 1933, as amended.

 

Item 3. Defaults upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

See Exhibit Index below for exhibits required by Item 601 of regulation S-K.

 

EXHIBIT INDEX

 

Exhibit   Description
31.1 *   Certification under Section 302 of Sarbanes-Oxley Act of 2002
31.2 *   Certification under Section 302 of Sarbanes-Oxley Act of 2002
32.1 *   Certification under Section 906 of Sarbanes-Oxley Act of 2002
32.2 *   Certification under Section 906 of Sarbanes-Oxley Act of 2002

 

* Filed herewith.

 

13
 

 

SIGNATURES

 

Pursuant to the requirements of 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, thereunto duly authorized.

 

  GLOBAL EQUITY INTERNATIONAL, INC.
   
Date: November 5, 2015 /s/ Peter J. Smith
  Peter J. Smith
  President and Chief Executive Officer
  (Principal Executive Officer)

 

Date: November 5, 2015 /s/ Enzo Taddei
  Enzo Taddei
  Chief Financial Officer
  (Principal Accounting and Financial Officer)

 

14
 

 EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

GLOBAL EQUITY INTERNATIONAL, INC.

A Nevada corporation

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Section 302 Certification

 

I, Peter J. Smith, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Global Equity International, Inc. for the three months ended September 30, 2015.
   
2. Based on my knowledge, this quarterly 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 interim report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this annual report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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;
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

 

  a) All significant deficiencies in the design of operation of internal controls which would adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weakness in internal controls; 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.

 

Date: November 5, 2015 /s/ Peter J. Smith
  Peter J. Smith
  President and Chief Executive Officer
  (Principal Executive Officer)

 

 
 

 EX-31.2 3 ex31-2.htm

  

Exhibit 31.2

 

GLOBAL EQUITY INTERNATIONAL, INC.

A Nevada corporation

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Section 302 Certification

 

I, Enzo Taddei, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Global Equity International, Inc. for the three months ended September 30, 2015.
   
2. Based on my knowledge, this quarterly 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 interim report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15 (f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this annual report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my 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;
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

 

  a. All significant deficiencies in the design of operation of internal controls which would adversely affect the registrant’s ability to record, process, summarize and report financial data and have identified for the registrant’s auditors any material weakness in internal controls; 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.

 

Date: November 5, 2015 /s/ Enzo Taddei
  Enzo Taddei
  Chief Financial Officer
  (Principal Accounting and Financial Officer)

 

 
 

 

 EX-32.1 4 ex32-1.htm

 

Exhibit 32.1

 

GLOBAL EQUITY INTERNATIONAL, INC.

A Nevada corporation

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Global Equity International, Inc. (“Company”) on Form 10-Q for the quarter ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Peter J. Smith, President and Chief Executive Officer, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906, or other document authentication, acknowledging, or otherwise adopting the signature that appears in typed from within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

Date: November 5, 2015 /s/ Peter J. Smith
  Peter J. Smith
  President and Chief Executive Officer
  (Principal Executive Officer)

 

 
 

 

 EX-32.2 5 ex32-2.htm

 

Exhibit 32.2

 

GLOBAL EQUITY INTERNATIONAL, INC.

A Nevada corporation

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Global Equity International, Inc. (“Company”) on Form 10-Q for the quarter ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Enzo Taddei, Chief Financial Officer, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906, or other document authentication, acknowledging, or otherwise adopting the signature that appears in typed from within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

Date: November 5, 2015 /s/ Enzo Taddei
  Enzo Taddei
  Chief Financial Officer
  (Principal Accounting and Financial Officer)

 

 
 

 

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    Debt & Accounts Payables - Schedule of Non-Convertible Loan (Details) - USD ($)
    		 9 Months Ended
    Sep. 30, 2015
    Oct. 17, 2013
    Oct. 09, 2013
    Debt Disclosure [Abstract]      
    Principal loan amount $ 135,000 $ 319,598 $ 120,420
    Original issue discount (30,000)    
    Issuance costs (5,000)    
    Amortization of OID and issuance costs in 2015 5,833    
    Balance at September 30, 2015 105,833    
    Net of unamortized discount and issue costs $ 29,167    

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    Summary of Significant Accounting Policies - Schedule of Fair Value of Assets Measured on Recurring and Non-Recurring Basis (Details) - USD ($)
    Sep. 30, 2015
    Dec. 31, 2014
    Level 1 - Cash [Member]    
    Fair value of assets recurring and non-recurring basis $ 1,447 $ 19,026
    Level 3 - Non-Marketable Securities [Member]    
    Fair value of assets recurring and non-recurring basis $ 1,543,950 3,000
    Level 3 - Derivative liability [Member]    
    Fair value of assets recurring and non-recurring basis $ (695,447)
    XML 16 R37.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Commitments and Contingencies (Details Narrative)
    		 9 Months Ended
    Dec. 07, 2013
    shares
    Dec. 07, 2013
    USD ($)
    shares
    Dec. 07, 2013
    GBP (£)
    shares
    Oct. 28, 2013
    USD ($)
    Oct. 09, 2013
    USD ($)
    shares
    Sep. 30, 2015
    USD ($)
    Oct. 17, 2013
    USD ($)
    Oct. 09, 2013
    GBP (£)
    Secured loan         $ 120,420 $ 135,000 $ 319,598  
    Restricted shares | shares 10,000       10,000      
    Repayment of loan   $ 56,196            
    Excess of restricted stock issued | shares 20,000 20,000 20,000          
    Litigation settlement amount           300,000    
    Due to litigation amount           226,616    
    Litigation damages           $ 73,384    
    Lease agreement period       2 years        
    Rental expenses       $ 31,850        
    Renewed Lease Agreement [Member] | October 7, 2015 [Member]                
    Lease agreement renewable period           2 years    
    Rent percentage highter than current rent payble           5.00%    
    Renewed Lease Agreement [Member] | First Year [Member]                
    Rental expenses           $ 31,850    
    Renewed Lease Agreement [Member] | Second Year [Member]                
    Rental expenses           $ 35,035    
    GBP [Member]                
    Secured loan             $ 200,000 £ 75,000
    Repayment of loan | £     £ 35,000          
    XML 17 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Summary of Significant Accounting Policies
    		 9 Months Ended
    Sep. 30, 2015
    Accounting Policies [Abstract]  
    Summary of Significant Accounting Policies

    Note 4 - Summary of Significant Accounting Policies

     

    Principles of Consolidation

     

    Global Equity International Inc. is the parent company of its 100% subsidiary Global Equity Partners Plc and Global Equity Partners Plc. is the parent company of its 100% subsidiary, GE Professionals DMCC (Dubai). All significant inter-company accounts and transactions have been eliminated in consolidation.

     

    Use of Estimates

     

    The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.

     

    Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non confirming events. Accordingly, the actual results could differ from those estimates. Significant estimates in the accompanying financial statements include allowance for doubtful accounts and loans, estimates of fair value of securities received for services, estimates of fair value of securities held, depreciation of fixed assets, derivative valuations and valuations for non-cash equity grants.

     

    Risks and Uncertainties

     

    The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. The risk of social and governmental factors is also a concern since the Company is headquartered in Dubai.

     

    Cash

     

    The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At September 30, 2015 and at December 31, 2014, respectively; the Company had no cash equivalents.

     

    Accounts Receivable and Allowance for Doubtful Accounts

     

    The Company recognizes accounts receivable in connection with the services provided. The Company recognizes an allowance for doubtful accounts based on an analysis of current receivables aging and expected future write-offs, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible.

     

    Foreign currency policy

     

    The Company’s accounting policies related to the consolidation and accounting for foreign operations are as follows: The accompanying consolidated financial statements are presented in U.S. dollars. The functional currency of the Company’s Dubai subsidiary is the Arab Emirates Dirham (AED).All foreign currency balances and transactions are translated into United States dollars “$” and/or “USD” as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of our stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).“Since the AED is tagged to the U.S. dollar, translation gains and losses are always de minimis, therefore a statement of comprehensive income (loss) is not presented. Gains and losses resulting from foreign currency transactions are included in the statement of operations.

     

    For the three and nine months ended September 30, 2015 and for the year ended December 31, 2014, our functional and operational currency was the U.S. Dollar.

     

    Investments

     

    (A) Classification of Securities

     

    Marketable Securities

     

    At the time of the acquisition, a marketable security is designated as held-to-maturity, available-for-sale or trading, which depends on the ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-maturity are reported at amortized cost.

     

    Any unrealized gains and losses are reported as a component of other comprehensive income (loss). Realized gains (losses) are computed on a specific identification basis and are reflected in the statement of operations.

     

    Cost Method Investments

     

    Securities that are not classified as marketable securities are accounted for under the cost method. These securities are recorded at their original cost basis and are subject to impairment testing.

     

    At June 30, 2013, the Company had investments in securities of two different companies, having a cost of $163,000 that was treated as a cost method investment. The value of the cost method investment pertains to the receipt of 9.2% of the common stock in a private company in which the best evidence of value was the services rendered and a further 9.86% of the common stock in another private company in which the best evidence of value was the services rendered.

     

    At June 30, 2013, there were identifiable events or changes in circumstances that had a significant adverse effect on the value of one of the investments; hence, the Company impaired $160,000 of the investments.

     

    At June 30, 2013, the Company received 2,000,000 shares from a private company and client having a cost of $2,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 8.55% of the common stock in a private company in which the best evidence of value was the services rendered.

     

    At December 31, 2014, there were identifiable events or changes in circumstances that had a significant adverse effect on the value of one of the investments; hence, the Company impaired $2,000 of the investments.

     

    On April 28, 2015, the Company received 3,460,000 common shares from a private company and client having a fair market value of $865,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 9.09% of the common stock in a private company in which the best evidence of value was the last available price at which shares were sold in a private placement. On April 28, 2015, the Company received 500,000 preferred shares from the same private company and client having a fair market value of $500 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 10% of the preferred stock in this private company in which the best evidence of value was the services rendered.

     

    On September 24, 2015, the Company received 4,500,000 common shares from a private company and client having a fair market value of $675,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 5% of the common stock in a private company in which the best evidence of value was based on the net asset value of the private company. On September 24, 2015, the Company also received 450,000 preferred shares from the same private company and client having a fair market value of $450 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of the preferred stock (10% of 4,500,000 common shares received) in this private company in which the best evidence of value was the services rendered.

     

    (B) Other than Temporary Impairment

     

    The Company reviews its equity investment portfolio for any unrealized losses that would be deemed other than temporary and require the recognition of an impairment loss in income. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company’s intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. The Company did not record any permanent impairment during the nine months ended September 30, 2015 and 2014.

     

    Fixed Assets

     

    Fixed assets are to be stated at cost of acquisition less accumulated depreciation. Depreciation is provided based on estimated useful lives of the assets. Cost of improvements that substantially extend the useful lives of assets can be capitalized. Repairs and maintenance expenses are to be charged to expense when incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements.

     

          09/30/2015       12/31/2014     Useful Life
    Furniture and Equipment   $ 37,203     $ 36,095     3 to 5 years
    Accumulated depreciation   $ (14,287 )   $ (5,871 )    
    Net fixed assets   $ 22,916     $ 30,224      

     

    Depreciation expense for the nine months ended September 30, 2015 and September 30, 2014, was $8,416and $1,630, respectively.

     

    Beneficial Conversion Feature

     

    For conventional convertible debt where the rate of conversion is below market value, the Company records any “beneficial conversion feature” (“BCF”) intrinsic value as additional paid in capital and related debt discount.

     

    When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument. The discount is amortized to interest expense over the life of the debt.

     

    Debt issue costs and debt discount

     

    The Company may pay debt issue costs, and record financing costs and debt discounts in connection with raising funds through the issuance of debt whether convertible or not. These costs are amortized over the life of the debt to interest expense. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.

     

    Original issue discount

     

    For certain debt issued whether convertible or not, the Company provides the debt holder with an original issue discount. The original issue discount is recorded to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.

     

    Valuation of Derivative Instruments

     

    ASC 815 “Derivatives and Hedging” requires that embedded derivative instruments be bifurcated and assessed, along with free-standing derivative instruments such as warrants, on their issuance date and measured at their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option pricing formula. At September 30, 2015, the Company had no derivative liability balance.

     

    Revenue Recognition

     

    We recognize revenue from the services we provide in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally when all of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been performed; (3) the seller’s price to the buyer is fixed or determinable; and (4) collectability is reasonably assured. Generally, the contract terms for these services are relatively short in duration.

     

    We receive consideration in the form of cash and/or securities.

     

    We recognize cash consideration as revenues as the services are performed either on a pro rata basis or on a stage of completion basis.

     

    Securities received as consideration are typically earned at a point in time when the specified event occurs and the securities are issued to us. Therefore, we measure and recognize these securities received at fair value on the date of receipt.

     

    All revenues are generated from clients whose operations are based outside of the United States.

     

    At September 30, 2015 and December 31, 2014, the Company had the following concentrations of accounts receivables with customers:

     

    Customer   September 30, 2015     December 31, 2014  
                     
    ACI     0 %     100 %

     

    For the nine months ended September 30, 2015 and 2014, the Company had the following concentrations of revenues with customers:

     

    Customer   September 30, 2015     September 30, 2014  
                 
    STV     0 %     7.25 %
    PCI     0 %     8.70 %
    YMD     0 %     7.25 %
    IOA     0 %     7.25 %
    DSI     0 %     24.35 %
    SAC     2.62 %     16.23 %
    MHB     1.31 %     28.99 %
    TAM     2.62 %     0 %
    EER     1.31 %     0 %
    MGP     2.62 %     0 %
    UNI     8.84 %     0 %
    DUO     43.11 %     0 %
    PDI     33.27 %     0 %
    ALP     4.29 %     0 %
          100 %     100 %

     

    During the nine months ended September 30, 2015, the Company received $1,540,950 in equity securities in two private companies in exchange for services performed. The valuation of one company was based on 3,460,000 common shares valued at $0.25 per share, based on a contemporaneous private placement of the customer’s shares and 500,000 preferred shares of the same company valued at $0.001 per share. The valuation of other company was based on 4,500,000 common shares valued at $0.15 per share, based on net asset value of the company and 450,000 preferred shares of the same company valued at $0.001 per share.

     

    The Company currently holds the following common equity securities in private and also reporting companies:

     

    Company   No. of Shares     Status
    M1 Lux AG     2,000,000     Private Company
    Monkey Rock Group Inc.     1,500,000     Reporting Company – OTC
    Voz Mobile Cloud Limited     3,200,000     Private Company
    Arrow Cars International Inc.     3,000,000     Reporting Company – OTC
    Direct Security Integration Inc.     400,000     Private Company
    Duo World Inc.     3,460,000     Private Company
    Primesite Developments Inc.     4,500,000     Private Company
          18,060,000      

     

    The Company currently holds the following preferred equity securities:

     

    Company   No. of Shares     Status
    Duo World Inc.     500,000     Private Company
    Primesite Developments Inc.     450,000     Private Company
          950,000      

     

    Deferred Revenue

     

    Deferred revenue represents fees that have been received by the Company for requested services that have not been completed. During the nine months ending on September 30, 2015, the Company further recognized $783,000 as deferred revenue, making total deferred revenue balance of $1,245,015.As at September 30, 2015, the Company recognized $745,015 of deferred revenue as revenue, leaving the deferred revenue balance of $500,000 (which includes $250,000 of deferred revenue received during the years ended 2013 and 2014.)

     

    Share-based payments

     

    The Company recognizes all forms of share-based payments to employees, including stock option grants, warrants and restricted stock grants at their fair value on the grant date, which is based on the estimated number of awards that are ultimately expected to vest.

     

    Share based payments, excluding restricted stock, are valued using a Black-Scholes pricing model. Share based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable as of the measurement date. Amounts received prior to the measurement date are adjusted to fair value at each reporting period until a measurement date is achieved. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.

     

    When computing fair value, the Company considered the following variables:

     

      ● The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the share based payment in effect at the time of the grant.
         
      ● The expected term is developed by management estimate.
         
      ● The Company has not paid any dividends on common stock since inception and does not anticipate paying dividends on its common stock in the near future.
         
      ● The expected volatility is based on management estimates which are based upon our historical volatility.
         
      ● The forfeiture rate is based on historical experience.

     

    Earnings per Share

     

    Basic earnings (loss) per share are computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period.

     

    Fair Value of Financial Assets and Liabilities

     

    The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability.

     

    The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:

     

      ● Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
         
      ● Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
         
      ● Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

     

    The carrying amounts reported in the balance sheet for prepaid expenses, accounts receivable, accounts payable, accounts payable to related parties and loans payable to related parties, approximate fair value are based on the short-term nature of these instruments.

     

    The Company has assets and liabilities measured at fair market value on a recurring basis. Consequently, the Company had gains and losses reported in the statement of operations.

     

    The following is the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis at September 30, 2015 and December 31, 2014, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

     

        September 30, 2015     December 31, 2014  
                 
    Level 1 – Cash   $ 1,447     $ 19,026  
    Level 3 – Non-Marketable Securities     1,543,950       3,000  
    Level 3 – Derivative liabilities     -       (695,447 )

     

    The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value:

     

    Marketable Securities — The Level 2 position consists of the Company’s investment in equity securities of stock held in publically traded companies. The valuation of these securities is based on significant inputs that are observable or can be derived from or corroborated by observable market data. These valuations are typically based on quoted prices in active markets. The Company´s investments in equity securities are in relatively inactive markets.

     

    Non-Marketable Securities at Fair Value on a Nonrecurring Basis — Certain assets are measured at fair value on a nonrecurring basis. The level 3 position consist of investments accounted for under the cost method. The Level 3 position consists of investments in equity securities held in private companies.

     

    Management believes that an “other-than-temporary impairment” would be justified, as according to ASC 320-10 an investment is considered impaired when the fair value of an investment is less than its amortized cost basis. The impairment is considered either temporary or other-than-temporary. The accounting literature does not define other-than-temporary. It does, however, state that other-than-temporary does not mean permanent; although, all permanent impairments are considered other-than-temporary. The literature does provide some examples of factors which may be indicative of an “other-than-temporary impairment”, such as:

     

      ● the length of time and extent to which market value has been less than cost;
         
      ● the financial condition and near-term prospects of the issuer; and
         
      ● the intent and ability of the holder to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value.

     

    Management believes that the fair value of its investment has been correctly measured, as the length of time that the stock has been less than cost is nominal.

     

    Changes in Level 3 assets measured at fair value for the nine months ended September 30, 2015 and the year ended December 31, 2014, were as follows:

     

    Balance, December 31, 2014   $ 3,000  
    Realized and unrealized gains (losses)     -  
    Purchases, sales and settlements     1,540,950  
    Impairment loss     -  
    Balance, September 30, 2015   $ 1,543,950  

     

    Derivative liabilities — These instruments result from certain of our notes which are convertible based on a discount to the market value of our common stock. These instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend rate and estimated life.

     

    The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (derivative liabilities) for the nine months ended September 30, 2015.

     

    Balance, December 31, 2014   $ 695,447  
    Initial derivatives recorded from 1/1/15 to 9/30/15     -  
    Changes in fair value from 1/1/15 to 9/30/15     459,095  
    Reduction of derivative from debt conversions or paybacks     (1,154,542 )
    Reclassifications to/from APIC for the change in status     -  
    Balance, September 30, 2015   $ -  

     

    Loans Receivable

     

    On March 22, 2013, the Company granted a loan to a third party, Dreamscapes Properties International Inc. The principal amount loaned was $6,000, the agreed interest rate was 5% per annum and the loan would have to be repaid no later than one year from the date that the loan was granted. This loan is currently in default. The Company has spoken to Dreamscapes Properties International Inc. about a payment plan over the next 3 months and has received a positive response.

     

    In October 2014, the Company granted a loan to another third party. The principal amount loaned was $4,825.It was agreed that no interest would be paid and that the loan would have to be repaid no later than one year from the date that the loan was granted. During the nine months ended September 30, 2015, the company wrote off $4,825 as it was deemed uncollectible.

     

    Recent Accounting Pronouncements

     

    There are no new accounting pronouncements that have any impact on the Company’s financial statements other than discussed below:

     

    In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03,“Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. Under this guidance such costs would be presented as a direct deduction from the related debt liability rather than as an asset. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its Consolidated Balance Sheet.
    XML 18 R29.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Debt & Accounts Payables - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
    Sep. 30, 2015
    Dec. 31, 2014
    Debt Disclosure [Abstract]    
    Accrued salaries and benefits $ 40,045 $ 13,658
    Other payables & accrued liabilities 122,237 100,533
    Accounts payable and accrued liabilities $ 162,282 $ 114,191
    XML 19 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Debt & Accounts Payables (Details Narrative)
    		 1 Months Ended 3 Months Ended 9 Months Ended
    Sep. 10, 2015
    USD ($)
    $ / shares
    shares
    Sep. 09, 2015
    USD ($)
    $ / shares
    shares
    Aug. 27, 2015
    USD ($)
    $ / shares
    shares
    Aug. 27, 2015
    USD ($)
    d
    $ / shares
    shares
    May. 01, 2015
    USD ($)
    Mar. 24, 2015
    Nov. 15, 2014
    d
    Jun. 12, 2014
    USD ($)
    May. 01, 2014
    USD ($)
    Dec. 12, 2013
    shares
    Dec. 07, 2013
    USD ($)
    shares
    Dec. 07, 2013
    GBP (£)
    shares
    Oct. 17, 2013
    USD ($)
    Oct. 09, 2013
    USD ($)
    shares
    Mar. 22, 2013
    Oct. 02, 2012
    USD ($)
    Oct. 31, 2014
    Mar. 31, 2013
    $ / shares
    Sep. 30, 2015
    USD ($)
    $ / shares
    Sep. 30, 2014
    USD ($)
    Mar. 31, 2013
    USD ($)
    $ / shares
    Sep. 30, 2015
    USD ($)
    Directors
    $ / shares
    shares
    Sep. 30, 2014
    USD ($)
    Sep. 30, 2013
    USD ($)
    $ / shares
    Sep. 18, 2015
    USD ($)
    Dec. 31, 2014
    USD ($)
    Dec. 31, 2013
    USD ($)
    Oct. 09, 2013
    GBP (£)
    Common stock issued upon conversion, shares | shares                                           (101,517)            
    Loss on conversion of notes                                     $ (793,809)   $ (732,022)          
    Accrued salary                                     91,180     $ 91,180       $ 353,913    
    Debt conversion percentage             50.00%                                          
    Debt conversion average number of trading days | d             10                                          
    Number of officers and directors | Directors                                           2            
    Period of amount advance                             1 year   1 year 2 years                    
    Percentage of debt instrument, accrued interest rate                             5.00%   0.00% 10.00%     10.00%              
    Common restricted shares value per share | $ / shares                                   $ 1.20     $ 1.20              
    Extended loan maturity date             Dec. 31, 2015                                          
    Amortization of debt discount                                     139,367 $ 76,604   $ 355,253 $ 141,989          
    Unamortized debt discount                                     29,167     29,167       $ 0    
    Loss on derivative liability                                     139,237 $ (61,003)   459,095 165,020          
    Secured loan                         $ 319,598 $ 120,420         135,000     135,000            
    Issuance of restricted shares | shares                     10,000 10,000   10,000                            
    Issuance of share repay lieu of interest                     $ 56,196                                  
    Issuance of restricted common stock additionally | shares                   20,000                                    
    Debt instrument, interest rate                         5.00%                              
    Gain on settlement of debt                                     660,578   660,578 16,560          
    Debt issuance cost                                           (5,000)            
    Repayment of debt                                           43,482 $ 50,500          
    GBP [Member]                                                        
    Secured loan                         $ 200,000                             £ 75,000
    Issuance of share repay lieu of interest | £                       £ 35,000                                
    Related Party Short Term Convertible Notes [Member]                                                        
    Short term loans payable balance                                     0     0            
    Interest expense                                           17,297            
    Amortization of debt discount                                           268,190            
    Unamortized debt discount                                     0     0            
    Fair value of derivative liability                                     0     0            
    Loss on derivative liability                                           206,765            
    Notes Payable One [Member]                                                        
    Interest payable                                     106,196     $ 106,196            
    Notes Payable Two [Member]                                                        
    Number of shares issued during period | shares                                           1,600,000            
    Second Note [Member]                                                        
    Debt instruments face amount                                                 $ 500,000      
    Gain on settlement of debt                                           $ 660,578            
    Loans principal balance                                     319,598     319,598            
    Accrued interest                                     180,402     180,402            
    Third Note [Member]                                                        
    Interest expense       $ 5,000                                                
    Amortization of debt discount       30,000                                                
    Unamortized debt discount     $ 29,167 29,167                                                
    Secured loan     135,000 135,000                                                
    Payment for leagal cost       5,000                                                
    Debt issuance cost       833                                                
    Lg Capital Llc [Member]                                                        
    Amortization of debt discount                                           0            
    Unamortized debt discount                                     16,575     16,575            
    Loss on derivative liability                                           61,641            
    Interest payable                                     $ 4,024     $ 4,024            
    Debt instrument, interest rate                 8.00%                                      
    Number of shares issued during period | shares                                           65,283,160            
    Debt instruments face amount                 $ 100,000                                      
    Loans principal balance                 50,000                                      
    Proceeds from issuance of convertible promissory note                 $ 100,000                                      
    Percentage of conversion price                 60.00%                                      
    Debt maturity date                 May 01, 2015                                      
    Gain loss on conversion                                           $ 6,757            
    Repayment of debt                                           50,000            
    Interest on debt                                           $ 1,424            
    Share issuance price minimum | $ / shares                                     $ 0.0011     $ 0.0011            
    Share issuance price maximum | $ / shares                                     $ 0.0067     $ 0.0067            
    JMJ Financial [Member]                                                        
    Percentage of debt instrument, accrued interest rate               12.00%                                        
    Amortization of debt discount                                           $ 18,372            
    Unamortized debt discount                                     $ 0     0            
    Loss on derivative liability                                           $ 190,844            
    Number of shares issued during period | shares                                           103,313,129            
    Debt instruments face amount               $ 250,000                                        
    Proceeds from issuance of convertible promissory note               $ 250,000                                        
    Debt maturity date               Jun. 12, 2016                                        
    Gain loss on conversion                                           $ 57,039            
    Repayment of debt                                           $ 47,500            
    Share issuance price minimum | $ / shares                                     $ 0.0010     $ 0.0010            
    Share issuance price maximum | $ / shares                                     $ 0.0065     $ 0.0065            
    Debt discount percentage               10.00%                                        
    Issuance of convertible promissory note               $ 250,000                                        
    JMJ Financial [Member] | Minimum [Member]                                                        
    Percentage of conversion price               30.00%                                        
    Proceeds from opted to receive               $ 55,000                                        
    JMJ Financial [Member] | Maximum [Member]                                                        
    Percentage of conversion price               60.00%                                        
    Peter J. Smith [Member]                                                        
    Debt conversion percentage             50.00%                                          
    Extended loan maturity date             Dec. 31, 2015                                          
    Amortization of debt discount                                           $ 173,138            
    Unamortized debt discount                                     $ 0     0            
    Fair value of derivative liability                                     0     0            
    Loss on derivative liability                                           128,481            
    Debt instrument, interest rate                                         10.00%              
    Repayment of debt                                           0            
    Interest on debt                                           11,555            
    Converted unpaid salary to convertible notes payable                                         $ 209,475              
    Restricted shares price per share | $ / shares                                         $ 1.20              
    Enzo Taddei [Member]                                                        
    Debt conversion percentage             50.00%                                          
    Extended loan maturity date             Dec. 31, 2015                                          
    Amortization of debt discount                                           95,052            
    Unamortized debt discount                                     0     0            
    Fair value of derivative liability                                     0     0            
    Loss on derivative liability                                           78,284            
    Debt instrument, interest rate                                               10.00%        
    Repayment of debt                                           0            
    Interest on debt                                           5,742            
    Converted unpaid salary to convertible notes payable                                               $ 115,000        
    Restricted shares price per share | $ / shares                                               $ 1.20        
    Chief Executive Officer [Member]                                                        
    Due to officers                                                     $ 209,475  
    Chief Financial Officer [Member]                                                        
    Due to officers                                                     $ 115,000  
    Adar Bay LLC [Member]                                                        
    Amortization of debt discount                                           14,421            
    Unamortized debt discount                                     0     0            
    Loss on derivative liability                                           (157)            
    Secured loan                 $ 50,000                                      
    Interest payable                                     $ 652     $ 652            
    Debt instrument, interest rate                 8.00%                                      
    Number of shares issued during period | shares                                           24,570,088            
    Debt instruments face amount                 $ 100,000                                      
    Proceeds from issuance of convertible promissory note                 $ 100,000                                      
    Gain loss on conversion                                           $ 14,641            
    Repayment of debt                                           37,000            
    Interest on debt                                           $ 3,171            
    Share issuance price minimum | $ / shares                                     $ 0.0024     $ 0.0024            
    Share issuance price maximum | $ / shares                                     $ 0.0057     $ 0.0057            
    Adar Bay LLC [Member] | Second Note [Member]                                                        
    Percentage of debt instrument, accrued interest rate         8.00%                                              
    Adar Bay LLC [Member] | First Note [Member]                                                        
    Percentage of debt instrument, accrued interest rate                 8.00%                                      
    Proceeds from issuance of convertible promissory note         $ 50,000       $ 100,000                                      
    Percentage of conversion price                 60.00%                                      
    Debt maturity date         Jul. 01, 2015       May 01, 2015                                      
    KMB Worldwide Inc [Member]                                                        
    Percentage of debt instrument, accrued interest rate           8.00%                   8.00%                        
    Interest expense                                           $ 10,325            
    Amortization of debt discount                                           21,259            
    Unamortized debt discount                                     $ 0     0            
    Proceeds from issuance of convertible promissory note                               $ 32,500                        
    Debt maturity date                               Jun. 29, 2015                        
    Repayment of debt                                           0            
    Debt discount percentage                               42.00%                        
    Percentage of borrower payment equal to cash           130.00%                   130.00%                        
    Cancelled and a gain on debt settlement                                           $ 51,613            
    Accounts Payable and Accrued Liabilities [Member] | Employee 1 [Member]                                                        
    Debt instrument conversion price | $ / shares   $ 0.01                                                    
    Common stock issued upon conversion, shares | shares   5,500,000                                                    
    Common stock fair value | $ / shares   $ 0.014                                                    
    Common stock issued upon conversion, value   $ 77,000                                                    
    Accrued salary and bonus   55,000                                                    
    Loss on conversion of notes   $ 22,000                                                    
    Accounts Payable and Accrued Liabilities [Member] | Employee 2 [Member]                                                        
    Debt instrument conversion price | $ / shares $ 0.00735                                                      
    Common stock issued upon conversion, shares | shares 10,749,000                                                      
    Common stock fair value | $ / shares $ 0.0127                                                      
    Common stock issued upon conversion, value $ 136,512                                                      
    Accrued salary and bonus 79,000                                                      
    Loss on conversion of notes $ 57,512                                                      
    Accounts Payable and Accrued Liabilities - Related Parties [Member] | Officers and Directors [Member]                                                        
    Loss on conversion of notes       614,039                                                
    Accrued salary     $ 398,156 $ 398,156                                                
    Debt conversion percentage       50.00%                                                
    Debt conversion average number of trading days | d       20                                                
    Accounts Payable and Accrued Liabilities - Related Parties [Member] | Officers and Directors [Member] | Short Term Loans Payable [Member]                                                        
    Debt instrument conversion price | $ / shares     $ 0.0025 $ 0.0025                                                
    Loss on conversion of notes       $ 156,560                                                
    Debt conversion percentage       50.00%                                                
    Debt conversion average number of trading days | d       20                                                
    Short term loans payable balance     $ 101,517 $ 101,517                                                
    Accounts Payable and Accrued Liabilities - Related Parties [Member] | Officers and Directors [Member] | Enzo Taddei [Member]                                                        
    Debt instrument conversion price | $ / shares     $ 0.0025 $ 0.0025                                                
    Common stock issued upon conversion, shares | shares     69,076,922                                                  
    Common stock fair value | $ / shares     $ 0.0064 $ 0.0064                                                
    Common stock issued upon conversion, value     $ 442,092                                                  
    Accrued salary     $ 173,901 $ 173,901                                                
    Accounts Payable and Accrued Liabilities - Related Parties [Member] | Officers and Directors [Member] | Enzo Taddei [Member] | Short Term Loans Payable [Member]                                                        
    Debt instrument conversion price | $ / shares     $ 0.0025 $ 0.0025                                                
    Common stock issued upon conversion, shares | shares       11,776,756                                                
    Common stock fair value | $ / shares     $ 0.0064 $ 0.0064                                                
    Common stock issued upon conversion, value       $ 75,371                                                
    Short term loans payable balance     $ 29,648 $ 29,648                                                
    Accounts Payable and Accrued Liabilities - Related Parties [Member] | Officers and Directors [Member] | Mr. Peter Smith [Member]                                                        
    Debt instrument conversion price | $ / shares     $ 0.0025 $ 0.0025                                                
    Common stock issued upon conversion, shares | shares       42,127,492                                                
    Common stock fair value | $ / shares     $ 0.0064 $ 0.0064                                                
    Common stock issued upon conversion, value       $ 269,616                                                
    Accrued salary     $ 106,056 $ 106,056                                                
    Accounts Payable and Accrued Liabilities - Related Parties [Member] | Officers and Directors [Member] | Mr. Peter Smith [Member] | Short Term Loans Payable [Member]                                                        
    Debt instrument conversion price | $ / shares     $ 0.0025 $ 0.0025                                                
    Common stock issued upon conversion, shares | shares       28,547,822                                                
    Common stock fair value | $ / shares     $ 0.0064 $ 0.0064                                                
    Common stock issued upon conversion, value       $ 182,706                                                
    Short term loans payable balance     $ 71,869 $ 71,869                                                
    Accounts Payable and Accrued Liabilities - Related Parties [Member] | Officers and Directors [Member] | Mr. Patrick Dolan [Member]                                                        
    Debt instrument conversion price | $ / shares     $ 0.0025 $ 0.0025                                                
    Common stock issued upon conversion, shares | shares       46,951,071                                                
    Common stock fair value | $ / shares     $ 0.0064 $ 0.0064                                                
    Common stock issued upon conversion, value       $ 300,487                                                
    Accrued salary     $ 118,199 $ 118,199                                                
    XML 20 R30.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Debt & Accounts Payables - Schedule of Accounts Payable and Accrued Liabilities to Related Parties (Details) - USD ($)
    Sep. 30, 2015
    Dec. 31, 2014
    Debt Disclosure [Abstract]    
    Salaries $ 91,180 $ 353,913
    Expenses 16,732 7,071
    Accounts Payable -Related parties $ 107,912 $ 360,984
    XML 21 R31.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Debt & Accounts Payables - Schedule of Loans Payable Activity (Details)
    		 9 Months Ended
    Sep. 30, 2015
    USD ($)
    shares
    Debt Disclosure [Abstract]  
    Loans payable - related party - December 31, 2014 $ 58,595
    Proceeds from loans $ 48,422
    Repayments
    Converted to common stock | shares (101,517)
    Loans payable - related party - September 30, 2015 $ 5,500
    XML 22 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Going Concern
    		 9 Months Ended
    Sep. 30, 2015
    Going Concern  
    Going Concern

    Note 3 - Going Concern

     

    As reflected in the accompanying consolidated financial statements, the Company had a net loss of $190,289 and net cash used in operations of $120,366 for the nine months ended September 30, 2015; and a working capital deficit of $1,615,578 and stockholders’ deficit of $48,712 as of September 30, 2015. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

     

    The ability of the Company to continue its operations is dependent on Management’s plans, which include the raising of capital through non-convertible debt and/or equity markets, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur liabilities with certain related parties to sustain the Company’s existence.

     

    The Company expects to expend funds to implement a marketing program to increase awareness of its business model, which includes, but is not limited to, acquisition of private companies, with the intention of taking those companies public on recognized stock exchanges around the globe and possibly dual listing some of its clients on foreign stock exchanges. In the event that operating cash flows are slowed or nonexistent, the Company plans to reduce its overhead wherever possible.

     

    Depending upon market conditions, the Company may not be successful in raising sufficient additional capital to achieve its business objectives. In such event, the business, prospects, financial condition, and results of operations could be materially adversely affected; hence there is substantial doubt about the Company’s ability to continue as a going concern.

     

    The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
    XML 23 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Debt & Accounts Payables - Schedule of Notes Payable (Details) - USD ($)
    		 3 Months Ended 9 Months Ended 12 Months Ended
    Sep. 30, 2015
    Sep. 30, 2014
    Sep. 30, 2015
    Sep. 30, 2014
    Dec. 31, 2014
    Dec. 31, 2013
    Loan granted     $ 48,422 $ 700    
    Interest accrued $ 114,930 $ 124,524 319,606 466,866    
    Notes payable, Ending 105,833   105,833      
    Notes Payable One [Member]            
    Notes payable, Beginning     $ 226,616 176,616 $ 176,616  
    Loan granted           $ 120,420
    Interest accrued       50,000 56,196
    Notes payable, Ending 226,616   $ 226,616   226,616 176,616
    Notes Payable Two [Member]            
    Notes payable, Beginning     749,397 $ 359,200 359,200  
    Loan granted           319,598
    Interest accrued     287,006     39,602
    Accrued interest and expenses         390,197  
    Monitoring fee accrual     124,175      
    Excess interest and monitoring fee gain     (660,578)      
    Notes payable, Ending $ 500,000   $ 500,000   $ 749,397 $ 359,200
    XML 24 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Consolidated Balance Sheets - USD ($)
    Sep. 30, 2015
    Dec. 31, 2014
    Current Assets    
    Cash $ 1,447 $ 19,026
    Accounts receivable 2,520
    Prepaids $ 15,107 6,248
    Other current assets 7,982 9,481
    Loans receivable 6,000 10,825
    Total current assets 30,536 48,100
    Investments, cost 1,543,950 3,000
    Fixed assets, net 22,916 30,224
    Total assets 1,597,402 81,324
    Current Liabilities    
    Accounts payable and accrued liabilities 162,282 114,191
    Accounts payable and accrued liabilities - related parties 107,912 360,984
    Deferred revenue 500,000 462,015
    Loans payable - related parties 5,500 58,595
    Accrued interest 324,569 657,918
    Loans payable - net of unamortized issue costs and discount of $29,167 and $0, respectively $ 545,851 440,018
    Convertible notes payable - net of unamortized discount of $0 and $87,064, respectively 79,936
    Embedded conversion option derivative liabilities 301,937
    Total current liabilities $ 1,646,114 2,475,594
    Long term liabilities    
    Convertible loan payable - related party - net of unamortized discount of $0 and $268,189, respectively 33,800
    Embedded conversion option derivative liabilities - related party notes 393,510
    Total liabilities $ 1,646,114 2,902,904
    Redeemable Series A, Convertible Preferred Stock: 5,000,000 shares authorized; 0 and 1,983,332 issued and outstanding, respectively. 1,020,000
    Stockholders' Deficit    
    Common stock: 1,000,000,000 shares authorized; $0.001 par value 771,523,183 and 36,271,148 shares issued and outstanding, respectively. $ 771,523 36,271
    Additional paid in capital $ 6,804,705 3,472,904
    Stock payable 82,850
    Accumulated deficit $ (7,624,940) (7,434,650)
    Other comprehensive gain 1,045
    Total stockholders' deficit $ (48,712) (3,841,580)
    Total liabilities, redeemable preferred stock & stockholders' deficit $ 1,597,402 $ 81,324
    XML 25 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Basis of Presentation
    		 9 Months Ended
    Sep. 30, 2015
    Organization, Consolidation and Presentation of Financial Statements [Abstract]  
    Basis of Presentation

    Note 1 - Basis of Presentation

     

    The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and disclosures necessary for a comprehensive presentation of consolidated financial position, results of operations, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair consolidated financial statements presentation.

     

    The unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended December 31, 2014. The interim results for the period ended September 30, 2015 are not necessarily indicative of results for the full fiscal year.
    XML 26 R35.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Equity and Stockholders' Equity (Deficit) (Details Narrative) - USD ($)
    		 9 Months Ended
    May. 19, 2015
    Nov. 13, 2012
    Sep. 30, 2015
    Aug. 03, 2015
    Feb. 16, 2015
    Dec. 31, 2014
    Dec. 24, 2014
    Dec. 19, 2014
    May. 01, 2014
    Nov. 30, 2011
    Preferred stock, shares authorized     5,000,000     5,000,000        
    Preferred stock shares issued     0     1,983,332        
    Preferred stock shares outstanding     0     1,983,332        
    Derivative liabilities         $ 695,447        
    Common stock authority to issue     1,000,000,000     1,000,000,000        
    Adar Bay LLC [Member]                    
    Gain loss on conversion     $ 14,641              
    Note principal amount                 $ 100,000  
    Minimum [Member]                    
    Common stock authority to issue       500,000,000 70,000,000          
    Maximum [Member]                    
    Common stock authority to issue       1,000,000,000 500,000,000          
    Common Stock [Member]                    
    Number of common stock shares exchange for conversion of promissory notes     735,252,035              
    Number of common stock exchange for conversion of promissory notes     $ 3,047,052              
    Accrued interest accrued salaries and commission     1,212,102              
    Derivative liabilities     1,102,928              
    Gain loss on conversion     $ 732,022              
    Convertible Series A Preferred Stock [Member]                    
    Preferred stock, shares authorized                   5,000,000
    Number of voting rights preferred stock   10 votes per share                
    Conversion of Preferred stock into common stock   10                
    Preferred stock shares issued           1,983,332        
    Preferred stock shares outstanding           1,983,332        
    Redeemable Series A - Preferred Stock, Redemption amount           $ 1,020,000        
    Convertible Series A Preferred Stock [Member] | Board of Directors [Member]                    
    Preferred stock redemption and returned shares 1,983,332                  
    Convertible Redeemable Note One [Member]                    
    Note principal amount               $ 50,000    
    Convertible Redeemable Note Two [Member]                    
    Note principal amount             $ 50,000      
    Contra Equity Account [Member]                    
    Note stands cancelled leaving balance in notes payable           $ 0        
    XML 27 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Summary of Significant Accounting Policies - Schedule of Accounts Receivables with Major Customers (Details)
    		 9 Months Ended 12 Months Ended
    Sep. 30, 2015
    Sep. 30, 2014
    Dec. 31, 2014
    Percentage of account receivables from major customers 100.00% 100.00%  
    Accounts Receivable [Member]      
    Percentage of account receivables from major customers 0.00%   100.00%
    Accounts Receivable [Member] | Customer ACI [Member]      
    Percentage of account receivables from major customers 0.00%   100.00%
    XML 28 R36.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Related Party Transactions (Details Narrative) - USD ($)
    		 3 Months Ended 9 Months Ended
    Sep. 30, 2015
    Sep. 30, 2014
    Sep. 30, 2015
    Sep. 30, 2014
    Jul. 02, 2015
    Revenue - Related party clients $ 98,000 $ 98,000  
    Enzo Taddei [Member]          
    Revenue - Related party clients     $ 98,000    
    Nevada Corporation [Member]          
    Consultancy agreement valued         $ 148,000
    XML 29 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Summary of Significant Accounting Policies - Summary of Significant Accounting Policies - Schedule of Equity Securities in Private Companies (Details)
    		 9 Months Ended
    Sep. 30, 2015
    shares
    Common Stock [Member]  
    No. of Shares 18,060,000
    Common Stock [Member] | M1 Lux AG [Member]  
    Company M1 Lux AG
    No. of Shares 2,000,000
    Status Private Company
    Common Stock [Member] | Monkey Rock Group Inc. [Member]  
    Company Monkey Rock Group Inc.
    No. of Shares 1,500,000
    Status Reporting Company – OTC
    Common Stock [Member] | Voz Mobile Cloud Limited [Member]  
    Company Voz Mobile Cloud Limited
    No. of Shares 3,200,000
    Status Private Company
    Common Stock [Member] | Arrow Cars International Inc. [Member]  
    Company Arrow Cars International Inc.
    No. of Shares 3,000,000
    Status Reporting Company – OTC
    Common Stock [Member] | Direct Security Integration Inc. [Member]  
    Company Direct Security Integration Inc.
    No. of Shares 400,000
    Status Private Company
    Common Stock [Member] | Duo World Inc. [Member]  
    Company Duo World Inc.
    No. of Shares 3,460,000
    Status Private Company
    Common Stock [Member] | Primesite Developments Inc [Member]  
    Company Primesite Developments Inc.
    No. of Shares 4,500,000
    Status Private Company
    Preferred Stock [Member]  
    No. of Shares 950,000
    Preferred Stock [Member] | Duo World Inc. [Member]  
    Company Duo World Inc.
    No. of Shares 500,000
    Status Private Company
    Preferred Stock [Member] | Primesite Developments Inc [Member]  
    Company Primesite Developments Inc.
    No. of Shares 450,000
    Status Private Company
    XML 30 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 31 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Nature of Operations
    		 9 Months Ended
    Sep. 30, 2015
    Organization, Consolidation and Presentation of Financial Statements [Abstract]  
    Nature of Operations

    Note 2 - Nature of Operations

     

    Global Equity Partners, Plc. (“GEP”), a private company, was organized under the laws of the Republic of Seychelles on September 2, 2009. Global Equity International Inc. (the “Company” or “GEI”), a reporting company since June 21, 2012, was organized under the laws of the state of Nevada on October 1, 2010.On November 15, 2010, GEP executed a reverse recapitalization with GEI. On August 22, 2014, we formed a Dubai subsidiary of Global Equity Partners Plc. called GE Professionals DMCC. Global Equity Partners Plc. is the parent company of its 100% subsidiary GE Professionals DMCC (Dubai).

     

    Revenue is generated from business consulting services, introduction fees, and equity participation.
    XML 32 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Consolidated Balance Sheets (Parenthetical) - USD ($)
    Sep. 30, 2015
    Dec. 31, 2014
    Unamortization of debt discount, payable $ 29,167 $ 0
    Redeemable Series A - Convertible Preferred Stock, shares authorized 5,000,000 5,000,000
    Redeemable Series A - Convertible Preferred Stock, shares issued 0 1,983,332
    Redeemable Series A - Convertible Preferred Stock, shares outstanding 0 1,983,332
    Common stock, shares authorized 1,000,000,000 1,000,000,000
    Common stock, par value $ 0.001 $ 0.001
    Common stock, shares issued 771,523,183 36,271,148
    Common stock, shares outstanding 771,523,183 36,271,148
    Convertible Loans Payable Short Term [Member]    
    Unamortization of debt discount, payable $ 0 $ 87,064
    Related Parties Convertible Loans Payable Long Term [Member]    
    Unamortization of debt discount, payable $ 0 $ 268,189
    XML 33 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Debt & Accounts Payables (Tables)
    		 9 Months Ended
    Sep. 30, 2015
    Schedule of Accounts Payable and Accrued Liabilities

    The following table represents breakdown of accounts payable as of September 30, 2015 and December 31, 2014, respectively:

     

          9/30/2015       12/31/2014  
    Accrued salaries and benefits   $ 40,045     $ 13,658  
    Other payables & accrued liabilities     122,237       100,533  
        $ 162,282     $ 114,191  
    Schedule of Accounts Payable and Accrued Liabilities to Related Parties

    The following table represents the accounts payable to related parties as of September 30, 2015 and December 31, 2014, respectively:

     

          9/30/2015       12/31/2014  
    Salaries   $ 91,180     $ 353,913  
    Expenses     16,732       7,071  
        $ 107,912     $ 360,984  
    Schedule of Loans Payable Activity

    The Company received loans from two of its officers and directors. The loans are non-interest bearing, unsecured and due on demand. The following table represents the loans payable activity as of September 30, 2015:

     

    Loans payable – related party – December 31, 2014   $ 58,595  
    Proceeds from loans     48,422  
    Repayments     -  
    Converted to common stock     (101,517 )
    Loans payable – related party – September 30, 2015   $ 5,500  
    Schedule of Non-Convertible Loan

     

    Principal loan amount   $ 135,000  
    Original issue discount     (30,000 )
    Issuance costs     (5,000 )
    Amortization of OID and issuance costs in 2015     5,833  
             
    Balance at September 30, 2015   $ 105,833  
    (Net of unamortized discount and issue costs of $29,167)        
    Summary of Non-Convertible Notes Net of Discount and Accrued Interest

    A summary of all non-convertible notes, net of debt discount, including the accrued interest as depicted in Note 5 e) at September 30, 2015.

     

          Principal                  
    Notes     (net of debt discount)       Interest       Total payable  
    October 9, 2013   $ 120,420     $ 106,196     $ 226,616  
    October 17, 2013     319,598       180,402       500,000  
    November 26, 2013     -       37,971       37,971  
    August 27, 2015     105,833       -       105,833  
                             
        $ 545,851     $ 324,569     $ 870,420  
    Notes Payable Loan One [Member]  
    Schedule of Notes Payable

     

    Loan granted in 2013   $ 120,420  
    Interest accrued in 2013     56,196  
    Balance at December 31, 2013   $ 176,616  
             
    Interest accrued in 2014     50,000  
    Balance at December 31, 2014   $ 226,616  
             
    Interest accrued in 2015     -  
    Balance at September 30, 2015   $ 226,616  
    Notes Payable Bridge Loan [Member]  
    Schedule of Notes Payable

     

    Loan granted in 2013   $ 319,598  
    Interest accrued in 2013     39,602  
    Balance at December 31, 2013   $ 359,200  
             
    Interest accrued in 2014     390,197  
    Balance at December 31, 2014   $ 749,397  
             
    Monitoring fee accrual     124,175  
    Interest accrued in 2015     287,006  
    Excess interest and monitoring fee gain     (660,578 )
    Balance at September 30, 2015   $ 500,000  
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    Document and Entity Information - shares
    		 9 Months Ended
    Sep. 30, 2015
    Nov. 04, 2015
    Document And Entity Information    
    Entity Registrant Name GLOBAL EQUITY INTERNATIONAL INC  
    Entity Central Index Key 0001533106  
    Document Type 10-Q  
    Document Period End Date Sep. 30, 2015  
    Amendment Flag false  
    Current Fiscal Year End Date --12-31  
    Entity Filer Category Smaller Reporting Company  
    Entity Common Stock, Shares Outstanding   772,523,183
    Trading Symbol GEQU  
    Document Fiscal Period Focus Q3  
    Document Fiscal Year Focus 2015  
    XML 36 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Nature of Operations (Details Narrative)
    Sep. 30, 2015
    Aug. 22, 2014
    Global Equity Partners Plc [Member]    
    Percentage of ownership in subsidiary company 100.00% 100.00%
    XML 37 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Consolidated Statement of Operations (Unaudited) - USD ($)
    		 3 Months Ended 9 Months Ended
    Sep. 30, 2015
    Sep. 30, 2014
    Sep. 30, 2015
    Sep. 30, 2014
    Income Statement [Abstract]        
    Revenue - Clients $ 1,032,465 $ 184,000 $ 2,187,965 $ 345,000
    Revenue - Related party clients 98,000 98,000
    Total revenue 1,130,465 $ 184,000 2,285,965 $ 345,000
    General and administrative expenses 61,963 130,263 198,405 237,162
    Salaries 278,123 251,657 770,719 639,374
    Professional services 101,656 111,215 307,114 211,648
    Depreciation 2,835 653 8,416 1,630
    Total operating expenses 444,577 493,788 1,284,654 1,089,814
    Net income / (loss) from operations 685,888 (309,788) 1,001,311 (744,814)
    Other income (expense):        
    Interest expense (114,930) $ (124,524) (319,606) $ (466,866)
    Finance Charges (12,396) (124,175)
    Amortization of debt discount (139,367) $ (76,604) (355,253) $ (141,989)
    Loss on derivative liability (139,237) $ 61,003 (459,095) $ (165,020)
    Loss on conversion of notes (793,809) (732,022)
    Gain on settlement of debt 660,578 660,578 $ 16,560
    Gain on debt extinguishment 94,043 146,358
    Bad debt expense (7,345) (7,345)
    Exchange rate loss (700) $ (323) (1,040) $ (476)
    Total other income (expense) (453,163) (140,448) (1,191,600) (757,791)
    Net income (loss) $ 232,725 $ (450,236) $ (190,289) $ (1,502,605)
    Weighted average number of common shares outstanding - basic & dilutive 551,531,231 32,474,668 238,222,071 31,526,843
    Net income (loss) per common share - basic & dilutive $ 0.0004 $ (0.01) $ (0.001) $ (0.05)
    XML 38 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Related Party Transactions
    		 9 Months Ended
    Sep. 30, 2015
    Related Party Transactions [Abstract]  
    Related Party Transactions

    Note 7 – Related Party Transactions.

     

    On July 1, 2015, the Company entered into a consultancy agreement valued at $148,000 with a Nevada Corporation that is majority owned by Mr Peter Smith and Mr. Enzo Taddei. At September 30, 2015 we had received a total of $98,000 and this income was recognized as revenue.
    XML 39 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Equity and Stockholders' Equity (Deficit)
    		 9 Months Ended
    Sep. 30, 2015
    Equity [Abstract]  
    Equity and Stockholders' Equity (Deficit)

    Note 6 - Equity and Stockholders’ Equity (Deficit)

     

    (A) Redeemable Preferred Stock

     

    On November 30, 2011, the Company authorized and designated 5,000,000 Series “A” convertible preferred shares. On November 13, 2012, the Company’s board of directors approved an amendment to the Certificate of Designation; to amend the voting rights and conversion rights of the Company’s Series “A” preferred shares as follows:

     

      ● Voting Rights: 10 votes per share (votes along with common stock);
         
      ● Conversion Rights: Each share of Series “A” Preferred is convertible into ten (10) shares of common stock 1 day after the second anniversary of issuance;
         
      ● Dividend Rights: None;
         
      ● Liquidation Rights: None

     

    Under Regulation S-X, Rule 5-02-28, preferred stock must be classified outside of stockholders’ equity when the stock is:

     

      ● Redeemable at a fixed or determinable price on a fixed or determinable date,
         
      ● Redeemable at the option of the holder, or
         
      ● Redeemable based on conditions outside the control of the issuer.

     

    The Series “A”, convertible preferred stock was redeemable on December 1, 2014 and it was presented on the balance sheets as “Redeemable Preferred Stock” in a manner consistent with temporary equity as at December 31, 2014. There were no other features associated with this class of redeemable preferred stock, which require disclosure. As at December 31, 2014, there were 1,983,332 series “A” preferred shares issued and outstanding. The carrying amount and redemption amount was $1,020,000 as at December 31, 2014.

     

    On May 19, 2015, the board of directors agreed to the non-redemption and returned the 1,983,332 series “A” preferred shares of the Company to Treasury. Since the preferred shares were vested upon issuance in prior years, the cancellation of these shares was considered a contribution back to the company at zero cost with no gain or loss recognized.

     

    (B) Common Stock

     

    During the nine months ended September 30, 2015, the Company issued 735,252,035 common shares valued at their fair value of $3,047,052 in exchange for conversion of promissory notes, accrued interest, accrued salaries and commission of $1,212,102 and related derivative liabilities of $1,102,928, thereby recognizing a net loss on conversion of $732,022.

     

    Effective February 16, 2015, the Company amended its Articles of Incorporation (Article 3) to increase the number of shares of common stock which the Company has the authority to issue from 70,000,000 to 500,000,000.

     

    Effective August 3, 2015, the Company again amended its Articles of Incorporation (Article 3) to increase the number of shares of common stock available to issue from 500,000,000 to 1,000,000,000.

     

    (C) Notes Receivable Common

     

    On May 1, 2014, the Company entered into two Securities Purchase Agreements, one with Adar Bay LLC and the other with LG Capital Inc., each providing for the purchase of a Convertible Redeemable Note. The aggregate principal amount of each note was $100,000. The first note from each of the funders (“Buyers”) being in the amount of $50,000 each and the second (the “Second Note”) shall initially be paid for by the issuance of an offsetting $50,000 secured note issued to the Company by the Buyer (“Buyer Note”), provided that prior to conversion of the Second Note, the Buyer must have paid off the Buyer Note in cash such that the Second Note may not be converted until it has been paid for in cash. The amount due under second note is classified as Contra Equity account and presented under the statement of stockholders’ deficit. On December 19, 2014 and December 24, 2014, respectively, the note holders unilaterally decided not to fund these second notes and hence the Second Note, along with the Buyers Note stands cancelled leaving $0 balance in notes payable and in the Contra Equity Account as at December 31, 2014.
    XML 40 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Summary of Significant Accounting Policies - Schedule of Revenues from Major Customers (Details)
    		 9 Months Ended
    Sep. 30, 2015
    Sep. 30, 2014
    Percentage of revenue from major customers 100.00% 100.00%
    Customer STV [Member]    
    Percentage of revenue from major customers 0.00% 7.25%
    Customer PCI [Member]    
    Percentage of revenue from major customers 0.00% 8.70%
    Customer YMD [Member]    
    Percentage of revenue from major customers 0.00% 7.25%
    Customer IOA [Member]    
    Percentage of revenue from major customers 0.00% 7.25%
    Customer DSI [Member]    
    Percentage of revenue from major customers 0.00% 24.35%
    Customer SAC [Member]    
    Percentage of revenue from major customers 2.62% 16.23%
    Customer MHB [Member]    
    Percentage of revenue from major customers 1.31% 28.99%
    Customer TAM [Member]    
    Percentage of revenue from major customers 2.62% 0.00%
    Customer EER [Member]    
    Percentage of revenue from major customers 1.31% 0.00%
    Customer MGP [Member]    
    Percentage of revenue from major customers 2.62% 0.00%
    Customer UNI [Member]    
    Percentage of revenue from major customers 8.84% 0.00%
    Customer DUO [Member]    
    Percentage of revenue from major customers 43.11% 0.00%
    Customer PDI [Member]    
    Percentage of revenue from major customers 33.27% 0.00%
    Customer ALP [Member]    
    Percentage of revenue from major customers 4.29% 0.00%
    XML 41 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Going Concern (Details Narrative) - USD ($)
    		 3 Months Ended 9 Months Ended
    Sep. 30, 2015
    Sep. 30, 2014
    Sep. 30, 2015
    Sep. 30, 2014
    Dec. 31, 2014
    Going Concern          
    Net income (loss) $ 232,725 $ (450,236) $ (190,289) $ (1,502,605)  
    Net cash used in operating activities     (120,366) $ (165,103)  
    Working capital deficit 1,615,578   1,615,578    
    Stockholders' deficit $ 48,712   $ 48,712   $ 3,841,580
    XML 42 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Summary of Significant Accounting Policies (Policies)
    		 9 Months Ended
    Sep. 30, 2015
    Accounting Policies [Abstract]  
    Principles of Consolidation

    Principles of Consolidation

     

    Global Equity International Inc. is the parent company of its 100% subsidiary Global Equity Partners Plc and Global Equity Partners Plc. is the parent company of its 100% subsidiary, GE Professionals DMCC (Dubai). All significant inter-company accounts and transactions have been eliminated in consolidation.
    Use of Estimates

    Use of Estimates

     

    The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.

     

    Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non confirming events. Accordingly, the actual results could differ from those estimates. Significant estimates in the accompanying financial statements include allowance for doubtful accounts and loans, estimates of fair value of securities received for services, estimates of fair value of securities held, depreciation of fixed assets, derivative valuations and valuations for non-cash equity grants.
    Risks and Uncertainties

    Risks and Uncertainties

     

    The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. The risk of social and governmental factors is also a concern since the Company is headquartered in Dubai.
    Cash

    Cash

     

    The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At September 30, 2015 and at December 31, 2014, respectively; the Company had no cash equivalents.
    Accounts Receivable and Allowance for Doubtful Accounts

    Accounts Receivable and Allowance for Doubtful Accounts

     

    The Company recognizes accounts receivable in connection with the services provided. The Company recognizes an allowance for doubtful accounts based on an analysis of current receivables aging and expected future write-offs, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible.
    Foreign Currency Policy

    Foreign currency policy

     

    The Company’s accounting policies related to the consolidation and accounting for foreign operations are as follows: The accompanying consolidated financial statements are presented in U.S. dollars. The functional currency of the Company’s Dubai subsidiary is the Arab Emirates Dirham (AED).All foreign currency balances and transactions are translated into United States dollars “$” and/or “USD” as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of our stockholders’ equity (deficit) as “Accumulated other comprehensive income (loss).“Since the AED is tagged to the U.S. dollar, translation gains and losses are always de minimis, therefore a statement of comprehensive income (loss) is not presented. Gains and losses resulting from foreign currency transactions are included in the statement of operations.

     

    For the three and nine months ended September 30, 2015 and for the year ended December 31, 2014, our functional and operational currency was the U.S. Dollar.
    Investments

    Investments

     

    (A) Classification of Securities

     

    Marketable Securities

     

    At the time of the acquisition, a marketable security is designated as held-to-maturity, available-for-sale or trading, which depends on the ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-maturity are reported at amortized cost.

     

    Any unrealized gains and losses are reported as a component of other comprehensive income (loss). Realized gains (losses) are computed on a specific identification basis and are reflected in the statement of operations.

     

    Cost Method Investments

     

    Securities that are not classified as marketable securities are accounted for under the cost method. These securities are recorded at their original cost basis and are subject to impairment testing.

     

    At June 30, 2013, the Company had investments in securities of two different companies, having a cost of $163,000 that was treated as a cost method investment. The value of the cost method investment pertains to the receipt of 9.2% of the common stock in a private company in which the best evidence of value was the services rendered and a further 9.86% of the common stock in another private company in which the best evidence of value was the services rendered.

     

    At June 30, 2013, there were identifiable events or changes in circumstances that had a significant adverse effect on the value of one of the investments; hence, the Company impaired $160,000 of the investments.

     

    At June 30, 2013, the Company received 2,000,000 shares from a private company and client having a cost of $2,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 8.55% of the common stock in a private company in which the best evidence of value was the services rendered.

     

    At December 31, 2014, there were identifiable events or changes in circumstances that had a significant adverse effect on the value of one of the investments; hence, the Company impaired $2,000 of the investments.

     

    On April 28, 2015, the Company received 3,460,000 common shares from a private company and client having a fair market value of $865,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 9.09% of the common stock in a private company in which the best evidence of value was the last available price at which shares were sold in a private placement. On April 28, 2015, the Company received 500,000 preferred shares from the same private company and client having a fair market value of $500 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 10% of the preferred stock in this private company in which the best evidence of value was the services rendered.

     

    On September 24, 2015, the Company received 4,500,000 common shares from a private company and client having a fair market value of $675,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 5% of the common stock in a private company in which the best evidence of value was based on the net asset value of the private company. On September 24, 2015, the Company also received 450,000 preferred shares from the same private company and client having a fair market value of $450 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of the preferred stock (10% of 4,500,000 common shares received) in this private company in which the best evidence of value was the services rendered.

     

    (B) Other than Temporary Impairment

     

    The Company reviews its equity investment portfolio for any unrealized losses that would be deemed other than temporary and require the recognition of an impairment loss in income. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company’s intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. The Company did not record any permanent impairment during the nine months ended September 30, 2015 and 2014.
    Fixed Assets

    Fixed Assets

     

    Fixed assets are to be stated at cost of acquisition less accumulated depreciation. Depreciation is provided based on estimated useful lives of the assets. Cost of improvements that substantially extend the useful lives of assets can be capitalized. Repairs and maintenance expenses are to be charged to expense when incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statements.

     

          09/30/2015       12/31/2014     Useful Life
    Furniture and Equipment   $ 37,203     $ 36,095     3 to 5 years
    Accumulated depreciation   $ (14,287 )   $ (5,871 )    
    Net fixed assets   $ 22,916     $ 30,224      

     

    Depreciation expense for the nine months ended September 30, 2015 and September 30, 2014, was $8,416and $1,630, respectively.
    Beneficial Conversion Feature

    Beneficial Conversion Feature

     

    For conventional convertible debt where the rate of conversion is below market value, the Company records any “beneficial conversion feature” (“BCF”) intrinsic value as additional paid in capital and related debt discount.

     

    When the Company records a BCF, the relative fair value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument. The discount is amortized to interest expense over the life of the debt.
    Debt Issue Costs and Debt Discount

    Debt issue costs and debt discount

     

    The Company may pay debt issue costs, and record financing costs and debt discounts in connection with raising funds through the issuance of debt whether convertible or not. These costs are amortized over the life of the debt to interest expense. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
    Original Issue Discount

    Original issue discount

     

    For certain debt issued whether convertible or not, the Company provides the debt holder with an original issue discount. The original issue discount is recorded to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt.
    Valuation of Derivative Instruments

    Valuation of Derivative Instruments

     

    ASC 815 “Derivatives and Hedging” requires that embedded derivative instruments be bifurcated and assessed, along with free-standing derivative instruments such as warrants, on their issuance date and measured at their fair value for accounting purposes. In determining the appropriate fair value, the Company uses the Black-Scholes option pricing formula. At September 30, 2015, the Company had no derivative liability balance.
    Revenue Recognition

    Revenue Recognition

     

    We recognize revenue from the services we provide in accordance with ASC Topic 605, Revenue Recognition. ASC Topic 605 sets forth guidance as to when revenue is realized or realizable and earned, which is generally when all of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been performed; (3) the seller’s price to the buyer is fixed or determinable; and (4) collectability is reasonably assured. Generally, the contract terms for these services are relatively short in duration.

     

    We receive consideration in the form of cash and/or securities.

     

    We recognize cash consideration as revenues as the services are performed either on a pro rata basis or on a stage of completion basis.

     

    Securities received as consideration are typically earned at a point in time when the specified event occurs and the securities are issued to us. Therefore, we measure and recognize these securities received at fair value on the date of receipt.

     

    All revenues are generated from clients whose operations are based outside of the United States.

     

    At September 30, 2015 and December 31, 2014, the Company had the following concentrations of accounts receivables with customers:

     

    Customer   September 30, 2015     December 31, 2014  
                     
    ACI     0 %     100 %

     

    For the nine months ended September 30, 2015 and 2014, the Company had the following concentrations of revenues with customers:

     

    Customer   September 30, 2015     September 30, 2014  
                 
    STV     0 %     7.25 %
    PCI     0 %     8.70 %
    YMD     0 %     7.25 %
    IOA     0 %     7.25 %
    DSI     0 %     24.35 %
    SAC     2.62 %     16.23 %
    MHB     1.31 %     28.99 %
    TAM     2.62 %     0 %
    EER     1.31 %     0 %
    MGP     2.62 %     0 %
    UNI     8.84 %     0 %
    DUO     43.11 %     0 %
    PDI     33.27 %     0 %
    ALP     4.29 %     0 %
          100 %     100 %

     

    During the nine months ended September 30, 2015, the Company received $1,540,950 in equity securities in two private companies in exchange for services performed. The valuation of one company was based on 3,460,000 common shares valued at $0.25 per share, based on a contemporaneous private placement of the customer’s shares and 500,000 preferred shares of the same company valued at $0.001 per share. The valuation of other company was based on 4,500,000 common shares valued at $0.15 per share, based on net asset value of the company and 450,000 preferred shares of the same company valued at $0.001 per share.

     

    The Company currently holds the following common equity securities in private and also reporting companies:

     

    Company   No. of Shares     Status
    M1 Lux AG     2,000,000     Private Company
    Monkey Rock Group Inc.     1,500,000     Reporting Company – OTC
    Voz Mobile Cloud Limited     3,200,000     Private Company
    Arrow Cars International Inc.     3,000,000     Reporting Company – OTC
    Direct Security Integration Inc.     400,000     Private Company
    Duo World Inc.     3,460,000     Private Company
    Primesite Developments Inc.     4,500,000     Private Company
          18,060,000      

     

    The Company currently holds the following preferred equity securities:

     

    Company   No. of Shares     Status
    Duo World Inc.     500,000     Private Company
    Primesite Developments Inc.     450,000     Private Company
          950,000      
    Deferred Revenue

    Deferred Revenue

     

    Deferred revenue represents fees that have been received by the Company for requested services that have not been completed. During the nine months ending on September 30, 2015, the Company further recognized $783,000 as deferred revenue, making total deferred revenue balance of $1,245,015.As at September 30, 2015, the Company recognized $745,015 of deferred revenue as revenue, leaving the deferred revenue balance of $500,000 (which includes $250,000 of deferred revenue received during the years ended 2013 and 2014.)
    Share-based Payments

    Share-based payments

     

    The Company recognizes all forms of share-based payments to employees, including stock option grants, warrants and restricted stock grants at their fair value on the grant date, which is based on the estimated number of awards that are ultimately expected to vest.

     

    Share based payments, excluding restricted stock, are valued using a Black-Scholes pricing model. Share based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable as of the measurement date. Amounts received prior to the measurement date are adjusted to fair value at each reporting period until a measurement date is achieved. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.

     

    When computing fair value, the Company considered the following variables:

     

      ● The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the share based payment in effect at the time of the grant.
         
      ● The expected term is developed by management estimate.
         
      ● The Company has not paid any dividends on common stock since inception and does not anticipate paying dividends on its common stock in the near future.
         
      ● The expected volatility is based on management estimates which are based upon our historical volatility.
         
      ● The forfeiture rate is based on historical experience.
    Earnings Per Share

    Earnings per Share

     

    Basic earnings (loss) per share are computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period.
    Fair Value of Financial Assets and Liabilities

    Fair Value of Financial Assets and Liabilities

     

    The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability.

     

    The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:

     

      ● Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
         
      ● Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
         
      ● Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

     

    The carrying amounts reported in the balance sheet for prepaid expenses, accounts receivable, accounts payable, accounts payable to related parties and loans payable to related parties, approximate fair value are based on the short-term nature of these instruments.

     

    The Company has assets and liabilities measured at fair market value on a recurring basis. Consequently, the Company had gains and losses reported in the statement of operations.

     

    The following is the Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis at September 30, 2015 and December 31, 2014, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

     

        September 30, 2015     December 31, 2014  
                 
    Level 1 – Cash   $ 1,447     $ 19,026  
    Level 3 – Non-Marketable Securities     1,543,950       3,000  
    Level 3 – Derivative liabilities     -       (695,447 )

     

    The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value:

     

    Marketable Securities — The Level 2 position consists of the Company’s investment in equity securities of stock held in publically traded companies. The valuation of these securities is based on significant inputs that are observable or can be derived from or corroborated by observable market data. These valuations are typically based on quoted prices in active markets. The Company´s investments in equity securities are in relatively inactive markets.

     

    Non-Marketable Securities at Fair Value on a Nonrecurring Basis — Certain assets are measured at fair value on a nonrecurring basis. The level 3 position consist of investments accounted for under the cost method. The Level 3 position consists of investments in equity securities held in private companies.

     

    Management believes that an “other-than-temporary impairment” would be justified, as according to ASC 320-10 an investment is considered impaired when the fair value of an investment is less than its amortized cost basis. The impairment is considered either temporary or other-than-temporary. The accounting literature does not define other-than-temporary. It does, however, state that other-than-temporary does not mean permanent; although, all permanent impairments are considered other-than-temporary. The literature does provide some examples of factors which may be indicative of an “other-than-temporary impairment”, such as:

     

      ● the length of time and extent to which market value has been less than cost;
         
      ● the financial condition and near-term prospects of the issuer; and
         
      ● the intent and ability of the holder to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value.

     

    Management believes that the fair value of its investment has been correctly measured, as the length of time that the stock has been less than cost is nominal.

     

    Changes in Level 3 assets measured at fair value for the nine months ended September 30, 2015 and the year ended December 31, 2014, were as follows:

     

    Balance, December 31, 2014   $ 3,000  
    Realized and unrealized gains (losses)     -  
    Purchases, sales and settlements     1,540,950  
    Impairment loss     -  
    Balance, September 30, 2015   $ 1,543,950  

     

    Derivative liabilities — These instruments result from certain of our notes which are convertible based on a discount to the market value of our common stock. These instruments were valued using pricing models which incorporate the Company’s stock price, volatility, U.S. risk free rate, dividend rate and estimated life.

     

    The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (derivative liabilities) for the nine months ended September 30, 2015.

     

    Balance, December 31, 2014   $ 695,447  
    Initial derivatives recorded from 1/1/15 to 9/30/15     -  
    Changes in fair value from 1/1/15 to 9/30/15     459,095  
    Reduction of derivative from debt conversions or paybacks     (1,154,542 )
    Reclassifications to/from APIC for the change in status     -  
    Balance, September 30, 2015   $ -  
    Loans Receivable

    Loans Receivable

     

    On March 22, 2013, the Company granted a loan to a third party, Dreamscapes Properties International Inc. The principal amount loaned was $6,000, the agreed interest rate was 5% per annum and the loan would have to be repaid no later than one year from the date that the loan was granted. This loan is currently in default. The Company has spoken to Dreamscapes Properties International Inc. about a payment plan over the next 3 months and has received a positive response.

     

    In October 2014, the Company granted a loan to another third party. The principal amount loaned was $4,825.It was agreed that no interest would be paid and that the loan would have to be repaid no later than one year from the date that the loan was granted. During the nine months ended September 30, 2015, the company wrote off $4,825 as it was deemed uncollectible.
    Recent Accounting Pronouncements

    Recent Accounting Pronouncements

     

    There are no new accounting pronouncements that have any impact on the Company’s financial statements other than discussed below:

     

    In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03,“Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. Under this guidance such costs would be presented as a direct deduction from the related debt liability rather than as an asset. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its Consolidated Balance Sheet.
    XML 43 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Commitments and Contingencies
    		 9 Months Ended
    Sep. 30, 2015
    Commitments and Contingencies Disclosure [Abstract]  
    Commitments and Contingencies

    Note 8 – Commitments and contingencies

     

    On October 9, 2013, the Company secured a two month loan for GBP 75,000 (equivalent to $120,420) and issued 10,000 restricted shares of common stock to the lender. On December 7, 2013, the company agreed to pay an extra 35,000 GBP (equivalent to $56,196) in lieu of interest. As the principal and interest was not paid back to the lender on time, the Company compensated the lender with an additional 20,000 restricted shares of common stock in consideration for a for a five month extension on the loan. This stock compensation was issued to the lender also on December 12, 2013. The Company is currently in litigation, in the courts of Dubai, regarding the Able Foundation loan. The plaintiff, Able Foundation, is requesting a settlement of $300,000 which is the $226,616 currently owed plus an additional $73,384 of damages (see Note 5(e)). On, June 1, 2015, the Company (the defendant) retained the legal services of a Dubai based law firm called Alsafar & Partners. These legal proceeding are currently ongoing. The Company intends to vigorously defend the litigation. At this time, the Company cannot predict the outcome of the litigation.

     

    On October 28, 2013, the Company entered into a lease agreement for its head office at Dubai for a period of two years amounting to a rental of $31,850 per annum. On October 7, 2015, the Company renewed its lease agreement for its head office at Dubai for a further period of two years amounting to a rental of $31,850 per annum for the first year (from November 2015 until October 2016) and $35,035 for the second year (from November 2016 until October 2017). This agreement is renewable for a further period of one year at 5% higher than the current rent.
    XML 44 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Subsequent Events
    		 9 Months Ended
    Sep. 30, 2015
    Subsequent Events [Abstract]  
    Subsequent Events

    Note 9 – Subsequent events

     

    On October 7, 2015, the Company renewed its lease agreement for its head office at Dubai for a further period of two years amounting to a rental of $31,850 per annum for the first year and $35,035 for the second year. This agreement will expire on October 30, 2017 and will be renewable for a further period of one year at 5% higher than the current rent.

     

    On October 7, 2015, the Company employed and appointed Mr. Charles Taylor as Chairman of the Board of Directors under a renewable employment agreement (initially) for a period of six months. On October 16, 2015, the Company issued 1,000,000 shares of restricted common stock valued at a fair value of $0.0419 per share based on the quoted trade price on the day of issuance or $41,900 to Mr. Charles Taylor upon conversion of agreed salary compensation of $40,000 into equity.
    XML 45 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Summary of Significant Accounting Policies (Tables)
    		 9 Months Ended
    Sep. 30, 2015
    Accounting Policies [Abstract]  
    Summary of Fixed Assets

     

          09/30/2015       12/31/2014     Useful Life
    Furniture and Equipment   $ 37,203     $ 36,095     3 to 5 years
    Accumulated depreciation   $ (14,287 )   $ (5,871 )    
    Net fixed assets   $ 22,916     $ 30,224      
    Schedule of Accounts Receivables with Major Customers

    At September 30, 2015 and December 31, 2014, the Company had the following concentrations of accounts receivables with customers:

     

    Customer   September 30, 2015     December 31, 2014  
                     
    ACI     0 %     100 %
    Schedule of Revenues from Major Customers

    For the nine months ended September 30, 2015 and 2014, the Company had the following concentrations of revenues with customers:

     

    Customer   September 30, 2015     September 30, 2014  
                 
    STV     0 %     7.25 %
    PCI     0 %     8.70 %
    YMD     0 %     7.25 %
    IOA     0 %     7.25 %
    DSI     0 %     24.35 %
    SAC     2.62 %     16.23 %
    MHB     1.31 %     28.99 %
    TAM     2.62 %     0 %
    EER     1.31 %     0 %
    MGP     2.62 %     0 %
    UNI     8.84 %     0 %
    DUO     43.11 %     0 %
    PDI     33.27 %     0 %
    ALP     4.29 %     0 %
          100 %     100 %
    Schedule of Equity Securities in Private Companies

    The Company currently holds the following common equity securities in private and also reporting companies:

     

    Company   No. of Shares     Status
    M1 Lux AG     2,000,000     Private Company
    Monkey Rock Group Inc.     1,500,000     Reporting Company – OTC
    Voz Mobile Cloud Limited     3,200,000     Private Company
    Arrow Cars International Inc.     3,000,000     Reporting Company – OTC
    Direct Security Integration Inc.     400,000     Private Company
    Duo World Inc.     3,460,000     Private Company
    Primesite Developments Inc.     4,500,000     Private Company
          18,060,000      

     

    The Company currently holds the following preferred equity securities:

     

    Company   No. of Shares     Status
    Duo World Inc.     500,000     Private Company
    Primesite Developments Inc.     450,000     Private Company
          950,000      
    Schedule of Fair Value of Assets Measured on Recurring and Non-Recurring Basis

     

        September 30, 2015     December 31, 2014  
                 
    Level 1 – Cash   $ 1,447     $ 19,026  
    Level 3 – Non-Marketable Securities     1,543,950       3,000  
    Level 3 – Derivative liabilities     -       (695,447 )
    Schedule of Changes in Level 3 Assets Measured at Fair Value

    Changes in Level 3 assets measured at fair value for the nine months ended September 30, 2015 and the year ended December 31, 2014, were as follows:

     

    Balance, December 31, 2014   $ 3,000  
    Realized and unrealized gains (losses)     -  
    Purchases, sales and settlements     1,540,950  
    Impairment loss     -  
    Balance, September 30, 2015   $ 1,543,950  
    Summary of Changes in Fair Value of Company's Level 3 Financial Liabilities (Derivative Liabilities)

    The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (derivative liabilities) for the nine months ended September 30, 2015.

     

    Balance, December 31, 2014   $ 695,447  
    Initial derivatives recorded from 1/1/15 to 9/30/15     -  
    Changes in fair value from 1/1/15 to 9/30/15     459,095  
    Reduction of derivative from debt conversions or paybacks     (1,154,542 )
    Reclassifications to/from APIC for the change in status     -  
    Balance, September 30, 2015   $ -  
    XML 46 R34.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Debt & Accounts Payables - Summary of Non-Convertible Notes Net of Discount and Accrued Interest (Details) - USD ($)
    Sep. 30, 2015
    Dec. 31, 2014
    Principal (net of debt discount) $ 545,851  
    Interest 324,569 $ 657,918
    Total payable 870,420  
    Non-convertible Notes October 9, 2013 [Member]    
    Principal (net of debt discount) 120,420  
    Interest 106,196  
    Total payable 226,616  
    Non-convertible Notes October 17, 2013 [Member]    
    Principal (net of debt discount) 319,598  
    Interest 180,402  
    Total payable $ 500,000  
    Non-convertible Notes November 26, 2013 [Member]    
    Principal (net of debt discount)  
    Interest $ 37,971  
    Total payable 37,971  
    Non-convertible Notes August 27, 2015 [Member]    
    Principal (net of debt discount) $ 105,833  
    Interest  
    Total payable $ 105,833  
    XML 47 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Summary of Significant Accounting Policies - Summary of Fixed Assets (Details) - USD ($)
    		 9 Months Ended
    Sep. 30, 2015
    Dec. 31, 2014
    Furniture and equipment $ 37,203 $ 36,095
    Accumulated depreciation (14,287) (5,871)
    Net fixed assets $ 22,916 $ 30,224
    Furniture and Equipment [Member] | Minimum [Member]    
    Estimated useful life 3 years  
    Furniture and Equipment [Member] | Maximum [Member]    
    Estimated useful life 5 years  
    XML 48 R26.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Summary of Significant Accounting Policies - Schedule of Changes in Level 3 Assets Measured at Fair Value (Details)
    		 9 Months Ended
    Sep. 30, 2015
    USD ($)
    Accounting Policies [Abstract]  
    Balance, beginning $ 3,000
    Realized and unrealized gains (losses)
    Purchases, sales and settlements $ 1,540,950
    Impairment loss
    Balance, ending $ 1,543,950
    XML 49 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Consolidated Statement of Cash Flows (Unaudited) - USD ($)
    		 9 Months Ended
    Sep. 30, 2015
    Sep. 30, 2014
    Cash flows from operating activities    
    Net loss $ (190,289) $ (1,502,605)
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
    Depreciation 8,416 1,630
    Common stock issued for services rendered $ 42,202 186,275
    Common stock issued for interest $ 65,785
    Securities received as payment for services $ (1,540,950)
    Loss on conversion of notes 732,022
    Loss on derivate liability - Notes payable 459,095 $ 165,020
    Gain on settlement of debt (660,578) $ (16,560)
    Gain on debt extinguishment (146,358)
    Amortization of debt discount 355,253 $ 141,989
    Bad debts 7,345
    Finance Charges 124,175
    Changes in operating assets and liabilities:    
    Prepaids (8,859) $ 12,502
    Accrued interest 319,683 401,081
    Accounts payable and accrued liabilities 193,987 49,598
    Accounts payable - related parties 145,005 117,182
    Deferred revenue 37,985 $ 213,000
    Other current assets 1,500
    Net cash used in operating activities: (120,366) $ (165,103)
    Cash Flows used in investing activities:    
    Office furniture and equiment, net (1,108) (24,712)
    Net cash used in investing activities (1,108) (24,712)
    Cash flows from financing activities:    
    Proceeds from loans - related parties 48,422 700
    Proceeds from notes payable 100,000 208,000
    Repayment of notes payable (43,482) (50,500)
    Net cash provided by financing activities 104,940 158,200
    Net decrease in cash (16,534) (31,615)
    Effect of Exchange Rates on Cash (1,045) (89)
    Cash at Beginning of Period 19,026 48,856
    Cash at End of Period 1,447 $ 17,152
    Supplemental disclosure of cash flow information:    
    Cash paid for interest $ 10,981
    Cash paid for income taxes
    Supplemental disclosure of non-cash investing and financing activities:    
    Notes payable and interest converted into shares $ 637,820 $ 121,819
    Debt discount and issuance costs recorded on notes payable 35,000 208,000
    Accounts payable and accrued salaries settled in shares $ 574,359 $ 186,275
    XML 50 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
    Debt & Accounts Payables
    		 9 Months Ended
    Sep. 30, 2015
    Debt Disclosure [Abstract]  
    Debt & Accounts Payables

    Note 5 – Debt & Accounts Payables

     

    (A) Accounts payable and accrued liabilities

     

    The following table represents breakdown of accounts payable as of September 30, 2015 and December 31, 2014, respectively:

     

          9/30/2015       12/31/2014  
    Accrued salaries and benefits   $ 40,045     $ 13,658  
    Other payables & accrued liabilities     122,237       100,533  
        $ 162,282     $ 114,191  

     

    On September 9, 2015, one of the employees of the Company decided to convert his accrued salary and bonus balance to the common shares of the Company at $0.01 per share. As a result of this conversion, the Company issued 5,500,000 common shares having a fair value of $0.014 per share or $77,000 to the employee for his accrued salary and bonus of $55,000. The $22,000 loss has been recorded on the income statement as a loss on conversion of notes.

     

    On September 10, 2015, another employee of the Company decided to convert his accrued salary and bonus balance to the common shares of the Company at $0.00735 per share. As a result of this conversion, the Company issued 10,749,000 common shares having a fair value of $0.0127 per share or $136,512 to the employee for his accrued salary and bonus of $79,000. The $57,512 loss has been recorded on the income statement as a loss on conversion of notes.

     

    (B) Accounts payable and accrued liabilities – related parties

     

    The following table represents the accounts payable to related parties as of September 30, 2015 and December 31, 2014, respectively:

     

          9/30/2015       12/31/2014  
    Salaries   $ 91,180     $ 353,913  
    Expenses     16,732       7,071  
        $ 107,912     $ 360,984  

     

    On August 27, 2015, all of the officers and directors of the Company decided to convert their accrued salaries balance amounting to $398,156 to the common shares of the Company at $0.0025 per share which is 50% of the average 20 days closing price prior to the conversion. As a result of this conversion, the Company issued 69,076,922 common shares at $0.0025 per share having a fair value of $0.0064 per share or $442,092 to Mr. Enzo Taddei for his accrued salary balance of $173,901, issued 42,127,492 common shares at $0.0025 per share having a fair value of $0.0064 per share or $269,616 to Mr. Peter Smith for his accrued salary balance of $106,056, and issued 46,951,071 common shares at $0.0025 per share having a fair value of $0.0064 per share or $300,487 to Mr. Patrick Dolan for his accrued salary balance of $118,199. The total aggregate loss amounted to $614,039 and is stated on the income statement under loss on conversion of notes.

     

    (C) Related party – short term loans payable

     

    The Company received loans from two of its officers and directors. The loans are non-interest bearing, unsecured and due on demand. The following table represents the loans payable activity as of September 30, 2015:

     

    Loans payable – related party – December 31, 2014   $ 58,595  
    Proceeds from loans     48,422  
    Repayments     -  
    Converted to common stock     (101,517 )
    Loans payable – related party – September 30, 2015   $ 5,500  

     

    On August 27, 2015, both of the officers and directors of the Company decided to convert their short term loans payable balance amounting to $101,517 to the common shares of the Company at $0.0025 per share which is 50% of the average 20 days closing price prior to the conversion. As a result of this conversion, the Company issued 11,776,756 common shares at $0.0025 per share having a fair value of $0.0064 per share or $75,371 to Mr. Enzo Taddei for his loan payable balance of $29,648 and issued 28,547,822 common shares at $0.0025 per share having a fair value of $0.0064 per share or $182,706 to Mr. Peter Smith for his loan payable balance of $71,869. The total aggregate loss amounted to $156,560 and is stated on the income statement under loss on conversion of notes.

     

    (D) Related party – short term convertible notes

     

    The Company had accrued salary to the officers and directors of the Company based on the terms of the employment agreements entered into with each officer. As at December 31, 2012, $209,475 was due to the Chief Executive Officer and $115,000 was due to the Chief Financial Officer. During the quarter ended March 31, 2013, the Company converted these amounts to Convertible Loans Payable. These amounts had a term of two years from March 31, 2013 and were payable on demand having accrued interest at 10% on the loan period. The agreements also gave an option to the officers of the Company to convert all or part of the debt that the Company maintains with them into restricted shares at $1.20 per share.

     

    On November 15, 2014, the board of directors agreed to modify the conversion terms of the loan and extend the term until December 31, 2015. The new conversion terms are as follows: 50% of the average 10 day closing price prior to the conversion. This modification caused the initial notes to be deemed extinguished. The company has accounted for the corresponding debt discount, derivate liability and gain on extinguishment attached to these notes.

     

    During the nine months ended September 30, 2015, the Company converted the full amount of convertible loans outstanding to its officers and directors into its common stock which makes the outstanding convertible loan payable of $0 as at September 30, 2015.

     

    During the nine months ended September 30, 2015, total interest of $17,297 was accrued and a total of $268,190 debt discount was amortized leaving an unamortized balance of $0. The fair value of derivative liability as on September 30, 2015 is $0, as the debt was fully converted into shares, thereby recognizing a net loss on derivative liability for the nine months ending on September 30, 2015 of $206,765.

     

    (E) Notes payable

     

      ● On October 9, 2013, the Company secured a two month loan for GBP 75,000 (equivalent to $120,420) with the understanding that the Company will issue 10,000 common restricted shares, issued to the lender on December 7, 2013, and also repay 35,000 GBP (equivalent to $56,196) in lieu of interest. As the principal and interest was not paid back to the lender on time, the Company compensated the lender with an additional 20,000 common restricted shares and for this the lender agreed to a five month extension. This stock compensation was issued to the lender also on December 12, 2013. This loan is currently in default. Total accrued interest as at September 30, 2015 is $106,196.

     

    Loan granted in 2013   $ 120,420  
    Interest accrued in 2013     56,196  
    Balance at December 31, 2013   $ 176,616  
             
    Interest accrued in 2014     50,000  
    Balance at December 31, 2014   $ 226,616  
             
    Interest accrued in 2015     -  
    Balance at September 30, 2015   $ 226,616  

     

      ● On October 17, 2013, the Company secured a three month bridge loan for 200,000 GBP (equivalent to $319,598) with the agreement to repay the principle plus 5% per month interest on or before January 18, 2014.The note holder received, as a form of guarantee, 1,600,000 shares of Direct Security Integration Inc. and the note holder is currently trying to sell these shares. The shares used as a form of guarantee formed part of the assets of our Company.
         
      ● On September 18, 2015, the Company and the note holder agreed to amend the previous terms of the agreement and both parties agreed on the new terms whereby the company is now liable to pay $500,000 as full and final payment of the October 17, 2013 loan principal, accrued interest and all other related penalties. This repayment will not accrue any further interest or penalties. As a result, the Company has reversed the excess accrued interest and monitoring fee payable amounting to $660,578 recognized as a gain on settlement; leaving the principal loan balance of $319,598 and accrued interest balance $180,402 of as on September 30, 2015.

     

    Loan granted in 2013   $ 319,598  
    Interest accrued in 2013     39,602  
    Balance at December 31, 2013   $ 359,200  
             
    Interest accrued in 2014     390,197  
    Balance at December 31, 2014   $ 749,397  
             
    Monitoring fee accrual     124,175  
    Interest accrued in 2015     287,006  
    Excess interest and monitoring fee gain     (660,578 )
    Balance at September 30, 2015   $ 500,000  

     

      ● On August 27, 2015, the Company secured a six month non-convertible loan for$135,000 carrying an original issue discount of $30,000. In addition, the company agreed to pay $5,000 to the note holder to cover their legal costs. The interest will not be accrued on the outstanding principal balance unless an event of default occurs. During the nine months ended September 30, 2015, $833 of the debt issuance costs and $5,000 of the debt discount balance was amortized to interest expense, leaving an unamortized issue cost and discount balance of $29,167.

     

    Principal loan amount   $ 135,000  
    Original issue discount     (30,000 )
    Issuance costs     (5,000 )
    Amortization of OID and issuance costs in 2015     5,833  
             
    Balance at September 30, 2015   $ 105,833  
    (Net of unamortized discount and issue costs of $29,167)        

     

    A summary of all non-convertible notes, net of debt discount, including the accrued interest as depicted in Note 5 e) at September 30, 2015.

     

          Principal                  
    Notes     (net of debt discount)       Interest       Total payable  
    October 9, 2013   $ 120,420     $ 106,196     $ 226,616  
    October 17, 2013     319,598       180,402       500,000  
    November 26, 2013     -       37,971       37,971  
    August 27, 2015     105,833       -       105,833  
                             
        $ 545,851     $ 324,569     $ 870,420  

     

    (F) Convertible notes and derivative liability

     

    We have evaluated the terms and conditions of the notes. Because the economic characteristics and risks of the equity linked conversion options are not clearly and closely related to a debt-type host, the conversion features require classification and measurement as derivative financial instruments. The accounting treatment of derivative financial instruments requires that the Company record the initial fair value of the derivative first by allocating the fair value of the embedded derivative as a reduction to the face value of the debt recorded as a contra liability or debt discount to be accreted over the term of the note. On each reporting date, the fair value of the embedded derivative is calculated with changes in value recorded to other income (expense).

     

      ● LG Capital LLC:

     

    On May 1, 2014,the Company issued a $100,000 convertible promissory note (the “LG Note”) to LG Capital Funding, LLC, a New York limited liability company (the “Lender”). The LG Note provided up to an aggregate of $100,000 in gross proceeds. The LG Note matured on May 1, 2015, having accrued interest of 8% and was convertible into shares of common stock any time 180 days after May 1, 2014, at a conversion price equal to 60% of lowest daily VWAP of the Common Stock as reported on the National Quotations Bureau OTCQB which the Company’s shares were traded or any exchange upon which the Common Stock might be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion was received by the Company. Accrued interest was paid back in shares of common stock at the discretion of the Lender pursuant to the conversion terms above. The first LG Note may be prepaid within 180 days with penalty. The note may not be prepaid after the 180th day.

     

    The principal amount of $50,000 under the second note was to be received by the Company no later than January 1, 2015. All principal under this Note was due and payable no later than July 1, 2015. This Full Recourse Note would have accrued simple interest at the rate of 8%. On December 19, 2014 the note holder decided not to lend any further amounts against the second note, so this amount was not received by the company. As such, the second note and corresponding subscription receivable was cancelled during the year ended December 31, 2014.

     

    The fair value of the derivative liability as at September 30, 2015, was nil as this loan was fully converted into shares during the nine months ending on September 30, 2015.

     

    During the nine months ended September 30, 2015, the Company fully repaid $50,000 in principal and $4,024 of accrued interest by the issuance of 65,283,160 shares of common stock priced between $0.0011 and $0.0067per share. As a result, $6,757 was recognized as net gain on conversion into stock.

     

    During the nine months ending on September 30, 2015, total interest of $1,424 was accrued and a total of $16,575 debt discount was amortized leaving an unamortized balance of $0.The company recognized a net gain on derivative liability during the nine months ending on September 30, 2015, of $61,641.As of September 30, 2015, this convertible debt has been fully extinguished.

     

      ● Adar Bay LLC:

     

    On May 1, 2014, the Company entered into a Securities Purchase Agreement with Adar Bay, LLC (“Adar Bay”) providing for the purchase of a Convertible Redeemable Note (the “AB Note”) in the aggregate principal amount of $100,000. The AB Note provided up to an aggregate principal amount of $100,000 (with the first note being in the amount of $50,000 and the second note being in the amount of $50,000 (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note. The first of the two notes (the “First Note”) shall be paid for by the Buyer as set forth herein. The second note (the “Second Note”) shall initially be paid for by the issuance of an offsetting $50,000secured note issued to the Company by the Buyer (“Buyer Note”), provided that prior to conversion of the Second Note, the Buyer must have paid off the Buyer Note in cash such that the Second Note may not be converted until it has been paid for in cash.

     

    The first note matures on May 1, 2015, accrues interest of 8% and is convertible into shares of common stock any time 180 days after May 1, 2014, at a conversion price equal to 60% of lowest daily VWAP of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future, for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Accrued interest shall be paid in shares of common stock at any time at the discretion of the Lender pursuant to the conversion terms above. The First Note may be prepaid within 180 days with penalty. The First Note may not be prepaid after the 180th day.

     

    The principal amount of $50,000 under the second note was to be received by the Company no later than January 1, 2015. All principal under this Note would be due and payable no later than July 1, 2015. This Full Recourse Note would have accrued simple interest at the rate of 8%. This amount was not received and as on December 24, 2014 the note holder decided not to lend any further amounts. As such the second note and corresponding subscription receivable was cancelled during the year ended December 31, 2014.

     

    The fair value of the derivative liability as at September 30, 2015, was nil as this loan was fully converted into shares at the quarter ending on March 31, 2015.

     

    During the nine months ended September 30, 2015, the Company fully repaid $37,000 in principal and $3,171 of accrued interest by the issuance of 24,570,088 shares of common stock priced between $0.0024 and $0.0057 per share. As a result, $14,641was recognized as net gain on conversion into stock.

     

    During the nine months ending on September 30, 2015, total interest of $652 was accrued and a total of $14,421 debt discount was amortized leaving an unamortized balance of $0. The company recognized a net loss on derivative liability during the nine months ending on September 30, 2015 of $(157). As of September 30, 2015, this convertible debt has been fully extinguished.

     

      ● JMJ Financial

     

    On June 12, 2014, the Company issued a $250,000 convertible promissory note (the “JMJ Note”) to JMJ Financial, a Nevada sole proprietorship (the “Lender”). The JMJ Note provides up to an aggregate of $250,000 in gross proceeds. The JMJ Note matures on June 12, 2016, accrues interest of 12% and is convertible into shares of common stock any time after the agreement was signed. The Conversion Price is the lesser of $.30 or 60% of the lowest trade price in the 25 trading days previous to the conversion. The Note also contemplated a further 10% discount to market if the shares were not deliverable by Deposits/Withdrawals at Custodian (DWAC). Accrued interest shall be paid in shares of common stock at any time at the discretion of the Lender pursuant to the conversion terms above. The Company opted to receive only $55,000 of the possible $250,000.

     

    The fair value of the derivative liability as at September 30, 2015, was nil as this loan was fully converted into shares during the nine months ending on September 30, 2015.

     

    During the nine months ended September 30, 2015, the Company fully repaid $47,500 in principal and $18,372 of accrued original issue discount by the issuance of 103,313,129 shares of common stock priced between $0.0010 and $0.0065 per share. As a result, $57,039 was recognized as net gain on conversion into stock.

     

    During the nine months ended September 30, 2015, a total debt discount of $34,805 was amortized leaving an unamortized balance of $0. The company recognized a net gain on derivative liability during the nine months ending on September 30, 2015 of $190,844.As of September 30, 2015, this convertible debt has been fully extinguished.

     

      ● KMB Worldwide Inc.

     

    The Company entered into Securities Purchase Agreement (the “Agreement”), dated as of September 25, 2014, with KMB Worldwide Inc. On October 2, 2014, the Company received $32,500 from a secured nine month convertible loan signed on September 29, 2014. The loan carried an 8% interest rate and was due on June 29, 2015. The terms of the conversion included a 42% discount to market based on an average price calculated on the 10 trading days prior to the conversion date. If the Company opted to pay the loan back on or before 180 days, hence not converting the debt into equity, borrower should make payment to the holder of an amount in cash equal to 130% of total amount due inclusive of principal and interest accrued. On March 24, 2015, this note, the 8% per annum accrued interest and 130% premium was fully paid back to the note holder.

     

    During the nine months ended September 30, 2015, total interest of $10,325 was accrued and a total of $21,259 debt discount was amortized leaving an unamortized balance of $0. The fair value of the derivative liability as on September 30, 2015, was $0 as this loan was fully paid back during the quarter ending on March 31, 2015 and the company recognized a gain of $51,613 on extinguishment of derivative liability balance.

     

      ● Peter J. Smith

     

    During the quarter ended March 31, 2013, the Company converted $209,475 of unpaid salary to a Convertible Loan Payable. This amount will be advanced for a term of two years and is repayable on demand and will accrue interest at 10% on the loan period. The agreement also gave an option to the company´s CEO to convert all or part of the debt that the Company maintains with them into restricted shares at $1.20 per share.

     

    On November 15, 2014, the board of directors agreed to modify the conversion terms of the loan and extend the term until December 31, 2015. The new conversion terms are now as follows: 50% of the average 10 day closing price prior to the conversion. This modification caused the initial note to be deemed extinguished. The Company has accounted for the corresponding debt discount, derivative liability and gain on extinguishment attached to the note.

     

    During the nine months ending on September 30, 2015, the Company converted full amount of convertible loan outstanding to Mr. Peter Smith into its common stock which makes the outstanding convertible loan payable of $0 as at September 30, 2015.

     

    During the nine months ending on September 30, 2015, total interest of $11,555 was accrued and a total of $173,138 debt discount was amortized leaving an unamortized balance of $0. The fair value of derivative liability as on September 30, 2015, is recorded at $0 as the debt was fully converted into shares, thereby recognizing a net gain on derivative liability during the nine months ending on September 30, 2015, of $128,481.

     

      ● Enzo Taddei

     

    During the quarter ended March 31, 2013, the Company converted $115,000 of unpaid salary to a Convertible Loan Payable. This amount will be advanced for a term of two years and is repayable on demand and will accrue interest at 10% on the loan period. The agreement also gave an option to the company´s CFO to convert all or part of the debt that the Company maintains with them into restricted shares at $1.20 per share.

     

    On November 15, 2014, the board of directors agreed to modify the conversion terms of the loan and extend the term until December 31, 2015. The new conversion terms are now as follows: 50% of the average 10 day closing price prior to the conversion. This modification caused the initial note to be deemed extinguished. The company has accounted for the corresponding debt discount, derivate liability and gain on extinguishment attached to the note.

     

    During the nine months ending on September 30, 2015, the Company converted full amount of convertible loan outstanding to Mr. Enzo Taddei into its common stock which makes the outstanding convertible loan payable of $0 as at September 30, 2015.

     

    During the nine months ending on September 30, 2015, a total interest of $5,742 was accrued and a total of $95,052 debt discount was amortized leaving an unamortized balance of $0. The fair value of derivative liability as on September 30, 2015 is recorded at $0 as the debt was fully converted into shares, thereby recognizing a net loss on derivative liability during the nine months ending on September 30, 2015 of $78,284.
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    Summary of Significant Accounting Policies - Summary of Changes in Fair Value of Company's Level 3 Financial Liabilities (Derivative Liabilities) (Details)
    		 9 Months Ended
    Sep. 30, 2015
    USD ($)
    Accounting Policies [Abstract]  
    Balance, December 31, 2014 $ 695,447
    Initial derivatives recorded from 1/1/15 to 9/30/15
    Changes in fair value from 1/1/15 to 9/30/15 $ 459,095
    Reduction of derivative from debt conversions or paybacks $ (1,154,542)
    Reclassifications to/from APIC for the change in status
    Balance, September 30, 2015
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    		 9 Months Ended
    Oct. 16, 2015
    Oct. 07, 2015
    Oct. 07, 2015
    Oct. 07, 2015
    Oct. 28, 2013
    Sep. 30, 2015
    Dec. 31, 2014
    Rental expenses         $ 31,850    
    Stock issued, shares           771,523,183 36,271,148
    Stock issued, value           $ 771,523 $ 36,271
    Renewed Lease Agreement [Member] | First Year [Member]              
    Rental expenses           31,850  
    Renewed Lease Agreement [Member] | Second Year [Member]              
    Rental expenses           $ 35,035  
    Subsequent Event [Member] | Restricted Stock [Member] | Mr. Charles Taylor [Member]              
    Stock issued, shares 1,000,000            
    Stock issued, price per share $ 0.0419            
    Stock issued, value $ 41,900            
    Compensation chairman $ 40,000            
    Subsequent Event [Member] | Renewed Lease Agreement [Member]              
    Rental Agreement expiration date     Oct. 30, 2017        
    Rent percentage highter than current rent payble     5.00%        
    Subsequent Event [Member] | Renewed Lease Agreement [Member] | First Year [Member]              
    Rental expenses   $ 31,850          
    Subsequent Event [Member] | Renewed Lease Agreement [Member] | Second Year [Member]              
    Rental expenses       $ 35,035      
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    		 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
    Sep. 24, 2015
    Apr. 28, 2015
    Jun. 30, 2013
    Mar. 22, 2013
    Oct. 31, 2014
    Mar. 31, 2013
    Sep. 30, 2015
    Sep. 30, 2014
    Sep. 30, 2015
    Sep. 30, 2014
    Dec. 31, 2014
    Aug. 22, 2014
    Dec. 31, 2013
    Cash equivalents             $ 0   $ 0   $ 0    
    Impairment of investments     $ 160,000               $ 2,000    
    Depreciation expense             2,835 $ 653 8,416 $ 1,630      
    Equity securities             $ 1,540,950   $ 1,540,950        
    Preferred stock par value             $ 0.001   $ 0.001   $ 0.001    
    Further recognized deferred revenue                 $ 783,000        
    Recognized deferred revenue                 745,015        
    Deferred revenue             $ 1,245,015   1,245,015   $ 500,000   $ 250,000
    Principal amount lent       $ 6,000 $ 4,825   $ 6,000   $ 6,000   $ 10,825    
    Interest rate       5.00% 0.00% 10.00%              
    Loan repaid term       1 year 1 year 2 years              
    Loan write-off         $ 4,825                
    Common Stock [Member]                          
    Value of cost method investment pertains to receipt of common stock in private company 5.00% 9.09%                      
    Number of stock purchased from a private company 4,500,000 3,460,000             3,460,000        
    Value of stock purchased from a private company $ 675,000 $ 865,000                      
    Stock issued price per share             $ 0.25   $ 0.25        
    Common Stock [Member] | Other Company Valuation [Member]                          
    Number of stock purchased from a private company                 4,500,000        
    Preferred stock par value             0.15   $ 0.15        
    Preferred Stock [Member]                          
    Value of cost method investment pertains to receipt of common stock in private company 10.00% 10.00%                      
    Number of stock purchased from a private company 450,000 500,000             500,000        
    Value of stock purchased from a private company $ 450 $ 500                      
    Preferred stock par value             0.001   $ 0.001        
    Preferred Stock [Member] | Other Company Valuation [Member]                          
    Number of stock purchased from a private company                 4,500,000        
    Preferred stock par value             $ 0.001   $ 0.001        
    Two Different Companies [Member]                          
    Fair value of cost method investment     $ 163,000                    
    Value of cost method investment pertains to receipt of common stock in private company     9.20%                    
    Value of cost method investment pertains to receipt of common stock in another private company     9.86%                    
    Private Company [Member]                          
    Value of cost method investment pertains to receipt of common stock in private company     8.55%                    
    Number of stock purchased from a private company     2,000,000                    
    Value of stock purchased from a private company     $ 2,000                    
    Global Equity Partners Plc [Member]                          
    Percentage of equity ownership interest             100.00%   100.00%     100.00%  
    GE Professionals JLT [Member]                          
    Percentage of equity ownership interest             100.00%   100.00%