0001079973-18-000632.txt : 20181114 0001079973-18-000632.hdr.sgml : 20181114 20181114164019 ACCESSION NUMBER: 0001079973-18-000632 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Optec International, Inc. CENTRAL INDEX KEY: 0001557340 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 455552519 STATE OF INCORPORATION: WY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55861 FILM NUMBER: 181184602 BUSINESS ADDRESS: STREET 1: 2721 LOKER AVENUE WEST CITY: CARLSBAD STATE: CA ZIP: 92010 BUSINESS PHONE: 760-444-5566 MAIL ADDRESS: STREET 1: 2721 LOKER AVENUE WEST CITY: CARLSBAD STATE: CA ZIP: 92010 FORMER COMPANY: FORMER CONFORMED NAME: Green Meadow Products, Inc. DATE OF NAME CHANGE: 20120831 10-Q 1 optec_10q-093018.htm FORM 10-Q

 
  
UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
 
FORM 10-Q
 
[X] Quarterly report pursuant section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2018
 
[_] Transition report pursuant section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________________to ________________
 
Commission file number 333-198993
 
OPTEC INTERNATIONAL, INC.
--------------------------------------------------------------
(Exact name of Registrant as specified in its charter)

Wyoming
---------------------------------
(State or other jurisdiction of incorporation)
333-198993
-------------------------------
(Commission File Number)
45-5552519
-------------------------------------
(IRS Employer Identification No.)

2721 Loker Avenue West
Carlsbad, CA 92010
(760) 444-5566
www.OptecIntl.com
(Address and telephone number of registrant’s principal executive offices and principal place of business)

1010 Industrial Road, Suite 70
Boulder City, Nevada, 89005
702-769-4529
(Former address of principal executive offices)

 
 
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes [X]      No [_]
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [_]
 
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [_] No [X]
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer [_]
Accelerated filer [_]
Non-accelerated filer [_]
Smaller reporting company [X]
(Do not check if a smaller reporting company)
Emerging growth 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]
 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
 
Class
Outstanding at November 9, 2018
Common Stock, $0.001 par value per share
17,829,947

OPTEC INTERNATIONAL, INC.
TABLE OF CONTENTS
  INDEX
  
 
 
Page
 
 
 
Part I.
Financial Information
 
 
 
 
Item 1.
Financial Statements:
3
 
 
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
19
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
22
 
 
 
Item 4.
Controls and Procedures
23
 
 
 
Part II.
Other Information
 23
 
 
 
Item 1.
Legal Proceedings
23
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
23
 
 
 
Item 3.
Defaults upon Senior Securities
23
 
 
 
Item 4.
Mine Safety Disclosures
23
 
 
 
Item 5.
Other Information
23
 
 
 
Item 6.
Exhibits
 24
 
 
 
Signatures
 
24
 
2


 ITEM 1. CONDENSED FINANCIAL STATEMENTS
 
UNAUDITED FINANCIAL STATEMENTS
OPTEC INTERNATIONAL, INC.
TABLE OF CONTENTS
  
September 30, 2018

  
Condensed Unaudited Financial Statements
 
Balance Sheet as of September 30, 2018 and June 30, 2018 (unaudited)
4
Statements of Operations for the three months ended September 30, 2018 and 2017 (unaudited)
5
Statements of Cash Flows for the three months ended September 30, 2018 and 2017 (unaudited)
6
Notes to the Unaudited Financial Statements
7
  
3

 
OPTEC INTERNATIONAL, INC.
CONDENSED BALANCE SHEETS
 
 
 
September 30, 2018
   
June 30, 2018
 
Assets
 
(Unaudited)
       
Current Assets
           
Cash
 
$
31,265
   
$
30,799
 
Accounts Receivable-Royalties-related party
   
11,722
     
-
 
Loan to-Optimized Fuel Technologies-related party
   
218,900
     
-
 
Prepaid Salary
   
3,000
     
3,000
 
Inventory
   
80,600
     
85,000
 
Total Current Assets
   
345,487
     
118,799
 
Other Assets
               
License net of accumulated amortization of $12,562
   
489,938
     
502,500
 
Other intangible assets net of accumulated amortization of $5,949 and $5,680 respectively
   
4,801
     
5,070
 
Total Other Assets
   
494,739
     
507,570
 
                 
Total Assets
 
$
840,226
   
$
626,369
 
 
               
Liabilities and Stockholders' Equity (Deficit)
               
 
               
Current Liabilities
               
Payable and accrued expenses - related party
   
63,260
     
60,760
 
Derivative liability
   
2,587,833
     
1,265,394
 
Accrued Interest
   
24,589
     
3,221
 
Notes Payable net of discount
   
471,103
     
48,580
 
Notes Payable-License
   
-
     
391,000
 
Loan from related party
   
100
     
100
 
Total Current Liabilities
 
$
3,146,885
   
$
1,769,055
 
                 
Total Liabilities
   
3,146,885
     
1,769,055
 
  Commitments and Contingencies
               
Stockholders' Equity (deficit)
               
Common stock $0.001 par value 75,000,000 shares authorized 17,829,947 and 17,829,947
shares issued and outstanding at September 30, 2018 and June 30, 2018, respectively
   
17,830
     
17,830
 
Additional paid in capital
   
203,120
     
203,120
 
Accumulated earnings (deficit)
   
(2,527,609
)
   
(1,363,636
)
Total Stockholders' Equity (deficit)
   
(2,306,659
)
   
(1,142,686
)
Total Liabilities and Stockholders' Equity (deficit)
 
$
840,226
   
$
626,369
 
 
               
 
See accompanying notes to unaudited financial statements.
 
   
4

OPTEC INTERNATIONAL, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
  
 
           
 
 
Three Months Ended
   
Three Months Ended
 
 
 
September 30, 2018
   
September 30, 2017
 
 
           
Revenue
           
   Formula
 
$
-
   
$
4,500
 
   Royalties
   
11,722
     
-
 
   Optec Fuel Maximizer Units
   
3,526
     
90,150
 
Total Revenue
   
15,248
     
94,650
 
 
               
Cost of goods sold
   
4,400
     
58,360
 
 
               
Gross Profit
   
10,848
     
36,290
 
 
               
Operating Expenses
               
  Professional fees
   
39,680
     
8,573
 
  Amortization
   
12,831
     
1,019
 
  Advertising and Marketing
   
3,774
     
-
 
  Legal
   
1,000
     
-
 
  Rent
   
7,500
     
-
 
  Travel
   
2000
     
-
 
  General and Administrative
   
545
     
158
 
  Consulting
   
9,000
     
1,000
 
Total Operating Expenses
   
76,330
     
10,750
 
 
               
Income (Loss) before other expense
   
(65,482
)
   
25,540
 
                 
Other Expense
               
   Change in fair value of derivative
   
889,439
     
-
 
   Interest on convertible notes
   
209,052
     
-
 
 Total Other Expense
   
1,098,491
         
             
-
 
Net Income (loss)
 
$
(1,163,973
)
 
$
25,540
 
 
               
Income (Loss) Basic and Diluted
 
$
0.00
*
 
$
(0.00
 
*)
 
               
Weighted Average of Common Shares Outstanding
 - Basic and Diluted
   
17,829,497
     
52,944,500
 
 
 * denotes income or (loss) of less than $0.01 per share
 
See accompanying notes to unaudited financial statements.

5


OPTEC INTERNATIONAL, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
 
             
    Three Months     Three Months  
   
Ended September 30, 2018
   
Ended September 30, 2017
 
Cash Flows from Operating Activities
           
Net income (loss)
 
$
(1,163,973
)  
$
25,540
 
Adjustments to Reconcile Net Income (Loss) To Net Cash
 Provided by (Used In) Operating Activities:
               
Amortization expense-Formulas
   
269
     
1,019
 
Amortization License
   
12,562
         
Amortization of debt discount
   
187,440
     
-
 
Changes in fair value of derivative
   
889,439
     
-
 
Stock issued for services
   
-
     
-
 
Changes in Operating Assets and Liabilities
               
Accounts receivable-Royalties
   
(11,722
)    
(86,200
)
Inventory
   
4,400
     
-
 
Prepaid Salary
   
-
     
-
 
Accounts payable and accrued expenses
   
2,500
     
61,833
 
Accrued interest
   
21,368
     
-
 
Net Cash Provided by (Used in) Operating Activities-
   
(57,717
)    
2,192
 
 
               
Cash Flows from Investing Activities
               
Loan to Optimized Fuel Technologies
   
(609,900
)    
-
 
Net Non-Cash used in Investing Activities
   
(609,900
)    
-
 
 
               
Financing Activities
               
Proceeds from issuance of notes payable
   
733,250
     
-
 
Loan from related party
   
-
     
100
 
Principal payments on debt
   
(65,167
)    
-
 
Net Cash Provided by Financing Activities
   
668,083
     
100
 
                 
Increase/Decrease in Cash
   
466
     
2,292
 
 
               
Cash at Beginning of Period
   
30,799
     
342
 
 
               
Cash at End of Period
 
$
31,265
   
$
2,634
 
 
               
Supplemental disclosure
               
Cash paid for Interest
 
$
-
   
$
-
 
Cash paid for income taxes
 
$
-
   
$
-
 
 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
 
           
Note receivable offset by note payable-related party   $ 391,000     $ -  
                 
 
See accompanying notes to unaudited financial statements.
 

6

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 
 
Note 1 – NATURE OF OPERATIONS
Optec International, Inc. (Formerly Green Meadow Products, Inc. "the Company", “GMP”, "Optec", "we", "us" or "our") was incorporated under the laws of the State of Wyoming on June 22, 2012.

Subsequent to acquiring the licensing rights for the Optimized Fuel Maximizer, the Company’s focus is on the expansion of the sales & marketing of the Optimized Fuel Maximizer, concentrating primarily in the North America region, followed by expansion into other geographic areas subsequent to locating and contracting with large distributors that already operate in the automotive aftermarket arena. In addition, the Company is focused on aiding the manufacturer in obtaining additional certifications from the California Air Resources Board (CARB) which, upon receiving should aid in the sales of the Optimized Fuel Maximizer units not only in California but nationally and internationally as well.

On June 4, 2018 the Company entered into an Exclusive Licensing Agreement with Optimized Fuel Technologies for the right to exclusively distribute and sell the Optimized Fuel Maximizer internationally, with the exception of the United States and Canada. Consideration of $501,500 was paid for the licensing right in the form of one million five hundred thousand (1,500,000) shares of the Company’s common shares valued at $.001 per share which were authorized to be issued to Optimized Fuel Technologies; in addition to a five hundred thousand dollars ($500,000) note payable to be paid over the course of 24 months.  As of September 30, 2018, the $500,000 note payable was paid off in full.

On June 20, 2018 the Company entered into an Exclusive Licensing Agreement Addendum with Optimized Fuel Technologies for the right to exclusively sell the Optimized Fuel Maximizer worldwide. On June 4, 2018, the Company had entered into an Exclusive Licensing Agreement with Optimized Fuel Technologies for the right to exclusively sell the Optimized Fuel Maximizer internationally, with the exception of the United States and Canada; this agreement extends exclusive marketing right to include North America and Canada. Consideration of $1,000 was paid for the licensing rights under the addendum in the form of one million (1,000,000) shares of the Company’s common shares valued at $.001 per share which were authorized to be issued to Optimized Fuel Technologies.  (For further information on Optec Products acquired-www.optecmpg.com)

On August 8, 2018 Optimized Fuel Technologies, a related party, entered into a contract with a company that desired to purchase the Optimized Fuel Maximizer on a manufacturer direct basis As the Company owns the exclusive licensing rights to sales of the Optimized Fuel Maximizer; per the Royalty agreement dated August 27, 2018 the Company agreed to the acceptance of royalty revenue generated by sales which are made on a manufacturer direct basis.

7

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 

Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.
 
BASIS OF PRESENTATION
 
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company's year-end is June 30.
 
ESTIMATES
 
The preparation of the financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
 
CASH AND CASH EQUIVALENTS
 
The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of September 30, 2018 or 2017.
 
8

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 

CUSTOMER AND PURCHASE CONCENTRATION 
During the three months ended September 30, 2018 and 2017, the following customers represented more than 10% of the Company’s sales: 
 
 
September 30, 2018
   
September 30, 2017
 
 
       
$
%
         
$
%
 
Total licensing revenue
   
-
     
-
     
4,500
     
4.7
 
Total royalties
   
11,722
     
77
                 
Total product revenue *
   
3,526
     
23
     
90,150
     
95.2
 
Total Consulting Income
   
-
     
-
     
-
     
-
 
Total revenue
 
$
15,248
     
100
   
$
94,650
     
100
 
 
                               
Customer A
   
3,376
     
22
     
4,500
     
4.9
 
Customer B
   
150
     
1
     
-
     
-
 
Customer C
   
-
     
-
     
3,850
     
4.1
 
Customer D
   
-
     
-
     
31,600
     
33.8
 
Customer E
   
-
     
-
     
53,500
     
57.2
 
Customer F
   
11,722
     
77
     
-
     
-
 
Concentration total
 
$
15,248
     
100
   
$
93,450
     
100
 

During the three months ended September 30, 2018 and 2017, the following vendors represented more than 10% of the Company’s Purchases:
 
 
September 30, 2018
 
September 30, 2017
 
 
     
$
%
       
$
%
 
Product-Optec*
   
-
     
-
     
58,360
     
100
 
Total Purchases
   
-
     
-
     
58,360
     
100
 
*100% represents product purchased from Optimized Fuel Technologies.

INVENTORY
 
Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis. At September 30, 2018 and June 30, 2017 we had inventory of $80,600 and $85,000 respectively, consisting of Optimized Fuel Maximizer units.
 
9

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 

 
FINANCIAL INSTRUMENTS
 
Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. Accounting Standards Codification ("ASC") 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available.
 
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
 
Level 3: Significant unobservable inputs which reflect a reporting entity's own assumptions about the assumptions that market participants would use for pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method.
 
The recorded amounts of financial instruments, comprising cash, accounts payable and income tax payable, approximate their market values as of September 30, 2018 due to the short term maturities of these financial instruments.

 OTHER INTANGIBLE ASSETS

Under ASC 350-50-1, costs incurred in the acquisition of an intangible asset are capitalized by the Company. Our intangible assets are related to the acquisition of the Licensing rights for the Optimized Fuel Maximizer which is being amortized to expense over the licensing rights estimated useful life or period of benefit which is estimated to be 10 years using straight-line method; annual amortization will be approximately $50,250 per year. In addition, the purchase of our Green Meadow PR formula for natural pain relief for animals is being amortized to expense over the formula's estimated useful life or period of benefit which is estimated to be 10 years using straight-line method. As of September 30, 2018 and June 30, 2018, the balances of our intangible assets net of accumulated amortization were $494,739 and $507,570 respectively.
 
IMPAIRMENT OF LONG-LIVED ASSETS
 
The Company evaluates the recoverability of long-lived assets and intangible assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. At the three months ended September 30, 2018 there is no impairment of long-lived assets or intangible assets.
 

10

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 


INCOME TAXES
 
We account for income taxes in accordance with FASB ASC 740, Income Taxes which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
 
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.
 
REVENUE RECOGNITION

Effective July 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) standard update ASU 2014-09, “Revenue from Contracts with Customers,” (“Topic 606”) which provides a principles-based, five-step approach to measure and recognize revenue from contracts with customers. Revenue is recognized when the following criteria are met:
 
Identification of the contract, or contracts, with a customer;
 
Identification of the performance obligations in the contract ;
 
Determination of the transaction price;
 
Allocation of the transaction price to the performance obligations in the contract ; and
 
Recognition of revenue when, or as, we satisfy performance obligation.
 
 
 
11

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 
 
The adoption of this guidance did not have a material impact on the Company’s consolidated statement of operations, cash flows, and balance sheet as of the adoption date or for the three months ended September 30, 2018.

The Company's revenues have been generated primarily through the sales of the Optimized Fuel Maximizer units and sublicense and distribution agreements related to our PawPal product and our pain relief products. The terms of these agreements generally consist solely of upfront, nonrefundable payments for licensing and distribution rights. Revenues from non-refundable licensing and distribution fees are recognized upon receipt of the payment if the license has stand-alone value and we do not have ongoing involvement or obligations. 
 
For the three months ended September 30, 2018 and 2017, all sales and license payments met the above criteria or in the case of one contract, the only continuing involvement was to sell our products to the distributor at pricing that is consistent with market transactions, thereby allowing for the recognition of revenue for the licensing and distribution arrangements upon receipt. 
 
When non-refundable license fees do not meet this criteria the license revenues are recognized over the expected period of performance. We periodically review for any expected period of substantial involvement under the agreements that provide for non-refundable up-front payments and license fees. If ever applicable, we will adjust the amortization periods when appropriate to reflect changes in assumptions relating to the duration of our expected involvement.
 
TRADE RECEIVABLES

Trade Receivables are the amount of billed or unbilled claims or other similar items subject to uncertainty concerning their determination or ultimate realization under contracts that are expected to be collected in the next rolling twelve months following the latest balance sheet presented. Our policies on receivables varies per customer, but in no case do we allow for a receivable to be outstanding for more than 12 months. As of September 30, 2018, we had no open trade receivables, we had royalty receivables of $11,722 and other receivables from Optimized Fuel Technologies in the amount of $218,900. In the year ended June 30, 2018 we expensed $85,100 to bad debt as uncollectable receivables.

ADVERTISING COSTS

The Company's policy regarding advertising is to expense advertising when incurred. The Company incurred advertising and marketing expense of $3,774 during the three months ended September 30, 2018 and $0 during the three months ended September 30, 2017.
 
NET INCOME (LOSS) PER SHARE OF COMMON STOCK
 
The Company computes net income (loss) per share in accordance with ASC 105, "Earnings per Share" which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended September 30, 2018, 789,126  shares, (386,626 from convertible notes and 402,500 from warrants), were potentially dilutive common shares and for the three months ended September 30, 2017 there were no diluted shares.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations.
 
12

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 
Note 3 – GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As of September 30, 2018, the Company had yet to establish a proven, reliable, recurring source of revenue to fund its ongoing operating costs and with insufficient funds to fully implement its proposed business plan. This raises substantial doubt about the Company's ability to continue as a going concern.
The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern.
.Note 4 – LOANS RECEIVABLE
On November 1, 2017 the board of Directors approved a revolving loan receivable with a three year maximum term and a limit of $250,000 to Optimized Fuel Technologies, a related party and the manufacturer of the Fuel Maximizer units we sell. The loan is intended to have various advances at a 0% interest rate for the first 90 days with the interest rate subject to adjustment thereafter. Through June 30, 2018 $109,000 in loans were made to facilitate the additional CARB (California Air Resources board) certifications, Patents expanded, and other certifications needed, which are required for both domestic and international markets. The $109,000 was paid in full by being credited against a $500,000 note payable for licensing rights. On August 31, 2018 another payment was made to Optimized Fuel Technologies in the amount of $391,000 which was also credited against the $500,000 note payable resulting in the $500,000 note being paid in full. At September 30, 2018 there was a loan receivable from Optimized Fuel Technologies for $218,900.

 
13

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 

Note 5 - CONVERTIBLE LOANS

At September 30, 2018 and 2017, convertible loans consisted of the following:

   
September 30,
   
June 30,
 
   
2018
   
2018
 
November 7, 2017 Note
 
$
-
   
$
29,167
 
April 30, 2018 Note
   
112,500
     
112,500
 
June 15, 2018 Note
   
200,000
     
200,000
 
July 9, 2018 Note
   
110,000
     
-
 
July 16, 2018 Note
   
115,000
     
-
 
August 2, 2018 Note
   
303,250
         
August 15, 2018 Note
   
73,000
     
-
 
September 7, 2018 Note
   
84,000
     
-
 
September 7, 2018 Note
   
36,750
     
-
 
September 10, 2018 Note
   
55,000
     
-
 
September 19, 2018 Note
   
100,000
     
-
 
Total convertible notes payable
   
1,189,500
     
341,667
 
Less: Unamortized debt discount
   
(718,397
)
   
(279,087
)
Total convertible notes
   
471,103
     
48,580
 
                 
Less: current portion of convertible notes
   
471,103
     
48,580
 
Long-term convertible notes
 
$
-
   
$
-
 

During the three months ended September 30, 2018 and 2017, the Company recognized amortization of debt discount, included in interest expense, of $187,440 and $0 respectively.

Promissory Notes and Warrants – Issued for the three months ended September 30, 2018

During the three months ended September 30, 2018, the Company issued a total of $913,000 promissory notes (“Notes”) with the following terms:

·
Terms ranging from 9 months to 37 months.
·
Annual interest rates of 0% to 12%.
·
Certain notes are convertible at the option of the holders at issuance, 90 days, or 180 days from issuance.
·
Conversion prices are typically based on the discounted (38% to 50% discount) average closing prices or lowest trading prices of the Company’s shares during various periods prior to conversion.

Certain notes allow the Company to redeem the notes at rates ranging from 135% to 150% depending on the redemption date provided that no redemption is allowed after the 180th day. Likewise, the note includes original issue discounts and financing costs totaling to $179,750 and the Company received cash of $733,250.
 
 
14

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 

The Company identified conversion features embedded within certain notes and warrants issued during the three months ended September 30, 2018 and the year ended June 30, 2018. The Company has determined that the conversion feature of the Notes represents an embedded derivative since the conversion price is variable and the Notes include a reset provision which could cause adjustments upon conversion. Accordingly, the Notes are not considered to be conventional debt and the embedded conversion feature must be bifurcated from the debt host and accounted for as a derivative liability. During the three months ended September 30, 2018 the 68,530 warrants issued with convertible notes, are exercisable into 68,530 shares of common stock, for a period of five years from issuance, at a price of $7.00 to $8.40 per share. As a result of the reset features for these warrants, at September 30, 2018, the warrants increased by 245,244 and the total warrants are now exercisable into 313,774 shares of common stock at $1.71 per share. The reset feature of warrants associated with this convertible note was effective at the time that a separate convertible note with lower exercise price was issued. We accounted for the issuance of the Warrants as a derivative (see Note 6).

Warrants

A summary of activity during the three months ended September 30, 2018 regarding warrants issued as follows:

   
Warrants Outstanding
 
       
Weighted Average
 
   
Shares
 
Exercise Price
 
           
Outstanding, June 30, 2018
   
49,300
   
$
2.92
 
Granted
   
68,530
     
7.83
 
Reset feature
   
284,670
     
1.72
 
Exercised
   
-
     
-
 
Forfeited/canceled
   
-
     
-
 
Outstanding, September 30, 2018
   
402,500
   
$
1.68
 

The following table summarizes information relating to outstanding and exercisable warrants as of September 30, 2018:

Warrants Outstanding
   
Warrants Exercisable
 
Number of
   
Weighted Average Remaining
 
Weighted Average
   
Number of
 
Weighted Average
 
Shares
   
Contractual life
(in years)
 
Exercise Price
   
Shares
 
Exercise Price
 
 
402,500
     
4.77
   
$
1.68
     
402,500
   
$
1.68
 

 
 
15

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 

Note 6 - DERIVATIVE LIABILITIES

The Company analyzed the conversion option for derivative accounting consideration under ASC 815, Derivatives and Hedging, and hedging, and determined that the instrument should be classified as a liability since the conversion option becomes effective at issuance resulting in there being no explicit limit to the number of shares to be delivered upon settlement of the above conversion options.

Fair Value Assumptions Used in Accounting for Derivative Liabilities.

ASC 815 requires we assess the fair market value of derivative liability at the end of each reporting period and recognize any change in the fair market value as other income or expense item.

The Company determined our derivative liabilities to be a Level 3 fair value measurement and used the Black-Scholes pricing model to calculate the fair value as of September 30, 2018. The Black-Scholes model requires six basic data inputs: the exercise or strike price, time to expiration, the risk free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each convertible note is estimated using the Black-Scholes valuation model.

At September 30, 2018 and June 30, 2018, the estimated fair values of the liabilities measured on a recurring basis are as follows:

   
Three Months Ended
   
Year Ended
 
   
September 30, 2018
   
June 30, 2018
 
Expected term
 
0.33 - 5.00 years
   
0.02 - 5.00 years
 
Expected average volatility
   
67% - 419
%
   
12% - 487
%
Expected dividend yield
   
-
     
-
 
Risk-free interest rate
   
2.19% - 2.94
%
   
1.37% - 2.81
%

The following table summarizes the changes in the derivative liabilities during the three months ended September 30, 2018:

Fair Value Measurements Using Significant Observable Inputs (Level 3)
 
       
Balance - June 30, 2018
 
$
1,265,394
 
Addition of new derivatives recognized as debt discounts
   
433,000
 
Addition of new derivatives recognized as loss on derivatives
   
1,188,266
 
Loss on change in fair value of the derivative
   
(298,827
)
Balance - September 30, 2018
 
$
2,587,833
 
 
 
16

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 

The aggregate loss on derivatives during the three months ended September 30, 2018 and 2017 was as follows:

 
Three Months Ended
 
 
September 30,
 
 
2018
 
2017
 
Addition of new derivatives recognized as loss on derivatives
 
$
1,188,266
   
$
-
 
Gain on change in fair value of the derivative
   
(298,827
)
   
-
 
Total
 
$
889,439
   
$
-
 
 
Note 7 –LICENSING AND SERVICE AGREEMENTS 
 
On June 4, 2018 the Company entered into an Exclusive Licensing Agreement with Optimized Fuel Technologies, a related party, for the right to exclusively sell the Optimized Fuel Maximizer internationally, with the exception of the United States and Canada. Consideration of $1,500 was paid for the licensing right in the form of one million five hundred thousand (1,500,000) shares of the Company’s common shares valued at $.001 per share which were authorized to be issued to Optimized Fuel Technologies; in addition, five hundred thousand dollars ($500,000) was to be paid over the course of 24 months which was paid as of September 30, 2018.

On June 20, 2018 the Company entered into an Exclusive Licensing Agreement Addendum with Optimized Fuel Technologies, a related party, for the right to exclusively sell the Optimized Fuel Maximizer worldwide. On June 4, 2018, the Company had entered into an Exclusive Licensing Agreement with Optimized Fuel Technologies for the right to exclusively sell the Optimized Fuel Maximizer internationally, with the exception of the United States and Canada; this agreement extends exclusive marketing right to include North America and Canada. Consideration of $1,000 was paid for the licensing rights under the addendum in the form of one million (1,000,000) shares of the Company’s common shares valued at $.001 per share which were authorized to be issued to Optimized Fuel Technologies.

On August 8, 2018 Optimized Fuel Technologies, a related party, entered into a contract with a company that desired to purchase the Optimized Fuel Maximizer on a manufacturer direct basis As the Company owns the exclusive licensing rights to sales of the Optimized Fuel Maximizer; per the Royalty agreement dated August 27, 2018 the Company agreed to the acceptance of royalty revenue generated by sales which are made on a manufacturer direct basis.

Note 8 - COMMON STOCK
 
The Company is authorized to issue seventy five million shares of common stock with $0.001 par value.
 As of September 30, 2018, there were 17,829,947 shares of common stock issued and outstanding. As of June 30, 2017, there were 17,829,947 shares of common stock issued and outstanding.
No shares of common stock were issued during the three months ended September 30, 2018 and 2017.
 
 
17

OPTEC INTERNATIONAL, INC.
NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS
FOR THE THREE MONTHS  ENDED SEPTEMBER 30, 2018 AND 2017
 
Note 9 – RELATED PARTY TRANSACTIONS
On August 8, 2018 Optimized Fuel Technologies, a related party, entered into a contract with a company that desired to purchase the Optimized Fuel Maximizer on a manufacturer direct basis. As the Company owns the exclusive licensing rights to sales of the Optimized Fuel Maximizer; per the Royalty agreement dated August 27, 2018 the Company agreed to the acceptance of royalty revenue generated by sales which were made on a manufacturer direct basis.
We have a loan receivable from Optimized Fuel Technologies, a related party, at September 30, 2018 totaling $218,900.

Note 10 – COMMITMENTS AND CONTINGENCIES

We have a twelve month lease for office space at 2721 Loker Avenue West, Carlsbad, CA 92010 for $2,500 per month with Optimized Fuel Technologies, a related party. During the three months ended September 30, 2018 total rent expense paid was $7,500 and no rent was paid in 2017.

We pay our CEO a salary of $3,000 per month. During the three months ended September 30, 2018 total salary paid was $9,000 and no salary was paid during the three months ended September 30, 2017.

Note 11 – SUBSEQUENT EVENTS
Management has reviewed events between September 30, 2018 to the date that the financials were issued, and other than the following there were no other significant events identified for disclosure.
On October 3, 2018 a note payable was issued to EMA Financial, LLC in the amount of $83,500 with an interest rate of 10% and maturity date of July 3, 2019.
On October 30, 2018 a note payable was issued to Power Up Lending Group LTD in the amount of $95,000 with an interest rate of 12% and maturity date of August 15, 2019.
On November 1, 2018 a note payable was issued to Carebourn Capital, L.P. in the amount of $258,570 with an interest rate of 12% and maturity date of November 1, 2019.
On October 23, 2018 we sold our remaining inventory for  $78,300  back to Optimized Fuel Technologies, a related party at our original cost.


18

ITEM 2.  Management's discussion and analysis of financial condition and results of operations
 
GENERAL
 
Optec International, Inc. (formerly Green Meadow Products, Inc. ("the Company", "we", "us" or "our") was incorporated under the laws of the State of Wyoming on June 22, 2012. 
 
The Company initially acquired a product for trucking fleets which it sold at a loss in order to focus on the pet product business. The Company now operates in the pet natural health supplement and related fields; with a focus on natural pet pain relief formulas and pet pain preventative products. We believe it will be able to successfully compete in today's natural supplement and related fields industry by controlling production costs and by limiting its distribution expenses using, primarily, online marketing tools to promote its products and to further develop its digital strategies.
 
Significant Accounting Policies and Estimates
 
Management's Discussion and Analysis of Financial Condition and Results of Operations discusses the Company's consolidated financial statements which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates and judgments on historical experiences and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
 
Revenue Recognition
Effective July 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) standard update ASU 2014-09, “Revenue from Contracts with Customers,” (“Topic 606”) which provides a principles-based, five-step approach to measure and recognize revenue from contracts with customers. Revenue is recognized when the following criteria are met:
 
Identification of the contract, or contracts, with a customer;
 
Identification of the performance obligations in the contract ;
 
Determination of the transaction price;
 
Allocation of the transaction price to the performance obligations in the contract ; and
 
Recognition of revenue when, or as, we satisfy performance obligation.
 
The adoption of this guidance did not have a material impact on the Company’s consolidated statement of operations, cash flows, and balance sheet as of the adoption date or for the three months ended September 30, 2018.
 
 
19

 
The Company's revenues have been generated primarily through sales of the Optec Fuel Maximizer devices. The terms of these agreements generally consist solely of upfront, nonrefundable payments for licensing and distribution rights. Revenues from non-refundable licensing and distribution fees are recognized upon the completion of delivery of the license agreement and invoice to the customer and/or receipt of the payment if the license has stand-alone value and we do not have ongoing involvement or obligations. 
 
For the year ended June 30, 2018 and the three months period ended September 30, 2018, all license payments met the above criteria or in the case of one contract, the only continuing involvement was to sell our products to the distributor at pricing that is consistent with market transactions, thereby allowing for the recognition of revenue for the licensing and distribution arrangements upon receipt. 
 
When non-refundable license fees do not meet this criteria, the license revenues are recognized over the expected period of performance. We periodically review for any expected period of substantial involvement under the agreements that provide for non-refundable up-front payments and license fees. If ever applicable, we will adjust the amortization periods when appropriate to reflect changes in assumptions relating to the duration of our expected involvement.
 
Use of Estimates
 
The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.
 
Results of Operations
 
For the Three Months Ended September 30, 2018 Compared to the Three Months Ended September 30, 2017.
 
Revenue

During the quarter ended September 30, 2018 we had $3,526 in total sales attributed to the sales of Optimized Fuel Maximizer units which equated to 100% of sales for the quarter. During the quarter ended September 30, 2018 we also had royalty revenue of $11,722.

During the quarter ended September 30, 2017 we had $94,650 in total sales of which $4,500 was attributed to sales to one customer for Green Meadow formula rights which equated to 5% of sales for the quarter, and $90,150 which was attributed to the sales of Optimize fuel technology units which equated to 95% of sales for the quarter.

Cost of Sales
 
For the three months period ended September 30, 2018, we had cost of goods relating to the sale of Optimized Fuel Maximizer units of $4,400.
 
For the three months period ended September 30, 2017, we had cost of goods of $58,360 relating to the sale of Optimized Fuel Technology units.
 
 
20


 
Gross Profit

For the three months period ended September 30, 2018, we recognized a gross profit of $10,848 from the sale of Optimized Fuel Maximizer units which included  $3,526 less cost of goods of $4,400, and royalty income of $11,722.
 
For the three months period ended September 30, 2017, we recognized a gross profit of $36,290 from the sale of a sub license agreement for a dog treat product formula and sale of Optimized Fuel Technology units.

Operating Expenses
 
For the three months period ended September 30, 2018, we incurred total operating expenses of $76,330 consisting of professional fees of $39,680 which were attributable to expenses relating to our SEC filings and accounting costs, amortization of formulas of $269, amortization of license of $12,562, consulting fees of $9,000, which was paid for assistance in the marketing of the Optimized Fuel Technology Units, legal fees of $1,000, travel expense of $2,000, advertising of $3,774, rent expense of $7,500 and general and administrative fees of $545.

For the three months period ended September 30, 2017, we incurred total operating expenses of $10,750 consisting of professional fees of $8,573 which were attributable to expenses relating to our SEC filings and accounting costs, amortization of $1,019, consulting fees of $1,000, which was paid for assistance in the marketing of the Optimized Fuel Technology Units, and general and administrative fees of $158.

Non-Operating Expenses

Other expenses incurred for the three-month period ended September 30, 2018 included a change in fair value of derivative liabilities of $889,439 and interest on convertible notes $209,052 for a total non-operating expense of $1,098,491.
Income Tax

For the three months period ended September 30, 2018 and 2017, we did not recognize tax expense.

Net Income (Loss)

For the three months period ended September 30, 2018, we recognized a net loss of $1,163,973 due to the factors discussed above. 

For the three months period ended September 30, 2017, we recognized a net profit of $25,540 due to the factors discussed above. 
 
 
21


 
Liquidity and Capital Resources
 
For the Three Months Ended September 30, 2018 Compared To the Year Ended June 30, 2018.

As at September 30, 2018, the Company had cash on hand of $31,265, total assets of $840,226 total liabilities of $3,146,885 and stockholders' deficit of $2,306,559 as compared to June 30, 2018, where the Company had cash on hand of $30,799, total assets of $626,369, total liabilities of $1,769,055 and stockholders' deficit of $1,142,686. The change in shareholders’ equity in the three months ended September 30, 2018 was largely attributable to operating income incurred in the period.
 
Operating Activities

For the three months period ended September 30, 2018, we used $57,717 cash in operating activities compared to $2,192 in cash provided from operating activities for the three months ended September 30, 2017. 

During the three months ended September 30, 2018, we incurred a loss of $1,163,973 which was reduced for cash flow purposes by $1,089,710 in non-cash expenses and reduced further by a net increase in working capital liabilities of $16,546.  During the three months ended September 30, 2017, we incurred a profit of $25,540 which was increased for cash flow purposes by $1,019 in non-cash expenses and reduced  by a net increase in working capital liabilities of $24,267.
 
Investing Activities
 
For the three months period ended September 30, 2018,we had a loan receivable of $609,900 which was made to Optimized Fuel Technologies and for the three months period ended September 30, 2017 we had no investing activities.
 
Financing Activities
  
During the three months ended September 30, 2018 we had proceeds from issuance of notes payable for $733,250, and principal payments on debt of $65,167. We had a note payable of $500,000 for licensing rights to Optimized Fuel Technologies, a related party, of which $109,000 was offset by a note payable to us by Optimized Fuel Technologies and the balance of $391,000 which was subsequently paid to Optimized Fuel Technologies. For the three months period ended September 30, 2017 we had no financing activities.
  
The Company has yet to establish a reliable, consistent and proven source of revenue to meet its operating costs on an ongoing basis and currently does not have sufficient available funding to fully implement its business plan. These factors raise substantial doubt about its ability to continue as a going concern.
 
The Company has no agreements in place with its shareholders, officer and director or with any third parties to fund operations beyond the end of the Company's September 30, 2018 quarter. The Company has not negotiated nor has available to it any other third party sources of liquidity.
 
The Company has no, current, off balance sheet arrangements and does not anticipate entering into any off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition.
 
Item 3. Quantitative and Qualitative Disclosures about Market Risk
 
As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.
 
 
 
22

Item 4. Controls and Procedures
   
Evaluation of Disclosure Controls and Procedures
 
An evaluation was performed under the supervision of our management, including our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial and accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Annual Report. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, as of September 30, 2018, our disclosure controls and procedures were not effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms due to material weaknesses in our internal controls as described in the June 30, 2018 annual report..
 
Changes in internal controls

We have made no change in our internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
 PART II - OTHER INFORMATION
 
Item 1. Legal Proceedings
 
The Company was not subject to any legal proceedings during the three and three months periods ended September 30, 2018 or 2017 and to the best of our knowledge and belief no proceedings are currently threatened or pending.
 
Item 1A. Risk Factors
 
 As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
No unregistered equity securities were issued during the three months ended September 30, 2018. 
 
Item 3. Defaults upon Senior Securities
 
No senior securities were issued and outstanding during the three and three months ended September 30, 2018.
 
Item 4. Mining Safety Disclosures
 
Not applicable to our Company.
 
Item 5. Other Information
 
None.
 
23


ITEM 6. EXHIBITS
 
Number
Exhibit
** Filed Herewith
 
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
 
 Dated: November 14, 2018
OPTEC INTERNATIONAL, INC.
 
 
 
 
By:
/s/ Peter Sollenne
 
 
Peter Sollenne,
 
 
Chief Executive Officer
 
24
EX-31.1 2 ex31x1.htm EXHIBIT 31.1

Exhibit 31.1
 
 
CERTIFICATIONS PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
(RULE 13a-14 (a))
 
 
I, Peter Sollenne, certify that:
    
 
(1)
I have reviewed this Quarterly Rport on Form 10-Q of Optec International, Inc.;
 
 
 
 
(2)
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
 
 
 
(3)
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
 
 
 
(4)
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
    
 
(a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
(b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
(c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
 
(d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
 
(5)
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
 
(a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
 
(b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 
Date: November 14, 2018
/s/ Peter Sollenne
 
Peter Sollenne
 
Chief Executive Officer,
 
Director and President

EX-32.1 3 ex32x1.htm EXHIBIT 32.1
Exhibit 32.1
 
 
 
 
 
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the accompanying Quarterly Report on Form 10-Q of Optec International, Inc., for the Quarter ended September 30, 2018, I, Peter Sollenne, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, 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.
 
 
/s/ Peter Sollenne
 
Peter Sollenne
Principal Executive Officer
 
November 14, 2018
 
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Document and Entity Information - shares
3 Months Ended
Sep. 30, 2018
Nov. 09, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name OPTEC INTERNATIONAL, INC.  
Entity Central Index Key 0001557340  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Entity Current Reporting Status Yes  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q1  
Entity Filer Category Non-accelerated Filer  
Entity Emerging Growth Company true  
Entity Small Business true  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   17,829,947
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CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2018
Jun. 30, 2018
Current Assets    
Cash $ 31,265 $ 30,799
Accounts Receivable-Royalties-related party 11,722 0
Loan to-Optimized Fuel Technologies-related party 218,900 0
Prepaid Salary 3,000 3,000
Inventory 80,600 85,000
Total Current Assets 345,487 118,799
Other Assets    
License net of accumulated amortization of $12,562 489,938 502,500
Other intangible assets net of accumulated amortization of $5,949 and $5,680 respectively 4,801 5,070
Total Other Assets 494,739 507,570
Total Assets 840,226 626,369
Current Liabilities    
Payable and accrued expenses - related party 63,260 60,760
Derivative liability 2,587,833 1,265,394
Accrued Interest 24,589 3,221
Notes Payable net of discount 471,103 48,580
Notes Payable-License 0 391,000
Loan from related party 100 100
Total Current Liabilities 3,146,885 1,769,055
Total Liabilities 3,146,885 1,769,055
Commitments and Contingencies 0 0
Stockholders' Equity (Deficit)    
Common stock $0.001 par value 75,000,000 shares authorized 17,829,947 and 17,829,947 shares issued and outstanding at September 30, 2018 and June 30, 2018, respectively 17,830 17,830
Additional paid-in-capital 203,120 203,120
Accumulated earnings (deficit) (2,527,609) (1,363,636)
Total Stockholders' Equity (Deficit) (2,306,659) (1,142,686)
Total Liabilities and Stockholders' Equity (Deficit) $ 840,226 $ 626,369
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CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Sep. 30, 2018
Jun. 30, 2018
Statement of Financial Position [Abstract]    
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 75,000,000 75,000,000
Common stock shares issued 17,829,947 17,829,947
Common stock shares outstanding 17,829,947 17,829,947
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CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Revenue    
Formula $ 0 $ 4,500
Royalties 11,722 0
Optec Fuel Maximizer Units 3,526 90,150
Total Revenue 15,248 94,650
Cost of goods sold 4,400 58,360
Gross profit 10,848 36,290
Operating Expenses    
Professional fees 39,680 8,573
Amortization 12,831 1,019
Advertising and Marketing 3,774 0
Legal 1,000 0
Rent 7,500 0
Travel 2,000 0
General and Administrative 545 158
Consulting 9,000 1,000
Total Operating Expenses 76,330 10,750
Income (loss) before other expense (65,482) 25,540
Other Expense    
Change in fair value of derivative 889,439 0
Interest on convertible notes 209,052 0
Total Other Expense 1,098,491 0
Net Income (loss) $ (1,163,973) $ 25,540
Income (Loss) Basic and Diluted [1] $ 0 $ (0.00)
Weighted Average of Common Shares Outstanding - Basic and Diluted 17,829,497 52,944,500
[1] denotes loss of less than $0.01 per share
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CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operating Activities    
Net Income (loss) $ (1,163,973) $ 25,540
Adjustments to Reconcile Net Income (Loss) To Net Cash Provided by (Used In) Operating Activities:    
Amortization expense-Formulas 269 1,019
Amortization License 12,562 0
Amortization of debt discount 187,440 0
Changes in fair value of derivative 889,439 0
Stock issued for services 0 0
Changes in Operating Assets and Liabilities    
Accounts receivable-Royalties (11,722) (86,200)
Inventory 4,400 0
Prepaid Salary 0 0
Accounts payable and accrued expenses 2,500 61,833
Accrued interest 21,368 0
Net Cash Provided by (Used in) Operating Activities (57,717) 2,192
Cash Flows from Investing Activities    
Loan to Optimized Fuel Technologies (609,900) 0
Net Non-Cash used in Investing Activities (609,900) 0
Financing Activities    
Proceeds from issuance of notes payable 733,250 0
Loan from related party 0 100
Principal payments on debt (65,167) 0
Net Cash Provided by Financing Activities 668,083 100
Increase/Decrease in Cash 466 2,292
Cash at Beginning of Period 30,799 342
Cash at End of Period 31,265 2,634
Supplemental disclosure    
Cash paid for interest 0 0
Cash paid for income taxes 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Note receivable offset by note payable-related party $ 391,000 $ 0
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NATURE OF OPERATIONS
3 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS

Note 1 – NATURE OF OPERATIONS

Optec International, Inc. (Formerly Green Meadow Products, Inc. "the Company", “GMP”, "Optec", "we", "us" or "our") was incorporated under the laws of the State of Wyoming on June 22, 2012.

 

Subsequent to acquiring the licensing rights for the Optimized Fuel Maximizer, the Company’s focus is on the expansion of the sales & marketing of the Optimized Fuel Maximizer, concentrating primarily in the North America region, followed by expansion into other geographic areas subsequent to locating and contracting with large distributors that already operate in the automotive aftermarket arena. In addition, the Company is focused on aiding the manufacturer in obtaining additional certifications from the California Air Resources Board (CARB) which, upon receiving should aid in the sales of the Optimized Fuel Maximizer units not only in California but nationally and internationally as well.

 

On June 4, 2018 the Company entered into an Exclusive Licensing Agreement with Optimized Fuel Technologies for the right to exclusively distribute and sell the Optimized Fuel Maximizer internationally, with the exception of the United States and Canada. Consideration of $501,500 was paid for the licensing right in the form of one million five hundred thousand (1,500,000) shares of the Company’s common shares valued at $.001 per share which were authorized to be issued to Optimized Fuel Technologies; in addition to a five hundred thousand dollars ($500,000) note payable to be paid over the course of 24 months.  As of September 30, 2018, the $500,000 note payable was paid off in full.

 

On June 20, 2018 the Company entered into an Exclusive Licensing Agreement Addendum with Optimized Fuel Technologies for the right to exclusively sell the Optimized Fuel Maximizer worldwide. On June 4, 2018, the Company had entered into an Exclusive Licensing Agreement with Optimized Fuel Technologies for the right to exclusively sell the Optimized Fuel Maximizer internationally, with the exception of the United States and Canada; this agreement extends exclusive marketing right to include North America and Canada. Consideration of $1,000 was paid for the licensing rights under the addendum in the form of one million (1,000,000) shares of the Company’s common shares valued at $.001 per share which were authorized to be issued to Optimized Fuel Technologies.  (For further information on Optec Products acquired-www.optecmpg.com)

 

On August 8, 2018 Optimized Fuel Technologies, a related party, entered into a contract with a company that desired to purchase the Optimized Fuel Maximizer on a manufacturer direct basis As the Company owns the exclusive licensing rights to sales of the Optimized Fuel Maximizer; per the Royalty agreement dated August 27, 2018 the Company agreed to the acceptance of royalty revenue generated by sales which are made on a manufacturer direct basis.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows.

 

BASIS OF PRESENTATION

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company's year-end is June 30.

 

ESTIMATES

 

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

 

CASH AND CASH EQUIVALENTS

 

The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of September 30, 2018 or 2017.

 

CUSTOMER AND PURCHASE CONCENTRATION 

During the three months ended September 30, 2018 and 2017, the following customers represented more than 10% of the Company’s sales: 

    September 30, 2018     September 30, 2017  
          $ %           $ %  
Total licensing revenue     -       -       4,500       4.7  
Total royalties     11,722       77                  
Total product revenue *     3,526       23       90,150       95.2  
Total Consulting Income     -       -       -       -  
Total revenue   $ 15,248       100     $ 94,650       100  
                                 
Customer A     3,376       22       4,500       4.9  
Customer B     150       1       -       -  
Customer C     -       -       3,850       4.1  
Customer D     -       -       31,600       33.8  
Customer E     -       -       53,500       57.2  
Customer F     11,722       77       -       -  
Concentration total   $ 15,248       100     $ 93,450       100  

 

During the three months ended September 30, 2018 and 2017, the following vendors represented more than 10% of the Company’s Purchases:

 

  September 30, 2018   September 30, 2017  
        $ %         $ %  
Product-Optec*     -       -       58,360       100  
Total Purchases     -       -       58,360       100  

*100% represents product purchased from Optimized Fuel Technologies.

 

INVENTORY

 

Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis. At September 30, 2018 and June 30, 2017 we had inventory of $80,600 and $85,000 respectively, consisting of Optimized Fuel Maximizer units.
 

FINANCIAL INSTRUMENTS

 

Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. Accounting Standards Codification ("ASC") 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available.

 

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

 

Level 3: Significant unobservable inputs which reflect a reporting entity's own assumptions about the assumptions that market participants would use for pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method.

 

The recorded amounts of financial instruments, comprising cash, accounts payable and income tax payable, approximate their market values as of September 30, 2018 due to the short term maturities of these financial instruments.

 

 OTHER INTANGIBLE ASSETS

 

Under ASC 350-50-1, costs incurred in the acquisition of an intangible asset are capitalized by the Company. Our intangible assets are related to the acquisition of the Licensing rights for the Optimized Fuel Maximizer which is being amortized to expense over the licensing rights estimated useful life or period of benefit which is estimated to be 10 years using straight-line method; annual amortization will be approximately $50,250 per year. In addition, the purchase of our Green Meadow PR formula for natural pain relief for animals is being amortized to expense over the formula's estimated useful life or period of benefit which is estimated to be 10 years using straight-line method. As of September 30, 2018 and June 30, 2018, the balances of our intangible assets net of accumulated amortization were $494,739 and $507,570 respectively.

 

IMPAIRMENT OF LONG-LIVED ASSETS

 

The Company evaluates the recoverability of long-lived assets and intangible assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. At the three months ended September 30, 2018 there is no impairment of long-lived assets or intangible assets.

 

INCOME TAXES

 

We account for income taxes in accordance with FASB ASC 740, Income Taxes which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

 

REVENUE RECOGNITION

 

Effective July 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) standard update ASU 2014-09, “Revenue from Contracts with Customers,” (“Topic 606”) which provides a principles-based, five-step approach to measure and recognize revenue from contracts with customers. Revenue is recognized when the following criteria are met:

  Identification of the contract, or contracts, with a customer;
  Identification of the performance obligations in the contract ;
  Determination of the transaction price;
  Allocation of the transaction price to the performance obligations in the contract ; and
 

Recognition of revenue when, or as, we satisfy performance obligation.

 

 

The adoption of this guidance did not have a material impact on the Company’s consolidated statement of operations, cash flows, and balance sheet as of the adoption date or for the three months ended September 30, 2018.

 

The Company's revenues have been generated primarily through the sales of the Optimized Fuel Maximizer units and sublicense and distribution agreements related to our PawPal product and our pain relief products. The terms of these agreements generally consist solely of upfront, nonrefundable payments for licensing and distribution rights. Revenues from non-refundable licensing and distribution fees are recognized upon receipt of the payment if the license has stand-alone value and we do not have ongoing involvement or obligations. 

 

For the three months ended September 30, 2018 and 2017, all sales and license payments met the above criteria or in the case of one contract, the only continuing involvement was to sell our products to the distributor at pricing that is consistent with market transactions, thereby allowing for the recognition of revenue for the licensing and distribution arrangements upon receipt. 

 

When non-refundable license fees do not meet this criteria the license revenues are recognized over the expected period of performance. We periodically review for any expected period of substantial involvement under the agreements that provide for non-refundable up-front payments and license fees. If ever applicable, we will adjust the amortization periods when appropriate to reflect changes in assumptions relating to the duration of our expected involvement.

 

TRADE RECEIVABLES

 

Trade Receivables are the amount of billed or unbilled claims or other similar items subject to uncertainty concerning their determination or ultimate realization under contracts that are expected to be collected in the next rolling twelve months following the latest balance sheet presented. Our policies on receivables varies per customer, but in no case do we allow for a receivable to be outstanding for more than 12 months. As of September 30, 2018, we had no open trade receivables, we had royalty receivables of $11,722 and other receivables from Optimized Fuel Technologies in the amount of $218,900. In the year ended June 30, 2018 we expensed $85,100 to bad debt as uncollectable receivables.

 

ADVERTISING COSTS

 

The Company's policy regarding advertising is to expense advertising when incurred. The Company incurred advertising and marketing expense of $3,774 during the three months ended September 30, 2018 and $0 during the three months ended September 30, 2017.

 

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

 

The Company computes net income (loss) per share in accordance with ASC 105, "Earnings per Share" which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended September 30, 2018, 789,126  shares, (386,626 from convertible notes and 402,500 from warrants), were potentially dilutive common shares and for the three months ended September 30, 2017 there were no diluted shares.

 

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOING CONCERN
3 Months Ended
Sep. 30, 2018
- GOING CONCERN [Abstract]  
GOING CONCERN

Note 3 – GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As of September 30, 2018, the Company had yet to establish a proven, reliable, recurring source of revenue to fund its ongoing operating costs and with insufficient funds to fully implement its proposed business plan. This raises substantial doubt about the Company's ability to continue as a going concern.

The financial statements do not include any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is contemplating conducting an offering of its debt or equity securities to obtain additional operating capital. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern.

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOANS RECEIVABLE
3 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
LOANS RECEIVABLE

Note 4 – LOANS RECEIVABLE

On November 1, 2017 the board of Directors approved a revolving loan receivable with a three year maximum term and a limit of $250,000 to Optimized Fuel Technologies, a related party and the manufacturer of the Fuel Maximizer units we sell. The loan is intended to have various advances at a 0% interest rate for the first 90 days with the interest rate subject to adjustment thereafter. Through June 30, 2018 $109,000 in loans were made to facilitate the additional CARB (California Air Resources board) certifications, Patents expanded, and other certifications needed, which are required for both domestic and international markets. The $109,000 was paid in full by being credited against a $500,000 note payable for licensing rights. On August 31, 2018 another payment was made to Optimized Fuel Technologies in the amount of $391,000 which was also credited against the $500,000 note payable resulting in the $500,000 note being paid in full. At September 30, 2018 there was a loan receivable from Optimized Fuel Technologies for $218,900.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE LOANS
3 Months Ended
Sep. 30, 2018
Licensing And Service Agreements  
CONVERTIBLE LOANS

Note 5 - CONVERTIBLE LOANS

 

At September 30, 2018 and 2017, convertible loans consisted of the following:

 

    September 30,     June 30,  
    2018     2018  
November 7, 2017 Note   $ -     $ 29,167  
April 30, 2018 Note     112,500       112,500  
June 15, 2018 Note     200,000       200,000  
July 9, 2018 Note     110,000       -  
July 16, 2018 Note     115,000       -  
August 2, 2018 Note     303,250          
August 15, 2018 Note     73,000       -  
September 7, 2018 Note     84,000       -  
September 7, 2018 Note     36,750       -  
September 10, 2018 Note     55,000       -  
September 19, 2018 Note     100,000       -  
Total convertible notes payable     1,189,500       341,667  
Less: Unamortized debt discount     (718,397 )     (279,087 )
Total convertible notes     471,103       48,580  
                 
Less: current portion of convertible notes     471,103       48,580  
Long-term convertible notes   $ -     $ -  

 

During the three months ended September 30, 2018 and 2017, the Company recognized amortization of debt discount, included in interest expense, of $187,440 and $0 respectively.

 

Promissory Notes and Warrants – Issued for the three months ended September 30, 2018

 

During the three months ended September 30, 2018, the Company issued a total of $913,000 promissory notes (“Notes”) with the following terms:

 

  · Terms ranging from 9 months to 37 months.

 

  · Annual interest rates of 0% to 12%.

 

  · Certain notes are convertible at the option of the holders at issuance, 90 days, or 180 days from issuance.

 

  · Conversion prices are typically based on the discounted (38% to 50% discount) average closing prices or lowest trading prices of the Company’s shares during various periods prior to conversion.

 

Certain notes allow the Company to redeem the notes at rates ranging from 135% to 150% depending on the redemption date provided that no redemption is allowed after the 180th day. Likewise, the note includes original issue discounts and financing costs totaling to $179,750 and the Company received cash of $733,250.

 

The Company identified conversion features embedded within certain notes and warrants issued during the three months ended September 30, 2018 and the year ended June 30, 2018. The Company has determined that the conversion feature of the Notes represents an embedded derivative since the conversion price is variable and the Notes include a reset provision which could cause adjustments upon conversion. Accordingly, the Notes are not considered to be conventional debt and the embedded conversion feature must be bifurcated from the debt host and accounted for as a derivative liability. During the three months ended September 30, 2018 the 68,530 warrants issued with convertible notes, are exercisable into 68,530 shares of common stock, for a period of five years from issuance, at a price of $7.00 to $8.40 per share. As a result of the reset features for these warrants, at September 30, 2018, the warrants increased by 245,244 and the total warrants are now exercisable into 313,774 shares of common stock at $1.71 per share. The reset feature of warrants associated with this convertible note was effective at the time that a separate convertible note with lower exercise price was issued. We accounted for the issuance of the Warrants as a derivative (see Note 6).

 

Warrants

 

A summary of activity during the three months ended September 30, 2018 regarding warrants issued as follows:

 

    Warrants Outstanding  
        Weighted Average  
    Shares   Exercise Price  
           
Outstanding, June 30, 2018     49,300     $ 2.92  
Granted     68,530       7.83  
Reset feature     284,670       1.72  
Exercised     -       -  
Forfeited/canceled     -       -  
Outstanding, September 30, 2018     402,500     $ 1.68  

 

The following table summarizes information relating to outstanding and exercisable warrants as of September 30, 2018:

 

Warrants Outstanding     Warrants Exercisable  
Number of     Weighted Average Remaining   Weighted Average     Number of   Weighted Average  
Shares     Contractual life
(in years)
  Exercise Price     Shares   Exercise Price  
  402,500       4.77     $ 1.68       402,500     $ 1.68  
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITIES
3 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
DERIVATIVE LIABILITIES

Note 6 - DERIVATIVE LIABILITIES

 

The Company analyzed the conversion option for derivative accounting consideration under ASC 815, Derivatives and Hedging, and hedging, and determined that the instrument should be classified as a liability since the conversion option becomes effective at issuance resulting in there being no explicit limit to the number of shares to be delivered upon settlement of the above conversion options.

 

Fair Value Assumptions Used in Accounting for Derivative Liabilities.

 

ASC 815 requires we assess the fair market value of derivative liability at the end of each reporting period and recognize any change in the fair market value as other income or expense item.

 

The Company determined our derivative liabilities to be a Level 3 fair value measurement and used the Black-Scholes pricing model to calculate the fair value as of September 30, 2018. The Black-Scholes model requires six basic data inputs: the exercise or strike price, time to expiration, the risk free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each convertible note is estimated using the Black-Scholes valuation model.

 

At September 30, 2018 and June 30, 2018, the estimated fair values of the liabilities measured on a recurring basis are as follows:

 

    Three Months Ended     Year Ended  
    September 30, 2018     June 30, 2018  
Expected term   0.33 - 5.00 years     0.02 - 5.00 years  
Expected average volatility     67% - 419 %     12% - 487 %
Expected dividend yield     -       -  
Risk-free interest rate     2.19% - 2.94 %     1.37% - 2.81 %

 

The following table summarizes the changes in the derivative liabilities during the three months ended September 30, 2018:

 

Fair Value Measurements Using Significant Observable Inputs (Level 3)  
       
Balance - June 30, 2018   $ 1,265,394  
Addition of new derivatives recognized as debt discounts     433,000  
Addition of new derivatives recognized as loss on derivatives     1,188,266  
Loss on change in fair value of the derivative     (298,827 )
Balance - September 30, 2018   $ 2,587,833  

 

The aggregate loss on derivatives during the three months ended September 30, 2018 and 2017 was as follows:

 

  Three Months Ended  
  September 30,  
  2018   2017  
Addition of new derivatives recognized as loss on derivatives   $ 1,188,266     $ -  
Gain on change in fair value of the derivative     (298,827 )     -  
Total   $ 889,439     $ -  
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
LICENSING AND SERVICE AGREEMENTS
3 Months Ended
Sep. 30, 2018
Licensing And Service Agreements Abstract  
LICENSING AND SERVICE AGREEMENTS

Note 7 –LICENSING AND SERVICE AGREEMENTS 

 

On June 4, 2018 the Company entered into an Exclusive Licensing Agreement with Optimized Fuel Technologies, a related party, for the right to exclusively sell the Optimized Fuel Maximizer internationally, with the exception of the United States and Canada. Consideration of $1,500 was paid for the licensing right in the form of one million five hundred thousand (1,500,000) shares of the Company’s common shares valued at $.001 per share which were authorized to be issued to Optimized Fuel Technologies; in addition, five hundred thousand dollars ($500,000) was to be paid over the course of 24 months which was paid as of September 30, 2018.

 

On June 20, 2018 the Company entered into an Exclusive Licensing Agreement Addendum with Optimized Fuel Technologies, a related party, for the right to exclusively sell the Optimized Fuel Maximizer worldwide. On June 4, 2018, the Company had entered into an Exclusive Licensing Agreement with Optimized Fuel Technologies for the right to exclusively sell the Optimized Fuel Maximizer internationally, with the exception of the United States and Canada; this agreement extends exclusive marketing right to include North America and Canada. Consideration of $1,000 was paid for the licensing rights under the addendum in the form of one million (1,000,000) shares of the Company’s common shares valued at $.001 per share which were authorized to be issued to Optimized Fuel Technologies.

 

On August 8, 2018 Optimized Fuel Technologies, a related party, entered into a contract with a company that desired to purchase the Optimized Fuel Maximizer on a manufacturer direct basis As the Company owns the exclusive licensing rights to sales of the Optimized Fuel Maximizer; per the Royalty agreement dated August 27, 2018 the Company agreed to the acceptance of royalty revenue generated by sales which are made on a manufacturer direct basis.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMON STOCK
3 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
COMMON STOCK

Note 8 - COMMON STOCK

 

The Company is authorized to issue seventy five million shares of common stock with $0.001 par value.

 As of September 30, 2018, there were 17,829,947 shares of common stock issued and outstanding. As of June 30, 2017, there were 17,829,947 shares of common stock issued and outstanding.

No shares of common stock were issued during the three months ended September 30, 2018 and 2017.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS
3 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

Note 9 – RELATED PARTY TRANSACTIONS

On August 8, 2018 Optimized Fuel Technologies, a related party, entered into a contract with a company that desired to purchase the Optimized Fuel Maximizer on a manufacturer direct basis. As the Company owns the exclusive licensing rights to sales of the Optimized Fuel Maximizer; per the Royalty agreement dated August 27, 2018 the Company agreed to the acceptance of royalty revenue generated by sales which were made on a manufacturer direct basis.

We have a loan receivable from Optimized Fuel Technologies, a related party, at September 30, 2018 totaling $218,900.

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

Note 10 – COMMITMENTS AND CONTINGENCIES

 

We have a twelve month lease for office space at 2721 Loker Avenue West, Carlsbad, CA 92010 for $2,500 per month with Optimized Fuel Technologies, a related party. During the three months ended September 30, 2018 total rent expense paid was $7,500 and no rent was paid in 2017.

 

We pay our CEO a salary of $3,000 per month. During the three months ended September 30, 2018 total salary paid was $9,000 and no salary was paid during the three months ended September 30, 2017.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
3 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Note 11 – SUBSEQUENT EVENTS

Management has reviewed events between September 30, 2018 to the date that the financials were issued, and other than the following there were no other significant events identified for disclosure.

On October 3, 2018 a note payable was issued to EMA Financial, LLC in the amount of $83,500 with an interest rate of 10% and maturity date of July 3, 2019.

On October 30, 2018 a note payable was issued to Power Up Lending Group LTD in the amount of $95,000 with an interest rate of 12% and maturity date of August 15, 2019.

On November 1, 2018 a note payable was issued to Carebourn Capital, L.P. in the amount of $258,570 with an interest rate of 12% and maturity date of November 1, 2019.

On October 23, 2018 we sold our remaining inventory for  $78,300  back to Optimized Fuel Technologies, a related party at our original cost.

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
BASIS OF PRESENTATION

BASIS OF PRESENTATION

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company's year-end is June 30.

ESTIMATES

ESTIMATES

 

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

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

 

The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of September 30, 2018 or 2017.

CUSTOMER AND PURCHASE CONCENTRATION

CUSTOMER AND PURCHASE CONCENTRATION 

During the three months ended September 30, 2018 and 2017, the following customers represented more than 10% of the Company’s sales: 

    September 30, 2018     September 30, 2017  
          $ %           $ %  
Total licensing revenue     -       -       4,500       4.7  
Total royalties     11,722       77                  
Total product revenue *     3,526       23       90,150       95.2  
Total Consulting Income     -       -       -       -  
Total revenue   $ 15,248       100     $ 94,650       100  
                                 
Customer A     3,376       22       4,500       4.9  
Customer B     150       1       -       -  
Customer C     -       -       3,850       4.1  
Customer D     -       -       31,600       33.8  
Customer E     -       -       53,500       57.2  
Customer F     11,722       77       -       -  
Concentration total   $ 15,248       100     $ 93,450       100  

 

During the three months ended September 30, 2018 and 2017, the following vendors represented more than 10% of the Company’s Purchases:

 

  September 30, 2018   September 30, 2017  
        $ %         $ %  
Product-Optec*     -       -       58,360       100  
Total Purchases     -       -       58,360       100  

*100% represents product purchased from Optimized Fuel Technologies.

INVENTORY

INVENTORY

 

Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis. At September 30, 2018 and June 30, 2017 we had inventory of $80,600 and $85,000 respectively, consisting of Optimized Fuel Maximizer units.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

 

Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. Accounting Standards Codification ("ASC") 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available.

 

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

 

Level 3: Significant unobservable inputs which reflect a reporting entity's own assumptions about the assumptions that market participants would use for pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method.

 

The recorded amounts of financial instruments, comprising cash, accounts payable and income tax payable, approximate their market values as of September 30, 2018 due to the short term maturities of these financial instruments.

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS

 

Under ASC 350-50-1, costs incurred in the acquisition of an intangible asset are capitalized by the Company. Our intangible assets are related to the acquisition of the Licensing rights for the Optimized Fuel Maximizer which is being amortized to expense over the licensing rights estimated useful life or period of benefit which is estimated to be 10 years using straight-line method; annual amortization will be approximately $50,250 per year. In addition, the purchase of our Green Meadow PR formula for natural pain relief for animals is being amortized to expense over the formula's estimated useful life or period of benefit which is estimated to be 10 years using straight-line method. As of September 30, 2018 and June 30, 2018, the balances of our intangible assets net of accumulated amortization were $494,739 and $507,570 respectively.

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS

 

The Company evaluates the recoverability of long-lived assets and intangible assets and the related estimated remaining lives at each balance sheet date. The Company records an impairment or change in useful life whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. At the three months ended September 30, 2018 there is no impairment of long-lived assets or intangible assets.

INCOME TAXES

INCOME TAXES

 

We account for income taxes in accordance with FASB ASC 740, Income Taxes which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

REVENUE RECOGNITION

REVENUE RECOGNITION

 

Effective July 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) standard update ASU 2014-09, “Revenue from Contracts with Customers,” (“Topic 606”) which provides a principles-based, five-step approach to measure and recognize revenue from contracts with customers. Revenue is recognized when the following criteria are met:

  Identification of the contract, or contracts, with a customer;
  Identification of the performance obligations in the contract ;
  Determination of the transaction price;
  Allocation of the transaction price to the performance obligations in the contract ; and
 

Recognition of revenue when, or as, we satisfy performance obligation.

 

The adoption of this guidance did not have a material impact on the Company’s consolidated statement of operations, cash flows, and balance sheet as of the adoption date or for the three months ended September 30, 2018.

 

The Company's revenues have been generated primarily through the sales of the Optimized Fuel Maximizer units and sublicense and distribution agreements related to our PawPal product and our pain relief products. The terms of these agreements generally consist solely of upfront, nonrefundable payments for licensing and distribution rights. Revenues from non-refundable licensing and distribution fees are recognized upon receipt of the payment if the license has stand-alone value and we do not have ongoing involvement or obligations. 

 

For the three months ended September 30, 2018 and 2017, all sales and license payments met the above criteria or in the case of one contract, the only continuing involvement was to sell our products to the distributor at pricing that is consistent with market transactions, thereby allowing for the recognition of revenue for the licensing and distribution arrangements upon receipt. 

 

When non-refundable license fees do not meet this criteria the license revenues are recognized over the expected period of performance. We periodically review for any expected period of substantial involvement under the agreements that provide for non-refundable up-front payments and license fees. If ever applicable, we will adjust the amortization periods when appropriate to reflect changes in assumptions relating to the duration of our expected involvement.

TRADE RECEIVABLES

TRADE RECEIVABLES

 

Trade Receivables are the amount of billed or unbilled claims or other similar items subject to uncertainty concerning their determination or ultimate realization under contracts that are expected to be collected in the next rolling twelve months following the latest balance sheet presented. Our policies on receivables varies per customer, but in no case do we allow for a receivable to be outstanding for more than 12 months. As of September 30, 2018, we had no open trade receivables, we had royalty receivables of $11,722 and other receivables from Optimized Fuel Technologies in the amount of $218,900. In the year ended June 30, 2018 we expensed $85,100 to bad debt as uncollectable receivables.

ADVERTISING COSTS

ADVERTISING COSTS

 

The Company's policy regarding advertising is to expense advertising when incurred. The Company incurred advertising and marketing expense of $3,774 during the three months ended September 30, 2018 and $0 during the three months ended September 30, 2017.

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

 

The Company computes net income (loss) per share in accordance with ASC 105, "Earnings per Share" which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months ended September 30, 2018, 789,126  shares, (386,626 from convertible notes and 402,500 from warrants), were potentially dilutive common shares and for the three months ended September 30, 2017 there were no diluted shares.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations.

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Sep. 30, 2018
Summary Of Significant Accounting Policies Tables  
Customer concentration

During the three months ended September 30, 2018 and 2017, the following customers represented more than 10% of the Company’s sales: 

    September 30, 2018     September 30, 2017  
          $ %           $ %  
Total licensing revenue     -       -       4,500       4.7  
Total royalties     11,722       77                  
Total product revenue *     3,526       23       90,150       95.2  
Total Consulting Income     -       -       -       -  
Total revenue   $ 15,248       100     $ 94,650       100  
                                 
Customer A     3,376       22       4,500       4.9  
Customer B     150       1       -       -  
Customer C     -       -       3,850       4.1  
Customer D     -       -       31,600       33.8  
Customer E     -       -       53,500       57.2  
Customer F     11,722       77       -       -  
Concentration total   $ 15,248       100     $ 93,450       100  
Schedule of purchase

During the three months ended September 30, 2018 and 2017, the following vendors represented more than 10% of the Company’s Purchases:

 

  September 30, 2018   September 30, 2017  
        $ %         $ %  
Product-Optec*     -       -       58,360       100  
Total Purchases     -       -       58,360       100  
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE LOANS (Tables)
3 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of convertible loans

At September 30, 2018 and 2017, convertible loans consisted of the following:

 

    September 30,     June 30,  
    2018     2018  
November 7, 2017 Note   $ -     $ 29,167  
April 30, 2018 Note     112,500       112,500  
June 15, 2018 Note     200,000       200,000  
July 9, 2018 Note     110,000       -  
July 16, 2018 Note     115,000       -  
August 2, 2018 Note     303,250          
August 15, 2018 Note     73,000       -  
September 7, 2018 Note     84,000       -  
September 7, 2018 Note     36,750       -  
September 10, 2018 Note     55,000       -  
September 19, 2018 Note     100,000       -  
Total convertible notes payable     1,189,500       341,667  
Less: Unamortized debt discount     (718,397 )     (279,087 )
Total convertible notes     471,103       48,580  
                 
Less: current portion of convertible notes     471,103       48,580  
Long-term convertible notes   $ -     $ -  
Summary of activity

A summary of activity during the three months ended September 30, 2018 regarding warrants issued as follows:

 

    Warrants Outstanding  
        Weighted Average  
    Shares   Exercise Price  
           
Outstanding, June 30, 2018     49,300     $ 2.92  
Granted     68,530       7.83  
Reset feature     284,670       1.72  
Exercised     -       -  
Forfeited/canceled     -       -  
Outstanding, September 30, 2018     402,500     $ 1.68  
Summary of warrants outstanding and exercisable

The following table summarizes information relating to outstanding and exercisable warrants as of September 30, 2018:

 

Warrants Outstanding     Warrants Exercisable  
Number of     Weighted Average Remaining   Weighted Average     Number of   Weighted Average  
Shares     Contractual life
(in years)
  Exercise Price     Shares   Exercise Price  
  402,500       4.77     $ 1.68       402,500     $ 1.68  
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITIES (Tables)
3 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Estimated fair values of liabilities measured on recurring basis

At September 30, 2018 and June 30, 2018, the estimated fair values of the liabilities measured on a recurring basis are as follows:

 

    Three Months Ended     Year Ended  
    September 30, 2018     June 30, 2018  
Expected term   0.33 - 5.00 years     0.02 - 5.00 years  
Expected average volatility     67% - 419 %     12% - 487 %
Expected dividend yield     -       -  
Risk-free interest rate     2.19% - 2.94 %     1.37% - 2.81 %
Summary of changes in derivative liabilities

The following table summarizes the changes in the derivative liabilities during the three months ended September 30, 2018:

 

Fair Value Measurements Using Significant Observable Inputs (Level 3)  
       
Balance - June 30, 2018   $ 1,265,394  
Addition of new derivatives recognized as debt discounts     433,000  
Addition of new derivatives recognized as loss on derivatives     1,188,266  
Loss on change in fair value of the derivative     (298,827 )
Balance - September 30, 2018   $ 2,587,833  
Schedule of aggregate loss on derivatives

The aggregate loss on derivatives during the three months ended September 30, 2018 and 2017 was as follows:

 

  Three Months Ended  
  September 30,  
  2018   2017  
Addition of new derivatives recognized as loss on derivatives   $ 1,188,266     $ -  
Gain on change in fair value of the derivative     (298,827 )     -  
Total   $ 889,439     $ -  
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Total revenue $ 15,248 $ 94,650
Percent of Revenue 100.00% 100.00%
Licensing Revenue [Member]    
Total revenue $ 0 $ 4,500
Percent of Revenue 0.00% 4.70%
Royalties Revenue [Member]    
Total revenue $ 11,722 $ 0
Percent of Revenue 77.00% 0.00%
Product Revenue [Member]    
Total revenue $ 3,526 $ 90,150
Percent of Revenue 23.00% 95.20%
Consulting Revenue [Member]    
Total revenue $ 0 $ 0
Percent of Revenue 0.00% 0.00%
Product Concentration Risk [Member]    
Customer Concentration Totals $ 15,248 $ 93,450
Percent of Customer Concentration Totals 100.00% 100.00%
Customer A [Member]    
Customer Concentration Totals $ 3,376 $ 4,500
Percent of Customer Concentration Totals 22.00% 4.90%
Customer B [Member]    
Customer Concentration Totals $ 150 $ 0
Percent of Customer Concentration Totals 1.00% 0.00%
Customer C [Member]    
Customer Concentration Totals $ 0 $ 3,850
Percent of Customer Concentration Totals 0.00% 4.10%
Customer D [Member]    
Customer Concentration Totals $ 0 $ 31,600
Percent of Customer Concentration Totals 0.00% 33.80%
Customer E [Member]    
Customer Concentration Totals $ 0 $ 53,500
Percent of Customer Concentration Totals 0.00% 57.20%
Customer F [Member]    
Customer Concentration Totals $ 11,722 $ 0
Percent of Customer Concentration Totals 77.00% 0.00%
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Total Purchases $ 0 $ 58,360
Total purchase percentage 0.00% 100.00%
Optimized Fuel Technology    
Total Purchases [1] $ 0 $ 58,360
Total purchase percentage [1] 0.00% 100.00%
[1] *100% represents product purchased from Optimized Fuel Technologies, a related party.
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
3 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Cash equivalents     $ 0 $ 0
Impairment of long-lived assets $ 0 $ 0    
Accounts receivable     0 0
Bad debts 85,100      
Advertising and Marketing Expense $ 7,745 $ 5,075    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 177,821 0    
Inventory $ 80,600   $ 85,000 $ 0
Amortization $ 50,250      
Website Development [Member]        
Estimated useful life     5 years  
Other Intangible Assets [Member]        
Estimated useful life     10 years  
Convertible notes [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount     128,521  
Warrant [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount     49,300  
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
LOANS RECEIVABLE (Details Narrative) - USD ($)
1 Months Ended
Nov. 01, 2017
Nov. 30, 2017
Debt Disclosure [Abstract]    
Revolving loan maximum limit $ 250,000  
Term 3 years  
Interest rate 0.00%  
Advances   $ 10,900
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE LOANS (Details) - USD ($)
Sep. 30, 2018
Jun. 30, 2018
Total convertible notes payable $ 1,189,500 $ 341,667
Less: Unamortized debt discount (718,397) (279,087)
Total convertible notes 471,103 48,580
Less: current portion of convertible notes 471,103 48,580
Long-term convertible notes 0 0
Convertible Notes Payable [Member]    
Total convertible notes payable 0 29,167
Convertible Notes Payable One [Member]    
Total convertible notes payable 112,500 112,500
Convertible Notes Payable Two [Member]    
Total convertible notes payable 200,000 200,000
Convertible Notes Payable Three [Member]    
Total convertible notes payable 110,000 0
Convertible Notes Payable Four [Member]    
Total convertible notes payable 115,000 0
Convertible Notes Payable Five [Member]    
Total convertible notes payable 303,250 0
Convertible Notes Payable Six [Member]    
Total convertible notes payable 73,000 0
Convertible Notes Payable Seven [Member]    
Total convertible notes payable 84,000 0
Convertible Notes Payable Eight [Member]    
Total convertible notes payable 36,750 0
Convertible Notes Payable Nine [Member]    
Total convertible notes payable 55,000 0
Convertible Notes Payable Ten [Member]    
Total convertible notes payable $ 100,000 $ 0
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE LOANS (Details 1)
3 Months Ended
Sep. 30, 2018
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Outstanding [Roll Forward]  
Balance at beginning | shares 49,300
Granted | shares 68,530
Reset feature | shares 284,670
Exercised | shares 0
Forfeited/canceled | shares 0
Balance at end | shares 402,500
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Outstanding, Weighted Average Exercise Price [Roll Forward]  
Balance at beginning | $ / shares $ 2.92
Granted | $ / shares 7.83
Reset Feature | $ / shares 1.72
Exercised | $ / shares 0.00
Forfeited/canceled | $ / shares .00
Balance at end | $ / shares $ 1.68
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE LOANS (Details 2)
3 Months Ended
Sep. 30, 2018
$ / shares
shares
Convertible Loans 2Abstract  
Number of Warrants outstanding | shares 402,500
Weighted Average Remaining Contractual life (Years) 4 years 9 months 7 days
Weighted Average Exercise Price ($) | $ / shares $ 1.68
Number Warrants Exercisable | shares 313,774
Weighted Average Warrants Exercise Price | $ / shares $ 1.71
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONVERTIBLE LOANS (Details Narrative) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Amortization debt discount $ 187,440 $ 0
Original issue discounts 117,906  
Financing costs $ 733,250  
Number Warrants Exercisable 313,774  
Weighted Average Warrants Exercise Price $ 1.71  
Promissory Notes    
Number of warrants increased 245,244  
Number Warrants Exercisable 68,530  
Promissory Notes | Minimum [Member]    
Weighted Average Warrants Exercise Price $ 7.00  
Promissory Notes | Maximum [Member]    
Weighted Average Warrants Exercise Price $ 8.40  
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITIES (Details)
3 Months Ended 12 Months Ended
Sep. 30, 2018
Jun. 30, 2018
Expected dividend yield 0.00% 0.00%
Minimum [Member]    
Expected term 3 months 29 days 7 days
Expected average volatility 67.00% 12.00%
Risk-free interest rate 2.19% 1.37%
Maximum [Member]    
Expected term 5 years 5 years
Expected average volatility 419.00% 487.00%
Risk-free interest rate 2.94% 2.81%
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITIES (Details 1) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Notes to Financial Statements    
Balance at beginning $ 1,265,394  
Addition of new derivatives recognized as debt discounts 433,000  
Addition of new derivatives recognized as loss on derivatives 1,188,266 $ 0
Gain (Loss)on change in fair value of the derivative (298,827) $ 0
Balance at beginning $ 2,587,833  
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE LIABILITIES (Details 2) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Notes to Financial Statements    
Addition of new derivatives recognized as loss on derivatives $ 1,188,266 $ 0
Gain on change in fair value of the derivative (298,827) 0
Changes in fair value of derivative $ 889,439 $ 0
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
LICENSING AND SERVICE AGREEMENTS (Details Narrative) - USD ($)
1 Months Ended
Jun. 04, 2018
Jun. 20, 2018
Sep. 30, 2018
Jun. 30, 2018
Number of shares issued     17,829,947 17,829,947
Optimized Fuel Technologies [Member] | Exclusive Licensing Agreement [Member]        
Consideration $ 1,500 $ 1,000    
Number of shares issued 1,500,000 1,000,000    
Share Price $ 0.001 $ 0.001    
Licensing and service agreements Description <p style="margin: 0"><font style="font-size: 10pt">in addition, five hundred thousand dollars ($500,000) was to be paid over the course of 24 months which was paid as of September 30, 2018</font></p>      
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMON STOCK (Details Narrative) - $ / shares
3 Months Ended
Sep. 30, 2018
Jun. 30, 2018
Notes to Financial Statements    
Issuance of common stock, Shares 0  
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 75,000,000 75,000,000
Common stock shares issued 17,829,947 17,829,947
Common stock shares outstanding 17,829,947 17,829,947
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS (Details Narrative)
Sep. 30, 2018
USD ($)
Optimized Fuel Technology  
Loan receivable $ 218,900
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]      
Monthly Salary Expense     $ 2,500
Total rent expense paid $ 7,500 $ 0  
Total Salary Paid $ 9,000 $ 0  
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
1 Months Ended
Nov. 01, 2018
Oct. 03, 2018
Oct. 30, 2018
Oct. 23, 2018
Sep. 30, 2018
Jun. 30, 2018
Note Payable         $ 471,103 $ 48,580
Subsequent Event [Member] | Optimized Fuel Technologies [Member]            
Sale of inventory       $ 78,300    
Subsequent Event [Member] | Carebourn Capital [Member]            
Note Payable $ 258,570          
Interest Rate 12.00%          
Maturity date Nov. 01, 2019          
Subsequent Event [Member] | Power Up Lending [Member]            
Note Payable     $ 95,000      
Interest Rate     12.00%      
Maturity date     Aug. 15, 2019      
Subsequent Event [Member] | EMA Financial [Member]            
Note Payable   $ 83,500        
Interest Rate   10.00%        
Maturity date   Jul. 03, 2019        
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