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Nature of Business and History of The Company
9 Months Ended
Sep. 30, 2016
Notes  
Nature of Business and History of The Company

Organization

 

The Company was incorporated in the State of Delaware, on January 21, 2009.

 

The Company is a holding company with three telecommunications services companies as subsidiaries. The Company’s subsidiaries, as explained in more detail below, seek to take advantage of opportunities created from the increased accessibility of content across mobile, television and internet platforms.

 

Spinoff

 

The Company was originally a wholly owned subsidiary of CornerWorld Corporation (“CWC”), a Nevada corporation publicly traded on the OTCQB exchange.  On August 13, 2015, CWC’s Board of Directors formally approved a plan whereby Woodland and its wholly owned subsidiaries were to be spun off in their entirety. On October 14, 2015, the US Securities and Exchange Commission (the “SEC”) formally informed Woodland that its registration statement had become effective, clearing the way for the spin-off. Finally, on December 31, 2015, CWC’s Board of Directors spun-off Woodland to CWC’s shareholders of record as of December 31, 2015, (the “Record Date”). CWC shareholders, as of the Record Date, received shares in Woodland equal to their pro-rata ownership percentage of CWC.  For every share owned by CWC’s shareholders as of the Record Date, those same shareholders were issued 1 share of Woodland’s common stock. Woodland is in the process of taking the necessary actions whereby Woodland’s shares will be free-trading on the OTCXB exchange.

 

Operations

 

The Company provides telephony and internet services through its wholly owned subsidiaries Phone Services and More, L.L.C., doing business as Visitatel (“PSM”) and T2 Communications, L.L.C. (“T2”). T2 is a Competitive Local Exchange Carrier (CLEC) that generates commissions from its carrier partners related to the provision of long-distance minutes to its customers. PSM, also a CLEC, is a wholesale long distance service provider to the carrier community and large commercial users of minutes. PSM generates revenues via earning commissions from serving as a broker for services provided by T2. T2 and PSM’s CLEC licenses permit them to operate in the lucrative telecommunications industry but their respective business models do not require any significant investments in property plant and equipment due to the fact that they are able to outsource all switching and technology needs to third party providers. T2 and PSM’s businesses could be adversely impacted should these third-party providers change the rates they charge to T2 and PSM or if they ceased operations requiring T2 and PSM to locate other providers.

 

On September 29, 2016, T2’s only customer informed T2 that it would not be renewing its contract with T2.  The contract expired of its own accord on September 30, 2016.  Absent this customer T2 has no other current sources of revenues and, as a result, PSM has no source of commissions. There can be no assurance that either T2 or PSM will locate other sources of revenue in the future.

 

 

TinyDial, LLC (“TinyDial”) was previously a wholly-owned subsidiary of CWC. TinyDial is a mobile telecommunications application that is free to its users. CWC contributed 100% of its ownership of TinyDial stock to the Company on September 30, 2015 for no consideration as TinyDial had no accounts, no operations and no customers. TinyDial holds a telecommunications patent and is a development stage company whose core focus is enabling its users to conduct unlimited free conference calls, direct dialing via the use of short codes, instant messaging and contact management, among other mobile telecommunications services. It is anticipated that it will ultimately generate revenues based on a minutes of use (“MOU”) model whereby, as its users make conference calls, they generate MOU’s which TinyDial can then bill to its carrier partners. At this time, the Company does not have future research and development plans related to TinyDial nor does it plan on allocating further resources on the TinyDial mobile application or patent.