10-Q Filing

GROOVE BOTANICALS INC. CIK: 918573 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001607062-19-000007`
Period End Date	20160630
Filing Date	20190111
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	grve-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 42 Cash Flow Statement 58

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$135.71K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$107.30K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$108.22K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$128.82K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$108.22K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$107.30K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.46K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.59K	USD	Point-in-time
Unproven oil & gas properties	`CapitalizedCostsUnprovedProperties`	$177.00K	USD	Point-in-time
Unproven oil & gas properties	`CapitalizedCostsUnprovedProperties`	$177.00K	USD	Point-in-time
Producing oil & gas properties, net	`OilAndGasPropertyFullCostMethodNet`	$68.97K	USD	Point-in-time
Producing oil & gas properties, net	`OilAndGasPropertyFullCostMethodNet`	$74.82K	USD	Point-in-time
Total Assets	`Assets`	$373.63K	USD	Point-in-time
Total Assets	`Assets`	$365.73K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$210.29K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$194.69K	USD	Point-in-time
Accrued payroll - related parties	`DueToEmployeesCurrent`	$205.46K	USD	Point-in-time
Accrued payroll - related parties	`DueToEmployeesCurrent`	$210.96K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$260.61K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$205.49K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$205.49K	USD	Point-in-time
Liquidation preference	`PreferredStockLiquidationPreferenceValue`	$537.45K	USD	Point-in-time
Accrued liabilities to joint interest	`AccruedLiabilitiesCurrentAndNoncurrent`	$11.14K	USD	Point-in-time
Accrued liabilities to joint interest	`AccruedLiabilitiesCurrentAndNoncurrent`	$9.96K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Notes payable - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$20.00K	USD	Point-in-time
Notes payable - related party	`NotesPayableRelatedPartiesClassifiedCurrent`	$20.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$149.20K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Notes payable	`NotesPayableCurrent`	$149.20K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.20M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$784.81K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$862.20K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.20M	shares	Point-in-time
Accrued asset retirement obligation (ARO) liability	`AssetRetirementObligationsNoncurrent`	$139.75K	USD	Point-in-time
Accrued asset retirement obligation (ARO) liability	`AssetRetirementObligationsNoncurrent`	$136.64K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.20M	shares	Point-in-time
Total Liabilities	`Liabilities`	$921.45K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.00M	USD	Point-in-time
Preferred stock, Series A, $.10 par value, 100 shares authorized; 100 shares issued and outstanding stated at redemption value, as of June 30, 2016 and March 31, 2016, liquidation preference of $546,450 and $537,450 as of June 30, 2016 and March 31, 2016, respectively.	`PreferredStockValue`	$10.00	USD	Point-in-time
Preferred stock, Series A, $.10 par value, 100 shares authorized; 100 shares issued and outstanding stated at redemption value, as of June 30, 2016 and March 31, 2016, liquidation preference of $546,450 and $537,450 as of June 30, 2016 and March 31, 2016, respectively.	`PreferredStockValue`	$10.00	USD	Point-in-time
Preferred stock, Series B, $.10 par value 2,000 shares authorized; 1,983 and 1,983 shares issued and outstanding stated at redemption value, as of June 30, 2016 and March 31, 2016 liquidation preference of $2,192,660 and $2,148,038 as of June 30, 2016 and March 31, 2016.	`PreferredStockValueSeriesB`	$198.00	USD	Point-in-time
Preferred stock, Series B, $.10 par value 2,000 shares authorized; 1,983 and 1,983 shares issued and outstanding stated at redemption value, as of June 30, 2016 and March 31, 2016 liquidation preference of $2,192,660 and $2,148,038 as of June 30, 2016 and March 31, 2016.	`PreferredStockValueSeriesB`	$198.00	USD	Point-in-time
Common Stock, $0.001 par value: 200,000,000 shares authorized, 18,198,062 and 18,198,062 shares issued and outstanding as of June 30, 2016 and March 31, 2016	`CommonStockValue`	$18.20K	USD	Point-in-time
Common Stock, $0.001 par value: 200,000,000 shares authorized, 18,198,062 and 18,198,062 shares issued and outstanding as of June 30, 2016 and March 31, 2016	`CommonStockValue`	$18.20K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$32.99M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$32.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.70M	USD	Point-in-time
Total Stockholders (Deficit) Equity	`StockholdersEquity`	$-687.18K	USD	Point-in-time
Total Stockholders (Deficit) Equity	`StockholdersEquity`	$-598.48K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$50.97K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$51.02K	USD	Point-in-time
Total (Deficit) Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-636.21K	USD	Point-in-time
Total (Deficit) Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-547.82K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$365.73K	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$373.63K	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Oil & Gas Sales	`GainLossOnSaleOfOilAndGasProperty`	$17.90K	USD	1 Quarter
Oil & Gas Sales	`GainLossOnSaleOfOilAndGasProperty`	$8.53K	USD	1 Quarter
Lease operating expense, severance taxes and ARO accretion	`OperatingLeaseExpense`	$19.11K	USD	1 Quarter
Lease operating expense, severance taxes and ARO accretion	`OperatingLeaseExpense`	$10.55K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$21.94K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$74.05K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$20.33K	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$14.57K	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$6.25K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$47.30K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$119.50K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-29.41K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-110.97K	USD	1 Quarter
Gain (Loss) on settlement of trade payables	`GainsLossesOnRestructuringOfDebt`	$-244.97K	USD	1 Quarter
Gain (Loss) on settlement of trade payables	`GainsLossesOnRestructuringOfDebt`	-	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-2.87K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$4.95K	USD	1 Quarter
Total other income (expense)	`OtherIncome`	$249.92K	USD	1 Quarter
Total other income (expense)	`OtherIncome`	$-2.87K	USD	1 Quarter
Income (Loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$138.95K	USD	1 Quarter
Income (Loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-32.27K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-32.27K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$138.95K	USD	1 Quarter
Less net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less net loss attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-52.00	USD	1 Quarter
Net income (loss) attributable to the Company	`IncomeLossAttributableToParent`	$138.95K	USD	1 Quarter
Net income (loss) attributable to the Company	`IncomeLossAttributableToParent`	$-32.22K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$56.12K	USD	1 Quarter
Preferred stock dividends	`PreferredStockDividendsIncomeStatementImpact`	$48.25K	USD	1 Quarter
Net income (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$90.70K	USD	1 Quarter
Net income (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-88.34K	USD	1 Quarter
Net income (loss) per share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per share - basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income (loss) per share - diluted	`EarningsPerShareDiluted`	$0.00	USD	1 Quarter
Net income (loss) per share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.20M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	16.88M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.20M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.54M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-32.27K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$138.95K	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$12.00K	USD	1 Quarter
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	1 Quarter
Non-cash consulting services	`AllocatedShareBasedCompensationExpense`	-	USD	1 Quarter
Non-cash consulting services	`AllocatedShareBasedCompensationExpense`	$8.33K	USD	1 Quarter
(Gain) on forgiveness of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
(Gain) on forgiveness of debt	`GainsLossesOnExtinguishmentOfDebt`	$-244.97K	USD	1 Quarter
(Gain) on forgiveness of interest payable	`GainOnForgivenessOfInterestPayable`	-	USD	1 Quarter
(Gain) on forgiveness of interest payable	`GainOnForgivenessOfInterestPayable`	$-11.38K	USD	1 Quarter
Depreciation	`Depreciation`	$1.13K	USD	1 Quarter
Depreciation	`Depreciation`	$1.13K	USD	1 Quarter
Depletion	`Depletion`	$2.79K	USD	1 Quarter
Depletion	`Depletion`	$5.12K	USD	1 Quarter
Depreciation and ARO liability	`DepreciationAndAmortization`	$724.00	USD	1 Quarter
Depreciation and ARO liability	`DepreciationAndAmortization`	$724.00	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$10.65K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.39K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts payable and other accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$21.27K	USD	1 Quarter
Accounts payable and other accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-19.83K	USD	1 Quarter
Asset retirement obligation	`IncreaseDecreaseInAssetRetirementObligations`	$3.11K	USD	1 Quarter
Asset retirement obligation	`IncreaseDecreaseInAssetRetirementObligations`	$3.11K	USD	1 Quarter
Net cash (used) in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-918.00	USD	1 Quarter
Net cash (used) in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-94.11K	USD	1 Quarter
Principle payments received on notes receivable	`ProceedsFromSaleAndCollectionOfNotesReceivable`	$714.00	USD	1 Quarter
Principle payments received on notes receivable	`ProceedsFromSaleAndCollectionOfNotesReceivable`	-	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$714.00	USD	1 Quarter
Series B Preferred Stock issued for cash	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$100.00K	USD	1 Quarter
Series B Preferred Stock issued for cash	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$13.50K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	-	USD	1 Quarter
Net cash provided in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$86.50K	USD	1 Quarter
Net cash provided in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.89K	USD	1 Quarter
Net (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-918.00	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$135.71K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$107.30K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$108.22K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$128.82K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$135.71K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$107.30K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$108.22K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$128.82K	USD	Point-in-time
Cash paid during the period for Interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid during the period for Interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid during the period for Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid during the period for Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Common stock issued in exchange for consulting services	`StockIssued1`	$12.00K	USD	1 Quarter
Common stock issued in exchange for consulting services	`StockIssued1`	-	USD	1 Quarter
Common stock issued for payment of accounts payable	`CommonStockIssuedForPaymentOfAccountsPayable`	-	USD	1 Quarter
Common stock issued for payment of accounts payable	`CommonStockIssuedForPaymentOfAccountsPayable`	$26.00K	USD	1 Quarter
Note payable issued for payment of accounts payable	`NotePayableIssuedForPaymentOfAccountsPayable`	-	USD	1 Quarter
Note payable issued for payment of accounts payable	`NotePayableIssuedForPaymentOfAccountsPayable`	$5.00K	USD	1 Quarter
Preferred stock issued for extinguishment of note payable, accrued interest, and assumption of debt	`DebtConversionConvertedInstrumentAmount2`	$25.00K	USD	1 Quarter
Preferred stock issued for extinguishment of note payable, accrued interest, and assumption of debt	`DebtConversionConvertedInstrumentAmount2`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.