0001581545
2014-07-01
2014-09-30
0001581545
2015-01-28
0001581545
2014-09-30
0001581545
2014-06-30
0001581545
2013-07-01
2013-09-30
0001581545
2013-06-30
0001581545
2013-09-30
0001581545
2013-02-21
2014-09-30
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
Freedom Leaf Inc.
0001581545
10-Q
2014-09-30
false
--06-30
No
No
No
Smaller Reporting Company
Q1
2015
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Organization</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Freedom Leaf Inc. (the “Company”)
was incorporated in the State of Nevada on February 21, 2013, under the name of Arkadia International, Inc. The Company was originally
engaged in the business of the acquisition of in demand equipment, cars, and goods with the intent to resale these in the U.S.
territory or export to overseas countries.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On October 3,
2014, the Company experienced a change in control.  Richard Cowan acquired a majority of the issued and outstanding
common stock of the Company in accordance with stock purchase agreements by and between Mr. Cowan and Vladimir and Galina Shekhtman
(“Sellers”).  On the closing date, October 3, 2014, pursuant to the terms of the Stock Purchase Agreement,
Cowan purchased from the Sellers 6,950,100 shares of the Company’s outstanding restricted common stock for $100,000, representing
93%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On November 6,
2014, the Company changed its name, via merger in the state of Nevada, to Freedom Leaf Inc. As of November 6, 2014, the Company
has changed its course of business to the news, arts and entertainment niche, with both in print and online publications.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Basis of
Presentation</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The accompanying
unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States
(“U.S. GAAP”) for interim financial statement presentation and in accordance with Form 10-Q. Accordingly, they do not
include all of the information and footnotes required in annual financial statements. In the opinion of management, the unaudited
financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial
position and results of operations and cash flows. The results of operations presented are not necessarily indicative of the results
to be expected for any other interim period or for the entire year.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">These unaudited
financial statements should be read in conjunction with our 2014 annual financial statements included in our Form 10-K/A, filed
with the U.S. Securities and Exchange Commission (“SEC”) on August 8, 2014.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Going Concern</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The accompanying
unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. The Company has no assets, has incurred a net loss of $9,214 for
the three months ended September 30, 2014 and has incurred cumulative losses since inception of $96,996. These conditions raise
substantial doubt about the ability of the Company to continue as a going concern.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The ability of
the Company to continue as a going concern is dependent upon its abilities to generate revenues, to continue to raise investment
capital, and develop and implement its business plan.  No assurance can be given that the Company will be successful
in these efforts.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The unaudited
financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts
or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide
the opportunity for the Company to continue as a going concern. No assurance can be given that the Company will be successful
in these efforts.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Reclassifications </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Certain amounts
in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications
had no effect on reported losses, total assets, or stockholders’ equity as previously reported.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Development
Stage Company</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Since inception,
the Company became a “development stage company” as defined in the Financial Accounting Standards Board’s (“FASB”)
Accounting Standards Codification (“ASC”) Topic 915 “Development Stage Entities”. On June 10, 2014 the FASB
issued authoritative guidance which eliminates the concept of a development stage entity. The incremental reporting requirements
for presenting the development stage operations and cash flows since inception will no longer apply to development stage entities.
The amendments of Topic 915 are to be applied retrospectively and are effective for fiscal years beginning after December 15,
2014. The Company has elected early adoption of this guidance effective with the filing of this quarterly report.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Organization</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">Freedom Leaf Inc. (the “Company”)
was incorporated in the State of Nevada on February 21, 2013, under the name of Arkadia International, Inc. The Company was originally
engaged in the business of the acquisition of in demand equipment, cars, and goods with the intent to resale these in the U.S.
territory or export to overseas countries.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On October 3,
2014, the Company experienced a change in control.  Richard Cowan acquired a majority of the issued and outstanding
common stock of the Company in accordance with stock purchase agreements by and between Mr. Cowan and Vladimir and Galina Shekhtman
(“Sellers”).  On the closing date, October 3, 2014, pursuant to the terms of the Stock Purchase Agreement,
Cowan purchased from the Sellers 6,950,100 shares of the Company’s outstanding restricted common stock for $100,000, representing
93%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On November 6,
2014, the Company changed its name, via merger in the state of Nevada, to Freedom Leaf Inc. As of November 6, 2014, the Company
has changed its course of business to the news, arts and entertainment niche, with both in print and online publications.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Basis of
Presentation</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The accompanying
unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States
(“U.S. GAAP”) for interim financial statement presentation and in accordance with Form 10-Q. Accordingly, they do not
include all of the information and footnotes required in annual financial statements. In the opinion of management, the unaudited
financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial
position and results of operations and cash flows. The results of operations presented are not necessarily indicative of the results
to be expected for any other interim period or for the entire year.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">These unaudited
financial statements should be read in conjunction with our 2014 annual financial statements included in our Form 10-K/A, filed
with the U.S. Securities and Exchange Commission (“SEC”) on August 8, 2014.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b><i>Reclassifications </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Certain amounts
in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications
had no effect on reported losses, total assets, or stockholders’ equity as previously reported.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i>Development
Stage Company</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Since inception,
the Company became a “development stage company” as defined in the Financial Accounting Standards Board’s (“FASB”)
Accounting Standards Codification (“ASC”) Topic 915 “Development Stage Entities”. On June 10, 2014 the FASB
issued authoritative guidance which eliminates the concept of a development stage entity. The incremental reporting requirements
for presenting the development stage operations and cash flows since inception will no longer apply to development stage entities.
The amendments of Topic 915 are to be applied retrospectively and are effective for fiscal years beginning after December 15,
2014. The Company has elected early adoption of this guidance effective with the filing of this quarterly report.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is
authorized to issue up to 75,000,000 shares of common stock, par value $0.001 per share. Each outstanding share of common stock
entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of common stock are non-assessable
and non-cumulative, with no pre-emptive rights.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">From time to
time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of its business.
The Company is not currently a party to any material legal proceedings, nor is the Company aware of any other pending or threatened
litigation that would have a material adverse effect on the Company’s business, operating results, cash flows or financial
condition should such litigation be resolved unfavorably.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On October 3,
2014, the Company experienced a change in control. Richard Cowan acquired a majority of the issued and outstanding common stock
of the Company in accordance with stock purchase agreements by and between Mr. Cowan and Vladimir and Galina Shekhtman (“Sellers”).
On the closing date, October 3, 2014, pursuant to the terms of the Stock Purchase Agreement, Mr. Cowan purchased from the Sellers
6,950,100 shares of the Company’s outstanding restricted common stock for $100,000, representing 93%. On October 6, 2014
Mr. Cowan was elected as the new Director and Chief Executive Officer of the Company.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On November 4,
2014, the Company's Board of Directors declared a twelve for one forward stock split of all outstanding shares of the Company’s
common stock. As the Company is awaiting approval of the stock split from FINRA, the common share and per common share data in
these financial statements and related notes hereto have not been retroactively adjusted to account for the effect of the stock
split.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On November 6,
2014, the Company changed its name, via merger in the state of Nevada, to Freedom Leaf Inc.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On January 21,
2015, the Company filed a certificate of amendment to the Company’s Articles of Incorporation with the Secretary of State
of Nevada to increase the Company’s authorized common stock to 300,000,000 shares, par value $0.001 per share. The total
number of authorized common shares and the par value thereof was not changed by the split.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has
evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission.
The Company has determined that there are no other such events that warrant disclosure or recognition in the financial statements.</font></p>