4. STOCKHOLDERS’ DEFICIT
|12 Months Ended|
Mar. 31, 2015
|Stockholders' Equity Note [Abstract]|
On January 30, 2015, the NSH consummated the sale of substantially all of its assets to Multiplayer Online Dragon, Inc. (MYDR), a publicly-held Nevada corporation, pursuant to an Asset Purchase Agreement (Agreement) dated November 26, 2014 by and between the Company and MYDR. In accordance with the terms of the Agreement, NSH received 75,520,240 shares of MYDR as consideration for the Assets, which consist primarily of certain real property located near San Antonio, Texas. As a result of the sale, NSH owns approximately 89% of MYDRs issued and outstanding shares of common stock. The Company evaluated this transaction using ASC 805-40 Business Combinations Reverse Acquisitions. Due to the change in control of the Company, this transaction was accounted for as a reverse acquisition in accordance with ASC No. 805-40 whereby NSH was considered the accounting acquirer.
For the years ended March 31, 2015 and 2014, NSH, sold to equity investors $911,101 and $1,220,393, respectively, which has been included in additional paid-in capital.
On November 26, 2014, Multiplayer Online Dragon, Inc., a Nevada corporation (MYDR), entered into an Asset Purchase Agreement (the Agreement) with NaturalShrimp Holdings, Inc. a Delaware corporation (NSH), pursuant to which MYDR was to acquire substantially all of the assets of NSH which assets consist primarily of all of the issued and outstanding shares of capital stock of NaturalShrimp Corporation (NSC), a Delaware corporation, and NaturalShrimp Global, Inc. (NS Global), a Delaware corporation, and certain real property located outside of San Antonio, Texas (the Assets).
On January 30, 2015, MYDR consummated the acquisition of the Assets pursuant to the Agreement. In accordance with the terms of the Agreement, the MYDR issued 75,520,240 shares of its common stock to NSH as consideration for the Assets. As a result of the transaction, NSH acquired 88.62% of MYDRs issued and outstanding shares of common stock, NSC and NS Global became MYDRs wholly-owned subsidiaries, and MYDR changed its principal business to a global shrimp farming company.
There were no material relationships between the MYDR and NSH or between the Companys or NSHs respective affiliates, directors, or officers or associates thereof, other than in respect of the Agreement. Effective March 3, 2015, MYDR amended its Articles of Incorporation to change its name to NaturalShrimp Incorporated.
Between February 13, 2015 and April 24, 2015, NaturalShrimp Incorporated entered into a form of Subscription Agreement (the Agreement) and consummated initial closings of a private placement offering of the Companys common stock (the Offering). As of March 31, 2015 an aggregate of 1,557,142 shares of common stock had been sold to investors pursuant to the Agreement, 71,430 of those common shares were paid on April 1, 2015, at a price of $0.35 per share.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/presentationRef