Life Clips, Inc.

COMPANY

COMPANY

10-Q

FORM

FORM

2017-05-19

FILING DATE

FILING DATE

2017-03-31

Q3 PERIOD END

Q3 PERIOD END

660

FACTS

SIC 3861

CIK 0001604930

Filing Software Novaworks

Taxonomy
US GAAP 2017

Standard Concepts

199

Extended Concepts

104

34%

Extended Concepts

Errors

0

What are errors?

Indicate problems with an XBRL formatted filing that are sufficient grounds for SEC rejection of the XBRL portion of the filing.

ERROR

Assets with a value of 251,540 is not equal to the total of Liabilities and Equity with a value of 251,440. These values should be equal.
The properties of this us-gaap:Assets fact are:
Period: 2017-03-31
Dimensions: none
Unit: USD
Rule version: 1.0.0

ERROR

The date of 2016-05-19 used for Entity Common Stock, Shares Outstanding with a value of 133,393,629 is earlier than the reporting period end date 2017-03-31. Update the date used for Entity Common Stock, Shares Outstanding to be the same as the cover sheet of the filing.
The properties of this dei:EntityCommonStockSharesOutstanding fact are:
Period: 2016-05-19
Dimensions: none
Unit: shares
Rule version : 2.1.0

ERROR

The date of 2017-01-23 used for Debt periodic payment and the Subsequent Event Type [Axis] with a value of 20,000 is earlier than or the same as the reporting period end date of 2017-03-31. Either remove the subsequent event axis from this value, change the reporting period end date for the value or update the Document and Entity Information document period end date.
The properties of this us-gaap:DebtInstrumentPeriodicPayment fact are:
Period: 2017-01-22 to 2017-01-23
Dimensions: us-gaap:Sub...

ERROR

The date of 2017-01-23 used for Debt default amount and the Subsequent Event Type [Axis] with a value of 250,000 is earlier than or the same as the reporting period end date of 2017-03-31. Either remove the subsequent event axis from this value, change the reporting period end date for the value or update the Document and Entity Information document period end date.
The properties of this us-gaap:DebtDefaultLongtermDebtAmount fact are:
Period: 2017-01-23
Dimensions: us-gaap:SubsequentEventTyp...

ERROR

The date of 2017-01-11 used for Aggregate shareholders related to consulting fees and the Subsequent Event Type [Axis] with a value of 20,000 is earlier than or the same as the reporting period end date of 2017-03-31. Either remove the subsequent event axis from this value, change the reporting period end date for the value or update the Document and Entity Information document period end date.
The properties of this LCLP:AggregateShareholdersRelatedToConsultingFees fact are:
Period: 2017-01-...

ERROR

Fair value mark to market adjustment - convertible debt has a value of -15,355,804 which is less than zero. This element should not have a negative value. The properties of this us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue fact are: Period: 2017-03-31 Unit: USD Rule version: 2.0.0

ERROR

Repayments has a value of -581,112 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:RepaymentsOfLongTermDebt fact are:
Period: 2016-07-01 to 2017-03-31
Dimensions: none
Unit: USD
Rule version: 3.0.1

ERROR

Repayments has a value of -85,000 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:RepaymentsOfLongTermDebt fact are:
Period: 2015-07-01 to 2016-06-30
Dimensions: none
Unit: USD
Rule version: 3.0.1

ERROR

Convertible Debt, Current has a value of -108,953 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:ConvertibleDebtCurrent fact are:
Period: 2016-06-30
Dimensions: none
Unit: USD
Rule version: 3.0.1

ERROR

Convertible Debt, Current has a value of -602,671 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:ConvertibleDebtCurrent fact are:
Period: 2017-03-31
Dimensions: none
Unit: USD
Rule version: 3.0.1

ERROR

Amortization of Debt Issuance Costs has a value of -1,161,979 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:AmortizationOfFinancingCosts fact are:
Period: 2016-07-01 to 2017-03-31
Dimensions: none
Unit: USD
Rule version: 3.0.1

ERROR

Amortization of Debt Issuance Costs has a value of -487,399 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:AmortizationOfFinancingCosts fact are:
Period: 2015-07-01 to 2016-06-30
Dimensions: none
Unit: USD
Rule version: 3.0.1

ERROR

Number Shares Common Stock has a value of -2,600,000 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights fact are:
Period: 2017-03-31
Dimensions: us-gaap:RelatedPartyTransactionsByRelatedPartyAxis = LCLP:ExercisedMember
Unit: shares
Rule version: 3.0.1

ERROR

Number Shares Common Stock has a value of -1,916,500 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights fact are:
Period: 2017-03-31
Dimensions: us-gaap:RelatedPartyTransactionsByRelatedPartyAxis = LCLP:ExercisedOneMember
Unit: shares
Rule version: 3.0.1

ERROR

Impairment charge has a value of -14,625 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:ImpairmentOfIntangibleAssetsExcludingGoodwill fact are:
Period: 2016-07-01 to 2017-03-31
Dimensions: none
Unit: USD
Rule version: 3.0.1

ERROR

Impairment charge has a value of -646,980 which is less than zero. This element should not have a negative value.
The properties of this us-gaap:ImpairmentOfIntangibleAssetsExcludingGoodwill fact are:
Period: 2015-07-01 to 2016-06-30
Dimensions: none
Unit: USD
Rule version: 3.0.1

What are data quality errors?

Indicate areas that may not meet the standards set by the Data Quality Committee (DQC), and may reveal areas where the XBRL can be improved.

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