ENXNET INC - FORM 10-Q - November 16, 2011

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EX-31.1 - SARBANES-OXLEY 302 CERTIFICATION - PRINCIPAL EXECUTIVE OFFICER. - ENXNET INCexh31-1.htm
EX-31.2 - SARBANES-OXLEY 302 CERTIFICATION - PRINCIPAL FINANCIAL OFFICER. - ENXNET INCexh31-2.htm
EX-32.2 - SARBANES-OXLEY 906 CERTIFICATION - CHIEF FINANCIAL OFFICER. - ENXNET INCexh32-2.htm




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-Q

[X]
QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2011
OR
[   ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 000-30675

EnXnet, Inc.
(Name of issuer in its charter)

Oklahoma
73-1561191
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

11333 E. Pine Street, Suite 92 - Tulsa, Ok 74116
(Address of principal executive offices & zip code)

(918) 592 - 0015
Registrant’s telephone number, including area code:

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days.   YES [X]     NO [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (SS 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   YES [   ]     NO [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer, “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 
Large Accelerated Filer
[   ]
  
Accelerated Filer
[   ]
 
Non-accelerated Filer
[   ]
  
Smaller Reporting Company
[X]
 
(Do not check if smaller reporting company)
      

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES [   ]     NO [X]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicated the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.  44,200,018 as of November 9, 2011.




 
 
 



 
Page
   
PART I. FINANCIAL INFORMATION
  
   
Item 1.
3
 
    
 
3
 
    
 
4
 
    
 
5
 
    
 
6
 
    
 
8
     
Item 2.
14
 
    
Item 3.
19
 
    
Item 4.
19
     
PART II. OTHER INFORMATION
  
     
Item 1A.
20
 
    
Item 6.
20
     
21
   
22












-2-
 
 
 
Table of Contents

PART I.   FINANCIAL INFORMATION

ITEM 1.          FINANCIAL STATEMENTS.

ENXNET, INC

   
September 30,
2011
      
March 31,
2011
  
ASSETS
  
(Unaudited)
      
(Audited)
  
CURRENT ASSETS
              
Cash
$
45,548
    
$
8,443
  
Accounts receivable
  
-
      
-
  
Prepaid expenses
  
15,313
      
42,824
  
TOTAL CURRENT ASSETS
  
60,861
      
51,267
  
FIXED ASSETS
              
Furniture & fixtures
  
6,160
      
6,160
  
Machinery & equipment
  
74,516
      
74,516
  
Less accumulated depreciation
  
(79,714
)
    
(76,865
)
TOTAL FIXED ASSETS
  
962
      
3,811
  
OTHER ASSETS
              
Licenses, net
  
-
      
-
  
Technology, net
  
61,300
      
-
  
Deposits
  
1,137
      
1,137
  
TOTAL OTHER ASSETS
  
62,437
      
1,137
  
TOTAL ASSETS
$
124,260
    
$
56,215
  
LIABILITIES AND STOCKHOLDERS’ DEFICIT
              
CURRENT LIABILITIES
              
Accounts payable and accrued expenses
$
486,954
    
$
500,014
  
Advances from officer - related party
  
24,000
      
13,043
  
Advances from stockholder
  
31,000
      
31,000
  
Notes payable - stockholder
  
186,413
      
181,413
  
Notes payable - related party
  
765,805
      
700,312
  
TOTAL CURRENT LIABILITIES
  
1,494,172
      
1,425,782
  
COMMITMENTS AND CONTINGENCIES
  
-
      
-
  
STOCKHOLDERS’ EQUITY (DEFICIT)
              
Common stock, $0.00005 par value; 200,000,000 shares authorized, 44,200,018 and 43,030,018  shares issued and outstanding
  
2,210
      
2,151
  
Additional paid-in capital
  
5,177,929
      
5,054,588
  
Accumulated deficit
  
(6,450,051
)
    
(6,326,306
)
Deferred consideration
  
-
      
-
  
Other comprehensive income
  
(100,000
)
    
(100,000
)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
  
(1,369,912
)
    
(1,369,567
)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
$
124,260
    
$
56,215
  


See accompanying summary of accounting policies and notes to condensed financial statement







-3-
 
 
 
Table of Contents


ENXNET, INC


 
Three Months Ended
    
Six Months Ended
  
 
September 30,
    
September 30,
  
 
2011
    
2010
      
2011
      
2010
  
REVENUES
$
-
    
$
-
    
$
-
    
$
-
  
COST OF SALES
  
-
      
-
      
-
      
-
  
Gross Profit
  
-
      
-
      
-
      
-
  
EXPENSES
                              
Consulting fees
  
42,791
      
4,450
      
57,972
      
41,400
  
Depreciation & amortization
  
1,397
      
1,474
      
2,849
      
2,948
  
Advertising
  
-
      
-
      
-
      
-
  
Payroll
  
18,325
      
13,673
      
32,833
      
20,332
  
Professional services
  
2,354
      
33,914
      
4,945
      
60,276
  
Occupancy
  
3,734
      
3,868
      
6,965
      
7,260
  
Office
  
1,647
      
1,412
      
4,216
      
2,947
  
Travel
  
392
      
56
      
692
      
489
  
Other
  
503
      
404
      
1,654
      
404
  
Total Expenses
  
71,143
      
59,251
      
112,126
      
136,056
  
LOSS FROM OPERATIONS
  
(71,143
)
    
(59,251
)
    
(112,126
)
    
(136,056
)
OTHER INCOME (EXPENSE)
                              
Interest expense
  
(6,018
)
    
(5,841
)
    
(11,619
)
    
(13,605
)
Other income
                  
-
      
-
  
Interest income
                  
-
      
-
  
Total Other Income (Expense)
  
(6,018
)
    
(5,841
)
    
(11,619
)
    
(13,605
)
                               
COMPREHENSIVE LOSS
$
(77,161
)
  
$
(65,092
)
  
$
(123,745
)
  
$
(149,661
)
                               
BASIC AND DILUTED NET LOSS PER
SHARE
$
(0.002
)
  
$
(0.002
)
  
$
(0.003
)
  
$
(0.004
)
                               
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING, BASIC
AND DILUTED
  
43,673,225
      
38,373,661
      
43,358,379
      
38,373,661
  


See accompanying summary of accounting policies and notes to condensed financial statement









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Table of Contents

ENXNET, INC


 
For the Six Months Ended
  
 
September 30,
  
 
2011
    
2010
  
CASH FLOWS FROM OPERATING ACTIVITIES
          
Net loss
$
(123,745
)
  
$
(149,661
)
Depreciation and amortization
  
2,849
      
2,948
  
Common stock issued for services
  
17,100
      
-
  
Stock options issued
  
11,300
      
32,700
  
Adjustments to reconcile net loss to net cash used by operations:
              
Decrease (increase) in accounts receivable
  
-
      
-
  
Decrease (increase) in prepaid expenses
  
27,511
      
7,426
  
Increase (decrease) in accounts payable & accrued expenses
  
(13,060
)
    
40,063
  
Net cash provided (used) by operating activities
  
(78,045
)
    
(66,524
)
CASH FLOWS FROM INVESTING ACTIVITIES
              
Purchase of technology
  
(16,300
)
    
-
  
Net cash provided (used) in investing activities
  
(16,300
)
    
-
  
CASH FLOWS FROM FINANCING ACTIVITIES
              
Proceeds from stock sales
  
50,000
      
40,500
  
Proceeds from note payable
  
15,450
      
4,000
  
Proceeds from advances from officer and stockholder
  
66,000
      
8,900
  
Repayment of advances
  
-
      
(4,000
)
Net cash provided (used) by financing activities
  
131,450
      
49,400
  
NET INCREASE (DECREASE) IN CASH
  
37,105
      
(17,124
)
CASH - Beginning of period
  
8,443
      
24,289
  
CASH - End of period
$
45,548
    
$
7,165
  
SUPPLEMENTAL CASH FLOW DISCLOSURES:
              
Interest expense
$
-
    
$
-
  
Income taxes
$
-
    
$
-
  
NON-CASH FINANCING AND INVESTING TRANSACTIONS:
              
Common stock issued for services
$
17,100
    
$
-
  
Common stock issued for technology acquisition
$
45,000
    
$
35,000
  
Common stock issued for payment of debt
$
-
    
$
179,000
  
Common stock issued for payment of accrued expenses
$
-
    
$
76,604
  


See accompanying summary of accounting policies and notes to condensed financial statement






-5-
 
 
 
Table of Contents

ENXNET, INC


The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Items 303 and 310(b) of Regulation S-B.

Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.  Operating results for the six months ended September 30, 2011, are not necessarily indicative of the results that may be expected for the year ended March 31, 2012. For further information, refer to the financial statements and footnotes thereto included in the EnXnet, Inc. or the “Company” audited financial statements for the year ended March 31, 2011 included in the Company Form 10-K.

THE BUSINESS

Overview
EnXnet, Inc. (the “Company”) was formed under the laws of the State of Oklahoma on March 30, 1999. It is a business and technology development enterprise engaged in the development, marketing, and licensing of emerging technologies and innovative business strategies and practices.  EnXnet is primarily focusing on products, solutions and services that support and enhance multimedia management and green environmentally friendly systems for heating and air conditioning units.

Products and Services

Thermal Air Control Unit
The TAC Unit provides air conditioning and heating for semi-truck cabs that are now required to meet State and Federal engine idling rules. The Tac Unit uses a 12 Volt Technology and is operated solely from the truck’s auxiliary batteries. The batteries are recharged by the truck’s alternator while running. With the TAC Unit, a truck can remain parked with the motor off and maintain a comfortable environment for the driver while burning no diesel fuel for up to 10 hours on the auxiliary battery system. The TAC Unit’s technology has the ability to serve numerous other vehicle applications as well. The patent for the TAC Unit was received on January 11, 2011 and the rights, title and patent were acquired by the Company on July 5, 2011.

ThinDisc
The Thin Disc is our Optical Disc Having a Reduced Planar Thickness.  Thin Disc’s primary function is to make any size optical disc thinner with reading capability in players that play optical disc media. The Company has filed for a United States and an international patent covering the technology included in the Thin Disc.  On March 31, 2010 the Company announced receiving the official Patent for the Optical Disc Having A Reduced Planar Thickness.

Tap ‘n Go II
We received a patent for our Optical Disc Having Remote Reading Capabilities on May 27, 2010.

DVDplus
The Company entered into a license on September 2, 2003 with DVDplus International, Inc. to manufacture and market DVDplus in the United States, Canada, and Mexico. DVDplus is a dual sided, hybrid optical disc media that uniquely combines two distinct content storage formats for distribution on a single disc, a DVD (digital versatile disc) on one side and a CD (compact disc) on the other. DVDplus allows content publishers to integrate their visual and audio assets into a single distribution. Utilizing the latest in manufacturing technology, the CD and DVD layers are bonded together to provide a multi-format hybrid disc, which is compatible with all CD, CD-ROM, DVD ROM formats, and is readable and capable of playback in conventional CD and DVD players and including players that are found in personal computers alike. DVDplus allows content publishers to integrate their visual and audio assets into a single distribution, such as releasing a DVD movie and its soundtrack together.
 

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Table of Contents

ENXNET, INC


Disc Security Tag
Disc Security Tag, (DSTag), is an invention which utilizes proprietary Electronic Article Surveillance (EAS) tags embedded or adhered to a DVD or CD during the injection mold phase of the manufacturing process. Products, to which this process is applied, provide unique item identification for its customers and clients. Manufacturers that use this product are given the opportunity to enhance the integrity of their product while providing added value to their customers (retailers). This will help reduce or stop the enormous losses attributed to employee and retail theft. Additionally, it can give content developers, manufacturers, and distributors the ability to protect their investment by providing an efficient means to authenticate legitimate products over counterfeit products produced by unauthorized manufacturers. On November 2, 2010 the Company received the patent for DSTag. On September 29, 2009 the Company announced receiving the official Patent for the Passive Resonant Reflector.

EnXcase
EnXcase combines two distinct features for the DVDplus (OneDisc - two-sided DVD-CD) optical disc media market. The outer styling of the case has the unique feature of a semi-rounded top. The second feature is a theft deterrent ring found within the inner structure of the EnXcase. The Company developed this unique case primarily for use with the DVDplus (OneDisc) two-sided disc format. The Company filed for a United States patent on EnXcase on October 10, 2003 and was awarded the patent on September 19, 2006.

ClearVideo License
The Company acquired exclusive licensing rights in March 2000 from Iterated Systems, Inc., to compile, use, copy and modify ClearVideo Source Code and to create and manufacture products and services.  Ryan Corley acquired the rights for using the ClearVideo Source Code for video/audio streaming over the internet of TV type programming and content. Additionally, the license agreement provides that the Company may sublicense any products and services that it creates using the technology under the licensing agreement. The license was acquired for a $250,000 note payable and the issuance of 297,500 shares of common stock, valued at $2,975.

The Company entered into an agreement with Ryan Corley, the President on January 2, 2002 and majority stockholder of the Company, whereby the Company acquired his license agreement for video/audio streaming over the internet of TV type programming and content using the ClearVideo Source Code. The Company issued 1,000,000 shares of restricted common stock valued at $100,000 for the license. The licenses are being amortized over 10 years which is the estimated useful life of the patent covering the technology.

ClearVideo Technology
ClearVideo utilizes fractal digitization creating the smallest file possible while virtually duplicating the quality of the original. ClearVideo can reduce video file sizes by approximately 95-99% and virtually duplicates the quality of the original files. ClearVideo enhances how video with synchronized audio files are transmitted over both narrow and broadband lines. ClearVideo works equally well with NTSC, PAL, or SECAM (the six different TV formats used around the world) television as well as the Internet. It can be effectively used worldwide for the compression and transmission of video files for the broadcast industry.

Medical D-Tect-OR
We are partners with BAHF, LLC in a joint effort called Medical D-Tect-OR™. Medical D-Tect-OR™ has developed a Retained Foreign Object Detection System. This D-Tect-OR™ detection technology uses a hand held wand that is capable of detecting surgical instruments and surgical products such as gauze, laparoscopy sponges, and operating room towels that may have been left in the body during a surgical procedure. Medical D-Tect-OR has filed for patent protection.





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ENXNET, INC
NOTES TO FINANCIAL STATEMENTS


NOTE 1 - SUMMARY OF ACCOUNTING POLICIES

Cash Equivalents
For financial reporting purposes, the Company considers all highly liquid investments with an original maturity of six months or less when purchased to be a cash equivalent.  Financial instruments, which potentially subject the Company to a concentration of credit risk, consist of cash and cash equivalents.  Cash and cash equivalents consist of funds deposited with various high credit quality financial institutions.

Equipment
Equipment is recorded at cost. Depreciation and amortization are provided using the straight-line method over the useful lives of the respective assets, typically 3-10 years. Major additions and betterments are capitalized. Upon retirement or disposal, the cost and related accumulated depreciation or amortization is removed from the accounts and any gain or loss is reflected in operations.

Advertising
Advertising costs are expensed as incurred.

Licenses
The costs associated with acquiring exclusive licensing rights to patented technology have been capitalized and have been expensed using the straight line method of amortization over ten years, the estimated remaining useful lives of the patents.

Revenue Recognition
Revenue is generally recognized and earned when all of the following criteria are satisfied: a) persuasive evidence of sales arrangements exists; b) delivery has occurred; c) the sales price is fixed or determinable, and d) collectability is reasonably assured.

Persuasive evidence of an arrangement is demonstrated via a purchase order from our customers. Delivery occurs when title and all risks of ownership are transferred to the purchaser which generally occurs when the products are shipped to the customer. No right of return exists on sales of products except for defective or damaged products. The sales price to the customer is fixed upon acceptance of purchase order. To assure that collectability is reasonably assured we perform ongoing credit evaluations of all of our customers.

Income Taxes
Income taxes are provided based on the liability method of accounting. Under this approach, deferred income taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end.  A valuation allowance is recorded against deferred tax assets as management does not believe the Company has met the “more likely than not” standard to allow recognition of such an asset.

Accounts Receivable
Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within thirty days from the invoice date or as specified by the invoice and are stated at the amount billed to the customer.  Customer account balances with invoices dated over thirty days or thirty days past the due date are considered delinquent.

The carrying amount of accounts receivable is reduced by a valuation allowance that reflects management’s best estimate of the amount that will not be collected. Management individually reviews all accounts receivable balances that are considered delinquent and based on an assessment of current credit worthiness, estimates the portion, if any, of the balance that will not be collected.  In addition, management periodically evaluates the adequacy of the allowance based on the Company’s past experience.



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Table of Contents

ENXNET, INC
NOTES TO FINANCIAL STATEMENTS


Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Fair Value of Financial Assets and Liabilities
Under FASB ASC 825 the Company is required to disclose the fair value of financial instruments for which it is practicable to estimate value.

The Company’s financial instruments consist of cash, accounts receivable, accounts payable, accrued liabilities and debt.  The Company believes that the carrying amounts approximate fair value for all such instruments.

FASB ASC 820 defines fair value, establishes a framework for measurement, and expands disclosure about fair value measurements.  Topic No. 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).  Topic No. 820 classifies the inputs used to measure fair value into the following hierarchy:

 
Level 1:
Quoted prices for identical assets or liabilities in active markets.
 
Level 2:
Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
 
Level 3:
Pricing inputs are unobservable for the assets and liabilities, including situations in which there is little to no market activity.

Fair values assigned to the Company’s acquired fixed assets were determined using Level 2, and the fair value associated with the Company’s intangible asset was based on Level 3 inputs.  The inputs used to determine fair value require significant management judgment and estimation.

Compensated Absences
Employees of the Company do not earn annual leave or sick leave. There is no compensated absences accrued liability on September 30, 2011and March 31, 2011.

Research and Development Costs
Research and development costs are charged to expense as incurred.
 
Stock-Based Compensation
FASB ASC 718 requires that measurement of the cost of employee services received in exchange for an award of equity instruments be based on the grant-date fair value of the award. Such costs are recorded over the periods employees are required to render services in exchange for the awards.

Income Tax/Deferred Tax Policy
FASB ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax assets and liabilities are based on the differing treatment of certain items between the Company’s financial records and tax returns.  Deferred tax assets are also established for tax benefits associated with tax loss and tax credit carryforwards.  Such deferred balances reflect tax rates by tax jurisdiction that are scheduled to be in effect, based on currently enacted tax laws, in the years the book/tax differences reverse and tax loss and tax credit carryforwards are expected to be realized.  An allowance is established for any deferred tax asset that is not expected to be realized.



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ENXNET, INC
NOTES TO FINANCIAL STATEMENTS


FASB ASC 740 also prescribes a comprehensive model for how a company should measure, recognize, present, and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return.  The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.  Interest and penalties, if incurred, are included in interest and financing expense.  The Company’s income tax filings are subject to audit by various taxing authorities.  The Company’s open audit periods are 2008 – 2010.  The Company does not believe it has any material uncertain tax positions.

Net Loss Per Share
Basic EPS is computed as net income divided by the weighted average number of common shares outstanding for the period.  Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants and other convertible securities.

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from management’s estimates.

Unaudited Financial Statements
The accompanying unaudited financial statements for the six months ended September 30, 2011 have been prepared in accordance with generally accepted accounting principles for interim financia1 information.  In the opinion of management all adjustments considered necessary for a fair presentation, which consist of normal recurring adjustments, have been included.  The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s March 31, 2011 Annual Report on Form 10-K.


NOTE 2 – GOING CONCERN

The Company has a working capital deficit and has incurred losses since inception.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

Management of the Company has undertaken certain actions to address these conditions.  Management is currently in negotiations with potential customers and with marketing representatives to establish a more developed product channel.  Funds required to carry out management’s plans are expected to be derived from future stock sales and borrowings from outside parties.  There can be no assurances that the Company will be successful in executing its plans.


NOTE 3 – INCOME TAXES

At September 30, 2011 and March 31, 2011, the Company had net deferred tax assets of approximately $2,191,000 and $2,150,000 principally arising from net operating loss carryforward for income tax purposes.  As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to the net deferred tax asset has been established at September 30, 2011 and March 31, 2011. At September 30, 2011, the Company has net operating loss carryforwards totaling approximately $6,450,000 which will begin to expire in the year 2015.


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Table of Contents

ENXNET, INC
NOTES TO FINANCIAL STATEMENTS


NOTE 4 – NOTES PAYABLE

Notes payable-related party consists of the following:
  
September 30,
    
March 31,
   
2011
    
2011
3% convertible note payable to Ryan Corley, President of the Company, due on demand,
convertible into a maximum of 271,311 common shares
  
21,705
    
21,705
2% convertible note payables to Ryan Corley, President of the Company, due on demand,
convertible into a maximum of 11,146,310 common shares
  
518,357
    
518,357
2% convertible note payable to an entity controlled by Ryan Corley the President of the
Company,  due on demand, convertible into a maximum of 978,000 common shares
  
48,900
    
48,900
2% convertible note payable to an entity controlled by Ryan Corley the President of the
Company,  due on demand, convertible into a maximum of 209,000 common shares
  
10,450
    
-
2% convertible note payable to an entity controlled by Ryan Corley the President of the
Company,  due on demand, convertible into a maximum of 1,100,860 common shares
  
55,043
    
-
3% convertible note payables to an entity controlled by Ryan Corley the President of the
Company,  due on demand, convertible into a maximum of 1,619,500 common shares
  
111,350
    
111,350
Total notes payable-related party
$
765,805
  
$
700,312

Notes payable consist of the following:
  
September 30,
    
March 31,
   
2011
    
2011
4% convertible notes payable to a stockholder, due on demand, convertible into a
maximum of 350,000 common shares
  
175,000
    
175,000
2% convertible notes payable to 3 stockholders, due on demand, convertible into a
maximum of 228,267 common shares
  
11,413
    
 6,413
Total notes payable
$
186,413
  
$
181,413


NOTE 5 – ADVANCES FROM OFFICER AND STOCKHOLDER

Advances from a stockholder at September 30, 2011 and March 31, 2011 were $31,000 and $31,000, respectively.

Our CEO, Ryan Corley, has made advances to the Company in prior years. During the six months ended September 30, 2011, the CEO made additional unsecured advances totaling $66,000. During the six months ended September 30, 2011 the Company made payments on these advances of $-0-. On July 1, 2011, advances in the amount of $55,043 were converted into a note payable bearing interest 2% and convertible into common stock of the Company at $0.03 per share. At September 30, 2011 and March 31, 2011, advances from the CEO were $13,500 and $2,543, respectively.
 
The Company has notes payable to the CEO in the aggregate amount of $605,555 and $540,062 as of September 30, 2011 and March 31, 2011. Accrued interest owed on these notes at September 30, 2011 and March 31, 2011 is $116,543 and $110,689. These notes and accrued interest are convertible into 13,244,685 and 11,869,981 shares of Rule 144 restricted common stock of the company as of September 30, 2011 and March 31, 2011.

An entity controlled by the CEO has made unsecured advances and notes payables to the Company. At September 30, 2011 and March 31, 2011, advances from the entity controlled by the CEO were $10,500 and $10,500 with notes payable totaled $160,250 and $160,250. Accrued interest owed on these notes as of September 30, 2011 and March 31, 2011 is $9,849 and $7,684. These notes and accrued interest are convertible into 2,744,179 and 2,710,013 shares of Rule 144 restricted common stock of the company as of September 30, 2011 and March 31, 2011.



-11-
 
 
 
Table of Contents

ENXNET, INC
NOTES TO FINANCIAL STATEMENTS


NOTE 6 - COMMON STOCK TRANSACTIONS

The Company issued 320,000 shares of restricted common stock in exchange for services in the amount of $17,100 for the six months ended September 30, 2011. The Company also issued 300,000 shares in the agreement to purchase the TAC Unit technology; these shares were valued at $45,000. The Company also issued 550,000 shares for $50,000 in cash during the six months ended September 30, 2011.


NOTE 7 – STOCK OPTIONS

On July 24, 2001, the Company filed with the SEC Form S-8, for its 2002 Stock Option Plan, (the Plan). An aggregate amount of common stock that may be awarded and purchased under the Plan is 3,000,000 shares of the Company’s common stock. Under the Plan during the six months ended September 30, 2011, the Company granted 2,190,000 options under the plan. At September 30, 2011 there were 2,190,000 options issued under the Plan and no other options were available to issue under the Plan.

The Company also issues stock options to purchase Rule 144 restricted common stock which is not issued under the Plan. During the six months ended September 30, 2011 the Company issued 300,000 options as part of the TAC Unit acquisition. At September 30, 2011, there were 300,000 options issued not under the Plan

The Company estimated the fair value of each stock option for employees and consultants at the grant date by using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants as follows:

Dividends yield
0
%
Expected volatility
2.04
%
Risk-free interest rate
.08
%
Expected life
6 to 2 years
  

For purposes of pro forma disclosures, the estimated fair value of the options is amortized to expense over the options’ vesting period.
 
A summary of the status of the Company’s stock options as of September 30, 2011 and March 31, 2011 is presented below:
 
  
September 30,
    
March 31,
  
 
2011
    
2011
  
Options outstanding at beginning of year
  
1,285,000
      
3,880,800
  
Options granted
  
2,490,000
      
300,000
  
Options exercised
  
-
      
-
  
Options canceled
  
(1,285,000
)
    
(2,895,800
)
Options outstanding at end of year
  
2,490,000
      
1,285,000
  
 
The following table summarizes the information about the stock options as of September 30, 2011:
 
Range of Exercise
Price
  
Number
Outstanding at
September 30,
2011
  
Weighted Average
Remaining
Contractual Life
Years
  
Weighted Average
Exercise Price
(Total shares)
  
Number
Exercisable at
September 30,
2011
  
Weighted Average
Exercise Price
(Exercisable
shares)
$
.12
    
2,190,000
    
5.81
  
$
.12
    
-
  
$
-
 
.15
    
300.000
    
1.76
    
.15
    
300,000
    
.15
$
.12 – .15
    
2,490,000
    
5.32
  
$
.12
    
300,000
  
$
.15



-12-
 
 
 
Table of Contents

ENXNET, INC
NOTES TO FINANCIAL STATEMENTS


The following table summarizes the information about the stock options as of March 31, 2011:

Range of Exercise
Price
  
Number
Outstanding at
March 31, 2011
  
Weighted Average
Remaining
Contractual Life
Years
  
Weighted Average
Exercise Price
(Total shares)
  
Number
Exercisable at
March 31, 2011
  
Weighted Average
Exercise Price
(Exercisable
shares)
$
.40 - .66
    
330,000
    
.26
  
$
.56
    
330,000
  
$
.56
 
.43
    
200,000
    
.26
    
.43
    
200,000
    
.43
 
.38
    
135,000
    
.31
    
.38
    
135,000
    
.38
 
.06 - 51
    
320,000
    
.31
    
.38
    
320,000
    
.38
 
.05
    
300,000
    
1.21
    
.05
    
300,000
    
.05
$
.05 – .66
    
1,285,000
    
.49
  
$
.36
    
1,285,000
  
$
.36


NOTE 8 – COMMITMENTS AND CONTINGENCIES

The Company is not involved in litigation at this time.  We may from time to time be a party to various legal actions in the ordinary course of business.  There can be no assurance that the Company will not be a party to litigation in the future that could have an adverse effect on the Company.


NOTE 9 – ACQUISITION - THERMAL AIR CONTROL SYSTEM

The Company announced on July 11, 2011 an agreement to acquire the rights, title and patents to the Thermal Air Control Systems (TAC Unit) from Tac Unit LLC. The agreement calls for Tac Unit LLC to be paid a royalty of eight percent (8%) on the net sales of the products based on the Technology. In addition, Tac Unit LLC was paid 300,000 shares of EnXnet Common Stock, with an additional stock option to purchase 300,000 shares of EnXnet Stock at a price of $0.15 per share for a period of 2 years. EnXnet has agreed to provide $50,000 in funding to introduce the Technology to the market.

The TAC Unit provides air conditioning and heating for semi-truck cabs that are now required to meet State and Federal engine idling rules. The Tac Unit uses a 12 Volt Technology and is operated solely from the truck’s auxiliary batteries. The batteries are recharged by the truck’s alternator while running. With the TAC Unit, a truck can remain parked with the motor off and maintain a comfortable environment for the driver while burning no diesel fuel for up to 10 hours on the auxiliary battery system. The TAC Unit’s technology has the ability to serve numerous other vehicle applications as well.

In acquiring the rights, title and patent to the TAC Unit, the CEO of the Company advanced on behalf of the Company $10,450 and another individual advanced $5,000 on behalf of the Company. Subsequent to September 30, 2011, the Company issued notes payable for $10,450 and $5,000 to the CEO and individual bearing interest at 2% and convertible into common stock of the Company at $0.03 per share.

In acquiring the TAC Unit, the Company also issued 150,000 shares of the Company’s common stock to an individual for his assistance and work on the TAC Unit. These shares were valued at $0.03 per share for total compensation of $4,500.





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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS.

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Exchange Act which represent the expectations or beliefs concerning future events that involve risks and uncertainties, including but not limited to the demand for Company products and services and the costs associated with such goods and services. All other statements other than statements of historical fact included in this Quarterly Report including, without limitation, the statements under “Management’s Discussion and Analysis or Plan of Operations” and elsewhere in the Quarterly Report, are forward-looking statements.  While the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.

The following discussion of the results of operations and financial conditions should be read in conjunction with the financial statements and related notes appearing in this report.

EnXnet, Inc. was formed under the laws of the State of Oklahoma on March 30, 1999 as Southern Wireless, Inc. It is a business and technology development enterprise engaged in the development, marketing, and licensing of emerging technologies and innovative business strategies and practices, focusing primarily on products, solutions, and services which support and enhance multimedia management and green environmentally friendly systems for heating and air conditioning units.

The Company currently can satisfy its current cash requirements for approximately 30 days and has a plan to raise additional working capital by the sale of shares of the Company common stock to select perspective individuals and from additional borrowings. Additionally, holders of outstanding stock options have been exercising those options which have provided additional working capital for the Company. This plan should provide the additional necessary funds required to enable the Company to continue marketing and developing its products until the Company can generate enough cash flow from sales to sustain its operations.

The Company does not anticipate any significant cash requirements for the purchase of any facilities.

The Company currently has one full-time employee on the payroll. It is anticipated that the Company will need to hire additional employees in order to expand the marketing and developing of its products. Currently our employee and other outside consultants are used for the further development of our products.
 
Results of Operations – Three months ended September 30, 2011 and 2010.
 
Revenues have not been substantial as we refocused our efforts on developing technologies and developing marketing affiliates.
 
The Company incurred operating expenses of $71,143 and $59,251 for the three months ended September 30, 2011 and 2010, an increase of $11,892 or 20.1%. The increase in operating expenses of $11,892 for the three months ended September 30, 2011 when compared to the six month period ended September 30, 2010 is attributed to:

Increases in:
 
·     
Consulting fees of $38,341
·     
Payroll expenses of $4,652
·     
All other increasing expense categories $670
 
Decreases in:
 
·     
Professional fees of $31,560
·     
All other decreasing expense categories $211
 
The increase in consulting expenses of $38,341 for the three months ended September 30, 2011 compared to the three month period ended September 30, 2010 is related to the acquisition of the TAC Unit and consultant expenses associated with the evaluation and preparation of test units in preparation of bringing the TAC Unit to market.

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The increase in payroll expenses of $4,652 for the three months ended September 30, 2011 compared to the three month period ended September 30, 2010 is attributed to an increase in pay and health insurance expenses and $3,000 for stock issued for services provided by an employee.
 
The decrease in professional fees of $31,560 for the three months ended September 30, 2011 compared to the three month period ended September 30, 2010 is attributed to a decrease in fees attributed to patent fillings and in auditor related fees.
 
Other classifications of expenses did not fluctuate substantially for the three month period ended September 30, 2011 compared to the three month period ended September 30, 2010.

Interest expense increased for the three months ended September 30, 2011 compared to the three month period ended September 30, 2010 by $177.
 
During the three months ended September 30, 2011 and 2010 we incurred net losses of $77,161 and $65,092 or $(0.002) and $(0.002) per share.

Results of Operations – Six months ended September 30, 2011 and 2010.
 
Revenues have not been substantial as we refocused our efforts on developing technologies and developing marketing affiliates.
 
The Company incurred operating expenses of $112,126 and $136,056 for the six months ended September 30, 2011 and 2010, a decrease of $23,930 or 17.6%. The decrease in operating expenses of $23,930 for the six months ended September 30, 2011 when compared to the six month period ended September 30, 2010 is attributed to:

Increases in:
 
·     
Consulting fees of $16,572
·     
Payroll expenses of $12,501
·     
All other increasing expense categories $2,722
 
Decreases in:
 
·     
Professional fees of $55,331
·     
All other decreasing expense categories $394
 
The increase in consulting expenses of $16,572 for the six months ended September 30, 2011 compared to the six month period ended September 30, 2010 is related to the acquisition of the TAC Unit and consultant expenses associated with the evaluation and preparation of test units in preparation of bringing the TAC Unit to market.

The increase in payroll expenses of $12,501 for the six months ended September 30, 2011 compared to the six month period ended September 30, 2010 is attributed to an increase in pay and health insurance expenses and $3,000 for stock issued for services provided by an employee.

The decrease in professional fees of $55,331 for the six months ended September 30, 2011 compared to the six month period ended September 30, 2010 is attributed to a decrease in fees attributed to patent fillings and in auditor related fees.
 
Other classifications of expenses did not fluctuate substantially for the six month period ended September 30, compared to the three month period ended September 30, 2010.

Interest expense increased for the six months ended September 30, 2011 compared to the six month period ended September 30, 2010 by $1,986. This increase is attributed to additional notes payables entered into this year.


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During the six months ended September 30, 2011 and 2009 we incurred net losses of $123,745 and $149,661 or $(0.003) and $(0.004) per share.

Liquidity and Capital Resources.
 
From inception through September 30, 2011, the Company has issued 44,200,018 shares of its Common Stock to officers, directors and outside shareholders.  The Company has little operating history and no material assets other than the license agreement for ClearVideo and DVDplus, the patents for TAC Unit, ThinDisc, Passive Resonant Reflector, and an Antenna for an optical storage disk, EnXcase, and Disc Security Tag.  The Company has $45,548 in cash as of September 30, 2011.
 
The Company has incurred operating losses each year since its inception and has had a working capital deficit at September 30, 2011. At September 30, 2011 and March 31, 2011 the working capital deficit was $1,433,311 and $1,374,515, respectively. The working capital deficit and cash balance raise substantial doubt about the Company’s ability to continue as a going concern.  As a result of these factors, the Company’s independent certified public accountants have included an explanatory paragraph in their reports on the Company’s March 31, 2011 financial statements which expressed substantial doubt about the Company’s ability to continue as a going concern.
 
CRITICAL ACCOUNTING POLICIES AND ESTIMATES.

Management’s discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements. These statements have been prepared in accordance with generally accepted accounting principles in the United States of America.

Use of estimates in preparation of financial statements

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, based on historical experience, and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The following critical accounting policies rely upon assumptions, judgments and estimates and were used in the preparation of our consolidated financial statements:

Cash Equivalents
For financial reporting purposes, the Company considers all highly liquid investments with an original maturity of six months or less when purchased to be a cash equivalent.  Financial instruments, which potentially subject the Company to a concentration of credit risk, consist of cash and cash equivalents.  Cash and cash equivalents consist of funds deposited with various high credit quality financial institutions.

Equipment
Equipment is recorded at cost. Depreciation and amortization are provided using the straight-line method over the useful lives of the respective assets, typically 3-10 years. Major additions and betterments are capitalized. Upon retirement or disposal, the cost and related accumulated depreciation or amortization is removed from the accounts and any gain or loss is reflected in operations.

Advertising
Advertising costs are expensed as incurred.

Licenses
The costs associated with acquiring exclusive licensing rights to patented technology have been capitalized and have been expensed using the straight line method of amortization over ten years, the estimated remaining useful lives of the patents.


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Revenue Recognition
Revenue is generally recognized and earned when all of the following criteria are satisfied: a) persuasive evidence of sales arrangements exists; b) delivery has occurred; c) the sales price is fixed or determinable, and d) collectability is reasonably assured.

Persuasive evidence of an arrangement is demonstrated via a purchase order from our customers. Delivery occurs when title and all risks of ownership are transferred to the purchaser which generally occurs when the products are shipped to the customer. No right of return exists on sales of products except for defective or damaged products. The sales price to the customer is fixed upon acceptance of purchase order. To assure that collectability is reasonably assured we perform ongoing credit evaluations of all of our customers.

Income Taxes
Income taxes are provided based on the liability method of accounting. Under this approach, deferred income taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each year end.  A valuation allowance is recorded against deferred tax assets as management does not believe the Company has met the “more likely than not” standard to allow recognition of such an asset.

Accounts Receivable
Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within thirty days from the invoice date or as specified by the invoice and are stated at the amount billed to the customer.  Customer account balances with invoices dated over thirty days or thirty days past the due date are considered delinquent.

The carrying amount of accounts receivable is reduced by a valuation allowance that reflects management’s best estimate of the amount that will not be collected. Management individually reviews all accounts receivable balances that are considered delinquent and based on an assessment of current credit worthiness, estimates the portion, if any, of the balance that will not be collected.  In addition, management periodically evaluates the adequacy of the allowance based on the Company’s past experience.

Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
 
Fair Value of Financial Assets and Liabilities
Under FASB ASC 825 the Company is required to disclose the fair value of financial instruments for which it is practicable to estimate value.

The Company’s financial instruments consist of cash, accounts receivable, accounts payable, accrued liabilities and debt.  The Company believes that the carrying amounts approximate fair value for all such instruments.

FASB ASC 820 defines fair value, establishes a framework for measurement, and expands disclosure about fair value measurements.  Topic No. 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).  Topic No. 820 classifies the inputs used to measure fair value into the following hierarchy:




-17-
 
 
 
Table of Contents


 
Level 1:
Quoted prices for identical assets or liabilities in active markets.
 
Level 2:
Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
 
Level 3:
Pricing inputs are unobservable for the assets and liabilities, including situations in which there is little to no market activity.
 
Fair values assigned to the Company’s acquired fixed assets were determined using Level 2, and the fair value associated with the Company’s intangible asset was based on Level 3 inputs.  The inputs used to determine fair value require significant management judgment and estimation.

Compensated Absences
Employees of the Company do not earn annual leave or sick leave. There is no compensated absences accrued liability on September 30, 2011 and March 31, 2011.

Research and Development Costs
Research and development costs are charged to expense as incurred.

Stock-Based Compensation
FASB ASC 718, requires that measurement of the cost of employee services received in exchange for an award of equity instruments be based on the grant-date fair value of the award. Such costs are recorded over the periods employees are required to render services in exchange for the awards.

Income Tax/Deferred Tax Policy
FASB ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax assets and liabilities are based on the differing treatment of certain items between the Company’s financial records and tax returns.  Deferred tax assets are also established for tax benefits associated with tax loss and tax credit carryforwards.  Such deferred balances reflect tax rates by tax jurisdiction that are scheduled to be in effect, based on currently enacted tax laws, in the years the book/tax differences reverse and tax loss and tax credit carryforwards are expected to be realized.  An allowance is established for any deferred tax asset that is not expected to be realized.
 
FASB ASC 740 also prescribes a comprehensive model for how a company should measure, recognize, present, and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return.  The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.  Interest and penalties, if incurred, are included in interest and financing expense.  The Company’s income tax filings are subject to audit by various taxing authorities.  The Company’s open audit periods are 2008 – 2010.  The Company does not believe it has any material uncertain tax positions.

Net Loss Per Share
Basic EPS is computed as net income divided by the weighted average number of common shares outstanding for the period.  Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants and other convertible securities.

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from management’s estimates.


-18-
 
 
 
Table of Contents

Unaudited Financial Statements
The accompanying unaudited financial statements for the nine months ended September 30, 2011 have been prepared in accordance with generally accepted accounting principles for interim financia1 information.  In the opinion of management all adjustments considered necessary for a fair presentation, which consist of normal recurring adjustments, have been included.  The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s March 31, 2011 Annual Report on Form 10-K.

Off Balance Sheet Arrangements

We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 3.          QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 4.          CONTROL AND PROCEDURES.

Under the supervision and with the participation of our management, including the Principal Executive Officer and Principal Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that these disclosure controls and procedures are effective.

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


PART II. OTHER INFORMATION

ITEM 1A.       RISK FACTORS.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 6.          EXHIBITS.

The following are included herein:

   
Incorporated by reference
  
Exhibit
Document Description
Form
Date
Number
Filed
herewith
3.1
Articles of Incorporation.
10-SB
5/22/00
3.1
  
           
3.2
First Amendment to Articles of Incorporation.
10-SB
5/22/00
3.2
  
           
3.3
Second Amendment to Articles of Incorporation.
10-SB
5/22/00
3.3
  
           
3.4
Bylaws.
10-SB
5/22/00
3.4
  
           
10.1
Sub-License Agreement with Ryan Corley as Nominee.
10-SB
5/22/00
10.1
  
           

-19-
 
 
 
Table of Contents


10.2
License agreement for Clear Video.
10-SB
5/22/00
10.2
  
           
10.3
License agreement for Clear Video – addendum.
10-SB
5/22/00
10.3
  
           
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
      
X
 
          
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
      
X
           
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
      
X
 
          
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
      
X
           
101.INS
XBRL Instance Document.
      
X
 
          
101.SCH
XBRL Taxonomy Extension – Schema.
      
X
 
          
101.CAL
XBRL Taxonomy Extension – Calculations.
      
X
 
          
101.DEF
XBRL Taxonomy Extension – Definitions.
      
X
 
          
101.LAB
XBRL Taxonomy Extension – Labels.
      
X
 
          
101.PRE
XBRL Taxonomy Extension – Presentation.
      
X














-20-
 
 
 
Table of Contents


Pursuant to the requirements of the Securities Exchange Act of 1934, this registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this 15th day of November, 2011.

 
ENXNET, INC.
 
(the “Registrant”)
   
 
BY:
 RYAN CORLEY
   
Ryan Corley
   
President, Principal Executive Officer and a member of the Board of Directors
     
 
BY:
 STEPHEN HOELSCHER
   
Stephen Hoelscher
   
Principal Financial Officer, Principal Accounting Officer and a member of the Board of Directors













-21-
 
 
 
Table of Contents



   
Incorporated by reference
  
Exhibit
Document Description
Form
Date
Number
Filed
herewith
3.1
Articles of Incorporation.
10-SB
5/22/00
3.1
  
           
3.2
First Amendment to Articles of Incorporation.
10-SB
5/22/00
3.2
  
           
3.3
Second Amendment to Articles of Incorporation.
10-SB
5/22/00
3.3
  
           
3.4
Bylaws.
10-SB
5/22/00
3.4
  
           
10.1
Sub-License Agreement with Ryan Corley as Nominee.
10-SB
5/22/00
10.1
  
           
10.2
License agreement for Clear Video.
10-SB
5/22/00
10.2
  
           
10.3
License agreement for Clear Video – addendum.
10-SB
5/22/00
10.3
  
           
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
      
X
 
          
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
      
X
           
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
      
X
 
          
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
      
X
           
101.INS
XBRL Instance Document.
      
X
 
          
101.SCH
XBRL Taxonomy Extension – Schema.
      
X
 
          
101.CAL
XBRL Taxonomy Extension – Calculations.
      
X
 
          
101.DEF
XBRL Taxonomy Extension – Definitions.
      
X
 
          
101.LAB
XBRL Taxonomy Extension – Labels.
      
X
 
          
101.PRE
XBRL Taxonomy Extension – Presentation.
      
X








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