Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Mar. 23, 2018 | Jun. 30, 2015 | |
Document and Entity Information: | |||
Entity Registrant Name | GENETHERA INC | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2016 | ||
Trading Symbol | gthr | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,017,110 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 40,064,983 | ||
Entity Public Float | $ 366,106 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q3 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Assets, Current | ||
Accounts Receivable, Net, Current | $ 57,095 | $ 22,495 |
Assets, Current | 57,095 | 22,495 |
Assets, Noncurrent | ||
Other Assets, Noncurrent | 110,620 | |
Assets | 57,195 | 146,115 |
Liabilities, Current | ||
Bank overdraft | 719 | 33 |
Accounts Payable, Current | 968,933 | 925,656 |
AccountsPayableRelatedPartiesCurrent | 294,765 | 268,282 |
Accrued Liabilities, Current | 3,580,517 | 3,216,564 |
Settlement payable | 325,885 | 325,885 |
Notes Payable, Current | 10,800 | 10,800 |
ConvertibleNotesPayable | 1,352,312 | 1,262,002 |
Loans Payable, Current | 672,602 | 660,869 |
Liabilities, Current | 7,206,533 | 6,670,091 |
Liabilities, Noncurrent | ||
Liabilities | 7,206,533 | 6,670,091 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Preferred Stock, Value, Issued | 15,415 | 15,415 |
Common Stock, Value, Issued | 40,065 | 36,611 |
common stock subscripions | 53,572 | 53,572 |
Additional Paid in Capital, Common Stock | 18,583,242 | 18,405,246 |
Retained Earnings (Accumulated Deficit) | (25,841,632) | (25,034,820) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,149,338) | (6,523,976) |
Liabilities and Equity | $ 57,195 | $ 146,115 |
Statement of Financial Positio3
Statement of Financial Position - Parenthetical - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares Issued | 40,064,983 | 36,610,636 |
Common Stock, Shares Outstanding | 40,064,983 | 36,610,636 |
Series A | ||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 4,600 | 4,600 |
Preferred Stock, Shares Outstanding | 4,600 | 4,600 |
Series B | ||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Preferred Stock, Shares Issued | 15,410,000 | 6,320,000 |
Preferred Stock, Shares Outstanding | 15,410,000 | 6,320,000 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Expenses | ||||
General and Administrative Expense | $ 27,352 | $ 107,282 | $ 197,461 | $ 321,538 |
LaborAndRelatedExpense | 96,000 | 96,000 | 378,000 | 378,000 |
Operating Expenses | 123,352 | 203,362 | 575,461 | 699,778 |
Operating Income (Loss) | (123,352) | (203,362) | (575,461) | (699,778) |
Interest and Debt Expense | ||||
Interest Expense | 19,563 | 100,645 | 107,731 | 118,543 |
Loss on disposal of assets | 13,000 | |||
Loss on write off of investment | 110,620 | 110,620 | ||
Interest and Debt Expense | 130,183 | 100,645 | 231,351 | 118,543 |
IncomeTaxExpenseBenefitContinuingOperationsAbstract | ||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (253,535) | (304,007) | (806,812) | (818,321) |
Net Income (Loss) Attributable to Parent | (253,535) | (304,007) | (806,812) | (818,321) |
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract | ||||
ComprehensiveIncomeNetOfTax | $ (253,535) | $ (304,007) | $ (806,812) | $ (818,321) |
Earnings Per Share | ||||
Earnings Per Share, Basic | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted Average Number of Shares Outstanding, Basic | 38,183,086 | 37,067,158 | 36,610,636 | 36,540,643 |
Earnings Per Share, Diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted Average Number of Shares Outstanding, Diluted | 38,183,086 | 37,067,158 | 36,610,636 | 36,540,643 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (806,812) | $ (818,321) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 240 | |
Amortization | 85,220 | |
Employee Benefits and Share-based Compensation | 77,050 | 480,944 |
Gain (Loss) on Sale of Property Plant Equipment | 13,000 | |
Amortization of debt discount | 110,620 | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (520,922) | (337,137) |
Increase (Decrease) in Operating Assets | ||
Increase Decrease In Accounts And Notes Receivable | (34,603) | (260,672) |
Increase (Decrease) in Other Operating Assets | ||
Increase (Decrease) in Operating Assets | (34,603) | (260,672) |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable | 36,814 | 11,687 |
Increase (Decrease) in Accrued Liabilities | 407,243 | (435,483) |
Increase (Decrease) in Operating Capital | 444,057 | (423,796) |
Net Cash Provided by (Used in) Operating Activities | (111,468) | (1,021,605) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments for (Proceeds from) Other Investing Activities | (100) | (110,620) |
Net Cash Provided by (Used in) Investing Activities | (100) | (110,620) |
Net Cash Provided by (Used in) Financing Activities | ||
Change in overdraft | 686 | |
Proceeds from (Repayments of) Notes Payable | 110,000 | |
Proceeds from (Repayments of) Related Party Debt | 110,882 | 1,022,303 |
Net Cash Provided by (Used in) Financing Activities | $ 111,568 | 1,132,303 |
Cash and Cash Equivalents, Period Increase (Decrease) | 78 | |
Cash and Cash Equivalents, at Carrying Value | 94 | |
Cash and Cash Equivalents, at Carrying Value | $ 172 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | Note 1 Organization and nature of operations and summary of significant accounting policies Organization and nature of operations The consolidated financial statements include GeneThera, Inc. (a Nevada Corporation) and its wholly owned subsidiary GeneThera, Inc. (Colorado) (collectively GeneThera or the Company). GeneThera is a biotechnology company that develops molecular assays for the detection of food contaminating pathogens, veterinary diseases and genetically modified organisms. The Company has not commenced sales, as yet, but only participates in research and development of its products, and is solely dependent on outside financing. The accompanying unaudited interim consolidated financial statements of GeneThera have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year ending December 31, 2015, as reported in Form 10-K, have been omitted, including summaries of the Companys significant accounting policies. Use of estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. Principles of consolidation The consolidated financial statements include the accounts of the Company, and its subsidiary. All intercompany accounts are eliminated upon consolidation. Property and equipment, net Property and equipment consists primarily of office and laboratory equipment and leasehold improvements and is stated at cost. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of their economic lives or lease terms. Impairment of long-lived assets The Company reviews the recoverability of its long-lived assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash flows of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between the estimated fair value and carrying value. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. Revenue recognition Research and development contracts are on a pre-paid basis in order to reflect milestones during research investigation. Revenues are recognized when services are completed. There were no revenues during the years ended December 31, 2015 or the nine months ended September 30, 2016. Stock-Based Compensation Stock-based compensation is accounted for under FASB ASC Topic No. 718 Compensation Stock Compensation Income taxes Income taxes are accounted for in accordance with the provisions of FASB ASC Topic No. 740 - Income Taxes Basic and diluted net loss per common share Basic and diluted net loss per share calculations are presented in accordance with FASB ASC Topic No. 260 Earnings per Share Fair value of financial instruments The carrying value of cash, accounts payable and accrued expenses approximates fair value due to the short term nature of these accounts. Recently issued accounting pronouncements The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant effect on its consolidated financial position or results of operations. The following are being evaluated for any potential impact: In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements has had or will have a material impact on our consolidated financial position or results of operations. |
Substantial Doubt about Going C
Substantial Doubt about Going Concern | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Substantial Doubt about Going Concern | Note 2- Going Concern As reflected in the accompanying consolidated financial statements, the Company has an accumulated deficit of $25,841,632 and negative working capital of $7,149,439 as of September 30, 2016. This raises substantial doubt about the Companys ability to continue as a going concern. The Companys ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. The consolidated financial statements do not include any adjustments that might be necessary if the Company is 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. |
Property, Plant and Equipment D
Property, Plant and Equipment Disclosure | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Property, Plant and Equipment Disclosure | Note 3 - Property and Equipment As of December 31, 2015, the Company had construction in progress in the amount of $13,000 related to renovation of its lab space, and had not completed the work as of that date. In March 2016, we abandoned this construction in process since we sub-leased a different lab space (Note 8). |
Related Party Transactions Disc
Related Party Transactions Disclosure | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Related Party Transactions Disclosure | Note 4 Related party transactions The Company has an outstanding loan payable, including interest, to our CEO and shareholder amounting to $672,602 and $660,869 as of September 30, 2016 and December 31, 2015, respectively. This outstanding loan to the Company is unsecured and bears interest at 2.41% per year. During the nine months ended September 30, 2016 and 2015, the Company has recorded interest expense on this loan in the amount of $11,734 and $11,687 respectively. As of September 30, 2016, the Company has the following outstanding liabilities due to related parties: September 30, 2016 December 31, 2015 Setna Holdings LLC $ 262,085 $ 150,705 Kalos, Holdings 0 86,896 Tannya Irizarry 25,355 23,356 Elia Holdings, LLC 7,325 7,325 Total $ 294,765 $ 268,282 The Company has amounts receivable from separate related parties of $27,093 and $22,492 as of September 30, 2016 and December 31, 2015, respectively. During the nine months ended September 30, 2016 and 2015, the Company issued $108,500 and $366,000, respectively, of convertible promissory notes (see Note 6). The proceeds from these notes were managed by a subsidiary of Setna Holdings, a related party, in exchange for a handling fees of ten percent of the gross proceeds, which are reflected in General and Administrative expenses. Total fee as of September 30, 2016 and 2015 were $10,850 and $25,600, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities Disclosure | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Accounts Payable and Accrued Liabilities Disclosure | N ote 5 Accrued expenses The Companys accrued expenses consisted of the following: September 30, 2016 December 31, 2015 Accrued officer salaries $ 3,276,904 $ 2,943,904 Accrued interest 62,235 31,282 Other 241,378 241,378 Total accrued Expenses $ 3,580,517 $ 3,216,564 Under the terms of the employment agreements between the Company and its CEO and CFO, which run through January 2022, compensation is accrued at a combined rate of $32,000 per month. No cash compensation was paid to the officers in 2016 or 2015; salaries totaling $237,000 and $384,000 were added to accrued liabilities in both 2016 and 2015, respectively. In addition, we issued our CFO, $45,000 worth of our restricted common stock, and accrued stock based compensation worth $45,000 to our President. |
Debt Disclosure
Debt Disclosure | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Debt Disclosure | Note 6 Convertible notes payable During the nine months ended September 30, 2016, the Company issued Subordinated Convertible Promissory notes in the aggregate amount of $108,500. In total during nine months ended September 30, 2016, eleven new convertible notes were issued which accrue 8% per annum, and are convertible between $0.010 and $0.050. The Company recognized a discount on debt of $64,400, which will be amortized over the next 6 months and will be charged to interest. The Company amortized $38,619 from the discount balance as of December 31, 2015, and $46,601 from the September 30, 2016 balance totaling $85,220 in interest expense, leaving a remaining balance as of September 30, 2016 of $16,692. As of September 30, 2016, Outstanding Convertible notes were convertible into 18,817,000 shares of common stock. During the year ended December 31, 2015, the Company issued Subordinated Convertible Promissory notes in the aggregate amount of $417,960, and convertible notes and related interest totaling $69,026 were converted to 2,298,465 shares of common stock. Of that, 515,133 shares of common stock valued at $15,454 had been issued as of December 31, 2015; the remaining 1,783,332 shares valued at $53,572 have not yet been issued as of December 31, 2015. In total during 2015, 19 new convertible notes were issued which accrue 8% per annum, and are convertible between $0.015 and $0.4. We recognized a discount on debt of $151,307, of which $112,687 was amortized during the period and charged to interest. $38,619 remains to be amortized in the next fiscal year. As of December 31, 2015, Outstanding Convertible notes were convertible into 15,942,000 shares of common stock. |
Stockholders' Equity Note Discl
Stockholders' Equity Note Disclosure | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Stockholders' Equity Note Disclosure | Note 7 - Shareholders equity Convertible preferred stock rights Preferred Stock (Series A) shall be convertible into Common Stock any time at the holders sole discretion in part or in whole by dividing the Purchase Price per Share by 110% of the Market Value on the Closing Date. Market Value on any given date shall be defined as the average of the lowest three intra-day trading prices of the Companys common stock during the 15 immediately preceding trading days. The Company is disputing the convertibility of these preferred shares. Preferred Stock (Series B) shall be convertible into ten common shares at any time and holders are entitled to 20 common share votes per such preferred share. Common stock The Company has authorized 300,000,000 shares of its common stock, $.001 par value. The Company had issued and outstanding 40,064,983 and 36,610,636 shares as of September 30, 2016 and December 31, 2015, respectively. During the nine months ended September 30, 2016, the Company issued 1,572,450 shares of common stock valued at $77,050 in exchange for services and property: 918,368 shares valued at $45,000 to an officer for services; and 654,082 shares valued at $32,050 to two vendors for consulting services. During the nine months ended September 30, 2016, the Company had Convertible Notes Payable that were converted into Common Stock: 1,881,897 shares of common stock were issued for converted notes totaling $40,000 |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Commitments and Contingencies Disclosure | Note 8 Commitments Employment Agreements In 2012, the Company entered into five-year employment agreements with Chief Executive and Scientific Officer and its Chief Administrative and Financial Officer. The agreements provide for compensation of $18,000 and $14,000 per month, respectively, and expires on January 7, 2017. Office Lab Space Lease Our office space is leased by related party, who bears the liability of the contract, however we are subleasing the entire space, and our rental fees are based on the total amount of the original contract. The current lease rates are $2,495.00 per month though the end of 2016. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Subsequent Events | Note 9 Subsequent events In 2017, the Company entered into five-year employment agreements with its chief executive and scientific officer and its chief administrative and financial officer. The agreements provide for compensation of $21,500 and $17,333 per month, respectively, and expire on January 7, 2022. On November 20, 2017, the Company entered into a Stock Purchase Agreement in the amount of $250,000 for Preferred A Stock, as the first payment based on the Letter of Intent, which was executed on November 30, 2017. On November 30, 2017, the Company entered into a Non-Binding Letter of Intent for $5,000,000 from an unrelated entity. On December 13, 2017, the Stock Purchase Agreement was finalized with the $250,000 investment with the Company. The Milestones are as follows: The initial investment was provided at the Sign of The Letter of Intent in the amount of $250,000; the Second Milestone entails for the Company to Finalize Lease Agreement in collaboration with GTI Research, Inc. to a Fully Operational Level, Complete GeneThera Financial Statement for the Form 10-Q period ending September 30, 2016 and file it with the Securities Exchange Commission on or before March 31, 2018 in the amount of $300,000. The third Milestone must cover GeneTheras Regain of Full Compliance with the SEC Financial Requirements in the amount of $1,200,000; the Fourth Milestone covers the Design Assembly and Validation of Advanced Robotic System in the amount of $1,500,000 and the Sixth Milestone entails to Enter into an Agreement with Government Organization and/or Private Company. Our current office space is leased by a related party, who bears the liability of the contract, however we are subleasing the entire space, and our rental fees are based on the total amount of the original contract. The security deposit was $12,000.00. The commencement date is January 1, 2018. The term of the lease is for six (6) years and three (3) months and the termination date is March 31, 2024. The Base Rent is as follows: January 1, 2018 to March 31, 2018; the NNN is $2,377.03. April 1, 2018 through March 31, 2019; the monthly base rent plus NNN is $9,568.03. April 1, 2019 through March 31, 2020, the monthly base rent plus NNN is $10,367.03. April 1, 2020 through March 31, 2021, the monthly base rent plus NNN is $11,166.03. April 1, 2021 through March 31, 2022, the monthly base rent plus NNN is $11,965.03. April 1, 2022 through March 31, 2023, the monthly base rent plus NNN is $12,764.03. April 1, 2023 through March 31, 2024, the monthly base rent plus NNN is $13,563.03. |
Organization, Consolidation a15
Organization, Consolidation and Presentation of Financial Statements Disclosure: Use of Estimates, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Use of Estimates, Policy | Use of estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Organization, Consolidation a16
Organization, Consolidation and Presentation of Financial Statements Disclosure: Cash and Cash Equivalents, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Cash and Cash Equivalents, Policy | Cash and cash equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. |
Organization, Consolidation a17
Organization, Consolidation and Presentation of Financial Statements Disclosure: Basis of Accounting, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Basis of Accounting, Policy | Principles of consolidation The consolidated financial statements include the accounts of the Company, and its subsidiary. All intercompany accounts are eliminated upon consolidation. |
Organization, Consolidation a18
Organization, Consolidation and Presentation of Financial Statements Disclosure: Property, Plant and Equipment, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Property, Plant and Equipment, Policy | Property and equipment, net Property and equipment consists primarily of office and laboratory equipment and leasehold improvements and is stated at cost. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from five to seven years. Leasehold improvements are amortized over the shorter of their economic lives or lease terms. |
Organization, Consolidation a19
Organization, Consolidation and Presentation of Financial Statements Disclosure: Impairment or Disposal of Long-Lived Assets, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Impairment or Disposal of Long-Lived Assets, Policy | Impairment of long-lived assets The Company reviews the recoverability of its long-lived assets to determine whether events or changes in circumstances occurred that indicate the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash flows of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between the estimated fair value and carrying value. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. |
Organization, Consolidation a20
Organization, Consolidation and Presentation of Financial Statements Disclosure: Revenue Recognition, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Revenue Recognition, Policy | Revenue recognition Research and development contracts are on a pre-paid basis in order to reflect milestones during research investigation. Revenues are recognized when services are completed. There were no revenues during the years ended December 31, 2015 or the nine months ended September 30, 2016. |
Organization, Consolidation a21
Organization, Consolidation and Presentation of Financial Statements Disclosure: Compensation Related Costs, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Compensation Related Costs, Policy | Stock-Based Compensation Stock-based compensation is accounted for under FASB ASC Topic No. 718 Compensation Stock Compensation |
Organization, Consolidation a22
Organization, Consolidation and Presentation of Financial Statements Disclosure: Income Tax, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Income Tax, Policy | Income taxes Income taxes are accounted for in accordance with the provisions of FASB ASC Topic No. 740 - Income Taxes |
Organization, Consolidation a23
Organization, Consolidation and Presentation of Financial Statements Disclosure: Earnings Per Share, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Earnings Per Share, Policy | Basic and diluted net loss per common share Basic and diluted net loss per share calculations are presented in accordance with FASB ASC Topic No. 260 Earnings per Share |
Organization, Consolidation a24
Organization, Consolidation and Presentation of Financial Statements Disclosure: Fair Value Measurement, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Fair Value Measurement, Policy | Fair value of financial instruments The carrying value of cash, accounts payable and accrued expenses approximates fair value due to the short term nature of these accounts. |
Organization, Consolidation a25
Organization, Consolidation and Presentation of Financial Statements Disclosure: New Accounting Pronouncements, Policy (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
New Accounting Pronouncements, Policy | Recently issued accounting pronouncements The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant effect on its consolidated financial position or results of operations. The following are being evaluated for any potential impact: In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements has had or will have a material impact on our consolidated financial position or results of operations. |
Related Party Transactions Di26
Related Party Transactions Disclosure: Schedule of Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Schedule of Related Party Transactions | September 30, 2016 December 31, 2015 Setna Holdings LLC $ 262,085 $ 150,705 Kalos, Holdings 0 86,896 Tannya Irizarry 25,355 23,356 Elia Holdings, LLC 7,325 7,325 Total $ 294,765 $ 268,282 |
Accounts Payable and Accrued 27
Accounts Payable and Accrued Liabilities Disclosure: Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tables/Schedules | |
Other Current Liabilities | September 30, 2016 December 31, 2015 Accrued officer salaries $ 3,276,904 $ 2,943,904 Accrued interest 62,235 31,282 Other 241,378 241,378 Total accrued Expenses $ 3,580,517 $ 3,216,564 |
Related Party Transactions Di28
Related Party Transactions Disclosure: Schedule of Related Party Transactions (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Details | ||
Setna Holdings LLC | $ 262,085 | $ 150,705 |
Kalos, Holdings | 0 | 86,896 |
Tannya Irizarry | 25,355 | 23,356 |
Elia Holdings, LLC | 7,325 | 7,325 |
Total | $ 294,765 | $ 268,282 |
Accounts Payable and Accrued 29
Accounts Payable and Accrued Liabilities Disclosure: Other Current Liabilities (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Details | ||
Accrued officer salaries | $ 3,276,904 | $ 2,943,904 |
Accrued interest | 62,235 | 31,282 |
Other | 241,378 | 241,378 |
Total accrued Expenses | $ 3,580,517 | $ 3,216,564 |