Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 10, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'CIMARRON SOFTWARE INC | ' |
Entity Central Index Key | '0001029125 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 1,450,322 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_BALANCE_SHEETS_UNAUD
CONDENSED BALANCE SHEETS (UNAUDITED) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and Cash Equivalents | $131,611 | $58,822 |
Accounts Receivable | 17,360 | 14,800 |
Accounts Receivable - Related Party | 129,002 | 314,403 |
Note Receivable - Related Party Short Term | ' | 44,500 |
Prepaid Expenses | 1,256 | 318 |
Total Current Assets | 279,229 | 432,843 |
Note Receivable - Related Party Long Term | ' | 80,220 |
Security Deposit | 3,033 | ' |
Property and Equipment, Net | 15,248 | 19,198 |
Total Assets | 297,510 | 532,261 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ' | ' |
Accounts Payable | 3,365 | 3,995 |
Accrued Expenses | 62,829 | 51,420 |
Notes Payable - Related Party | 567,472 | 567,472 |
Deferred Revenue | 28,447 | 33,041 |
Lease Payable-Short Term | 7,809 | 7,767 |
Total Current Liabilities | 669,922 | 663,695 |
Lease Payable-Long Term | 3,581 | 6,458 |
Total Liabilities | 673,503 | 670,153 |
Stockholders' Deficit | ' | ' |
Preferred Stock, no par value, 500,000 shares Series A and 200,000 shares Series B authorized. 200,119 shares Series A issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 200,119 | 200,119 |
Common Stock, no par value, 10,000,000 shares authorized. 1,450,322 shares issued and outstanding as of September 30, 2014 and and December 31, 2013, respectively | 86,033 | 86,033 |
Paid in Capital | 13,483,429 | 13,457,948 |
Accumulated Deficit | -14,145,574 | -13,881,992 |
Total Stockholders' Deficit | -375,993 | -137,892 |
Total Liabilities and Stockholders' Deficit | $297,510 | $532,261 |
CONDENSED_BALANCE_SHEETS_UNAUD1
CONDENSED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Stockholders' Deficit | ' | ' |
Preferred Stock, no par value | $0 | $0 |
Preferred Stock Series A, shares authorized | 500,000 | 500,000 |
Preferred Stock Series A, shares issued | 200,119 | 200,119 |
Preferred Stock Series A, shares outstanding | 200,119 | 200,119 |
Preferred Stock Series B, shares authorized | 200,000 | 200,000 |
Common Stock, no par value | $0 | $0 |
Common Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, shares issued | 1,450,322 | 1,450,322 |
Common Stock, shares outstanding | 1,450,322 | 1,450,322 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Condensed Statements Of Operations | ' | ' | ' | ' |
Service Revenue | $34,799 | $42,549 | $111,194 | $263,584 |
Service Revenue - Related Party | 256,579 | 203,491 | 732,657 | 405,492 |
Total Service Revenue | 291,378 | 246,040 | 843,851 | 669,076 |
Cost of Services | 16,686 | 157,511 | 202,250 | 496,117 |
Cost of Services - Related Party | 124,821 | 72,647 | 334,976 | 160,664 |
Total Cost of Services | 141,507 | 230,158 | 537,226 | 656,781 |
Gross Profit | 149,871 | 15,882 | 306,625 | 12,295 |
General and Administrative Costs | 197,838 | 39,207 | 410,140 | 96,464 |
Professional Fees-Related Party | 30,000 | 15,868 | 90,527 | 47,507 |
Professional Fees | 9,410 | 15,071 | 46,766 | 47,899 |
Loss from Operations | -87,377 | -54,264 | -240,808 | -179,575 |
Interest Expense | -8,896 | -8,910 | -26,655 | -26,954 |
Interest Income | 567 | 5,179 | 4,002 | 14,855 |
Other Income | ' | ' | ' | ' |
Loss from Continuing Operations Before Income Taxes | -95,706 | -57,995 | -263,461 | -191,674 |
Income Tax | ' | 220 | 121 | 220 |
Net Loss | ($95,706) | ($58,215) | ($263,582) | ($191,894) |
Net Loss per Common Share - Basic and Diluted | ($0.07) | ($0.04) | ($0.18) | ($0.13) |
Weighted Average Shares Outstanding - Basic and Diluted | 1,450,322 | 1,450,322 | 1,450,322 | 1,450,322 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Net Loss | ($263,582) | ($191,894) |
Adjustments to Reconcile Net Loss to Net Cash From Operating Activites: | ' | ' |
Depreciation Expense | 7,336 | 6,130 |
Contributed Services | ' | 80,300 |
Stock Compensation | ' | 150 |
Imputed Interest on Related Party Notes Payable | 25,481 | 25,581 |
Changes in: | ' | ' |
Accounts Receivable | -2,560 | 55,822 |
Accounts Receivable - Related Party | 185,401 | -127,624 |
Prepaid Expense | -938 | -565 |
Security Deposit | -3,033 | ' |
Accounts Payable | -629 | -14,191 |
Accrued Expenses | 11,409 | 8,837 |
Deferred Revenue | -4,594 | 19,609 |
Net Cash From Operating Actvities | -45,709 | -137,845 |
Cash Flows from Investing Activities: | ' | ' |
Purchase of Equipment | -3,387 | -3,500 |
Note Receivable - Related Party | 124,720 | 140,146 |
Net Cash From Investing Activities | 121,333 | 136,646 |
Cash Flows from Financing Activities: | ' | ' |
Repayment of Lease Payable | -2,835 | -5,088 |
Issuance of Notes Payable - Related Parties | ' | 3,500 |
Repayment of Notes Payable - Related Party | ' | -4,400 |
Net Cash From Financing Activities | -2,835 | -5,988 |
Net Increase (Decrease) in Cash and Cash Equivalents | 72,789 | -7,187 |
Cash and Cash Equivalents, Beginning of Period | 58,822 | 110,938 |
Cash and Cash Equivalents, End of Period | 131,611 | 103,751 |
Supplemental Disclosures of Cash Flow Information: | ' | ' |
Cash paid during the period for: Interest | 1,175 | 1,373 |
Cash paid during the period for: Income Taxes | ' | ' |
Non-cash Investing and Financing activities: | ' | ' |
Capital Contributions Made in Lieu of Payment for Services Rendered by Related Party | ' | 31,800 |
Capital Contributions Made in Lieu of Payment for Services Rendered by an Officer of the Company | ' | $48,500 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Note 1. Organization and Summary of Significant Accounting Policies | ' |
The Company and Nature of Business | |
Cimarron Software, Inc., (the Company) was incorporated under the laws of the State of Utah on February 9, 1995, and is primarily a developer and distributor of customized computer software for use in medical research. | |
Basis of Presentation | |
The condensed interim financial information of the Company as of September 30, 2014 and for the three and nine month periods ended September 30, 2014 and 2013 is unaudited, and the balance sheet as of December 31, 2013 is derived from audited financial statements. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2014. The unaudited financial statements should be read in conjunction with the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In particular, the Company’s significant accounting policies were presented as Note 2 to the consolidated financial statements in that Annual Report. | |
Recent Accounting Pronouncements | |
In September 2014, the FASB issued Accounting Standards Update (ASU) ASU 606 which superceded and relaced ASC 605-25, Revenue Recognition: Multiple-Element Arrangements, and most of ASC 985-605, Software: Revenue Recognition, which applies to all software and SaaS arrangements. Although public companies are required to apply the new guidance to all reporting periods beginning on or after December 15, 2016 (all other entities in the following year), the Company has not yet adopted the new standard. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Note 2. Related Party Transactions | ' |
Notes Payable – Related Party consists of balances due to original founders David Fuhrman and Robert Sargent, for additional services performed on behalf of the Company. As of September 30, 2014 and December 31, 2013, the Company has related party notes payable totaling $567,472 and $567,472, respectively. | |
Interest expenses on the related party notes payable accrues at a rate of six percent per annum and was $26,655 for the nine month period ended September 30, 2014 and $26,954 for the nine month period ended September 30, 2013. The interest on the related party notes was recorded as an increase to equity, since the interest amounts are not expected to be paid out, but are being contributed to the Company by primary shareholders. | |
A customer of the Company, Data in Motion LLC, is also a related party. This entity is majority owned by the majority shareholder and Chairman of the Company and a relative of the Chairman, though no financial support is provided by the Company to this entity. The Company recorded revenues from this related party of $732,657 (approximately 87% of total revenue) for the nine months ended September 30, 2014, and $405,492 (approximately 61% of total revenue) for the nine months ended September 30, 2013. In addition, the Company had related party accounts receivable for consulting services provided to this entity amounting to $129,002 and $314,403 as of September 30, 2014 and December 31, 2013, respectively. | |
The Company also had a related party note receivable for consulting services provided to this entity valued at $0 and $124,720 as of September 30, 2014 and December 31, 2013, respectively. The note bore interest at 6% per annum. The term of note was six years with a maturity date of January 1, 2019. The remaining amount of the note was collected in full during the three months ended September 30, 2014. The Company recorded $4,002 and $14,855 of interest income related to this note for the nine months ending September 30, 2014 and 2013, respectively. | |
In 2010 the Company entered into an agreement with an entity which is owned by a relative of the president of the Company to provide financial management consulting services. The agreement states that for each hour of services billed to the Company, the associated fee shall be contributed to the Company. In 2014, the Company began paying for these services and is no longer accounting for them as contributions. For the nine months ending September 30, 2014 and 2013, the Company recognized contributions of $0 and $29,300, respectively, which were recorded as contributed services and recorded to paid in capital. Additionally, the Company recognized services contributed by the president of the Company in the amount of $0 and $51,000 for a total of $0 and $80,300 of contributed services for the three and nine months ending September 30, 2014 and 2013, respectively. |
Capital_Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Note 3. Capital Stock | ' |
The Company is authorized to issue 500,000 shares of Series A preferred stock with no par value and 200,000 shares of Series B preferred stock with no par value. As of September 30, 2014 and December 31, 2013 there were 200,119 shares of Series A preferred stock issued and outstanding and no shares of Series B preferred stock issued or outstanding. | |
The Company has neither declared nor paid dividends during the periods ended September 30, 2014 and December 31, 2013. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Note 4. Fair Value of Financial Instruments | ' |
The fair value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and note payables approximate the carrying amount due to the short duration of these accounts. |
Loss_per_Share
Loss per Share | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Note 5. Loss per Share | ' |
Basic loss per common share is based on the net loss divided by weighted average number of common shares outstanding. Diluted income or loss per share is computed using weighted average number of common shares plus dilutive common share equivalents outstanding during the period using the treasury stock method. As the Company has a net loss for the period ended September 30, 2014, any potentially dilutive shares are anti-dilutive and are thus not included into the earnings per share calculation. The Company had 466,766 common stock equivalents outstanding as of September 30, 2014 and 2013. These shares were excluded from the computation of diluted earnings per share as they are anti-dilutive. |
Going_Concern
Going Concern | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Note 6. Going Concern | ' |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. As of September 30, 2014 and December 31, 2013, the Company had an accumulated deficit of $14,145,574 and $13,881,992, respectively. In addition, the Company had a net loss for the nine months ended September 30, 2014 of $263,582. These conditions raise substantial doubt about the Company's ability to continue as a going concern. | |
In view of the matters described in the preceding paragraph, recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheets is dependent upon continued operations of the Company, which in turn is dependent upon the Company's ability to meet its financing requirements on a continuing basis, to maintain or replace present financing, to acquire additional capital from investors, and to succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. | |
The Company intends to continue to serve its customers as a developer and distributor of customized computer software used in computer research. The Company intends to focus on raising additional capital and finding additional avenues to distribute its software. To the extent that any such financing involves the sale of our equity, our current stockholders could be substantially diluted. There is no assurance that we will be successful in achieving any or all of these objectives. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Note 7. Subsequent Events | ' |
There have been no subsequent events that have a material impact on the Company. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
The Company and Nature of Business | ' |
Cimarron Software, Inc., (the Company) was incorporated under the laws of the State of Utah on February 9, 1995, and is primarily a developer and distributor of customized computer software for use in medical research. | |
Basis of Presentation | ' |
The condensed interim financial information of the Company as of September 30, 2014 and for the three and nine month periods ended September 30, 2014 and 2013 is unaudited, and the balance sheet as of December 31, 2013 is derived from audited financial statements. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2014. The unaudited financial statements should be read in conjunction with the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. In particular, the Company’s significant accounting policies were presented as Note 2 to the consolidated financial statements in that Annual Report. | |
Recent Accounting Pronouncements | ' |
In September 2014, the FASB issued Accounting Standards Update (ASU) ASU 606 which superceded and relaced ASC 605-25, Revenue Recognition: Multiple-Element Arrangements, and most of ASC 985-605, Software: Revenue Recognition, which applies to all software and SaaS arrangements. Although public companies are required to apply the new guidance to all reporting periods beginning on or after December 15, 2016 (all other entities in the following year), the Company has not yet adopted the new standard. |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Notes Payable - Related Party | $567,472 | ' | $567,472 |
Interest expenses on related party notes payable | 26,655 | 26,954 | ' |
Interest rate on related party notes payable | 6.00% | ' | ' |
Accounts receivable for consulting services | 129,002 | ' | 314,403 |
Interest rate on related party note receivable | 6.00% | ' | ' |
Related party note receivable for consulting services | ' | ' | 80,220 |
Interest income related to note payable | 4,002 | 14,855 | ' |
Recognized contributions for financial management consulting services | 0 | 29,300 | ' |
Additional recognized contributions for financial management consulting services | 0 | 51,000 | ' |
Total recognized contributions for financial management consulting services | 0 | 80,300 | ' |
Data in Motion LLC [Member] | ' | ' | ' |
Revenues from related party | 732,657 | 405,492 | ' |
Consulting Services [Member] | ' | ' | ' |
Interest rate on related party notes payable | 6.00% | ' | ' |
Related party note receivable for consulting services | $0 | ' | $124,720 |
Capital_Stock_Details_Narrativ
Capital Stock (Details Narrative) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred Stock authorized shares | 500,000 | 500,000 |
Preferred stock issued | 200,119 | 200,119 |
Preferred stock outstanding | 200,119 | 200,119 |
Series A preferred stock [Member] | ' | ' |
Preferred Stock authorized shares | 500,000 | 500,000 |
Preferred stock issued | 200,119 | 200,119 |
Preferred stock outstanding | 200,119 | 200,119 |
Series B preferred stock [Member] | ' | ' |
Preferred Stock authorized shares | 200,000 | 200,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Loss_per_Share_Details_Narrati
Loss per Share (Details Narrative) | Sep. 30, 2014 | Sep. 30, 2013 |
Loss Per Share Details Narrative | ' | ' |
Common stock equivalents outstanding | 466,766 | 466,766 |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Going Concern Details Narrative | ' | ' | ' | ' | ' |
Accumulated Deficit | $14,145,574 | ' | $14,145,574 | ' | $13,881,992 |
Net loss | $95,706 | $58,215 | $263,582 | $191,894 | ' |