Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Oct. 31, 2013 | Dec. 17, 2013 | Apr. 30, 2013 | |
Document and Entity Information: | ' | ' | ' |
Entity Registrant Name | 'Popbig, Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Oct-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001076744 | ' | ' |
Current Fiscal Year End Date | '--10-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,162,040 | ' |
Entity Public Float | ' | ' | $51,853 |
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 | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Current liabilities: | ' | ' |
Accounts payable-trade | $2,000 | $8,245 |
Accrued expenses | 13,250 | ' |
Total current liabilities | 15,250 | 8,245 |
Total Liabilities | 15,250 | 8,245 |
Commitments and contingencies (Note 3) | ' | ' |
Stockholders' Deficit | ' | ' |
Preferred stock, $0.001 par value, 10,000,000 shares authorized; none issued and outstanding at October 31, 2013 and 2012, respectively | ' | ' |
Common stock, $0.001 par value, 300,000,000 shares authorized; 12,162,040 shares issued and outstanding at October 31, 2013 and 2012, respectively | 12,162 | 12,162 |
Additional paid-in capital | 203,115 | 176,865 |
Deficit accumulated since quasi reorganization Oct. 31, 2005 | -230,527 | -197,272 |
Total Stockholders' Deficiency | -15,250 | -8,245 |
Total liabilities and stockholders' deficit | ' | ' |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets Parenthetical (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Condensed Balance Sheets Parenthetical | ' | ' |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $0.00 | $0.00 |
Common stock shares authorized | 300,000,000 | 300,000,000 |
Common stock shares issued | 12,162,040 | 12,162,040 |
Common stock shares outstanding | 12,162,040 | 12,162,040 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Condensed Statements of Operations | ' | ' |
Revenue | ' | ' |
General and administrative | 33,255 | 28,500 |
Depreciation | ' | ' |
Total operating expenses | 33,255 | 28,500 |
Interest expense | ' | ' |
Total other income (expense) | ' | ' |
Loss from continuing operations | -33,255 | -28,500 |
Loss from continuing operations before income tax | -33,255 | -28,500 |
Provision for income tax | ' | ' |
Net Loss | ($33,255) | ($28,500) |
Basic and diluted net loss per share | ' | ' |
Weighted average shares outstanding (basic & diluted) | 12,162,040 | 12,162,040 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($33,255) | ($28,500) |
Fair value of services provided by related parties | 18,000 | 12,000 |
Expenses paid by related parties | 8,250 | 11,500 |
Increase (decrease) in accounts payable | -6,245 | 5,000 |
Increase in accrued expenses | 13,250 | ' |
Net cash used in operating activites | ' | ' |
Cash flows from financing activities | ' | ' |
Cash flows from investing activities | ' | ' |
Net decrease in cash and cash equivilents | ' | ' |
Cash and cash equivilents at beginning of period | ' | ' |
Cash and cash equivilents at end of period | ' | ' |
Cash paid for income taxes | ' | ' |
Cash paid for interest | ' | ' |
Extinguishment of related party liabilities recorded as capital contribution | ' | $6,496 |
Condensed_Statement_of_Shareho
Condensed Statement of Shareholders' Equity (Deficit) (USD $) | Common Stock | Additional paid in capital | Accumulated Deficit | Total |
Balance at Oct. 31, 2011 | $12,162 | $146,869 | ($168,772) | ($9,741) |
Balance - Shares at Oct. 31, 2011 | 12,162,040 | ' | ' | ' |
Fair value of services provided by related party | ' | 29,996 | ' | 29,996 |
Net loss | ' | ' | -28,500 | -28,500 |
Balance at Oct. 31, 2012 | 12,162 | 176,865 | -197,272 | -8,245 |
Balance - Shares at Oct. 31, 2012 | 12,162,040 | ' | ' | ' |
Fair value of services provided by related party | ' | 26,250 | ' | 26,250 |
Net loss | ' | ' | -33,255 | -33,255 |
Balance at Oct. 31, 2013 | $12,162 | $203,115 | ($230,527) | ($15,250) |
Balance - Shares at Oct. 31, 2013 | 12,162,040 | ' | ' | ' |
Note_1_Organization_and_Descri
Note 1: Organization and Description of Business | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Note 1: Organization and Description of Business | ' |
NOTE 1: NATURE OF OPERATIONS AND GOING CONCERN | |
The Company | |
PopBig, Inc. (the “Company” or "PopBig"), was originally incorporated on May 14, 1987 in Florida as Ventura Promotion Group, Inc. The Company became a public company in July 1998 and in November 1998 changed its name to American Surface Technologies International, Inc. In September 2001, the State of Florida administratively dissolved us for not maintaining proper filings with the state and not paying its franchise tax fees. In 2006, the Company changed its name to Global Environmental, Inc. In December, 2007 the Company re-domiciled to Delaware and in September, 2008 changed its name to Ravenwood Bourne, Ltd. Effective September, 2011 the Company changed its name to PopBig, Inc. The Company has not engaged in business operations since that time. | |
The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitable operations. The Company incurred net losses of $33,255 and $28,500 for the years ended October 31, 2013 and 2012, respectively, and has accumulated deficit of $230,527 since quasi reorganization October 31, 2005. The Company has a working capital deficit of $15,250 as of October 31, 2013. These factors, among others raise a substantial doubt regarding the Company’s ability to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations. The accompanying financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Description of Business | |
The Company is a shell company and has nominal operations and assets. |
Note_2_Significant_Accounting_
Note 2: Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Note 2: Significant Accounting Policies | ' |
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES | |
This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles in the United States and have been consistently applied in the preparation of the financial statements herein as of and for the years ended October 31, 2013 and 2012. | |
Basis of Presentation | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accounts of any former subsidiaries were not included and have not been carried forward. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) 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 date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets acquired and liabilities assumed in business transactions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Cash and Cash Equivalents | |
For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. | |
Property and Equipment | |
New property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 years. Expenditures for renewals and betterments are capitalized. Expenditures for minor items, repairs and maintenance are charged to operations as incurred. Gain or loss upon sale or retirement due to obsolescence is reflected in the operating results in the period the event takes place. | |
Valuation of Long-Lived Assets | |
We review the recoverability of our long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) 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 estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. 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. | |
Stock Based Compensation | |
Stock-based awards to employees and non-employees are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments. Our primary type of share-based compensation consists of stock options. ASC 718 requires that companies measure and recognize compensation expense at an amount equal to the fair value of share-based payments granted under compensation arrangements.. We calculate the fair value of options using a Black-Scholes option pricing model. We do not currently have any outstanding options subject to future vesting. | |
ASC 718 also requires the benefits of tax deductions in excess of recognized compensation expense to be reported in the Statement of Cash Flows as a financing cash inflow rather than an operating cash inflow. In addition, ASC 718 required a modification to the Company’s calculation of the dilutive effect of stock option awards on earnings per share. | |
Accounting For Obligations And Instruments Potentially To Be Settled In The Company’s Own Stock | |
We account for obligations and instruments potentially to be settled in the Company’s stock in accordance with FASB ASC 815, Accounting for Derivative Financial Instruments. This issue addresses the initial balance sheet classification and measurement of contracts that are indexed to, and potentially settled in, the Company’s own stock. | |
Fair Value of Financial Instruments | |
ASC 820, Fair Value Measurements and Disclosures, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |
Level 1 | |
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |
Level 2 | |
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |
Level 3 | |
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |
The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities. Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, the fair value of our cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. The Company had no financial assets or liabilities carried and measured on a non-recurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. | |
Earnings per Common Share | |
We have adopted the provisions of ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. | |
There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding as of October 31, 2013 or 2012. | |
Income Taxes | |
We have adopted ASC 740, Accounting for Income Taxes. Pursuant to ASC 740, we are required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. | |
We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. | |
Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss (NOL) carryforwards. Our net operating loss carryovers incurred prior to 2005 considered available to reduce future income taxes were reduced or eliminated through our recent change of control (I.R.C. Section 382(a)) and the continuity of business limitation of I.R.C. Section 382(c). We have accumulated losses of $230,527 which may result in deferred tax assets of $90,000 as of October 31, 2013. | |
Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of NOL and tax credit carryforwards before full utilization. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. | |
In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. | |
ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. | |
The Company is not under examination by any jurisdiction for any tax year. At October 31, 2013 and 2012, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under FIN 48. | |
Recent Accounting Pronouncements | |
We qualify as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. | |
In January 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance on the presentation of comprehensive income. Under the amended guidance, an entity must present information regarding reclassification adjustments from accumulated other comprehensive income in a single note or on the face of the financial statements. This is required for both annual and interim reporting. The amendment becomes effective for reporting periods beginning after December 15, 2012 and is applied prospectively. Early adoption is permitted. The Company has elected to adopt this guidance during the year ended October 31, 2013. This guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows as it is disclosure-only in nature. |
Note_3_Commitments
Note 3: Commitments | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Note 3: Commitments | ' |
NOTE 3: COMMITMENTS AND CONTINGENCIES | |
The Company is not a party to any leases and does not have any commitments. | |
Note_4_Stockholders_Equity
Note 4: Stockholders' Equity | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Note 4: Stockholders' Equity | ' |
NOTE 4: STOCKHOLDERS’ EQUITY | |
Common Stock | |
We are currently authorized to issue up to 300,000,000 shares of $0.001 par value common stock. The total issued and outstanding shares as of October 31, 2013 and 2012 were 12,162,040 and 12,162,040, respectively. All issued shares of common stock are entitled to vote on a 1 share/1 vote basis. As of October 31, 2013, the Company’s common stock was 51.4% owned by Keith A. Rosenbaum. | |
Preferred Stock | |
We are currently authorized to issue up to 10,000,000 shares of $ 0.001 preferred stock. As of October 31, 2013 and 2012, there were no shares of preferred stock outstanding. |
Note_5_Related_Party_Transacti
Note 5: Related Party Transactions | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Note 5: Related Party Transactions | ' |
NOTE 5: RELATED PARTY TRANSACTIONS | |
Due Related Parties | |
Amounts due related parties consist of corporate reinstatement expenses paid by affiliates prior to the establishment of a bank account. Such expenses totaled $7,005 and $17,996 at October 31, 2013 and 2012, respectively. Upon the transfer of stock ownership in January 2013, all accounts payable and all related party liabilities were forgiven, and as such the liabilities outstanding as of October 31, 2012, amounting to $17,996, were eliminated and recorded as capital contribution of paid-in capital. | |
Fair value of services | |
The principal stockholder provided, without cost to the Company, its services and office space. The total of these expenses were $26,250 and $12,000 for the years ended October 31, 2013 and 2012, respectively, and was reflected in the statement of operations for each year presented as general and administrative expenses with a corresponding contribution of paid-in capital. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2013 | |
Notes | ' |
Subsequent Events | ' |
NOTE 6: SUBSEQUENT EVENTS | |
The Company is currently in advanced negotiations for a potential combination with an entity related by common ownership. |
Note_2_Significant_Accounting_1
Note 2: Significant Accounting Policies: Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Basis of Presentation and Significant Accounting Policies | ' |
Basis of Presentation | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accounts of any former subsidiaries were not included and have not been carried forward. |
Note_2_Significant_Accounting_2
Note 2: Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Use of Estimates, Policy | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) 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 date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets acquired and liabilities assumed in business transactions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Note_2_Significant_Accounting_3
Note 2: Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. |
Note_2_Significant_Accounting_4
Note 2: Significant Accounting Policies: Property, Plant and Equipment, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Property, Plant and Equipment, Policy | ' |
Property and Equipment | |
New property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 years. Expenditures for renewals and betterments are capitalized. Expenditures for minor items, repairs and maintenance are charged to operations as incurred. Gain or loss upon sale or retirement due to obsolescence is reflected in the operating results in the period the event takes place. |
Note_2_Significant_Accounting_5
Note 2: Significant Accounting Policies: Valuation of Long-Lived Assets, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Valuation of Long-Lived Assets, Policy | ' |
Valuation of Long-Lived Assets | |
We review the recoverability of our long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) 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 estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. 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. |
Note_2_Significant_Accounting_6
Note 2: Significant Accounting Policies: Share-based Compensation, Option and Incentive Plans Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Share-based Compensation, Option and Incentive Plans Policy | ' |
Stock Based Compensation | |
Stock-based awards to employees and non-employees are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments. Our primary type of share-based compensation consists of stock options. ASC 718 requires that companies measure and recognize compensation expense at an amount equal to the fair value of share-based payments granted under compensation arrangements.. We calculate the fair value of options using a Black-Scholes option pricing model. We do not currently have any outstanding options subject to future vesting. | |
ASC 718 also requires the benefits of tax deductions in excess of recognized compensation expense to be reported in the Statement of Cash Flows as a financing cash inflow rather than an operating cash inflow. In addition, ASC 718 required a modification to the Company’s calculation of the dilutive effect of stock option awards on earnings per share. | |
Note_2_Significant_Accounting_7
Note 2: Significant Accounting Policies: Accounting For Obligations And Instruments, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Accounting For Obligations And Instruments, Policy | ' |
Accounting For Obligations And Instruments Potentially To Be Settled In The Company’s Own Stock | |
We account for obligations and instruments potentially to be settled in the Company’s stock in accordance with FASB ASC 815, Accounting for Derivative Financial Instruments. This issue addresses the initial balance sheet classification and measurement of contracts that are indexed to, and potentially settled in, the Company’s own stock. |
Note_2_Significant_Accounting_8
Note 2: Significant Accounting Policies: Fair Value of Financial Instruments, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Fair Value of Financial Instruments, Policy | ' |
Fair Value of Financial Instruments | |
ASC 820, Fair Value Measurements and Disclosures, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |
Level 1 | |
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |
Level 2 | |
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |
Level 3 | |
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |
The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities. Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, the fair value of our cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. The Company had no financial assets or liabilities carried and measured on a non-recurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. |
Note_2_Significant_Accounting_9
Note 2: Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Earnings Per Share, Policy | ' |
Earnings per Common Share | |
We have adopted the provisions of ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. | |
There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding as of October 31, 2013 or 2012. |
Recovered_Sheet1
Note 2: Significant Accounting Policies: Regulatory Income Taxes, Policy (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Regulatory Income Taxes, Policy | ' |
Income Taxes | |
We have adopted ASC 740, Accounting for Income Taxes. Pursuant to ASC 740, we are required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. | |
We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. | |
Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss (NOL) carryforwards. Our net operating loss carryovers incurred prior to 2005 considered available to reduce future income taxes were reduced or eliminated through our recent change of control (I.R.C. Section 382(a)) and the continuity of business limitation of I.R.C. Section 382(c). We have accumulated losses of $230,527 which may result in deferred tax assets of $90,000 as of October 31, 2013. | |
Future utilization of currently generated federal and state NOL and tax credit carry forwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of NOL and tax credit carryforwards before full utilization. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. | |
In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. | |
ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. | |
The Company is not under examination by any jurisdiction for any tax year. At October 31, 2013 and 2012, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under FIN 48. |
Recovered_Sheet2
Note 2: Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Oct. 31, 2013 | |
Policies | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
We qualify as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. | |
In January 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance on the presentation of comprehensive income. Under the amended guidance, an entity must present information regarding reclassification adjustments from accumulated other comprehensive income in a single note or on the face of the financial statements. This is required for both annual and interim reporting. The amendment becomes effective for reporting periods beginning after December 15, 2012 and is applied prospectively. Early adoption is permitted. The Company has elected to adopt this guidance during the year ended October 31, 2013. This guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows as it is disclosure-only in nature. |
Recovered_Sheet3
Note 2: Significant Accounting Policies: Regulatory Income Taxes, Policy (Details) (USD $) | Oct. 31, 2013 |
Details | ' |
Accumulated losses | $230,527 |
Deferred Tax Assets, Net of Valuation Allowance | $90,000 |
Note_4_Stockholders_Equity_Det
Note 4: Stockholders' Equity (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Details | ' | ' |
CommonSharesAuthorized | 300,000,000 | ' |
CommonSharesAuthorizedParValue | $0.00 | ' |
Common stock shares outstanding | 12,162,040 | 12,162,040 |
Percentage of common stock owned by Keith A Rosenbaum | 51.40% | ' |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock shares outstanding | 0 | 0 |
Note_5_Related_Party_Transacti1
Note 5: Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Details | ' | ' |
Accounts Payable, Related Parties, Current | $7,005 | $17,996 |
Amount Due to Related Party Recorded as Captial Contribution of Pain-in Capital | ' | 17,996 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $26,250 | $12,000 |