Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ZPCM | |
Entity Registrant Name | ZAP COM CORP | |
Entity Central Index Key | 1,083,243 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,004,474 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents, at Carrying Value | $ 585,711 | $ 595,514 |
Prepaid Expense, Current | 5,802 | 5,802 |
Total assets | 591,513 | 601,316 |
Accrued Payable, Current | 50,311 | 8,896 |
Due to Affiliate | 13,604 | 5,802 |
Total Liabilities | $ 63,915 | $ 14,698 |
Commitments and Contingencies | ||
Common Stock, Value, Issued | $ 50,004 | $ 50,004 |
Additional paid in capital | 11,129,828 | 11,119,717 |
Retained Earnings (Accumulated Deficit) | (10,652,234) | (10,583,103) |
Total Stockholders’ Equity | 527,598 | 586,618 |
Total liabilities and stockholders’ equity | $ 591,513 | $ 601,316 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | $ 0 | $ 0 |
Cost of revenues | 0 | 0 |
Gross profit | 0 | 0 |
Operating expenses: | ||
General and administrative | 69,131 | 68,681 |
Total operating expenses | 69,131 | 68,681 |
Operating loss | (69,131) | (68,681) |
Interest income | 0 | 0 |
Loss before income taxes | (69,131) | (68,681) |
Benefit from income taxes | 0 | 0 |
Net loss | $ (69,131) | $ (68,681) |
Net loss per common share: | ||
Earnings Per Share, Diluted | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 50,004,474 | 50,004,474 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accrued liabilities | $ 41,415 | $ 28,402 |
Increase (Decrease) in Accounts Payable, Related Parties | 7,802 | (25,217) |
Cash flows from operating activities: | ||
Net loss | (69,131) | (68,681) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Contributed capital from Harbinger Group Inc. for unreimbursed management services | 10,111 | 10,793 |
Changes in operating assets and liabilities: | ||
Increase (Decrease) in Prepaid Expense | 0 | (5,130) |
Net cash used in operating activities | (9,803) | (59,833) |
Cash flows from investing activities: | ||
Net decrease in cash and cash equivalents | (9,803) | (59,833) |
Cash and Cash Equivalents at beginning of period | $ 595,514 | $ 748,913 |
Note 1. Basis of Presentation
Note 1. Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Basis of Presentation The unaudited condensed financial statements included herein have been prepared by Zap.Com Corporation (“Zap.Com” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by US GAAP. These interim financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 9, 2016. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2016 . |
Note 2. Related Party Transacti
Note 2. Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions Since its inception, the Company has utilized the services of the management and staff of HRG Group, Inc. (the Company’s “Principal Stockholder”), under a shared services agreement that allocated these costs on a percentage of time basis. The Company also shares office space with its Principal Stockholder under such agreement. Through March 31, 2016 , the Principal Stockholder has waived its rights under the shared services agreement to be reimbursed for these costs. The Company recorded approximately $10,111 and $10,793 as contributed capital for such services for the three months ended March 31, 2016 and 2015 , respectively. The Company believes these allocations were made on a reasonable basis; however, they do not necessarily represent the costs that would have been incurred by the Company on a stand-alone basis. The Company’s Principal Stockholder pays certain costs of being a public company on behalf of the Company and the corresponding payables are settled periodically. At March 31, 2016 and December 31, 2015 , the payable to affiliate related to such transactions were $13,604 and $5,802 , respectively. |
Note 3. Subsequent Events (Note
Note 3. Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Note 3. Subsequent Events On April 8, 2016, the Company entered into an Agreement of Purchase and Sale (the “Domain Sale Agreement”) with Intram Investment Co., an Ohio corporation (“Intram”). Pursuant to the Domain Sale Agreement, and subject to the terms and conditions set forth therein, Intram will purchase from the Company the rights to the Zap.Com domain name and all domain names that the Company has the rights to for $375,000 . The closing is expected to take place on or prior to July 7, 2016 and the Company expects to recognize a gain on the sale of approximately $375,000 upon closing of the transaction. In connection with the completion of the sale, the Company expects to change its corporate name. |
Note 2. Related Party Transact8
Note 2. Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Due to Affiliate | $ 13,604 | $ 5,802 | |
Contributed capital from Harbinger Group Inc. for unreimbursed management services | $ 10,111 | $ 10,793 |
Note 3. Subsequent Events (Deta
Note 3. Subsequent Events (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Subsequent Event [Line Items] | |
Proceeds from Sale of Intangible Assets | $ 375,000 |