Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Nov. 16, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | EV Charging USA, INC | |
Entity Central Index Key | 1,083,383 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
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 | 5,060,155,892 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Nov. 16, 2015 | Sep. 30, 2015 | Jun. 30, 2015 |
CURRENT ASSETS: | |||
Cash | $ 1,318 | $ 3,467 | |
TOTAL CURRENT ASSETS AND ASSETS | 1,318 | 3,467 | |
CURRENT LIABILITIES: | |||
Accrued expenses | 15,179 | 15,488 | |
Credit card payable | 14,076 | 12,929 | |
Loan payable - related party | 21,000 | 15,000 | |
Note payable - related party | 375,000 | 375,000 | |
Accrued interest - related party | 504 | 358 | |
TOTAL CURRENT LIABILITIES AND TOTAL LIABILITIES | $ 425,759 | $ 418,775 | |
STOCKHOLDERS' DEFICIENCY | |||
Preferred stock A, $.001 par value; 5,000,000 shares authorized No shares issued and outstanding; Preferred stock B, $.001 par value; 5,000,000 shares authorized No shares issued and outstanding; Preferred stock D, $.001 par value; 5,000,000 shares authorized None and 2,180,000 issued and outstanding at September 30, 2015 and June 30, 2015, respectively | |||
Common stock, $.001 par value; 6,000,000,000 shares authorized 5,060,155,892 and none issued and outstanding at September 30, 2015 and June 30, 2015, respectively | $ 5,060,156 | $ 5,060,156 | |
Additional paid in capital | |||
Accumulated Deficit | $ (5,484,597) | $ (5,475,464) | |
TOTAL STOCKHOLDERS' DEFICIENCY | (424,441) | (415,308) | |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $ 1,318 | $ 3,467 | |
Series A Preferred Stock [Member] | |||
STOCKHOLDERS' DEFICIENCY | |||
Preferred stock A, $.001 par value; 5,000,000 shares authorized No shares issued and outstanding; Preferred stock B, $.001 par value; 5,000,000 shares authorized No shares issued and outstanding; Preferred stock D, $.001 par value; 5,000,000 shares authorized None and 2,180,000 issued and outstanding at September 30, 2015 and June 30, 2015, respectively | |||
TOTAL STOCKHOLDERS' DEFICIENCY | |||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | |||
Series B Preferred Stock [Member] | |||
STOCKHOLDERS' DEFICIENCY | |||
Preferred stock A, $.001 par value; 5,000,000 shares authorized No shares issued and outstanding; Preferred stock B, $.001 par value; 5,000,000 shares authorized No shares issued and outstanding; Preferred stock D, $.001 par value; 5,000,000 shares authorized None and 2,180,000 issued and outstanding at September 30, 2015 and June 30, 2015, respectively | |||
TOTAL STOCKHOLDERS' DEFICIENCY | |||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | |||
Series D Preferred Stock [Member] | |||
STOCKHOLDERS' DEFICIENCY | |||
Preferred stock A, $.001 par value; 5,000,000 shares authorized No shares issued and outstanding; Preferred stock B, $.001 par value; 5,000,000 shares authorized No shares issued and outstanding; Preferred stock D, $.001 par value; 5,000,000 shares authorized None and 2,180,000 issued and outstanding at September 30, 2015 and June 30, 2015, respectively | |||
TOTAL STOCKHOLDERS' DEFICIENCY | |||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Nov. 16, 2015 | Sep. 30, 2015 | Jun. 30, 2015 |
Common stock, par value per share | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 | |
Common stock, shares issued | 5,060,155,892 | 5,060,155,892 | |
Common stock, shares outstanding | 5,060,155,892 | 5,060,155,892 | |
Series A Preferred Stock [Member] | |||
Preferred stock, par value per share | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Series B Preferred Stock [Member] | |||
Preferred stock, par value per share | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Series D Preferred Stock [Member] | |||
Preferred stock, par value per share | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | 2,180,000 | ||
Preferred stock, shares outstanding | 2,180,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||
Revenue | ||
COSTS AND EXPENSES: | ||
General and administrative expenses | $ 8,987 | $ 4,547 |
Interest expense - related party | 146 | 44 |
Total Cost and expenses | 9,133 | 4,591 |
Loss before provision for income taxes | (9,133) | (4,591) |
NET LOSS | $ (9,133) | $ (4,591) |
Basic and diluted loss per common share: | $ 0 | |
Weighted average number of shares outstanding: | 1,760,707,807 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (9,133) | $ (4,591) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Interest accrued to related party | 146 | 44 |
Changes in operating assets and liabilities | ||
Accrued expenses | (309) | $ 1,231 |
Credit card payable | 1,147 | |
NET CASH USED IN OPERATING ACTIVITIES | $ (8,149) | $ (3,316) |
FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | $ 4,500 | |
Proceeds of loan from related party | $ 6,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 6,000 | $ 4,500 |
INCREASE IN CASH | (2,149) | 1,184 |
CASH - BEGINNING OF PERIOD | $ 3,467 | 320 |
CASH - END OF PERIOD | $ 1,504 |
Business Description
Business Description | 3 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Business Description | Note 1 - Business description Business EV Charging USA, Corp. (“the Company”) is in the development stage. The Company’s purpose is to become a leading installer of Electric Vehicle Charging Stations in the state of Illinois. On October 27, 2014, the Company completed an Agreement and Plan of Merger that it had entered into with EV USA Charging, Inc. ("EVUS") under its former corporate name "Milwaukee Iron Arena Football, Inc." In connection with the merger, the sole shareholder of the Company received 2,180,000 shares of Series D Convertible Preferred Stock of EVUS in exchange for his shares of the Company. The merger will be accounted for as a recapitalization of EVUS, whereby the Company will be the accounting acquirer and surviving reporting company. In connection with the merger, EVUS completed a private placement of 350,000 shares of its Series D Convertible Preferred Stock for proceeds of $25,000. Also in connection with the merger, the former president and sole director of EVUS exchanged 5,000,000 shares of Series A Convertible Preferred Stock and 5,000,000 shares of Series B Convertible Preferred Stock of EVUS owned by him and $40,928 of indebtedness owed to him for a convertible promissory note in the amount of $400,000 and the proceeds of the private placement referred to above. |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation | |
Basis of Presentation | Note 2 – Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of September 30, 2015 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended September 30, 2015 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2015 filed with the SEC on November 6, 2015. The Company has elected to adopt early application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements; and no longer presents or discloses inception-to-date information and other remaining disclosure requirements of Topic 915. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 – Significant accounting policies Use of Estimates The preparation of the financial statements in conformity with 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 dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Start-Up Costs In accordance with ASC 720, “ Start-up Costs”, Fair Value Measurements The Company follows ASC 820, “Fair Value Measurements and Disclosures”, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: 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 fair value of cash, accrued expenses and loans payable approximates their carrying amounts because of their immediate or short term maturity. Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Going Concern
Going Concern | 3 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 4 – Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has only generated minimal revenues since inception, has incurred losses since inception, and its current cash balances will not meet its working capital needs. The continuation of the Company as a going concern is dependent upon, among other things, the continued financial support from its shareholders or the attainment of profitable operations. These factors, among others, raise substantial doubt regarding the Company’s ability to continue as a going concern. There is no assurance that the Company will be able to generate revenues in the future. These financial statements do not give any effect to any adjustments that would be necessary should the Company be unable to continue as a going concern. |
Note Payable - Related Party
Note Payable - Related Party | 3 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Note Payable - Related Party | Note 5 – Note Payable - Related Party In connection with the merger referred to in note 1, the company issued a promissory note in the amount of $400,000, which bears interest at 0.38% per annum and matures October 27, 2015. $25,000 of the note was repaid with the proceeds of the private placement referred to in note 7. The note is convertible, upon an event of default as defined in the agreement, at 50% of the current market price of the Company’s stock. |
Loan Payable - Related Party
Loan Payable - Related Party | 3 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Loan Payable - Related Party | Note 6 – Loan Payable - Related Party The Company has a loan agreement with its shareholder whereby the shareholder will loan the company funds, as required, to operate its business. The term of the loan is indefinite and can be repaid at any time in part or in full. The loan will bear interest at 3.25% per annum. For the period from inception (August 27, 2013) to September 30, 2015 the shareholder has loaned an aggregate of $21,000 to the Company. Interest expense accrued on the loan was $146 and $44 for the three months ended September 30, 2015 and 2014, respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7 – Stockholders’ Equity In connection with merger referred to in note 1 2,180,000 shares of Series D preferred were issued to the shareholder of the company in the reverse merger. Also in connection with the merger, the Company completed a private placement of 350,000 shares of Series D Convertible Preferred Stock for proceeds of $25,000. On February 23, 2015, the Company’s authorized Common Stock was increased to 6,000,000,000 shares and all of the 2,530,000 shares of Series D were converted into 5,060,000,000 shares of Common Stock. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – Income Taxes As of September 30, 2015 the Company has approximately $52,000 of federal and state net operating loss carryovers (“NOLs”) which begin to expire in 2033. Utilization of the NOLs may be subject to limitation under the Internal Revenue Code Section 382 should there be a greater than 50% ownership change as determined under regulations. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 – Subsequent Events Management has evaluated events occurring after the date of these financial statements through the date that these financial statements were available to be issued. |
Significant Accounting Polici15
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with 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 dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Start-Up Costs | Start-Up Costs In accordance with ASC 720, “ Start-up Costs”, |
Fair Value Measurements | Fair Value Measurements The Company follows ASC 820, “Fair Value Measurements and Disclosures”, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: 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 fair value of cash, accrued expenses and loans payable approximates their carrying amounts because of their immediate or short term maturity. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Business Description (Narrative
Business Description (Narrative) (Details) | Oct. 27, 2014USD ($)shares |
Former President And Sole Share Holder [Member] | EV USA Charging, Inc [Member] | |
Indebtedness in USA Charging Inc cancelled | $ | $ 40,928 |
Promissory Note Issued for preferred shares exchanged | $ | $ 400,000 |
Series D Preferred Stock [Member] | |
Private Placement, shares issued | 350,000 |
Proceeds from issuance of private placement | $ | $ 25,000 |
Series D Preferred Stock [Member] | Shareholder Member [Member] | |
Shares issued in merger to the shareholder | 2,180,000 |
Series A Preferred Stock [Member] | Former President And Sole Share Holder [Member] | EV USA Charging, Inc [Member] | |
Exchange of USA Charging Inc preferred shares for promissory note | 5,000,000 |
Series B Preferred Stock [Member] | Former President And Sole Share Holder [Member] | EV USA Charging, Inc [Member] | |
Exchange of USA Charging Inc preferred shares for promissory note | 5,000,000 |
Note Payable - Related Party (N
Note Payable - Related Party (Narrative) (Details) - Former President And Sole Share Holder [Member] - Promissory Note Payable - Related Party [Member] - USD ($) | Oct. 27, 2014 | Sep. 30, 2015 |
Related Party Transaction [Line Items] | ||
Interest rate | 0.38% | |
Note maturity date | Oct. 27, 2015 | |
Repayment of note payable | $ 25,000 | |
Note conversion terms | The note is convertible, upon an event of default as defined in the agreement, at 50% of the current market price of the Companys stock. |
Loan Payable - Related Party (N
Loan Payable - Related Party (Narrative) (Details) - USD ($) | 3 Months Ended | 25 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | |
Related Party Transaction [Line Items] | |||
Proceeds of loan from related party | $ 6,000 | ||
Interest expense | $ 146 | $ 44 | |
Shareholder [Member] | Loan Payable | |||
Related Party Transaction [Line Items] | |||
Interest rate | 3.25% | 3.25% | |
Proceeds of loan from related party | $ 21,000 | ||
Interest expense | $ 146 | $ 44 |
Stockholders Equity (Narrative)
Stockholders Equity (Narrative) (Details) - shares | Feb. 23, 2015 | Nov. 16, 2015 | Jun. 30, 2015 |
Authorised common stock | 6,000,000,000 | 6,000,000,000 | |
Series D Preferred Stock [Member] | |||
Conversion of preferred stock into common stock shares | 2,530,000 | ||
Common Stock [Member] | |||
Authorised common stock | 6,000,000,000 | ||
No of common stock issued for conversion of preferred stock | 5,060,000,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Nov. 16, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net operating losses carried forward | $ 52,000 | |
Net operating losses expiration period | It begin to expire in 2033. |