| Document and Entity Information - USD ($) | 3 Months Ended | ||
| Mar. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | |
| Document and Entity Information: | |||
| Entity Registrant Name | COCONNECT, INC. | ||
| Document Type | 10-Q | ||
| Document Period End Date | Mar. 31, 2017 | ||
| Trading Symbol | ccon | ||
| Amendment Flag | false | ||
| Entity Central Index Key | 1,088,638 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Common Stock, Shares Outstanding | 4,633,761 | ||
| Entity Public Float | $ 17,554,000 | ||
| Entity Filer Category | Smaller Reporting Company | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Well-known Seasoned Issuer | No | ||
| Document Fiscal Year Focus | 2,017 | ||
| Document Fiscal Period Focus | Q1 |
| Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
| Current assets | ||||
| Security deposit | $ 5 | $ 5 | ||
| Total assets | 5 | 5 | ||
| Current liabilities | ||||
| Accounts payable and accrued expenses | 43 | 41 | ||
| Related party advance | 5 | 4 | ||
| Total current liabilities | 48 | 45 | ||
| Total liabilities | 48 | 45 | ||
| Stockholders' equity | ||||
| Preferred stock | [1] | [2] | ||
| Common stock | 4 | [3] | 4 | [4] |
| Additional paid-in capital | 13,859 | 13,859 | ||
| Accumulated deficit | (13,906) | (13,903) | ||
| Total stockholders' equity | (43) | (40) | ||
| Total liabilities and stockholders' equity | $ 5 | $ 5 | ||
| [1] | $.001 par value, 1,000,000 shares authorized; no shares issued and outstanding as of 3/31/2017. | |||
| [2] | $.001 par value, 1,000,000 shares authorized; no shares issued and outstanding as of 12/31/2016. | |||
| [3] | $.001 par value, 4,999,000,0000 shares authorized; 4,186,094 shares issued and outstanding as of 3/31/2017. | |||
| [4] | $.001 par value, 4,999,000,000 shares authorized; 4,186,094 shares issued and outstanding as of 12/31/2016. | |||
| Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Expenses | ||
| General and administrative | $ 3 | $ 3 |
| Total expenses | 3 | 3 |
| Net loss | $ (3) | $ (3) |
| Net loss per common share, basic | $ 0 | $ 0 |
| Net loss per common share, diluted | $ 0 | $ 0 |
| Shares used in computing net loss per common share, basic | 4,186 | 4,186 |
| Shares used in computing net loss per common share, diluted | 4,186 | 4,186 |
| Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Cash flows from operating activities | ||
| Net loss | $ (3) | $ (3) |
| Changes in assets and liabilities: | ||
| Increase (decrease) in accounts payable and accrued expenses | 2 | $ 3 |
| Net cash flows provided by (used in) operating activities | (1) | |
| Cash flows from financing activities | ||
| Proceeds from (repayment of) related party and shareholder cash advances | 1 | |
| Net cash flows provided by (used in) financing activities | $ 1 | |
| Description of Business | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Description of Business | 1. Description of Business CoConnect, Inc. is a Nevada corporation. We currently have no operations and have been engaged in efforts to identify an operating company to acquire or merge with through an equitybased exchange transaction. Since our planned principal operations have not yet commenced, our activities are subject to significant risks and uncertainties, including the need to obtain additional financing, as described below. Any business combination or transaction will likely result in a significant issuance of shares and substantial dilution to our stockholders. It is anticipated that the consummation by us of a merger transaction would result in a change in control which would be accounted for as a reverse merger. Accordingly, the operating company would be referred to as the legal acquiree and accounting acquirer, and we would be referred to as the legal acquirer and the accounting acquiree. As a result, at and subsequent to closing of any such transaction, the financial statements of the operating company would become our financial statements for all periods presented. |
| Interim Financial Statements and Basis of Presentation | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Interim Financial Statements and Basis of Presentation | 2. Interim Financial Statements and Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these unaudited condensed financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments, which are evaluated on an ongoing basis, and that affect the amounts reported in our unaudited condensed financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amounts of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and judgments. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments (consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended March 31, 2017 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. The information contained in this quarterly report on Form 10-Q should be read in conjunction with our audited financial statements included in our annual report on Form 10-K as of and for the year ended December 31, 2016 as filed with the Securities and Exchange Commission (the SEC). Our significant accounting policies are described in Note 3 to the financial statements included in Item 8 of our annual report on Form 10-K as of December 31, 2016. There were no material changes to our significant accounting policies during the interim period ended March 31, 2017. |
| Going Concern | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Going Concern | 3. Going Concern Our unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2017, we incurred a net loss of approximately $3,000, had negative cash flows from operations of approximately $1,000 and had a working capital deficit of approximately $48,000. We have financed our recent working capital requirements primarily through the issuance of equity securities. As a result, management believes there is substantial doubt about our ability to continue as a going concern. Management is seeking to identify an operating company and engage in a merger or business combination of some kind, or acquire assets or shares of an entity actively engaged in a business that generates sustained revenues. We are considering several potential acquisitions and is investigating various candidates to determine whether they would have the potential to add value to us for the benefit of our stockholders. We do not intend to restrict our consideration to any particular business or industry segment, and we may consider, among other businesses, finance, brokerage, insurance, transportation, communications, services, natural resources, manufacturing or technology. Because we have limited resources, the scope and number of suitable candidates to merge with is relatively limited. Because we may participate in a business opportunity with a newly formed firm, a firm that is in the development stage, or a firm that is entering a new phase of growth, we may incur further risk due to the inability of the targets management to have proven its abilities or effectiveness, or the lack of an established market for the targets products or services, or the inability to reach profitability in the next few years. Any business combination or transaction will likely result in a significant issuance of shares and substantial dilution to our present stockholders. As it is expected that the closing of such a transaction will result in a change in control, such transaction is expected to be accounted for as a reverse merger, with the operating company being considered the legal acquiree and accounting acquirer, and we would be considered the legal acquirer and the accounting acquiree. As a result, at and subsequent to closing of any such transaction, the financial statements of the operating company would become our financial statements for all periods presented. |
| New Accounting Pronouncement | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| New Accounting Pronouncement | 4. New Accounting Pronouncement We have evaluated all issued but not yet effective accounting pronouncements and determined that they are either immaterial or not relevant to us. |
| Related Party Transactions | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Related Party Transactions | 5. Related Party Transactions Effective May 1, 2014, Bennett J. Yankowitz was appointed as our President, Secretary, Treasurer and sole director. Mr. Yankowitz devotes approximately 10% of his time on an annual basis to matters involving us. On October 20, 2014, the Board of Directors authorized the payment of $1,000 per month to Mr. Yankowitz for such services, effective for the period from May 1, 2014 through December 31, 2014 (subsequently amended to October 31, 2014). This compensation arrangement was terminated effective January 1, 2015 and Mr. Yankowitz received no compensation during the three months ended March 31, 2017 and 2016, respectively. During the three months ended March 31, 2017, Bamboo Holdings, LLC, which is owned by Mr. Yankowitz, advanced us approximately $1,000 for working capital purposes, which is included in related party advances in our balance sheet as of March 31, 2017. As of March 31, 2017 and December 31, 2016, our advances payable to PacificWave Partners Limited was approximately $4,000, respectively. On November 23, 2015, we reserved 333,333 shares of our common stock and 114,334 shares of our common stock for future issuance to PacificWave Partners Limited and Henrik Rouf, the owner of PacificWave Partners Limited and our Assistant Secretary, respectively, for an aggregate price of approximately $447,000 or $1.00 per share. During the three months ended March 31, 2017 and the year ended December 31, 2016, none of the shares reserved for future issuance were issued. |
| Basic and Diluted Loss Per Share | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Basic and Diluted Loss Per Share | 6. Basic and Diluted Loss Per Share Basic loss per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted loss per common share is based upon the weighted-average common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period. Common equivalent shares result from the assumed exercise of outstanding stock options and warrants, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. In addition, the numerator is adjusted for any changes in income that would result from the assumed conversion of potential shares. There were no potentially dilutive shares which would have the effect of being antidilutive. |
| Stockholders' Deficit | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Stockholders' Deficit | 7. Stockholders Deficit On November 23, 2015, we reserved 333,333 shares of our common stock and 114,334 shares of our common stock for future issuance to PacificWave Partners Limited and Henrik Rouf, the owner of PacificWave Partners Limited and our Assistant Secretary, respectively, for an aggregate price of approximately $447,000 or $1.00 per share. During the three months ended March 31, 2017 and the year ended December 31, 2016, none of the shares reserved for future issuance were issued. |
| Income Taxes | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Income Taxes | 8. Income Taxes The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. We evaluate the realizability of our deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. A valuation allowance has been recorded to offset all deferred tax assets due to uncertainty of realizing the tax benefits of the underlying operating loss and tax credit carry forwards over their carry forward periods. We have no significant deferred tax liabilities as of March 31, 2017 and December 31, 2016. We account for uncertain tax positions using a more-likely-than-not threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. We evaluate this tax position on a quarterly basis. We also accrue for potential interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense. As of March 31, 2017 and December 31, 2016, we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. |
| Legal Matters | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Legal Matters | 9. Legal Proceedings Other than as stated herein, we are not a party to any other legal proceedings, other than ordinary routine litigation incidental to our business, which we believe will not have a material affect on our financial position or results of operations. In May 2016, Investment Services V Devkom International, LLC (Devkom), one of our former controlling shareholders, filed a complaint in the Eighth Judicial District Court for Clark County, Nevada against us, PacificWave Partners Limited (PWP), PWPs principal, Henrik Rouf, Bennett Yankowitz, our President and sole director, and Mr. Yankowitzs former law firm. The complaint contained several claims for relief arising out of an alleged breach of a contract between Devkom and PWP for the purchase of a controlling interest in our stock in May 2014. The breach alleged was the failure of PWP to pay approximately $76,000 to Devkom under the terms of the contract. Other claims included breach of an implied escrow agreement, conversion, breach of fiduciary duty, and fraud. Devkom sought to recover general, exemplary and punitive damages. In August 2016, the Court dismissed the complaint without prejudice. In June 2017, Devkom filed a similar complaint against the same defendants in the Superior Court of California for the County of San Diego. In June 2017, we and PWP filed a motion to quash the service of the summons and complaint in the action on the grounds that the Court has no jurisdiction over the Company or PWP and that service was defective. At the same time, Mr. Yankowitz and his former law firm filed demurrers to all of the causes of action specified in the complaint. A hearing on the motion to quash and the demurrers was held on January 5, 2018. The Court made a tentative ruling upholding our motion to quash, which if finalized, will have the effect of dismissing us as a defendant in the suit. A further hearing is scheduled for February 2, 2018. |
| Subsequent Events | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Subsequent Events | 10. Subsequent Events We evaluated all events or transactions that occurred after the balance sheet date through the date when we issued these unaudited condensed financial statements. Other than the legal proceedings discussed in Note 9, we did not have any material recognizable subsequent events during this period. |
| Interim Financial Statements and Basis of Presentation: Use of Estimates (Policies) | 3 Months Ended |
| Mar. 31, 2017 | |
| Policies | |
| Use of Estimates | The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these unaudited condensed financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments, which are evaluated on an ongoing basis, and that affect the amounts reported in our unaudited condensed financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amounts of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and judgments. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments (consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended March 31, 2017 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. The information contained in this quarterly report on Form 10-Q should be read in conjunction with our audited financial statements included in our annual report on Form 10-K as of and for the year ended December 31, 2016 as filed with the Securities and Exchange Commission (the SEC). |
| Interim Financial Statements and Basis of Presentation: Significant Accounting Policies (Policies) | 3 Months Ended |
| Mar. 31, 2017 | |
| Policies | |
| Significant Accounting Policies | Our significant accounting policies are described in Note 3 to the financial statements included in Item 8 of our annual report on Form 10-K as of December 31, 2016. There were no material changes to our significant accounting policies during the interim period ended March 31, 2017. |
