Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 17, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'DALE JARRETT RACING ADVENTURE INC | ' |
Entity Central Index Key | '0001094032 | ' |
Trading Symbol | 'djrt | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 27,010,502 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $73,628 | $388,886 |
Accounts receivable | 15,215 | 17,707 |
Spare parts and supplies | 139,679 | 138,065 |
Prepaid expenses and other current assets | 35,560 | 78,607 |
Total current assets | 264,082 | 623,265 |
Property and equipment, at cost, net | 336,652 | 404,476 |
Total Assets | 600,734 | 1,027,741 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 30,203 | 29,131 |
Accounts payable | 73,289 | 214,675 |
Accrued expenses | 220,659 | 155,065 |
Deferred revenue | 646,094 | 1,019,188 |
Advance from shareholder | 108,987 | 105,617 |
Total current liabilities | 1,079,232 | 1,523,676 |
Long-term debt | 77,346 | 99,179 |
Stockholders' deficit: | ' | ' |
Preferred stock, $.0001 par value, 5,000,000 shares authorized | ' | ' |
Common stock, $.0001 par value, 200,000,000 shares authorized, 27,010,502 issued and 26,338,852 shares outstanding | 2,701 | 2,701 |
Additional paid-in capital | 6,285,541 | 6,284,230 |
Treasury stock, 671,650 shares, at cost | -39,009 | -39,009 |
Accumulated deficit | -6,805,077 | -6,843,036 |
Total stockholders' deficit | -555,844 | -595,114 |
Total Liabilities and Stockholders' Deficit | $600,734 | $1,027,741 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 27,010,502 | 27,010,502 |
Common stock, shares outstanding | 26,338,852 | 26,338,852 |
Treasury stock, shares | 671,650 | 671,650 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | $622,655 | $600,153 | $1,897,044 | $2,011,883 |
Cost of sales and services | 297,831 | 344,147 | 908,996 | 986,980 |
Gross profit | 324,824 | 256,006 | 988,048 | 1,024,903 |
General and administrative expenses | 313,693 | 376,724 | 938,571 | 1,212,560 |
Income (Loss) from operations | 11,131 | -120,718 | 49,477 | -187,657 |
Other income and (expense): | ' | ' | ' | ' |
Interest income | 13 | 12 | 702 | 134 |
Other income | 411 | 631 | 411 | 6,754 |
Interest expense | -3,047 | -2,796 | -12,631 | -6,052 |
Loss on disposal of assets | ' | ' | ' | -842 |
Total other income (expense), net | -2,623 | -2,153 | -11,518 | -6 |
Net income (loss) | $8,508 | ($122,871) | $37,959 | ($187,663) |
Per share information: | ' | ' | ' | ' |
Basic and diluted income (loss) per share (in dollars per share) | $0 | $0 | $0 | ($0.01) |
Weighted average shares outstanding (in shares) | 26,338,852 | 26,338,852 | 26,338,852 | 24,974,383 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Statement Of Cash Flows [Abstract] | ' | ' |
Net cash used in operating activities | ($295,808) | ($414,159) |
Cash flows used in investing activities | ' | ' |
Acquisition of property and equipment | ' | -20,129 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term debt | -20,761 | -7,861 |
Cash proceeds from capital contribution | 1,311 | ' |
Cash received from issuance of stock | ' | 100,000 |
Net cash (used in) financing activities | -19,450 | 92,139 |
Decrease in cash and cash equivalents | -315,258 | -342,149 |
Cash and cash equivalents, beginning of period | 388,886 | 403,212 |
Cash and cash equivalents, end of period | 73,628 | 61,063 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest | 9,261 | 6,052 |
Cash paid for income taxes | ' | ' |
Non-cash investing and financing activities: | ' | ' |
Race vehicles under construction transferred to property and equipment | ' | 6,667 |
Purchase of vehicle in exchange for a long-term note | ' | $125,000 |
Basis_of_Presentation_and_Liqu
Basis of Presentation and Liquidity | 9 Months Ended |
Sep. 30, 2014 | |
Basis Of Presentation And Liquidity [Abstract] | ' |
Basis of Presentation and Liquidity | ' |
(1) Basis of Presentation and Liquidity | |
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and Rule 8.03 of Regulation SX. As such, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal, recurring adjustments) considered necessary for a fair presentation have been included. | |
In addition, such financial statements contemplate the realization of assets and liquidation of liabilities in the normal course of business. At September 30, 2014, we have stockholder and working capital deficits, as well as minimal cash. Although a portion of our liabilities (i.e. the shareholder advance, $50,000 of accrued expenses and approximately one half of our deferred revenues) are not expected to result in the outlay of cash in the next year we will need to generate capital, either through positive results of operations and/or equity or debt infusions, to meet our obligations during such period. We have reduced our general and administrative expenses significantly since September 30, 2013 and have also reduced the number of days that we are racing the cars (which will result in a reduction of overall revenues but an increase in revenues per day raced). Because of this, and although we anticipate revenues could be less in the next twelve months than they were for the period October 1, 2013 to September 30, 2014, we believe we will have the requisite resources to continue to pay our operating and other obligations for the next year. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. | |
The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. For further information, refer to the financial statements of the Company as of and for the year ended December 31, 2013, including notes, filed with the Company’s Form 10-K. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
(2 )Recent Accounting Pronouncements | |
There are no new accounting pronouncements for which adoption is expected to have a material effect on our financial statements in future accounting periods. |
Basic_and_Diluted_Income_Loss_
Basic and Diluted Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Basic and Diluted Income (Loss) Per Share | ' |
(3) Basic and Diluted Income (Loss) Per Share | |
The Company calculates basic and diluted income (loss) per share as required by the FASB Accounting Standards Codification. Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods when we report a net loss, anti-dilutive common stock equivalents are not considered in the computation. We did not have any dilutive common stock equivalents during either of the three month periods ended September 30, 2014 and 2013. |
Spare_Parts_and_Supplies
Spare Parts and Supplies | 9 Months Ended |
Sep. 30, 2014 | |
Spare Parts And Supplies [Abstract] | ' |
Spare Parts and Supplies | ' |
(4) Spare Parts and Supplies | |
Spare parts and supplies include engine parts, tires, and other supplies used in the racecar operations and are recorded at the lower of cost or market, on a first-in, first-out basis. |
Property_and_Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Property and Equipment | ' |
(5) Property and Equipment | |
Property and equipment are recorded at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 3 to 10 years. Major additions are capitalized, while minor additions and maintenance and repairs, which do not extend the useful life of an asset, are expensed as incurred. Depreciation expense approximated $23,000 and $26,000, and $68,000 and $69,000, during the respective three and nine month periods ended September 30, 2014 and 2013. |
Employment_Agreement
Employment Agreement | 9 Months Ended |
Sep. 30, 2014 | |
Employment Agreement [Abstract] | ' |
Employment Agreement | ' |
(6) Employment Agreement | |
During August 2014 the Company entered into an employment agreement with a new officer. The employment agreement is for a term of one year and includes a $30,000 salary and the issuance of 1,000,000 non-forfeitable common shares of the Company, valued at $50,000 based on the trading price of the shares on the date of grant/employment. The shares will be issued in a lump sum and were expensed upon execution of the employment agreement and recorded as a liability at September 30, 2014. |
Basis_of_Presentation_and_Liqu1
Basis of Presentation and Liquidity (Detail Textuals) (USD $) | Sep. 30, 2014 |
Basis Of Presentation And Liquidity [Abstract] | ' |
Portion of accrued liabilities not expected to result in the outlay of cash | $50,000 |
Property_and_Equipment_Detail_
Property and Equipment (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation method | ' | ' | 'straight-line method | ' |
Estimated useful lives of property and equipment | ' | ' | '3 to 10 years | ' |
Depreciation expense | $23,000 | $26,000 | $68,000 | $69,000 |
Employment_Agreement_Detail_Te
Employment Agreement (Detail Textuals) (Employment Agreement, USD $) | 1 Months Ended |
Aug. 31, 2014 | |
Employment Agreement | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Term of agreement | '1 year |
Salary as per employment agreement | $30,000 |
Number of non-forfeitable common shares | 1,000,000 |
Fair value of shares on grant date | $50,000 |