Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 10, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'PETRONE WORLDWIDE, INC. | ' |
Entity Central Index Key | '0001096132 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
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 | ' | 14,431,813 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash | $240,078 | $8,012 |
Total Current Assets | 240,078 | 8,012 |
Deposit | 5,000 | ' |
Total Assets | 245,078 | 8,012 |
Current Liabilities: | ' | ' |
Note Payable | 10,000 | ' |
Convertible Note | 20,000 | 20,000 |
Accrued Expenses | 5,000 | 10,000 |
Total Current Liabilities | 35,000 | 30,000 |
Total Liabilities | 35,000 | 30,000 |
Stockholders’ Equity: | ' | ' |
Common Stock | 14,432 | 96 |
Preferred Stock, 10,000,000 shares authorized zero shares issued @.001 | ' | ' |
Additional Paid in Capital | 1,150,868 | -19,996 |
Common Stock to be Issued | 270,000 | ' |
Deferred Stock for Services | 256,300 | ' |
Retained Deficit | -968,922 | -2,088 |
Total Stockholders’ Equity | 210,078 | -21,988 |
Total Liabilities and Stockholders’ Equity | $245,078 | $8,012 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 14,431,813 | 95,607 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Statements_Of_Operations
Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Consulting revenue | $15,523 | $150,573 | $88,305 | $206,672 |
Product revenue | ' | ' | ' | ' |
Total Revenue | 15,523 | 150,573 | 88,305 | 206,672 |
Operating Expenses: | ' | ' | ' | ' |
Selling, General and Administrative Expenses | 65,630 | 127,510 | 226,239 | 178,983 |
Stock for Services | 778,900 | ' | 828,900 | ' |
Total Operating Expenses | 844,530 | 127,510 | 1,055,139 | 178,983 |
Operating Profit (Loss) | -829,007 | 23,063 | -966,834 | 27,689 |
Other Income | ' | ' | ' | ' |
Net Profit (Loss) | ($829,007) | $23,063 | ($966,834) | $27,689 |
Net (loss) Profit per Share | ($0.08) | $0.24 | ($0.22) | $0.29 |
Weighted Average Shares Outstanding | 10,228,056 | 95,607 | 4,378,260 | 95,607 |
Statements_Of_Cash_Flows
Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOW FROM OPERATING ACTIVITES: | ' | ' |
Net Profit ( Loss) for the Period | ($966,834) | $27,689 |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' |
Stock for Services | 828,900 | ' |
Decrease in Accrued Expenses | -5,000 | ' |
Increase in Deposits | -5,000 | ' |
Net Cash Provided from Operating Activities | -147,934 | 27,689 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of Equipment | ' | ' |
Net Cash Used by Investing Activities | ' | ' |
CASH FLOWS FROM FINANCIANG ACTIVITIES: | ' | ' |
Proceeds from Note | 10,000 | ' |
Proceeds from Common Stock | 100,000 | ' |
Proceeds from Common Stock to be issued | 270,000 | ' |
Net Cash Used by Financing Activities | 380,000 | ' |
Net (Decrease) Increase in Cash | 232,066 | 27,689 |
Cash at Beginning of Period | 8,012 | 59 |
Cash at End of Period | 240,078 | 27,748 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid during the year for Interest | ' | ' |
Cash paid during the year for Franchise and Income Taxes | ' | ' |
Organization_And_Description_O
Organization And Description Of Business | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Description of Business | ' |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | |
Petrone Worldwide, Inc. (the “Company”) was incorporated as Sheridan Industries, Inc. on December 14, 1998 in the state of Nevada. On December 31, 1998 the Company changed its name to Diabetex International Corp. On February 26, 2014 the Company effectuated a name change to Petrone Worldwide, Inc. and subsequently on March 3, 2014 completed an acquisition which was treated for accounting purposes as a reverse merger. Hence, the accounting information that is presented is that of the acquired entity which is the surviving entity.The operation is both a consulting business in the hospitality industry as well as a supplier of table top kitchenware and hotel room products thru an exclusive licensing agreement with a leading supplier. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | |
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |
On February 26, 2014 the Company effectuated a 1 to 500 reverse stock split on its common stock. The financials have been restated to reflect this split for all periods presented. | |
Use of estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles 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. Accordingly, actual results could differ from those estimates.Such estimates include management’s assessments of the carrying value of certain assets, useful lives of assets, and related depreciation and amortization methods applied. | |
Cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At September 30, 2014 and December 31, 2013, the Company had no cash equivalents. | |
Fair value of financial instruments | |
The Company adopted the provisions of FASB ASC 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. | |
The Fair Value Topic 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. It requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. It also establishes a fair value hierarchy, which prioritizes the valuation inputs into three broad levels. | |
The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: | |
A) Market approach — Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Prices may be indicated by pricing guides, sale transactions, market trades, or other sources; | |
B) Cost approach — Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost); and | |
C) Income approach — Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about the future amounts (includes present value techniques, and option-pricing models). Net present value is an income approach where a stream of expected cash flows is discounted at an appropriate market interest rate. | |
Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. An active market for an asset or liability is a market in which transactions for the asset or liability occur with significant frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that are market participants would use in pricing the asset or liability. | |
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable, accrued expenses, and deferred revenue approximate their fair value because of the short maturity of those instruments. The Company’s note payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at September 30, 2014 and December 31, 2013. | |
The Company had no assets and/or liabilities measured at fair value on a recurring basis for the period ended September 30, 2014 and December 31, 2013, respectively, using the market and income approaches. | |
Property and Equipment | |
Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method over the assets estimated useful life of three (3) years for equipment, (5) years for automobile, and (7) years for furniture and fixtures. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. | |
Impairment of long-lived assets | |
The Company follows paragraph 360-10-05-4 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, such as intellectual property,are required to be reviewed for impairment annually, or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. | |
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. | |
The Company determined that there were no impairments of long-lived assets as of September 30, 2014 and December 31, 2013. | |
Commitments and contingencies | |
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. | |
Revenue recognition | |
The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. In addition, the Company records allowances for accounts receivable that are estimated to not be collected. | |
Income taxes | |
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled.Deferred tax assets are reduced by a valuation allowance to the extent management concludes it ismore likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |
Stock-Based Compensation | |
In December 2004, the FASB issued FASB Accounting Standards Codification No. 718, Compensation – Stock Compensation. Under FASB Accounting Standards Codification No. 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. The Company applies this statement prospectively. | |
Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB Accounting Standards Codification No. 718. FASB Accounting Standards Codification No. 505, Equity Based Payments to Non-Employees defines the measurement date and recognition period for such instruments. In general, the measurement date is when either a (a) performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB Accounting Standards Codification. | |
Net income (loss) per share | |
The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially diluted debt or equity. | |
There were potentially dilutive shares outstanding as of June 30, 2014 and December 31, 2013, respectively due to the convertible note. | |
Subsequent events | |
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. | |
Recently issued accounting pronouncements | |
On April 2, 2013 FASB issued an update for reporting on discontinued operations. In section 205-20-45-10- The assets and liabilities of a disposal group classified as held for sale shall be presented separately in the asset and liability sections, respectively, of the statement of financial position. Those assets and liabilities shall not be offset and presented as a single amount. For any discontinued operation that is part of a disposal group classified as held for sale, an entity shall disclose separately. The major classes of assets and liabilities classified as held for sale of the discontinued operation shall be separately disclosed either on the face of the statement of financial position or in the notes to financial statements. | |
Company management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. | |
Reliance on Key Personnel | |
The Company is heavily dependent on the continued active participation of their current executive officer. The loss this officer could significantly and negatively impact the business until adequate replacements can be identified and put in place. |
Going_Concern
Going Concern | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Going Concern | ' |
NOTE 3 - GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. | |
As of September 30, 2014, the Company had an accumulated deficit and limited assets. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
While the Company has commenced operations and is generating revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues. | |
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
NOTE 4 - RELATED PARTY TRANSACTIONS | |
At September 30, 2014 and 2013 the Company paid its chief executive officer $92,079 and $148,159 respectively. | |
On August 1, 2014 the Company issued 10,000,000 shares to its officer valued as founders shares at par for services. |
Convertible_Note_Payable
Convertible Note Payable | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Convertible Note Payable | ' |
NOTE 5 - CONVERTIBLE NOTE PAYABLE | |
The Company had one convertible note payable for $20,000 for an individual who paid for professional costs for the Company. The note expired in 2012 and is convertible into shares of stock at the market price. As the term and conditions expired in 2012 there is no derivative calculation present. | |
Notes Payable | |
The Company is obligated for a note payable of $10,000 without interest due on demand to an unrelated third party. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
NOTE 6 - STOCKHOLDERS’ EQUITY | |
Common Stock Authorized | |
The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001. | |
Common Stock Issued | |
On February 3, 2014 the Company issued 100,000 shares post split shares to its former officer for services. These shares were valued at the price the Company has raised funds or .50 and its expense is shown in the statement of operations as stock for services. | |
On March 3, 2014 the Company issued 1,760,542 shares to effect the reverse merger. The shares were valued at .50 and shown as a reduction of paid in capital. | |
In March 2014 the Company received $100,000 for stock to be issued of 220,000 shares. | |
On August 1, 2014 the Company issued 12,475,664 shares of stock. Of this amount 10,000,000 were issued to its sole officer and director at par for founder shares of $10,000. 220,000 shares were issued for cash of $100,000 which created a market price of .4545 per share. The remainder of the shares were issued for services over four months to October 31, 2014.. The shares for services of 2,255,664 resulted in a value of $1,025,200 of which $768,900 was recognized as stock for services in the current period and the balance $256,300 is deferred to be recognized during the final quarter of 2014 | |
In September 2014 the Company received $270,000 in advance of shares to be issued. Those shares will amount to approximately 594,059. |
Commitment_And_Contingencies
Commitment And Contingencies | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Commitment and Contingencies | ' | |||||
NOTE 7 - COMMITMENT AND CONTINGENCIES | ||||||
In September 2014 the Company entered into a five year rental agreement for warehouse and office space in Italy. The base rent indicates a monthly charge of $10,000. Future minimum rental costs are as follows | ||||||
2014 | $ | 30,000 | ||||
2015 | $ | 120,000 | ||||
2016 | $ | 120,000 | ||||
2017 | $ | 120,000 | ||||
2018 | $ | 120,000 | ||||
2019 | $ | 90,000 |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 8 - SUBSEQUENT EVENTS | |
Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of presentation | |
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |
On February 26, 2014 the Company effectuated a 1 to 500 reverse stock split on its common stock. The financials have been restated to reflect this split for all periods presented. | |
Use of Estimates | ' |
Use of estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles 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. Accordingly, actual results could differ from those estimates.Such estimates include management’s assessments of the carrying value of certain assets, useful lives of assets, and related depreciation and amortization methods applied. | |
Cash Equivalents | ' |
Cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At September 30, 2014 and December 31, 2013, the Company had no cash equivalents. | |
Fair Value of Financial Instruments | ' |
Fair value of financial instruments | |
The Company adopted the provisions of FASB ASC 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. | |
The Fair Value Topic 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. It requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. It also establishes a fair value hierarchy, which prioritizes the valuation inputs into three broad levels. | |
The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: | |
A) Market approach — Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Prices may be indicated by pricing guides, sale transactions, market trades, or other sources; | |
B) Cost approach — Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost); and | |
C) Income approach — Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about the future amounts (includes present value techniques, and option-pricing models). Net present value is an income approach where a stream of expected cash flows is discounted at an appropriate market interest rate. | |
Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. An active market for an asset or liability is a market in which transactions for the asset or liability occur with significant frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that are market participants would use in pricing the asset or liability. | |
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable, accrued expenses, and deferred revenue approximate their fair value because of the short maturity of those instruments. The Company’s note payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at September 30, 2014 and December 31, 2013. | |
The Company had no assets and/or liabilities measured at fair value on a recurring basis for the period ended September 30, 2014 and December 31, 2013, respectively, using the market and income approaches. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method over the assets estimated useful life of three (3) years for equipment, (5) years for automobile, and (7) years for furniture and fixtures. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. | |
Impairment of Long-Lived Assets | ' |
Impairment of long-lived assets | |
The Company follows paragraph 360-10-05-4 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, such as intellectual property,are required to be reviewed for impairment annually, or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. | |
The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. | |
The Company determined that there were no impairments of long-lived assets as of September 30, 2014 and December 31, 2013. | |
Commitments and Contingencies | ' |
Commitments and contingencies | |
The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. | |
Revenue Recognition | ' |
Revenue recognition | |
The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. In addition, the Company records allowances for accounts receivable that are estimated to not be collected. | |
Income Taxes | ' |
Income taxes | |
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled.Deferred tax assets are reduced by a valuation allowance to the extent management concludes it ismore likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
In December 2004, the FASB issued FASB Accounting Standards Codification No. 718, Compensation – Stock Compensation. Under FASB Accounting Standards Codification No. 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. The Company applies this statement prospectively. | |
Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB Accounting Standards Codification No. 718. FASB Accounting Standards Codification No. 505, Equity Based Payments to Non-Employees defines the measurement date and recognition period for such instruments. In general, the measurement date is when either a (a) performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB Accounting Standards Codification. | |
Net Income (Loss) Per Share | ' |
Net income (loss) per share | |
The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially diluted debt or equity. | |
There were potentially dilutive shares outstanding as of June 30, 2014 and December 31, 2013, respectively due to the convertible note. | |
Subsequent Events | ' |
Subsequent events | |
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. | |
Recently Issued Accounting Pronouncements | ' |
Recently issued accounting pronouncements | |
On April 2, 2013 FASB issued an update for reporting on discontinued operations. In section 205-20-45-10- The assets and liabilities of a disposal group classified as held for sale shall be presented separately in the asset and liability sections, respectively, of the statement of financial position. Those assets and liabilities shall not be offset and presented as a single amount. For any discontinued operation that is part of a disposal group classified as held for sale, an entity shall disclose separately. The major classes of assets and liabilities classified as held for sale of the discontinued operation shall be separately disclosed either on the face of the statement of financial position or in the notes to financial statements. | |
Company management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. | |
Reliance on Key Personnel | ' |
Reliance on Key Personnel | |
The Company is heavily dependent on the continued active participation of their current executive officer. The loss this officer could significantly and negatively impact the business until adequate replacements can be identified and put in place. |
Commitment_And_Contingencies_T
Commitment And Contingencies (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Commitment And Contingencies Tables | ' | |||||
Schedule of Future Minimum Rental Costs | ' | |||||
Future minimum rental costs are as follows | ||||||
2014 | $ | 30,000 | ||||
2015 | $ | 120,000 | ||||
2016 | $ | 120,000 | ||||
2017 | $ | 120,000 | ||||
2018 | $ | 120,000 | ||||
2019 | $ | 90,000 |
Commitment_And_Contingencies_D
Commitment And Contingencies (Details) (USD $) | Sep. 30, 2014 |
Commitment And Contingencies Details | ' |
2014 | $30,000 |
2015 | 120,000 |
2016 | 120,000 |
2017 | 120,000 |
2018 | 120,000 |
2019 | $90,000 |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 26, 2014 | |
Equipment | Automobile | Furniture And Fixtures | Common Stock | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Reverse stock split | ' | ' | ' | '1 to 500 |
Estimated useful life of property and equipment | '3 years | '5 years | '7 years | ' |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (Chief Executive Officer, USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Chief Executive Officer | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Paid to related party | $92,079 | $148,159 |
Convertible_Note_Payable_Narra
Convertible Note Payable (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Convertible note issued for an individual who paid professional costs | $20,000 | $20,000 |
Note payable | 10,000 | ' |
Convertible Note Payable - Individual | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible note issued for an individual who paid professional costs | 20,000 | ' |
Notes Payable - Unrelated Third Party | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Note payable | $10,000 | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 01, 2014 | Mar. 03, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Aug. 01, 2014 | Feb. 03, 2014 | |
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | |||||
Sole Officer And Director | Former Officer | |||||||||
Total shares issued for services and cash | ' | ' | ' | ' | 12,475,664 | ' | ' | ' | ' | ' |
Stock issued for services, shares | ' | ' | ' | ' | 2,255,664 | ' | ' | ' | 10,000,000 | 100,000 |
Stock issued for services, value | ' | ' | ' | ' | $1,025,200 | ' | ' | ' | $10,000 | ' |
Share issue price | ' | ' | ' | ' | $0.45 | $0.50 | ' | ' | ' | $0.50 |
Shares issued under reverse merger | ' | ' | ' | ' | ' | 1,760,542 | ' | ' | ' | ' |
Stock issued for cash, shares | ' | ' | ' | ' | 220,000 | ' | ' | 220,000 | ' | ' |
Stock issued for cash, value | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Proceeds from issuance of stock | ' | ' | 100,000 | ' | ' | ' | 270,000 | 100,000 | ' | ' |
Stock recognized for services | $778,900 | ' | $828,900 | ' | $768,900 | ' | ' | ' | ' | ' |
No of shares to be issued for advance received | ' | ' | ' | ' | ' | ' | 594,059 | ' | ' | ' |
Commitment_And_Contingencies_N
Commitment And Contingencies (Narrative) (Details) (USD $) | 1 Months Ended |
Sep. 30, 2014 | |
Commitment And Contingencies Narrative Details | ' |
Monthly rent | $10,000 |