Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document And Entity Information | |
Entity Registrant Name | LUMINARY ACQUISITION CORP |
Entity Central Index Key | 1100380 |
Document Type | 10-Q |
Document Period End Date | 30-Sep-14 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2014 |
Balance_Sheet
Balance Sheet (USD $) | Sep. 30, 2014 |
ASSETS | |
Cash | $500 |
TOTAL ASSETS | 500 |
LIABILITIES AND STOCKHOLDER'S EQUITY | |
LIABILITIES | |
STOCKHOLDER'S EQUITY | |
Preferred Stock, $.0001 par value, 20,000,000 shares authorized, none issued and outstanding | |
Common Stock, $.0001 par value, 100,000,000 shares authorized, 5,000,000 issued and outstanding | 500 |
Additional paid-in capital | 2,890 |
Deficit accumulated during development stage | -2,890 |
Total Stockholder's Equity | 500 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $500 |
Balance_Sheet_Parenthetical
Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | |
Preferred stock, par value | $0.00 |
Preferred stock, shares authorized | 20,000,000 |
Preferred stock, shares issued | |
Preferred stock, shares outstanding | |
Common stock, par value | $0.00 |
Common stock, shares authorized | 100,000,000 |
Common stock, shares issued | 5,000,000 |
Common stock, shares outstanding | 5,000,000 |
Statements_of_Operations
Statements of Operations (USD $) | 9 Months Ended | 186 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Income Statement [Abstract] | |||
Income | |||
Expenses | |||
Organization expense | 580 | ||
Professional Fees | 780 | 780 | 2,310 |
Total expenses | 780 | 780 | 2,890 |
NET LOSS | ($780) | ($780) | ($2,890) |
Basic and diluted-- loss per share | |||
Weighted average number of shares outstanding, basic and diluted | 5,000,000 | 5,000,000 |
Statement_of_Changes_in_Shareh
Statement of Changes in Shareholder's Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Deficit Accumulated During Development Stage [Member] | Total |
Balance at Mar. 22, 1999 | ||||
Balance, shares at Mar. 22, 1999 | ||||
Common Stock Issuance | 500 | 500 | ||
Common Stock Issuance, shares | 5,000,000 | |||
Fair value of services and expenses contributed | 2,890 | 2,890 | ||
Net loss for the years ended | -1,330 | -1,330 | ||
Balance at Dec. 31, 1999 | 500 | 2,890 | -1,330 | 2,060 |
Balance, shares at Dec. 31, 1999 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2000 | 500 | 2,890 | -1,330 | 2,060 |
Balance, shares at Dec. 31, 2000 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2001 | 500 | 2,890 | -1,330 | 2,060 |
Balance, shares at Dec. 31, 2001 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2002 | 500 | 2,890 | -1,330 | 2,060 |
Balance, shares at Dec. 31, 2002 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2003 | 500 | 2,890 | -1,330 | 2,060 |
Balance, shares at Dec. 31, 2003 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2004 | 500 | 2,890 | -1,330 | 2,060 |
Balance, shares at Dec. 31, 2004 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2005 | 500 | 2,890 | -1,330 | 2,060 |
Balance, shares at Dec. 31, 2005 | 5,000,000 | |||
Net loss for the years ended | -780 | -780 | ||
Balance at Dec. 31, 2006 | 500 | 2,890 | -2,110 | 1,280 |
Balance, shares at Dec. 31, 2006 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2007 | 500 | 2,890 | -2,110 | 1,280 |
Balance, shares at Dec. 31, 2007 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2008 | 500 | 2,890 | -2,110 | 1,280 |
Balance, shares at Dec. 31, 2008 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2009 | 500 | 2,890 | -2,110 | 1,280 |
Balance, shares at Dec. 31, 2009 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2010 | 500 | 2,890 | -2,110 | 1,280 |
Balance, shares at Dec. 31, 2010 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2011 | 500 | 2,890 | -2,110 | 1,280 |
Balance, shares at Dec. 31, 2011 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2012 | 500 | 2,890 | -2,110 | 1,280 |
Balance, shares at Dec. 31, 2012 | 5,000,000 | |||
Net loss for the years ended | ||||
Balance at Dec. 31, 2013 | 500 | 2,890 | -2,110 | 1,280 |
Balance, shares at Dec. 31, 2013 | 5,000,000 | |||
Net loss for the years ended | -780 | -780 | ||
Balance at Sep. 30, 2014 | $500 | $2,890 | ($2,890) | $500 |
Balance, shares at Sep. 30, 2014 | 5,000,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | 186 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | ($780) | ($780) | ($2,890) |
Adjustment to reconcile net loss to net cash used by operating activities | |||
Contributed expenses | 780 | 780 | 2,890 |
Net Cash Used In Operating Activities | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of common stock | 500 | ||
Net Cash Provided By Financing Actvities | 500 | ||
INCREASE IN CASH AND CASH EQUIVALENTS | 500 | ||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 500 | 500 | |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $500 | $500 | $500 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
(A) Organization and Business Operations | |
Luminary Acquisition Corporation (a development stage company) (“the Company”) was incorporated in Delaware on March 24, 1999 to serve as a vehicle to effect a merger, exchange of capital stock, asset acquisition or other business combination with a domestic or foreign private business. As of March 31, 2014, the Company had not yet commenced any formal business operations, and all activity to date relates to the Company’s formation. The Company’s fiscal year end is December 31. | |
The Company’s ability to commence operations is contingent upon its ability to identify a prospective target business. | |
(B) Use of Estimates | |
The preparation of the 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. Actual results could differ from those estimates. | |
(C) Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
(D) Taxes | |
Deferred tax assets and liabilities are recognized for the future tax consequence attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. There were no current or deferred income tax expense or benefits due to the Company not having any material operations for three months ended March 31, 2013 and 2012. | |
(E) Earnings Per Share | |
Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no potentially dilutive securities for 2013 and 2012 | |
(F) Recent Accounting Pronouncements | |
In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standard (“SFAS”) No. 157, “Fair Value Measurements,” which provides enhanced guidance for using fair value to measure assets and liabilities. SFAS No. 157 provides a common definition of fair value and establishes a framework to make the measurement of fair value in generally accepted accounting principles more consistent and comparable. SFAS No. 157 also requires expanded disclosures to provide information about the extent to which fair value is used to measure assets and liabilities, the methods and assumptions used to measure fair value, and the effect of fair value measures on earnings. SFAS No. 157 is effective for financial statements issued in fiscal years beginning after November 15, 2012 and to interim periods within those fiscal years. The Company is currently in the process of evaluating the effect, if any, the adoption of SFAS No. 157 will have on its results of operations, financial position, or cash flows. | |
In February 2012, the FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement No.115 (FAS 159) will become effective for the Company on January 1, 2013. This standard permits companies to choose to measure many financial instruments and certain other items at fair value and report unrealized gains and losses in earnings. Such accounting is optional and is generally to be applied instrument by instrument. The Company does not anticipate that the election, if any, of this fair-value option will have a material effect on its results of operations, financial position or cash flows. | |
In December 2012, the FASB issued SFAS No. 141 (R), Business Combinations, and SFAS No. 160, Non-controlling Interests in Consolidated Financial Statements. SFAS No. 141 (R) requires an acquirer to measure the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired at their fair values on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. SFAS No. 160 clarifies that a non-controlling interest in a subsidiary should be reported as equity in the consolidated financial statement. The calculation of earnings per share will continue to be based on income amounts attributable to the parent. SFAS No. 141 (R) and SFAS No. 160 are effective for financial statements issued for fiscal years beginning after December 15, 2013. Early adoption is prohibited. We have not yet determined the effect on our financial statements, if any, upon adoption of SFAS No. 141 (R) or SFAS No. 160. |
Stockholders_Equity
Stockholder's Equity | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | |
Stockholder's Equity | NOTE 2 STOCKHOLDER’S EQUITY |
(A) Preferred Stock | |
The Company is authorized to issue 20,000,000 shares of preferred stock at $.0001 par value, with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. | |
(B) Common Stock | |
The Company is authorized to issue 100,000,000 shares of common stock at $.0001 par value. The Company issued 5,000,000 shares of its common stock to Shaun Morgan pursuant to Rule 506 for an aggregate consideration of $500. | |
(C) Additional Paid-In Capital | |
Additional paid-in capital as of March 31, 2014 represents the fair value of services contributed to the Company by its president and the amount of organization and professional costs incurred by Shaun Morgan on behalf of the Company (See Note 3). |
Agreement
Agreement | 9 Months Ended | |
Sep. 30, 2014 | ||
Agreement | ||
Agreement | NOTE 3 AGREEMENT | |
On June 7, 1999, the Company signed an agreement with Shaun Morgan, a related entity (See Note 4). The Agreement calls for Shaun Morgan to provide the following services, without reimbursement from the Company, until the Company enters into a business combination as described in Note 1(A): | ||
1 | Preparation and filing of required documents with the Securities and Exchange Commission. | |
2 | Location and review of potential target companies. | |
3 | Payment of all corporate, organizational, and other costs incurred by the Company. |
Related_Parties
Related Parties | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 4 RELATED PARTIES |
Legal counsel to the Company is a firm owned by a director of the Company who also owns a controlling interest in the outstanding stock of Shaun Morgan (See Note 3). |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 5 SUBSEQUENT EVENTS |
On February 26, 2013, the Company filed an amendment to its Certificate of Incorporation increasing its authorized capitalization to 1,000,000,000 shares of common stock, par value $.0001, and 20,000,000 shares of undesignated preferred stock, $.0001 par value. | |
On March 4, 2013, the following events resulted in a change of control of the Company: (i) the Company redeemed 4,750,000 of its 5,000,000 outstanding shares of common stock, (ii) the Company issued 236,000,000 shares of its common stock and (iii) new officers and directors of the Company were appointed and the prior officer and director of the Company resigned. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Organization and Business Operations | (A) Organization and Business Operations |
Luminary Acquisition Corporation (a development stage company) (“the Company”) was incorporated in Delaware on March 24, 1999 to serve as a vehicle to effect a merger, exchange of capital stock, asset acquisition or other business combination with a domestic or foreign private business. As of March 31, 2014, the Company had not yet commenced any formal business operations, and all activity to date relates to the Company’s formation. The Company’s fiscal year end is December 31. | |
The Company’s ability to commence operations is contingent upon its ability to identify a prospective target business. | |
Use of Estimates | (B) Use of Estimates |
The preparation of the 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. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | (C) Cash and Cash Equivalents |
For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Taxes | (D) Taxes |
Deferred tax assets and liabilities are recognized for the future tax consequence attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. There were no current or deferred income tax expense or benefits due to the Company not having any material operations for three months ended March 31, 2013 and 2012. | |
Earnings Per Share | (E) Earnings Per Share |
Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no potentially dilutive securities for 2013 and 2012 | |
Recent Accounting Pronouncements | (F) Recent Accounting Pronouncements |
In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standard (“SFAS”) No. 157, “Fair Value Measurements,” which provides enhanced guidance for using fair value to measure assets and liabilities. SFAS No. 157 provides a common definition of fair value and establishes a framework to make the measurement of fair value in generally accepted accounting principles more consistent and comparable. SFAS No. 157 also requires expanded disclosures to provide information about the extent to which fair value is used to measure assets and liabilities, the methods and assumptions used to measure fair value, and the effect of fair value measures on earnings. SFAS No. 157 is effective for financial statements issued in fiscal years beginning after November 15, 2012 and to interim periods within those fiscal years. The Company is currently in the process of evaluating the effect, if any, the adoption of SFAS No. 157 will have on its results of operations, financial position, or cash flows. | |
In February 2012, the FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement No.115 (FAS 159) will become effective for the Company on January 1, 2013. This standard permits companies to choose to measure many financial instruments and certain other items at fair value and report unrealized gains and losses in earnings. Such accounting is optional and is generally to be applied instrument by instrument. The Company does not anticipate that the election, if any, of this fair-value option will have a material effect on its results of operations, financial position or cash flows. | |
In December 2012, the FASB issued SFAS No. 141 (R), Business Combinations, and SFAS No. 160, Non-controlling Interests in Consolidated Financial Statements. SFAS No. 141 (R) requires an acquirer to measure the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired at their fair values on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. SFAS No. 160 clarifies that a non-controlling interest in a subsidiary should be reported as equity in the consolidated financial statement. The calculation of earnings per share will continue to be based on income amounts attributable to the parent. SFAS No. 141 (R) and SFAS No. 160 are effective for financial statements issued for fiscal years beginning after December 15, 2013. Early adoption is prohibited. We have not yet determined the effect on our financial statements, if any, upon adoption of SFAS No. 141 (R) or SFAS No. 160. |
Stockholders_Equity_Details_Na
Stockholder's Equity (Details Narrative) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Feb. 26, 2013 | |
Preferred stock, shares authorized | 20,000,000 | |
Preferred stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 1,000,000,000 |
Common stock, par value | $0.00 | $0.00 |
Shaun Morgan [Member] | ||
Common stock, shares issued | 5,000,000 | |
Proceeds from consideration | $500 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 0 Months Ended | ||
Mar. 04, 2013 | Sep. 30, 2014 | Feb. 26, 2013 | |
Subsequent Events [Abstract] | |||
Common stock, shares authorized | 100,000,000 | 1,000,000,000 | |
Common stock, par value | $0.00 | $0.00 | |
Undesignated preferred stock | 20,000,000 | ||
Preferred stock, par value | $0.00 | $0.00 | |
Number of stock redeemed during period | 4,750,000 | ||
Common stock, shares outstanding | 5,000,000 | 5,000,000 | |
Common stock, shares issued | 236,000,000 | 5,000,000 |