Wings & Things (WGTG) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document And Entity Information
Entity Registrant Name	WINGS & THINGS INC.
Entity Central Index Key	1,110,482
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
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		18,000,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash	$ 473	$ 425
Total current assets	473	425
Total assets	473	425
CURRENT LIABILITIES
Accounts payable - related party	12,100	8,400
Accounts payable - vendor	800	800
Notes payable - related party	129,000	129,000
Notes payable	76,300	71,700
Accrued interest - related party	37,722	32,562
Accrued interest	25,596	22,634
Total current liabilities	281,518	265,096
Total liabilities	281,518	265,096
STOCKHOLDERS' DEFICIT
Common stock, $.001 par value; 20,000,000 shares authorized; 18,000,000 shares issued and outstanding	18,000	18,000
Additional paid-in capital	9,000	9,000
Accumulated deficit	(308,045)	(291,671)
Total stockholders' deficit	(281,045)	(264,671)
Total liabilities and stockholders' deficit	$ 473	$ 425

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	18,000,000	18,000,000
Common stock, shares outstanding	18,000,000	18,000,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues
Expenses
General and administrative	2,738	3,000	8,252	9,206
Total expenses	2,738	3,000	8,252	9,206
Net loss before other income (expense)	(2,738)	(3,000)	(8,252)	(9,206)
Other income (expense), non-operating
Interest expense - related party	(2,788)	(2,001)	(5,160)	(4,002)
Interest expense	(1,526)	(1,411)	(2,962)	(2,734)
Total other income (expense)	(4,314)	(3,412)	(8,122)	(6,736)
Loss from operations before income taxes	(7,052)	(6,412)	(16,374)	(15,942)
Income taxes
Net loss	$ (7,052)	$ (6,412)	$ (16,374)	$ (15,942)
Basic and diluted net loss per share	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding	18,000,000	18,000,000	18,000,000	18,000,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities
Net loss	$ (16,374)	$ (15,942)
Adjustments to reconcile net loss to cash provided (used) by operating activities:
Expenses paid by related party	3,700	4,700
Changes in assets and liabilities:
Increase in accrued interest - related party	5,160	4,002
Increase in accrued interest	2,962	2,734
Net cash provided (used) by operating activities	(4,552)	(4,506)
Cash Flows from Investing Activities
Net cash provided (used) by investing activities
Cash Flows from Financing Activities
Cash advances - other	4,600	6,200
Net cash provided by financing activities	4,600	6,200
Increase (decrease) in cash	48	1,694
Cash and cash equivalents at beginning of period	425	851
Cash and cash equivalents at end of period	$ 473	$ 2,545

Condensed Financial Statements

Condensed Financial Statements	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Financial Statements	NOTE 1 – Condensed Financial Statements The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the period ended June 30, 2016 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2015 audited financial statements as reported in its Form 10-K. The results of operations for the period ended June 30, 2016 are not necessarily indicative of the operating results for the full year ended December 31, 2016.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 2 – Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies.

Recent Pronouncement

Recent Pronouncement	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Pronouncement	NOTE 3 – Recent Pronouncement On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 4 – Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no such events that would have a material impact on the financial statements.