Trycera Financial 10-Q 11 Jun 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Jun. 10, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Trycera Financial, Inc.
Document Type	10-Q
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		15,844,673
Amendment Flag	FALSE
Entity Central Index Key	1117045
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current Assets
Cash	$0	$0
Prepaid expenses and other current assets	4,275	9,025
Total Current Assets	4,275	9,025
Property & Equipment, net	4,228	4,759
Total Fixed Assets	4,228	4,759
Total Assets	8,503	13,784
Current Liabilities
Bank overdraft	130	348
Accounts payable	758,666	749,666
Accounts payable - related parties	179,565	179,565
Portfolio reserves	34,774	34,774
Accrued expenses	2,198,852	2,180,765
Debt settlement liability, net	144,428	141,355
Derivative liability	75,000	100,000
Unsecured notes payable, current maturities	94,448	94,448
Convertible notes payable, net of discounts, current maturities	713,042	713,042
Total Current Liabilities	4,198,905	4,193,963
Long-term Liabilities
Unsecured notes payable, less current maturities	148,030	138,030
Total Long-term Liabilities	148,030	138,030
Total Liabilities	4,346,935	4,331,993
Stockholders’ Deficit
Preferred stock, 20,000,000 shares authorized, $.001 par value; none issued and outstanding	0	0
Common stock, 500,000,000 shares authorized at $.001 par value; 669,673 and 667,673 shares issued and outstanding, respectively	670	668
Additional paid in capital	11,116,694	11,086,696
Prepaid stock - employees	-58,314	-181,624
Accumulated deficit	-15,397,482	-15,223,949
Total Stockholders’ Deficit	-4,338,432	-4,318,209
Total Liabilities & Stockholders’ Deficit	$8,503	$13,784

Balance_Sheets_Parentheticals

Balance Sheets (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	669,673	667,673
Common stock, shares outstanding	669,673	667,673

Statement_of_Operations_Unaudi

Statement of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues	$6,878	$6,140
	6,878	6,140
Cost of Sales	111	299
Gross Profit (loss)	6,767	5,841
Expenses
Salaries and wages	153,310	143,403
Professional fees	9,008	9,000
Other selling, general and administrative	15,734	79,372
Total Expenses	178,052	231,775
Loss from Operations	-171,285	-225,934
Other Income (Expense)
Derivative liability gain (loss)	25,000	0
Interest expense	-27,248	-24,735
Total Other Income (Expense)	-2,248	-24,735
Loss before tax	-173,533	-250,669
Income tax	0	0
Net Loss	($173,533)	($250,669)
Basic loss Per Share:
Loss per share (in Dollars per share)	($0.26)	($0.39)
Net Loss Per Share (in Dollars per share)	($0.26)	($0.39)
Weighted Average Shares (in Shares)	667,695	636,615

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities
Net Loss	($173,533)	($250,669)
Adjustments to reconcile net loss to net cash used by operations;
Depreciation and amortization	531	532
Amortization of prepaid stock - consultants	4,750	45,400
Amortization of prepaid stock - employees	123,310	91,680
Amortization of discount on note payable	3,073	3,191
Derivative liability (gain) loss	-25,000	0
Stock issued for services	30,000	51,200
Changes in operating assets and liabilities;
Increase (decrease) in accounts payable	9,000	-17,709
Increase (decrease) in accrued expenses	18,087	9,879
Net Cash Used by Operating Activities	-9,782	-66,496
Cash Flows from Financing Activities
Proceeds from issuance of notes payable	10,000	61,730
(Increase) decrease in bank overdraft	-218	735
Net Cash Provided by Financing Activities	9,782	62,465
Net Increase (Decrease) in Cash and Cash Equivalents	0	-4,031
Cash and Cash Equivalents at Beginning of Period	0	4,031
Cash and Cash Equivalents at End of Period	0	0
Cash Paid For:
Interest	0	0
Income Taxes	0	0
Non-Cash Financing Activities:	$0	$0

NOTE_1_GENERAL

NOTE 1 - GENERAL	3 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Nature of Operations [Text Block]	NOTE 1 – GENERAL
	The accompanying condensed financial statements of the Company have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations.  These condensed financial statements reflect all adjustments (consisting only of normal recurring adjustments) that, in the opinion of management, are necessary to present fairly the results of operations of the Company for the periods presented.  These condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s Form 10-K for the year ended December 31, 2014.  The results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015.

NOTE_2_GOING_CONCERN

NOTE 2 - GOING CONCERN	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern [Text Block]	NOTE 2 – GOING CONCERN
	The Company has had recurring operating losses since inception and is dependent upon financing to continue operations.  These factors indicate that the Company may be unable to continue in existence should immediate and short term financing options not be available.  These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue its existence.  These financial statements do not include any adjustments that might result from the outcome of this uncertainty.  Currently the Company has minimal cash on hand and few material assets outside key intellectual property.  In addition, the Company has not established or maintained a recurring source of revenues to sufficiently cover or offset any current, anticipated or planned operating costs to allow it to continue as a going concern.  It is the intent of the Company to find additional capital funding, grow revenues organically through new program launches and marketing campaigns, and/or a profitable business venture to acquire or merge.

NOTE_3_SIGNIFICANT_TRANSACTION

NOTE 3 - SIGNIFICANT TRANSACTIONS	3 Months Ended
	Mar. 31, 2015
Significant Transactions Disclosure [Abstract]
Significant Transactions Disclosure [Text Block]	NOTE 3 – SIGNIFICANT TRANSACTIONS
	On January 8, 2015, the Company’s Board of Directors accepted the resignation of its Officers Steve Rowe and Hector Alvarez who indicated they wanted to freely pursue other interests.
	On January 8, 2015, the Company’s Board of Directors accepted the resignation of its Director Hector Alvarez and his appointed replacement Norman Hardy.
	On March 16, 2015, the Company filed the required application along with all supplemental documentation with FINRA requesting them to review and complete the Corporate Action Request of the Company to complete a Stock-Reverse at a ratio of 1:1,000.  This Corporate Action was Approved and became Effective as of March 27, 2015.  The effects of the reverse stock split have been retroactively applied to all periods presented.
	On March 23, 2015, the Company received $10,000 pursuant to a two-year, 10%, unsecured promissory note with an independent party.

NOTE_4_CONTINGENCIES

NOTE 4 - CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Loss Contingency [Abstract]
Contingencies Disclosure [Text Block]	NOTE 4 – CONTINGENCIES
	The Company has not accrued employee base salaries approximating $800,000 pursuant to employment agreements during the year ended December 31, 2014 or the quarter ended March 31, 2015, as the respective employees have not worked forty hours per week (as required by the employment agreements) because the work has not been available due the Company’s inability to sustain consistent, profitable operations.  Management has assessed the likelihood of the employees pursuing and successfully claiming base salaries as reasonably possible, and has thus elected to disclose but not record these salaries, in accordance with ASC 450-20 Loss Contingencies.
	In January 2012, the Company received Notices of Claim from two former employees seeking back-wages of approximately $240,000 pursuant to the Company’s alleged breach of their employment agreements.  In October 2013, the Company filed counter claims against the employees claiming, among other violations, breach of contract and fraud.  The Company is seeking damages in excess of the back-wages, and cannot determine at this time, the amount or likelihood of any gains or losses that may result from these claims.

NOTE_5_SUBSEQUENT_EVENTS

NOTE 5 - SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 5 – SUBSEQUENT EVENTS
	Pursuant to FASB ASC 855-10-50-1, the Company has evaluated subsequent events through the date these financial statements to be issued. Accordingly the following material events occurred subsequent to the quarter ended March 31, 2015:
	On April 6, 2015, the Company replaced the existing Employment Agreement for its President/CEO, Ray A. Smith with a new Employment Agreement.  The terms of the new agreement are for a period Five (5) years, renewable in two (2) year increments, and includes a Stock Incentive Compensation package consisting of Thirteen Million Five Hundred Thousand (13,500,000) shares of Restricted Common Stock which were issued upon execution of the agreement, and a salary of Twenty Thousand Dollars ($20,000) per month beginning on January 1, 2016.
	On April 6 and April 22, 2015, the Company received $5,000 and $2,000, respectively, pursuant to two-year, 10%, unsecured promissory notes with one of its Directors.  The notes were repaid in full on May 15, 2015.
	On April 14, 2015, the Company received notice of conversion and agreed to convert $37,500 of the Note with Herbert Banner from March 2010 into Seven Hundred Fifty Thousand (750,000) shares of Common Stock at a conversion price of Five Cents ($0.05).
	On April 14, 2015, the Company received notice of conversion and agreed to convert $37,500 of the Note with MJ Rich Media Corporation from March 2012 into Seven Hundred Fifty Thousand (750,000) shares of Common Stock at a conversion price of Five Cents ($0.05).
	On April 15, 2015, the Company’s President forgave $314,372 in accrued officer compensation and reimbursable expenses owed him.
	On April 28, 2015, the Company issued to its legal counsel, Fifty Thousand (50,000) shares of Restricted Common Stock for services.
	On May 7, 2015, the Company issued to a private party One Hundred Twenty Five Thousand (125,000) shares of Restricted Common Stock at Three Dollars ($3.00) per share for Three Hundred Seventy Five Thousand Dollars ($375,000).

NOTE_3_SIGNIFICANT_TRANSACTION1

NOTE 3 - SIGNIFICANT TRANSACTIONS (Details) (USD $)	0 Months Ended
	Mar. 27, 2015	Mar. 23, 2015
NOTE 3 - SIGNIFICANT TRANSACTIONS (Details) [Line Items]
Stockholders' Equity, Reverse Stock Split	1:1,000
Unsecured Debt [Member]
NOTE 3 - SIGNIFICANT TRANSACTIONS (Details) [Line Items]
Proceeds from Issuance of Debt		$10,000
Debt Instrument, Term		2 years
Debt Instrument, Interest Rate, Stated Percentage		10.00%

NOTE_4_CONTINGENCIES_Details

NOTE 4 - CONTINGENCIES (Details) (USD $)	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Jan. 31, 2012
Accrued Base Salaries [Member]
NOTE 4 - CONTINGENCIES (Details) [Line Items]
Loss Contingency, Not Accrued	$800,000
Loss Contingency, Not Accrued, Description	employees have not worked forty hours per week (as required by the employment agreements) because the work has not been available due the Company’s inability to sustain consistent, profitable operations
Back Wages [Member]
NOTE 4 - CONTINGENCIES (Details) [Line Items]
Loss Contingency, Damages Sought		$240,000

NOTE_5_SUBSEQUENT_EVENTS_Detai

NOTE 5 - SUBSEQUENT EVENTS (Details) (USD $)	0 Months Ended
	7-May-15	Apr. 06, 2015	15-May-15	Apr. 22, 2015	Apr. 14, 2015	Apr. 28, 2015	Apr. 15, 2015	Mar. 23, 2015
Subsequent Event [Member] | Restricted Stock [Member]
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares)	125,000
Shares Issued, Price Per Share (in Dollars per share)	$3
Proceeds from Issuance of Common Stock	$375,000
Subsequent Event [Member] | Chief Executive Officer [Member]
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items]
Deferred Compensation Arrangement with Individual, Description		The terms of the new agreement are for a period Five (5) years, renewable in two (2) year increments, and includes a Stock Incentive Compensation package consisting of Thirteen Million Five Hundred Thousand (13,500,000) shares of Restricted Common Stock which were issued upon execution of the agreement, and a salary of Twenty Thousand Dollars ($20,000) per month beginning on January 1, 2016.
Deferred Compensation Arrangement with Individual, Maximum Contractual Term		5 years
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares)		13,500,000
Other Commitment		20,000
Subsequent Event [Member] | Director [Member] | Unsecured Debt [Member]
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items]
Proceeds from Issuance of Debt		5,000		2,000
Debt Instrument, Term		2 years
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Debt Instrument, Description			The notes were repaid in full
Subsequent Event [Member] | Convertible Debt, Banner [Member] | Convertible Debt [Member]
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items]
Debt Conversion, Original Debt, Amount					37,500
Debt Conversion, Converted Instrument, Shares Issued (in Shares)					750,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)					$0.05
Subsequent Event [Member] | Convertible Debt, MJ Rich [Member] | Convertible Debt [Member]
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items]
Debt Conversion, Original Debt, Amount					37,500
Debt Conversion, Converted Instrument, Shares Issued (in Shares)					750,000
Debt Instrument, Convertible, Conversion Price (in Dollars per share)					$0.05
Subsequent Event [Member]
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items]
Stock Issued During Period, Shares, Issued for Services (in Shares)						50,000
President [Member]
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items]
Accrued Compensation, Decrease, Forgiveness							314,372
Unsecured Debt [Member]
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items]
Proceeds from Issuance of Debt								$10,000
Debt Instrument, Term								2 years
Debt Instrument, Interest Rate, Stated Percentage								10.00%