Skinovation Pharmaceutical 10-K 20 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 13, 2015	Jun. 30, 2014
Document And Entity Information
Entity Registrant Name	SKINOVATION PHARMACEUTICAL INC
Entity Central Index Key	1118072
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
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 Public Float			$0
Entity Common Stock, Shares Outstanding		708,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current Assets
Cash	$752	$2,892
Total Current Assets	752	2,892
Total Assets	752	2,892
Current Liabilities
Accounts payable	10,600	20,500
Loans	139,371	114,071
Accrued interest	24,864	15,458
Total Current Liabilities	174,835	150,029
Total Liabilities	174,835	150,029
Stockholders' Deficit
Preferred stock, $.001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $.001 par value; 50,000,000 shares authorized; 708,000 shares issued and outstanding	708	708
Additional paid-in capital	25,148	25,148
Deficit accumulated during the development stage	-199,939	-172,993
Total Stockholders' Deficit	-174,083	-147,137
Total Liabilities and Stockholders' Deficit	$752	$2,892

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.00	$0.00
Preferred stock, authorized	25,000,000	25,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, authorized	50,000,000	50,000,000
Common stock, issued	708,000	708,000
Common stock, outstanding	708,000	708,000

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
REVENUES
EXPENSES
General and administrative	17,540	29,181
TOTAL EXPENSES	17,540	29,181
NET OPERATING INCOME (LOSS) BEFORE OTHER EXPENSE	-17,540	-29,181
OTHER INCOME (EXPENSE)
Interest expense	-9,406	-7,103
Total other income (expense)	-9,406	-7,103
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	-26,946	-36,284
INCOME TAXES
INCOME (LOSS) FROM CONTINUING OPERATIONS	-26,946	-36,284
DISCONTINUED OPERATIONS
Loss from discontinued operations
NET INCOME (LOSS)	($26,946)	($36,284)
Basic and diluted net income (loss) per share	($0.04)	($0.05)
Weighted average shares outstanding	708,000	708,000

Statements_of_Stockholders_Def

Statements of Stockholders' Deficit (USD $)	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance, amount at Dec. 31, 2012	$708	$25,148	($136,709)
Beginning balance, shares at Dec. 31, 2012	708,000
Net income (loss)			-36,284
Ending balance, amount at Dec. 31, 2013	708	25,148	-172,993
Ending balance, shares at Dec. 31, 2013	708,000
Net income (loss)			-26,946
Ending balance, amount at Dec. 31, 2014	$708	$25,148	($199,939)
Ending balance, shares at Dec. 31, 2014	708,000

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities
Net income (loss)	($26,946)	($36,284)
Changes in assets and liabilities:
Increase (decrease) in accounts payable	10,600	17,957
Increase in accrued interest	9,406	7,104
Net cash used by operating activities	-6,940	-11,223
Cash Flows from Investing Activities
Net cash used by investing activities
Cash Flows from Financing Activities
Proceeds from notes payable	4,800	14,000
Net cash provided by financing activities	4,800	14,000
Increase (decrease) in cash	-2,140	2,777
Cash and cash equivalents at beginning of period	2,892	115
Cash and cash equivalents at end of period	752	2,892
Supplemental Cash Flow Information:
Cash paid for interest
Cash paid for income taxes
Non-Cash Investing and Financing Activities
Converted accounts payable into loans	$20,500	$20,400

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 1 - Summary of Significant Accounting Policies
		a.	Organization & Summary of Significant Accounting Policies
	The Company was incorporated under the laws of the state of Nevada on January 15, 1988 as Data Financial Corporation. The Company changed its name to Skinovation Pharmaceutical Incorporated on August 5, 1992.
		b.	Cash and Cash Equivalents
	The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents.
		c.	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. Actual results could differ from those estimates.
		d.	Reclassification
	Certain amounts in prior-year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements.
		e.	Earnings Per Share
	The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements.
			For the Years Ended
			December 31,
			2014			2013
	Net Income (Loss) (numerator)		$	(26,946	)	$	(36,284	)
	Weighted Average Number of Shares Outstanding (denominator)			708,000			708,000
	Basic Loss per Common Share		$	(0.04	)	$	(0.05	)
	For the years ended December 31, 2014 and 2013, the Company had no potentially dilutive common stock equivalents issued.
		f.	Concentrations of Risk
	Two lenders represent in excess of 95% of the Company’s Accounts Payable and Notes Payable for the fiscal years ended December 31, 2014 and December 31, 2013.
		g.	Recognition of Revenue
	The Company has adopted FASB ASC 605 which provides guidance on the recognition, presentation and disclosure of revenue in financial statements filed with the SEC. FASB ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue related to monthly services provided when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the fee is fixed or determinable and (iv) collectability is reasonably assured.

Going_Concern

Going Concern	12 Months Ended
	Dec. 31, 2014
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 a negative working capital of $174,083 and has incurred losses of $199,939 since inception. 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.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 3 - Income Taxes
	The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10 (Prior authoritative literature: Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48). FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes.  This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than- not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.  As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10.
	Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
	The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate.  A provision for income taxes has not been made due to net operating loss carry-forwards of $ 170,322 and $ 197,268 as of December 31, 2013 and December 31, 2014, respectively, which may be offset against future taxable income through 2030. No tax benefit has been reported in the financial statements.
	Deferred tax asset and the valuation account are as follows at December 31, 2014 and 2013:
		For the Years Ended
		December 31,
		2014			2013
	Net operating loss carryforward	$	67,071		$	58,818
	Valuation allowance		(67,071	)		(58,818	)
	Deferred tax asset	$	—		$	—
	The change in the valuation allowance was $9,161 during the year ended December 31, 2014.
	The components of income tax expense are as follows:
		For the Years Ended
		December 31,
		2014			2013
	Current Federal tax	$	—		$	—
	Current State tax		—			—
	Change in NOL benefit		9,161			12,714
	Change in valuation allowance		(9,161	)		(12,714	)
		$	—		$	—
	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
			For the Years Ended
			December 31,
			2014			2013
	Beginning Balance	$	—		$	—
	Additions based on tax positions related to current year		—			—
	Additions for tax positions of prior years		—			—
	Reductions for tax positions of prior years		—			—
	Reductions in benefit due to income tax expense		—			—
	Ending Balance	$	—		$	—
	The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.
	The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes.  As of December 31, 2014 and 2013, the Company had no accrued interest or penalties related to uncertain tax positions.
	The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2013, 2012 and 2011.

Accounts_and_Notes_Payable

Accounts and Notes Payable	12 Months Ended
	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts and Notes Payable	NOTE 4 - Accounts and Notes Payable
	Through December 31, 2012, the Company had recorded as accounts payable $85,926 for services as well as cash advances received both from related and unrelated parties. It was the intent of management and counter parties to issue common stock of the Company for these liabilities at some future date therefore they were carried as accounts payable and advances. However, it was subsequently determined that it was not in the best interests of the parties to issue stock for these liabilities, therefore, the parties have agreed that these liabilities will be treated as promissory notes. The accounts payable and advances on the books as of January 1, 2013 were converted to Notes Payable which bear interest at 8% and are due on demand.
	Accrued interest was $24,864 and $15,458 at December 31, 2014 and 2013 respectively.
	For the fiscal year ended December 31, 2013, a third party, First Equity Holdings Corp., invoiced the Company for consulting, administrative, and professional services and out-of-pocket costs provided to or paid on behalf of the Company totaling $10,600 in 2014 and $20,500 in 2013.

Stock_Transactions

Stock Transactions	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Stock Transactions	NOTE 5 - Stock Transactions
	On January 3, 1992, the Company’s Board of Directors authorized a 3-for-1 forward stock split, and on January 13, 1997 the Board authorized a 1-for-100 reverse stock split. The Company’s financial statements have been retroactively restated to show the effects of the stock splits.
	Since the discontinuance of operations in 1993, shareholders have returned 206,632 shares of outstanding common stock for cancellation, as requested by the Board of Directors.
	On March 20, 1998 the Company issued 48,000 shares of its common stock for services valued at $4,800.
	On July 19, 2000 the Company issued 30,000 shares of its common stock for services valued at $3,000.
	On August 14, 2000 the Company issued 25,000 shares of its common stock for services valued at $2,500.
	The Company did not issue any common stock, options, warrants or any other stock based awards subsequent to 2000.

Recent_Pronouncement

Recent Pronouncement	12 Months Ended
	Dec. 31, 2014
Accounting Changes and Error Corrections [Abstract]
Recent Pronouncement	NOTE 6 - 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.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 7 – Fair Value Measurements
	If required by authoritative literature, the Company would account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. When applicable, we categorize each of our fair value measurements in one of these three levels based on the lowest level input hat significant to the fair value measurement in its entirety. These levels are:
	Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.
	Level 2 - inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3 – Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
	The cash, accounts payable, notes payable and accrued interest have fair values that approximate their carrying values due to the short term nature of these instruments.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 – 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.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Organization & Summary of Significant Accounting Policies		a.	Organization & Summary of Significant Accounting Policies
	The Company was incorporated under the laws of the state of Nevada on January 15, 1988 as Data Financial Corporation. The Company changed its name to Skinovation Pharmaceutical Incorporated on August 5, 1992.
Cash and Cash Equivalents		b.	Cash and Cash Equivalents
	The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents.
Use of Estimates		c.	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. Actual results could differ from those estimates.
Reclassification		d.	Reclassification
	Certain amounts in prior-year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements.
Earnings Per Share		e.	Earnings Per Share
	The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements.
			For the Years Ended
			December 31,
			2014			2013
	Net Income (Loss) (numerator)		$	(26,946	)	$	(36,284	)
	Weighted Average Number of Shares Outstanding (denominator)			708,000			708,000
	Basic Loss per Common Share		$	(0.04	)	$	(0.05	)
	For the years ended December 31, 2014 and 2013, the Company had no potentially dilutive common stock equivalents issued.
Concentrations of Risk		f.	Concentrations of Risk
	Two lenders represent in excess of 95% of the Company’s Accounts Payable and Notes Payable for the fiscal years ended December 31, 2014 and December 31, 2013.
Recognition of Revenue		g.	Recognition of Revenue
	The Company has adopted FASB ASC 605 which provides guidance on the recognition, presentation and disclosure of revenue in financial statements filed with the SEC. FASB ASC 605 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue related to monthly services provided when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the fee is fixed or determinable and (iv) collectability is reasonably assured.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Computation of earnings per share of common stock		For the Years Ended
		December 31,
		2014			2013
	Net Income (Loss) (numerator)	$	(26,946	)	$	(36,284	)
	Weighted Average Number of Shares Outstanding (denominator)		708,000			708,000
	Basic Loss per Common Share	$	(0.04	)	$	(0.05	)

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Deferred tax asset and valuation account		For the Years Ended
		December 31,
		2014			2013
	Net operating loss carryforward	$	67,071		$	58,818
	Valuation allowance		(67,071	)		(58,818	)
	Deferred tax asset	$	—		$	—
Components of income tax expense		For the Years Ended
		December 31,
		2014			2013
	Current Federal tax	$	—		$	—
	Current State tax		—			—
	Change in NOL benefit		9,161			12,714
	Change in valuation allowance		(9,161	)		(12,714	)
		$	—		$	—
Reconciliation of the beginning and ending amount of unrecognized tax benefits			For the Years Ended
			December 31,
			2014			2013
	Beginning Balance	$	—		$	—
	Additions based on tax positions related to current year		—			—
	Additions for tax positions of prior years		—			—
	Reductions for tax positions of prior years		—			—
	Reductions in benefit due to income tax expense		—			—
	Ending Balance	$	—		$	—

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Computation of earnings per share of common stock (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Net Income (Loss) (numerator)	($26,946)	($36,284)
Weighted Average Number of Shares Outstanding (denominator)	708,000	708,000
Basic Loss per Common Share	($0.04)	($0.05)

Going_Concern_Details_Narrativ

Going Concern (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Going Concern Details Narrative
Working capital	($174,083)
Losses incurred since inception	($199,939)	($172,993)

Income_Taxes_Deferred_tax_asse

Income Taxes - Deferred tax asset and valuation account (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$67,071	$58,818
Valuation allowance	-67,071	-58,818
Deferred tax asset

Income_Taxes_Components_of_inc

Income Taxes - Components of income tax expense (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Current Federal tax
Current State tax
Change in NOL benefit	9,161	12,714
Change in valuation allowance	-9,161	-12,714
Total income tax expense benefit

Income_Taxes_Reconciliation_of

Income Taxes - Reconciliation of the beginning and ending amount of unrecognized tax benefits (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Beginning Balance
Additions based on tax positions related to current year
Additions for tax positions for prior years
Reductions for tax positions of prior years
Reductions in benefit due to income tax expense
Ending Balance

Income_Taxes_Details_Narrative

Income Taxes (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Net operating loss carry-forwards	$197,268	$170,322
Change in valuation allowance	($9,161)	($12,714)

Accounts_and_Notes_Payable_Det

Accounts and Notes Payable (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Accounts payable for services	$85,926
Interest rate on accounts payable-converted note	8.00%
Accrued interest		24,864	15,458
Professional services, consulting and administrative costs due to First Equity Holdings Corp.		$10,600	$20,500

Stock_Transactions_Details_Nar

Stock Transactions (Details Narrative) (USD $)	0 Months Ended					264 Months Ended
	Aug. 14, 2000	Jul. 19, 2000	Mar. 20, 1998	Jan. 13, 1997	Jan. 03, 1992	Dec. 31, 2014
Equity [Abstract]
Forward stock split authorized by Board					3:01
Reverse stock split authorized by Board				0.111111111
Shares of outstanding common stock returned for cancellation						206,632
Stock issued during period for services, shares	25,000	30,000	48,000
Stock issued during period for services, value	$2,500	$3,000	$4,800