Skinovation Pharmaceutical 10-K 23 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 01, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	SKINOVATION PHARMACEUTICAL INC
Entity Central Index Key	1,118,072
Document Type	10-K
Document Period End Date	Dec. 31, 2015
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 Public Float			$ 0
Entity Common Stock, Shares Outstanding		708,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash	$ 302	$ 752
Total Current Assets	302	752
Total Assets	302	752
Current Liabilities
Accounts payable	8,300	10,600
Notes payable	156,621	139,371
Accrued interest	36,394	24,864
Total Current Liabilities	201,315	174,835
Total Liabilities	$ 201,315	$ 174,835
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
Accumulated deficit	(226,869)	(199,939)
Total Stockholders' Deficit	(201,013)	(174,083)
Total Liabilities and Stockholders' Deficit	$ 302	$ 752

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized	25,000,000	25,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
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, 2015	Dec. 31, 2014
Income Statement [Abstract]
REVENUES
EXPENSES
General and administrative	$ 15,400	$ 17,540
TOTAL EXPENSES	15,400	17,540
INCOME (LOSS) BEFORE OTHER EXPENSE	(15,400)	(17,540)
OTHER INCOME (EXPENSE)
Interest expense	(11,530)	(9,406)
Total other income (expense)	(11,530)	(9,406)
INCOME (LOSS) BEFORE INCOME TAXES	$ (26,930)	$ (26,946)
INCOME TAXES
NET INCOME (LOSS)	$ (26,930)	$ (26,946)
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	Total
Beginning balance, shares at Dec. 31, 2013	708,000
Beginning balance, amount at Dec. 31, 2013	$ 708	$ 25,148	$ (172,993)	$ (147,137)
Net income (loss)			(26,946)	(26,946)
Ending balance, shares at Dec. 31, 2014	708,000
Ending balance, amount at Dec. 31, 2014	$ 708	$ 25,148	(199,939)	(174,083)
Net income (loss)			(26,930)	(26,930)
Ending balance, shares at Dec. 31, 2015	708,000
Ending balance, amount at Dec. 31, 2015	$ 708	$ 25,148	$ (226,869)	$ (201,013)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net income (loss)	$ (26,930)	$ (26,946)
Changes in assets and liabilities:
Increase (decrease) in accounts payable	8,300	10,600
Increase in accrued interest	11,530	9,406
Net cash used by operating activities	$ (7,100)	$ (6,940)
Cash Flows from Investing Activities
Net cash used by investing activities
Cash Flows from Financing Activities
Proceeds from notes payable	$ 6,650	$ 4,800
Net cash provided by financing activities	6,650	4,800
Increase (decrease) in cash	(450)	(2,140)
Cash and cash equivalents at beginning of period	752	2,892
Cash and cash equivalents at end of period	$ 302	$ 752
Supplemental Cash Flow Information:
Cash paid for interest
Cash paid for income taxes
Non-Cash Investing and Financing Activities
Converted accounts payable into notes payable	$ 10,600	$ 20,500

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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 2015 2014 Net Income (Loss) (numerator) $ (26,930 ) $ (26,946 ) 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, 2015 and 2014, 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, 2015 and December 31, 2014. 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, 2015
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 $201,013 and has incurred losses of $226,869 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, 2015
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 $226,869 and $199,939 as of December 31, 2015 and December 31, 2014, respectively, which may be offset against future taxable income through 2033. No tax benefit has been reported in the financial statements. Deferred tax asset and the valuation account are as follows at December 31, 2015 and 2014: For the Years Ended 2015 2014 Net operating loss carryforward (at 34%) $ 77,135 $ 67,979 Valuation allowance (77,135 ) (67,979 ) Deferred tax asset $ — $ — The change in the valuation allowance was $9,156 during the year ended December 31, 2015. The components of income tax expense are as follows: For the Years Ended 2015 2014 Current Federal tax $ — $ — Current State tax — — Change in NOL benefit 9,156 9,161 Change in valuation allowance (9,156 ) (9,161 ) $ — $ — 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, 2015 and 2014, 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, 2014, 2013 and 2012.

Accounts and Notes Payable

Accounts and Notes Payable	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts and Notes Payable	NOTE 4 - ACCOUNTS AND NOTES PAYABLE Through December 31, 2015, the Company recorded as accounts payable and notes payable $164,921 for services as well as cash advances received from unrelated parties. It was the intent of management and counter parties to issue common stock of the Company for accounts payable at some future date. However, in 2012 it was determined that it was not in the best interests of the parties to issue stock for these liabilities; therefore, the parties have agreed that the accounts payable will be converted annually to notes payable, which bear interest at 8% and are due on demand. In 2015 the 2014 accounts payable of $10,600 were converted into notes payable and during 2014 the 2013 accounts payable of $20,500 were converted into notes payable. Notes payable at December 31, 2015 and 2014 were $156,621 and $139,371, respectively. Accrued interest was $36,394 and $24,864 at December 31, 2015 and 2014 respectively. For the fiscal year ended December 31, 2014, 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 $8,300 in 2015 and $10,600 in 2014.

Stock Transactions

Stock Transactions	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stock Transactions	NOTE 5 - STOCK TRANSACTIONS 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, 2015
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.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
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. 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, 2015
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 Accoun15

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 2015 2014 Net Income (Loss) (numerator) $ (26,930 ) $ (26,946 ) 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, 2015 and 2014, 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, 2015 and December 31, 2014.
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 Accoun16

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Computation of earnings per share of common stock	For the Years Ended 2015 2014 Net Income (Loss) (numerator) $ (26,930 ) $ (26,946 ) 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, 2015
Income Tax Disclosure [Abstract]
Deferred tax asset and valuation account	For the Years Ended 2015 2014 Net operating loss carryforward (at 34%) $ 77,135 $ 67,979 Valuation allowance (77,135 ) (67,979 ) Deferred tax asset $ — $ —
Components of income tax expense	For the Years Ended 2015 2014 Current Federal tax $ — $ — Current State tax — — Change in NOL benefit 9,156 9,161 Change in valuation allowance (9,156 ) (9,161 ) $ — $ —

Summary of Significant Accoun18

Summary of Significant Accounting Policies - Computation of earnings per share of common stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Net Income (Loss) (numerator)	$ (26,930)	$ (26,946)
Weighted Average Number of Shares Outstanding (denominator)	708,000	708,000
Basic Loss per Common Share	$ (0.04)	$ (0.05)

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies Details Narrative
Accounts payable and notes payable minimum concentration risk of two lenders	95.00%	95.00%

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital	$ (201,013)
Accumulated deficit	$ (226,869)	$ (199,939)

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax asset and valuation account (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carryforward (at 34%)	$ 77,135	$ 67,979
Valuation allowance	$ (77,135)	$ (67,979)
Deferred tax asset

Income Taxes - Components of in

Income Taxes - Components of income tax expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Current Federal tax
Current State tax
Change in NOL benefit	$ 9,156	$ 9,161
Change in valuation allowance	$ (9,156)	$ (9,161)
Total income tax expense benefit

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carry-forwards	$ (226,869)	$ (199,939)
Change in valuation allowance	$ (9,156)	$ (9,161)

Accounts and Notes Payable (Det

Accounts and Notes Payable (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable and notes payable for services and cash advances from unrelated parties	$ 164,921
Interest rate on accounts payable-converted note	8.00%	8.00%
Accounts payable converted into notes payable	$ 10,600	$ 20,500
Notes payable	156,621	139,371
Accrued interest	36,394	24,864
Professional services, consulting and administrative costs due to First Equity Holdings Corp.	$ 8,300	$ 10,600