Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 17, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | CANCER CAPITAL CORP | ||
Entity Central Index Key | 1,130,889 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 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 Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 6,150,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 625 | $ 598 |
Total current assets | 625 | 598 |
Total assets | 625 | 598 |
CURRENT LIABILITIES | ||
Accounts payable - related party | 6,900 | 8,400 |
Notes payable - related party | 91,625 | 83,225 |
Notes payable | 78,075 | 71,075 |
Accrued interest - related party | 19,250 | 12,590 |
Accrued interest | 21,143 | 15,114 |
Total current liabilities | 216,993 | 190,404 |
Total liabilities | 216,993 | 190,404 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $.001 par value; 20,000,000 shares authorized; 6,150,000 shares issued and outstanding | 6,150 | 6,150 |
Additional paid-in capital | 47,050 | 47,050 |
Accumulated deficit | (269,568) | (243,006) |
Total stockholders' deficit | (216,368) | (189,806) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 625 | $ 598 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 6,150,000 | 6,150,000 |
Common stock, shares outstanding | 6,150,000 | 6,150,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses | ||
General and administrative | 13,873 | 15,490 |
Total expenses | 13,873 | 15,490 |
Loss from operations before other expense | (13,873) | (15,490) |
Other income (expense) non-operating | ||
Interest expense - related party | (6,660) | (5,820) |
Interest expense | (6,029) | (5,536) |
Total other expense | (12,689) | (11,356) |
Loss from operations before taxes | (26,562) | (26,846) |
Taxes | 0 | 0 |
Net loss | $ (26,562) | $ (26,846) |
Net loss per share | $ 0 | $ 0 |
Weighted average shares outstanding | 6,150,000 | 6,150,000 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2014 | 6,150,000 | |||
Beginning balance, amount at Dec. 31, 2014 | $ 6,150 | $ 47,050 | $ (216,160) | $ (162,960) |
Net income (loss) | (26,846) | (26,846) | ||
Ending balance, shares at Dec. 31, 2015 | 6,150,000 | |||
Ending balance, amount at Dec. 31, 2015 | $ 6,150 | 47,050 | (243,006) | (189,806) |
Net income (loss) | (26,562) | (26,562) | ||
Ending balance, shares at Dec. 31, 2016 | 6,150,000 | |||
Ending balance, amount at Dec. 31, 2016 | $ 6,150 | $ 47,050 | $ (269,568) | $ (216,368) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (26,562) | $ (26,846) |
Adjustments to reconcile net loss to cash provided (used) by operating activities: | ||
Expenses paid by related party | 6,900 | 8,400 |
Changes in operating assets and liabilities: | ||
Accrued interest - related party | 6,660 | 5,820 |
Accrued interest | 6,029 | 5,536 |
Net cash provided (used) by operating activities | (6,973) | (7,090) |
Cash Flows from Investing Activities | ||
Net cash provided by investing activities | ||
Cash Flows from Financing Activities | ||
Proceeds from advances and notes payable | 7,000 | 6,550 |
Net cash provided by financing activities | 7,000 | 6,550 |
Increase (decrease) in cash | 27 | (540) |
Cash and cash equivalents at beginning of year | 598 | 1,138 |
Cash and cash equivalents at end of year | 625 | 598 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-Cash Investing and Financing Activities | ||
Converted related party accounts payable and advances into notes payable | $ 8,400 | $ 10,500 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Organization & Summary of Significant Accounting Policies Cancer Capital Corp. (the Company), was incorporated April 11, 1997 under the laws of the State of Nevada. The Company was originally formed for the purpose of developing an alternative medical waste treatment system. However, the Company in December 1997 minimized this purpose and since that time its efforts have been directed more to raising capital, development of the Companys business plan, SEC filings and other limited operations. b. 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. c. Loss 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. There are no potentially dilutive common stock equivalents. For the Years Ended 2016 2015 Net Loss $ (26,562 ) $ (26,846 ) Weighted Average Number of Shares Outstanding 6,150,000 6,150,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) d. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. e. 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. f. Concentrations of Risk As of December 31, 2016, two lenders represent in excess of 95% of the Companys Accounts Payable and Notes Payable for the fiscal years ended December 31, 2016 and December 31, 2015. g. 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 2 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, a valuation 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 $269,568 and $243,006 as of December 31, 2016 and December 31, 2015, respectively, which may be offset against future taxable income through 2033. No tax benefit has been reported in the financial statements. Deferred tax assets and the valuation account are as follows: For the Years Ended 2016 2015 Deferred tax asset: Net operating loss carryforward (at 34%) $ 91,653 $ 82,622 Valuation allowance (91,653 ) (82,622 ) $ 0 $ 0 A reconciliation of amounts obtained by applying the Federal tax rate of 34% to pre-tax income to income tax benefit is as follows: For the Years Ended 2016 2015 Federal tax provision (at 34%) $ 9,031 $ 9,128 Change in valuation allowance (9,031 ) (9,128 ) $ 0 $ 0 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, 2016 and 2015, 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, 2016, 2015, 2014 and 2013. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 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 $216,368 and has incurred losses of $269,568 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 managements plan to acquire or merge with other operating companies. |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
NOTES PAYABLE | NOTE 4 NOTES PAYABLE Notes payable unrelated parties as of December 31, 2016 are $78,075. This includes additional advances during 2016 of $7,000. The Notes bear interest at 8% and are due on demand. Accrued interest - non-related party was $21,143 and $15,114 at December 31, 2016 and 2015 respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 RELATED PARTY TRANSACTIONS As of the years ended December 31, 2016 and 2015, the Company incurred $6,900 and $8,400 respectively of consulting, administrative, and professional services to a shareholder. In 2016 the 2015 payables were converted into Notes payable related party. Notes payable related party at December 31, 2016 and 2015 were $91,625 and $83,225, respectively. Accrued interest on these notes at December 31, 2016 and 2015 was $19,250 and $12,590, respectively. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 6 STOCKHOLDERS EQUITY There was no stock issued during 2016 and 2015. |
RECENT PRONOUNCEMENT
RECENT PRONOUNCEMENT | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
RECENT PRONOUNCEMENT | NOTE 7 RECENT PRONOUNCEMENT The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 8 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: 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, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 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 ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | a. Organization & Summary of Significant Accounting Policies Cancer Capital Corp. (the Company), was incorporated April 11, 1997 under the laws of the State of Nevada. The Company was originally formed for the purpose of developing an alternative medical waste treatment system. However, the Company in December 1997 minimized this purpose and since that time its efforts have been directed more to raising capital, development of the Companys business plan, SEC filings and other limited operations. |
Recognition of Revenue | b. 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. |
Loss Per Share | c. Loss 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. There are no potentially dilutive common stock equivalents. For the Years Ended 2016 2015 Net Loss $ (26,562 ) $ (26,846 ) Weighted Average Number of Shares Outstanding 6,150,000 6,150,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) |
Cash and Cash Equivalents | d. 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 | e. 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. |
Concentrations of Risk | f. Concentrations of Risk As of December 31, 2016, two lenders represent in excess of 95% of the Companys Accounts Payable and Notes Payable for the fiscal years ended December 31, 2016 and December 31, 2015. |
Reclassification | g. 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. |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Computation of earnings per share | For the Years Ended 2016 2015 Net Loss $ (26,562 ) $ (26,846 ) Weighted Average Number of Shares Outstanding 6,150,000 6,150,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Deferred tax assets and valuation account | For the Years Ended 2016 2015 Deferred tax asset: Net operating loss carryforward (at 34%) $ 91,653 $ 82,622 Valuation allowance (91,653 ) (82,622 ) $ 0 $ 0 |
Components of income tax expense | For the Years Ended 2016 2015 Federal tax provision (at 34%) $ 9,031 $ 9,128 Change in valuation allowance (9,031 ) (9,128 ) $ 0 $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Computation of earnings per share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Net Loss | $ (26,562) | $ (26,846) |
Weighted Average Number of Shares Outstanding | 6,150,000 | 6,150,000 |
Basic Loss per Common Share | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Concentration risk of Accounts and Notes Payable in two lenders | 95.00% | 95.00% |
INCOME TAXES - Deferred tax ass
INCOME TAXES - Deferred tax assets and valuation account (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward (at 34%) | $ 91,653 | $ 82,622 |
Valuation allowance | (91,653) | (82,622) |
Deferred tax asset | $ 0 | $ 0 |
INCOME TAXES - Components of in
INCOME TAXES - Components of income tax expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Federal tax provision (at 34%) | $ 9,031 | $ 9,128 |
Change in valuation allowance | (9,031) | (9,128) |
Total income tax expense benefit | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry-forwards | $ 269,568 | $ 243,006 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital | $ (216,368) | |
Accumulated deficit | $ (269,568) | $ (243,006) |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Payables and Accruals [Abstract] | ||
Notes payable to unrelated parties | $ 78,075 | |
Additional advances included in notes payable to unrelated parties | $ 7,000 | |
Interest rate on notes payable to unrelated parties | 8.00% | |
Accrued interest on notes payable to unrelated parties | $ 21,143 | $ 15,114 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Professional services, consulting and administrative costs due to First Equity Holdings Corp. | $ 6,900 | $ 8,400 |
Notes payable - related party | 91,625 | 83,225 |
Accrued interest on notes payable - related party | $ 19,250 | $ 12,590 |
Interest rate on notes payable - related party | 8.00% |