Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'Morris Business Development Co |
Entity Central Index Key | '0001133901 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--03-31 |
Document Type | '10-K |
Document Period End Date | 31-Mar-14 |
Document Fiscal Period Focus | 'FY |
Document Fiscal Year Focus | '2014 |
Entity a Well-known Seasoned Issuer | 'No |
Entity a Voluntary Filer | 'No |
Entity's Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Public Float | $0 |
Entity Common Stock, Shares Outstanding | 0 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash and Cash Equivalents | $413 | $3,706 |
Marketable Securities | ' | ' |
Accounts Receivable | ' | 3,000 |
TOTAL ASSETS | 413 | 6,706 |
Current Liabilities | ' | ' |
Accounts Payable and Accrued Expenses | 9,463 | 8,781 |
Related Party Payable | 6,600 | ' |
Total Liabilities | 16,063 | 8,781 |
Stockholders' Equity | ' | ' |
Preferred Stock, $0.001 par value,10,000,000 shares authorized; none issued and outstanding | ' | ' |
Common Stock, $0.001 par value; 40,000,000 shares authorized,28,807,000 shares issued and outstanding at March 31, 2014 28,667,000 shares issued and outstanding at March 31, 2013, | 28,807 | 28,667 |
Additional Paid-in Capital | 929,519 | 925,459 |
Accumulated Deficit | -938,104 | -920,329 |
Accumulated other comprehensive loss | -35,872 | -35,872 |
Total Stockholders' Equity | -15,650 | -2,075 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $413 | $6,706 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, par value | $0.01 | $0.00 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | ' | ' |
Preferred Stock, shares outstanding | ' | ' |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 40,000,000 | 40,000,000 |
Common Stock, shares issued | 28,807,000 | 28,667,000 |
Common Stock, shares outstanding | 28,807,000 | 28,667,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenue | ' | ' |
DVD/CD replication | $5,100 | $15,250 |
Consulting | ' | ' |
Total Revenue | 5,100 | 15,250 |
Cost of Sales | ' | ' |
Gross Profit | 5,100 | 15,250 |
General and Administrative Expenses | ' | ' |
Professional Fees | 13,664 | 11,446 |
Consulting | 4,200 | 7,550 |
Other general and administrative expenses | 5,011 | 8,865 |
Total general and administrative expenses | 22,875 | 27,861 |
Interest expense | ' | ' |
Net Loss before other comprehensive loss | -17,775 | -12,611 |
Other comprehensive loss | ' | -12,500 |
Net Loss and Other Compresensive Loss | ($17,775) | ($25,111) |
Net loss per common share - basic and diluted | $0 | $0 |
Weighted average number of shares outstanding - basic and diluted | 28,703,055 | 28,677,000 |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Mar. 31, 2006 | $13,000 | $55,600 | ($269,490) | ' | ($200,890) |
Balance, shares at Mar. 31, 2006 | 13,000,000 | ' | ' | ' | ' |
Net loss for the year | ' | ' | -49,444 | ' | -49,444 |
Balance at Mar. 31, 2007 | 13,000 | 55,600 | -318,934 | ' | -250,334 |
Balance, shares at Mar. 31, 2007 | 13,000,000 | ' | ' | ' | ' |
Contribution of capital,notes payable | ' | 2,667 | ' | ' | 2,667 |
Unrealized gain on marketable security | ' | ' | ' | 16,250 | -16,250 |
Impairment of marketable security | ' | ' | ' | 16,250 | ' |
Net loss for the year | ' | ' | -37,272 | ' | -37,272 |
Balance at Mar. 31, 2008 | 13,000 | 58,267 | -356,206 | 16,250 | -268,689 |
Balance, shares at Mar. 31, 2008 | 13,000,000 | ' | ' | ' | ' |
Contribution of capital,notes payable | ' | 3,999 | ' | ' | 3,999 |
Beneficial conversion | ' | 415,000 | ' | ' | 415,000 |
Unrealized gain on marketable security | ' | ' | ' | -25,000 | 25,000 |
Impairment of marketable security | ' | ' | ' | -25,000 | ' |
Net loss for the year | ' | ' | -480,347 | ' | -480,347 |
Balance at Mar. 31, 2009 | 13,000 | 477,266 | -836,303 | -8,750 | -355,037 |
Balance, shares at Mar. 31, 2009 | 13,000,000 | ' | ' | ' | ' |
Net loss for the year | ' | ' | -47,750 | ' | -47,750 |
Balance at Mar. 31, 2010 | 13,000 | 477,266 | -884,303 | -8,750 | -402,787 |
Balance, shares at Mar. 31, 2010 | 13,000,000 | ' | ' | ' | ' |
Shares issued for debt settlement | 10,667 | 309,333 | ' | ' | 320,000 |
Shares issued for debt settlement, Shares | 10,667,000 | ' | ' | ' | ' |
Contribution of liabilities | ' | 57,109 | ' | ' | 57,109 |
Net loss for the year | ' | ' | -16,115 | -14,622 | -30,737 |
Balance at Mar. 31, 2011 | 23,667 | 843,708 | -900,418 | ' | -56,415 |
Balance, shares at Mar. 31, 2011 | 23,667,000 | ' | ' | ' | ' |
Outstanding shares corrected | 5,000 | -5,000 | ' | ' | ' |
Outstanding shares corrected, Shares | 5,000,000 | ' | ' | ' | ' |
Contribution of capital,notes payable | ' | 50,968 | ' | ' | 50,968 |
Contribution of liabilities | ' | 35,783 | ' | ' | 35,783 |
Net loss for the year | ' | ' | -7,300 | ' | -7,300 |
Balance at Mar. 31, 2012 | 28,667 | 925,459 | -907,718 | -23,372 | 23,036 |
Balance, shares at Mar. 31, 2012 | 28,667,000 | ' | ' | ' | ' |
Impairment of marketable security | ' | ' | ' | ' | ' |
Net loss for the year | ' | ' | -12,611 | ' | -12,611 |
Balance at Mar. 31, 2013 | 28,667 | 925,459 | -920,329 | -35,872 | -2,075 |
Balance, shares at Mar. 31, 2013 | 28,667,000 | ' | ' | ' | ' |
12/27/13 Shares issued svcs,value | 140 | 4,060 | ' | ' | 4,200 |
12/27/13 Shares issued svcs,shares | 140,000 | ' | ' | ' | ' |
Impairment of marketable security | ' | ' | ' | ' | ' |
Net loss for the year | ' | ' | -17,775 | ' | -17,775 |
Balance at Mar. 31, 2014 | $28,807 | $929,519 | ($938,104) | ($35,872) | ($15,650) |
Balance, shares at Mar. 31, 2014 | 28,807,000 | ' | ' | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net loss | ($17,775) | ($25,111) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock issued for consulting and office expense | 4,200 | ' |
Impairment of marketable security | ' | ' |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 3,000 | 4,500 |
Accounts payable | 682 | 6,391 |
Accrued Interest | ' | ' |
Net cash (used by) operating activities | -9,893 | -1,720 |
FINANCING ACTIVITIES | ' | ' |
Loan from related party | 6,600 | ' |
Shares issued for debt settlement | ' | ' |
Reclassification of related party loans | ' | ' |
Contribution of liabilities | ' | ' |
Net cash provided by financing activities | 6,600 | ' |
NET INCREASE ( DECREASE) IN CASH | -3,293 | -1,720 |
CASH, BEGINNING OF PERIOD | 3,706 | 5,426 |
CASH, END OF PERIOD | 413 | 3,706 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash paid for Interest | ' | ' |
Cash paid for Taxes | ' | ' |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Mar. 31, 2014 | |
Organization and Description of Business [Abstract] | ' |
ORGANIZATION AND DESCRIPTION OF BUSINESS | ' |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS | |
On April 1, 1998, Morris Business Development Company (the “Company”), was incorporated under the laws of the state of California. | |
The Company is engaged in providing services for the development and growth of both American public and private stock companies. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | |
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |
Use of estimates | |
The preparation of financial statements in conformity with U.S. GAAP 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. Accordingly, actual results could differ from those estimates. Such estimates include management’s assessments of the carrying value of certain assets, useful lives of assets, and related depreciation and amortization methods applied. | |
Cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2014 and March 31 2013, the Company had no cash equivalents. | |
Fair value of financial instruments | |
The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. | |
The Fair Value Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. It also establishes a fair value hierarchy, which prioritizes the valuation inputs into three broad levels. | |
Fair value of financial instruments | |
The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: | |
A) Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Prices may be indicated by pricing guides, sale transactions, market trades, or other sources; | |
B) Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost); and | |
C) Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about the future amounts (includes present value techniques, and option-pricing models). Net present value is an income approach where a stream of expected cash flows is discounted at an appropriate market interest rate. | |
Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. An active market for an asset or liability is a market in which transactions for the asset or liability occur with significant frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that are market participants would use in pricing the asset or liability. | |
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable, accrued expenses, and deferred revenue approximate their fair value because of the short maturity of those instruments. The Company’s note payable approximates the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at March 31, 2014 and 2013. | |
The Company had no assets and/or liabilities measured at fair value on a recurring basis for as of March 31, 2014 and 2013, respectively, using the market and income approaches. | |
Property and equipment | |
Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method over the assets estimated useful life of three (3) years for equipment, five (5) years for automobile, and seven (7) years for furniture and fixtures. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. | |
Commitments and contingencies | |
The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. | |
Revenue recognition | |
The Company follows paragraph 605-10-S99-1 of the FASB ASC for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable and (iv) collectability is reasonably assured. In addition, the Company records allowances for accounts receivable that are estimated to not be collected. | |
Income taxes | |
The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company adopted section 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |
Stock-based compensation | |
In December 2004, the FASB issued FASB ASC No. 718, Compensation – Stock Compensation (“ASC No. 718”). Under ASC No. 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. The Company applies this statement prospectively. | |
Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by ASC No. 718. FASB ASC No. 505, Equity Based Payments to Non-Employees,defines the measurement date and recognition period for such instruments. In general, the measurement date is when either (a) a performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB ASC. | |
Net income (loss) per share | |
The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially diluted debt or equity. | |
There were no potentially dilutive shares outstanding as of March 31, 2014 and 2013, respectively. | |
Subsequent events | |
The Company follows the guidance in Section 855-10-50 of the FASB ASC for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. | |
Recently issued accounting pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | |
Going_Concern
Going Concern | 12 Months Ended |
Mar. 31, 2014 | |
Going Concern [Abstract] | ' |
GOING CONCERN | ' |
NOTE 3 – GOING CONCERN | |
The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustment relating to recoverability and classification of recorded amounts of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. | |
The Company has a minimum cash balance available for payment of ongoing operating expenses. Its continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. There can be no assurance the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 4 – RELATED PARTY TRANSACTIONS | |
Free office space provided by president | |
The Company has been provided office space by its majority shareholder, at no cost. Management has determined that such cost is nominal and did not recognize the rent expense in its financial statements. | |
Loan Payable to Officer | |
The Company from time to time receives advances from its officer for ongoing expenses. At March 31, 2014 the amount owed was $6,600. Terms indicate repayment without interest upon demand. | |
Compensation Paid to Officer | |
The Company’s officer received in 2012 $7,550 in compensation categorized as consulting fees and shown in the statement of operations. In 2014 the Company issued shares valued at market resulting in an expense of $4,200. | |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE 5 – STOCKHOLDERS’ EQUITY | |
On December 27, 2013 the Company issued 140,000 shares of stock to its officer in exchange for services. The shares were valued at market which was .03 per share resulting in stock compensation expense of $4,200 which is shown in the statement of operations under consulting expense. | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
NOTE 6 – INCOME TAXES | |||||||||
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards 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 bases. 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. | |||||||||
Net deferred tax assets consist of the following components as of March 31, 2014 and 2013: | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Deferred Tax Assets – Non-current: | |||||||||
NOL Carryover | $ | 518,904 | $ | 505,329 | |||||
Payroll Accrual | - | - | |||||||
Less valuation allowance | (518,904 | ) | (505,329 | ) | |||||
Deferred tax assets, net of valuation allowance | $ | - | $ | - | |||||
The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the period ended March 31, 2014 and 2013 due to the following: | |||||||||
2014 | 2013 | ||||||||
Book Income | $ | (17,775 | ) | $ | (12,611 | ) | |||
Meals and Entertainment | - | - | |||||||
Stock for Services | 4,200 | - | |||||||
Accrued Payroll | - | - | |||||||
Valuation allowance | 13,575 | 12,611 | |||||||
$ | - | $ | - |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 7 – SUBSEQUENT EVENTS | |
Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no other material subsequent events exist. | |
Restated_Financial_Statements
Restated Financial Statements | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restated Financial Statements [Abstract] | ' | ||||||||||||
RESTATED FINANCIAL STATEMENTS | ' | ||||||||||||
NOTE 8 – RESTATED FINANCIAL STATEMENTS | |||||||||||||
The Company has restated its March 31, 2013 financial statements to include a liability not recognized. The Effect on the financials are indicated below: | |||||||||||||
Balance Sheet 03/31/2012 | Corrected | As Originally Shown | Difference | ||||||||||
Total Assets | 6,706 | 6,706 | - | ||||||||||
Liabilities | 8,781 | 4,170 | (4,611 | ) | |||||||||
Common Stock | 28,667 | 28,667 | - | ||||||||||
Additional Paid in Capital | 925,459 | 925,459 | - | ||||||||||
Accumulated Deficit | (920,329 | ) | (915,718 | ) | 4,611 | ||||||||
Other Comprehensive | (35,872 | ) | (35,872 | ) | - | ||||||||
Total Equity | (2,075 | ) | 2,536 | (4,611 | ) | ||||||||
Statement of Operations | |||||||||||||
Total Gross Profit | 15,250 | 15,250 | - | ||||||||||
Total Expenses | 27,861 | 23,250 | (4,611 | ) | |||||||||
Net Loss | (12,611 | ) | (8,000 | ) | (4,611 | ) | |||||||
Statement of Cash Flows | |||||||||||||
Net Cash used in operations | (1,720 | ) | (1,720 | ) | - | ||||||||
Net (Decrease) in Cash | (1,720 | ) | (1,720 | ) | - |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). | |
Use of estimates | ' |
Use of estimates | |
The preparation of financial statements in conformity with U.S. GAAP 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. Accordingly, actual results could differ from those estimates. Such estimates include management’s assessments of the carrying value of certain assets, useful lives of assets, and related depreciation and amortization methods applied. | |
Cash equivalents | ' |
Cash equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2014 and March 31 2013, the Company had no cash equivalents. | |
Fair value of financial instruments | ' |
Fair value of financial instruments | |
The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. | |
The Fair Value Topic defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. It also establishes a fair value hierarchy, which prioritizes the valuation inputs into three broad levels. | |
Fair value of financial instruments | |
The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: | |
A) Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Prices may be indicated by pricing guides, sale transactions, market trades, or other sources; | |
B) Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost); and | |
C) Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about the future amounts (includes present value techniques, and option-pricing models). Net present value is an income approach where a stream of expected cash flows is discounted at an appropriate market interest rate. | |
Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. An active market for an asset or liability is a market in which transactions for the asset or liability occur with significant frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: Observable inputs other than Level 1 inputs. Example of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that are market participants would use in pricing the asset or liability. | |
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses, accounts payable, accrued expenses, and deferred revenue approximate their fair value because of the short maturity of those instruments. The Company’s note payable approximates the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at March 31, 2014 and 2013. | |
The Company had no assets and/or liabilities measured at fair value on a recurring basis for as of March 31, 2014 and 2013, respectively, using the market and income approaches. | |
Property and equipment | ' |
Property and equipment | |
Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method over the assets estimated useful life of three (3) years for equipment, five (5) years for automobile, and seven (7) years for furniture and fixtures. Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. | |
Commitments and contingencies | ' |
Commitments and contingencies | |
The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. | |
Revenue recognition | ' |
Revenue recognition | |
The Company follows paragraph 605-10-S99-1 of the FASB ASC for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable and (iv) collectability is reasonably assured. In addition, the Company records allowances for accounts receivable that are estimated to not be collected. | |
Income taxes | ' |
Income taxes | |
The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
The Company adopted section 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |
Stock-based compensation | ' |
Stock-based compensation | |
In December 2004, the FASB issued FASB ASC No. 718, Compensation – Stock Compensation (“ASC No. 718”). Under ASC No. 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. The Company applies this statement prospectively. | |
Equity instruments (“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by ASC No. 718. FASB ASC No. 505, Equity Based Payments to Non-Employees,defines the measurement date and recognition period for such instruments. In general, the measurement date is when either (a) a performance commitment, as defined, is reached or (b) the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the FASB ASC. | |
Net income (loss) per share | ' |
Net income (loss) per share | |
The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially diluted debt or equity. | |
There were no potentially dilutive shares outstanding as of March 31, 2014 and 2013, respectively. | |
Subsequent events | ' |
Subsequent events | |
The Company follows the guidance in Section 855-10-50 of the FASB ASC for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. | |
Recently issued accounting pronouncements | ' |
Recently issued accounting pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Schedule of Components of Deferred Tax Asset Net | ' | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Deferred Tax Assets – Non-current: | |||||||||
NOL Carryover | $ | 518,904 | $ | 505,329 | |||||
Payroll Accrual | - | - | |||||||
Less valuation allowance | (518,904 | ) | (505,329 | ) | |||||
Deferred tax assets, net of valuation allowance | $ | - | $ | - | |||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||
2014 | 2013 | ||||||||
Book Income | $ | (17,775 | ) | $ | (12,611 | ) | |||
Meals and Entertainment | - | - | |||||||
Stock for Services | 4,200 | - | |||||||
Accrued Payroll | - | - | |||||||
Valuation allowance | 13,575 | 12,611 | |||||||
$ | - | $ | - |
Restated_Financial_Statements_
Restated Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restated Financial Statements [Abstract] | ' | ||||||||||||
Schedule of restated financial statements | ' | ||||||||||||
Balance Sheet 03/31/2012 | Corrected | As Originally Shown | Difference | ||||||||||
Total Assets | 6,706 | 6,706 | - | ||||||||||
Liabilities | 8,781 | 4,170 | (4,611 | ) | |||||||||
Common Stock | 28,667 | 28,667 | - | ||||||||||
Additional Paid in Capital | 925,459 | 925,459 | - | ||||||||||
Accumulated Deficit | (920,329 | ) | (915,718 | ) | 4,611 | ||||||||
Other Comprehensive | (35,872 | ) | (35,872 | ) | - | ||||||||
Total Equity | (2,075 | ) | 2,536 | (4,611 | ) | ||||||||
Statement of Operations | |||||||||||||
Total Gross Profit | 15,250 | 15,250 | - | ||||||||||
Total Expenses | 27,861 | 23,250 | (4,611 | ) | |||||||||
Net Loss | (12,611 | ) | (8,000 | ) | (4,611 | ) | |||||||
Statement of Cash Flows | |||||||||||||
Net Cash used in operations | (1,720 | ) | (1,720 | ) | - | ||||||||
Net (Decrease) in Cash | (1,720 | ) | (1,720 | ) | - |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Mar. 31, 2014 | |
Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Automobiles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Furniture and Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
Loan from related party | $6,600 | ' |
Stock issued for consulting and office expense | 4,200 | ' |
Consulting | $4,200 | $7,550 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (Officer [Member], USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2013 |
Officer [Member] | ' |
Common stock, par value | $0.03 |
Issuance of stock for services, shares | 140,000 |
Stock compensation expense | $4,200 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes [Abstract] | ' | ' |
NOL Carryover | $518,904 | $505,329 |
Payroll Accrual | ' | ' |
Less valuation allowance | -518,904 | -505,329 |
Deferred tax assets, net of valuation allowance | ' | ' |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Abstract] | ' | ' |
Book Income | ($17,775) | ($12,611) |
Meals and Entertainment | ' | ' |
Stock for Services | 4,200 | ' |
Accrued Payroll | ' | ' |
Valuation allowance | 13,575 | 12,611 |
Income Tax Expense (Benefit) | ' | ' |
Restated_Financial_Statements_1
Restated Financial Statements (Balance Sheet) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2010 | Mar. 31, 2009 | Mar. 31, 2008 | Mar. 31, 2007 | Mar. 31, 2006 |
Total Assets | $413 | $6,706 | ' | ' | ' | ' | ' | ' | ' |
Liabilities | 16,063 | 8,781 | ' | ' | ' | ' | ' | ' | ' |
Common Stock | 28,807 | 28,667 | 5,000 | ' | ' | ' | ' | ' | ' |
Additional Paid-in Capital | 929,519 | 925,459 | ' | ' | ' | ' | ' | ' | ' |
Accumulated Deficit | -938,104 | -920,329 | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive | -35,872 | -35,872 | ' | ' | ' | ' | ' | ' | ' |
Total Equity | -15,650 | -2,075 | 23,036 | -56,415 | -402,787 | -355,037 | -268,689 | -250,334 | -200,890 |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 6,706 | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | 8,781 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock | 28,667 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Paid-in Capital | 925,459 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Deficit | -920,329 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive | -35,872 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Equity | -2,075 | ' | ' | ' | ' | ' | ' | ' | ' |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 6,706 | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | 4,170 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock | 28,667 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Paid-in Capital | 925,459 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Deficit | -915,718 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive | -35,872 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Equity | 2,536 | ' | ' | ' | ' | ' | ' | ' | ' |
Difference [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | -4,611 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Paid-in Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Deficit | 4,611 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Equity | ($4,611) | ' | ' | ' | ' | ' | ' | ' | ' |
Restated_Financial_Statements_2
Restated Financial Statements (Cash Flows) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net Cash used in operations | ($9,893) | ($1,720) |
Net (Decrease) in Cash | -3,293 | -1,720 |
Restatement Adjustment [Member] | ' | ' |
Net Cash used in operations | -1,720 | ' |
Net (Decrease) in Cash | -1,720 | ' |
Scenario, Previously Reported [Member] | ' | ' |
Net Cash used in operations | -1,720 | ' |
Net (Decrease) in Cash | -1,720 | ' |
Difference [Member] | ' | ' |
Net Cash used in operations | ' | ' |
Net (Decrease) in Cash | ' | ' |
Restated_Financial_Statements_3
Restated Financial Statements (Operations) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Total Gross Profit | $5,100 | $15,250 |
Total Expenses | 22,875 | 27,861 |
Net Loss | -17,775 | -25,111 |
Restatement Adjustment [Member] | ' | ' |
Total Gross Profit | 15,250 | ' |
Total Expenses | 27,861 | ' |
Net Loss | -12,611 | ' |
Scenario, Previously Reported [Member] | ' | ' |
Total Gross Profit | 15,250 | ' |
Total Expenses | 23,250 | ' |
Net Loss | -8,000 | ' |
Difference [Member] | ' | ' |
Total Gross Profit | ' | ' |
Total Expenses | -4,611 | ' |
Net Loss | ($4,611) | ' |