Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Sep. 30, 2013 | |||
Document And Entity Information | ' | ||
Entity Registrant Name | 'Morris Business Development Co | ||
Entity Central Index Key | '0001133901 | ||
Document Type | '10-Q | ||
Document Period End Date | 30-Sep-13 | ||
Amendment Flag | 'true | ||
Amendment Description | ' | ||
Explanatory Note | |||
The purpose of this Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q (Form 10-Q/A) for the quarterly period ended September 30, 2013 as filed with the Securities and Exchange Commission on November 18, 2013 is to reflect the removal of all references to the Company as a Development Stage company in the Company’s financial statements and the accompanying notes to the financial statements. | |||
In addition, the following changes have been made: | |||
● | Part I “Evaluation of disclosure controls and procedures” has been revised to indicate that the Company’s disclosure controls and procedures design were deemed to be ineffective. | ||
● | Part II “Management’s Discussion and Analysis and Results of Operations has been revised to include explanations on the results of operations for the six month periods ended September 30, 2013 and September 30, 2012. | ||
Current Fiscal Year End Date | '--03-31 | ||
Entity Current Reporting Status | 'Yes | ||
Entity Filer Category | 'Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 28,666,667 | ||
Document Fiscal Period Focus | 'Q2 | ||
Document Fiscal Year Focus | '2014 |
Balance_Sheet
Balance Sheet (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash | $580 | $3,706 |
Marketable Securities | 0 | 0 |
Accounts Receivable | 900 | 3,000 |
Total Current Assets | 1,480 | 6,706 |
Current Liabilities | ' | ' |
Accounts Payable and Accrued Expenses | 3,651 | 4,170 |
Total Liabilities | 3,651 | 4,170 |
Stockholders' Equity (Deficit) | ' | ' |
Common Stock, $0.001 par value; 40,000,000 shares authorized; 28,667,000 shares issued and a outstanding at September 30, 2013, and March 31, 2013 | 28,667 | 28,667 |
Additional Paid-in Capital | 933,959 | 933,959 |
Accumulated Deficit | -928,925 | -924,218 |
Accumulated other comprehensive loss | -35,872 | -35,872 |
Total Stockholders' Equity (Deficit) | -2,171 | 2,536 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $1,480 | $6,706 |
Balance_Sheet_Parenthetical
Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, par value | $0.00 | $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 | 28,667,000 | 28,667,000 |
Common Stock, shares outstanding | 28,667,000 | 28,667,000 |
Statement_of_Operations_Unaudi
Statement of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Revenue | ' | $3,000 | $3,000 | $3,000 |
Cost of Revenue | ' | ' | ' | ' |
Gross Profit | ' | 3,000 | 3,000 | 3,000 |
Professional Fees | 3,365 | 4,656 | 6,215 | 5,118 |
Consulting | ' | ' | ' | ' |
Other | 1,169 | 691 | 1,492 | 2,164 |
Total Operating Expenses | 4,534 | 5,347 | 7,707 | 7,282 |
Loss from operations | -4,534 | -2,347 | -4,707 | -4,282 |
Loss before income taxes | -4,534 | -2,347 | -4,707 | -4,282 |
Provision for income taxes | ' | ' | ' | ' |
Net Loss | -4,534 | -2,347 | -4,707 | -4,282 |
Unrealized loss on marketable securities | ' | ' | ' | -6,250 |
Comprehensive Loss | ($4,534) | ($2,347) | ($4,707) | ($10,532) |
Net loss per common share - basic and diluted | $0 | $0 | $0 | $0 |
Weighted average number of shares outstanding - basic and diluted | 28,666,667 | 28,666,667 | 28,666,667 | 28,666,667 |
Statement_of_Cash_Flows_Unaudi
Statement of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES | ' | ' |
Net loss | ($4,707) | ($4,282) |
Unrealized loss on marketable securities | ' | -6,250 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 2,100 | 6,750 |
Accounts payable | -519 | ' |
Net cash provided by (used by) operating activities | -3,126 | 2,468 |
FINANCING ACTIVITIES | ' | ' |
Loans from Officers | ' | ' |
Receivables from related party | ' | ' |
Net cash used by financing activities | 0 | 0 |
Net increase (decrease) in cash | -3,126 | 2,468 |
Cash, beginning of the period | 3,706 | ' |
Cash, end of the period | 580 | 7,894 |
Supplemental cash flow disclosure: | ' | ' |
Interest paid during the year | ' | ' |
Taxes paid during the year | ' | ' |
Basis_of_Presentation_and_Orga
Basis of Presentation and Organization | 6 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation and Organization | ' | |
NOTE 1 | BASIS OF PRESENTATION AND ORGANIZATION | |
Basis of Presentation | ||
These interim financial statements as of and for the six months ended September 30, 2013 reflect all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented in accordance with the accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. | ||
These interim financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s fiscal year end March 31, 2013 report on form 10 K. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The results of operations for the six month period ended September 30, 2013 are not necessarily indicative of results for the entire year ending March 31, 2014. | ||
Organization | ||
On April 1, 1998, Morris Business Development Company (the Company or MBDC) was incorporated in California as Electronic Media Central Corporation (EMC) (formerly a division of Internet Infinity, Inc. (III)). The Company is engaged in providing services for the development and growth of both American public and private stock companies. The Company year end is March 31. | ||
As of May 12, 2006 the Company filed Form N-54A with the United States Securities Exchange Commission to become a business development company by certifying that it is a closed-end company (mutual fund) organized and operated for the purpose of making investments in securities described in Section 55 (a)(1) through (3) of the Investment Company Act of 1940; and that it will make available significant managerial assistance to American companies with respect to issuers of such securities to the extent required by the act. | ||
On March 29, 2007 the Company registered a name change to Morris Business Development Company with the California Secretary of State. | ||
The Company has commenced the development of new management consulting services to assist American client companies in complying with the reporting requirements to the government and in communicating with shareholders, customers and the public and the accessing of needed growth capital. The Company has received 2.5 million shares from its first client for financial consulting work completed in the fiscal year ended March 31, 2008. | ||
In June, 2009 the Company entered into an agreement with Larry Williams, a new member of the Board of Directors, operating as “More American Jobs” to help American companies prepare to access both government and private financial support. In addition, the Company will also commence a new participation relationship this month with Avalon Funding Corporation, an asset based lender focusing on accounts receivable and purchase order funding. | ||
On April 7, 2010 the Company entered into a Material Definitive Agreement with Video Army, LLC, A California limited partnership, to operate a (‘NEWCO”) business named “Internet Video / Morris BDC, LLC”, a California Limited Partnership and/or other registered DBAs. The business will provide financial and internet related services primarily for both private and thinly traded public stock American based companies. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||
NOTE 2 | SUMMARY OF SIGNIFICANT ACCOUNTING | ||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||
The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. | |||||||||||||||||||
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. | |||||||||||||||||||
Long-lived Assets | |||||||||||||||||||
The Company periodically analyzes long-lived assets for potential impairment, assessing the appropriateness of lives and recoverability of unamortized balances through measurement of undiscounted operation cash flows in accordance with Financial Accounting Standards Board ASC (Accounting Standards Codification) No. 144, Property, Plant and Equipment. If impairment is deemed to exist, it will be written down to its fair value. Fair Value is generally determined using a discounted cash flow analysis. | |||||||||||||||||||
Income Taxes | |||||||||||||||||||
The company utilizes FASB ASC 740, “Income Taxes” which requires the 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 determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company generated a deferred tax credit through net operating loss carry forwards. As of September 30, 2013 the Company had federal and state net operating loss carryforwards of approximately $933,095 that can be used to offset future taxable income. The carryforwards will begin to expire in 2018 unless utilized in earlier years. | |||||||||||||||||||
Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. | |||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
The Company complies with FASB ASC 718 Compensation – Stock Compensation, requiring companies to measure and recognize the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value. | |||||||||||||||||||
Fair Value of Financial instruments | |||||||||||||||||||
The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures” for financial assets and liabilities. FASB ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: | |||||||||||||||||||
- | Level 1: Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||
- | Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | ||||||||||||||||||
- | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||
All of the Company’s financial instruments are recorded at fair value due their term of maturity. | |||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
The Company’s revenue recognition policies are in compliance with Staff accounting bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectibles is reasonably assured. The Company recognizes consulting fee revenue when the transaction is complete and the fee has been earned. | |||||||||||||||||||
Advertising and Marketing Costs | |||||||||||||||||||
The Company expenses costs of advertising and marketing as incurred. Advertising and marketing expense for the years ended September, 2013 and 2012 were insignificant. | |||||||||||||||||||
Basic and Diluted Earnings Per Share | |||||||||||||||||||
Earnings per share are calculated in accordance with FASB ASC Topic 260, “Earnings per share”. Net loss per share for all periods presented has been restated to reflect the adoption of SFAS No. 128. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. | |||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||
Adopted | |||||||||||||||||||
Effective January 2012, the Company adopted ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04 represents the converged guidance of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on fair value measurement. A variety of measures are included in the update intended to either clarify existing fair value measurement requirements, change particular principles requirements for measuring fair value or for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend to change the application of existing requirements under Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements. ASU 2011-04 was effective for interim and annual periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the financial statements. | |||||||||||||||||||
Effective January 2012, the Company adopted ASU No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05). ASU 2011-05 is intended to increase the prominence of items reported in other comprehensive income and to facilitate convergence of accounting guidance in this area with that of the IASB. The amendments require that all nonowner changes in shareholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (ASU 2011-12). ASU 2011-12 defers the provisions of ASU 2011-05 that require the presentation of reclassification adjustments on the face of both the statement of income and statement of other comprehensive income. Amendments under ASU 2011-05 that were not deferred under ASU 2011-12 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update did not have a material impact on the financial statements. | |||||||||||||||||||
Not Adopted | |||||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company is evaluating the effect, if any, the adoption of ASU 2013-02 will have on its financial statements. | |||||||||||||||||||
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements. | |||||||||||||||||||
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. | |||||||||||||||||||
Accounts Receivable | |||||||||||||||||||
Accounts receivable are presented at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts, as needed. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and uses the allowance method to account for uncollectible accounts receivable balances. Under the allowance method, if needed, an estimate of uncollectible customer balances is made based upon specific account balances that are considered uncollectible. Factors used to establish an allowance include the age of the balance, credit quality, payment history, current credit-worthiness of the customer and current economic trends. There is no allowance for doubtful accounts recorded as of September 30, 2013 as the balance of the Company’s receivables was considered collectible based on analysis of individual accounts. | |||||||||||||||||||
Marketable Securities | |||||||||||||||||||
The Company’s investments in securities are classified as available-for-sale and, as such, are carried at fair value based on quoted market prices. Securities classified as available-for-sale may be sold in response to changes in interest rates, liquidity needs, and for other purposes. | |||||||||||||||||||
Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s equity. Realized and unrealized gains and losses for securities classified as available-for-sale are included in the statement of operations and comprehensive Income. As at September 30, 2013, management believes the marketable security is worthless. It was adjusted for impairment at the year ended March 31, 2013 and written down to zero. Marketable securities at September 30, 2013: | |||||||||||||||||||
Equity Securities | Number of | Cost | Market Value | Accumulated | Traded on | ||||||||||||||
Name and Symbol | Shares | Unrealized | Pink Sheets (PK) | ||||||||||||||||
Held | Loss | or Bulletin | |||||||||||||||||
Board (BB) | |||||||||||||||||||
Leep, Inc (LPPI) | 2,500,000 | 21,250 | 0 | (21,250 | ) | LPPI |
Uncertainty_of_Ability_to_Cont
Uncertainty of Ability to Continue as a Going Concern | 6 Months Ended | |
Sep. 30, 2013 | ||
Uncertainty Of Ability To Continue As Going Concern | ' | |
Uncertainty of Ability to Continue As a Going Concern | ' | |
NOTE 3 | UNCERTAINTY OF ABILITY TO CONTINUE AS A GOING CONCERN | |
The Company’s financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has not generated a sustainable source of income and has accumulated deficit of $928,925 at September 30, 2013. | ||
In view of the matters described above, recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheets is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to raise additional capital, obtain financing and to succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | ||
Management has taken the following steps to revise its operating and financial requirements, which it believes are sufficient to provide the Company with the ability to continue as a going concern. The Company is actively pursuing the new business development company activities and additional funding from strategic partners, which would enhance stockholders’ investment. Management believes that the above actions will allow the Company to continue operations through the next fiscal year. |
Capital
Capital | 6 Months Ended | |
Sep. 30, 2013 | ||
Capital [Abstract] | ' | |
Capital | ' | |
NOTE 4 | CAPITAL | |
There were no equity transactions in the six months ended September 30, 2013. | ||
As of September 30, 2013 and March 31, 2013 the Company had authorized 40,000,000 shares of common stock of par value $0.001, of which 28,667,000 were issued and outstanding. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||
The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. | |||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||
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. | |||||||||||||||||||
Long-lived assets | ' | ||||||||||||||||||
Long-lived Assets | |||||||||||||||||||
The Company periodically analyzes long-lived assets for potential impairment, assessing the appropriateness of lives and recoverability of unamortized balances through measurement of undiscounted operation cash flows in accordance with Financial Accounting Standards Board ASC (Accounting Standards Codification) No. 144, Property, Plant and Equipment. If impairment is deemed to exist, it will be written down to its fair value. Fair Value is generally determined using a discounted cash flow analysis. | |||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Income Taxes | |||||||||||||||||||
The company utilizes FASB ASC 740, “Income Taxes” which requires the 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 determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company generated a deferred tax credit through net operating loss carry forwards. As of September 30, 2013 the Company had federal and state net operating loss carryforwards of approximately $933,095 that can be used to offset future taxable income. The carryforwards will begin to expire in 2018 unless utilized in earlier years. | |||||||||||||||||||
Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. | |||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
The Company complies with FASB ASC 718 Compensation – Stock Compensation, requiring companies to measure and recognize the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value. | |||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||
Fair Value of Financial instruments | |||||||||||||||||||
The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures” for financial assets and liabilities. FASB ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: | |||||||||||||||||||
- | Level 1: Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||
- | Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | ||||||||||||||||||
- | Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||
All of the Company’s financial instruments are recorded at fair value due their term of maturity. | |||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
The Company’s revenue recognition policies are in compliance with Staff accounting bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectibles is reasonably assured. The Company recognizes consulting fee revenue when the transaction is complete and the fee has been earned. | |||||||||||||||||||
Advertising and Marketing Costs | ' | ||||||||||||||||||
Advertising and Marketing Costs | |||||||||||||||||||
The Company expenses costs of advertising and marketing as incurred. Advertising and marketing expense for the years ended September, 2013 and 2012 were insignificant. | |||||||||||||||||||
Basic and Diluted Earnings Per Share | ' | ||||||||||||||||||
Basic and Diluted Earnings Per Share | |||||||||||||||||||
Earnings per share are calculated in accordance with FASB ASC Topic 260, “Earnings per share”. Net loss per share for all periods presented has been restated to reflect the adoption of SFAS No. 128. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. | |||||||||||||||||||
Recent Accounting Pronouncements Adopted | ' | ||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||
Adopted | |||||||||||||||||||
Effective January 2012, the Company adopted ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04 represents the converged guidance of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on fair value measurement. A variety of measures are included in the update intended to either clarify existing fair value measurement requirements, change particular principles requirements for measuring fair value or for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend to change the application of existing requirements under Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements. ASU 2011-04 was effective for interim and annual periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the financial statements. | |||||||||||||||||||
Effective January 2012, the Company adopted ASU No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05). ASU 2011-05 is intended to increase the prominence of items reported in other comprehensive income and to facilitate convergence of accounting guidance in this area with that of the IASB. The amendments require that all nonowner changes in shareholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (ASU 2011-12). ASU 2011-12 defers the provisions of ASU 2011-05 that require the presentation of reclassification adjustments on the face of both the statement of income and statement of other comprehensive income. Amendments under ASU 2011-05 that were not deferred under ASU 2011-12 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update did not have a material impact on the financial statements. | |||||||||||||||||||
Not Adopted | |||||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company is evaluating the effect, if any, the adoption of ASU 2013-02 will have on its financial statements. | |||||||||||||||||||
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements. | |||||||||||||||||||
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. | |||||||||||||||||||
Accounts Receivable | ' | ||||||||||||||||||
Accounts Receivable | |||||||||||||||||||
Accounts receivable are presented at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts, as needed. The Company maintains allowances for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and uses the allowance method to account for uncollectible accounts receivable balances. Under the allowance method, if needed, an estimate of uncollectible customer balances is made based upon specific account balances that are considered uncollectible. Factors used to establish an allowance include the age of the balance, credit quality, payment history, current credit-worthiness of the customer and current economic trends. There is no allowance for doubtful accounts recorded as of September 30, 2013 as the balance of the Company’s receivables was considered collectible based on analysis of individual accounts. | |||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||
Marketable Securities | |||||||||||||||||||
The Company’s investments in securities are classified as available-for-sale and, as such, are carried at fair value based on quoted market prices. Securities classified as available-for-sale may be sold in response to changes in interest rates, liquidity needs, and for other purposes. | |||||||||||||||||||
Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a separate component of stockholder’s equity. Realized and unrealized gains and losses for securities classified as available-for-sale are included in the statement of operations and comprehensive Income. As at September 30, 2013, management believes the marketable security is worthless. It was adjusted for impairment at the year ended March 31, 2013 and written down to zero. Marketable securities at September 30, 2013: | |||||||||||||||||||
Equity Securities | Number of | Cost | Market Value | Accumulated | Traded on | ||||||||||||||
Name and Symbol | Shares | Unrealized | Pink Sheets (PK) | ||||||||||||||||
Held | Loss | or Bulletin | |||||||||||||||||
Board (BB) | |||||||||||||||||||
Leep, Inc (LPPI) | 2,500,000 | 21,250 | 0 | (21,250 | ) | LPPI |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||
Schedule of Marketable Securitites | ' | ||||||||||||||||||
Marketable securities at September 30, 2013: | |||||||||||||||||||
Equity Securities | Number of | Cost | Market Value | Accumulated | Traded on | ||||||||||||||
Name and Symbol | Shares | Unrealized | Pink Sheets (PK) | ||||||||||||||||
Held | Loss | or Bulletin | |||||||||||||||||
Board (BB) | |||||||||||||||||||
Leep, Inc (LPPI) | 2,500,000 | 21,250 | 0 | (21,250 | ) | LPPI |
Basis_of_Presentation_and_Orga1
Basis of Presentation and Organization (Details Narrative) | 12 Months Ended |
Mar. 31, 2008 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Shares received for financial consulting services | 2,500,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting (Details Narrative) (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Details Narrative | ' |
Federal and state net operating loss carryforward | $933,095 |
Operating loss carryforward, expiration date | 'begin to expire in 2018 |
Summary_of_Significant_Account4
Summary of Significant Accounting - Schedule of Marketable Securities (Details) (USD $) | Sep. 30, 2013 |
Accounting Policies [Abstract] | ' |
Equity Securities Name and Symbol | 'Leep, Inc (LPPI) |
Number of Shares Held | 2,500,000 |
Cost | $21,250 |
Market Value | 0 |
Accumulated Unrealised loss | ($21,250) |
Traded on Pink Sheets (PK) or Bulletin Board (BB) | 'LPPI |
Uncertainity_of_Ability_to_Con
Uncertainity of Ability to Continue as a Going Concern (Details Narrative) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Summary Of Significant Accounting Details Narrative | ' | ' |
Accumulated deficit | $928,925 | $924,218 |
Capital_Details_Narrative
Capital (Details Narrative) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
Capital [Abstract] | ' | ' |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 40,000,000 | 40,000,000 |
Common Stock, shares issued | 28,667,000 | 28,667,000 |
Common Stock, shares outstanding | 28,667,000 | 28,667,000 |