Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Apr. 22, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Morris Business Development Co | ' |
Entity Central Index Key | '0001133901 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 28,806,667 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Current Assets | ' | ' |
Cash | $1,784 | $3,706 |
Accounts Receivable | ' | 3,000 |
Total Current Assets | 1,784 | 6,706 |
Current Liabilities | ' | ' |
Accounts Payable and Accrued Expenses | 1,465 | 4,170 |
Due to related party | 4,800 | ' |
Total Liabilities | 6,265 | 4,170 |
Stockholders' Equity (Deficit) | ' | ' |
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; 28,806,667 and 28,666,667 shares issued and outstanding at December 31, 2013, and March 31, 2013 | 28,807 | 28,667 |
Additional Paid-in Capital | 938,019 | 933,959 |
Accumulated Deficit | -935,435 | -924,218 |
Accumulated other comprehensive loss | -35,872 | -35,872 |
Total Stockholders' (Deficit) Equity | -4,481 | 2,536 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $1,784 | $6,706 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 28,806,667 | 28,666,667 |
Common Stock, shares outstanding | 28,806,667 | 28,666,667 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net Revenue | $2,100 | $5,250 | $5,100 | $8,250 |
Cost of Revenue | ' | ' | ' | ' |
Gross Profit | 2,100 | 5,250 | 5,100 | 8,250 |
Operating Expenses: | ' | ' | ' | ' |
Professional Fees | 4,370 | 1,281 | 10,585 | 6,399 |
Stock compensation | 4,200 | ' | 4,200 | ' |
Consulting | ' | ' | ' | 5,550 |
Other | 40 | 272 | 1,531 | 52,436 |
Total Operating Expenses | 8,610 | 1,553 | 16,316 | 64,385 |
Income (Loss) from operations | -6,510 | 3,697 | -11,216 | -56,135 |
Income (Loss) before income taxes | -6,510 | 3,697 | -11,216 | -56,135 |
Provision for income taxes | ' | ' | ' | ' |
Net Income (Loss) | -6,510 | 3,697 | -11,216 | -56,135 |
Other comprehensive loss | ' | ' | ' | ' |
Unrealized loss on marketable securities | ' | -6,250 | ' | -12,500 |
Comprehensive Loss | ($6,510) | ($2,553) | ($11,216) | ($68,635) |
Net loss per common share - basic and diluted | $0 | $0 | $0 | $0 |
Weighted average number of shares outstanding - basic and diluted | 28,672,753 | 28,666,667 | 28,668,702 | 28,666,667 |
Statement_of_Cash_Flows_Unaudi
Statement of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($11,216) | ($56,135) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' |
Unrealized loss on marketable securities | ' | -12,500 |
Non cash issue of stock for services | 4,200 | 50,000 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 3,000 | 4,500 |
Accounts payable | -2,706 | ' |
Net cash used by operating activities | -6,722 | -1,635 |
Cash flows from financing activities: | ' | ' |
Advances from related party | 4,800 | ' |
Net cash provided by financing activities | 4,800 | ' |
Net decrease in cash | -1,922 | -1,635 |
Cash, beginning of the period | 3,706 | 5,426 |
Cash, end of the period | 1,784 | 3,791 |
Supplemental cash flow disclosure: | ' | ' |
Interest paid during the year | ' | ' |
Taxes paid during the year | ' | ' |
Basis_of_Presentation_and_Orga
Basis of Presentation and Organization | 9 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Organization | ' |
NOTE 1 BASIS OF PRESENTATION AND ORGANIZATION | |
The accompanying unaudited condensed financial statements of Morris Business Development Company (the “Company”, “we”, “us” or “MBDC”) have been prepared in accordance with generally accepted accounting principles of the United States of America (“GAAP”) for interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. | |
Accordingly, these financial statements do not include all of the information and notes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013, as filed with the Securities and Exchange Commission (“SEC”) on July 15, 2013. | |
The unaudited condensed financial statements included herein reflect all adjustments (which include only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly our financial position and results of operations as of and for the periods presented. The results for such periods are not necessarily indicative of the results to be expected for the full year. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. As a result, actual results could differ from those estimates | |
We have performed an evaluation of subsequent events through the date of filing these financial statements with the SEC. | |
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. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronoucements | 9 Months Ended |
Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recently Issued Accounting Pronoucements | ' |
NOTE 2 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
From time to time, new accounting pronouncements are issued by the FASB that we adopt as of the specified effective date. Unless otherwise discussed in these financial statements and notes or in our financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2013, we believe the impact of any other recently issued standards that are not yet effective are either not applicable to us at this time or will not have a material impact on our consolidated financial statements upon adoption. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes to Financial Statements | ' | ||||||||
Accounts Receivable | ' | ||||||||
NOTE 3 ACCOUNTS RECEIVABLE | |||||||||
A summary of accounts receivable is as follows: | |||||||||
31-Dec-13 | 31-Mar-12 | ||||||||
Accounts receivable | $ | - | $ | 3,000 | |||||
Allowance for doubtful accounts | - | - | |||||||
Total accounts receivable | $ | - | $ | 3,000 |
Due_to_Related_Party
Due to Related Party | 9 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Due to Related Party | ' |
NOTE 4 DUE TO RELATED PARTY | |
Due to related party represents cash advances made to the Company by the Company’s Chief Executive Officer. The advances are non-interest bearing and are payable upon demand. |
Uncertainty_of_Ability_to_Cont
Uncertainty of Ability to Continue as a Going Concern | 9 Months Ended |
Dec. 31, 2013 | |
Uncertainty Of Ability To Continue As Going Concern | ' |
Uncertainty of Ability to Continue As a Going Concern | ' |
NOTE 5 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 $935,435 at December 31, 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 | 9 Months Ended |
Dec. 31, 2013 | |
Capital [Abstract] | ' |
Capital | ' |
NOTE 6 CAPITAL | |
On December 27, 2013, the Company granted 140,000 shares of restricted common stock to the Chief Executive Officer in exchange for his services. On the date of the stock grant the Company’s common stock was trading at $0.03 per share. As the result of this grant, the Company has recognized $4,200 in stock compensation expense for the three and nine months ended December 31, 2013. | |
As of December 31, 2013 and March 31, 2013 the Company had authorized 40,000,000 shares of common stock of par value $0.001, of which 28,806,667 and 28,666,667 were issued and outstanding, respectively. |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes to Financial Statements | ' | ||||||||
Schedule of Accounts Receivable | ' | ||||||||
A summary of accounts receivable is as follows: | |||||||||
31-Dec-13 | 31-Mar-12 | ||||||||
Accounts receivable | $ | - | $ | 3,000 | |||||
Allowance for doubtful accounts | - | - | |||||||
Total accounts receivable | $ | - | $ | 3,000 |
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 |
Accounts_Receivable_Schedule_o
Accounts Receivable - Schedule of Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Notes to Financial Statements | ' | ' |
Accounts receivable | ' | $3,000 |
Allowance for doubtful accounts | ' | ' |
Total accounts receivable | ' | $3,000 |
Uncertainity_of_Ability_to_Con
Uncertainity of Ability to Continue as a Going Concern (Details Narrative) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Uncertainity Of Ability To Continue As Going Concern Details Narrative | ' | ' |
Accumulated deficit | $935,435 | $924,218 |
Capital_Details_Narrative
Capital (Details Narrative) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Dec. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Capital [Abstract] | ' | ' | ' | ' | ' | ' |
Number of restricted stock granted | 140,000 | ' | ' | ' | ' | ' |
Number of restricted stock issued, per share | $0.03 | ' | ' | ' | ' | ' |
Stock compensation | ' | $4,200 | ' | $4,200 | ' | ' |
Common Stock, shares authorized | ' | 40,000,000 | ' | 40,000,000 | ' | 40,000,000 |
Common Stock, par value | ' | $0.00 | ' | $0.00 | ' | $0.00 |
Common Stock, shares issued | ' | 28,806,667 | ' | 28,806,667 | ' | 28,666,667 |
Common Stock, shares outstanding | ' | 28,806,667 | ' | 28,806,667 | ' | 28,666,667 |