Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | NOVA STAR INNOVATIONS INC | ||
Entity Central Index Key | 1,160,945 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer? | No | ||
Entity a Voluntary Filer? | No | ||
Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 18,000,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 235 | $ 124 |
Total current assets | 235 | 124 |
TOTAL ASSETS | 235 | 124 |
CURRENT LIABILITIES | ||
Accounts payable - related party | 8,100 | 10,600 |
Notes payable - related party | 91,350 | 80,750 |
Notes payable | 72,476 | 64,000 |
Accrued interest - related party | 16,995 | 10,535 |
Accrued interest | 22,200 | 16,623 |
Total current liabilities | 211,121 | 182,508 |
Total liabilities | 211,121 | 182,508 |
STOCKHOLDERS' DEFICIT | ||
Common stock, $.001 par value; 20,000,000 shares authorized; 18,000,000 shares issued and outstanding | 18,000 | 18,000 |
Additional paid-in capital | 9,000 | 9,000 |
Accumulated deficit | (237,886) | (209,384) |
Total stockholders' Deficit | (210,886) | (182,384) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 235 | $ 124 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
STOCKHOLDERS' EQUITY | ||
Common stock par value | $ .001 | $ .001 |
Common stock authorized | 20,000,000 | 20,000,000 |
Common stock outstanding | 18,000,000 | 18,000,000 |
Common stock issued | 18,000,000 | 18,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statements Of Operations | ||
Revenues | ||
Expenses | ||
General and administrative | $ 16,465 | $ 19,039 |
Total expenses | 16,465 | 19,039 |
Net loss before other expenses | (16,465) | (19,039) |
Other income (expense) | ||
Interest expense - related party | (6,460) | (4,912) |
Interest expense | (5,577) | (5,012) |
Total other income (expense) | (12,037) | (9,924) |
Loss from operations before income taxes | $ (28,502) | $ (28,963) |
Income taxes | ||
Net loss | $ (28,502) | $ (28,963) |
Basic and diluted net loss per share | $ 0 | $ 0 |
Weighted average shares outstanding | 18,000,000 | 18,000,000 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Amount at Dec. 31, 2013 | $ 18,000 | $ 9,000 | $ (180,421) | $ (153,421) |
Beginning Balance, Shares at Dec. 31, 2013 | 18,000,000 | |||
Net Loss | (28,963) | (28,963) | ||
Ending Balance, Amount at Dec. 31, 2014 | $ 18,000 | $ 9,000 | (209,384) | (182,384) |
Ending Balance, Shares at Dec. 31, 2014 | 18,000,000 | |||
Net Loss | (28,502) | (28,502) | ||
Ending Balance, Amount at Dec. 31, 2015 | $ 18,000 | $ 9,000 | $ (237,886) | $ (210,886) |
Ending Balance, Shares at Dec. 31, 2015 | 18,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net loss | $ (28,502) | $ (28,963) |
Adjustments to reconcile net loss to cash provided (used) by operating activities: | ||
Expenses paid by related party | 8,100 | 10,600 |
Changes in operating assets and liabilities: | ||
Increase in accrued interest – related party | 6,460 | 4,912 |
Increase in accrued interest | 5,577 | 5,012 |
Net cash provided (used) by operating activities | $ (8,365) | $ (8,439) |
Cash Flows from Investing Activities | ||
Net cash provided (used) by investing activities | ||
Cash Flows from Financing Activities | ||
Cash advances received | $ 8,476 | $ 5,300 |
Net cash provided by financing activities | 8,476 | 5,300 |
Increase (decrease) in cash | 111 | (3,139) |
Cash and cash equivalents at beginning of period | 124 | 3,263 |
Cash and cash equivalents at end of period | $ 235 | $ 124 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for Income taxes | ||
Non-Cash Investing and Financing Activities | ||
Converted related party accounts payable and advances into loans | $ 10,600 | $ 19,350 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 1. Summary of Significant Accounting Policies | a. Organization & Summary of Significant Accounting Policies The Company was incorporated in Maine on April 25, 1986 as Hystar Aerospace marketing Corporation of Maine. On April 11, 2001 the Company merged with Nova Star Innovations, Inc. (Nova Star) a Nevada corporation, in a domicile merger. b. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. c. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. d. Reclassification Certain amounts in prior-year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements. e. Earnings per Share The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. For the Years Ended December 31, 2015 2014 Net Loss (numerator) $ (28,502 ) $ (28,963 ) Weighted Average Number of Shares Outstanding (denominator) 18,000,000 18,000,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) For the years ended December 31, 2015 and 2014, the Company had no potentially dilutive common stock equivalents issued. f. Concentrations of Risk Two lenders represent in excess of 95% of the Company's Accounts Payable and Notes Payable for the fiscal years ended December 31, 2015 and December 31, 2014. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 2. Going Concern | The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has a negative working capital of $210,886 and has incurred losses of $237,886 since inception. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management's plan to acquire or merge with other operating companies. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 3. Income Taxes | The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10 (Prior authoritative literature: Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48). FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes. This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than- not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate. A provision for income taxes has not been made due to net operating loss carry-forwards of $237,886 and $209,384 as of December 31, 2015 and December 31, 2014, respectively, which may be offset against future taxable income through 2032. No tax benefit has been reported in the financial statements. Deferred tax assets and the valuation account are as follows: For the Years Ended December 31, 2015 2014 Net operating loss carryforward (at 34%) $ 80,881 $ 71,190 Valuation allowance (80,881 ) (71,190 ) Deferred tax asset $ -- $ -- The change in the valuation allowance was $ 9,691 during the year ended December 31, 2015. The components of income tax expense are as follows: For the Years Ended December 31, 2015 2014 Current Federal tax $ -- $ -- Current State tax -- -- Change in NOL benefit 9,691 9,847 Change in valuation allowance (9,691 ) (9,847 ) $ -- $ -- The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of December 31, 2015 and 2014, the Company had no accrued interest or penalties related to uncertain tax positions. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2014, 2013 and 2012. |
Accounts and Notes Payable
Accounts and Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 4. Accounts and Notes Payable | Through December 31, 2015, the Company had recorded as accounts payable $171,926 for services as well as cash advances received both from related and unrelated parties. It was the intent of management and counter parties to issue common stock of the Company for these liabilities at some future date therefore they were carried as accounts payable and advances. However, it was subsequently determined that it was not in the best interests of the parties to issue stock for these liabilities, therefore, the parties have agreed that these liabilities will be treated as promissory notes. The accounts payable and advances were converted to Notes Payable which bear interest at 8% and are due on demand. Accrued interest, including related party accrued interest, was $39,195 and $27,158 at December 31, 2015 and 2014, respectively. A related party, First Equity Holdings Corp., invoiced the Company for consulting, administrative, and professional services and out-of-pocket costs provided to or paid on behalf of the Company totaling $8,100 in 2015 and $10,600 in 2014. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 5. Stockholders' Equity | There was no stock issued during 2015 and 2014. |
Recent Pronouncement
Recent Pronouncement | 12 Months Ended |
Dec. 31, 2015 | |
Recent Pronouncement | |
Note 6. Recent Pronouncement | On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders' equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 7. Fair Value Measurements | If required by authoritative literature, the Company would account for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. When applicable, we categorize each of our fair value measurements in one of these three levels based on the lowest level input hat significant to the fair value measurement in its entirety. The cash, accounts payable, notes payable and accrued interest have fair values that approximate their carrying values due to the short term nature of these instruments. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
NOTE 8. Subsequent Events | The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no such events that would have a material impact on the financial statements. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies Policies | |
Organization & Summary of Significant Accounting Policies | The Company was incorporated in Maine on April 25, 1986 as Hystar Aerospace marketing Corporation of Maine. On April 11, 2001 the Company merged with Nova Star Innovations, Inc. (Nova Star) a Nevada corporation, in a domicile merger. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. |
Use of estimates | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassification | Certain amounts in prior-year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements. |
Earnings Per Share | The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. For the Years Ended December 31, 2015 2014 Net Loss (numerator) $ (28,502 ) $ (28,963 ) Weighted Average Number of Shares Outstanding (denominator) 18,000,000 18,000,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) For the years ended December 31, 2015 and 2014, the Company had no potentially dilutive common stock equivalents issued. |
Concentrations of Risk | Two lenders represent in excess of 95% of the Company's Accounts Payable and Notes Payable for the fiscal years ended December 31, 2015 and December 31, 2014. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies Tables | |
Earnings Per Share | For the Years Ended December 31, 2015 2014 Net Loss (numerator) $ (28,502 ) $ (28,963 ) Weighted Average Number of Shares Outstanding (denominator) 18,000,000 18,000,000 Basic Loss per Common Share $ (0.00 ) $ (0.00 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes Tables | |
Deferred tax assets and the valuation account | For the Years Ended December 31, 2015 2014 Net operating loss carryforward (at 34%) $ 80,881 $ 71,190 Valuation allowance (80,881 ) (71,190 ) Deferred tax asset $ -- $ -- |
Components of income tax expense | For the Years Ended December 31, 2015 2014 Current Federal tax $ -- $ -- Current State tax -- -- Change in NOL benefit 9,691 9,847 Change in valuation allowance (9,691 ) (9,847 ) $ -- $ -- |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies Details | ||
Net Loss (numerator) | $ (28,502) | $ (28,963) |
Weighted Average Number of Shares Outstanding (denominator) | 18,000,000 | 18,000,000 |
Basic Loss per Common Share | $ 0 | $ 0 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies Details Narrative | ||
Percentage of Concentrations of Risk | 95.00% | 95.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Going Concern Details Narrative | |||
Working capital | $ (210,886) | $ (182,384) | $ (153,421) |
Accumulated deficit | $ (237,886) | $ (209,384) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes Details | ||
Net operating loss carryforward (at 34%) | $ 80,881 | $ 71,190 |
Valuation allowance | $ (80,881) | $ (71,190) |
Deferred tax asset |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes Details 1 | ||
Current Federal tax | ||
Current State tax | ||
Change in NOL benefit | $ 9,691 | $ 9,847 |
Change in valuation allowance | $ (9,691) | $ (9,847) |
Income tax expense |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes Details Narrative | ||
Net operating loss carry-forwards | $ 237,886 | $ 209,384 |
Net operating loss carry-forwards expiration | 2,032 | |
Change in the valuation allowance | $ (9,691) | $ (9,847) |
Accounts and Notes Payable (Det
Accounts and Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts And Notes Payable Details Narrative | ||
Accounts and notes payable | $ 171,926 | |
Accrued interest | 39,195 | $ 27,158 |
Administrative, and professional services paid | $ 8,100 | $ 10,600 |