Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | ECOLOGY COATINGS, INC. | ||
Entity Central Index Key | 1173313 | ||
Document Type | 10-K | ||
Document Period End Date | 30-Sep-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -21 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $818,895 | ||
Entity Common Stock, Shares Outstanding | 54,593,032 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Current assets | ||
Cash | $0 | $618 |
Accounts receivable | 0 | 1,238 |
Inventory | 795 | 0 |
Total Current Assets | 0 | 1,856 |
Property, plant and equipment, net | 0 | 37,249 |
Intangible assets, net | 64,594 | 192,864 |
Total Assets | 64,594 | 231,969 |
Current liabilities | ||
Accrued expenses | 18,030 | 0 |
Note payable | 7,000 | 0 |
Related party note payable | 9,000 | 0 |
Total liabilities subject to compromise | 0 | 2,112,143 |
Total Current Liabilities | 34,030 | 2,112,143 |
Ecology Coatings. Inc. ("ECOC") shareholders' deficit | ||
Preferred Stock 10,000,000 authorized at $.001 par value shares issued and outstanding 271 and 271 at September 30, 2014 and September 30, 2013 | 1 | 1 |
Common Stock 90,000,000 authorized at $0.001 par value; shares issued and outstanding 54,593,032 and 54,593,032 at September 30, 2014 and September 30, 2013 | 54,593 | 54,593 |
Additional paid-in capital | 0 | 28,615,490 |
Retained earnings | -24,030 | -30,550,258 |
Total equity(deficit) | 30,564 | -1,880,174 |
Total liabilities and equity(deficit) | $64,594 | $231,969 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 271 | 271 |
Preferred stock, shares outstanding | 271 | 271 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 54,593,032 | 54,593,032 |
Common stock, shares outstanding | 54,593,032 | 54,593,032 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | 0 Months Ended | |
Sep. 18, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Other income(expense) | |||
Net income(loss) | ($70) | ($226,352) | |
Post Bankruptcy | |||
Revenues | 0 | ||
Operating expenses | 24,030 | ||
Net income(loss) from operations | -24,030 | ||
Other income(expense) | |||
Interest expense | 0 | ||
Total Other Income (Expense) | 0 | ||
Income(loss) from continuing operations before income taxes | -24,030 | ||
Income taxes | 0 | ||
Net income(loss) | -24,030 | ||
Preferred dividends - stock dividends | 0 | ||
Net income(loss) available to common shareholders | -24,030 | ||
Basic and Diluted income per share | |||
Basic and diluted income per share | $0 | ||
Weighted average number of shares outstanding basic and diluted | 54,593,032 | ||
Pre Bankruptcy | |||
Revenues | 0 | 7,787 | |
Operating expenses | 70 | 185,046 | |
Net income(loss) from operations | -70 | -177,259 | |
Other income(expense) | |||
Interest expense | 0 | 49,093 | |
Total Other Income (Expense) | 0 | -49,093 | |
Income(loss) from continuing operations before income taxes | -70 | -226,352 | |
Income taxes | 0 | 0 | |
Net income(loss) | -70 | -226,352 | |
Preferred dividends - stock dividends | 0 | 10,044 | |
Net income(loss) available to common shareholders | ($70) | ($236,396) | |
Basic and Diluted income per share | |||
Basic and diluted income per share | $0 | $0 | |
Weighted average number of shares outstanding basic and diluted | 54,593,032 | 54,593,032 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | 0 Months Ended | |
Sep. 18, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Cash flows from operating activities | |||
Net income (loss) from continuing operations | ($70) | ($226,352) | |
Cash flows from financing activities | |||
Cash, beginning of period | 618 | ||
Cash, end of period | 618 | 0 | |
Post Bankruptcy | |||
Cash flows from operating activities | |||
Net income (loss) from continuing operations | -24,030 | ||
Adjustments to reconcile net loss to net cash used by operating activities: | |||
Depreciation and amortization | 0 | ||
Changes in Asset and Liabilities | |||
(Increase) decrease in accounts receivable | 0 | ||
(Increase) decrease in prepaid expenses | 0 | ||
(Increase) decrease in inventory | 795 | ||
Increase (decrease) in accounts payable | 18,030 | ||
Increase (decrease) in interest payable | 0 | ||
Net cash used in operating activities | -6,795 | ||
Cash flows from investing activities | |||
Acquisition intangible assets | 64,594 | ||
Net cash provided(used) by investing activities | -64,594 | ||
Cash flows from financing activities | |||
Fresh start adjustment | 30,389 | ||
Bankruptcy liquidated assets | 0 | ||
Capital injection to bankruptcy trustee | 25,000 | ||
Proceeds from related party debt | 9,000 | ||
Proceeds from debt issuance | 7,000 | ||
Net cash provided(used) by financing activities | 71,389 | ||
Net increase(decrease) in cash | 0 | ||
Cash, beginning of period | 0 | ||
Cash, end of period | 0 | ||
Supplemental disclosure of cash flow information | |||
Interest paid | 0 | ||
Income taxes paid | 0 | ||
Supplemental disclosure of non-cash activities | |||
Fresh start adjustment | 0 | ||
Bankruptcy reorganization | 0 | ||
Pre Bankruptcy | |||
Cash flows from operating activities | |||
Net income (loss) from continuing operations | -70 | -226,352 | |
Adjustments to reconcile net loss to net cash used by operating activities: | |||
Depreciation and amortization | 0 | 23,859 | |
Changes in Asset and Liabilities | |||
(Increase) decrease in accounts receivable | -1,238 | 1,238 | |
(Increase) decrease in prepaid expenses | 0 | -34,950 | |
(Increase) decrease in inventory | 0 | 0 | |
Increase (decrease) in accounts payable | 0 | 81,920 | |
Increase (decrease) in interest payable | 0 | 49,093 | |
Net cash used in operating activities | 1,168 | -37,768 | |
Cash flows from investing activities | |||
Acquisition intangible assets | 0 | 0 | |
Net cash provided(used) by investing activities | 0 | 0 | |
Cash flows from financing activities | |||
Fresh start adjustment | 0 | 0 | |
Bankruptcy liquidated assets | 1,786 | 0 | |
Capital injection to bankruptcy trustee | 0 | 0 | |
Proceeds from related party debt | 0 | 0 | |
Proceeds from debt issuance | 0 | 25,000 | |
Net cash provided(used) by financing activities | -1,786 | 25,000 | |
Net increase(decrease) in cash | -618 | -12,768 | |
Cash, beginning of period | 618 | 13,386 | |
Cash, end of period | 0 | 618 | |
Supplemental disclosure of cash flow information | |||
Interest paid | 0 | 0 | |
Income taxes paid | 0 | 0 | |
Supplemental disclosure of non-cash activities | |||
Fresh start adjustment | 30,550,328 | 0 | |
Bankruptcy reorganization | $1,880,244 | $0 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common stock | Common stock | Preferred stock | Preferred stock | Additional paid in capital | Additional paid in capital | Accumulated deficit | Accumulated deficit | Total | Post Bankruptcy |
Post Bankruptcy | Post Bankruptcy | Post Bankruptcy | Post Bankruptcy | |||||||
Balance value at Sep. 30, 2012 | $54,593 | $1 | $28,615,490 | ($30,313,862) | ($1,643,778) | |||||
Balance common stock, shares at Sep. 30, 2012 | 54,593,032 | |||||||||
Balance preferred stock, shares at Sep. 30, 2012 | 271 | |||||||||
Preferred dividends, value | 0 | 0 | 0 | -10,044 | -10,044 | |||||
Net income for the year ended | 0 | 0 | 0 | -226,352 | -226,352 | |||||
Balance value at Sep. 30, 2013 | 54,593 | 1 | 28,615,490 | -30,550,258 | -1,880,174 | |||||
Balance common stock, shares at Sep. 30, 2013 | 54,593,032 | 54,593,032 | ||||||||
Balance preferred stock, shares at Sep. 30, 2013 | 271 | 271 | ||||||||
Fresh start Adjustments | 0 | 0 | -30,495,734 | 30,550,328 | 54,594 | |||||
Reorganization adjustments | 0 | 0 | 1,880,244 | 0 | 1,880,244 | |||||
Net income for the year ended | 0 | 0 | 0 | -70 | -70 | |||||
Balance value at Sep. 18, 2014 | 54,593 | 1 | 0 | 0 | 54,594 | |||||
Balance common stock, shares at Sep. 18, 2014 | 54,593,032 | 54,593,032 | ||||||||
Balance preferred stock, shares at Sep. 18, 2014 | 271 | 271 | ||||||||
Reorganization adjustments | 0 | |||||||||
Net income for the year ended | 0 | 0 | 0 | -24,030 | -24,030 | |||||
Balance value at Sep. 30, 2014 | $54,593 | $1 | $0 | ($24,030) | $30,564 | $30,564 | ||||
Balance common stock, shares at Sep. 30, 2014 | 54,593,032 | 54,593,032 | ||||||||
Balance preferred stock, shares at Sep. 30, 2014 | 271 | 271 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Accounting Policies [Abstract] | |||||
Summary of Significant Accounting Policies | Note 1 — Summary of Significant Accounting Policies | ||||
Description of the Company. We were originally incorporated on March 12, 1990 in California (“Ecology-CA”). Our current entity was incorporated in Nevada on February 6, 2002 as OCIS Corp. (“OCIS”). OCIS completed a merger with Ecology-CA on July 26, 2007 (the “Merger”). In the Merger, OCIS changed its name from OCIS Corporation to Ecology Coatings, Inc. The Company filed for Chapter 7 bankruptcy protection on May 15, 2013 and subsequently the corporate shell emerged as its only unencumbered asset on September 19, 2014 using "fresh start" accounting under section 852-10-45-17 as of date of sale corporate shell to reflect intangible assets sale through section 363. Any business description below and all reporting results of the operating results reported in this filing for the fiscal period ending September 30, 2014 are post "fresh start" activity and not comparable to prior results. Post bankruptcy the company has been operating a web site for the sale of women's apparel. | |||||
Reclassifications. Reclassifications have been made to the prior year financial statements to conform with the current year presentation. | |||||
Basis of Preparation. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. | |||||
Principles of Consolidation. The consolidated financial statements include all of our accounts and the accounts of our wholly owned subsidiary Ecology-CA. All significant intercompany transactions have been eliminated in consolidation. | |||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of 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. | |||||
Revenue Recognition. The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes 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 sales price is fixed or determinable, (iii) collectability is reasonably assured and (iv) goods have been shipped and/or services rendered. | |||||
Loss Per Share. Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding during the period. Potentially dilutive shares consist of the incremental common shares issuable upon the exercise of stock options and warrants and the conversion of convertible debt and convertible preferred stock. Potentially dilutive shares are excluded from the weighted average number of shares if their effect is anti-dilutive. None of the stock options or warrants outstanding or stock associated with the convertible debt or with the convertible preferred shares during each of the periods presented was included in the computation of diluted loss per share as they were anti-dilutive. | |||||
Property and Equipment. Property and equipment is stated at cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the following useful lives: | |||||
Computer equipment | 3-10 years | ||||
Furniture and fixtures | 3-7 years | ||||
Test equipment | 5-7 years | ||||
Signs | 7 years | ||||
Software | 3 years | ||||
Marketing and Promotional Video | 3 years | ||||
Repairs and maintenance costs are charged to operations as incurred. Betterments or renewals are capitalized as incurred. | |||||
Patents. It is our policy to capitalize costs associated with securing a patent. Costs consist of legal and filing fees. Once a patent is issued, it will be amortized on a straight-line basis over its estimated useful life. | |||||
Long-Lived Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. | |||||
Stock-Based Compensation. Employee and director stock-based compensation expense is measured utilizing the fair-value method with expense charged to earnings over the vesting period on a straight-line basis. | |||||
We account for stock options granted to non-employees under the fair-value method with stock-based compensation expense being charged to earnings on the earlier of the date services are performed or a performance commitment exists. | |||||
Recent Accounting Pronouncements. We have reviewed all Accounting Standards Updates issued by the Financial Accounting Standards Board since we last issued financial statements and have determined none of them would have a material effect on the consolidated financial statements upon adoption. | |||||
Fresh_Start_Accounting
Fresh Start Accounting | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fresh Start Accounting | |||||||||||||||||||||||||
"Fresh Start" Accounting | Note 2 — "Fresh Start" Accounting | ||||||||||||||||||||||||
ECOLOGY COATINGS, INC. | |||||||||||||||||||||||||
FRESH START ADJUSTMENTS | |||||||||||||||||||||||||
Dr(CR) | Dr(CR) | ||||||||||||||||||||||||
Reorganization | Fresh Start | ||||||||||||||||||||||||
9/19/14 | Adjustments | Adjustments | 9/19/14 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash | $ | 548 | (548 | ) | (1 | ) | $ | 0 | |||||||||||||||||
Accounts receivable | 1,238 | (1,238 | ) | (1 | ) | 0 | |||||||||||||||||||
Total Current Assets | 1,786 | 0 | |||||||||||||||||||||||
Property, plant and equipment, net | 37,249 | (37,249 | ) | (1 | ) | 0 | |||||||||||||||||||
Intangible assets, net | 192,864 | (192,864 | ) | (1 | ) | 54,594 | (2 | ) | 54,594 | ||||||||||||||||
Total Assets | $ | 231,899 | $ | 54,594 | |||||||||||||||||||||
Liabilities and Equity(Deficit) | |||||||||||||||||||||||||
Total liabilities subject to compromise | 2,112,143 | 2,112,143 | (1 | ) | 0 | ||||||||||||||||||||
Commitments and Contingencies (Note 5) | |||||||||||||||||||||||||
Ecology Coatings. Inc. ("ECOC") shareholders' deficit | |||||||||||||||||||||||||
Predecessor Preferred Stock 10,000,000 authorized | |||||||||||||||||||||||||
at $.001 par value shares issued and outstanding 271 | |||||||||||||||||||||||||
at September 19, 2013 | 1 | (1 | ) | (3 | ) | 0 | |||||||||||||||||||
Successor Preferred Stock 10,000,000 authorized | |||||||||||||||||||||||||
shares issued and outstanding 271 at $.001 par value | |||||||||||||||||||||||||
at September 19, 2014 | 1 | (2 | ) | 1 | |||||||||||||||||||||
Predecessor/Successor Common Stock 90,000,000 authorized | |||||||||||||||||||||||||
at $0.001 par value; shares issued and outstanding | |||||||||||||||||||||||||
54,593,032 at September 19, 2014 | 54,593 | 54,593 | |||||||||||||||||||||||
Additional paid-in capital | 28,615,490 | (1,880,244 | ) | (1 | ) | 30,495,734 | (3 | ) | 0 | ||||||||||||||||
Retained earnings | (30,550,328 | ) | (30,550,328 | ) | (4 | ) | 0 | ||||||||||||||||||
Total equity(deficit) | (1,880,244 | ) | 54,594 | ||||||||||||||||||||||
Total liabilities and equity(deficit) | $ | 231,899 | $ | 0 | $ | 0 | $ | 54,594 | |||||||||||||||||
(1) Reorganization adjustments reflect the transfer of $2,112,143 of liabilities subject to compromise and asstes to the bankruptcy trustee accordance with the plan of bankruptcy provisions. | |||||||||||||||||||||||||
(2) Fresh-start adjustments under section 852-10-45-17 as of date of sale corporate shell to reflect intangible assets sale through section 363 of the bankruptcy code. | |||||||||||||||||||||||||
(3) Fresh-start adjustments under ASC 852-10-45-17 to predecessor preferred stock and APIC reflect the cancellation of the predecessor's preferred stock. | |||||||||||||||||||||||||
(4) Fresh-start adjustment to retained earnings (accumulated deficit) resets accumulated deficit to zero. | |||||||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3 — Related Party Transactions |
We have borrowed funds for our operations from certain major stockholders, directors and officers as disclosed below. | |
We have an unsecured demand note payable due to Shulamit Lazar, our sole officer and director for funds advanced the Company through the bankruptcy process. This is unsecured with a zero percent interest rate and is payable on demand. | |
As part of the bankruptcy sale Shulamit Lazar was awarded all 271 of the convertible preferred shares. | |
Notes_Payable
Notes Payable | 12 Months Ended |
Sep. 30, 2014 | |
DisclosureNotesPayableAbstract | |
Notes Payable | Note 4 — Notes Payable |
We have the following notes as of September 30 2014: | |
Post bankruptcy the Company acquired the assets of Seene LLC.(a ready to operate web site business). In addition to a $3,000 deposit the Company signed a note payable for $7,000. This note is due September 24, 2014 and carries a zero percent interest rate. This note is note in default. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 — Commitments and Contingencies |
Contingencies. | |
All contingencies have been settled through our bankruptcy petition in September 2014 subsequent to this financial reporting period. | |
Lease Commitments. | |
None. | |
Equity
Equity | 12 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | |
Equity | Note 6 — Equity |
Common Stock | |
As of September 30 the Company had 90,000,000 shares of Common Stock authorized par value $0.001 and the holders of the Company's common stock are entitled to one vote per share of common stock held. and the Company had 54,593,032 shares issued and outstanding. Additionally as part of the bankruptcy sale the Company has already been authorized to effect a reverse stock split up to 5,000 for 1 and may issue up to 60,000,000 additional common shares. | |
Preferred Stock | |
As of September 30, 2014 the Company had 10,000,000 shares of Preferred Stock authorized par value $.001 and the holders of the Company's Preferred Stock can convert each share into 100,000 shares of voting Common Stock. Additionally each Preferred Share is entitled to the voting rights 100,000 common stock shares. The Company had 271 shares issued and outstanding as of September 30, 2014. | |
Stock_Options
Stock Options | 12 Months Ended |
Sep. 30, 2014 | |
Other Liabilities Disclosure [Abstract] | |
Stock Options | Note 7 — Stock Options |
There were no stock options issued during this fiscal year. As part of our bankruptcy agreement approved on September 19, 2014 all common conversion rights of any kind including the equity compensation plan without limitation , warrants, options and convertible notes were cancelled and extinguished for the current and prior fiscal years. | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Taxes | |||||||||
Income Taxes | Note 8 — Income Taxes | ||||||||
As of September 30, 2014, the Company had approximately $24,030 in post bankruptcy net operating loss carry forwards for federal income tax purposes which expire between 2014 and 2032. Generally, these can be carried forward and applied against future taxable income at the tax rate applicable at that time. We are currently using a 34% effective tax rate for our projected available net operating loss carry-forward. However, as a result of potential stock offerings and stock issuance in connection with potential acquisitions, as well as the possibility of the Company not realizing its business plan objectives and having future taxable income to offset, the Company’s use of these NOLs may be limited under the provisions of Section 382 of the Internal Revenue Code of 1986, as amended. | |||||||||
Components of deferred tax assets and (liabilities) are as follows: | |||||||||
2014 | 2013 | ||||||||
Net operating loss carry forwards valuation available | $ | 24,030 | $ | -0- | |||||
Valuation Allowances | (3,605 | ) | -0- | ||||||
Deferred Tax Asset | 3,605 | -0- | |||||||
Net Deferred Tax Asset | $ | -0- | $ | -0- | |||||
In accordance with FASB ASC 740 “Income Taxes”, valuation allowances are provided against deferred tax assets, if based on the weight of available evidence, some or all of the deferred tax assets may or will not be realized. The Company has evaluated its ability to realize some or all of the deferred tax assets on its balance sheet for the coming year and has established a valuation allowance in the amount of $3,305 at September 30, 2014 During the period ended September 30, 2014 the company did not utilize any of its NOL. | |||||||||
Going_Concern
Going Concern | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 9 — Going Concern |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Currently, the Company has limited post bankruptcy operations and a working capital deficit as of September 30, 2014. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that the Company’s capital requirements will depend on many factors including the success of the Company’s development efforts and its efforts to raise capital. Management also believes the Company needs to raise additional capital for working capital purposes. There is no assurance that such financing will be available in the future. The conditions described above raise substantial doubt about our ability to continue as a going concern. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2014 | |
Acquisitions | |
Acquisitions | Note 10 — Acquisitions |
On September 25, 2014 the company entered into an agreement to buy the ready to operate business assets of Seene LLC. The cost of this acquisition was $10,000 which was allocated $795 to inventory and $9,205 to the intangible assets of the "MeTu" trade name and web site MeTuBoutique.com. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 — Subsequent Events |
We have evaluated subsequent events and transactions that occurred through the date and time our financial statements were issued for potential recognition or disclosure in the accompanying financial statements. We did not identify any events or transactions that should be recognized or disclosed in the accompanying financial statements. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Accounting Policies [Abstract] | |||||
Description of the Company | Description of the Company. We were originally incorporated on March 12, 1990 in California (“Ecology-CA”). Our current entity was incorporated in Nevada on February 6, 2002 as OCIS Corp. (“OCIS”). OCIS completed a merger with Ecology-CA on July 26, 2007 (the “Merger”). In the Merger, OCIS changed its name from OCIS Corporation to Ecology Coatings, Inc. The Company filed for Chapter 7 bankruptcy protection on May 15, 2013 and subsequently the corporate shell emerged as its only unencumbered asset on September 19, 2014 using "fresh start" accounting under section 852-10-45-17 as of date of sale corporate shell to reflect intangible assets sale through section 363. Any business description below and all reporting results of the operating results reported in this filing for the fiscal period ending September 30, 2014 are post "fresh start" activity and not comparable to prior results. Post bankruptcy the company has been operating a web site for the sale of women's apparel. | ||||
Reclassifications | Reclassifications. Reclassifications have been made to the prior year financial statements to conform with the current year presentation. | ||||
Basis of Preparation | Basis of Preparation. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. | ||||
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include all of our accounts and the accounts of our wholly owned subsidiary Ecology-CA. All significant intercompany transactions have been eliminated in consolidation. | ||||
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of 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. | ||||
Revenue Recognition | Revenue Recognition. The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes 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 sales price is fixed or determinable, (iii) collectability is reasonably assured and (iv) goods have been shipped and/or services rendered. | ||||
Loss Per Share | Loss Per Share. Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares of common stock and potentially dilutive securities outstanding during the period. Potentially dilutive shares consist of the incremental common shares issuable upon the exercise of stock options and warrants and the conversion of convertible debt and convertible preferred stock. Potentially dilutive shares are excluded from the weighted average number of shares if their effect is anti-dilutive. None of the stock options or warrants outstanding or stock associated with the convertible debt or with the convertible preferred shares during each of the periods presented was included in the computation of diluted loss per share as they were anti-dilutive. | ||||
Property and Equipment | Property and Equipment. Property and equipment is stated at cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the following useful lives: | ||||
Computer equipment | 3-10 years | ||||
Furniture and fixtures | 3-7 years | ||||
Test equipment | 5-7 years | ||||
Signs | 7 years | ||||
Software | 3 years | ||||
Marketing and Promotional Video | 3 years | ||||
Repairs and maintenance costs are charged to operations as incurred. Betterments or renewals are capitalized as incurred. | |||||
Patents | Patents. It is our policy to capitalize costs associated with securing a patent. Costs consist of legal and filing fees. Once a patent is issued, it will be amortized on a straight-line basis over its estimated useful life. | ||||
Long-Lived Assets | Long-Lived Assets. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. | ||||
Stock-Based Compensation | Stock-Based Compensation. Employee and director stock-based compensation expense is measured utilizing the fair-value method with expense charged to earnings over the vesting period on a straight-line basis. | ||||
We account for stock options granted to non-employees under the fair-value method with stock-based compensation expense being charged to earnings on the earlier of the date services are performed or a performance commitment exists. | |||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements. We have reviewed all Accounting Standards Updates issued by the Financial Accounting Standards Board since we last issued financial statements and have determined none of them would have a material effect on the consolidated financial statements upon adoption. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Summary Of Significant Accounting Policies Tables | |||||
Property and Equipment Useful Lives | Depreciation is recorded using the straight-line method over the following useful lives: | ||||
Computer equipment | 3-10 years | ||||
Furniture and fixtures | 3-7 years | ||||
Test equipment | 5-7 years | ||||
Signs | 7 years | ||||
Software | 3 years | ||||
Marketing and Promotional Video | 3 years |
Fresh_Start_Accounting_Tables
Fresh Start Accounting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fresh Start Accounting | |||||||||||||||||||||||||
Schedule of Fresh Start Accounting | ECOLOGY COATINGS, INC. | ||||||||||||||||||||||||
FRESH START ADJUSTMENTS | |||||||||||||||||||||||||
Dr(CR) | Dr(CR) | ||||||||||||||||||||||||
Reorganization | Fresh Start | ||||||||||||||||||||||||
9/19/14 | Adjustments | Adjustments | 9/19/14 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash | $ | 548 | (548 | ) | (1 | ) | $ | 0 | |||||||||||||||||
Accounts receivable | 1,238 | (1,238 | ) | (1 | ) | 0 | |||||||||||||||||||
Total Current Assets | 1,786 | 0 | |||||||||||||||||||||||
Property, plant and equipment, net | 37,249 | (37,249 | ) | (1 | ) | 0 | |||||||||||||||||||
Intangible assets, net | 192,864 | (192,864 | ) | (1 | ) | 54,594 | (2 | ) | 54,594 | ||||||||||||||||
Total Assets | $ | 231,899 | $ | 54,594 | |||||||||||||||||||||
Liabilities and Equity(Deficit) | |||||||||||||||||||||||||
Total liabilities subject to compromise | 2,112,143 | 2,112,143 | (1 | ) | 0 | ||||||||||||||||||||
Commitments and Contingencies (Note 5) | |||||||||||||||||||||||||
Ecology Coatings. Inc. ("ECOC") shareholders' deficit | |||||||||||||||||||||||||
Predecessor Preferred Stock 10,000,000 authorized | |||||||||||||||||||||||||
at $.001 par value shares issued and outstanding 271 | |||||||||||||||||||||||||
at September 19, 2013 | 1 | (1 | ) | (3 | ) | 0 | |||||||||||||||||||
Successor Preferred Stock 10,000,000 authorized | |||||||||||||||||||||||||
shares issued and outstanding 271 at $.001 par value | |||||||||||||||||||||||||
at September 19, 2014 | 1 | (2 | ) | 1 | |||||||||||||||||||||
Predecessor/Successor Common Stock 90,000,000 authorized | |||||||||||||||||||||||||
at $0.001 par value; shares issued and outstanding | |||||||||||||||||||||||||
54,593,032 at September 19, 2014 | 54,593 | 54,593 | |||||||||||||||||||||||
Additional paid-in capital | 28,615,490 | (1,880,244 | ) | (1 | ) | 30,495,734 | (3 | ) | 0 | ||||||||||||||||
Retained earnings | (30,550,328 | ) | (30,550,328 | ) | (4 | ) | 0 | ||||||||||||||||||
Total equity(deficit) | (1,880,244 | ) | 54,594 | ||||||||||||||||||||||
Total liabilities and equity(deficit) | $ | 231,899 | $ | 0 | $ | 0 | $ | 54,594 | |||||||||||||||||
(1) Reorganization adjustments reflect the transfer of $2,112,143 of liabilities subject to compromise and asstes to the bankruptcy trustee accordance with the plan of bankruptcy provisions. | |||||||||||||||||||||||||
(2) Fresh-start adjustments under section 852-10-45-17 as of date of sale corporate shell to reflect intangible assets sale through section 363 of the bankruptcy code. | |||||||||||||||||||||||||
(3) Fresh-start adjustments under ASC 852-10-45-17 to predecessor preferred stock and APIC reflect the cancellation of the predecessor's preferred stock. | |||||||||||||||||||||||||
(4) Fresh-start adjustment to retained earnings (accumulated deficit) resets accumulated deficit to zero. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Taxes Tables | |||||||||
Schedule of Components of Deferred Tax Assets and (Liabilities) | Components of deferred tax assets and (liabilities) are as follows: | ||||||||
2014 | 2013 | ||||||||
Net operating loss carry forwards valuation available | $ | 24,030 | $ | -0- | |||||
Valuation Allowances | (3,605 | ) | -0- | ||||||
Deferred Tax Asset | 3,605 | -0- | |||||||
Net Deferred Tax Asset | $ | -0- | $ | -0- |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Computer Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Furniture And Fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture And Fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Test Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Test Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Signs | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Software | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Marketing And Promotional Video | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Fresh_Start_Accounting_Details
Fresh Start Accounting (Details) (USD $) | Sep. 18, 2014 | |
Pre Bankruptcy | ||
Current assets | ||
Cash | $548 | |
Accounts receivable | 1,238 | |
Total Current Assets | 1,786 | |
Property, plant and equipment, net | 37,249 | |
Intangible assets, net | 192,864 | |
Total Assets | 231,899 | |
Liabilities and Equity(Deficit) | ||
Total liabilities subject to compromise | 2,112,143 | |
Ecology Coatings. Inc. ("ECOC") shareholders' deficit | ||
Predecessor Preferred Stock 10,000,000 authorized at $.001 par value shares issued and outstanding 271 at September 19, 2013 | 1 | |
Successor Preferred Stock 10,000,000 authorized shares issued and outstanding 271 at $.001 par value at September 19, 2014 | ||
Predecessor/Successor Common Stock 90,000,000 authorized at $0.001 par value; shares issued and outstanding 54,593,032 at September 19, 2014 | 54,593 | |
Additional paid-in capital | 28,615,490 | |
Retained earnings | -30,550,328 | |
Total equity(deficit) | -1,880,244 | |
Total liabilities and equity(deficit) | 231,899 | |
Post Bankruptcy | ||
Current assets | ||
Cash | 0 | |
Accounts receivable | 0 | |
Total Current Assets | 0 | |
Property, plant and equipment, net | 0 | |
Intangible assets, net | 54,594 | |
Total Assets | 54,594 | |
Liabilities and Equity(Deficit) | ||
Total liabilities subject to compromise | 0 | |
Ecology Coatings. Inc. ("ECOC") shareholders' deficit | ||
Predecessor Preferred Stock 10,000,000 authorized at $.001 par value shares issued and outstanding 271 at September 19, 2013 | 0 | |
Successor Preferred Stock 10,000,000 authorized shares issued and outstanding 271 at $.001 par value at September 19, 2014 | 1 | |
Predecessor/Successor Common Stock 90,000,000 authorized at $0.001 par value; shares issued and outstanding 54,593,032 at September 19, 2014 | 54,593 | |
Additional paid-in capital | 0 | |
Retained earnings | 0 | |
Total equity(deficit) | 54,594 | |
Total liabilities and equity(deficit) | 54,594 | |
Reorganization Adjustments | ||
Current assets | ||
Cash | 548 | [1] |
Accounts receivable | 1,238 | [1] |
Property, plant and equipment, net | 37,249 | [1] |
Intangible assets, net | 192,864 | [1] |
Liabilities and Equity(Deficit) | ||
Total liabilities subject to compromise | 2,112,143 | [1] |
Ecology Coatings. Inc. ("ECOC") shareholders' deficit | ||
Additional paid-in capital | -1,880,244 | [1] |
Total liabilities and equity(deficit) | 0 | |
Fresh Start Adjustments | ||
Current assets | ||
Intangible assets, net | -54,594 | [2] |
Ecology Coatings. Inc. ("ECOC") shareholders' deficit | ||
Predecessor Preferred Stock 10,000,000 authorized at $.001 par value shares issued and outstanding 271 at September 19, 2013 | -1 | [3] |
Successor Preferred Stock 10,000,000 authorized shares issued and outstanding 271 at $.001 par value at September 19, 2014 | 1 | [2] |
Additional paid-in capital | 30,495,734 | [3] |
Retained earnings | -30,550,328 | [4] |
Total liabilities and equity(deficit) | $0 | |
[1] | Reorganization adjustments reflect the transfer of $2,112,143 of liabilities subject to compromise and asstes to the bankruptcy trustee accordance with the plan of bankruptcy provisions. | |
[2] | Fresh-start adjustments under section 852-10-45-17 as of date of sale corporate shell to reflect intangible assets sale through section 363 of the bankruptcy code. | |
[3] | Fresh-start adjustments under ASC 852-10-45-17 to predecessor preferred stock and APIC reflect the cancellation of the predecessor's preferred stock. | |
[4] | Fresh-start adjustment to retained earnings (accumulated deficit) resets accumulated deficit to zero. |
Fresh_Start_Accounting_Details1
Fresh Start Accounting (Details) (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 18, 2014 |
Preferred stock, par value per share | $0.00 | $0.00 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | 271 | 271 | |
Preferred stock, shares outstanding | 271 | 271 | |
Common stock, par value per share | $0.00 | $0.00 | |
Common stock, shares authorized | 90,000,000 | 90,000,000 | |
Common stock, shares issued | 54,593,032 | 54,593,032 | |
Common stock, shares outstanding | 54,593,032 | 54,593,032 | |
Pre Bankruptcy | |||
Preferred stock, par value per share | $0.00 | ||
Preferred stock, shares authorized | 10,000,000 | ||
Preferred stock, shares issued | 271 | ||
Preferred stock, shares outstanding | 271 | ||
Common stock, par value per share | $0.00 | ||
Common stock, shares authorized | 90,000,000 | ||
Common stock, shares issued | 54,593,032 | ||
Common stock, shares outstanding | 54,593,032 | ||
Post Bankruptcy | |||
Preferred stock, par value per share | $0.00 | ||
Preferred stock, shares authorized | 10,000,000 | ||
Preferred stock, shares issued | 271 | ||
Preferred stock, shares outstanding | 271 | ||
Common stock, par value per share | $0.00 | ||
Common stock, shares authorized | 90,000,000 | ||
Common stock, shares issued | 54,593,032 | ||
Common stock, shares outstanding | 54,593,032 | ||
Fresh Start Adjustments | |||
Preferred stock, par value per share | $0.00 | ||
Preferred stock, shares authorized | 10,000,000 | ||
Preferred stock, shares issued | 271 | ||
Preferred stock, shares outstanding | 271 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Income Taxes Details | ||
Net operating loss carry forwards valuation available | $24,030 | $0 |
Valuation Allowances | 3,605 | 0 |
Deferred Tax Asset | 3,605 | 0 |
Net Deferred Tax Asset | $0 | $0 |
Related_Party_Narrative_Detail
Related Party (Narrative) (Details) (Shulamit Lazar - Sole Officer And Director) | 12 Months Ended | |
Sep. 18, 2014 | Sep. 30, 2014 | |
Preferred stock | ||
Related Party Transaction [Line Items] | ||
Preferred stock awarded as part of bakruptcy sale | 271 | |
Notes Payable | ||
Related Party Transaction [Line Items] | ||
Note payable interest rate | 0.00% | |
Note payable description | This is unsecured with a zero percent interest rate and is payable on demand. |
Note_Payable_Narrative_Details
Note Payable (Narrative) (Details) (USD $) | 0 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Short-term Debt [Line Items] | ||
Note payable | $7,000 | $0 |
Seene LLC | ||
Short-term Debt [Line Items] | ||
Deposit paid in acquisition | 3,000 | |
Seene LLC | Notes Payable | ||
Short-term Debt [Line Items] | ||
Note payable | $7,000 | |
Note payable maturity date | 24-Sep-14 | |
Note payable interest rate | 0.00% |
Equity_Narrative_Details
Equity (Narrative) (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Common stock | |
Common stock voting rights | The Company's common stock are entitled to one vote per share of common stock held. |
Reverse stock split | Company has already been authorized to effect a reverse stock split up to 5,000 for 1 and may issue up to 60,000,000 additional common shares. |
Preferred stock | |
Preferred stock conversion term | The holders of the Company's Preferred Stock can convert each share into 100,000 shares of voting Common Stock. |
Preferred stock voting rights | Additionally each Preferred Share is entitled to the voting rights 100,000 common stock shares. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Operating loss carryforwards limitations on use | Expire between 2014 and 2032. |
Current effective tax rate | 34.00% |
Post Bankruptcy | |
Operating loss carryforward | 24,030 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (Seene LLC, USD $) | Sep. 25, 2014 |
Seene LLC | |
Business Acquisition [Line Items] | |
Cost of acquisition | $10,000 |
Acquisition cost allocated to inventory | 795 |
Acquisition cost allocated to intangible assets | $9,205 |