Fresh Start Accounting (Details) (USD $) | Sep. 19, 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. |