Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 15-May-14 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Integrated Inpatient Solutions, Inc. | ' |
Entity Central Index Key | '0001174672 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 48,612,365 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash | $492,380 | $538,633 |
Accounts receivable, net | 16,428 | ' |
Refundable income taxes | 158,711 | 121,677 |
Prepaid expenses and other current assets | 477 | ' |
Total current assets | 667,996 | 660,310 |
Furniture and equipment, net | 2,376 | 3,567 |
Other assets | ' | ' |
Deposits | 954 | 954 |
TOTAL ASSETS | 671,326 | 664,831 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued liabilities | 73,475 | 51,407 |
Liabilities from discontinued operations | 119,379 | 119,379 |
Total current liabilities | 192,854 | 170,786 |
TOTAL LIABILITIES | 192,854 | 170,786 |
Stockholders Equity | ' | ' |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 250,000 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 25 | 25 |
Common stock, $0.0001 par value, 100,000,000 shares authorized, 48,612,365 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively. | 4,861 | 4,861 |
Additional paid-in capital | 137,114 | 137,114 |
Retaining earnings | 336,472 | 352,045 |
Total Stockholders Equity | 478,472 | 494,045 |
Total Liabilities and Stockholders Equity | $671,326 | $664,831 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 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 | 250,000 | 250,000 |
Preferred Stock, Shares Outstanding | 250,000 | 250,000 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 48,612,365 | 48,612,365 |
Common Stock, Shares Outstanding | 48,612,365 | 48,612,365 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement [Abstract] | ' | ' |
Revenue | $40,140 | ' |
Cost of services | 10,624 | ' |
Gross Income | 29,516 | ' |
Operating expenses | ' | ' |
General and administrative | 82,278 | 11,840 |
Loss from continuing operations | -52,762 | -11,840 |
Benefit from income taxes on continuing operations | 37,034 | 4,455 |
Interest Income | 155 | 1 |
Loss from continuing operations | ($15,573) | ($7,384) |
Discontinued operations: | ' | ' |
Loss from discontinued operations | ' | -258,775 |
Benefit from income taxes | ' | 97,377 |
Loss on discontinued operations | ' | -161,398 |
Net loss | ($15,573) | ($168,782) |
Net loss per share - basic | ' | ' |
Loss from continuing operations | $0 | $0 |
Loss from discontinued operations | $0 | $0 |
Net loss per share - basic | $0 | $0 |
Net loss per share - diluted | ' | ' |
Loss from continuing operations | $0 | $0 |
Loss from discontinued operations | $0 | $0 |
Net loss per share - diluted | $0 | $0 |
Weighted average number of common shares outstanding - basic | 48,612,365 | 48,612,365 |
Weighted average number of common shares outstanding - diluted | 48,612,365 | 48,612,365 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flow from Operating Activities | ' | ' |
Net Loss | ($15,573) | ($168,782) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 1,191 | 662 |
Provision for Doubtful Accounts | 1,575 | ' |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -18,003 | 90,536 |
Refundable Income Taxes | -37,034 | -101,832 |
Prepaid expenses and other current assets | -477 | -46,284 |
Other assets | ' | -104,938 |
Accounts payable and accrued expenses | 22,068 | -32,127 |
Net cash used in operating activities | -46,253 | -362,765 |
Net (decrease) in cash | -46,253 | -362,765 |
Cash - Beginning of year | 538,633 | 927,895 |
Cash - End of the period | $492,380 | $565,130 |
1_ORGANIZATION_AND_BUSINESS_AC
1. ORGANIZATION AND BUSINESS ACTIVITY | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
1. ORGANIZATION AND BUSINESS ACTIVITY | ' |
NOTE 1 – ORGANIZATION AND BUSINESS ACTIVITY | |
The Company was incorporated in Florida on July 31, 2001. On September 21, 2001 the Company was acquired by PlaNet.Com, Inc., a Nevada public, non-reporting corporation. Pla.Net.Com, Inc. was considered a shell at the time of acquisition and therefore the acquisition was treated as a reverse merger (the acquired company is treated as the acquiring company for accounting purposes). Pla.Net.Com, Inc. changed its name to Inpatient Clinical Solutions, Inc. immediately after the merger. | |
Through March 2013, the Company provided health care services in South Florida. The Company provided inpatient physician care to various health care facilities and health plans in the South Florida area. Prior to February 2012, the Company provided Hospitalist services at acute care hospitals. Hospitalists focus on a patient’s care from the time of admission to discharge, working in close consultation with primary care physicians, other referring physicians and medical providers to coordinate the inpatient care delivery system and manage the entire inpatient episode of care. | |
The Company sold the hospitalist business during February 2012. At that time, the Company changed its name from Inpatient Clinical Solutions, Inc. to Integrated Inpatient Solutions, Inc. In November 2011, the Company entered into an agreement with a hospital to provide intensivist services. Under the exclusive agreement, the Company provided critical care intensivist coverage for all medical and surgical intensive care unit patients at the hospital. The physicians included full-time employees, part-time and temporary physicians as well as contracted physician providers. The intensivist agreement was terminated in January 2013. | |
The Company now provides interior design services targeting budget minded individuals. The business operates under the trade name Integrated Interior Design. The Company earns revenues from providing decorator services which are billed on hourly and per diem rates. The interior design business currently operates in South Florida and will expand regionally and nationally. The business provides interior design, interior staging, accompanied shopping, paint color selection, architectural drawing and other design services. |
2_SUMMARY_OF_SIGNIFICANT_ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates. | |
BASIS OF PRESENTATION | |
The unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation SX. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. | |
The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014. | |
Use of Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The areas involving the most significant use of estimates include legal contingencies, deferred tax benefits, refundable income taxes, estimated realizable value of accounts receivable, and payables for known claims and liabilities for claims incurred but not reported (IBNR) related to medical malpractice. These estimates are based on knowledge of current events and anticipated future events. The Company adjusts these estimates each period as more current information becomes available. The impact of any changes in estimates is included in the determination of earnings in the period in which the estimate is adjusted. Actual results may ultimately differ materially from those estimates. | |
Cash | |
The Company considers cash in banks and other highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition to be cash and cash equivalents. At March 31, 2014 and December 31, 2013, the Company had no cash equivalents. The Company maintains cash accounts in financial institutions that are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). Deposits in excess of the FDIC insurance amount of $250,000 totaled approximately $199,277 and $245,000 at March 31, 2014 and December 31, 2013, respectively. | |
Accounts Receivable | |
Accounts receivable represent amounts due from customers for design services. Accounts receivable are recorded and stated at the amount expected to be collected and reflect an allowance for uncollectible amounts of approximately $1,575 at March 31, 2014. The Company had no accounts receivable at December 31, 2013. | |
Property and Equipment | |
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful life of the asset. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. | |
Impairment of Long-Lived Assets | |
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. | |
The Company determined that there were no impairments of long-lived assets as of March 31, 2014 and December 31, 2013. | |
Fair Value of Financial Instruments | |
U.S. GAAP for fair value measurements establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The fair value hierarchy gives the highest priority to quoted market prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | |
The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, deposits, accounts payable and accrued liabilities, approximate their fair values because of the short maturity of these instruments. | |
Revenue Recognition | |
Interior Design - The Company follows ASC 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 it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. | |
Income Taxes | |
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires 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 based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. | |
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |
Earnings (Loss) Per Share | |
The Company computes earnings (loss) per share in accordance with the provisions of FASB ASC Topic 260, "Earnings Per Share," which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic earnings (loss) per share are computed by dividing net earnings (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed assuming the exercise of dilutive stock options under the treasury stock method and the related income tax effects. Accordingly, for purposes of dilutive earnings per share, the Company excluded the convertible preferred stock. | |
As of March 31, 2014 and 2013, we had 250,000 shares of Convertible Preferred Stock outstanding convertible into 2,500,000 common shares. | |
Recent Accounting Pronouncements | |
There have been no accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2014 that are expected to have a material impact on the Company’s financial position, results of operations or cash flows. Accounting pronouncements that became effective during the three months ended March 31, 2014 did not have a material impact on disclosures or on the Company’s financial position, results of operations or cash flows. |
3_PROPERTY_AND_EQUIPMENT
3. PROPERTY AND EQUIPMENT | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
3. PROPERTY AND EQUIPMENT | ' | ||||||||||
NOTE 3 - PROPERTY AND EQUIPMENT | |||||||||||
The Company’s property and equipment consisted of the following at March 31, 2014 and December 31, 2013: | |||||||||||
2014 | 2013 | Estimated Useful Life | |||||||||
Computer and Office Equipment | $ | 33,868 | $ | 33,868 | 5 -7 years | ||||||
Furniture and Fixtures | 18,530 | 18,530 | 7 years | ||||||||
$ | 52,398 | $ | 52,398 | ||||||||
Less: Accumulated Depreciation | (50,022 | ) | (48,831 | ) | |||||||
$ | 2,376 | $ | 3,567 | ||||||||
Depreciation expense for the three month period ended March 31, 2014 and 2013 was $1,191 and $662, respectively. |
4_STOCKHOLDERS_EQUITY
4. STOCKHOLDERS EQUITY | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
4. STOCKHOLDERS EQUITY | ' |
NOTE 4 - STOCKHOLDERS' EQUITY | |
Preferred Stock | |
The Company has 10,000,000 authorized shares of non-redeemable, convertible preferred stock with a par value of $.0001. Each share of preferred stock is convertible to 10 shares of common stock. As of March 31, 2014, and December 31, 2013, 250,000 shares of preferred stock is outstanding. | |
Common Stock | |
On February 14, 2012, the Company's shareholders approved an amendment to the Company’s Articles of Incorporation to increase the authorized number of shares of common stock, $.0001 par value, from 50,000,000 shares to 100,000,000 shares. |
5_COMMITMENT_AND_CONTINGENCIES
5. COMMITMENT AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
5. COMMITMENT AND CONTINGENCIES | ' |
NOTE 5 - COMMITMENT AND CONTINGENCIES | |
Commitment | |
In July 2007, the Company entered into a one year office lease agreement at $3,000 per month. The lease agreement expired and became a month-to-month arrangement. The leased premises were vacated in 2013 and the lease has since been terminated. In April 2013, the Company entered into a new one year office lease agreement at $450 per month, the lease expires in May 2014. Total rent expense for the three months ended March 31, 2014 was $1,431 and $4,845 respectively. | |
Contingencies | |
While providing healthcare services in the ordinary course of our business, the Company became involved in lawsuits and legal proceedings involving claims of medical malpractice related to medical services provided by our affiliated physicians. The Company is currently involved in the settlement stages of one such matter. The accompanying financial statements include an accrual of $50,000 for this matter under the caption accrued legal settlement. This accrual represents the Company’s anticipated deductible on the settlement. The details of this settlement are described more fully below. | |
Edra Schwartz as the Personal Representative of the Estate of Robert A. Schwartz, Deceased, v. Jason Strong, M.D., Aretha Nelson, M.D. and Inpatient Clinical Solutions, Inc. | |
This matter involves a 66 year old white male who developed a MRSA (methicillin-resistant staphylococcus aureus) infection following a craniotomy to remove a suspected meningioma. (1) Failure to properly interpret the brain MRIs preoperatively (this is directed at the radiologist preoperatively); and (2) Failure to diagnose a MRSA infection and brain abscess following the craniotomy on May 6, 2009. The patient died on September 24, 2009. The suit commenced October 18, 2011 and the case is pending in the circuit court of the 17 Judical Circuit in and for Broward County, FL, Case # 11-10485. The claim is for unspecified monetary damages. The Company is defending this case vigorously and, while the claims for damages have not been quantified, the Company does not believe that a negative decision would have a material impact on the Company. | |
In November 2011, the Company became involved in a legal settlement relating to a malpractice claim for $100,000. As a result of the settlement agreement, the Company agreed to pay a total amount of $100,000. As of March 31, 2014 and December 31, 2013, the remaining balance is approximately $69,000 which is due in equal yearly installments of $20,000 over the next four years. The Company made no payments on this obligation during the three month period ended March 31, 2014. | |
The accrued legal settlements are presented as liabilities from discontinued operation in the accompanying balance sheets (see Note 7). | |
The Company is currently not aware of any other such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse affect on its business, financial condition or operating results except for the item described below. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm its business. | |
Regulatory Matters | |
Laws and regulations governing the Medicare and Medicaid programs are complex and subject to interpretation. Compliance with such laws and regulations can be subject to future government review and interpretation as well as significant regulatory action including fines, penalties, and exclusion from the Medicare and Medicaid programs. We believe that we are in compliance with all applicable laws and regulations. We are not aware of any specific investigations involving allegations of potential wrongdoing. |
6_CONCENTRATIONS
6. CONCENTRATIONS | 3 Months Ended |
Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | ' |
6. CONCENTRATIONS | ' |
NOTE 6 – CONCENTRATIONS | |
Geographic and Employment | |
Our operations are concentrated in the South Florida region. We are reliant on the services of two full time employees, one who runs management and operations of the Company, and one interior designer. | |
Revenue and Accounts Receivable | |
During the three months ended March 31, 2014, 51% of revenues were derived from three customers at 23%, 17% and 11%. | |
At March 31, 2014, 64% of accounts receivable were derived from three customers at 31%, 20% and 13%. |
7_DISCONTINUED_OPERATIONS
7. DISCONTINUED OPERATIONS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
7. DISCONTINUED OPERATIONS | ' | ||||||||
NOTE 7 - Discontinued Operations | |||||||||
In March 2013, management decided to exit the health care provider business and change the Company's strategy in order to focus on its interior design business. Accordingly, the financial statements have been presented in accordance with ASC 205-20, Discontinued Operations. | |||||||||
The following table illustrates the reporting of the discontinued operations included in the Statements of Operations for the three months ended March 31, 2014 and 2013: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Patient Service Revenue (net of contractual allowances and discounts) | $ | — | $ | 110,895 | |||||
Operating expenses: | |||||||||
Cost of services - physicians | — | 250,456 | |||||||
General and administrative | — | 119,214 | |||||||
Total operating expenses | — | 369,670 | |||||||
Income (loss) on discontinued operations | $ | — | $ | (258,775 | ) | ||||
As of March 31, 2014 and December 31, 2013, liabilities from discontinued operations are listed below: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Accrued legal settlements | $ | 119,379 | $ | 119,379 |
2_SUMMARY_OF_SIGNIFICANT_ACCOU1
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation SX. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. | |
The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014. | |
USE OF ESTIMATES | ' |
Use of Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The areas involving the most significant use of estimates include legal contingencies, deferred tax benefits, refundable income taxes, estimated realizable value of accounts receivable, and payables for known claims and liabilities for claims incurred but not reported (IBNR) related to medical malpractice. These estimates are based on knowledge of current events and anticipated future events. The Company adjusts these estimates each period as more current information becomes available. The impact of any changes in estimates is included in the determination of earnings in the period in which the estimate is adjusted. Actual results may ultimately differ materially from those estimates. | |
CASH | ' |
Cash | |
The Company considers cash in banks and other highly liquid investments with insignificant interest rate risk and maturities of three months or less at the time of acquisition to be cash and cash equivalents. At March 31, 2014 and December 31, 2013, the Company had no cash equivalents. The Company maintains cash accounts in financial institutions that are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”). Deposits in excess of the FDIC insurance amount of $250,000 totaled approximately $199,277 and $245,000 at March 31, 2014 and December 31, 2013, respectively. | |
ACCOUNTS RECEIVABLE | ' |
Accounts Receivable | |
Accounts receivable represent amounts due from customers for design services. Accounts receivable are recorded and stated at the amount expected to be collected and reflect an allowance for uncollectible amounts of approximately $1,575 at March 31, 2014. The Company had no accounts receivable at December 31, 2013. | |
PROPERTY AND EQUIPMENT | ' |
Property and Equipment | |
Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful life of the asset. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. | |
IMPAIRMENT OF LONG-LIVED ASSETS | ' |
Impairment of Long-Lived Assets | |
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. | |
The Company determined that there were no impairments of long-lived assets as of March 31, 2014 and December 31, 2013. | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' |
Fair Value of Financial Instruments | |
U.S. GAAP for fair value measurements establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three levels. The fair value hierarchy gives the highest priority to quoted market prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. | |
The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, deposits, accounts payable and accrued liabilities, approximate their fair values because of the short maturity of these instruments. | |
REVENUE RECOGNITION | ' |
Revenue Recognition | |
Interior Design - The Company follows ASC 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 it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. | |
INCOME TAXES | ' |
Income Taxes | |
The Company follows Section 740-10-30 of the FASB Accounting Standards Codification, which requires 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 based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. | |
The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. | |
EARNINGS (LOSS) PER SHARE | ' |
Earnings (Loss) Per Share | |
The Company computes earnings (loss) per share in accordance with the provisions of FASB ASC Topic 260, "Earnings Per Share," which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic earnings (loss) per share are computed by dividing net earnings (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed assuming the exercise of dilutive stock options under the treasury stock method and the related income tax effects. Accordingly, for purposes of dilutive earnings per share, the Company excluded the convertible preferred stock. | |
As of March 31, 2014 and 2013, we had 250,000 shares of Convertible Preferred Stock outstanding convertible into 2,500,000 common shares. | |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
Recent Accounting Pronouncements | |
There have been no accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2014 that are expected to have a material impact on the Company’s financial position, results of operations or cash flows. Accounting pronouncements that became effective during the three months ended March 31, 2014 did not have a material impact on disclosures or on the Company’s financial position, results of operations or cash flows. |
3_PROPERTY_AND_EQUIPMENT_Table
3. PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||
Property and Equipment | ' | ||||||||||
2014 | 2013 | Estimated Useful Life | |||||||||
Computer and Office Equipment | $ | 33,868 | $ | 33,868 | 5 -7 years | ||||||
Furniture and Fixtures | 18,530 | 18,530 | 7 years | ||||||||
$ | 52,398 | $ | 52,398 | ||||||||
Less: Accumulated Depreciation | (50,022 | ) | (48,831 | ) | |||||||
$ | 2,376 | $ | 3,567 |
7_Discontinued_Operations_Tabl
7. Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Patient Service Revenue (net of contractual allowances and discounts) | $ | — | $ | 110,895 | |||||
Operating expenses: | |||||||||
Cost of services - physicians | — | 250,456 | |||||||
General and administrative | — | 119,214 | |||||||
Total operating expenses | — | 369,670 | |||||||
Income (loss) on discontinued operations | $ | — | $ | (258,775 | ) | ||||
As of March 31, 2013 and December 31, 2012, liabilities from discontinued operations are listed below: | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Accrued legal settlements | $ | 119,379 | $ | 119,379 |
2_SUMMARY_OF_SIGNIFICANT_ACCOU2
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' | ' |
FDIC Insured Amount | $250,000 | ' | ' |
Cash, Uninsured | 199,277 | ' | 245,000 |
Accounts Receivable, Uncollectible | $1,575 | ' | $0 |
Convertible Preferred Stock, Shares Outstanding | 250,000 | 250,000 | ' |
Convertible Preferred Stock, Common Shares | 2,500,000 | 2,500,000 | ' |
3_PROPERTY_AND_EQUIPMENT_Prope
3. PROPERTY AND EQUIPMENT - Property and Equipment (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Property and Equipment Gross | $52,398 | $52,398 |
Less: Accumulated Depreciation | -50,022 | -48,831 |
Property and Equipment Net | 2,376 | 3,567 |
Computer and Office Equipment [Member] | ' | ' |
Property and Equipment Gross | 33,868 | 33,868 |
Estimated Useful Life | '7 years | ' |
Furniture and Fixtures [Member] | ' | ' |
Property and Equipment Gross | $18,530 | $18,530 |
Estimated Useful Life | '5 years | ' |
3_PROPERTY_AND_EQUIPMENT_Detai
3. PROPERTY AND EQUIPMENT (Details Narrative) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation Expense | $1,191 | $662 |
4_STOCKHOLDERS_EQUITY_Details_
4. STOCKHOLDERS EQUITY (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 14, 2012 |
Equity [Abstract] | ' | ' | ' |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ' |
Preferred Stock, Par Value | $0.00 | $0.00 | ' |
Preferred Stock, Shares Outstanding | 250,000 | 250,000 | ' |
Shares Issued Upon Conversion | 10 | ' | ' |
Common Stock, Par Value | $0.00 | $0.00 | ' |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 50,000,000 |
5_COMMITMENT_AND_CONTINGENCIES1
5. COMMITMENT AND CONTINGENCIES (Details Narrative) (USD $) | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 01, 2013 | Nov. 01, 2011 | Jul. 01, 2007 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Rental Payments | ' | ' | ' | $450 | ' | $3,000 |
Rent Expense | 1,431 | 4,845 | ' | ' | ' | ' |
Malpractice Loss Contingency | 20,000 | ' | ' | ' | ' | ' |
Malpractice Payable | $69,000 | ' | $69,000 | ' | $100,000 | ' |
6_CONCENTRATIONS_Details_Narra
6. CONCENTRATIONS (Details Narrative) | 3 Months Ended |
Mar. 31, 2014 | |
Revenues [Member] | ' |
Concentration Risk | 51.00% |
Accounts Receivable [Member] | ' |
Concentration Risk | 64.00% |
7_Discontinued_Operations_Disc
7. Discontinued Operations - Discontinued Operations (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Operating expenses: | ' | ' |
Cost of services - physicians | $10,624 | ' |
General and administrative | 82,278 | 11,840 |
Income (loss) on discontinued operations | ' | -258,775 |
Discontinued Operations [Member] | ' | ' |
Patient Service Revenue (net of contractual allowances and discounts) | ' | 110,895 |
Operating expenses: | ' | ' |
Cost of services - physicians | ' | 250,456 |
General and administrative | ' | 119,214 |
Total operating expenses | ' | 369,670 |
Income (loss) on discontinued operations | ' | -258,775 |
Accrued legal settlements | $119,379 | $119,379 |