Document_and_Entity_Informatio
Document and Entity Information | 1 Months Ended |
Aug. 15, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'Integrated Inpatient Solutions, Inc. |
Entity Central Index Key | '0001174672 |
Document Type | '8-K |
Document Period End Date | 15-Aug-14 |
Amendment Flag | 'true |
Amendment Description | 'Amendment to 8-K filed August 29, 2014 to file financial statements. |
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 | 1,000,000 |
Document Fiscal Year Focus | '2014 |
Balance_Sheets
Balance Sheets (USD $) | Aug. 15, 2014 |
Current Assets | ' |
Cash and cash equivalents | $27,970 |
Total Current Assets | 27,970 |
Equipment and software | ' |
Computer software | 4,000 |
Other Assets | ' |
Notes Receivable - related party | 7,000 |
Total Assets | 38,970 |
Current Liabilities | ' |
Accounts Payable and accrued expenses | 11,514 |
Total Liabilities | 11,514 |
Commitments and Contingencies (See Note 3) | ' |
Stockholders' Equity | ' |
Common stock, $0.001 par value; 1,000,000 shares authorized, 1,000,000 shares issued and outstanding | 1,000 |
Additional Paid in Capital | 110,000 |
Accumulated Deficit | -83,544 |
Total Stockholders' Equity | 27,456 |
Total Liabilities and Stockholders' Equity | $38,970 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Aug. 15, 2014 |
Statement of Financial Position [Abstract] | ' |
Common Stock Par Value | $0.00 |
Common Stock Shares Authorized | 1,000,000 |
Common Stock Shares Issued | 1,000,000 |
Common Stock Shares Outstanding | 1,000,000 |
Statements_of_Operations
Statements of Operations (USD $) | 1 Months Ended |
Aug. 15, 2014 | |
Operating Expenses | ' |
Professional fees | $8,295 |
General and administrative | 75,249 |
Total Operating Expenses | 83,544 |
LOSS FROM OPERATIONS BEFORE INCOME TAXES | -83,544 |
Provision for Income Taxes | ' |
NET LOSS | ($83,544) |
Net Loss Per Share - Basic and Diluted | ($0.08) |
Weighted average number of shares outstanding during the period - Basic and Diluted | 1,000,000 |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Amount at Jul. 01, 2014 | ' | ' | ' | ' |
Beginning Balance, Shares at Jul. 01, 2014 | ' | ' | ' | ' |
Common stock issued for cash, Shares | 450,000 | ' | ' | 450,000 |
Common stock issued for cash, Amount | 450 | 49,550 | ' | 50,000 |
Common stock issued for services, Shares | 550,000 | ' | ' | 550,000 |
Common stock issued for services, Amount | 550 | 60,450 | ' | 61,000 |
Net Loss | ' | ' | -83,544 | -83,544 |
Ending Balance, Amount at Aug. 15, 2014 | $1,000 | $110,000 | ($83,544) | $27,456 |
Ending Balance, Shares at Aug. 15, 2014 | 1,000,000 | ' | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 1 Months Ended |
Aug. 15, 2014 | |
Cash Flows Used in Operating Activities: | ' |
Net Loss | ($83,544) |
Adjustments to reconcile net loss to net cash used in operations | ' |
Stock issued for services | 61,000 |
Changes in operating assets and liabilities: | ' |
(Decrease) Increase in accounts payable and accrued expenses | 11,514 |
Net Cash Used In Operating Activities | -11,030 |
Cash Flows From Investing Activities: | ' |
Purchase of computer software | -4,000 |
Payment on note receivable- related party | -7,000 |
Net Cash Used In Investing Activities | -11,000 |
Cash Flows From Financing Activities: | ' |
Common stock issued for cash | 50,000 |
Net Cash Provided by Financing Activities | 50,000 |
Net Increase in Cash | 27,970 |
Cash at Beginning of Period | ' |
Cash at End of Period | 27,970 |
Supplemental Disclosure of Cash Flow Information: | ' |
Cash paid for interest | ' |
Cash paid for taxes | ' |
1_SUMMARY_OF_SIGNIFICANT_ACCOU
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 1 Months Ended | ||||
Aug. 15, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | ' | ||||
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | |||||
(A) Organization | |||||
Integrated Timeshare Solutions, Inc. (the "Company") was incorporated under the laws of the State of Nevada on July 2, 2014 as a real estate consulting firm specializing in timeshare liquidation and mortgage relief. | |||||
(B) Use of Estimates | |||||
In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include the valuation of deferred taxes. | |||||
(C) Cash and Cash Equivalents | |||||
The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At August 15, 2014, the Company had no cash equivalents. | |||||
(D) Loss Per Share | |||||
In accordance with the accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share” basic earnings (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has no potentially diluted securities outstanding as of August 15, 2014. | |||||
(E) Income Taxes | |||||
The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||
The net deferred taxes in the accompanying balance sheet includes the following amounts of deferred tax assets and liabilities: | |||||
15-Aug-14 | |||||
Deferred tax liability | $ | — | |||
Deferred tax asset | |||||
Net Operating Loss Carryforward | 31,438 | ||||
Valuation Allowance | (31,438 | ) | |||
Net deferred tax asset | — | ||||
Net deferred tax liability | — | ||||
$ | — | ||||
As of August 15, 2014, the Company has a net operating loss carryforward of approximately $31,438 available to offset future taxable income through August 15, 2034. The valuation allowance was established to reduce the deferred tax asset to the amount that will more likely than not be realized. This is necessary due to the Company’s continued operating losses and the uncertainty of the Company’s ability to utilize all of the net operating loss carryforwards before they will expire through the year 2034. The Company’s federal income tax returns for the period ended August 15, 2014 remain subject to examination by the Internal Revenue Service and State Taxing Authorities as of August 15, 2014. | |||||
The net change in the valuation allowance for the year ended August 15, 2014 was an increase of $31,438. | |||||
The components of income tax expense related to continuing operations are as follows: | |||||
2014 | |||||
Federal | |||||
Current | $ | — | |||
Deferred | — | ||||
$ | — | ||||
State and Local | |||||
Current | $ | — | |||
Deferred | — | ||||
$ | — | ||||
The Company's income tax expense differed from the statutory rates (federal 34% and state 4.55%) as follows: | |||||
15-Aug-14 | |||||
Statutory rate applied to earnings before income taxes: | $ | (28,405 | ) | ||
Increase (decrease) in income taxes resulting from: | |||||
State income taxes | (3,033 | ) | |||
Change in deferred tax asset valuation allowance | 31,438 | ||||
Income Tax Expense | $ | — | |||
(F) Business Segments | |||||
The Company operates in one segment and therefore segment information is not presented. | |||||
(G) Revenue Recognition | |||||
The Company will recognize revenue on arrangements in accordance with FASB ASC No. 605, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. | |||||
(H) Recent Accounting Pronouncements | |||||
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA and the SEC did not, or are not, believed by management to have a material impact on the Company’s present or future financial statements. | |||||
(I) Website Development Costs | |||||
The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized and costs incurred in the day to day operation of the website are expensed as incurred. The website development costs will be amortized over 3 years. As of August 15, 2014 the Company recorded $0 in amortization expense. |
2_STOCKHOLDERS_DEFICIENCY
2. STOCKHOLDERS DEFICIENCY | 1 Months Ended |
Aug. 15, 2014 | |
Equity [Abstract] | ' |
2. STOCKHOLDERS DEFICIENCY | ' |
NOTE 2 STOCKHOLDERS’ DEFICIENCY | |
(A) Common Stock | |
The Company is authorized to issue 1,000,000 shares of common stock with a par value of $0.001 per share. | |
On August 7, 2014, the Company issued 450,000 shares of common stock to a founder for cash of $50,000. | |
On August 7, 2014, the Company issued 550,000 shares of common stock to founders for services and contributions of intellectual property. The shares were valued at a recent cash offering price of $0.11 per share with a fair value of $61,000. |
3_COMMITMENTS_AND_CONTINGENCIE
3. COMMITMENTS AND CONTINGENCIES | 1 Months Ended |
Aug. 15, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
3. COMMITMENTS AND CONTINGENCIES | ' |
NOTE 3 COMMITMENTS AND CONTINGENCIES | |
From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise that may harm its business. The Company is currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results. |
4_RELATED_PARTY_TRANSACTIONS
4. RELATED PARTY TRANSACTIONS | 1 Months Ended |
Aug. 15, 2014 | |
Related Party Transactions [Abstract] | ' |
4. RELATED PARTY TRANSACTIONS | ' |
NOTE 4 RELATED PARTY TRANSACTIONS | |
On July 2, 2014, the Company loaned $5,000 to a related party. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due October 1, 2015. | |
On August 14, 2014, the Company loaned $2,000 to a related party in exchange for an unsecured, non-interest bearing note, which is due October 1, 2015. |
5_GOING_CONCERN
5. GOING CONCERN | 1 Months Ended |
Aug. 15, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
5. GOING CONCERN | ' |
NOTE 5 GOING CONCERN | |
As reflected in the accompanying financial statements, the Company used cash in operations of $11,030 and has a net loss of $83,544. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | |
Management believes that actions presently being taken to complete the merger (see Note 6) and implement its strategic plans provide the opportunity for the Company to continue as a going concern. |
6_SUBSEQUENT_EVENTS
6. SUBSEQUENT EVENTS | 1 Months Ended |
Aug. 15, 2014 | |
Subsequent Events [Abstract] | ' |
6. SUBSEQUENT EVENTS | ' |
NOTE 6 SUBSEQUENT EVENTS | |
On August 26, 2014, the Company was acquired by Integrated Inpatient Solutions, Inc. (IIS). The Company’s shareholders received 47,278,938 shares of common stock in Integrated Inpatient Solutions, Inc. for 100% of the issued and outstanding shares of the Company and the Company became a wholly owned subsidy of Integrated IIS. The share exchange agreement also contains two milestones that would require ISS to issue an additional 47,278,938 shares if the Company generates a minimum of $7,500,000 in gross revenue in twelve months and a further 47,278,938 if the Company generates a minimum of $10,000,000 in 18 months. If both milestones are met, a total of 94,557,876 shares of common stock of IIS will be issued to the stockholders of the Company. | |
The Company evaluated subsequent events through September 15, 2014, the date the financial statements are available to be issued. |
1_SUMMARY_OF_SIGNIFICANT_ACCOU1
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 1 Months Ended | ||||
Aug. 15, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
(A) Organization | ' | ||||
(A) Organization | |||||
Integrated Timeshare Solutions, Inc. (the "Company") was incorporated under the laws of the State of Nevada on July 2, 2014 as a real estate consulting firm specializing in timeshare liquidation and mortgage relief. | |||||
(B) Use of Estimates | ' | ||||
(B) Use of Estimates | |||||
In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include the valuation of deferred taxes. | |||||
(C) Cash and Cash Equivalents | ' | ||||
(C) Cash and Cash Equivalents | |||||
The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At August 15, 2014, the Company had no cash equivalents. | |||||
(D) Loss Per Share | ' | ||||
(D) Loss Per Share | |||||
In accordance with the accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share” basic earnings (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has no potentially diluted securities outstanding as of August 15, 2014. | |||||
(E) Income Taxes | ' | ||||
(E) Income Taxes | |||||
The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||
The net deferred taxes in the accompanying balance sheet includes the following amounts of deferred tax assets and liabilities: | |||||
15-Aug-14 | |||||
Deferred tax liability | $ | — | |||
Deferred tax asset | |||||
Net Operating Loss Carryforward | 31,438 | ||||
Valuation Allowance | (31,438 | ) | |||
Net deferred tax asset | — | ||||
Net deferred tax liability | — | ||||
$ | — | ||||
As of August 15, 2014, the Company has a net operating loss carryforward of approximately $31,438 available to offset future taxable income through August 15, 2034. The valuation allowance was established to reduce the deferred tax asset to the amount that will more likely than not be realized. This is necessary due to the Company’s continued operating losses and the uncertainty of the Company’s ability to utilize all of the net operating loss carryforwards before they will expire through the year 2034. The Company’s federal income tax returns for the period ended August 15, 2014 remain subject to examination by the Internal Revenue Service and State Taxing Authorities as of August 15, 2014. | |||||
The net change in the valuation allowance for the year ended August 15, 2014 was an increase of $31,438. | |||||
The components of income tax expense related to continuing operations are as follows: | |||||
2014 | |||||
Federal | |||||
Current | $ | — | |||
Deferred | — | ||||
$ | — | ||||
State and Local | |||||
Current | $ | — | |||
Deferred | — | ||||
$ | — | ||||
The Company's income tax expense differed from the statutory rates (federal 34% and state 4.55%) as follows: | |||||
15-Aug-14 | |||||
Statutory rate applied to earnings before income taxes: | $ | (28,405 | ) | ||
Increase (decrease) in income taxes resulting from: | |||||
State income taxes | (3,033 | ) | |||
Change in deferred tax asset valuation allowance | 31,438 | ||||
Income Tax Expense | $ | — | |||
(F) Business Segments | ' | ||||
(F) Business Segments | |||||
The Company operates in one segment and therefore segment information is not presented. | |||||
(G) Revenue Recognition | ' | ||||
(G) Revenue Recognition | |||||
The Company will recognize revenue on arrangements in accordance with FASB ASC No. 605, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. | |||||
(H) Recent Accounting Pronouncements | ' | ||||
(H) Recent Accounting Pronouncements | |||||
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA and the SEC did not, or are not, believed by management to have a material impact on the Company’s present or future financial statements. | |||||
(I) Website Development Costs | ' | ||||
(I) Website Development Costs | |||||
The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized and costs incurred in the day to day operation of the website are expensed as incurred. The website development costs will be amortized over 3 years. As of August 15, 2014 the Company recorded $0 in amortization expense. |
1_SUMMARY_OF_SIGNIFICANT_ACCOU2
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Tables) | 1 Months Ended | ||||
Aug. 15, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Net Deferred Taxes | ' | ||||
15-Aug-14 | |||||
Deferred tax liability | $ | — | |||
Deferred tax asset | |||||
Net Operating Loss Carryforward | 31,438 | ||||
Valuation Allowance | (31,438 | ) | |||
Net deferred tax asset | — | ||||
Net deferred tax liability | — | ||||
$ | — | ||||
Components of Income Tax Expense | ' | ||||
2014 | |||||
Federal | |||||
Current | $ | — | |||
Deferred | — | ||||
$ | — | ||||
State and Local | |||||
Current | $ | — | |||
Deferred | — | ||||
$ | — | ||||
Income Tax Rate Reconciliation | ' | ||||
15-Aug-14 | |||||
Statutory rate applied to earnings before income taxes: | $ | (28,405 | ) | ||
Increase (decrease) in income taxes resulting from: | |||||
State income taxes | (3,033 | ) | |||
Change in deferred tax asset valuation allowance | 31,438 | ||||
Income Tax Expense | $ | — |
1_SUMMARY_OF_SIGNIFICANT_ACCOU3
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION - Net Deferred Taxes (Details) (USD $) | Aug. 15, 2014 |
Accounting Policies [Abstract] | ' |
Deferred tax liability | ' |
Deferred tax asset | ' |
Net Operating Loss Carryforward | 31,438 |
Valuation Allowance | -31,438 |
Net deferred tax asset | ' |
Net deferred tax liability | ' |
1_SUMMARY_OF_SIGNIFICANT_ACCOU4
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION - Components of Income Tax Expense (Details) (USD $) | 1 Months Ended |
Aug. 15, 2014 | |
Federal | ' |
Current | ' |
Deferred | ' |
State and Local | ' |
Current | ' |
Deferred | ' |
1_SUMMARY_OF_SIGNIFICANT_ACCOU5
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION - Income Tax Rate Reconciliation (Details) (USD $) | Aug. 15, 2014 |
Accounting Policies [Abstract] | ' |
Statutory rate applied to earnings before income taxes: | ($28,405) |
Increase (decrease) in income taxes resulting from: | ' |
State income taxes | -3,033 |
Change in deferred tax asset valuation allowance | 31,438 |
Income Tax Expense | ' |
1_SUMMARY_OF_SIGNIFICANT_ACCOU6
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) (USD $) | 1 Months Ended |
Aug. 15, 2014 | |
Accounting Policies [Abstract] | ' |
Net Operating Loss Carryforward | $31,438 |
Net Change in the Valuation Allowance | 31,438 |
Federal Income Tax Rate | 34.00% |
State Income Tax Rate | 4.55% |
Amortization Expense | $0 |
2_STOCKHOLDERS_DEFICIENCY_Deta
2. STOCKHOLDERS DEFICIENCY (Details Narrative) (USD $) | 1 Months Ended |
Aug. 15, 2014 | |
Equity [Abstract] | ' |
Common Stock Par Value | $0.00 |
Common Stock Shares Authorized | 1,000,000 |
Common stock issued for cash, Shares | 450,000 |
Common stock issued for cash, Amount | $50,000 |
Common stock issued for services, Shares | 550,000 |
Common stock issued for services, Amount | $61,000 |
Common stock issued for services, Offering Price | $0.11 |
4_RELATED_PARTY_TRANSACTIONS_D
4. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | Aug. 14, 2014 | Jul. 01, 2014 |
Related Party Transactions [Abstract] | ' | ' |
Loan to Related Party | $2,000 | $5,000 |
5_GOING_CONCERN_Details_Narrat
5. GOING CONCERN (Details Narrative) (USD $) | 1 Months Ended |
Aug. 15, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Cash Used in Operations | $11,030 |
Net Loss | ($83,544) |
6_SUBSEQUENT_EVENTS_Details_Na
6. SUBSEQUENT EVENTS (Details Narrative) (USD $) | 1 Months Ended |
Aug. 15, 2014 | |
Integrated Inpatient Solutions [Member] | ' |
Shares issued in Acquisition | 47,278,938 |
Milestone 1 [Member] | ' |
Minimum Revenue Needed for Contingent Share Issuance | 75,000,000 |
Months Available to Reach Minimum Revenue | '12 months |
Contingent Share Issuance, Shares Issued | 47,278,938 |
Milestone 2 [Member] | ' |
Minimum Revenue Needed for Contingent Share Issuance | 10,000,000 |
Months Available to Reach Minimum Revenue | '18 months |
Contingent Share Issuance, Shares Issued | 94,557,876 |