ACCOUNTING POLICIES (POLICIES) | 6 Months Ended |
Jun. 30, 2012 |
ACCOUNTING POLICIES (POLICIES): | ' |
NATURE OF OPERATIONS | ' |
NATURE OF OPERATIONS |
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Atomic Paintball, Inc. (the “Company”) is a development stage corporation incorporated on May 8, 2001 in the State of Texas which plans to own and operate paintball facilities and to provide services and products in connection with paintball sport activities at its to be established facilities and through a website. |
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During the six months ended June 30, 2012 and 2011, we focused on completing those actions necessary to implement our business plan. |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION |
Interim Accounting | ' |
Interim Accounting |
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The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six month period ended June 30, 2012, are not necessarily indicative of the results that may be expected for the year ended December 31, 2012. |
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The Company's 10-K for the year ended December 31, 2011, filed on June 30, 2014, should be read in conjunction with this report. |
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The Company has not earned any revenues from planned operations. Accordingly, the Company's activities have been accounted for as those of a "Development Stage Company." Among the disclosures required by Accounting Standards Codification (“ASC”) 915 Development Stage Entities are that the Company's financial statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception. |
Reclassifications | ' |
Reclassifications |
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Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. |
SIGNIFICANT ACCOUNTING POLICIES | ' |
SIGNIFICANT ACCOUNTING POLICIES |
Accounting Basis | ' |
Accounting Basis |
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These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. |
Cash and Cash Equivalents, Policy | ' |
Cash and Cash Equivalents |
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For the purpose of the financial statements cash equivalents include all highly liquid investments with an original maturity of three months or less. |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments |
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The accounting guidance establishes a fair value hierarchy based on whether the market participant assumptions used in determining fair value are obtained from independent sources (observable inputs) or reflect the Company's own assumptions of market participant valuation (unobservable inputs). A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance establishes three levels of inputs that may be used to measure fair value: |
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• | Level 1—Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; | | | | | | | | | | | |
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• | Level 2—Quoted prices for identical assets and liabilities in markets that are inactive; quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; or | | | | | | | | | | | |
• | Level 3—Prices or valuations that require inputs that are both unobservable and significant to the fair value measurement. | | | | | | | | | | | |
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The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and views an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate the Company's or the counterparty's non-performance risk is considered in determining the fair values of liabilities and assets, respectively. |
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| Fair Value Measurements at Reporting Date Using | |
Description | | | | Significant Other | | Significant | |
Quoted Prices in | Observable | Unobservable |
Active Markets | Inputs | Inputs |
for Identical | (Level 2) | (Level 3) |
Assets | | |
(Level 1) | | |
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Convertible note payable – related party – December 31, 2011 | | $ | - | | | $ | - | | | $ | 143,733 | |
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Convertible note payable – related party – June 30, 2012 | | $ | - | | | $ | - | | | $ | 143,733 | |
Stock Compensation | ' |
Stock Compensation |
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The Company follows FASB Accounting Standards Codification No. 718 – Compensation – Stock Compensation for share based payments to employees. The Company follows FASB Accounting Standards Codification No. 505 for share based payments to Non-Employees |
Earnings (Loss) per Share | ' |
Earnings (Loss) per Share |
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The basic earnings (loss) per share are calculated by dividing the Company's net income available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per share are calculated by dividing the Company's net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There are no diluted shares outstanding. |
Dividends | ' |
Dividends |
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The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown. |
Income Taxes, Policy | ' |
Income Taxes |
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The Company provides for income taxes in accordance with ASC 740 – Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. |
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ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. No provision for income taxes is included in the statement due to its immaterial amount, net of the allowance account, based on the likelihood of the Company to utilize the loss carry-forward. |
Advertising | ' |
Advertising |
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The Company expenses advertising as incurred. The advertising since inception has been $0. |
Use of Estimates | ' |
Use of Estimates |
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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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue and Cost Recognition | ' |
Revenue and Cost Recognition |
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The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. |
Recently issued accounting pronouncements | ' |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
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Management does not feel that the adoption of any recently issued, but not yet effective pronouncements, will have a material impact on the Company’s financial statements or financial condition. |