Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 13, 2015 | |
Entity Registrant Name | MADISON AVE HOLDINGS INC | |
Entity Central Index Key | 1,284,196 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 500,000 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Current assets: | |||
Cash and cash equivalents | $ 0 | $ 0 | $ 0 |
Prepaid expenses | 2,000 | ||
Total current assets | 2,000 | ||
Other assets | $ 0 | 0 | |
Total assets | $ 2,000 | ||
Current liabilities: | |||
Accounts payable and accrued expenses | |||
Total current liabilities | |||
Other liabilities | $ 0 | $ 0 | |
Total liabilities | |||
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock, $.001 par value; 10,000,000 shares authorized, 500,000 shares issued and outstanding | $ 500 | $ 500 | |
Additional paid-in capital | 187,239 | 177,864 | |
Accumulated deficit | $ (187,739) | (176,364) | |
Total stockholders' equity | 2,000 | ||
Total liabilities and stockholders' equity | $ 2,000 |
Balance Sheets (Current Period3
Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common Stock, shares issued (in shares) | 500,000 | 500,000 |
Common Stock, shares outstanding (in shares) | 500,000 | 500,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses: | ||||
General and administrative | 4,300 | 4,575 | 11,375 | 12,200 |
Total expenses | 4,300 | 4,575 | 11,375 | 12,200 |
Net loss | $ (4,300) | $ (4,575) | $ (11,375) | $ (12,200) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average number of common shares outstanding, basic and diluted (in shares) | 500,000 | 500,000 | 500,000 | 500,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (11,375) | $ (12,200) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | $ 2,000 | 3,000 |
Accounts payable and accrued expenses | (1,000) | |
Net cash used in operating activities | $ (9,375) | (10,200) |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 0 | 0 |
Capital contributions | 9,375 | 10,200 |
Net cash provided by financing activities | $ 9,375 | $ 10,200 |
Net increase (decrease) in cash | ||
Cash and cash equivalents, beginning of period | $ 0 | $ 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Note 1 - Interim Financial Stat
Note 1 - Interim Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1 – INTERIM FINANCIAL STATEMENTS The unaudited financial statements as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with instructions to Form 10-Q. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2015 and the results of operations and cash flows for the three and six months ended June 30, 2015 and 2014. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the six month period ended June 30, 2015 are not necessarily indicative of the results to be expected for any subsequent quarter of the entire year ending December 31, 2015. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2014 as included in our report on Form 10-K. |
Note 2 - Organization
Note 2 - Organization | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 2 – ORGANIZATION Madison Avenue Holdings Inc. (the “Company”) was incorporated in the State of Delaware on February 27, 2004. The Company has no products or services; the Company is seeking a business to merge with or acquire. |
Note 3 - Going Concern Uncertai
Note 3 - Going Concern Uncertainty | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 3 –GOING CONCERN UNCERTAINTY At June 30, 2015, the Company had no cash and for the period February 27, 2004 (inception) to June 30, 2015, the Company incurred a net loss of $187,739. These factors create uncertainty as to the Company’s ability to continue as a going concern. The Company is making efforts to acquire a business with assets and operations. However, there is no assurance that the Company will be successful in accomplishing this objective. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Note 4 - Stockholders' Equity
Note 4 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 4 – STOCKHOLDERS’ EQUITY In March 2004, the Company sold 500,000 shares of its common stock at a price of $.001 per share, or $500 total, to a corporation (the “First Stockholder”) controlled by the then president and director of the Company. From March 2004 to September 2005, the First Stockholder made additional capital contributions to the Company of $13,951. In August 2005, the First Stockholder of the Company sold 475,000 shares of Company common stock to an unrelated third party (the “Second Stockholder”). The Company agreed under the related Stock Purchase Agreement that, in exchange for the First Stockholder’s efforts in procuring the Second Stockholder’s services to identify merger or acquisition targets for the Company; in the event that the Company successfully completes a merger or acquisition of one or more business entities identified by the new 95% Second Stockholder (the “Business Combination”), the Company will issue such number of new shares of the common stock of the Company to the First Stockholder so that it will continue to retain 5% of equity ownership in the Company immediately after the close of any Business Combination. From October 2005 to June 2006, the Second Stockholder made additional capital contributions to the Company of $7,744. In June 2006, the Second Stockholder sold a total of 237,500 shares of Company common stock to two unrelated third parties (the “Third Stockholder” and the “Fourth Stockholder”), 118,750 shares to each of them. From September 2006 to June 2015, the Second Stockholder, Third Stockholder and Fourth Stockholder made capital contributions to the Company of $165,544. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5 – INCOME TAXES The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate of 34% to income (loss) before income taxes. The sources of the difference are as follows: Three months ended June 30, 2015 Three months ended June 30, 2014 Six months ended June 30, 2015 Six months ended June 30, 2014 Expected tax at 34% $ (1,462 ) $ (1,556 ) $ (3,867 ) $ (4,148 ) Increase in valuation allowance 1,462 1,556 3,867 4,148 Income tax provision $ - $ - $ - $ - Significant components of the Company's deferred income tax assets are as follows: June 30, 2015 December 31, 2014 Net operating loss carryforward $ 63,831 $ 59,964 Less valuation allowance (63,831 ) (59,964 ) Deferred income tax assets - net $ - $ - Based on management‘s present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset of $63,831 attributable to the future utilization of the $187,739 net operating loss carryforward as of June 30, 2015 will be realized. Accordingly, the Company has maintained a 100% allowance against the deferred tax asset in the financial statements at June 30, 2015. The Company will continue to review this valuation allowance and make adjustments as appropriate. The net operating loss carryforward expires in years 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034 and 2035 in the amounts of $7,297, $12,450, $9,621, $20,306, $16,739, $15,325, $16,318, $18,203, $19,160, $20,410, $20,535 and $11,375 respectively. Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 – COMMITMENTS AND CONTINGENCIES All activities of the Company are being conducted by the officers and directors from either their homes or their business offices at no cost to the Company. The officers and directors have agreed to continue this arrangement until the Company completes a business combination. |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended June 30, 2015 Three months ended June 30, 2014 Six months ended June 30, 2015 Six months ended June 30, 2014 Expected tax at 34% $ (1,462 ) $ (1,556 ) $ (3,867 ) $ (4,148 ) Increase in valuation allowance 1,462 1,556 3,867 4,148 Income tax provision $ - $ - $ - $ - |
Cumulative Schedule of Components of Income Tax Expense Benefit [Table Text Block] | June 30, 2015 December 31, 2014 Net operating loss carryforward $ 63,831 $ 59,964 Less valuation allowance (63,831 ) (59,964 ) Deferred income tax assets - net $ - $ - |
Note 3 - Going Concern Uncert13
Note 3 - Going Concern Uncertainty (Details Textual) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 0 | $ 0 | $ 0 |
Retained Earnings (Accumulated Deficit) | $ (187,739) | $ (176,364) |
Note 4 - Stockholders' Equity (
Note 4 - Stockholders' Equity (Details Textual) | 1 Months Ended | 9 Months Ended | 19 Months Ended | 109 Months Ended | |||
Jun. 30, 2006shares | Aug. 31, 2005shares | Mar. 31, 2004USD ($)$ / sharesshares | Jun. 30, 2006USD ($) | Sep. 30, 2005USD ($) | Jun. 30, 2015USD ($)$ / shares | Dec. 31, 2014$ / shares | |
Fourth Stockholder [Member] | |||||||
Shares Acquired by New Stockholder | 118,750 | ||||||
First Stockholder [Member] | |||||||
Adjustments to Additional Paid in Capital, Capital Contributions | $ | $ 13,951 | ||||||
Percentage After Transaction | 5.00% | ||||||
Second Stockholder [Member] | |||||||
Adjustments to Additional Paid in Capital, Capital Contributions | $ | $ 7,744 | ||||||
Shares Sold by Shareholder Shares | 475,000 | ||||||
Percentage Sold by Shareholder Shares | 95.00% | ||||||
Third and Fourth Stockholder [Member] | |||||||
Shares Sold by Shareholder Shares | 237,500 | ||||||
Third Stockholder [Member] | |||||||
Shares Acquired by New Stockholder | 118,750 | ||||||
Second, Third and Fourth Stockholder [Member] | |||||||
Adjustments to Additional Paid in Capital, Capital Contributions | $ | $ 165,544 | ||||||
Number of Unrelated Parties | 2 | 2 | |||||
Stock Issued During Period, Shares, New Issues | 500,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Stock Issued During Period, Value, New Issues | $ | $ 500 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Expires in 2024 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 7,297 | $ 7,297 | |||
Expires in 2025 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 12,450 | 12,450 | |||
Expires in 2026 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 9,621 | 9,621 | |||
Expires in 2027 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 20,306 | 20,306 | |||
Expires in 2028 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 16,739 | 16,739 | |||
Expires in 2029 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 15,325 | 15,325 | |||
Expires in 2030 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 16,318 | 16,318 | |||
Expires in 2031 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 18,203 | 18,203 | |||
Expires in 2032 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 19,160 | 19,160 | |||
Expires in 2033 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 20,410 | 20,410 | |||
Expires in 2034 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 20,535 | 20,535 | |||
Expires In 2035 [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 11,375 | $ 11,375 | |||
Effective Income Tax Rate Reconciliation, Percent | 34.00% | 34.00% | 34.00% | 34.00% | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 63,831 | $ 63,831 | $ 59,964 | ||
Operating Loss Carryforwards | $ 187,739 | $ 187,739 | |||
Deferred Tax Assets Valuation Allowance Percentage | 100.00% | 100.00% |
Note 5 - Income Taxes - Income
Note 5 - Income Taxes - Income Tax Provision (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Expected tax at 34% | $ (1,462) | $ (1,556) | $ (3,867) | $ (4,148) |
Increase in valuation allowance | 1,462 | 1,556 | 3,867 | 4,148 |
Income tax provision | $ 0 | $ 0 | $ 0 | $ 0 |
Note 5 - Income Taxes - Incom17
Note 5 - Income Taxes - Income Tax Provision (Details) (Parentheticals) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Tax Percentage | 34.00% | 34.00% | 34.00% | 34.00% |
Note 5 - Income Taxes - Signifi
Note 5 - Income Taxes - Significant Components of Deferred Income Tax (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Operating Loss Carryforwards | $ 63,831 | $ 59,964 |
Less valuation allowance | $ (63,831) | $ (59,964) |
Deferred income tax assets - net |