IIOT-OXYS (ITOX) 10-K 31 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013
Document and Entity Information:	'
Entity Registrant Name	'Creative Beauty Supply of New Jersey Corporation
Document Type	'10-K
Document Period End Date	31-Dec-13
Amendment Flag	'false
Entity Central Index Key	'0001290658
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	10,532,150
Entity Public Float	$0
Entity Filer Category	'Smaller Reporting Company
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'Yes
Entity Well-known Seasoned Issuer	'No
Document Fiscal Year Focus	'2013
Document Fiscal Period Focus	'FY

Creative_Beauty_Supply_of_New_

Creative Beauty Supply of New Jersey Corporation - Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
CURRENT ASSETS:	'	'
Cash and cash equivalents	$117,185	$152,753
TOTAL CURRENT ASSETS	117,185	152,753
TOTAL ASSETS	117,185	152,753
CURRENT LIABILITIES:	'	'
Accounts payable	14,400	17,878
Accrued expenses	12,820	12,620
TOTAL CURRENT LIABILITIES	27,220	30,498
TOTAL LIABILITIES	27,220	30,498
STOCKHOLDERS'EQUITY:	'	'
Preferred stock, par value $.001, authorized 10,000,000 shares, issued and outstanding -0- shares	0	0
Common stock, par value $.001, authorized 100,000,000 shares, issued and outstanding 10,532,150 shares	10,532	10,532
Additional paid-in capital	776,109	776,109
Accumulated deficit	-696,676	-664,386
TOTAL STOCKHOLDERS' EQUITY	89,965	122,255
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$117,185	$152,753

Creative_Beauty_Supply_of_New_1

Creative Beauty Supply of New Jersey Corporation - Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Statement	'	'
Revenues	$0	$0
Operating Expenses:	'	'
Professional fees	31,479	29,200
Miscellaneous	1,058	630
Total Operating Expenses	32,537	29,830
Loss From Operations	-32,537	-29,830
Other Income:	'	'
Interest income	247	531
Total Other Income	247	531
Net Loss	($32,290)	($29,299)
Loss per share:	'	'
Basic and diluted net loss per common share	$0	$0
Basic and diluted weighted average common shares outstanding	10,532,150	10,532,150

Creative_Beauty_Supply_of_New_2

Creative Beauty Supply of New Jersey Corporation - Statements of Stockholders' Equity For the Years Ended December 31, 2013 and 2012 (USD $)	Common Stock, $0.001 Par Value Shares	Common Stock, $0.001 Par Value Amount	Additional Paid-in Capital	Accumulated Deficit	Total Stockholders' Equity
Balance at start of period at Dec. 31, 2011	10,532,150	10,532	776,109	-635,087	151,554
Net loss for the period	$0	$0	$0	($29,299)	($29,299)
Balances at end of period at Dec. 31, 2012	10,532,150	10,532	776,109	-664,386	122,255
Net loss for the period	$0	$0	$0	($32,290)	($32,290)
Balances at end of period at Dec. 31, 2013	10,532,150	10,532	776,109	-696,676	89,965

Creative_Beauty_Supply_of_New_3

Creative Beauty Supply of New Jersey Corporation - Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flows from Operating Activities:	'	'
Net Loss	($32,290)	($29,299)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
(Decrease) increase in accounts payable	-3,478	12,949
Increase in accrued expenses	200	435
Net cash used in operating activities	-35,568	-15,915
NET DECREASE IN CASH AND CASH EQUIVALENTS	-35,568	-15,915
CASH AND CASH EQUIVALENTS - beginning of period	152,753	168,668
CASH AND CASH EQUIVALENTS - end of period	117,185	152,753
Cash paid during period for:	'	'
Income taxes	500	500
Interest	$0	$0

1_The_Company

1. The Company	12 Months Ended
	Dec. 31, 2013
Notes	'
1. The Company	'
	1.         THE COMPANY
	Creative Beauty Supply of New Jersey Corporation (the “Company”) was incorporated in the State of New Jersey on October 1, 2003.  It was formed pursuant to a resolution of the board of directors of Creative Beauty Supply, Inc., (“CBS”) as a wholly-owned subsidiary of that company, a publicly traded New Jersey corporation.  On January 1, 2004, the assets and liabilities of CBS were contributed at book value to the Company, and this subsidiary was then spun-off by CBS to its stockholders.  This spin-off was consummated in contemplation of a merger, which occurred on March 19, 2004 between CBS and Global Digital Solutions, Inc. (“Global”), a Delaware corporation, whereby the former stockholders of CBS became the owners of 100 percent of the common stock of the Company.
	On January 1, 2004, the Company commenced operations in the beauty supply industry at both the wholesale and retail levels. On November 30, 2007, the Company’s Board of Directors approved a plan to dispose of its wholesale and retail beauty supply business.  As of January 1, 2009, the Company has had no operations and is a shell company.
	The Company’s current business plan is to attempt to identify and negotiate with a business target for the merger of that entity with and into the Company.  In certain instances, a target company may wish to become a subsidiary of the Company or wish to contribute assets to the Company rather than merge.
	No assurance can be given that the Company will be successful in identifying or negotiating with any target company.  The Company provides a mean for a foreign or domestic private company to become a reporting (public) company whose securities would be qualified for trading in the United States secondary market.

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Notes	'
2. Summary of Significant Accounting Policies	'
	2.         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Financial Statement Presentation
	The Company’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America.
	Use of Estimates
	The preparation of these financial statements require management to make estimates, judgments and assumptions that affect the reporting amounts of assets, liabilities, revenue and expenses. The Company continually evaluates the accounting policies and estimates used to prepare the financial statements. The Company bases its estimates on historical experiences and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates made by management.
	Cash Equivalents
	Short-term investments with an original maturity of ninety days or less and highly liquid investments are considered cash and cash equivalents.  Cash and cash equivalents consist of a money market account.
	Income Taxes
	The Company utilizes Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 740”), Income Tax (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been include in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities using enacting tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.
	The Company accounts for uncertainties in income taxes under the provisions of FASB ASC 740-10-05, “Accounting for Uncertainties in Income Taxes.” The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
	Loss Per Share
	The Company computes loss per share in accordance with FASB ASC 260, “Earnings Per Share.”  Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock.  Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants. There were no dilutive common stock equivalents for all periods presented.
	Fair Value of Financial Instruments
	The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.
	Recently Issued Accounting Standards
	Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

3_Concentration_of_Credit_Risk

3. Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2013
Notes	'
3. Concentration of Credit Risk	'
	3.         CONCENTRATION OF CREDIT RISK
	The Company maintains its cash balance with a major bank. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. At December 31, 2013 and 2012, all cash balances were fully insured.

4_Income_Taxes

4. Income Taxes	12 Months Ended
	Dec. 31, 2013
Notes	'
4. Income Taxes	'
	4.         INCOME TAXES
	The deferred income tax assets and liabilities at December 31, 2013 and 2012 are as follows:
		31-Dec-13	31-Dec-12
	Net operating loss carry forwards	$    192,600	$    178,000
	Less: Valuation allowance	-192,600	-178,000
	Total	$                 -	$                 -
	A 100% valuation allowance was provided at December 31, 2013 and 2012 as it is uncertain if the deferred tax assets would be utilized. The increase in the valuation allowance was a result from the current year net operating loss.
	At December 31, 2013, the Company has unused federal net operating loss carry forwards of approximately $522,000 expiring between 2024 and 2033 and unused New Jersey net operating loss carry forwards of approximately $310,000 expiring between  2014 and 2020.
	At December 31, 2013 and 2012, the Company had no material unrecognized tax benefits, and no adjustments to liabilities or operations were required. The Company does not expect that its unrecognized tax benefits will materially increase within the next twelve months. The Company did not recognize any interest or penalties related to uncertain tax positions at December 31, 2013 and 2012.
	The Company files its federal and New Jersey income tax returns under varying statutes of limitations. The 2010 through 2013 tax years generally remain subject to examination by federal and New Jersey tax authorities.

5_Common_Stock

5. Common Stock	12 Months Ended
	Dec. 31, 2013
Notes	'
5. Common Stock	'
	5.  COMMON STOCK
	Holders of shares of common stock are entitled to one vote for each share on all matters to be voted on by the stockholders. Holders of common stock do not have cumulative voting rights. Holders of common stock are entitled to share ratably in dividends, if any, as may be declared from time to time by the Board of Director in its discretion from funds legally available therefore. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share pro rata in all assets remaining after payment in full of all liabilities. All of the outstanding shares of common stock are fully paid and non-assessable. Holders of common stock have no preemptive rights to purchase the Company’s common stock. There are no conversions or redemption rights or sinking fund provisions with respect to the common stock.

6_Subsequent_Events

6. Subsequent Events	12 Months Ended
	Dec. 31, 2013
Notes	'
6. Subsequent Events	'
	6.  SUBSEQUENT EVENTS
	The Company has evaluated subsequent events through the date of this filing.

2_Summary_of_Significant_Accou1

2. Summary of Significant Accounting Policies: Financial Statement Presentation (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Financial Statement Presentation	'
	Financial Statement Presentation
	The Company’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America.

2_Summary_of_Significant_Accou2

2. Summary of Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Use of Estimates	'
	Use of Estimates
	The preparation of these financial statements require management to make estimates, judgments and assumptions that affect the reporting amounts of assets, liabilities, revenue and expenses. The Company continually evaluates the accounting policies and estimates used to prepare the financial statements. The Company bases its estimates on historical experiences and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates made by management.

2_Summary_of_Significant_Accou3

2. Summary of Significant Accounting Policies: Cash Equivalents (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Cash Equivalents	'
	Cash Equivalents
	Short-term investments with an original maturity of ninety days or less and highly liquid investments are considered cash and cash equivalents.  Cash and cash equivalents consist of a money market account.

2_Summary_of_Significant_Accou4

2. Summary of Significant Accounting Policies: Income Taxes (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Income Taxes	'
	Income Taxes
	The Company utilizes Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 740”), Income Tax (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been include in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities using enacting tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.
	The Company accounts for uncertainties in income taxes under the provisions of FASB ASC 740-10-05, “Accounting for Uncertainties in Income Taxes.” The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

2_Summary_of_Significant_Accou5

2. Summary of Significant Accounting Policies: Loss Per Share (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Loss Per Share	'
	Loss Per Share
	The Company computes loss per share in accordance with FASB ASC 260, “Earnings Per Share.”  Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock.  Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants. There were no dilutive common stock equivalents for all periods presented.

2_Summary_of_Significant_Accou6

2. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses approximate fair value based on the short-term maturity of these instruments.

2_Summary_of_Significant_Accou7

2. Summary of Significant Accounting Policies: Recently Issued Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards
	Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

4_Income_Taxes_Details

4. Income Taxes (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Details	'	'
Net operating loss carry forwards	$192,600	$178,000
Less: Valuation allowance	-192,600	-178,000
Federal net operating loss carry forwards	522,000	'
New Jersey net operating loss carry forwards	$310,000	'