Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 25, 2015 | Mar. 23, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SIGNET INTERNATIONAL HOLDINGS, INC. | ||
Entity Central Index Key | 1317833 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $170,140 | ||
Entity Common Stock, Shares Outstanding | 10,402,145 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets | ||
Cash in bank | $48,291 | $19,544 |
Prepaid Expenses | 38,500 | 38,500 |
Total Current Assets | 86,791 | 58,044 |
Other Assets | ||
Option agreement | 600,042 | 600,042 |
Broadcast and intellectual properties, net of accumulated amortization of $-0- | 4,007,249 | 4,007,249 |
Total Other Assets | 4,607,291 | 4,607,291 |
Total Assets | 4,694,082 | 4,665,335 |
Current Liabilities | ||
Note payable | ||
Accounts payable - trade | 158,858 | 161,358 |
Other accrued liabilities | 1,089,360 | 942,860 |
Accrued officer compensation | 874,683 | 784,683 |
Total Current Liabilities | 2,122,901 | 1,888,901 |
Commitments and Contingencies | ||
Shareholders' Equity (Deficit) | ||
Preferred stock - $0.001 par value 50,000,000 shares authorized 5,000,000 shares designated, issued and outstanding, respectively | 5,000 | 5,000 |
Common stock - $0.001 par value 100,000,000 shares authorized 9,294,030 and 8,893,400 shares issued and outstanding, respectively | 10,404 | 9,295 |
Common stock subscribed | ||
Additional paid-in capital | 6,271,865 | 6,116,440 |
Deficit accumulated during the development stage | -3,716,088 | -3,354,301 |
Total Shareholders' Equity (Deficit) | 2,571,181 | 2,776,434 |
Total Liabilities and Shareholders' Equity | $4,694,082 | $4,665,335 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Balance Sheets [Abstract] | ||
Accumulated Amortization | $0 | $0 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,294,030 | 8,893,400 |
Common stock, shares outstanding | 9,294,030 | 8,893,400 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | 134 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Statements of Operations and Comprehensive Loss [Abstract] | |||
Revenues | |||
Expenses | |||
Organizational and formation expenses | 89,801 | ||
Officer compensation | 90,000 | 90,000 | 881,670 |
Other salaries | 128,000 | 131,000 | 1,097,225 |
Other general and administrative expenses | 143,787 | 168,905 | 1,637,893 |
Total expenses | 361,787 | 389,905 | 3,706,589 |
Loss from operations | -361,787 | -389,905 | -3,706,589 |
Other income (expense) | |||
Interest expense | -9,500 | ||
Loss before provision for income taxes | -361,787 | -389,905 | -3,716,089 |
Provision for income taxes | |||
Net Loss | -361,787 | -389,905 | -3,716,089 |
Other Comprehensive Income | |||
Comprehensive Loss | ($361,787) | ($389,905) | ($3,716,089) |
Loss per share of common stock outstanding computed on net loss - basic and fully diluted | ($0.03) | ($0.04) | ($0.65) |
Weighted-average number of shares outstanding - basic and fully diluted | 10,402,145 | 9,035,008 | 5,731,290 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Shareholders' Equity (Deficit) (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Deficit Accumulated during Development Stage | Stock Subscription Receivable |
Beginning Balance at Oct. 17, 2003 | ||||||
Beginning Balance, Shares at Oct. 17, 2003 | ||||||
Stock issued at formation of Signet International Holdings, Inc. | 100 | 100 | ||||
Stock issued at formation of Signet International Holdings, Inc., Shares | 100,000 | |||||
Effect of reverse merger transaction with Signet Entertainment Corporation | 40,710 | 4,000 | 3,294 | 33,416 | ||
Effect of reverse merger transaction with Signet Entertainment Corporation (Shares) | 4,000,000 | 3,294,000 | ||||
Capital contributed to support operations | 3,444 | 3,444 | ||||
Net loss for the year | -59,424 | -59,424 | ||||
Balance at Dec. 31, 2003 | -15,170 | 4,000 | 3,394 | 36,860 | -59,424 | |
Balance, Shares at Dec. 31, 2003 | 4,000,000 | 3,394,000 | ||||
Common stock sold pursuant to a private placement | 70 | 34,930 | -35,000 | |||
Common stock sold pursuant to a private placement (Shares) | 70,000 | |||||
Capital contributed to support operations | 20,492 | 20,492 | ||||
Net loss for the year | -111,492 | -111,492 | ||||
Balance at Dec. 31, 2004 | -106,170 | 4,000 | 3,464 | 92,282 | -170,916 | -35,000 |
Balance, Shares at Dec. 31, 2004 | 4,000,000 | 3,464,000 | ||||
Issuance of preferred stock for services | 9,519 | 1,000 | 8,519 | |||
Issuance of preferred stock for services (Shares) | 1,000,000 | |||||
Common stock sold pursuant to a private placement | 570 | 57 | 513 | |||
Common stock sold pursuant to a private placement (Shares) | 57,000 | |||||
Adjustment for stock sold at less than "fair value" | 56,430 | 56,430 | ||||
Common stock sold pursuant to a September 2005 private placement memorandum | 366,000 | 366 | 365,634 | |||
Common stock sold pursuant to a September 2005 private placement memorandum, Shares | 366,000 | |||||
Cost of obtaining / Less cost of raising capital | -10,446 | -10,446 | ||||
Collections on stock subscription receivable | 35,000 | 35,000 | ||||
Capital contributed to support operations | 9,875 | 9,875 | ||||
Net loss for the year | -231,767 | -231,767 | ||||
Balance at Dec. 31, 2005 | 129,011 | 5,000 | 3,887 | 522,807 | -402,683 | |
Balance, Shares at Dec. 31, 2005 | 5,000,000 | 3,887,000 | ||||
Common stock sold pursuant to a September 2005 private placement memorandum | 15,000 | 15 | 14,985 | |||
Common stock sold pursuant to a September 2005 private placement memorandum, Shares | 15,000 | |||||
Purchase of treasury stock | -50,000 | -50 | -49,950 | |||
Purchase of treasury stock, Shares | -50,000 | |||||
Common stock issued for consulting services | 250,000 | 250 | 249,750 | |||
Common stock issued for consulting services (Shares) | 250,000 | |||||
Net loss for the year | -521,252 | -521,252 | ||||
Balance at Dec. 31, 2006 | -177,241 | 5,000 | 4,102 | 737,592 | -923,935 | |
Balance, Shares at Dec. 31, 2006 | 5,000,000 | 4,102,000 | ||||
Common stock sold pursuant to a September 2005 private placement memorandum | 19,303 | 19 | 19,284 | |||
Common stock sold pursuant to a September 2005 private placement memorandum, Shares | 19,300 | |||||
Issuance of common stock for broadcast and intellectual properties | 3,932,249 | 384 | 3,931,865 | |||
Issuance of common stock for broadcast and intellectual properties (Shares) | 383,662 | |||||
Net loss for the year | -307,051 | -307,051 | ||||
Balance at Dec. 31, 2007 | 3,467,260 | 5,000 | 4,505 | 4,688,741 | -1,230,986 | |
Balance, Shares at Dec. 31, 2007 | 5,000,000 | 4,504,962 | ||||
Issuance of common stock for services | ||||||
Common stock sold pursuant to a June 2008 private placement memorandum | 800 | 3 | 797 | |||
Common stock sold pursuant to a June 2008 private placement memorandum, Shares | 3,000 | |||||
An August 2008 private placement memorandum | 3,000 | 5 | 2,995 | |||
An August 2008 private placement memorandum, Shares | 5,000 | |||||
An August 2008 private placement memorandum | 55,000 | 174 | 54,826 | |||
An August 2008 private placement memorandum, Shares | 174,000 | |||||
Common stock issued for Purchase Option Agreement | 100,000 | 20 | 99,980 | |||
Common stock issued for Purchase Option Agreement (Shares) | 20,000 | |||||
Net loss for the year | -310,630 | -310,630 | ||||
Balance at Dec. 31, 2008 | 3,315,430 | 5,000 | 4,707 | 4,847,339 | -1,541,616 | |
Balance, Shares at Dec. 31, 2008 | 5,000,000 | 4,706,962 | ||||
Common stock sold pursuant to a private placement in May 2009 | 25,000 | 25 | 24,975 | |||
Common stock sold pursuant to a private placement in May 2009, Shares | 25,000 | |||||
Common stock issued for payment of consulting fees in August 2009 | 1,000 | 1 | 999 | |||
Common stock issued for payment of consulting fees in August 2009, Shares | 1,000 | |||||
Common stock as a deposit on an Asset Purchase Agreement in September 2009 | 500,000 | 100 | 499,900 | |||
Common stock as a deposit on an Asset Purchase Agreement in September 2009, Shares | 100,000 | |||||
Common stock sold pursuant to a Registration Statement on Form SB-2 in October 2009 | 31,241 | 89 | 31,152 | |||
Common stock sold pursuant to a Registration Statement on Form SB-2 in October 2009, Shares | 89,260 | |||||
Cost of obtaining / Less cost of raising capital | -5,300 | -5,300 | ||||
Net loss for the year | -296,313 | -296,313 | ||||
Balance at Dec. 31, 2009 | 3,571,058 | 5,000 | 4,922 | 5,399,065 | -1,837,929 | |
Balance, Shares at Dec. 31, 2009 | 5,000,000 | 4,922,222 | ||||
Common stock issued in private transactions for payment of consulting fees in April 2010 | 178,820 | 447 | 178,373 | |||
Common stock issued in private transactions for payment of consulting fees in April 2010 (Shares) | 447,050 | |||||
Common stock issued in consideration of binding agreement in May 2010 | 42 | 42 | ||||
Common stock issued in consideration of binding agreement in May 2010 (Shares) | 100 | |||||
Common stock issued pursuant to Registration Rights agreement dated November 5, 2007 issued August 2010 | 4,683 | 14 | 4,669 | |||
Common stock issued pursuant to Registration Rights agreement dated November 5, 2007 issued August 2010 (Shares) | 14,000 | |||||
Common stock sold pursuant to a private placement placement in September 2010 | 30,117 | 90 | 30,027 | |||
Common stock sold pursuant to a private placement placement in September 2010, Shares | 90,030 | |||||
Common stock rescission pursuant to Court Finding in September 2010 | -146 | 146 | ||||
Common stock rescission pursuant to Court Finding in September 2010 (Shares) | -146,000 | |||||
Common stock issued for payment of legal fees in October 2010 | 12,500 | 50 | 12,450 | |||
Common stock issued for payment of legal fees in October 2010 (Shares) | 50,000 | |||||
Common stock sold pursuant to a private placement placement in December 2010 | 2,500 | 6 | 2,494 | |||
Common stock sold pursuant to a private placement placement in December 2010, Shares | 6,000 | |||||
Cost of obtaining / Less cost of raising capital | ||||||
Net loss for the year | -380,542 | -380,542 | ||||
Balance at Dec. 31, 2010 | 3,419,178 | 5,000 | 5,383 | 5,627,266 | -2,218,471 | |
Balance, Shares at Dec. 31, 2010 | 5,000,000 | 5,383,402 | ||||
Common stock sold pursuant to private placements in March 2011 | 9,800 | 108 | 9,692 | |||
Common stock sold pursuant to private placements in March 2011, Shares | 108,400 | |||||
Common stock issued for payment of consulting fees fees in March 2011 | 25,000 | 1,000 | 24,000 | |||
Common stock issued for payment of consulting fees fees in March 2011, Shares | 1,000,000 | |||||
Common stock sold pursuant to a private placement in April 2011 | 7,000 | 6 | 6,994 | |||
Common stock sold pursuant to a private placement in April 2011, Shares | 6,000 | |||||
Common stock sold pursuant to a private placement in May 2011 | 7,800 | 10 | 7,790 | |||
Common stock sold pursuant to a private placement in May 2011, Shares | 10,000 | |||||
Common stock sold pursuant to a private placement in June 2011 | 25,000 | 100 | 24,900 | |||
Common stock sold pursuant to a private placement in June 2011, Shares | 100,000 | |||||
Common stock sold pursuant to a private placement in August 2011 | 2,000 | 11 | 1,989 | |||
Common stock sold pursuant to a private placement in August 2011, Shares | 10,500 | |||||
Common stock sold pursuant to a private placement in October 2011 | 25,000 | 100 | 24,900 | |||
Common stock sold pursuant to a private placement in October 2011, Shares | 100,000 | |||||
Common stock sold pursuant to a private placement in December 2011 | 1,001 | 7 | 994 | |||
Common stock sold pursuant to a private placement in December 2011, Shares | 6,698 | |||||
Net loss for the year | -314,894 | -314,894 | ||||
Balance at Dec. 31, 2011 | 3,206,885 | 5,000 | 6,725 | 5,728,525 | -2,533,365 | |
Balance, Shares at Dec. 31, 2011 | 5,000,000 | 6,725,000 | ||||
Common stock sold pursuant to a private placement in March 2012 | 37,500 | 250 | 37,250 | |||
Common stock sold pursuant to a private placement in March 2012, Shares | 250,000 | |||||
Common stock sold pursuant to a private placement in April 2012 | 90,595 | 570 | 90,025 | |||
Common stock sold pursuant to a private placement in April 2012, Shares | 570,000 | |||||
Common stock sold pursuant to a private placement in May 2012 | 175,185 | 1,168 | 174,017 | |||
Common stock sold pursuant to a private placement in May 2012, Shares | 1,167,900 | |||||
Common stock issued for payment of consulting fees in June 2012 | 7,590 | 50 | 7,540 | |||
Common stock issued for payment of consulting fees in June 2012, Shares | 50,000 | |||||
Common stock issued for payment of contracts in June 2012 | 4,500 | 30 | 4,470 | |||
Common stock issued for payment of contracts in June 2012, Shares | 30,000 | |||||
Common Stock Subscribed in June 2012 | 40 | 40 | ||||
Common Stock Subscribed in June 2012, Shares | 40,000 | |||||
Common stock issued for payment of consulting fees in August 2012 | 7,500 | 50 | 7,450 | |||
Common stock issued for payment of consulting fees in August 2012, Shares | 50,000 | |||||
Common stock issued for payment of consulting fees in September 2012 | 7,500 | 50 | 7,450 | |||
Common stock issued for payment of consulting fees in September 2012, Shares | 50,000 | |||||
Net loss for the year | -431,032 | -431,032 | ||||
Balance at Dec. 31, 2012 | 3,106,263 | 5,000 | 8,933 | 6,056,727 | -2,694,397 | |
Balance, Shares at Dec. 31, 2012 | 5,000,000 | 8,933,400 | ||||
Common stock issued for marketing services in February 2013 | 5,001 | 34 | 4,967 | |||
Common stock issued for marketing services in February 2013 Shares | 33,300 | |||||
Common stock sold pursuant to a private placement in June 2013 | 15,000 | 102 | 14,898 | |||
Common stock sold pursuant to a private placement in June 2013 ,Shares | 101,600 | |||||
Common stock sold pursuant to a private placement in July 2013 | 6,000 | 40 | 5,960 | |||
Common stock sold pursuant to a private placement in July 2013, Shares | 40,000 | |||||
Common stock sold pursuant to a private placement in September 2013 | 6,547 | 44 | 6,503 | |||
Common stock sold pursuant to a private placement in September 2013, Shares | 44,000 | |||||
Common stock sold pursuant to a private placement in September 2013 | 5,026 | 33 | 4,993 | |||
Common stock sold pursuant to a private placement in September 2013, Shares | 33,300 | |||||
Common stock sold pursuant to a private placement in November 2013 | 10,289 | 67 | 10,222 | |||
Common stock sold pursuant to a private placement in November 2013, Shares | 66,600 | |||||
Common stock sold pursuant to a private placement in December 2013 | 12,252 | 82 | 12,170 | |||
Common stock sold pursuant to a private placement in December 2013, Shares | 81,830 | |||||
Net loss for the year | -389,905 | -389,905 | ||||
Balance at Dec. 31, 2013 | 2,776,434 | 5,000 | 9,295 | 6,116,440 | -3,354,301 | |
Balance, Shares at Dec. 31, 2013 | 5,000,000 | 9,294,030 | ||||
Common stock sold pursuant to a private placement in January 2014 | 7,500 | 50 | 7,450 | |||
Common stock sold pursuant to a private placement in January 2014, Shares | 50,000 | |||||
Common stock sold pursuant to a private placement in March 2014 | 70,680 | 520 | 70,160 | |||
Common stock sold pursuant to a private placement in March 2014, Shares | 519,555 | |||||
Common stock sold pursuant to a private placement in September 2014 | 31,150 | 203 | 30,947 | |||
Common stock sold pursuant to a private placement in September 2014, Shares | 202,700 | |||||
Common stock sold pursuant to a private placement in October 2014 | 6,400 | 45 | 6,355 | |||
Common stock sold pursuant to a private placement in October 2014, Shares | 44,500 | |||||
Common stock sold pursuant to a private placement in November 2014 | 36,484 | 254 | 36,230 | |||
Common stock sold pursuant to a private placement in November 2014, Shares | 253,710 | |||||
Common stock sold pursuant to a private placement in December 2014 | 1,820 | 12 | 1,808 | |||
Common stock sold pursuant to a private placement in December 2014, Shares | 12,650 | |||||
Common stock issued for legal services in December 2014 | 2,500 | 25 | 2,475 | |||
Common stock issued for legal services in December 2014, Shares | 25,000 | |||||
Net loss for the year | -361,787 | -361,787 | ||||
Balance at Dec. 31, 2014 | $2,571,181 | $5,000 | $10,404 | $6,271,865 | ($3,716,088) | |
Balance, Shares at Dec. 31, 2014 | 5,000,000 | 10,402,145 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 134 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | |||
Net loss for the period | ($361,787) | ($389,905) | ($3,716,089) |
Adjustments to reconcile net loss to net cash provided by operating activities | |||
Depreciation and amortization | |||
Organizational expenses paid with issuance of common stock | 50,810 | ||
Expenses paid with issuance of common stock | 347,060 | ||
(Increase) Decrease in Prepaid Assets paid with issuance of common stock | -38,500 | ||
Increase (Decrease) in Accounts payable - trade | -2,500 | 83,860 | |
Accrued liabilities | 146,000 | 152,000 | 1,088,859 |
Accrued officers compensation | 90,000 | 90,000 | 874,683 |
Net cash used in operating activities | -128,287 | -147,905 | -1,270,817 |
Cash Flows from Investing Activities | |||
Cash Flows from Financing Activities | |||
Proceeds from note payable | 95,000 | ||
Repayment of note payable | -95,000 | ||
Proceeds from sale of common stock | 154,034 | 60,076 | 1,386,540 |
Cash paid to acquire capital | -15,747 | ||
Purchase of treasury stock | -50,000 | ||
Capital contributed to support operations | 33,815 | ||
Net cash (used in) financing activities | 154,034 | 60,076 | 1,354,608 |
Increase (Decrease) in Cash | 25,747 | -87,829 | 45,291 |
Cash at beginning of period | 19,544 | 107,373 | |
Cash at end of period | 48,291 | 19,544 | 48,291 |
Supplemental Disclosure of Interest and Income Taxes Paid | |||
Interest paid for the year | 9,650 | ||
Income taxes paid for the year |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | Note A - Organization and Description of Business |
Signet International Holdings, Inc. (Company) was incorporated on February 2, 2005 in accordance with the Laws of the State of Delaware as 51142, Inc. The Company changed its corporate name to Signet International Holdings, Inc. in conjunction with the September 8, 2005 transaction discussed below. | |
On September 8, 2005, pursuant to a Stock Purchase Agreement and Share Exchange (Agreement) by and among Signet International Holdings, Inc. (Signet); Signet Entertainment Corporation (SIG) and the shareholders of SIG (Shareholders) (collectively SIG and the SIG shareholders shall be known as the “SIG Group”), Signet acquired 100.0% of the then issued and outstanding preferred and common stock of SIG for a total of 3,421,000 common shares and 5,000,000 preferred shares of Signet’s stock issued to the SIG Group. Pursuant to the agreement, SIG became a wholly owned subsidiary of Signet. | |
Signet Entertainment Corporation was incorporated on October 17, 2003 in accordance with the Laws of the State of Florida. SIG was formed to establish a television network “The Gaming and Entertainment Network”. To date, this effort has been incomplete. | |
The Company is considered in the development stage and, as such, has generated no significant operating revenues and has incurred cumulative operating losses of approximately $3.716,000. |
Preparation_of_Financial_State
Preparation of Financial Statements | 12 Months Ended |
Dec. 31, 2014 | |
Preparation of Financial Statements [Abstract] | |
Preparation of Financial Statements | Note B - Preparation of Financial Statements |
The acquisition of Signet Entertainment Corporation by Signet International Holdings, Inc. effected a change in control of Signet International Holdings, Inc. and is accounted for as a “reverse acquisition” whereby Signet Entertainment Corporation is the accounting acquirer for financial statement purposes. Accordingly, for all periods subsequent to the “reverse merger” transaction, the financial statements of the Signet International Holdings, Inc. will reflect the historical financial statements of Signet Entertainment Corporation from its inception and the operations of Signet International Holdings, Inc. subsequent to the September 8, 2005 transaction date. | |
The Company follows the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America and has a year-end of December 31. | |
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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. | |
The accompanying consolidated financial statements contain the accounts of Signet International Holdings, Inc. and its wholly-owned subsidiary, Signet Entertainment Corporation. All significant intercompany transactions have been eliminated. The consolidated entities are collectively referred to as “Company”. |
Going_Concern_Uncertainty
Going Concern Uncertainty | 12 Months Ended |
Dec. 31, 2014 | |
Going Concern Uncertainty [Abstract] | |
Going Concern Uncertainty | Note C - Going Concern Uncertainty |
The Company is still in the process of developing and implementing its business plan and raising additional capital. As such, the Company is considered to be a development stage company. | |
The Company's continued existence is dependent upon its ability to generate sufficient cash flows from operations to support its daily operations as well as provide sufficient resources to retire existing liabilities and obligations on a timely basis. | |
The Company anticipates that future sales of equity securities to fully implement its business plan or to raise working capital to support and preserve the integrity of the corporate entity may be necessary. There is no assurance that the Company will be able to obtain additional funding through the sales of additional equity securities or, that such funding, if available, will be obtained on terms favorable to or affordable by the Company. | |
If no additional capital is received to successfully implement the Company’s business plan, the Company will be forced to rely on existing cash in the bank and upon additional funds which may or may not be loaned by management and/or significant stockholders to preserve the integrity of the corporate entity at this time. In the event, the Company is unable to acquire sufficient capital, the Company’s ongoing operations would be negatively impacted. | |
It is the intent of management and significant stockholders to provide sufficient working capital necessary to support and preserve the integrity of the corporate entity. However, no formal commitments or arrangements to advance or loan funds to the Company or repay any such advances or loans exist. There is no legal obligation for either management or significant stockholders to provide additional future funding. | |
While the Company is of the opinion that good faith estimates of the Company’s ability to secure additional capital in the future to reach our goals have been made, there is no guarantee that the Company will receive sufficient funding to sustain operations or implement any future business plan steps. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note D - Summary of Significant Accounting Policies | |
1 | Cash and cash equivalents | |
For Statement of Cash Flows purposes, the Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. | ||
2 | Organization costs | |
The Company has adopted the provisions of provisions required by the Start-Up Activities topic of the FASB Accounting Standards Codification whereby all organizational and initial costs incurred with the incorporation and initial capitalization of the Company were charged to operations as incurred. | ||
3 | Research and development expenses | |
Research and development expenses are charged to operations as incurred. | ||
4 | Advertising expenses | |
The Company does not utilize direct solicitation advertising. All other advertising and marketing expenses are charged to operations as incurred. | ||
5 | Income Taxes | |
The Company files income tax returns in the United States of America and may file, as applicable and appropriate, various state(s). With few exceptions, the Company is no longer subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for years before 2006. The Company does not anticipate any examinations of returns filed since 2006. | ||
The Company uses the asset and liability method of accounting for income taxes. At December 31, 2014 and 2013, respectively, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences generally represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily accumulated depreciation and amortization, allowance for doubtful accounts and vacation accruals. | ||
The Company has adopted the provisions required by the Income Taxes topic of the FASB Accounting Standards Codification. The Codification Topic requires the recognition of potential liabilities as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. As a result of the implementation of the Codification’s Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits. | ||
6 | Earnings (loss) per share | |
Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. | ||
Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). | ||
Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. | ||
At December 31, 2014 and 2013, and subsequent thereto, the Company’s issued and outstanding preferred stock is considered anti-dilutive due to the Company’s net operating loss position. | ||
7 | Pending and/or New Accounting Pronouncements | |
The Company is of the opinion that any pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a significant impact on the Company's financial position or results of operations. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note E - Fair Value of Financial Instruments |
The carrying amount of cash, accounts receivable, accounts payable and notes payable, as applicable, approximates fair value due to the short term nature of these items and/or the current interest rates payable in relation to current market conditions. | |
Interest rate risk is the risk that the Company’s earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. The Company does not use derivative instruments to moderate its exposure to interest rate risk, if any. | |
Financial risk is the risk that the Company’s earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. The company does not use derivative instruments to moderate its exposure to financial risk, if any. |
Option_Agreement
Option Agreement | 12 Months Ended |
Dec. 31, 2014 | |
Option Agreement [Abstract] | |
Option Agreement | Note F - Option Agreement |
On July 23, 2008, we executed an Option to Purchase Asset Agreement (Agreement) with Access Media Group, Inc. (a Florida Corporation) dba AMG TV, headquartered in Jensen Beach, FL, to acquire 100% of the assets, satellite delivery service contracts, customer service agreements in the USA and the Caribbean, including the business operations located in Pittsburgh and North New Jersey for an agreed purchase price is $3 million, payable as set forth in the Agreement, and the issuance of 100,000 shares of our restricted, unregistered common stock. This Purchase Agreement will be readdressed if and until funding can be arranged. |
Broadcast_and_Intellectual_Pro
Broadcast and Intellectual Properties | 12 Months Ended |
Dec. 31, 2014 | |
Broadcast and Intellectual Properties [Abstract] | |
Broadcast and Intellectual Properties | Note G - Broadcast and Intellectual Properties |
On April 20, 2007, the Company entered into a new purchase agreement with FreeHawk for 100% of the rights to 21 television series to be produced by FreeHawk exclusively for Signet. The total consideration paid by the Company for these rights was 270,000 shares of restricted, unregistered common stock and a $50,000 open account payable. Based on an independent third-party appraisal, the Company valued this transaction at approximately $2,870,625. The common stock was issued pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On May 22, 2007, the Company acquired the exclusive television rights to “Tales From The moe.Republic”, by John E. Derhak. This full-length novel is in the process of being published and is currently being sold in an abridged, autographed limited edition through the website www.moerepublic.org. Total consideration paid by the Company for these rights was 113,662 shares of restricted, unregistered common stock and a $25,000 open account payable. Based on an independent third-party appraisal, the Company valued this transaction at approximately $1,136,600. The common stock was issued pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes | Note H - Income Taxes | ||||||||||||
The components of income tax (benefit) expense each of the years ended December 31, 2014 and 2013 and for the period from October 17, 2003 (date of inception) through December 31, 2014, are as follows: | |||||||||||||
Period from | |||||||||||||
17-Oct-03 | |||||||||||||
(date of inception) | |||||||||||||
Year ended | Year ended | through | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Federal: | |||||||||||||
Current | $ | - | $ | - | $ | - | |||||||
Deferred | - | - | - | ||||||||||
- | - | - | |||||||||||
State: | |||||||||||||
Current | - | - | - | ||||||||||
Deferred | - | - | - | ||||||||||
- | - | - | |||||||||||
Total | $ | - | $ | - | $ | - | |||||||
As of December 31, 2014, the Company has a cumulative net operating loss carry forward of approximately $1,800,000 for Federal and State income tax purposes. The amount and availability of any future net operating loss carry forwards may be subject to limitations set forth by the Internal Revenue Code. Factors such as the number of shares ultimately issued within a three year look-back period; whether there is a deemed more than 50 percent change in control; the applicable long-term tax exempt bond rate; continuity of historical business; and subsequent income of the Company all enter into the annual computation of allowable annual utilization of the carry forwards. | |||||||||||||
The Company's income tax expense (benefit) for each of the years ended December 31, 2014 and 2013 and for the period from October 17, 2003 (date of inception) through December 31, 2014, respectively, differed from the statutory federal rate of 34 percent as follows: | |||||||||||||
Period from | |||||||||||||
17-Oct-03 | |||||||||||||
(date of inception) | |||||||||||||
Year ended | Year ended | through | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Statutory rate applied to income before income taxes | $ | (124,093 | ) | $ | (132,600 | ) | $ | (1,263,470 | ) | ||||
Increase (decrease) in income taxes resulting from: | |||||||||||||
State income taxes | - | - | - | ||||||||||
Officers compensation and other accrued | |||||||||||||
expenses not deductible until paid | 75,140 | 70,000 | 650,140 | ||||||||||
Non-deductible consulting fees related to issuance | |||||||||||||
of common stock at less than “fair value” | - | - | 62,000 | ||||||||||
Other, including reserve for deferred tax | |||||||||||||
asset and application of net operating loss carryforward | 48,953 | 62,600 | 551,330 | ||||||||||
Income tax expense | $ | - | $ | - | $ | - | |||||||
Temporary differences, consisting primarily of the prospective usage of net operating loss carry forwards give rise to deferred tax assets and liabilities as of December 31, 2014 and 2013, respectively: | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
Net operating loss carryforwards | $ | 613,330 | $ | 565,500 | |||||||||
Officer compensation and other | |||||||||||||
accrued expenses deductible when paid | 650,140 | 575,000 | |||||||||||
Less valuation allowance | (1,263,470 | ) | (1,140,500 | ) | |||||||||
Net Deferred Tax Asset | $ | - | $ | - | |||||||||
During each of the years ended December 31, 2014 and 2013, respectively, the valuation allowance for the deferred tax asset increased by approximately $123,000 and $,280,000. |
Preferred_Stock
Preferred Stock | 12 Months Ended | |
Dec. 31, 2014 | ||
Preferred Stock [Abstract] | ||
Preferred Stock | Note I - Preferred Stock | |
On March 14, 2007, the Company formally designated a series of Super Preferred Stock of the Company’s 50,000,000 authorized shares of the capital preferred stock of the Corporation. The designated Series A Convertible Super Preferred Stock (the "Series A Super Preferred Stock"), to consist of 5,000,00 shares, par value $.001 per share, which shall have the following preferences, powers, designations and other special rights: | ||
Voting: | Holders of the Series A Super Preferred Stock shall have ten votes per share held on all matters submitted to the shareholders of the Company for a vote thereon. Each holder of these shares shall have the option to appoint two additional members to the Board of Directors. Each share shall be convertible into ten (10) shares of common stock. | |
Dividends: | The holders of Series A Super Preferred Stock shall be entitled to receive dividends or distributions on a pro rata basis with the holders of common stock when and if declared by the Board of Directors of the Company. Dividends shall not be cumulative. No dividends or distributions shall be declared or paid or set apart for payment on the Common Stock in any calendar year unless dividends or distributions on the Series A Preferred Stock for such calendar year are likewise declared and paid or set apart for payment. No declared and unpaid dividends shall bear or accrue interest. | |
Liquidation Preference: | Upon the liquidation, dissolution and winding up of the Company, whether voluntary or involuntary, the holders of the Series A Super Preferred Stock then outstanding shall be entitled to, on a pro-rata basis with the holders of common stock, distributions of the assets of the Corporation, whether from capital or from earnings available for distribution to its stockholders. | |
The Board of Directors has the authority, without further action by the shareholders, to issue, from time to time, preferred stock in one or more series for such consideration and with such relative rights, privileges, preferences and restrictions that the Board may determine. The preferences, powers, rights and restrictions of different series of preferred stock may differ with respect to dividend rates, amounts payable on liquidation, voting rights, conversion rights, redemption provisions, sinking fund provisions and purchase funds and other matters. The issuance of preferred stock could adversely affect the voting power or other rights of the holders of common stock. | ||
On October 20, 2003, in conjunction with the formation and incorporation of Signet Entertainment Corporation, SIG issued 4,000,000 shares of preferred stock to the incorporating persons. This transaction was valued at approximately $40,000, which approximates the value of the services provided. | ||
On July 19, 2005, the Company issued 1,000,000 shares of preferred stock to an existing shareholder and Company officer for services related to the organization and structuring of the Company and its proposed business plan. This transaction was valued at approximately $10,000, which approximates the value of the services provided. | ||
Concurrent with the reverse merger transaction, these shareholders exchanged their Signet Entertainment Corporation preferred stock for equivalent shares of Signet International Holdings, Inc. Series A Super Preferred stock, as described above. |
Common_Stock_Transactions
Common Stock Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Common Stock Transactions [Abstract] | |
Common Stock Transactions | Note J - Common Stock Transactions |
On October 17, 2003 and November 1, 2003, in connection with the incorporation and formation of the Company, an aggregate of approximately 3,294,000 shares of restricted, unregistered shares of common stock and were issued to various founding individuals. This combined preferred stock and common stock issuances were collectively valued at approximately $40,810, which approximated the fair value of the time provided by the individuals and the related out-of-pocket expenses. | |
On June 16, 2004 and December 3, 2004, the Company sold, in three separate transactions to three unrelated individuals, an aggregate 70,000 shares of restricted, unregistered common stock for $35,000 cash. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used any of the three transactions. | |
Between July 20, 2005 and August 26, 2005, Signet Entertainment Corporation sold an aggregate 57,000 shares of common stock to existing and new shareholders at a price of $0.01 per share for gross proceeds of approximately $570. As this selling price was substantially below the “fair value” of comparable transactions, the Company recognized a charge to operations for consulting expense equivalent to the difference between the established “fair value” of $1.00 per share (as determined by the pricing in the September 2005 Private Placement Memorandum) and the selling price of $0.01 per share. | |
On September 9, 2005, the Company commenced the sale of common stock pursuant to a Private Placement Memorandum in a self-underwritten offering. This Memorandum is offering for sale to persons who qualify as accredited investors and to a limited number of sophisticated investors, on a best efforts basis, up to 2,000,000 of our common shares at $1.00 per share, for anticipated gross proceeds of $2,000,000. The common shares will be offered through the Company’s officers and directors on a best-efforts basis. The minimum investment is $1,000, however, the Company might, at its sole discretion, accept subscriptions for lesser amounts. Funds received from all subscribers will be released to the Company upon acceptance of the subscriptions by the Company’s management. Through December 31, 2006, the Company has sold an aggregate 381,000 shares for gross proceeds of $381,000 under this Memorandum. | |
On March 31, 2006, the Company repurchased 50,000 shares of common stock from the estate of a deceased shareholder which purchased said shares for $50,000 cash pursuant to the aforementioned September 2005 Private Placement Memorandum for $50,000 cash. In June 2006, the Company’s Board of Directors cancelled these shares and returned them to unissued status. | |
On June 22, 2006, the Company issued 250,000 shares of unregistered, restricted common stock, valued at $0.50 per share or $125,000, in payment of consulting fees. As the agreed-upon value of the services provided was less than the “fair value” of comparable transactions, the Company has recognized an additional charge to Consulting Fees equivalent to the difference between the established “fair value” of $1.00 per share (as determined by the pricing in the September 2005 Private Placement Memorandum) and the agreed-upon value of $0.50 per share in the corresponding line item in the Company’s Statement of Operations. | |
On April 16, 2007, the Company issued 270,000 shares of unregistered, restricted common stock for the acquisition of certain broadcast and other production rights. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On May 2, 2007, the Company sold, in a private transaction, 6,800 shares of unregistered, restricted common stock at a price of $1.00 per share for cash. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On May 22, 2007, the Company issued 113,662 shares of unregistered, restricted common stock for the acquisition of intellectual properties related to literary works. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On August 30, 2007, the Company sold, in a private transaction, 12,500 shares of unregistered, restricted common stock at a price of $1.00 per share for cash. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On June 5, 2008, the Company sold, in a private transaction, 3,000 shares of unregistered, restricted common stock for cash proceeds of $800, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On July 24, 2008 the Company issued 20,000 shares of unregistered, restricted common stock as a deposit on and in consideration for a Purchase Option Agreement executed on July 23, 2008 with a TV distribution and syndication company. The deposit/option fee will be deducted from the total 100,000 shares of unregistered, restricted common stock to be issued upon closing of the transaction upon exercise of the option. The total shares issued and to be issued are part of the terms of the Purchase Option Agreement that specifies a total purchase price of $3.0 million plus a management contract to be in place shortly after closing. Terms of the management contract requires a payment of $20,000 per month to the present manager/owner. The term of Purchase Option Agreement is one year from date of execution. | |
On August 19, 2008, the Company sold, in a private transaction, 5,000 shares of unregistered, restricted common stock for cash proceeds of $3,000, which approximated the fair value and closing quoted price of the Company's common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On August 22, 2008, the Company sold, in a private transaction, 174,000 shares of unregistered, restricted common stock for cash proceeds of $55,000, which approximated the fair value and closing quoted price of the Company's common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On May 5, 2009, the Company sold, in a private transaction, 25,000 shares of unregistered, restricted common stock for cash proceeds of $25,000, which approximated the fair value and closing quoted price of the Company's common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On August 4, 2009, the Company issued 1,000 shares of unregistered, restricted common stock in payment of consulting fees valued at $1,000, which approximated the fair value and closing quoted price of the Company's common stock on the transaction date, to an unrelated individual. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 18, 2009, in connection with an Asset Purchase Agreement, the Company issued 100,000 shares of common stock valued at $5.00 per share as a down payment against the Agreement. These shares were issued pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On October 26, 2009, the Company, pursuant to an Investment Agreement executed on October 23, 2007, sold 89,260 shares of the Company’s common stock for cash proceeds of approximately $31,241 or $0.35 per share, which approximated the “fair value” of the Company’s common stock on the date of the transaction. This transaction was in accordance with a Registration Rights Agreement executed on November 5, 2007 with a Private Equity Fund whereby the Company agreed to sell an indeterminate amount of its shares to the Fund and provided for the registration of said shares pursuant to a Registration Statement on Form SB-2 under the Securities Act of 1933 as amended. The Company incurred costs of raising capital of approximately $5,300 on this transaction. | |
On April 7 and 14, 2010 the Company issued in private transactions, 447,050 of unregistered, restricted common stock for and services proceeds of $28,860.00 cash which includes 325,000 common shares issued to the company’s new Chief Operating Officer and 50,000 shares issued to the company’s Corporate Counsel in lieu salary and professional service fees. The issue of common stock reflects the company’s par value of its common stock. These shares were issued in consideration for services performed for the company and issued pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended. | |
On May 25, 2010 the Company, pursuant to an executed Binding Letter of Intent dated May 25, 2010 issued 100 shares of the Company’s Common Stock to Pllx3, Inc. a California corporation in consideration for the acquisition of Pllx3, Inc. the closing to be on or before December 31, 2010. | |
On August 2, 2010 the Company, pursuant to an Investment Agreement executed on October 23, 2007, issued 14,000 shares of the Company’s Common Stock. This transaction was in accordance with a Registration Rights Agreement executed on November 5, 2007 with a Private Equity Fund whereby the Company agreed to sell an indeterminate amount of its shares to the Fund and to provide registration rights under the Securities Act of 1933 as amended. | |
On September 1, 2010 the Company sold, in a private transaction, 14,285 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company's common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 2, 2010 the Company sold, in a private transaction, 2,000 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 9, and 24, 2010 the Company sold, in a private transaction, 73,745 shares of unregistered , restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 29, 2010 the Federal Court for the Northern District of Texas ordered the return of 146,000 shares of common stock. Pursuant to the Company's registration filing, Sb-2 effective February 2, 2007, the Company issued restricted common stock to its founders who contributed their efforts in the formation of the company. By July 2007, the company learned that one founder had unscrupulously attempted to conspire with others to sell all or part of his restricted 151,000 shares. It became apparent that the shareholder had no intentions of assisting the company as promised. Consequently, the Company issued a demand for the return of issued shares. On September 17, 2007, the Company filed a brief with the Dallas County Court, Texas petitioning for the return of the Company's remaining shares of stock. On October 1, 2007 as a result of a court ordered mediation, the Company was granted rescission of all the remaining 146,000 shares and imposed other constraints upon the defendant. On January 18, 2008, the defendant filed a Motion for a New Trial in Dallas, Texas. On September 29, 2010 the Federal Court for the Northern District of Texas denied the defendant’s appeal and ordered the return of the Company’s stock. | |
On October 15, 2010 The Company issued 50,000 shares of unregistered, restricted common stock in consideration for the obtaining legal filings to recover the Federal Court for the Northern District of Texas awarded return of the Company’s stock. The issued stock value approximated the fair value and closing quoted price of the Company’s common stock on the issue date. These shares were issued pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On December 29, 2010 The Company sold in a private transaction, 6,000 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On March 1, 2011 The Company sold in a private transaction, 16,700 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On March 3, 2011 The Company issued 1.0 Million shares of unregistered, restricted common stock to a Public Relations and Investors Relations firm in consideration for professional services to further the company’s efforts to expand public awareness. By mutual agreement, the company has reserved the right of rescission predicated upon the success of the PR Firm. These shares were issued pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On March 8, 2011 The Company sold in a private transaction, 1,500 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On March 10, 2011 The Company sold in a private transaction, 8,000 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On March 31, 2011 The Company sold in a private transaction, 82,200 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On April 28, 2011 The Company sold in a private transaction, 6,000 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On May 2, 2011 The Company sold in a private transaction, 10,000 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On June 1, 2011 The Company sold in a private transaction, 100,000 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On August 8, 2011, The Company sold in a private transaction, 10,500 shares of unregistered, restricted common stock for cash which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On October 7, 2011, The Company sold in a private transaction, 100,000 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On December 13, 2011, The Company sold in a private transaction, 6,698 shares of unregistered, restricted common stock for cash, which approximated the fair value, and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On March 29, 2012, On March 29, 2012, The Company sold in a private transaction, 250,000 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On June 13, 2012, The Company issued 80,000 shares of unregistered, restricted common stock in return for consulting services (50,000) and for contractual obligations (30,000), which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On April 4, 2012 through June 28, 2012 The Company sold in a private transaction, 1,738,400 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On August 7, 2012, The Company sold in a private transaction, 50,000 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 10, 2012, The Company issued, 50,000 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were issued in consideration for marketing services and pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended. | |
On February 10, 2013, The Company issued, 33,300 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were issued in consideration for marketing services and pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended. | |
On June 25, 2013, The Company issued, 101,600 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On July 18, 2013, The Company issued, 40,000 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 10, 2013, The Company issued, 44,000 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 10, 2013, The Company issued, 33,300 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction | |
On November 9, 2013, The Company issued, 66,600 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction | |
On December 5 and 30, 2013 The Company issued, 81,830 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On January 14, 2014, The Company issued, 50,000 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On February 14, and March 4, 2014 The Company issued, 519,555 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 22, 2014, The Company issued, 179,000 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On September 30, 2014, The Company issued, 23,700 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On October 1, 2014, The Company issued, 44,500 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On November 30, 2014, The Company issued, 253,710 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On December 8, 2014, The Company issued, 12,650 shares of unregistered, restricted common stock for cash, which approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were sold pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. | |
On December 9, 2014, The Company issued 25,000 shares of unregistered, restricted common stock in exchange for professional consulting and technical guidance that approximated the fair value and closing quoted price of the Company’s common stock on the transaction date. These shares were issued pursuant to an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and no underwriter was used in this transaction. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2014 | |
Commitments [Abstract] | |
Commitments | Note K - Commitments |
Leased office space | |
We currently operate from leased office facilities at 205 Worth Avenue, Suite 316 Palm Beach, FL 33480 under an operating lease. This lease agreement expired in March 2014 but has been extended for the next three years. The lease currently requires monthly payments of approximately $1,000 and we are not responsible for any additional charges for common area maintenance. | |
We also reimburse two non-executive personnel for the use of their personal home offices, which are not exclusive to the Company s business, at approximately $250 per month. These agreements are on a month -to-month basis. | |
For the respective years ended December 31, 2014 and 2013, we paid or accrued an aggregate of $35,720 and $33,800 for rent under these agreements. | |
Triple Play Management Agreement | |
On October 23, 2003, Signet Entertainment Corporation, the wholly-owned subsidiary of the Company, entered into a Management Agreement with Triple Play Media Management (Triple Play) of Peoria, Arizona. Triple Play is engaged to be the management company to manage and operate any acquired Signet facility in the TV and other Media operations market on a permanent basis for Signet for a period often years (the initial period) with an automatic extension of an additional ten years unless the dissenting party gives proper notice. | |
Upon Signet's successfully raising the necessary required funding through a secondary offering, Signet will begin funding the working capital requirements of Triple Play for a share of Triple Play's profit. The working capital commitment will be based on mutually agreed budgets and, at the present time, the company has no requirements for these services. | |
Big Vision Management Contract | |
On July 22, 2005, Signet Entertainment Corporation, the wholly-owned subsidiary of the Company, entered into a Management Agreement with Big Vision Studios, a Nevada Limited Liability Company (Big Vision) located in both Las Vegas, Nevada and Burbank, California whereby Big Vision will be the exclusive supplier of High Definition Equipment and Studio rental for Signet in future periods after the completion of a successful secondary public offering of the Company’s securities to provide sufficient operating capital for the establishment of the Company’s network. At the present time, the Company has no requirements for these services. | |
Option Agreement | |
On July 23, 2008, we executed an Option to Purchase Asset Agreement (Agreement) with Access Media Group, Inc. (a Florida Corporation) dba AMG TV, headquartered in Jensen Beach, FL, to acquire 100% of the assets, satellite delivery service contracts, customer service agreements in the USA and the Caribbean, including the business operations located in Pittsburgh and North New Jersey for an agreed purchase price is $3 million, payable as set forth in the Agreement, and the issuance of 100,000 shares of our restricted, unregistered common stock. The term of our option is one (1) year and expires on July 22, 2009. As consideration for the Agreement, the Company issued 20,000 shares of restricted, unregistered common stock to Access Media Group, Inc. with a mutually agreed-upon value of $100,000. | |
The Company has 180 days to complete the acquisition after serving notice to AMG TV that the Company intends to exercise the option and is actively pursuing capital resources in order to exercise the option and integrate these operations according to the Company’s Business Plan. | |
On September 18, 2009, the Company and the owners of Access Media Group, Inc. executed an Asset Purchase Agreement whereby the Company will acquire “... one hundred percent (100%) of the Pittsburgh, PA leased facility (and/or any other leased facility owned or leased by Seller), licenses, equipment and ancillaries of the assets listed and identified on Exhibit A which includes a list of Affiliates and Clearances and all other assets including but not limited to intellectual properties, leases, licenses, permits, clients lists, contracts, applications pending or otherwise owned by AMG-TV without lien or security interest. The purchase price is approximately $3,000,000 composed of 100,000 shares of common stock valued at $5.00 per share and a note payable of $2,500,000. The $2,500,000 note payable bears interest at prime plus 2%, [accruing from September 18, 2009] and is payable in increments of $100,000 starting on the 180th day after September 18, 2009 and $100,000 every 90 days thereafter. In the event that the Company is successful in selling any part of a future stock offering, 33.3% of the net proceeds of said offering will be applied to reduction of this note payable up to $1,500,000 or a maximum of the total balance due at that time. | |
This Purchase Agreement was originally scheduled to close and become effective as of January 1, 2010; however, in March 2010, the Company and Access Media Group, Inc. mutually agreed to defer the closing on this Purchase Agreement until funding is secured with no other changes to the terms and conditions. | |
Licensing Agreement | |
On April 6, 2009, the Company entered into an Exclusive Licensing Agreement (Agreement) with Kerner Broadcasting Corporation, a Nevada Corporation (KBC) and Signet Entertainment Corporation, the Company’s wholly-owned subsidiary. Pursuant to the Agreement, KBC granted the Company, through its subsidiary, the exclusive, nontransferable right and license to use, market, sell, and otherwise commercialize KBC’s 3-Dimension (3-D) television technology. | |
On April 9, 2010, one of the principals of KBC confirmed to the Company that at the time it entered into the Agreement with us, KBC did not own the rights to the above referenced 3D technology and that KBC has since ceased all operations and has been dissolved as a corporation. We, in consultation with our legal counsel, are considering all available legal remedies that may be available as a consequence of KBC's conduct relative to this matter. However, the possibility of any recovery from an action we initiate may be remote. | |
As our management believes that this technology will be the next breakthrough in television production and broadcasting, we have started preliminary confidential negotiations with two other 3D technology developers that we believe have a viable product in an effort to obtain the required technology for the continued development of a 3D TV Network. | |
On January 11, 2011, The Company executed a Binding Agreement with 4-D Interactive, LLC. The new subsidiary is engaged in the business of creating, designing, and inventing state of the art 3-D and 4-D volumetric technology of Intellectual Properties including software and systems and recently developed new discoveries in mathematics and proven optoelectronic applications. Mr. Yevgeniy Nemirovskiy, Ukraine, Soviet Union, received international recognition from Aviation Engineering Institute where the Russian Space Age technology was born. He is the distinguished Scientist and author of a number of world-wide patented inventions. He has consulted for NASA, the Kremlin and holds the distinction of his conclusions when requested to apply his science of digital volumetric imaging to the Holy Shroud of Turin where he proved that the Shroud Image is indeed genuine. Mr. Nemirovskiy has recently applied his research wherein he has invented a single lens 3D and 4-D digital camera as well as 4-D digital real time display for TV screens and computer monitors. His next generation step-ahead technology will soon be introduced to a world-wide audience the functionality of which will completely evolve and transcend the Motion Picture industry and the way we watch TV and use our Computers. 4-D Interactive, LLC is now a wholly owned Subsidiary of Signet International Holdings, Inc. a Public company trading, OTCBB under the symbol “SIGN.” The 4-D Interactive, LLC labs will soon be established in Palm Beach, Florida. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note L - Subsequent Events |
Management has evaluated all activity of the Company through March 29, 2014 (the issue date of the financial statements) and concluded that no subsequent additional events have occurred that would require recognition in the financial statements or disclosure in the notes to financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Cash and cash equivalents | 1 | Cash and cash equivalents |
For Statement of Cash Flows purposes, the Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. | ||
Organization costs | 2 | Organization costs |
The Company has adopted the provisions of provisions required by the Start-Up Activities topic of the FASB Accounting Standards Codification whereby all organizational and initial costs incurred with the incorporation and initial capitalization of the Company were charged to operations as incurred. | ||
Research and development expenses | 3 | Research and development expenses |
Research and development expenses are charged to operations as incurred. | ||
Advertising expenses | 4 | Advertising expenses |
The Company does not utilize direct solicitation advertising. All other advertising and marketing expenses are charged to operations as incurred. | ||
Income Taxes | 5 | Income Taxes |
The Company files income tax returns in the United States of America and may file, as applicable and appropriate, various state(s). With few exceptions, the Company is no longer subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for years before 2006. The Company does not anticipate any examinations of returns filed since 2006. | ||
The Company uses the asset and liability method of accounting for income taxes. At December 31, 2014 and 2013, respectively, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences generally represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily accumulated depreciation and amortization, allowance for doubtful accounts and vacation accruals. | ||
The Company has adopted the provisions required by the Income Taxes topic of the FASB Accounting Standards Codification. The Codification Topic requires the recognition of potential liabilities as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. As a result of the implementation of the Codification’s Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits. | ||
Earnings (loss) per share | 6 | Earnings (loss) per share |
Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. | ||
Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). | ||
Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. | ||
At December 31, 2014 and 2013, and subsequent thereto, the Company’s issued and outstanding preferred stock is considered anti-dilutive due to the Company’s net operating loss position. | ||
Pending and/or New Accounting Pronouncements | 7 | Pending and/or New Accounting Pronouncements |
The Company is of the opinion that any pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a significant impact on the Company's financial position or results of operations. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Components of income tax expense (benefit) | Period from | ||||||||||||
17-Oct-03 | |||||||||||||
(date of inception) | |||||||||||||
Year ended | Year ended | through | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Federal: | |||||||||||||
Current | $ | - | $ | - | $ | - | |||||||
Deferred | - | - | - | ||||||||||
- | - | - | |||||||||||
State: | |||||||||||||
Current | - | - | - | ||||||||||
Deferred | - | - | - | ||||||||||
- | - | - | |||||||||||
Total | $ | - | $ | - | $ | - | |||||||
Summary of income tax expense (benefit) | |||||||||||||
Period from | |||||||||||||
17-Oct-03 | |||||||||||||
(date of inception) | |||||||||||||
Year ended | Year ended | through | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Statutory rate applied to income before income taxes | $ | (124,093 | ) | $ | (132,600 | ) | $ | (1,263,470 | ) | ||||
Increase (decrease) in income taxes resulting from: | |||||||||||||
State income taxes | - | - | - | ||||||||||
Officers compensation and other accrued | |||||||||||||
expenses not deductible until paid | 75,140 | 70,000 | 650,140 | ||||||||||
Non-deductible consulting fees related to issuance | |||||||||||||
of common stock at less than “fair value” | - | - | 62,000 | ||||||||||
Other, including reserve for deferred tax | |||||||||||||
asset and application of net operating loss carryforward | 48,953 | 62,600 | 551,330 | ||||||||||
Income tax expense | $ | - | $ | - | $ | - | |||||||
Prospective usage of net operating loss carryforwards give rise to deferred tax assets and liabilities | December 31, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets | |||||||||||||
Net operating loss carryforwards | $ | 613,330 | $ | 565,500 | |||||||||
Officer compensation and other | |||||||||||||
accrued expenses deductible when paid | 650,140 | 575,000 | |||||||||||
Less valuation allowance | (1,263,470 | ) | (1,140,500 | ) | |||||||||
Net Deferred Tax Asset | $ | - | $ | - | |||||||||
Organization_and_Description_o1
Organization and Description of Business (Details) (USD $) | 0 Months Ended | |
Sep. 08, 2005 | Dec. 31, 2014 | |
Organization and Description of Business (Textual) | ||
Cumulative operating losses | $3.72 | |
Percentage of Signet Entertainment Corporation of shares acquired | 100.00% | |
Common Stock [Member] | ||
Organization and Description of Business (Textual) | ||
Number of shares Issued to SIG Group | 3,421,000 | |
Preferred Stock [Member] | ||
Organization and Description of Business (Textual) | ||
Number of shares Issued to SIG Group | 5,000,000 |
Option_Agreement_Details
Option Agreement (Details) (Access Media Group [Member], Asset Purchase Agreement [Member], USD $) | 0 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Jul. 23, 2008 | Sep. 18, 2009 |
Access Media Group [Member] | Asset Purchase Agreement [Member] | ||
Option Agreement (Textual) | ||
Percentage of assets acquired | 100.00% | 100.00% |
Purchase price of service agreement | $3 | $3 |
Issuance of restricted, unregistered common stock | 100,000 | 100,000 |
Broadcast_and_Intellectual_Pro1
Broadcast and Intellectual Properties (Details) (USD $) | Apr. 20, 2007 | 22-May-07 |
Television_Series | ||
Contract with Freehawk [Member] | ||
Broadcast and intellectual properties (Textual) | ||
Percentage of rights owned in new purchase agreement | 100.00% | |
Number of television series in purchase agreement | 21 | |
Number of restricted and unregistered common stock issued for rights | 270,000 | |
Accounts payable issued for payment of rights | $50,000 | |
Purchase agreement, transaction cost | 2,870,625 | |
Contract for Tales From The moe.Republic [Member] | ||
Broadcast and intellectual properties (Textual) | ||
Number of restricted and unregistered common stock issued for rights | 113,662 | |
Purchase agreement, transaction cost | 1,136,600 | |
Promissory notes payable | $25,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | 134 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Federal: | |||
Current | |||
Deferred | |||
Federal income tax expense (benefit) | |||
State: | |||
Current | |||
Deferred | |||
State and local income tax expense (benefit) | |||
Income tax expense |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | 134 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |
Summary of income tax expense (benefit) | |||
Statutory rate applied to income before income taxes | ($124,093) | ($132,600) | ($1,263,470) |
Increase (decrease) in income taxes resulting from: | |||
State income taxes | |||
Officers compensation and other accrued expenses not deductible until paid | 75,140 | 70,000 | 650,140 |
Non-deductible consulting fees related to issuance of common stock at less than ''fair value'' | 62,000 | ||
Other, including reserve for deferred tax asset and application of net operating loss carryforward | 48,953 | 62,600 | 551,330 |
Income tax expense |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets | ||
Net operating loss carryforwards | $613,330 | $565,500 |
Officer compensation and other accrued expenses deductible when paid | 650,140 | 575,000 |
Less valuation allowance | -1,263,470 | -1,140,500 |
Net Deferred Tax Asset |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income taxes (Textual) | ||
Look back period for issuance of shares | 3 years | |
Deemed percentage change in control | 50.00% | |
Statutory federal rate | 34.00% | |
Increase in valuation allowance for the deferred tax asset | $123,000 | $280,000 |
Federal income tax [Member] | ||
Income taxes (Textual) | ||
Net operating loss carryforward | 1,800,000 | |
State income tax [Member] | ||
Income taxes (Textual) | ||
Net operating loss carryforward | $1,800,000 |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Mar. 14, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 19, 2005 | Oct. 20, 2003 | |
Transaction | |||||
Preferred stock (Textual) | |||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||
Number of shares designated as Series A Convertible Super Preferred Stock | 500,000 | ||||
Preferred stock, par value | $0.00 | $0.00 | $0.00 | ||
Series A Super Preferred Stock, voting right description | Ten votes per share. | ||||
Options to appoint maximum number of additional members to board of directors | 2 | ||||
Number of common stock issuable upon conversion of designated Preferred Stock | 10 | ||||
Preferred stock shares issued to incorporating persons | 4,000,000 | ||||
Preferred stock value issued to incorporating persons | $40,000 | ||||
Preferred stock shares issued to shareholder and officer | 1,000,000 | ||||
Preferred stock value issued to shareholder and officer | $10,000 |
Common_Stock_Transactions_Deta
Common Stock Transactions (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jul. 24, 2008 | Sep. 09, 2005 | Aug. 26, 2005 | Dec. 31, 2006 | Jul. 20, 2005 | Dec. 31, 2014 | Dec. 09, 2014 | Dec. 08, 2014 | Nov. 30, 2014 | Oct. 01, 2014 | Sep. 30, 2014 | Sep. 22, 2014 | Mar. 04, 2014 | Feb. 14, 2014 | Jan. 14, 2014 | Dec. 31, 2013 | Dec. 30, 2013 | Dec. 05, 2013 | Nov. 09, 2013 | Sep. 10, 2013 | Jul. 18, 2013 | Jun. 25, 2013 | Feb. 10, 2013 | Sep. 10, 2012 | Aug. 07, 2012 | Jun. 13, 2012 | Apr. 04, 2012 | Mar. 29, 2012 | Dec. 13, 2011 | Oct. 07, 2011 | Aug. 08, 2011 | Jun. 01, 2011 | 2-May-11 | Apr. 28, 2011 | Mar. 31, 2011 | Mar. 10, 2011 | Mar. 08, 2011 | Mar. 03, 2011 | Mar. 01, 2011 | Dec. 29, 2010 | Oct. 15, 2010 | Sep. 29, 2010 | Sep. 24, 2010 | Sep. 09, 2010 | Sep. 02, 2010 | Sep. 01, 2010 | Aug. 02, 2010 | 25-May-10 | Apr. 14, 2010 | Apr. 07, 2010 | Oct. 26, 2009 | Sep. 18, 2009 | Aug. 04, 2009 | 5-May-09 | Aug. 22, 2008 | Aug. 19, 2008 | Jun. 05, 2008 | Aug. 30, 2007 | Jul. 31, 2007 | 22-May-07 | 2-May-07 | Apr. 16, 2007 | Jun. 22, 2006 | Mar. 31, 2006 | Dec. 03, 2004 | Jun. 16, 2004 | Nov. 01, 2003 | Oct. 17, 2003 | |
Transaction | Transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individual | Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Transactions (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted unregistered shares of common stock, issued | 20,000 | 44,000 | 40,000 | 101,600 | 33,300 | 50,000 | 80,000 | 1,000,000 | 50,000 | 113,662 | 270,000 | 250,000 | 3,294,000 | 3,294,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted unregistered shares of common stock issued, Two | 25,000 | 12,650 | 253,710 | 44,500 | 23,700 | 179,000 | 519,555 | 519,555 | 50,000 | 81,830 | 81,830 | 66,600 | 33,300 | 447,050 | 447,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unregistered, restricted common stock, value | $28,860 | $28,860 | $1,000 | $25,000 | $55,000 | $3,000 | $800 | $125,000 | $35,000 | $35,000 | $40,810 | $40,810 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unregistered, restricted common stock par value | $1 | $1 | $0.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of unregistered, restricted common stock sold by company in private transaction | 50,000 | 1,738,400 | 250,000 | 6,698 | 100,000 | 10,500 | 100,000 | 10,000 | 6,000 | 82,200 | 8,000 | 1,500 | 16,700 | 6,000 | 73,745 | 73,745 | 2,000 | 14,285 | 1,000 | 25,000 | 174,000 | 5,000 | 3,000 | 12,500 | 6,800 | 70,000 | 70,000 | |||||||||||||||||||||||||||||||||||||||||
Number of stock issuance transactions | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of unrelated parties involved in stock issuance activities | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares issued | 57,000 | 57,000 | 9,294,030 | 8,893,400 | 14,000 | 100 | 325,000 | 325,000 | 89,260 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, Value | 10,404 | 9,295 | 31,241 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.00 | $0.00 | $0.35 | $5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum investment | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, fair value | $1 | $1 | $1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares sold by the company under Private Placement Memorandum | 2,000,000 | 381,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling price of the share | $1 | $0.01 | $0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds on selling of shares | 2,000,000 | 570 | 381,000 | 570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares unregistered, restricted common stock to be issued upon closing of the transaction | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price of shares in terms of Purchase Option Agreement | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments require per month to present manager/owner | 20,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term of purchase option agreement | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchased of common stock | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock, value | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agreed share value | $0.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company incurred costs of raising capital | $5,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares returned as per court order | 146,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of restricted shares sold by founder | 151,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued unregistered restricted common stock in return for consulting services | -50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued unregistered restricted common stock in return for contractual obligations | -30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Operating Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Transactions (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares issued | 50,000 | 50,000 |
Commitments_Details
Commitments (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |
Oct. 23, 2003 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 23, 2008 | Sep. 18, 2009 | |
Personnel | |||||
Commitments (Textual) | |||||
Automatic extension period of Management Agreement | 10 years | ||||
Lease Agreements [Member] | |||||
Commitments (Textual) | |||||
Extended term of operating lease | 3 years | ||||
Operating lease expiration date | Mar-14 | ||||
Monthly payment for lease | $1,000 | ||||
Number of non-executive personnel | 2 | ||||
Amount of reimburse to non executive personnel for their personal home office per month | 250 | ||||
Rent expenses | 35,720 | 33,800 | |||
Access Media Group [Member] | Asset Purchase Agreement [Member] | |||||
Commitments (Textual) | |||||
Percentage of assets acquired | 100.00% | 100.00% | |||
Purchase price of service agreement | 3,000,000 | 3,000,000 | |||
Share price of common stock | $5 | ||||
Issuance of restricted, unregistered common stock | 100,000 | 100,000 | |||
Stock issued as option agreement consideration | 20,000 | ||||
Value of stock issued as option agreement consideration | 100,000 | ||||
Payment terms of notes payable | Increments of $100,000 starting on the 180th day after September 18, 2009 and $100,000 every 90 days thereafter | ||||
Reduction of notes payable, condition | In the event that the Company is successful in selling any part of a future stock offering, 33.3% of the net proceeds of said offering will be applied to reduction of this note payable up to $1,500,000 or a maximum of the total balance due at that time. | ||||
Notes payable issued for asset acquisition | 2,500,000 | ||||
Interest rate on notes payable in addition to the prime rate | 2.00% | ||||
Debt Instrument, Periodic Payment | 100,000 | ||||
Period for first periodic payment of notes payable | 180 days | ||||
Period for subsequent periodic payments of notes payable | 90 days | ||||
Percentage of net proceeds of future stock offering applied to reduction of notes payables | 33.30% | ||||
Maximum amount applicable for reduction of note payable | $1,500,000 | ||||
Description of option agreement term | The term of our option is one (1) year and expires on July 22, 2009. |