Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 29, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Great Plains Holdings, Inc. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001357671 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 8,040,625 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Incorporation, State Country Name | 'Nevada | ' |
Entity Incorporation, Date of Incorporation | 30-Dec-99 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash and Cash Equivalents | $1,151,442 | $1,479,152 |
Accounts Receivable | 258 | 285 |
Inventory | 12,632 | 15,712 |
Prepaid Expenses | ' | 2,875 |
Total Current Assets | 1,164,332 | 1,498,024 |
Property and Equipment | ' | ' |
Property and Equipment | 254,982 | 58,057 |
Less: Accumulated Depreciation | -10,054 | -3,645 |
Land | 22,380 | 5,651 |
Net Property and Equipment | 267,308 | 60,063 |
Other Assets | ' | ' |
Cost Method Investments | 30,000 | ' |
Total Other Assets | 30,000 | ' |
Total Assets | 1,461,640 | 1,558,087 |
Current Liabilities | ' | ' |
Accounts Payable and Accrued Expenses | 685 | 7,504 |
Convertible Debt (net of discount of $36,194 and $0) | 31,806 | ' |
Total Current Liabilities | 32,491 | 7,504 |
Long-Term Liabilities | ' | ' |
Refundable Deposits | 950 | ' |
Total Long-Term Liabilities | 950 | ' |
Total Liabilities | 33,441 | 7,504 |
Stockholders' Equity | ' | ' |
Preferred stock, 20,000,000 shares authorized, $.001 par value, 10,000 and 0 shares issued and outstanding, respectively | 10 | ' |
Common stock, 300,000,000 shares authorized, $.001 par value, 8,040,625 and 7,993,125 shares issued and outstanding, respectively | 8,041 | 7,993 |
Additional Paid in Capital | 1,918,581 | 1,856,489 |
Accumulated deficit | -498,433 | -313,899 |
Total Stockholders' Equity | 1,428,199 | 1,550,583 |
Total Liabilities and Stockholders' Equity | $1,461,640 | $1,558,087 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | ' | ' |
Convertible Debt Discount | $36,194 | ' |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock shares authorized | 20,000,000 | 20,000,000 |
Preferred stock shares issued | 10,000 | ' |
Preferred stock shares outstanding | 10,000 | ' |
Common stock par value | $0.00 | $0.00 |
Common stock shares authorized | 300,000,000 | 300,000,000 |
Common stock shares issued | 8,040,625 | 7,993,125 |
Common stock shares outstanding | 8,040,625 | 7,993,125 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Sales | ' | ' | ' | ' |
Sales Revenue | $6,682 | $558 | $17,563 | $13,269 |
Total Sales | 6,682 | 558 | 17,563 | 13,269 |
Cost of Goods Sold | ' | ' | ' | ' |
Cost of Sales | 1,549 | 42 | 4,851 | 1,056 |
Total Cost of Goods Sold | 1,549 | 42 | 4,851 | 1,056 |
Gross Profit | 5,133 | 516 | 12,712 | 12,213 |
Operating Expenses | ' | ' | ' | ' |
Royalties | -73 | 6 | ' | 115 |
Depreciation and Amortization | 2,420 | 85 | 6,409 | 255 |
General and Administrative | 49,770 | 6,832 | 183,156 | 32,752 |
Total Operating Expenses | 52,117 | 6,923 | 189,565 | 33,122 |
Operating Loss | -46,984 | -6,407 | -176,853 | -20,909 |
Other Income (Expenses) | ' | ' | ' | ' |
Interest expense | -7,977 | -592 | -7,977 | -1,735 |
Investment Income | 296 | ' | 296 | ' |
Total Other Income (Expenses) | -7,681 | -592 | -7,681 | -1,735 |
Net Loss Before Taxes | -54,665 | -6,999 | -184,534 | -22,644 |
Net Loss | ($54,665) | ($6,999) | ($184,534) | ($22,644) |
Loss per share of common stock (basic and diluted) | ($0.01) | $0 | ($0.02) | ($0.01) |
Weighted average shares outstanding (basic and diluted) | 8,030,625 | 2,960,000 | 8,030,625 | 2,744,000 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash Flows From Operating Activities | ' | ' |
Net Income (Loss) | ($184,534) | ($22,644) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and Amortization | 6,409 | 255 |
Debt discount amortization | 7,396 | ' |
Contributions to capital - expenses paid by shareholders | ' | 8,024 |
Change in Operating Assets and Liabilities: | ' | ' |
Change in accounts receivable | 27 | ' |
Change in inventory | 3,080 | 1,056 |
Change in prepaid expenses | 2,875 | ' |
Change in accounts payable and accrued expenses | -6,819 | -33,355 |
Change in refundable deposits | 950 | ' |
Net Cash Used In Operating Activities: | -170,616 | -46,664 |
Cash Flows From Investing Activities | ' | ' |
Purchases of Property and Equipment | -208,094 | ' |
Patent | ' | ' |
Investments | -30,000 | ' |
Net Cash Used In Investing Activities: | -238,094 | ' |
Cash Flows From Financing Activities | ' | ' |
Proceeds from Convertible Debt | 68,000 | ' |
Notes Payable - Related Party | ' | 16,845 |
Payment to Related Party | ' | -77,625 |
Proceeds from the issuance of preferred stock | 1,000 | ' |
Proceeds from the issuance of common stock | 12,000 | 1,600,000 |
Net Cash Provided By Financing Activities: | 81,000 | 1,539,220 |
Net Change in Cash & Cash Equivalents | -327,710 | 1,492,556 |
Beginning Cash & Cash Equivalents | 1,479,152 | 447 |
Ending Cash & Cash Equivalents | 1,151,442 | 1,493,003 |
Supplemental Disclosures of Noncash Investing and Financing Activities | ' | ' |
Issuance of 10,000 common shares for property and equipment | 10,000 | ' |
Amount allocated to APIC associated with the purchase of real estate between entities under common control | 4,440 | ' |
Beneficial conversion feature of convertible debt recorded as Additional Paid in Capital | $43,590 | ' |
Note_1_Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 1 - Organization | ' |
Note 1. Organization | |
Great Plains Holdings, Inc. (the “Company”) was incorporated under the laws of the state of Nevada on December 30, 1999 under the name LILM, Inc. The Company changed its name on December 3, 2013 as part of its plans to diversify its business through the acquisition and operation of commercial real estate, including but not limited to self-storage facilities, apartment buildings, 55+ senior manufactured homes communities, and other income producing properties. Historically, the Company has principally engaged in manufacture and marketing of the LiL Marc urinal used in the training of young boys. | |
The accompanying unaudited consolidated financial statements have been prepared by the Company’s management in conformity with accounting principles generally accepted in the United States of America. The consolidated financial statements are prepared in accordance with the requirements for unaudited interim periods, and consequently, do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. | |
Operating results for the nine months ended September 30, 2014 are not necessarily indicative of the results that can be expected for the year ending December 31, 2014. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2014 | ||
Notes | ' | |
Note 2 - Summary of Significant Accounting Policies | ' | |
Note 2 - Summary of Significant Accounting Policies | ||
Use of Estimates | ||
We use estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. | ||
Fair Value of Financial Instruments | ||
The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced sale or liquidation. Significant differences can arise between the fair value and carrying amount of financial instruments that are recognized at historical cost amounts. The carrying value of the company’s financial assets and liabilities approximate the fair value of the short maturity of those instruments. | ||
Accounting Method | ||
The Company recognizes income and expenses based on the accrual method of accounting. | ||
Accounts Receivable | ||
Accounts receivable are recorded when invoices are issued and the amount management expects to collect is reported on the balance sheet. Accounts receivable are written off when they are determined to be uncollectible. The allowance for doubtful accounts is estimated based on the Company’s historical losses, the existing economic condition in the industry, and the financial stability of its customers. | ||
Advertising | ||
The Company expenses all advertising costs as they are incurred. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents are defined as demand deposits, money market accounts and overnight investments at banks. Cash is maintained in banks insured by the FDIC for an aggregate of up to $250,000. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. | ||
Concentrations of Risk | ||
Financial Instruments which potentially subject the Company to concentrations of risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents with major financial institutions. At September 30, 2014, the Company has $807,603 in excess of federally insured limits. | ||
Dividend Policy | ||
The Company has not yet adopted a policy regarding dividends. | ||
Income Taxes | ||
The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized. | ||
Inventories | ||
Inventories are stated at the lower of cost or market. Cost is determined on a first-in, first-out (FIFO) basis and market is determined on the basis of replacement cost or net realizable value. | ||
Long Term Investments | ||
Non-marketable equity investments are carried at cost. Investments held by the Company are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the investment may not be recoverable. In the event that facts and circumstances indicate that the cost may be impaired, an evaluation of recoverability would be performed. | ||
Principles of Consolidation | ||
The accompanying consolidated financials include the accounts of the Company and its subsidiaries from its inception. All significant intercompany accounts and balances have been eliminated in consolidation. | ||
Property & Equipment | ||
Property and equipment are stated at cost. The Company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the various classes of property, as follows: | ||
Machinery & Equipment | 5 to 7 years | |
Furniture & Fixtures | 5 to 7 years | |
Land Improvements | 20 years | |
Building | 40 years | |
Expenditures for additions, improvements and betterments that extend the useful lives of existing assets, if material, are generally capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. | ||
Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event that facts and circumstances indicate that the cost of any long-lived assets may be impaired, an evaluation of recoverability would be performed. | ||
Revenue Recognition | ||
Revenue is recognized upon the completion of the sales and shipment of the product. The product is sold via the internet and is delivered to customers or to wholesale resellers using a ground courier service. | ||
Sales Taxes | ||
The State of Florida imposes a sales tax ranging from 6.0% to 7.5% on all of the Company’s sales delivered within the State. The Company collects that sales tax from customers and remits the entire amount to the State. The Company’s accounting policy is to exclude the tax collected and remitted to the State from revenue and cost of sales. | ||
Shipping and Handling Costs | ||
The Company classifies freight billed to customers as sales revenue and related freight costs as cost of sales. | ||
Basic and Diluted Net Income (Loss) Per Share | ||
Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same. As of September 30, 2014 and 2013, there were 87,179 and 0 common stock equivalents outstanding, respectively. | ||
Recent Accounting Pronouncements | ||
The Company does not expect that the adoption of recent accounting pronouncements will have a material impact on its financial statements. |
Note_3_Property_and_Equipment
Note 3 - Property and Equipment | 9 Months Ended | ||
Sep. 30, 2014 | |||
Notes | ' | ||
Note 3 - Property and Equipment | ' | ||
Note 3 - Property and Equipment | |||
On December 26, 2013, the Company acquired two adjacent parcels of land located in Wildwood, Florida totaling approximately 0.90 acres. The property includes a 1,400 square foot corporate office building and an additional parcel of land that includes a mobile home. The real estate and improvements located on it were acquired from TD Bank, N.A., an unrelated party, for a purchase price of $47,500 plus customary closing costs. The Company paid the purchase price in cash at closing. | |||
On September 17, 2014, the Company acquired a residential duplex located in Hanahan, South Carolina from DayBreak Capital, LLC, a related party. The real estate was purchased for a price of $83,402 paid in cash at closing. See Note 6 - Significant Transactions with Related Parties. Since the acquisition of this property was a transaction between entities under common control, the Company recorded the cost of the land and buildings at historical cost. These amounts were $16,729 for the land, and $62,233 for the buildings (total cost of $78,962). The difference between the purchase price and the historical cost was recorded as a reduction to paid-in capital of $4,440. | |||
Property and equipment are stated at cost and consist of the following categories as of September 30, 2014 and December 31, 2013: | |||
Sept. 30, 2014 | Dec. 31,2013 | ||
Land | 22,380 | 5,651 | |
Machinery & Equipment | 14,380 | 14,380 | |
Buildings & Improvements | 240,602 | 43,677 | |
Total Property & Equipment | 277,362 | 63,708 | |
Less: Accumulated Depreciation & Amortization | -10,054 | -3,645 | |
Net Property and Equipment | 267,308 | 60,063 |
Note_4_Long_Term_Investments
Note 4 - Long Term Investments | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 4 - Long Term Investments | ' |
Note 4 – Long Term Investments | |
On April 10, 2014, the Company purchased for a price of $30,000 a 1.67% interest in Texstar Preferred Partner Joint Venture III, LP (“Texstar”). Texstar owns a 60% net revenue interest in the Engleke Lease, an oil and gas lease covering the Austin Chalk, Eagle Ford and Buda reservoirs located in the Luling-Banyon field area in Guadalupe County, Texas. This lease contains 14 oil and gas wells that are employing re-stimulation and secondary recovery efforts with targeted remaining recoverable reserves of 2,990,000 barrels of oil. This investment is accounted for using the cost method of accounting. Accordingly, the investment is stated at acquisition cost and distributions are recorded as income when received. It is not practical to estimate the fair value of this investment; however, management believes that the carrying value at September 30, 2014 was not impaired. |
Note_5_Convertible_Debt
Note 5 - Convertible Debt | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 5 - Convertible Debt | ' |
Note 5 – Convertible Debt | |
Convertible Note to KBM Worldwide, Inc. | |
On August 22, 2014 (the “Issuance Date”), the Company entered into a securities purchase agreement (the “Purchase Agreement”) with KBM Worldwide, Inc. (“KBM”), whereby KBM agreed to invest $68,000 (“Note Purchase Price”) into the Company in exchange for the Company’s issuance of a convertible promissory note, in the original principal amount of $68,000.00, which bears interest at 8% per annum (the “Note”). All outstanding principal and accrued interest on the Note is due and payable on the maturity date, which is May 18, 2015 (the “Maturity Date”). The Note Purchase Price was paid in cash to the Company by KBM on August 22, 2014. Any amount of principal or interest that is due under the Note, which is not paid by the Maturity Date, will bear interest at the rate of 22% per annum until it is paid (“Default Interest”). The Note is convertible by KBM into common stock of the Company (“Common Stock”) at any time during the conversion period, which begins 180 days after the Issuance Date and ends on the later of (i) the Maturity Date and the (ii) date of payment of the default amount (“Conversion Period”). The conversion price for each share is 61% multiplied by the lowest average three day market price of the Common Stock during the ten trading days prior to the relevant notice of conversion. | |
The Note can be prepaid by the Company at a premium as follows: (a) between 0 and 30 days after issuance – 110% of the total outstanding amount; (b) between 31 and 60 days after issuance – 115% of the total outstanding amount; (c) between 61 and 90 days after issuance – 120% of the total outstanding amount; (d) between 91 and 120 days after issuance – 125% of the total outstanding amount; and (e) between 121 and 150 days after issuance – 130% of the total outstanding amount; and (f) between 151 and 180 days after issuance – 135% of the total outstanding amount. After the initial 180 period from the Issuance Date, the Company does not have a right of prepayment. | |
All amounts due under the Note become immediately due and payable by the Company upon the occurrence of an event of default, including but not limited to (i) the Company’s failure to pay the amounts due at maturity, (ii) the Company’s failure to issue shares of Common Stock upon any conversion of the Note, (iii) a breach of the covenants, representations or warranties under the Note, (iv) the appointment of a trustee, a judgment against the Company in excess of $50,000 (subject to a cure period), a liquidation of the Company or the filing of a bankruptcy petition, (v) failure to remain current in our reporting obligations under the Securities Exchange Act of 1934 or the removal of the Common Stock from quotation on an over the counter quotation service or equivalent exchange, (vi) any restatement of our financial statements, or (vii) a reverse stock split without prior notice to KBM. | |
We determined the conversion feature associated with this convertible note should be accounted for under ASC 470, whereby a debt discount is recorded based on the intrinsic value. As such, we recorded a debt discount of $43,590 on August 22, 2014. Amortization of the beneficial conversion feature triggered by this convertible note is reported as interest expense on the income statement. A total of $7,977 was recorded as interest expense for the nine month period ended September 30, 2014 ($0 for 2013), of which $7,396 related to debt discount amortization and $581 related to stated interest. |
Note_6_Stockholders_Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 6 - Stockholders' Equity | ' |
Note 6 - Stockholders’ Equity | |
The company has authorized 320,000,000 shares, of which 300,000,000 are Common Stock, par value $0.001 per share with 8,040,625 shares of Common Stock issued and outstanding and 20,000,000 shares of Preferred Stock, par value $0.001 per share, with 1,000,000 shares designated as Series A Preferred Stock, $0.001 par with 10,000 shares of Series A Preferred Stock issued and outstanding at September 30, 2014. | |
The Series A Preferred Stock have the following designations, rights, and preferences: | |
· The stated value of each shares is $0.001, | |
· Each share shall entitle the holder thereof to 300 votes on all matters submitted to a vote of the stockholders of the Company, | |
· Except as otherwise provided in the Certificate of Designation, the Company’s Articles, or by law, the holders of Series A Preferred Stock shall have general voting rights and shall vote together as one class, with all holders of shares of any other capital stock of the Company, on all matters submitted to a vote of stockholders of the Company, and | |
· The holders of the Series A Preferred Stock shall not have any conversion rights. | |
On May 3, 2014, the Company issued 10,000 shares of its common stock for the acquisition of assets classified as Buildings & Improvements. These shares were valued based on the fair value of service provided ($10,000). |
Note_7_Significant_Transaction
Note 7 - Significant Transactions With Related Parties | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 7 - Significant Transactions With Related Parties | ' |
Note 7 - Significant Transactions with Related Parties | |
On September 26, 2013, the Company sold 5,000,000 of its unregistered common stock to Kent Campbell, its Chief Executive Officer and a Director for a purchase price of $0.32 per share for a total of $1,600,000. | |
On October 15, 2013, the Company sold to: (i) Sarah Campbell, its Chief Accounting Officer at the time, 100,000 shares of its unregistered common stock for a purchase price of $0.32 per share for a total of $32,000, and (ii) Thomas G. Campbell (Kent Campbell’s father), 150,000 shares of its restricted common stock for a purchase price of $0.32 per share for a total purchase price of $48,000. | |
On March 17, 2014, the Company sold to: (i) Kent Campbell, its Chief Executive Officer, 6,000 shares of its unregistered preferred stock for a purchase price of $0.10 per share for a total of $600, and (ii) Denis Espinoza, its Chief Operations Officer, 4,000 shares of its unregistered preferred stock for a purchase price of $0.10 per share for a total of $400. | |
On September 17, 2014, the Company, through its wholly owned subsidiary Ashland Holdings, LLC (“Ashland”), completed the purchase of the property located at 5913 Tampa Street, Hanahan, South Carolina 29410 for $82,500.00 from DayBreak Capital, LLC, a related party (“DayBreak”). The purchase price was paid in cash at closing. Kent Campbell, our Chief Executive Officer and a Director, and Denis Espinoza, our President, Chief Operating Officer, and a Director each own 50% of DayBreak. See Note - Property and Equipment. |
Note_8_Subsequent_Events
Note 8 - Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 8 - Subsequent Events | ' |
Note 8 – Subsequent Events | |
Orangeburg Property | |
On October 11, 2014 the Company entered into a purchase and sale agreement with unrelated parties to purchase the residential mobile home park located at 1197 Cannon Bridge Rd., Orangeburg, South Carolina 29115 (the “Property”) for $115,000.00 payable in cash at closing. The material terms of the agreement to acquire this property include: (i) an initial deposit from the Company in the amount of $2,500 which amount has been paid and shall be credited to the purchase price of the property at closing; (ii) a property inspection period that expires 60 days after the Sellers deliver documents requested by the Company during which time Company can terminate the agreement at any time within the period by delivering written notice to the Sellers; and (iii) a closing date for the sale of the Property that shall occur on or before 30 days after the inspection period. The agreement also contains additional covenants, representations and warranties that are customary of real estate purchase and sale agreements. | |
Lady Lake Property | |
On October 31, 2014, the Company completed the purchase of a 960 square foot residential located at 13537 County Road 109E-1, Lady Lake, Florida 32159 for $53,000 which amount was paid in cash at closing. The amount of the purchase price was reduced by $1,500 from the previously reported price of $54,500 to cover plumbing repairs to the property. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Use of Estimates | ' |
Use of Estimates | |
We use estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced sale or liquidation. Significant differences can arise between the fair value and carrying amount of financial instruments that are recognized at historical cost amounts. The carrying value of the company’s financial assets and liabilities approximate the fair value of the short maturity of those instruments. |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies: Accounting Method (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Accounting Method | ' |
Accounting Method | |
The Company recognizes income and expenses based on the accrual method of accounting. |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable are recorded when invoices are issued and the amount management expects to collect is reported on the balance sheet. Accounts receivable are written off when they are determined to be uncollectible. The allowance for doubtful accounts is estimated based on the Company’s historical losses, the existing economic condition in the industry, and the financial stability of its customers. |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies: Advertising (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Advertising | ' |
Advertising | |
The Company expenses all advertising costs as they are incurred. |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents are defined as demand deposits, money market accounts and overnight investments at banks. Cash is maintained in banks insured by the FDIC for an aggregate of up to $250,000. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Note_2_Summary_of_Significant_7
Note 2 - Summary of Significant Accounting Policies: Concentrations of Risk (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Concentrations of Risk | ' |
Concentrations of Risk | |
Financial Instruments which potentially subject the Company to concentrations of risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents with major financial institutions. At September 30, 2014, the Company has $807,603 in excess of federally insured limits. |
Note_2_Summary_of_Significant_8
Note 2 - Summary of Significant Accounting Policies: Dividend Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Dividend Policy | ' |
Dividend Policy | |
The Company has not yet adopted a policy regarding dividends. |
Note_2_Summary_of_Significant_9
Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Income Taxes | ' |
Income Taxes | |
The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized. |
Recovered_Sheet1
Note 2 - Summary of Significant Accounting Policies: Inventories (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost or market. Cost is determined on a first-in, first-out (FIFO) basis and market is determined on the basis of replacement cost or net realizable value. |
Recovered_Sheet2
Note 2 - Summary of Significant Accounting Policies: Long Term Investments (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Long Term Investments | ' |
Long Term Investments | |
Non-marketable equity investments are carried at cost. Investments held by the Company are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the investment may not be recoverable. In the event that facts and circumstances indicate that the cost may be impaired, an evaluation of recoverability would be performed. |
Recovered_Sheet3
Note 2 - Summary of Significant Accounting Policies: Principles of Consolidation Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Principles of Consolidation Policy | ' |
Principles of Consolidation | |
The accompanying consolidated financials include the accounts of the Company and its subsidiaries from its inception. All significant intercompany accounts and balances have been eliminated in consolidation. |
Recovered_Sheet4
Note 2 - Summary of Significant Accounting Policies: Property & Equipment (Policies) | 9 Months Ended | |
Sep. 30, 2014 | ||
Policies | ' | |
Property & Equipment | ' | |
Property & Equipment | ||
Property and equipment are stated at cost. The Company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the various classes of property, as follows: | ||
Machinery & Equipment | 5 to 7 years | |
Furniture & Fixtures | 5 to 7 years | |
Land Improvements | 20 years | |
Building | 40 years | |
Expenditures for additions, improvements and betterments that extend the useful lives of existing assets, if material, are generally capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. | ||
Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event that facts and circumstances indicate that the cost of any long-lived assets may be impaired, an evaluation of recoverability would be performed. |
Recovered_Sheet5
Note 2 - Summary of Significant Accounting Policies: Revenue Recognition Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Revenue Recognition Policy | ' |
Revenue Recognition | |
Revenue is recognized upon the completion of the sales and shipment of the product. The product is sold via the internet and is delivered to customers or to wholesale resellers using a ground courier service. |
Recovered_Sheet6
Note 2 - Summary of Significant Accounting Policies: Shipping and Handling Costs (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Shipping and Handling Costs | ' |
Shipping and Handling Costs | |
The Company classifies freight billed to customers as sales revenue and related freight costs as cost of sales. |
Recovered_Sheet7
Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Basic and Diluted Net Income (loss) Per Share Policy | ' |
Basic and Diluted Net Income (Loss) Per Share | |
Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same. As of September 30, 2014 and 2013, there were 87,179 and 0 common stock equivalents outstanding, respectively. |
Recovered_Sheet8
Note 2 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Recent Accounting Pronouncements Policy | ' |
Recent Accounting Pronouncements | |
The Company does not expect that the adoption of recent accounting pronouncements will have a material impact on its financial statements. |
Recovered_Sheet9
Note 2 - Summary of Significant Accounting Policies: Property & Equipment: Schedule of Property Plant and Equipment, Useful Life (Tables) | 9 Months Ended | |
Sep. 30, 2014 | ||
Tables/Schedules | ' | |
Schedule of Property Plant and Equipment, Useful Life | ' | |
Machinery & Equipment | 5 to 7 years | |
Furniture & Fixtures | 5 to 7 years | |
Land Improvements | 20 years | |
Building | 40 years | |
Note_3_Property_and_Equipment_
Note 3 - Property and Equipment: Property, Plant and Equipment (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Tables/Schedules | ' | ||
Property, Plant and Equipment | ' | ||
Sept. 30, 2014 | Dec. 31,2013 | ||
Land | 22,380 | 5,651 | |
Machinery & Equipment | 14,380 | 14,380 | |
Buildings & Improvements | 240,602 | 43,677 | |
Total Property & Equipment | 277,362 | 63,708 | |
Less: Accumulated Depreciation & Amortization | -10,054 | -3,645 | |
Net Property and Equipment | 267,308 | 60,063 |
Note_1_Organization_Details
Note 1 - Organization (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Entity Incorporation, State Country Name | 'Nevada |
Entity Incorporation, Date of Incorporation | 30-Dec-99 |
Recovered_Sheet10
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) (USD $) | Sep. 30, 2014 |
Details | ' |
Cash, FDIC Insured Amount | $250,000 |
Recovered_Sheet11
Note 2 - Summary of Significant Accounting Policies: Concentrations of Risk (Details) (USD $) | Sep. 30, 2014 |
Details | ' |
Cash in Excess of Federally Insured Limits | $807,603 |
Recovered_Sheet12
Note 2 - Summary of Significant Accounting Policies: Property & Equipment: Schedule of Property Plant and Equipment, Useful Life (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Machinery and Equipment | Minimum | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Machinery and Equipment | Maximum | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Furniture and Fixtures | Minimum | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Furniture and Fixtures | Maximum | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Land Improvements | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Building | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Recovered_Sheet13
Note 2 - Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Minimum | ' |
State of Florida Sales Tax | 6.00% |
Maximum | ' |
State of Florida Sales Tax | 7.50% |
Recovered_Sheet14
Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share Policy (Details) | Sep. 30, 2014 | Sep. 30, 2013 |
Details | ' | ' |
Common Stock Equivalents Outstanding | 87,179 | 0 |
Note_3_Property_and_Equipment_1
Note 3 - Property and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2013 | Sep. 30, 2014 | |
Real Estate Owned, Nature and Origin | 'two adjacent parcels of land located in Wildwood, Florida totaling approximately 0.90 acres. The property includes a 1,400 square foot corporate office building and an additional parcel of land that includes a mobile home | 'a residential duplex located in Hanahan, South Carolina |
Payments to Acquire Real Estate | $47,500 | ' |
Amount allocated to APIC associated with the purchase of real estate between entities under common control | ' | 4,440 |
Land, Buildings and Improvements | ' | ' |
Payments to Acquire Real Estate | ' | 83,402 |
Land | ' | ' |
Payments to Acquire Real Estate | ' | 16,729 |
Building | ' | ' |
Payments to Acquire Real Estate | ' | $62,233 |
Note_3_Property_and_Equipment_2
Note 3 - Property and Equipment: Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Net Property and Equipment | $267,308 | $60,063 |
Property, Plant and Equipment, Gross | 277,362 | 63,708 |
Less: Accumulated Depreciation | -10,054 | -3,645 |
Land | ' | ' |
Net Property and Equipment | 22,380 | 5,651 |
Machinery and Equipment | ' | ' |
Net Property and Equipment | 14,380 | 14,380 |
Building and Building Improvements | ' | ' |
Net Property and Equipment | $240,602 | $43,677 |
Note_4_Long_Term_Investments_D
Note 4 - Long Term Investments (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Investments | $30,000 |
Productive Oil Wells, Number of Wells, Net | 14 |
Barrels of oil | 2,990,000 |
Note_5_Convertible_Debt_Detail
Note 5 - Convertible Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Proceeds from Convertible Debt | ' | ' | $68,000 | ' |
Debt Instrument, Payment Terms | ' | ' | 'The Note can be prepaid by the Company at a premium as follows: (a) between 0 and 30 days after issuance – 110% of the total outstanding amount; (b) between 31 and 60 days after issuance – 115% of the total outstanding amount; (c) between 61 and 90 days after issuance – 120% of the total outstanding amount; (d) between 91 and 120 days after issuance – 125% of the total outstanding amount; and (e) between 121 and 150 days after issuance – 130% of the total outstanding amount; and (f) between 151 and 180 days after issuance – 135% of the total outstanding amount. After the initial 180 period from the Issuance Date, the Company does not have a right of prepayment. | ' |
Convertible Debt Discount | 36,194 | ' | 36,194 | ' |
Interest expense | 7,977 | 592 | 7,977 | 1,735 |
Debt discount amortization | ' | ' | 7,396 | ' |
KBM Worldwide, Inc. | ' | ' | ' | ' |
Convertible Debt Discount | 43,590 | ' | 43,590 | ' |
Interest expense | ' | ' | 7,977 | 0 |
Debt discount amortization | ' | ' | $7,396 | ' |
Note_6_Stockholders_Equity_Det
Note 6 - Stockholders' Equity (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Common stock shares authorized | 300,000,000 | 300,000,000 |
Common stock par value | $0.00 | $0.00 |
Common stock shares issued | 8,040,625 | 7,993,125 |
Common stock shares outstanding | 8,040,625 | 7,993,125 |
Preferred stock shares authorized | 20,000,000 | 20,000,000 |
Preferred stock par value | $0.00 | $0.00 |
Preferred stock shares issued | 10,000 | ' |
Preferred stock shares outstanding | 10,000 | ' |
Stock issued during period for acquisition of assets classified as buildings and improvement | 10,000 | ' |
Issuance of 10,000 common shares for property and equipment | $10,000 | ' |
Note_7_Significant_Transaction1
Note 7 - Significant Transactions With Related Parties (Details) (USD $) | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | |||||
Oct. 31, 2013 | Oct. 15, 2013 | Oct. 31, 2013 | Oct. 15, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 17, 2014 | Sep. 26, 2013 | Mar. 31, 2014 | Mar. 17, 2014 | |
Sarah Campbell | Sarah Campbell | Thomas G Campbell | Thomas G Campbell | Kent Campbell | Kent Campbell | Kent Campbell | Kent Campbell | Denis Espinoza | Denis Espinoza | |
Sale of Stock, Number of Shares Issued in Transaction | 100,000 | ' | 150,000 | ' | 5,000,000 | 6,000 | ' | ' | 4,000 | ' |
Sale of Stock, Price Per Share | ' | $0.32 | ' | $0.32 | ' | ' | $0.10 | $0.32 | ' | $0.10 |
Sale of Stock, Consideration Received on Transaction | $32,000 | ' | $48,000 | ' | $1,600,000 | $600 | ' | ' | $400 | ' |
Note_8_Subsequent_Events_Detai
Note 8 - Subsequent Events (Details) (Land, USD $) | 0 Months Ended | |
Oct. 31, 2014 | Oct. 15, 2014 | |
Land | ' | ' |
Payments to Acquire Other Real Estate | $53,000 | $115,000 |