Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 13, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'INTB | ' |
Entity Registrant Name | 'Intelligent Buying, Inc. | ' |
Entity Central Index Key | '0001358633 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 5,889,533 |
BALANCE_SHEET
BALANCE SHEET (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash | $725 | $3,934 |
Accounts receivable | 1,425 | 161 |
TOTAL CURRENT ASSETS | 2,150 | 4,095 |
TOTAL ASSETS | 2,150 | 4,095 |
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | ' | ' |
Accounts payable and accrued expenses | 0 | 13,324 |
Due to related party | 22,444 | 0 |
TOTAL CURRENT LIABILITIES | 22,444 | 13,324 |
STOCKHOLDERS’ (DEFICIENCY): | ' | ' |
Preferred stock (Note 5), $.001 par value, Authorized - 25,000,000 shares Issued and outstanding - 2,500,000 shares | 0 | 0 |
Common stock, $.001 par value, Authorized - 50,000,000 shares Issued and outstanding - 5,889,533 shares | 5,889 | 5,889 |
Additional paid-in capital | 670,657 | 670,657 |
Accumulated deficit | -696,840 | -685,775 |
TOTAL STOCKHOLDERS’ DEFICIENCY | -20,294 | -9,229 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $2,150 | $4,095 |
BALANCE_SHEET_Parenthetical
BALANCE SHEET (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 2,500,000 | 2,500,000 |
Preferred stock, shares outstanding | 2,500,000 | 2,500,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,889,533 | 5,889,533 |
Common stock, shares outstanding | 5,889,533 | 5,889,533 |
STATEMENTS_OF_OPERATIONS_AND_A
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
SALES: | ' | ' | ' | ' |
Related Party | $161 | $5,500 | $24,374 | $24,300 |
TOTAL SALES | 161 | 5,500 | 24,374 | 24,300 |
COSTS AND EXPENSES: | ' | ' | ' | ' |
Cost of sales | ' | 0 | 15,340 | 0 |
Selling, general and administrative | 8,031 | 4,092 | 19,299 | 19,464 |
TOTAL COSTS AND EXPENSES | 8,031 | 4,092 | 34,639 | 19,464 |
INCOME (LOSS) BEFORE TAXES | -7,870 | 1,408 | -10,265 | 4,836 |
INCOME TAXES | 800 | ' | 800 | 800 |
NET INCOME (Loss) | -7,070 | 1,408 | -11,065 | 4,036 |
ACCUMULATED DEFICIT- BEGINNING OF PERIOD | -689,770 | -681,088 | -685,775 | -683,716 |
ACCUMULATED DEFICIT- END OF PERIOD | ($696,840) | ($679,680) | ($696,840) | ($679,680) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $0 | $0 | $0 | $0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 5,889,533 | 5,889,533 | 5,889,533 | 5,889,533 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES: | ' | ' |
Net income(loss) | ($11,065) | $4,036 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable - related party | -1,264 | -3,500 |
Accounts payable and accrued expenses | -13,324 | -314 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -25,653 | 222 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds of related party loans | 22,444 | 0 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 22,444 | 0 |
INCREASE (DECREASE) IN CASH | -3,209 | 222 |
CASH - BEGINNING OF PERIOD | 3,934 | 451 |
CASH - END OF PERIOD | $725 | $673 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
SIGNIFICANT ACCOUNTING POLICIES | ' |
1. SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying financial statements have been prepared on substantially the same basis as the audited financial statements included in the Intelligent Buying Inc. Annual Report on Form 10-K for the year ended December 31, 2012. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission (SEC) rules and regulations regarding interim financial statements. All amounts included herein related to the condensed financial statements as of September 30, 2013 and the three months ended September 30, 2013 and 2012 are unaudited and should be read in conjunction with the audited financial statements and the notes there to included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
In the opinion of management, the accompanying financial statements include all necessary adjustments for the fair presentation of the Company’s financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the full fiscal year ending December 31, 2013. | |
Business description | |
The financial statements presented are those of Intelligent Buying, Inc. (the “Company”). The Company was incorporated under the laws of the State of California on March 22, 2004 and is in the business of media advertising and acquiring high-end computer and networking equipment from resellers and end-users and then reselling this equipment at discounted prices. | |
Uses of estimates in the preparation of financial statements | |
The preparation of financial statements in conformity with generally accepted accounting principles accepted in the United States of America (“GAAP”) 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 net revenue and expenses during each reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | |
The Company recognizes revenue on a gross basis when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when persuasive evidence of an arrangement exists, the product has been shipped or the services have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured. The Company reduces revenue for estimated customer returns, rotations and sales rebates when such amounts are estimable. When not estimable, The Company defers revenue until the product is sold to the end customer. The Company does not provide support on products sold unless a separate agreement for installation and setup has been entered into. The revenue from such an agreement would be reported separately as fee income if and when such services are performed, completed and accepted by the customer. | |
Comprehensive income | |
SFAS No. 130, "Reporting Comprehensive Income," establishes standards for the reporting and display of comprehensive income and its components in financial statements. SFAS No. 130 requires that all items required to be recognized under accounting standards as components of comprehensive income be reported in a financial statement with the same prominence as other financial statements. Comprehensive income consists of net earnings, the net unrealized gains or losses on available-for-sale marketable securities, foreign currency translation adjustments, minimum pension liability adjustments and unrealized gains and losses on financial instruments qualifying for hedge accounting and is presented in the accompanying Consolidated Statement of Shareholders' Equity in accordance with SFAS No. 130.During the quarter ended September 30, 2013 and 2012, the Company did not have any components of comprehensive income (loss) to report. | |
Net loss per share | |
Authoritative guidance on Earnings per Share requires dual presentation of basic and diluted earnings or loss per share (“EPS”) for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution; diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. | |
Basic loss per share is computed by dividing net loss applicable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company, unless the effect is to reduce a loss or increase earnings per share. | |
Stock-based compensation | |
The Company has adopted the FASB standard on Share-Based Payment, which addresses the accounting for share-based payment transactions. The standard eliminates the ability to account for share-based compensation transactions using old standards, and generally requires instead that such transactions be accounted and recognized in the statement of operations based on their fair value. The standard is effective for public companies that file as small business issuers as of the first interim or annual reporting period that begins after December 15, 2005. Depending upon the number of and terms for options that may be granted in future periods, the implementation of this standard could have a significant non-cash impact on results of operations in future periods | |
During the quarter ended September 30, 2013 and 2012, there were no stock options granted or outstanding. | |
New Accounting Pronouncements | |
From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented. | |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
2. INCOME TAXES | |
The Company recognizes deferred income tax liabilities and assets for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. | |
The Company recorded no income taxes for the quarter ended September 30, 2013 and 2012 due to the use of available net operating loss carryforwards. | |
Net operating loss carry forwards of approximately $696,840 at September 30, 2013 are available to offset future taxable income, if any, and expire in 2027. This results in a net deferred tax asset, assuming an effective tax rate of 34% of approximately $234,520 at September 30, 2013. A valuation allowance in the same amount has been provided to reduce the deferred tax asset, as realization of the asset is not assured. | |
STOCKHOLDERS_EQUITY_DEFICIENCY
STOCKHOLDERS' EQUITY (DEFICIENCY) | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders Equity Note [Abstract] | ' |
STOCKHOLDERS' EQUITY (DEFICIENCY) | ' |
3. STOCKHOLDERS’ EQUITY (DEFICIENCY) | |
Preferred stock | |
At September 30, 2013, the Company had no shares of its preferred stock issued and outstanding. Previously issued preferred shares were converted according to their terms into 5,000,000 shares of common stock on September 16, 2010. | |
Common stock | |
At September 30, 2013, the Company had 5,889,533 shares of its common stock issued and outstanding. These shares comprised 273,333 shares issued on March 22, 2006 in exchange for certain Notes Payable (see Note 2, above), 500,000 shares issued on April 1, 2006 in consideration for certain financial advisory services, 116,200 shares issued on March 31, 2006 in connection with a private placement of common shares and 5,000,000 converted preferred shares as mentioned in the Preferred stock paragraph above. Dividends may be paid on outstanding shares of common stock as declared by the Board of Directors. Each share of common stock is entitled to one vote. | |
ACCOUNTS_PAYABLE_AND_ACCRUED_E
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ' | |||||||
4. ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||||||||
Accounts payable and accrued expenses consist of the following: | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
American Express | $ | $ | 5,372 | |||||
Due to Related Party | 22,444 | |||||||
Legal and Accounting | 1,896 | |||||||
$ | 22,444 | $ | 7,268 | |||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
5. RELATED PARTY TRANSACTIONS | |
The Company sells to Anchorfree Wireless, Inc and AFNCA, Inc., a company controlled by the principal shareholders of the Company. During the three months ended September 30, 2013, approximately 100% of sales were to Anchorfree Wireless Inc and AFNCA, Inc. During the three months ended September 30, 2012, the company had 100% of sales to Anchorfree Wireless, Inc and AFNCA Inc. As of September 30, 2013 and 2012, Anchorfree Wireless, Inc and AFNCA, Inc were not indebted to the Company for sales made in the ordinary course of business. | |
GOING_CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2013 | |
Going Concern [Abstract] | ' |
GOING CONCERN | ' |
6. GOING CONCERN | |
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the Company will continue to realize its assets and discharge its liabilities in the normal course of business The Company has suffered net losses and, as of September 30, 2013, its total liabilities exceeded its total assets by $20,294. The Company had negative working capital of $20,294 as of September 30, 2013, an accumulated deficit of $689,770 incurred through such date and recorded a net loss of $11,065 for the nine months ended September 30, 2013. Because the auditors have issued a going concern opinion, there is substantial uncertainty the Company will continue operations in which case investors could lose their investments. The auditors have issued a going concern opinion. This means that there is substantial doubt that the Company can continue as an ongoing business for the next 12 months. The financial statements do not include any adjustments that might result from the uncertainty about the ability to continue the business. | |
Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. | |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying financial statements have been prepared on substantially the same basis as the audited financial statements included in the Intelligent Buying Inc. Annual Report on Form 10-K for the year ended December 31, 2012. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission (SEC) rules and regulations regarding interim financial statements. All amounts included herein related to the condensed financial statements as of September 30, 2013 and the three months ended September 30, 2013 and 2012 are unaudited and should be read in conjunction with the audited financial statements and the notes there to included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
In the opinion of management, the accompanying financial statements include all necessary adjustments for the fair presentation of the Company’s financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the full fiscal year ending December 31, 2013. | |
Business description | ' |
Business description | |
The financial statements presented are those of Intelligent Buying, Inc. (the “Company”). The Company was incorporated under the laws of the State of California on March 22, 2004 and is in the business of media advertising and acquiring high-end computer and networking equipment from resellers and end-users and then reselling this equipment at discounted prices. | |
Uses of estimates in the preparation of financial statements | ' |
Uses of estimates in the preparation of financial statements | |
The preparation of financial statements in conformity with generally accepted accounting principles accepted in the United States of America (“GAAP”) 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 net revenue and expenses during each reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue on a gross basis when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when persuasive evidence of an arrangement exists, the product has been shipped or the services have been provided to the customer, the sales price is fixed or determinable and collectability is reasonably assured. The Company reduces revenue for estimated customer returns, rotations and sales rebates when such amounts are estimable. When not estimable, The Company defers revenue until the product is sold to the end customer. The Company does not provide support on products sold unless a separate agreement for installation and setup has been entered into. The revenue from such an agreement would be reported separately as fee income if and when such services are performed, completed and accepted by the customer. | |
Comprehensive income | ' |
Comprehensive income | |
SFAS No. 130, "Reporting Comprehensive Income," establishes standards for the reporting and display of comprehensive income and its components in financial statements. SFAS No. 130 requires that all items required to be recognized under accounting standards as components of comprehensive income be reported in a financial statement with the same prominence as other financial statements. Comprehensive income consists of net earnings, the net unrealized gains or losses on available-for-sale marketable securities, foreign currency translation adjustments, minimum pension liability adjustments and unrealized gains and losses on financial instruments qualifying for hedge accounting and is presented in the accompanying Consolidated Statement of Shareholders' Equity in accordance with SFAS No. 130.During the quarter ended September 30, 2013 and 2012, the Company did not have any components of comprehensive income (loss) to report. | |
Net loss per share | ' |
Net loss per share | |
Authoritative guidance on Earnings per Share requires dual presentation of basic and diluted earnings or loss per share (“EPS”) for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution; diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. | |
Basic loss per share is computed by dividing net loss applicable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company, unless the effect is to reduce a loss or increase earnings per share. | |
Stock-based compensation | ' |
Stock-based compensation | |
The Company has adopted the FASB standard on Share-Based Payment, which addresses the accounting for share-based payment transactions. The standard eliminates the ability to account for share-based compensation transactions using old standards, and generally requires instead that such transactions be accounted and recognized in the statement of operations based on their fair value. The standard is effective for public companies that file as small business issuers as of the first interim or annual reporting period that begins after December 15, 2005. Depending upon the number of and terms for options that may be granted in future periods, the implementation of this standard could have a significant non-cash impact on results of operations in future periods | |
During the quarter ended September 30, 2013 and 2012, there were no stock options granted or outstanding. | |
New accounting pronouncements | ' |
New Accounting Pronouncements | |
From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented. | |
ACCOUNTS_PAYABLE_AND_ACCRUED_E1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts payable and accrued expenses consist of the following: | ||||||||
30-Sep | ||||||||
2013 | 2012 | |||||||
American Express | $ | $ | 5,372 | |||||
Due to Related Party | 22,444 | |||||||
Legal and Accounting | 1,896 | |||||||
$ | 22,444 | $ | 7,268 | |||||
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Operating Loss Carryforwards | $696,840 |
Effective Tax Rate Percentage Operating Loss Carryforwards | 34.00% |
Deferred Tax Assets, Operating Loss Carryforwards | $234,520 |
Operating Loss Carryforwards Expirations Date | '2027 |
STOCKHOLDERS_EQUITY_DEFICIENCY1
STOCKHOLDERS' EQUITY (DEFICIENCY) (Details Textual) | 1 Months Ended | 9 Months Ended | ||||
Apr. 01, 2006 | Mar. 22, 2006 | Mar. 31, 2006 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Common Stock [Member] | ||||||
Stock Issued During Period Shares Conversion Of Common Stock | ' | ' | ' | ' | ' | 5,000,000 |
Common stock, shares issued | ' | ' | ' | 5,889,533 | 5,889,533 | ' |
Common stock, shares outstanding | ' | ' | ' | 5,889,533 | 5,889,533 | ' |
Stock Issued During Period Shares Exchange For Notes Payable | ' | 273,333 | ' | ' | ' | ' |
Stock Issued During Period Shares Issued For Services | 500,000 | ' | ' | ' | ' | ' |
Stock Issued During Period Shares Private Placement | ' | ' | 116,200 | ' | ' | ' |
ACCOUNTS_PAYABLE_AND_ACCRUED_E2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
American Express | ' | $5,372 |
Due to Related Parties | 22,444 | ' |
Legal and Accounting | ' | 1,896 |
Total Accounts Payable and Accrued Expenses | $22,444 | $7,268 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Percentage Of Total Sales To Related Party | 100.00% | 100.00% |
GOING_CONCERN_Details_Textual
GOING CONCERN (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | |
Working capital | ($20,294) | ' | ($20,294) | ' | ' | ' | ' | ' |
Net loss | -7,070 | 1,408 | -11,065 | 4,036 | ' | ' | ' | ' |
Accumulated deficit | ($696,840) | ($679,680) | ($696,840) | ($679,680) | ($689,770) | ($685,775) | ($681,088) | ($683,716) |