Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 11, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'Intelligent Buying, Inc. | ' |
Entity Central Index Key | '0001358633 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'INTB | ' |
Entity Common Stock, Shares Outstanding | ' | 5,889,533 |
BALANCE_SHEET
BALANCE SHEET (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash | $1,102 | $1,669 |
TOTAL CURRENT ASSETS | 1,102 | 1,669 |
TOTAL ASSETS | 1,102 | 1,669 |
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | ' | ' |
Accounts payable and accrued expenses | 11,159 | 15,876 |
Loan payable—officer | 43,580 | 12,813 |
TOTAL CURRENT LIABILITIES | 54,739 | 28,689 |
STOCKHOLDERS' (DEFICIENCY): | ' | ' |
Preferred stock, $.001 par value, Authorized - 25,000,000 shares No shares outstanding at September 30, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $.001 par value, Authorized - 50,000,000 shares Issued and outstanding - 5,889,533 shares outstanding at September 30, 2014 and December 31, 2013 | 5,889 | 5,889 |
Additional paid-in capital | 670,657 | 670,657 |
Accumulated deficit | -730,183 | -703,566 |
TOTAL STOCKHOLDERS' DEFICIENCY | -53,637 | -27,020 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $1,102 | $1,669 |
BALANCE_SHEET_Parenthetical
BALANCE SHEET (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 outstanding | 0 | 0 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
SALES: | ' | ' | ' | ' |
Related Party | $0 | $161 | $0 | $24,374 |
TOTAL SALES | 0 | 161 | 0 | 24,374 |
COSTS AND EXPENSES: | ' | ' | ' | ' |
Cost of sales | 0 | 0 | 0 | 15,340 |
Selling, general and administrative | 11,325 | 8,031 | 25,817 | 19,299 |
TOTAL COSTS AND EXPENSES | 11,325 | 8,031 | 25,817 | 34,639 |
(LOSS) BEFORE TAXES | -11,325 | -7,870 | -25,817 | -10,265 |
INCOME TAXES | 0 | 800 | 800 | 800 |
NET (LOSS) | ($11,325) | ($7,070) | ($26,617) | ($11,065) |
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, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES: | ' | ' |
Net (loss) | ($26,617) | ($11,065) |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 0 | -1,264 |
Accounts payable and accrued expenses | 734 | -13,324 |
NET CASH (USED IN) OPERATING ACTIVITIES | -25,883 | -25,653 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds of loan payable—officer | 25,316 | 22,444 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 25,316 | 22,444 |
(DECREASE) IN CASH | -567 | -3,209 |
CASH - BEGINNING OF PERIOD | 1,669 | 3,934 |
CASH - END OF PERIOD | $1,102 | $725 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2014 | |
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, 2013. 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 financial statements as of September 30, 2014 and the three and nine months ended September 30, 2014 and 2013 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, 2013. | |
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, 2014 or any other period. | |
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. | |
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 | |
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, 2014 | |
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. | |
Net operating loss carry forwards of approximately $730,183 at September 30, 2014 are available to offset future taxable income, if any, and expire in 2028. This results in a net deferred tax asset, assuming an effective tax rate of 34% of approximately $248,262 at September 30, 2014. 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, 2014 | |
Stockholders Equity Note [Abstract] | ' |
STOCKHOLDERS' EQUITY (DEFICIENCY) | ' |
3. STOCKHOLDERS’ EQUITY (DEFICIENCY) | |
Preferred stock | |
At September 30, 2014, the Company had no shares of its preferred stock issued and outstanding. | |
Common stock | |
At September 30, 2014, the Company had 5,889,533 shares of its common stock issued and outstanding. | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
4. 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, 2014, the Company recorded no sales, however, during the three months ended September 30, 2013, 100% of sales were to Anchorfree Wireless Inc and AFNCA, Inc. As of September 30, 2014 and 2013, 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, 2014 | ||
Going Concern [Abstract] | ' | |
GOING CONCERN | ' | |
6 | GOING CONCERN | |
The accompanying 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, 2014, its total liabilities exceeded its total assets by $53,637. The Company had negative working capital of $53,637 as of September 30, 2014, an accumulated deficit of $730,183 incurred through such date and recorded a net loss of $11,325 for the three months ended September 30, 2014. Our 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. | ||
LOAN_PAYABLEOFFICER
LOAN PAYABLE-OFFICER | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
LOAN PAYABLE-OFFICER | ' |
NOTE 7- LOAN PAYABLE-OFFICER | |
The loan payable officer is non-interest bearing and is due on demand. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2014 | |
SUBSEQUENT EVENTS | ' |
NOTE 8- SUBSEQUENT EVENTS | |
Management evaluated all activity of the Company through November 12, 2014, the date the Financial Statements were issued, and noted no subsequent events that would have a material impact on the financial statements as of September 30, 2014. | |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
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, 2013. 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 financial statements as of September 30, 2014 and the three and nine months ended September 30, 2014 and 2013 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, 2013. | |
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, 2014 or any other period. | |
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. | |
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 | |
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. | |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Operating Loss Carryforwards | $730,183 |
Effective Tax Rate Percentage Operating Loss Carryforwards | 34.00% |
Deferred Tax Assets, Operating Loss Carryforwards | $248,262 |
Operating Loss Carryforwards Expirations Date | '2028 |
STOCKHOLDERS_EQUITY_DEFICIENCY1
STOCKHOLDERS' EQUITY (DEFICIENCY) (Details Textual) | Sep. 30, 2014 | Dec. 31, 2013 |
Common stock, shares issued | 5,889,533 | 5,889,533 |
Common stock, shares outstanding | 5,889,533 | 5,889,533 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Textual) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Sales Revenue, Net [Member] | ||
Anchorfree Wireless Inc and AFNCA Inc [Member] | ||
Concentration Risk, Percentage | 0.00% | 100.00% |
GOING_CONCERN_Details_Textual
GOING CONCERN (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Working capital | $53,637 | ' | $53,637 | ' | ' |
Net income (loss) | -11,325 | -7,070 | -26,617 | -11,065 | ' |
Accumulated deficit | ($730,183) | ' | ($730,183) | ' | ($703,566) |