Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 12, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Intelligent Buying, Inc. | |
Entity Central Index Key | 1,358,633 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,156,600 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash | $ 584 | $ 596 |
Accounts Receivable | ||
TOTAL CURRENT ASSETS | $ 584 | $ 596 |
TOTAL ASSETS | 584 | 596 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 65,074 | 10,618 |
Loan payable - shareholder | $ 21,408 | 19,551 |
Loan payable - related party | 25,420 | |
Loan payable - Other | $ 4,000 | 5,411 |
TOTAL CURRENT LIABILITIES | $ 90,482 | $ 61,000 |
STOCKHOLDERS' DEFICIENCY: | ||
Preferred stock (Note 5), $.001 par value, Authorized - 25,000,000 shares | ||
Common stock, $.001 par value, 50,000,000 shares authorized 7,156,600 and 5,889,533 shares issued and outstanding respectively | $ 7,156 | $ 5,889 |
Additional paid-in capital | 719,773 | 670,657 |
Accumulated deficit | (816,827) | (736,950) |
TOTAL STOCKHOLDERS' DEFICIENCY | (89,898) | (60,404) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $ 584 | $ 596 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ .001 | $ .001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ .001 | $ .001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 7,156,600 | 5,889,533 |
Common stock, shares outstanding | 7,156,600 | 5,889,533 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 13,000 | |||
COSTS AND EXPENSES: | ||||
Cost of sales | 12,300 | |||
Selling, general and administrative | $ 48,494 | $ 2,598 | 80,577 | $ 10,655 |
TOTAL COSTS AND EXPENSES | 48,494 | 2,598 | 92,877 | 10,655 |
LOSS BEFORE INCOME TAX | $ (48,494) | $ (2,598) | $ (79,877) | (10,655) |
PROVISION FOR INCOME TAX | 800 | |||
NET LOSS | $ (48,494) | $ (2,598) | $ (79,877) | $ (11,455) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $ (0.01) | $ 0 | $ (0.01) | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 6,494,929 | 5,889,533 | 6,827,603 | 5,889,533 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (79,877) | $ (11,455) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | $ 54,457 | (10,425) |
Accounts receivable | (1,425) | |
NET CASH USED IN OPERATING ACTIVITIES | $ (25,420) | (23,305) |
FINANCING ACTIVITIES | ||
Proceeds from officer loan | 21,408 | $ 24,770 |
Other Loan Proceeds | 4,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 25,408 | $ 24,770 |
INCREASE (DECREASE) IN CASH | (12) | 1,465 |
CASH - BEGINNING OF PERIOD | 596 | 1,669 |
CASH - END OF PERIOD | 584 | $ 3,134 |
Supplemental cash flow information: | ||
Stock issued for conversion of related party notes payable | $ 50,382 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014. 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 June 30, 2015 and the three and six months ended June 30 , In the opinion of management, the accompanying financial statements include all necessary adjustments for the fair presentation of the Companys 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, 2015 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. On January 28, 2015, we filed a Report with the Securities and Exchange Commission on Form 8-K, which announced that (a) our principal shareholders had sold their shares of common stock to AMS Encino Investments, Inc., a California corporation controlled by Hector Guerrero, and (b) our principal shareholders were resigning as our officers and directors, and were appointing Mr. Guerrero and Jonathan Herzog as our new officers and directors. The change of control was completed on February 9, 2015. New management is reviewing the Companys business model and is also exploring other business opportunities, in an effort to enhance shareholder value. . 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 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. Net loss per share Authoritative guidance on Earnings per Share 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 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 Companys 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 | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 2. INCOME TAXES Net operating loss carry forwards of approximately $817,000 at June 30, 2015 are available to offset future taxable income, if any, and expire in 2034. This results in a net deferred tax asset, assuming an effective tax rate of 34% of approximately $278,000 at June 30, 2015. A valuation allowance in the same amount has been provided to reduce the deferred tax asset, as realization of the asset is not assured. In February 2015, there was a change of control which could have an impact on the availability of net operating losses. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2015 | |
Going Concern | |
GOING CONCERN | 3. GOING CONCERN The Companys financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. During the three months ended June 30, 2015, the Company incurred a net loss of $48,494. The Company had an accumulated deficit of $816,827 as of June 30, 2015. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. The Companys future success is dependent upon its ability to achieve profitable operations, generate cash from operating activities and obtain additional financing. Although we can provide no assurances, we believe our cash on hand, coupled with revenues generated by rental income and our ability to refinance our equity in the real estate we own, will provide sufficient liquidity and capital resources to fund our business for the next twelve months. In the event the Company experiences liquidity and capital resource constraints because of unanticipated operating losses, we may need to raise additional capital in the form of equity and/or debt financing. If such additional capital is not available on terms acceptable to us or at all, then we may need to curtail our operations and/or take additional measures to conserve and manage our liquidity and capital resources, any of which would have a material adverse effect on our financial position, results of operations, and our ability to continue in existence. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
LOAN PAYABLE- SHAREHOLDER
LOAN PAYABLE- SHAREHOLDER | 6 Months Ended |
Jun. 30, 2015 | |
Loan Payable- Shareholder | |
LOAN PAYABLE - SHAREHOLDER | 4. LOAN PAYABLE- SHAREHOLDER The loan payable shareholder is to an officer of the Company, it is non-interest bearing and is due on demand. |
LOAN PAYABLE- RELATED PARTY
LOAN PAYABLE- RELATED PARTY | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
LOAN PAYABLE- RELATED PARTY | 5. LOAN PAYABLE- RELATED PARTY This note was converted to common stock on February 16, 2015 (see note 7) |
LOAN PAYABLE - OTHER
LOAN PAYABLE - OTHER | 6 Months Ended |
Jun. 30, 2015 | |
Loan Payable - Other | |
LOAN PAYABLE - OTHER | 6. LOAN PAYABLE- OTHER The loan payable -other bears interest at a rate of 5% per annum and is due on April 14, 2016. The holder has the right to convert the note outstanding into shares of common stock at a conversion price of $0.04 per share. |
STOCKHOLDERS' (DEFICIENCY)
STOCKHOLDERS' (DEFICIENCY) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
STOCKHOLDERS' (DEFICIENCY) | 7. STOCKHOLDERS (DEFICIENCY) Preferred stock At June 30, 2015, the Company had no shares of its preferred stock issued and outstanding. Common stock At June 30, 2015 and December 31, 2014, the Company had 7,156,000 and 5,889,533 shares of its common stock issued and outstanding, respectively. These shares included 1,267,067 shares of restricted common stock issued on February 16, 2015 in exchange for the three notes recorded on the December 3, 2014 balance sheet totaling $50,382 including 809,283 shares issued to Jonathan Herzog, the Companys President and Chief Operating Officer. |
CONCENTRATION
CONCENTRATION | 6 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION | 8. CONCENTRATION The revenue generated by the Company for the six months ended June 30, 2015 was from one customer. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 9. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date these financial statements were issued. There have been no other events that would require adjustments to or disclosures in the financial statements. |
SIGNIFICANT ACCOUNTING POLICI15
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies Policies | |
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, 2014. 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 June 30, 2015 and the three and six months ended June 30 , In the opinion of management, the accompanying financial statements include all necessary adjustments for the fair presentation of the Companys 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, 2015 or any other period. |
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 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. |
Net loss per share | Net loss per share Authoritative guidance on Earnings per Share 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 |
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 Companys 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)
INCOME TAXES (Details) - Jun. 30, 2015 - USD ($) | Total |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forwards | $ 817,000 |
Operating loss carryforward, expiration date | Dec. 31, 2034 |
Effective federal income tax rate | 34.00% |
Deferred tax asset, net operating loss | $ 278,000 |
Deferred tax asset, valuation allowance | $ 278,000 |
Operating loss carryforwards, limitations on use | In February 2015, there was a change of control which could have an impact on the availability of net operating losses. |
GOING CONCERN (Details)
GOING CONCERN (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Going Concern | |||||
Accumulated deficit | $ 816,827 | $ 816,827 | $ 736,950 | ||
Net loss | $ 48,494 | $ 2,598 | $ 79,877 | $ 11,455 |
LOAN PAYABLE - OTHER (Details)
LOAN PAYABLE - OTHER (Details) - Jun. 30, 2015 - Loan Payable - Other [Member] - $ / shares | Total |
Short-term Debt [Line Items] | |
Debt instrument, interest rate | 5.00% |
Debt instrument, maturity date | Apr. 14, 2016 |
Debt instrument, conversion price per share | $ 0.04 |
STOCKHOLDERS' (DEFICIENCY) (Det
STOCKHOLDERS' (DEFICIENCY) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Feb. 28, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Preferred stock, shares issued | 0 | |||
Preferred stock, shares outstanding | 0 | |||
Common stock, shares issued | 7,156,600 | 5,889,533 | ||
Common stock, shares outstanding | 7,156,600 | 5,889,533 | ||
Stock issued for conversion of related party notes payable | $ 50,382 | |||
Restricted Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock shares issued from exchange of notes payable balance | 1,267,067 | |||
Restricted Common Stock [Member] | Jonathan Herzog [Member] | ||||
Class of Stock [Line Items] | ||||
Stock shares issued from exchange of notes payable balance | 809,283 |
CONCENTRATION (Details)
CONCENTRATION (Details) | 6 Months Ended |
Jun. 30, 2015Customers | |
Risks and Uncertainties [Abstract] | |
Number of customers revenue is generated from during period | 1 |