Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 14, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'HK BATTERY TECHNOLOGY INC | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001369203 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 43,844,054 |
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 | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash and cash equivalents | $46,618 | $7,412 |
Prepaid expense | 0 | 0 |
Notes receivable - related party | 200,000 | 200,000 |
Accrued interest receivable - related party | 13,812 | 7,052 |
Other current assets | 0 | 0 |
Total current assets | 260,430 | 214,464 |
Mining reclamation bond | 0 | 0 |
Total assets | 260,430 | 214,464 |
Current liabilities | ' | ' |
Accounts payable | 20,451 | 26,647 |
Note payable - ACI | 1,899,648 | 784,316 |
Other payables | 14,031 | 15,529 |
Accrued expenses and other liabilities | 48,168 | 78,958 |
Total current liabilities | 1,982,298 | 905,450 |
Total liabilities | 1,982,298 | 905,450 |
Stockholders' (deficit) equity | ' | ' |
Preferred stock, $.001 par value; 10,000,000 shares authorized, no share issued and outstanding as of September 30, 2013 and December 31, 2012 | 0 | 0 |
Common stock, $.001 par value; 1200,000,000 shares authorized, 43,844,054 shares issued and outstanding as of September 30, 2013 and December 31, 2012 | 43,844 | 43,844 |
Additional paid-in capital | 5,286,323 | 5,286,323 |
Accumulated deficit | -7,052,036 | -6,021,153 |
Total stockholders' (deficit) equity | -1,721,869 | -690,986 |
Total liabilities and stockholders' (deficit) equity | $260,430 | $214,464 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEET PARENTHETICALS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Parentheticals | ' | ' |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common Stock, shares issued | 43,844,054 | 43,844,054 |
Common Stock, shares outstanding | 43,844,054 | 43,844,054 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | 60 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Revenues: | ' | ' | ' | ' | ' |
Revenues | $0 | $0 | $0 | $0 | $0 |
Operating Expenses | ' | ' | ' | ' | ' |
Research and development | 0 | 0 | 0 | 111,595 | 653,988 |
General and administrative | 381,813 | 377,473 | 1,006,590 | 1,317,951 | 6,011,930 |
Total operating expenses | 381,813 | 377,473 | 1,006,590 | 1,429,546 | 6,665,918 |
Loss from operations | -381,813 | -377,473 | -1,006,590 | -1,429,546 | -6,665,918 |
Interest income (expense) | ' | ' | ' | ' | ' |
Interest income | 1,506 | 1,539 | 4,519 | 4,998 | 30,387 |
Other income | 0 | 0 | 0 | 0 | 2,367 |
Gain on settlement of derivative liability | 0 | 0 | 0 | 0 | 112,500 |
Interest expense | -12,088 | -1,788 | -28,813 | -4,113 | -531,372 |
Total interest income (expense) | -10,582 | -249 | -24,293 | 885 | -386,118 |
Loss before income taxes | -392,394 | -377,722 | -1,030,883 | -1,428,661 | -7,052,036 |
Provision for income taxes | 0 | 0 | 0 | 3,729 | 0 |
Net loss | ($392,394) | ($377,722) | ($1,030,883) | ($1,432,390) | ($7,052,036) |
Net loss per share of common stock: Basic | ($0.01) | ($0.01) | ($0.02) | ($0.03) | ' |
Weighted average number of shares outstanding | 43,844,054 | 43,844,054 | 43,844,054 | 43,844,054 | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 9 Months Ended | 60 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash flows from operating activities | ' | ' | ' |
Net Income | ($1,030,883) | ($1,432,390) | ($7,052,036) |
Adjustments to reconcile net income to net cash used by operating activities: | ' | ' | ' |
Stock based compensation | 0 | 0 | 131,508 |
Common stock issued for services | 0 | 0 | 290,590 |
Contributed services or common stock contributed for services | 0 | 0 | 125,000 |
Gain on change in derivative liability | 0 | 0 | -112,500 |
Interest expense related to intrinsic value of converted promissory notes | 0 | 0 | 300,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | 0 | -41,595 | 0 |
Notes Receivables | 0 | 1,120,000 | -200,000 |
Accrued interest receivable - related party | -6,760 | 10,172 | -13,812 |
Other assets | 0 | 0 | 0 |
Accounts payable and accrued interest payable | -6,196 | 0 | 68,339 |
Other payable | -1,498 | 519 | -1,498 |
Accrued expenses and other liabilities | -41,845 | -68,339 | 37,113 |
Net cash used by operating activities | -1,087,182 | -411,633 | -6,427,296 |
Cash flows from investing activities | ' | ' | ' |
Purchase of mining reclamation bond | 0 | 0 | 0 |
Notes receivables - related parties | 0 | 0 | 0 |
Change in cash held in trust | 0 | 0 | 0 |
Net cash provided (used) by investing activities | 0 | 0 | 0 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of common stock, net of issuance costs | 0 | 0 | 4,313,210 |
Proceeds from notes payable | 1,126,388 | 451,817 | 2,360,704 |
Payments on notes payable | 0 | 0 | -200,000 |
Issuance of common stock | 0 | 0 | 0 |
Net cash provided (used) by financing activities | 1,126,388 | 451,817 | 6,473,914 |
Net change in cash and cash equivalent | 39,206 | 40,184 | 46,618 |
Cash and cash equivalent at the beginning of year | 7,412 | 9,276 | 0 |
Cash and cash equivalent at the end of year | $46,618 | $49,460 | $46,618 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Organization, Nature of Business and Trade Name | |||||||||
HK Battery Technology Inc. (formerly Nevada Gold Holdings, Inc. ), a development stage company, was incorporated under the laws of the State of Delaware on April 16, 2004. Nevada Gold Enterprises, Inc., a Nevada corporation, was incorporated under the laws of the State of Nevada on October 2, 2008. On December 31, 2008, Nevada Gold Acquisition Corp., a Nevada corporation formed on December 18, 2008, and a wholly owned subsidiary of Nevada Gold Holdings, Inc., merged with and into Nevada Gold Enterprises, Inc. Nevada Gold Enterprises, Inc. was the surviving corporation in the Merger. As a result of the Merger, Nevada Gold Enterprises, Inc., became a wholly-owned subsidiary of Nevada Gold Holdings, Inc. The Merger was treated as a reverse merger and recapitalization for financial accounting purposes. As a result of the merger, the Company recorded an aggregate stock issuance of 2,626,263 shares of common stock with a net value of $(180,978). The negative recapitalization net value recognized was the result of the Company restating the equity structure of the legal subsidiary using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent issued in the reverse acquisition. Nevada Gold Enterprises, Inc. was considered the acquirer for accounting purposes, and Nevada Gold Holdings, Inc. is considered the surviving company for legal purposes. Accordingly, the accompanying financial statements present the historical financial statements of Nevada Gold Enterprises, Inc., as the historical financial statements of HK Battery Technology Inc. (formerly Nevada Gold Holdings, Inc.), i.e. a reverse merger. The Company is engaged in the acquisition, exploration and development of gold mining claims in Nevada. On August 7, 2013, the Company changed its name to HK Battery Technology Inc. | |||||||||
Basis of Presentation | |||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. | |||||||||
Use of Estimates | |||||||||
The preparation of consolidated financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial condition and results of operations during the period in which such changes occurred. | |||||||||
Actual results could differ from those estimates. The Company’s consolidated financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. | |||||||||
Principles of Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of HK Battery Technology Inc. (formerly Nevada Gold Holdings, Inc.) and its wholly owned subsidiary Nevada Gold Enterprises, Inc. All significant intercompany transactions have been eliminated. | |||||||||
The accompanying consolidated financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial positions, results of operations, and cash flows at June 30, 2013, and for all periods presented herein, have been made. | |||||||||
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2012 audited consolidated financial statements. The results of operations for the periods ended September 30, 2013 and 2012 are not necessarily indicative of the operating results for the full years. | |||||||||
Earnings Per Share | |||||||||
Basic earnings (loss) per share are computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the three months ended September 30, 2013 and 2012, fully diluted earnings per share excludes the dilutive effect of 43,844,054 common stock equivalents from options and warrants, because their inclusion would be anti-dilutive. | |||||||||
The following is a reconciliation of basic earnings per share for 2013 and 2012: | |||||||||
Nine months ended | |||||||||
September 30, 2013, | |||||||||
Historical net loss per share: | 2013 | 2012 | |||||||
Net income (loss) | $ | -1,030,883 | $ | -1,432,390 | |||||
Shares used in computing basic per share amounts (weighted average) | |||||||||
Net income (loss) per share: | 43,844,054 | 43,844,054 | |||||||
Basic | $ | -0.02 | $ | -0.03 |
GOING_CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2013 | |
GOING CONCERN | ' |
GOING CONCERN | ' |
NOTE 2 - GOING CONCERN | |
The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other current assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. | |
Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern. | |
During the next year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with research and development. The Company may experience a cash shortfall and be required to raise additional capital. | |
Historically, it has mostly relied upon internally generated funds and funds from the sale of shares of stock to finance its operations and growth. Management may raise additional capital through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse effect upon it and its shareholders. |
NOTES_RECEIVABLE_RELATED_PARTI
NOTES RECEIVABLE RELATED PARTIES | 9 Months Ended |
Sep. 30, 2013 | |
NOTES RECEIVABLE RELATED PARTIES | ' |
NOTES RECEIVABLE RELATED PARTIES | ' |
NOTE 3 – NOTES RECEIVABLE – RELATED PARTIES | |
On January 26, 2011, the Company made a loan of $200,000 to Hybrid Kinetic Motors Corporation, a related party. The loan is unsecured and due on demand with 3% interest per annum. As of September 30, 2013, total notes receivable plus accrued interest were $213,812. |
NOTES_PAYABLE
NOTES PAYABLE | 9 Months Ended |
Sep. 30, 2013 | |
NOTES PAYABLE | ' |
NOTES PAYABLE | ' |
NOTE 4 – NOTES PAYABLE | |
In December 2009, a $100,000 note was issued to Theory Capital Corp. with an interest of 10% per annum until paid in full. The note was due on June 4, 2010 but it was not paid and it is now in default. According to Theory Capital Agreement, upon closing of the private placement offering (“PPO”) on or before the due date, June 4, 2010, the outstanding principal amount of the Note shall automatically, without any action by lender or borrower, be converted into shares of Common Stock, at a price per share (the “Conversion Price”) equal to the price per share of Common Stock paid by investors in the PPO. Even though the convertible note has not been paid, the agreement required the $100,000 need to be automatically converted to common stock when due on June 4, 2010. Currently the common stocks have not been issued as of December 31, 2011; however, the shareholders have the right to claim the common stocks. The Company reclassified the $100,000 Theory convertible notes from notes payable to equity as of December 31, 2010. | |
The Company converted the old payables to American Compass Inc. with the amount of $784,316 to a new Note at the end of 2012. There is additional Note from American Compass Inc. for this period. As of September 30, 2013, the balance of Note to ACI was $1,899,648. The Note is an unsecured loan with no interest. The note is payable on demand and there is no maturity date. American Compass Inc. and NGHI are related because they both have common major shareholder. |
CAPITAL_STOCK
CAPITAL STOCK | 9 Months Ended | |||
Sep. 30, 2013 | ||||
CAPITAL STOCK | ' | |||
CAPITAL STOCK | ' | |||
NOTE 5 – CAPITAL STOCK | ||||
A summary of warrant activity as of June 30, 2013, and changes during the year then ended is presented below: | ||||
Warrants | Shares | |||
Outstanding at December 31, 2012 | 39,966,653 | |||
Granted | - | |||
Exercised | - | |||
Forfeited or expired | ||||
Outstanding at June 30, 2013 | 39,966,653 | |||
Exercisable at June 30, 2013 | 39,966,653 |
TERMINATION_OF_TEMPO_MINERAL_L
TERMINATION OF TEMPO MINERAL LEASE | 9 Months Ended |
Sep. 30, 2013 | |
TERMINATION OF TEMPO MINERAL LEASE | ' |
TERMINATION OF TEMPO MINERAL LEASE | ' |
NOTE 6 – TERMINATION OF TEMPO MINERAL LEASE | |
On February 15, 2013, Gold Standard Royalty terminated the lease on the Tempo Mineral Prospect with the Company. Currently, the Company does not hold any mineral lease. There is no financial impact on the Consolidated Balance Sheet and Consolidated Statements of Operation for the nine months ended September 30, 2013. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 7 – RELATED PARTY TRANSACTIONS | |
Hybrid Kinetic Group Ltd. is the parent of the Company’s controlling stockholder, Far East Golden Resources. | |
Office services are provided without charge by the primary shareholder of the Company. Such costs are immaterial to the consolidated financial statements and, accordingly, have not been reflected therein. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
NOTE 8 – SUBSEQUENT EVENTS | |
The Company evaluated all events or transactions that occurred after September 30, 2013 through the date of this filing in accordance with FASB ASC 855 “Subsequent Events”. The Company determined that it does not have any subsequent event requiring recording or disclosure. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
ACCOUNTING POLICIES | ' | ||||||||
Organization, Nature of Business and Trade Name | ' | ||||||||
Organization, Nature of Business and Trade Name | |||||||||
HK Battery Technology Inc. (formerly Nevada Gold Holdings, Inc. ), a development stage company, was incorporated under the laws of the State of Delaware on April 16, 2004. Nevada Gold Enterprises, Inc., a Nevada corporation, was incorporated under the laws of the State of Nevada on October 2, 2008. On December 31, 2008, Nevada Gold Acquisition Corp., a Nevada corporation formed on December 18, 2008, and a wholly owned subsidiary of Nevada Gold Holdings, Inc., merged with and into Nevada Gold Enterprises, Inc. Nevada Gold Enterprises, Inc. was the surviving corporation in the Merger. As a result of the Merger, Nevada Gold Enterprises, Inc., became a wholly-owned subsidiary of Nevada Gold Holdings, Inc. The Merger was treated as a reverse merger and recapitalization for financial accounting purposes. As a result of the merger, the Company recorded an aggregate stock issuance of 2,626,263 shares of common stock with a net value of $(180,978). The negative recapitalization net value recognized was the result of the Company restating the equity structure of the legal subsidiary using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent issued in the reverse acquisition. Nevada Gold Enterprises, Inc. was considered the acquirer for accounting purposes, and Nevada Gold Holdings, Inc. is considered the surviving company for legal purposes. Accordingly, the accompanying financial statements present the historical financial statements of Nevada Gold Enterprises, Inc., as the historical financial statements of HK Battery Technology Inc. (formerly Nevada Gold Holdings, Inc.), i.e. a reverse merger. The Company is engaged in the acquisition, exploration and development of gold mining claims in Nevada. On August 7, 2013, the Company changed its name to HK Battery Technology Inc. | |||||||||
Basis of Presentation | ' | ||||||||
Basis of Presentation | |||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates | |||||||||
The preparation of consolidated financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements’ estimates or assumptions could have a material impact on the Company’s financial condition and results of operations during the period in which such changes occurred. | |||||||||
Actual results could differ from those estimates. The Company’s consolidated financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. | |||||||||
Principles of Consolidation | ' | ||||||||
Principles of Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of HK Battery Technology Inc. (formerly Nevada Gold Holdings, Inc.) and its wholly owned subsidiary Nevada Gold Enterprises, Inc. All significant intercompany transactions have been eliminated. | |||||||||
The accompanying consolidated financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial positions, results of operations, and cash flows at June 30, 2013, and for all periods presented herein, have been made. | |||||||||
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2012 audited consolidated financial statements. The results of operations for the periods ended September 30, 2013 and 2012 are not necessarily indicative of the operating results for the full years. | |||||||||
Earnings Per Share Policy | ' | ||||||||
Earnings Per Share | |||||||||
Basic earnings (loss) per share are computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the three months ended September 30, 2013 and 2012, fully diluted earnings per share excludes the dilutive effect of 43,844,054 common stock equivalents from options and warrants, because their inclusion would be anti-dilutive. | |||||||||
The following is a reconciliation of basic earnings per share for 2013 and 2012: | |||||||||
Nine months ended | |||||||||
September 30, 2013, | |||||||||
Historical net loss per share: | 2013 | 2012 | |||||||
Net income (loss) | $ | -1,030,883 | $ | -1,432,390 | |||||
Shares used in computing basic per share amounts (weighted average) | |||||||||
Net income (loss) per share: | 43,844,054 | 43,844,054 | |||||||
Basic | $ | -0.02 | $ | -0.03 |
Following_is_a_reconciliation_
Following is a reconciliation of basic earnings per share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Following is a reconciliation of basic earnings per share | ' | ||||||||
Following is a reconciliation of basic earnings per share | ' | ||||||||
The following is a reconciliation of basic earnings per share for 2013 and 2012: | |||||||||
Nine months ended | |||||||||
September 30, 2013, | |||||||||
Historical net loss per share: | 2013 | 2012 | |||||||
Net income (loss) | $ | -1,030,883 | $ | -1,432,390 | |||||
Shares used in computing basic per share amounts (weighted average) | |||||||||
Net income (loss) per share: | 43,844,054 | 43,844,054 | |||||||
Basic | $ | -0.02 | $ | -0.03 |
Summary_Of_Warrant_Activity_Ta
Summary Of Warrant Activity (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Summary Of Warrant Activity | ' | |||
Summary Of Warrant Activity | ' | |||
A summary of warrant activity as of June 30, 2013, and changes during the year then ended is presented below: | ||||
Warrants | Shares | |||
Outstanding at December 31, 2012 | 39,966,653 | |||
Granted | - | |||
Exercised | - | |||
Forfeited or expired | ||||
Outstanding at June 30, 2013 | 39,966,653 | |||
Exercisable at June 30, 2013 | 39,966,653 |
Nature_of_Business_and_Trade_N
Nature of Business and Trade Name (Details) (USD $) | Dec. 31, 2008 |
Nature of Business and Trade Name: | ' |
Issuance of shares as a result of merger | 2,626,263 |
Shares of common stock with a net value | ($180,978) |
Reconciliation_of_basic_earnin
Reconciliation of basic earnings per share (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Historical net loss per share: | ' | ' |
Net income (loss) | ($1,030,883) | ($1,432,390) |
Shares used in computing basic per share amounts (weighted average) | ' | ' |
Net income (loss) per share: | 43,844,054 | 43,844,054 |
Basic | ($0.02) | ($0.03) |
NOTES_RECEIVABLE_RELATED_PARTI1
NOTES RECEIVABLE RELATED PARTIES AS FOLLOWS (Details) (USD $) | Sep. 30, 2013 | Jan. 26, 2011 |
NOTES RECEIVABLE RELATED PARTIES AS FOLLOWS: | ' | ' |
Loan to Hybrid Kinetic Motors Corporation, a related party | ' | $200,000 |
Unsecured loan interest per annum | ' | 3.00% |
Total notes receivable plus accrued interest | $213,812 | ' |
Notes_Payable_consists_of_the_
Notes Payable consists of the following (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 |
Notes Payable consists of the following: | ' | ' | ' | ' |
Note issued to Theory Capital Corp | ' | ' | ' | $100,000 |
Rate of Interest on loan per annum | ' | ' | ' | 10.00% |
Converted to common stock | ' | ' | ' | 100,000 |
Reclassified convertible notes from notes payable to equity | ' | ' | 100,000 | ' |
New Note to ACI in the amount | ' | 784,316 | 784,316 | ' |
Note to ACI balance amount | $1,899,648 | ' | ' | ' |
Warrant_activity_and_changes_d
Warrant activity and changes during the period (details) (Shares., USD $) | Shares. |
Outstanding at Dec. 31, 2012 | 39,966,653 |
Granted | 0 |
Exercised | 0 |
Forfeited or expired | 0 |
Outstanding at Sep. 30, 2013 | 39,966,653 |
Exercisable at Sep. 30, 2013 | 39,966,653 |