GSRX Industries (GSRX) 10-Q 10 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Cyberspace Vita, Inc.
Entity Central Index Key	1,381,240
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		247,550

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
TOTAL ASSETS	$ 0	$ 0
Current liabilities
Accounts payable	7,782	5,256
Accrued interest - related party	107,632	94,360
Notes payable - related party	463,674	434,369
Total current liabilities and liabilities	579,088	533,985
Stockholders' deficit
Preferred stock, par value $0.001, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively
Common stock, par value $0.001, 100,000,000 shares authorized, 247,550 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	248	248
Additional paid-in capital	44,030	44,030
Accumulated Deficit	(623,366)	(578,263)
Total stockholders' deficit	(579,088)	(533,985)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Balance Sheets [Abstract]
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	247,550	247,550
Common stock, shares outstanding	247,550	247,550

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues
Operating expenses
Professional fees	3,270	2,360	8,620	7,710
Management Fees-related party	10,000	10,000	20,000	20,000
General and administrative	1,464	1,480	3,211	3,043
Operating Loss	(14,734)	(13,840)	(31,831)	(30,753)
Other expenses
Interest expense-related party	6,773	5,868	13,272	11,459
Net Loss	$ (21,507)	$ (19,708)	$ (45,103)	$ (42,212)
Basic loss per share	$ (0.09)	$ (0.08)	$ (0.18)	$ (0.17)
Weighted average number of common shares outstanding - basic	247,550	247,550	247,550	247,550

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net loss	$ (45,103)	$ (42,212)
Adjustments to reconcile net loss to net cash used in operating activities:
Increase in accounts payable	2,526	5,340
Increase in accrued interest- related party	13,272	11,459
Net cash used in operating activities	(29,305)	(25,413)
Cash flows relating to financing activities
Proceeds from shareholder loans	29,305	25,413
Net cash provided by financing activities	29,305	25,413
Net increase (decrease) in cash
Cash at beginning of period
Cash at end of period
Supplemental cash flow information
Cash paid during period for interest
Cash paid during period for income taxes
Cash contributed from cancellation of common stock

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2016
Organization and Description of Business [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2015. Business description The Company was incorporated under the laws of the State of Nevada on November 7, 2006. The Company has raised certain capital in an attempt to commence operation, however it has not done so. The Company’s current business plan is to explore potential targets for a business combination with the Company through a purchase of assets, share purchase or exchange, merger or similar type of transaction. As we have not yet commenced principal operations we consider ourselves a shell company. As used in these Notes to the Financial Statements, the terms the “Company”, “we”, “us”, “our” and similar terms refer to Cyberspace Vita, Inc.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles 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. Actual results could differ from those estimates. B. 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.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2016
Going Concern [Abstract]
GOING CONCERN	NOTE 3. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company generated net losses of $623,366 during the period of November 7, 2006 (inception) to June 30, 2016 and has a stockholders’ deficit of $579,088 as of June 30, 2016. These conditions, among others, raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on working capital advances being provided by the Company’s majority shareholder for its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. There is no assurance that the working capital advances will continue in the future nor that Company will be successful in raising additional funds through other sources.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4. RELATED PARTY TRANSACTIONS At June 30, 2016, the Company had loans and notes outstanding from a shareholder in the aggregate amount of $463,674, which bears interest at 6% per annum and represents amounts loaned to the Company to pay the Company’s operating expenses. On December 31, 2015, the Payee under the Note and the Company agreed to extend the maturity date of the Note to December 31, 2016. Interest expense for the three months ended June 30, 2016 was $6,773. Effective as of May 5, 2008, the Company entered into a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a shareholder who holds approximately 80.8% of the Company’s issued and outstanding common stock. The original term of the Services Agreement was one year (and it has been extended to the end of fiscal year 2016) and the Company is obligated to pay FHM a quarterly fee in the amount of $10,000, in cash or in kind, on the first day of each calendar quarter commencing May 5, 2008. Total fees paid to FHM for the three months ended June 30, 2016 was $10,000.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
INCOME TAXES	NOTE 5. INCOME TAXES As a result of historical net operating losses, the Company currently provides a full valuation allowance against its net deferred tax assets which consist of net operating loss carry forwards. As of June 30, 2016, the Company does not have any accrued interest or penalties related to uncertain tax positions. The Company's policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not have any interest or penalties related to uncertain tax positions in income tax expense for the three months ended June 30, 2016 and 2015. The tax years 2012–2015 remain open to examination by the major taxing jurisdictions to which the Company is subject.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were available to be issued. Based on this evaluation, the Company has identified no reportable subsequent events.

Summary of Significant Accoun12

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
USE OF ESTIMATES	A. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles 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. Actual results could differ from those estimates.
NEW ACCOUNTING PRONOUNCEMENTS	B. 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.

Going Concern (Details)

Going Concern (Details) - USD ($)	116 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Going Concern (Textual)
Net loss	$ 623,366
Stockholders' deficit	$ (579,088)	$ (533,985)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transactions (Textual)
Loans and notes outstanding from a shareholder	$ 463,674		$ 463,674
Interest rate on loans and notes outstanding			6.00%
Interest expense-related party	$ 6,773	$ 5,868	$ 13,272	$ 11,459
Extended maturity date of related party transactions			Dec. 31, 2016
Ownership percentage held by shareholder	80.80%		80.80%
Obligated to pays quarterly fee to Fountainhead Capital Management Limited			$ 10,000
Fees paid to fountainhead capital management limited	$ 10,000