Quantumsphere 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 12, 2013
Document and Entity Information	'	'
Entity Registrant Name	'WAY COOL IMPORTS INC	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Entity Central Index Key	'0001387135	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	53,500,000
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	'

WAY_COOL_IMPORTS_INC_A_DEVELOP

WAY COOL IMPORTS, INC. (A DEVELOPMENT STAGE COMPANY) BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current Assets	'	'
Cash	$1,951	$78
Prepaid Expense	0	787
Total Current Assets	1,951	865
Total Assets	1,951	865
Current Liabilities	'	'
Accounts Payable	23,930	15,072
Accrued Interest - Related Party	4,816	3,695
Accrued Interest	2,264	910
Note Payable - Related Party	30,000	30,000
Note Payable current	15,500	1,200
Total Current Liabilities	76,510	50,877
Long Term Liabilities	'	'
Deferred Compensation	45,000	36,000
Note Payable	29,525	23,400
Total Long - Term Liabilities	74,525	59,400
Total Liabilities	151,035	110,277
Stockholders' Deficit	'	'
Preferred Stock, $0.001 par value, 10,000,000 shares authorized, No shares issued or outstanding	0	0
Common Stock, $0.001 par value, 500,000,000 shares authorized, 53,500,000 shares issued and outstanding	53,500	53,500
Additional Paid in Capital	230,650	230,650
Accumulated Deficit Prior to the Development Stage	-263,296	-263,296
Deficit Accumulated During the Development Stage	-169,938	-130,266
Total Stockholders' Deficit	-149,084	-109,412
Total Liabilities and Stockholders' Deficit	$1,951	$865

Way_Cool_Imports_Inc_Balance_S

Way Cool Imports, Inc. Balance Sheet (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position	'	'
Preferred stock authorized	10,000,000	10,000,000
Preferred stock par value	$0.00	$0.00
Preferred stock outstanding	0	0
Preferred stock issued	0	0
Common stock authorized	500,000,000	500,000,000
Common stock par value	$0.00	$0.00
Common stock outstanding	53,500,000	53,500,000
Common stock issued	53,500,000	53,500,000

WAY_COOL_IMPORTS_INC_A_DEVELOP1

WAY COOL IMPORTS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012 (Unaudited) (USD $)	3 Months Ended		9 Months Ended		45 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Income statement	'	'	'	'	'
Sales	$0	$0	$0	$0	$0
Cost of Sales	0	0	0	0	0
Gross Profit (Loss)	0	0	0	0	0
Labor Expense	3,000	3,000	9,000	9,000	45,000
Professional Fees	7,899	5,873	25,477	20,397	124,624
General and Administrative Costs	160	233	2,574	2,944	12,505
Total Operating Expense	11,059	9,106	37,051	32,341	182,129
Loss From Operations	-11,059	-9,106	-37,051	-32,341	-182,129
Other Income / (Expense)	'	'	'	'	'
Interest Expense	-975	-571	-2,621	-1,504	-7,309
Gain on Settlement of Note Receivable	0	0	0	0	20,000
Total Other Income / (Expense)	-975	-571	-2,621	-1,504	12,691
Loss Before Income Taxes	-12,034	-9,677	-39,672	-33,845	-169,438
Income Tax Expense	0	0	0	0	500
Net Loss	($12,034)	($9,677)	($39,672)	($33,845)	($169,938)
Net Loss per Common Share - Basic and Diluted	$0	$0	$0	$0	'
Weighted Average Shares Outstanding - Basic and Diluted	53,500,000	53,500,000	53,500,000	53,500,000	'

WAY_COOL_IMPORTS_INC_A_DEVELOP2

WAY COOL IMPORTS, INC. (A DEVELOPMENT STAGE COMPANY) STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND 2012 (Unaudited) (USD $)	9 Months Ended		45 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Cash Flows from Operating Activities:	'	'	'
Net Loss	($39,672)	($33,845)	($169,938)
Settlement of Note Receivable Note Gain	0	0	-20,000
Increase decrease Prepaid Expenses	787	1,792	1,389
Increase decrease Accounts Payable	8,858	4,430	-365
Increase decrease Accrued Interest Payable	2,475	1,504	7,031
Increase decrease Deferred Compensation Payable	9,000	9,000	45,000
Net Cash Flows Used in Operating Activities	-18,552	-17,119	-136,883
Cash Flows from Investing Activities:	'	'	'
Proceeds from Note Receivable	0	0	25,000
Net Cash Flows Provided by Investing Activities	0	0	25,000
Cash Flows from Financing Activities:	'	'	'
Payments on Note Payable	-2,500	0	-2,500
Proceeds from Note Payable	22,925	16,800	76,325
Net Cash Flows Provided by Financing Activities	20,425	16,800	73,825
Net Change in Cash	1,873	-319	-38,058
Cash, Beginning of Period	78	372	40,009
Cash, End of Period	1,951	53	1,951
Supplemental Disclosures of Cash Flow Information:	'	'	'
Interest	146	0	146
Income Taxes	$0	$0	$500

Organization_and_Summary_of_Si

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Notes	'
Organization and Summary of Significant Accounting Policies	'
	Note 1 - Organization and Summary of Significant Accounting Policies
	Organization
	Way Cool Imports, Inc., (”the Company") was incorporated under the laws of the State of Nevada on December 1 , 2005.  Prior to December 29, 2009, the Company imported goods from foreign countries for sale in the United States.  Effective January 1, 2010, the Company entered the development stage and is focusing its efforts on seeking a business opportunity.
	Basis of Presentation
	The interim financial information of the Company as of September 30, 2013 and for the three and nine-month period ended September 30, 2013 and 2012 and for the period from inception of development stage January 1, 2010 to September 30, 2013 is unaudited, and the balance sheet as of December 31, 2012 is derived from audited financial statements. The accompanying financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 1 to the Notes to Consolidated Financial Statements included in the annual report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2013. The unaudited financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2012.
	Going Concern
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company has sustained net operating losses in the past three years.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard management is proposing to raise any necessary additional funds not provided by operations through loans from the owners.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Notes	'
Related Party Transactions	'
	Note 2 - Related Party Transactions and Payable
	On July 16, 2010, the Company took out a promissory note from its President in the amount of $30,000.  The note is a two year note and accrues interest at a rate of five percent (5.0%).  Proceeds from the note will be used to fund future operations.  Accrued interest on this note was $4,816 and $3,695 as of September 30, 2013 and December 31, 2012, respectively.
	Included in labor expense are amounts for services rendered by the President, which was estimated at $3,000 and $3,000 for the three months ending September 30, 2013 and 2012, and $9,000 and $9,000 for the nine months ending September 30, 2013 and 2012.

Notes_Payable

Notes Payable	9 Months Ended
	Sep. 30, 2013
Notes	'
Notes Payable	'
	Note 3 - Notes Payable
	On June 29, 2009, the Company took out a promissory note from an unrelated third party in the amount of $1,200.  The note accrues interest at a rate of 8.0% and is due upon demand.
	On January 25, 2012, the Company took out a promissory note from an unrelated third party in the amount of $3,500.   The note accrues interest at a rate of 5.0% and is due upon demand.
	On February 10, 2012, the Company took out a promissory note from an unrelated third party in the amount of $2,000.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On May 4, 2012, the Company took out a promissory note from an unrelated third party in the amount of $3,000.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On August 7,  2012 the Company took out a promissory note from an unrelated third party in the amount of $8,300.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On October 16, 2012 the Company took out a promissory note from an unrelated third party in the amount of $2,500.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On November 1, 2012 the Company took out a promissory note from an unrelated third party in the amount of $1,600.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On November 13, 2012 the Company took out a promissory note from an unrelated third party in the amount of $2,500.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On February 3, 2013, the Company took out a promissory note from an unrelated third party in the amount of $6,000.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On March 14, 2013, the Company took out a promissory note from an unrelated third party in the amount of $1,575.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On April 15, 2013, the Company took out a promissory note from an unrelated third party in the amount of $2,000.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On April 30, 2013, the Company took out a promissory note from an unrelated third party in the amount of $4,200.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On May 23, 2013, the Company took out a promissory note from an unrelated third party in the amount of $1,800.  The note accrues interest at a rate of 5.0% and is due upon demand.
	On August 6, 2013, the Company took out a promissory note from an unrelated third party in the amount of $7,350.  The note accrues interest at a rate of 5.0%  and is due upon demand.
	Accrued interest on these notes was $2,264 and $910 as of September 30, 2013 and December 31, 2012, respectively.

Capital_Stock

Capital Stock	9 Months Ended
	Sep. 30, 2013
Notes	'
Capital Stock	'
	Note 4 - Capital Stock
	The Company has authorized 10,000,000 shares of $0.001 par value preferred stock with such rights, preferences and designations and to be issued in such series as determined by the Board of Directors.  No shares are issued and outstanding at September 30, 2013.
	The Company has authorized 500,000,000 shares of $0.001 par value common stock of which 53,500,000 shares have been issued and are outstanding at September 30, 2013.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2013
Notes	'
Fair Value of Financial Instruments	'
	Note 5 – Fair Value of Financial Instruments
	The Company’s financial instruments consist of cash, accounts receivable and accounts payable.  The carrying amount of cash, accounts receivable and accounts payable approximates fair value because of the short-term nature of these items.

Loss_Per_Share

Loss Per Share	9 Months Ended
	Sep. 30, 2013
Notes	'
Loss Per Share	'
	Note 6 - Loss per Share
	The following data shows the amounts used in computing loss per share for the periods presented:
			For the three months ended September 30, 2013		For the three months ended September 30, 2012		For the nine months ended September 30, 2013		For the nine months ended September 30, 2012
	Net Loss available to common Stockholders (numerator)	$	-12,034	$	-9,677	$	-39,672	$	-33,845
	Net Loss per Common Share - Basic and Diluted	$	0	$	0	$	0	$	0
	Weighted average number of common shares outstanding during the period used in loss per share (denominator)		53,500,000		53,500,000		53,500,000		53,500,000

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Notes	'
Subsequent Events	'
	Note 7 - Subsequent Events
	Subsequent to the date of this report, on November 8, 2013 the company sold 3,100,000 Units .  Each Unit consists of one share of common stock and one five year warrant to purchase one share of common stock for $1.50 per share not exercisable until two years after an acquisition by the Company.  The price for each Unit is $.05, for a total of $155,000. The Company received $31,000 on November 8, 2013, with the balance of $124,000 to be paid by March 31, 2014 or upon closing of an acquisition or sooner.  The proceeds from the sale of the Units will be sued for operating costs of the Company.
	The Company has evaluated subsequent events as of the financial statement date according to the requirements of ASC 855 and concluded there are no additional events to disclose.

Organization_and_Summary_of_Si1

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Policies	'
Organization and Basis of Presentation	'
	Note 1 - Organization and Summary of Significant Accounting Policies
	Organization
	Way Cool Imports, Inc., (”the Company") was incorporated under the laws of the State of Nevada on December 1 , 2005.  Prior to December 29, 2009, the Company imported goods from foreign countries for sale in the United States.  Effective January 1, 2010, the Company entered the development stage and is focusing its efforts on seeking a business opportunity.
	Basis of Presentation
	The interim financial information of the Company as of September 30, 2013 and for the three and nine-month period ended September 30, 2013 and 2012 and for the period from inception of development stage January 1, 2010 to September 30, 2013 is unaudited, and the balance sheet as of December 31, 2012 is derived from audited financial statements. The accompanying financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 1 to the Notes to Consolidated Financial Statements included in the annual report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments that are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the nine months ended September 30, 2013 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2013. The unaudited financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2012.
Going Concern	'
	Going Concern
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company has sustained net operating losses in the past three years.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard management is proposing to raise any necessary additional funds not provided by operations through loans from the owners.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Loss_Per_Share_Tables

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Tables/Schedules	'
Schedule of Loss Per Share	'
			For the three months ended September 30, 2013		For the three months ended September 30, 2012		For the nine months ended September 30, 2013		For the nine months ended September 30, 2012
	Net Loss available to common Stockholders (numerator)	$	-12,034	$	-9,677	$	-39,672	$	-33,845
	Net Loss per Common Share - Basic and Diluted	$	0	$	0	$	0	$	0
	Weighted average number of common shares outstanding during the period used in loss per share (denominator)		53,500,000		53,500,000		53,500,000		53,500,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Details	'	'	'	'	'
Note Payable - Related Party	$30,000	'	$30,000	'	$30,000
Related Party Transaction, Rate	'	'	5.00%	'	'
Accrued Interest - Related Party	4,816	'	4,816	'	3,695
Officers' Compensation	$3,000	$3,000	$9,000	$9,000	'

Notes_Payable_Details

Notes Payable (Details) (USD $)

Sep. 30, 2013

Aug. 06, 2013

23-May-13

Apr. 30, 2013

Apr. 15, 2013

Mar. 14, 2013

Feb. 03, 2013

Dec. 31, 2012

Nov. 13, 2012

Nov. 01, 2012

Oct. 16, 2012

Aug. 07, 2012

4-May-12

Feb. 10, 2012

Jan. 25, 2012

Jun. 29, 2009

Details

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes and Loans Payable

'

$7,350

$1,800

$4,200

$2,000

$1,575

$6,000

'

$2,500

$1,600

$2,500

$8,300

$3,000

$2,000

$3,500

$1,200

Debt Instrument, Interest Rate, Stated Percentage

'

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

'

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

8.00%

Accrued Interest

$2,264

'

'

'

'

'

'

$910

'

'

'

'

'

'

'

'

Capital_Stock_Details

Capital Stock (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Details	'	'
Preferred stock authorized	10,000,000	10,000,000
Preferred stock par value	$0.00	$0.00
Common stock authorized	500,000,000	500,000,000
Common stock par value	$0.00	$0.00
Common stock issued	53,500,000	53,500,000

Loss_Per_Share_Details

Loss Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Details	'	'	'	'
Net Loss	($12,034)	($9,677)	($39,672)	($33,845)
Net Loss per Common Share - Basic and Diluted	$0	$0	$0	$0
Weighted Average Shares Outstanding - Basic and Diluted	53,500,000	53,500,000	53,500,000	53,500,000

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Details	'
Development Stage Entities, Stock Issued, Shares, Issued for Cash	3,100,000
Common Stock, Call or Exercise Features	'. Each Unit consists of one share of common stock and one five year warrant to purchase one share of common stock for $1.50 per share not exercisable until two years after an acquisition by the Company.
Sale of Stock, Price Per Share	$0.05
Total Cash Amount for Sale of 3,100,000 units	$155,000
Development Stage Entities, Stock Issued, Value, Issued for Cash	31,000
Stockholders' Equity Note, Subscriptions Receivable	$124,000