Smartchase (SCHS) 10-K 21 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 17, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	SmartChase Corp.
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		33,942,563
Entity Public Float		$ 1,594,256.30
Amendment Flag	false
Entity Central Index Key	1,390,533
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 118,743	$ 744
Prepaid Expenses	10,500
TOTAL ASSETS	129,243	744
CURRENT LIABILITIES
Accounts payable	5,211	26,230
Accounts payable – related party	25,728
Related party loan	45,779	121,552
	76,718	147,782
Convertible Debentures (net of debt discount)	142,857
TOTAL LIABILITIES	219,575	147,782
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock; $0.001 par value; 195,000,000 shares authorized; 33,942,563 shares issued and outstanding as of December 31, 2015 and December 31, 2014	33,943	33,943
Additional paid-in capital	851,313	744,171
Accumulated deficit	(975,588)	(925,151)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(90,332)	(147,038)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 129,243	$ 744

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred Stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred Stock, shares authorized	5,000,000	5,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	195,000,000	195,000,000
Common stock, shares issued	33,942,563	33,942,563
Common stock, shares outstanding	33,942,563	33,942,563

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
OPERATING EXPENSES
General and administrative	$ 25,650	$ 20,675
Transfer Agent and filing fees	8,008	31,957
Professional fees	33,728	8,900
Total Operating Expenses	67,386	61,532
LOSS FROM OPERATIONS	(67,386)	(61,532)
OTHER EXPENSES:
Settlement and adjustments	14,607
Foreign currency transaction gain (loss)	2,343	1,406
	16,949	1,406
NET (LOSS) GAIN	$ (50,437)	$ (60,125)
NET (LOSS) PER SHARE - BASIC AND DILUTED (in Dollars per share)	$ 0	$ 0
WEIGHTED AVERAGE COMMON EQUIVALENT SHARES OUTSTANDING - BASIC AND DILUTED (in Shares)	33,942,563	24,917,084

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit during Development Stage [Member] (Deprecated 2015-01-31)	Total
Balance at year end (in Shares)	62,500	21,442,563
Balance at year end at Dec. 31, 2013	$ 63	$ 21,443	$ 756,608	$ (865,026)	$ (86,913)
Conversion of preferred shares into common stock	$ (63)	$ 12,500	(12,437)
Conversion of preferred shares into common stock (in Shares)	(62,500)	12,500,000
Net loss for the year				(60,125)	(60,125)
Balance at year end at Dec. 31, 2014		$ 33,943	744,171	(925,151)	(147,038)
Balance at year end at Dec. 31, 2013	$ 63	21,443	756,608	(865,026)	(86,913)
Discount on debt (Convertible Debenture issued December 31, 2015)			107,142		107,142
Net loss for the year				(50,437)	(50,437)
Balance at year end at Dec. 31, 2015		$ 33,943	851,313	(975,588)	$ (90,332)
Balance at year end (in Shares)		33,942,563			33,942,563
Balance at year end at Dec. 31, 2014		$ 33,943	744,171	(925,151)	$ (147,038)
Net loss for the year					(50,437)
Balance at year end at Dec. 31, 2015		$ 33,943	$ 851,313	$ (975,588)	$ (90,332)
Balance at year end (in Shares)		33,942,563			33,942,563

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOW FROM OPERATING ACTIVITIES:
Net (loss) gain	$ (50,437)	$ (60,125)
Changes in operating assets and liabilities:
Increase (decrease) in prepaid	(10,500)
Increase (decrease) in accounts payable and accrued expenses	4,709	(18,903)
Net cash used in operating activities	(56,228)	(79,028)
CASH FLOW FROM FINANCING ACTIVITIES:
Advances from (repayment to) related party	(75,773)	61,200
Convertible Debentures	250,000	0
Net cash provided by financing activities	174,227	61,200
NET INCREASE (DECREASE) IN CASH	117,999	(17,828)
CASH AND CASH EQUIVALENTS, Beginning of year	744	18,572
CASH AND CASH EQUIVALENTS, End of year	$ 118,743	$ 744

NOTE 1 - BUSINESS AND ORGANIZAT

NOTE 1 - BUSINESS AND ORGANIZATION	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – BUSINESS AND ORGANIZATION SmartChase Corp. ("we", "our" or the "Company") was organized on April 24, 2006, under the laws of the State of Nevada. The Company's principal business plan up to December 31, 2010 was to engage in oil and gas exploration. The Company is now seeking alternative business opportunities and is furthering its business plan.

NOTE 2 - GOING CONCERN

NOTE 2 - GOING CONCERN	12 Months Ended
	Dec. 31, 2015
Going Concern Note (Deprecated 2015-01-31) [Abstract]
Going Concern Note (Deprecated 2015-01-31)	NOTE 2 – GOING CONCERN These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of December 31, 2015, the Company has accumulated operating losses of approximately $975,588 (2014 - $925,151). The Company's ability to continue as a going concern is contingent upon the successful completion of additional financing arrangements and its ability to achieve and maintain profitable operations. Management plans to raise equity capital to finance the operating and capital requirements of the Company. While the Company is putting forth its best efforts to achieve the above plans, there is no assurance that any such activity will generate funds that will be available for operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty.

NOTE 3 - SIGNIFICANT ACCOUNTING

NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES The Company's financial statements are prepared using the accrual method of accounting. The Company has elected a December 31 year-end. Basis of Accounting The basis is United States generally accepted accounting principles. 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. Revenue Recognition The Company recognizes revenue on an accrual basis. Revenue is generally realized or realizable and earned when all of the following criteria are met: 1) persuasive evidence of an arrangement exists between the Company and our customer(s); 2) services have been rendered; 3) our price to our customer is fixed or determinable; and 4) collectability is reasonably assured. Income taxes The Company accounts for its income taxes in accordance with FASB ASC Topic 740-10, "Income Taxes", which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Net Loss Per Common Share FASB ASC Topic 260-10, "Earnings per Share", requires presentation of "basic" and "diluted" earnings per share on the face of the statements of operations for all entities with complex capital structures. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted during the period. Dilutive securities having an anti- dilutive effect on diluted earnings per share are excluded from the calculation. Stock-Based Compensation The Company has adopted FASB ASC Topic 718-10, "Compensation- Stock Compensation" ("ASC 718-10") which requires the measurement and recognition of compensation expense for all stock-based payment awards made to employees and directors. Under the fair value recognition provisions of ASC 718-10, stock-based compensation cost is measured at the grant date based on the value of the award and is recognized as expense over the vesting period. Determining the fair value of stock-based awards at the grant date requires considerable judgment, including estimating the expected future volatility of our stock price, estimating the expected length of term of granted options and selecting the appropriate risk-free rate. There is no established trading market for our stock. Financial instruments The fair value of the Company's financial assets and financial liabilities approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. Management does not believe the Company is exposed to significant credit risk. Management, as well, does not believe the Company is exposed to significant interest rate and foreign currency fluctuation risks during the period presented in these financial statements. As at December 31, 2015 and 2014, the Company has cash equivalents in the amount of $ nil and $ nil that are over the federally insured limit. Foreign Currency Translation The Company's functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted FASB ASC topic 830 " Foreign Currency Matters

NOTE 4 - RELATED PARTY TRANSACT

NOTE 4 - RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 4 – RELATED PARTY TRANSACTIONS As of December 31, 2015, an aggregate of $71,507 is owed to related parties (2014 - $121,552). The President of the Company is owed $45,779 for loans and payments made directly to vendors on behalf of the Company. The amounts due are unsecured, non-interest bearing and due on demand. A company controlled by our Chief Executive Officer is owed an aggregate of $25,728 for professional services rendered to the Company.

NOTE 5 - STOCKHOLDER'S EQUITY

NOTE 5 - STOCKHOLDER'S EQUITY	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 5 – STOCKHOLDER'S EQUITY As of December 31, 2015 there were 33,942,563 shares of common stock issued and outstanding and nil shares of preferred stock issued and outstanding (2014 –33,942,563 and nil respectively). During the year ended December 31, 2014, an aggregate of 62,500 preferred shares of stock were converted into 12,500,000 shares of common stock at a conversion rate of 200 to 1.

NOTE 6 - RECENT ACCOUNTING PRON

NOTE 6 - RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2015
Policy Text Block [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	NOTE 6 – RECENT ACCOUNTING PRONOUNCEMENTS During the year ended December 31, 2015, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage.

NOTE 7 - CONVERTIBLE NOTE PAYAB

NOTE 7 - CONVERTIBLE NOTE PAYABLE	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 7 – CONVERTIBLE NOTE PAYABLE On December 31, 2015, the Company sold convertible debentures at a price of $1,000 per convertible debenture to a related party for an aggregate of $250,000 (the "Convertible Debenture"). The debentures have a term of eighteen (18) months from December 31, 2015 (the "Maturity Date"), bear interest at a rate of 14% per annum, payable on the Maturity Date, shall be converted into common shares of the Corporation ("Debenture Shares") at the following conversion prices: $0.07 per share within six (6) months of issuance, $0.10 per share between six (6) to twelve (12) months, and $0.15 per share between twelve (12) to eighteen (18) months. During the fiscal year ended December 31, 2015, the Company accounted for the beneficial conversion feature of the Convertible Debenture in the amount of $107,143, which was recorded as a discount and amortized over the life of the Convertible Debenture.

NOTE 8 - PROVISION FOR INCOME T

NOTE 8 - PROVISION FOR INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 8 – PROVISION FOR INCOME TAXES The Company provides for income taxes under ASC 740, which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes differs from the amounts, which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: December 31, 2015 December 31, 2014 Income tax expense at statutory rate $ 0 $ 0 Common stock issued for services 0 0 Valuation allowance 0 0 Income tax expense per books $ 0 $ 0 Net deferred tax assets consist of the following components as of: December 31, 2015 December 31, 2014 NOL carryover $ (975,588 ) $ (925,151 ) Net operating tax carry forward at statutory rate of 34% 331,699 314,551 Valuation Allowance (331,699 ) (314,551 ) Net deferred tax benefit $ 0 $ 0 Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $nil for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years which expire in 2034 if not utilized.

NOTE 9 - RECLASSIFICATION OF PR

NOTE 9 - RECLASSIFICATION OF PRIOR YEAR PRESENTATION	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Reclassifications [Text Block]	NOTE 9 – RECLASSIFICATION OF PRIOR YEAR PRESENTATION Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. In the first quarter fiscal 2015, the Company concluded that it was appropriate to classify certain accounting and administrative fees to general & administrative fees. Previously, such fees had been classified as professional fees. Accordingly, the Company had revised the classification

NOTE 10 - SUBSEQUENT EVENTS

NOTE 10 - SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 10 – SUBSEQUENT EVENTS On January 4, 2016, the President of the Company was repaid $45,779 for loans and payments made directly to vendors on behalf of the Company.

NOTE 8 - PROVISION FOR INCOME17

NOTE 8 - PROVISION FOR INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2015 December 31, 2014 Income tax expense at statutory rate $ 0 $ 0 Common stock issued for services 0 0 Valuation allowance 0 0 Income tax expense per books $ 0 $ 0
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	December 31, 2015 December 31, 2014 NOL carryover $ (975,588 ) $ (925,151 ) Net operating tax carry forward at statutory rate of 34% 331,699 314,551 Valuation Allowance (331,699 ) (314,551 ) Net deferred tax benefit $ 0 $ 0

NOTE 2 - GOING CONCERN (Details

NOTE 2 - GOING CONCERN (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Going Concern Note (Deprecated 2015-01-31) [Abstract]
Cumulative Earnings (Deficit)	$ 975,588	$ 925,151

NOTE 4 - RELATED PARTY TRANSA19

NOTE 4 - RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions [Abstract]
Due to Officers or Stockholders	$ 71,507	$ 121,552

NOTE 5 - STOCKHOLDER'S EQUITY (

NOTE 5 - STOCKHOLDER'S EQUITY (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Common Stock, Shares, Outstanding	33,942,563	33,942,563
Preferred Stock, Pre-conversion (in Dollars)	$ 62,500
Convertible Preferred Stock, Shares Issued upon Conversion	12,500,000

NOTE 7 - CONVERTIBLE NOTE PAY21

NOTE 7 - CONVERTIBLE NOTE PAYABLE (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Debt Disclosure [Abstract]
Convertible Debt (in Dollars)	$ 250,000
Debt Instrument, Interest Rate, Effective Percentage	14.00%
SharePriceMinimum				$ 0.07
SharePriceMedium			$ 0.10
MaximumSharePrice		$ 0.15
Debt Instrument, Convertible, Beneficial Conversion Feature (in Dollars)	$ 107,143

NOTE 8 - PROVISION FOR INCOME22

NOTE 8 - PROVISION FOR INCOME TAXES (Details)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%

NOTE 8 - PROVISION FOR INCOME23

NOTE 8 - PROVISION FOR INCOME TAXES (Details) - Provision for Income Taxes - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Provision for Income Taxes [Abstract]
Income tax expense at statutory rate	$ 0	$ 0
Common stock issued for services	0	0
Valuation allowance	0	0
Income tax expense per books	$ 0	$ 0

NOTE 8 - PROVISION FOR INCOME24

NOTE 8 - PROVISION FOR INCOME TAXES (Details) - Components of Net Deferred Tax Assets - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Components of Net Deferred Tax Assets [Abstract]
NOL carryover	$ (975,588)	$ (925,151)
Net operating tax carry forward at statutory rate of 34%	331,699	314,551
Valuation Allowance	(331,699)	(314,551)
Net deferred tax benefit	$ 0	$ 0

NOTE 10 - SUBSEQUENT EVENTS (De

NOTE 10 - SUBSEQUENT EVENTS (Details)	Jan. 04, 2016USD ($)
Subsequent Events [Abstract]
Contractual Obligation	$ 45,779