Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 |
Accounting Policies [Abstract] | ' |
Note 2 - Summary of Significant Accounting Policies | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Accounting Methods |
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The Company recognizes income and expenses based on the accrual method of accounting. |
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Principles of Consolidation |
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The consolidated financial statements include the accounts of Gamzio Mobile, Inc. and I Like A Deal, LLC (ILAD). All significant intercompany balances and transactions have been eliminated in consolidation. |
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Development Stage Enterprise |
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The Company has not earned any revenue from operations since inception. Accordingly, the Company’s activities have been accounted for as those of a "Development Stage Enterprise" as set forth in ASC 915, "Development Stage Entities." Among the disclosures required by ASC 915, are that the Company’s financial statements be identified as those of a development stage company, and that the statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception. |
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Dividend Policy |
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The Company has not yet adopted a policy regarding payment of dividends. |
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Basic and Diluted Net Income (loss) Per Share |
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Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of the common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same. At December 31, 2013 and 2012 we had 7,263,240 and 0 common stock equivalents outstanding, respectively, related to convertible debt |
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Evaluation of Long-Lived Assets |
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The Company periodically reviews its long term assets for impairment and makes adjustments, if the carrying value exceeds fair value. |
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Property and Equipment |
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Property and equipment is stated at historical cost and depreciated over its estimated useful life. |
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Furniture and Equipment |
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The Company acquired office furniture and equipment during the year ended December 31, 2013, of $2,550. Furniture and equipment is depreciated on a straight line basis over 3 years. Total depreciation expense for the year ended December 31, 2013 was $425. |
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Computer Equipment |
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The Company acquired computer and related equipment during the year ended December 31, 2013, of $3,195. Computer equipment is depreciated on a straight line basis over 3 years. Total depreciation expense for the year ended December 31, 2013 was $532. |
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Income Taxes |
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The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to be reversed. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized. |
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Foreign Currency |
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The books of the Company are maintained in United States dollars and this is the Company’s functional and reporting currency. Translations denominated in other than the United States dollar are translated as follows with the related transaction gains and losses being recorded in the Statement of Operations: |
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| (i) | Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date; |
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| (ii) | Non-Monetary items including equity are recorded at the historical rate of exchange; and |
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| (iii) | Revenues and expenses are recorded at the period average in which the transaction occurred. |
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Revenue Recognition |
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The Company earns revenue through consulting fees and from transaction fees it charges customers. Consulting fees are recorded in revenue when the service is completed. Transaction fees are recorded in revenue when a customer completes a purchase on the Company’s website and the related transaction fee is charged to the customer’s credit card. No revenues have been recognized to date. |
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Advertising and Market Development |
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The company expenses advertising and market development costs as incurred. |
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Financial Instruments |
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The carrying amounts of financial instruments are considered by management to be their fair value due to their short term maturities. |
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Estimates and Assumptions |
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Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements. |
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Statement of Cash Flows |
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For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents. |
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Recent Accounting Pronouncements |
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The Company does not expect the adoption of any other recent accounting pronouncements will have a material impact on its financial statements. |