Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Jan. 02, 2015 | Dec. 31, 2013 | |
Document And Entity Information | |||
Entity Registrant Name | Event Cardio Group Inc. | ||
Entity Central Index Key | 1394130 | ||
Document Type | 10-K | ||
Document Period End Date | 30-Sep-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -21 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $109,393 | ||
Entity Common Stock, Shares Outstanding | 89,910,321 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
CURRENT ASSETS: | ||
Cash | $72,974 | $2,242 |
Notes receivable, net | ||
Total Current Assets | 72,974 | 2,242 |
TOTAL ASSETS | 72,974 | 2,242 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 2,240 | |
Due to related party | 93,396 | |
Advances from company officers | 34,836 | |
Loans from shareholders | ||
Total Current Liabilities | 95,636 | 34,836 |
TOTAL LIABILITIES | 95,636 | 34,836 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock, $.001 par value; 10,000,000 shares authorized, 10,000,000 shares issued and outstanding at September 30, 2014 and September 30, 2013, respectively | 10,000 | 10,000 |
Common Stock, $.001 par value; 190,000,000 shares authorized, 6,882,273 shares issued and outstanding at September 30, 2014 and September 30, 2013, respectively | 6,882 | 6,882 |
Additional paid-in capital | 212,251 | 168,065 |
Deficit accumulated during the development stage | -251,795 | -217,541 |
TOTAL STOCKHOLDERS' DEFICIT | -22,662 | -32,594 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $72,974 | $2,242 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred Stock Par Value | $0.00 | $0.00 |
Preferred Stock Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock Shares Issued | 10,000,000 | 10,000,000 |
Preferred Stock Shares Outstanding | 10,000,000 | 10,000,000 |
Common Stock Par Value | $0.00 | $0.00 |
Common Stock Shares Authorized | 190,000,000 | 190,000,000 |
Common Stock Shares Issued | 6,882,273 | 6,882,273 |
Common Stock Shares Outstanding | 6,882,273 | 6,882,273 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 107 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
EXPENSES: | |||
Exploration costs | $37,956 | ||
General and administrative expenses | 32,967 | 10,573 | 275,096 |
TOTAL OPERATING EXPENSES | 32,967 | 10,573 | 313,052 |
NET OPERATING LOSS | -32,967 | -10,573 | -313,052 |
OTHER INCOME (EXPENSE) | |||
Interest income | 64,960 | ||
Gain on extinguishment of debt | 5,669 | ||
Interest expense | -1,287 | -9,372 | |
TOTAL OTHER INCOME (EXPENSE) | -1,287 | 61,257 | |
NET INCOME (LOSS) | ($34,254) | ($10,573) | ($251,795) |
INCOME (LOSS) PER SHARE: | |||
Basic and diluted | $0 | $0 | |
WEIGHTED AVERAGE SHARES OUTSTANDING: | |||
Basic and diluted | 6,882,273 | 6,882,273 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 107 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | ($34,254) | ($10,573) | ($251,795) |
Adjustment to reconcile change in net loss to net cash and cash equivalents used in operating activities: | |||
Stock issued for services | 68,031 | ||
Depreciation | 3,795 | ||
Gain on extinguishment of debt | 5,669 | ||
Imputed interest on shareholder advance | 1,287 | 3,998 | |
Increase (decrease) in interest receivable | -33,259 | ||
Increase (decrease) in accounts payable and accrued expenses | 2,240 | -1,794 | 7,909 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -30,727 | -12,367 | -206,990 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of assets | -1,795 | ||
NET CASH USED IN INVESTING ACTIVITIES | -1,795 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Stock issuance for cash | 3,000,000 | ||
Stock issued for services and expenses | 45,464 | ||
Shares rescinded | -2,900,000 | ||
Advances from related party | 100,678 | 100,679 | |
Repayment to related party | -7,282 | -7,282 | |
Advances from company officer | 9,000 | 13,800 | 106,036 |
Repayment for advances from company | -937 | -63,137 | |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | 101,459 | 13,800 | 281,759 |
Net (decrease) increase in cash and cash equivalents | 70,732 | 1,433 | 72,974 |
Cash and cash equivalents, beginning of period | 2,242 | 809 | |
Cash and cash equivalents, end of period | 72,974 | 2,242 | 72,974 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash paid for interest | |||
Cash paid for taxes | |||
NON-CASH ACTIVITIES: | |||
Reduction of note with share rescission | 500,000 | ||
Forgiveness of debt by related party | $42,899 | $42,899 |
Shareholders_Equity
Shareholders Equity (USD $) | Preferred Stock | Common Stock | Subscription Receivable | Additional Paid-In Capital | Accumulated (Deficit) During the Development Stage | Total |
Beginning Balance, Value at Oct. 24, 2005 | ||||||
Beginning Balance, Shares at Oct. 24, 2005 | ||||||
Issuance of stock to parent for expenses, Shares | 100,000 | |||||
Issuance of stock to parent for expenses, Value | 100 | 45,364 | 45,464 | |||
Net loss for year | -45,464 | -45,464 | ||||
Ending Balance, Value at Sep. 30, 2006 | 100 | 45,364 | -45,464 | |||
Ending Balance, Shares at Sep. 30, 2006 | 100,000 | |||||
Cancellation of common stock, Shares | -100,000 | |||||
Cancellation of common stock, Value | -100 | 100 | ||||
Issuance of stock, Shares | 10,000,000 | 5,785,090 | ||||
Issuance of stock, Value | 10,000 | 5,785 | -15,785 | |||
Net loss for year | -93,540 | -93,540 | ||||
Ending Balance, Value at Sep. 30, 2007 | 10,000 | 5,785 | 29,679 | -139,004 | -93,540 | |
Ending Balance, Shares at Sep. 30, 2007 | 10,000,000 | 5,785,090 | ||||
Issuance of common stock for cash, Shares | 75,000,000 | |||||
Issuance of common stock for cash, Value | 75,000 | 2,925,000 | 3,000,000 | |||
Issuance of common stock for services, Shares | 497,183 | |||||
Issuance of common stock for services, Value | 497 | 45,334 | 45,831 | |||
Imputed interest on shareholder advance | 2,711 | 2,711 | ||||
Net loss for year | -7,073 | -7,073 | ||||
Ending Balance, Value at Sep. 30, 2008 | 10,000 | 81,282 | -526,507 | 3,002,724 | -146,077 | 2,421,423 |
Subscription receivable at Sep. 30, 2008 | -526,507 | -526,507 | ||||
Ending Balance, Shares at Sep. 30, 2008 | 10,000,000 | 81,282,273 | ||||
Cancellation of common stock, Shares | -75,000,000 | |||||
Cancellation of common stock, Value | -75,000 | -2,856,259 | -2,931,259 | |||
Net loss for year | -3,538 | -3,538 | ||||
Ending Balance, Value at Sep. 30, 2009 | 10,000 | 6,282 | 146,465 | -149,614 | 13,133 | |
Subscription receivable at Sep. 30, 2009 | 526,507 | 526,507 | ||||
Ending Balance, Shares at Sep. 30, 2009 | 10,000,000 | 6,282,273 | ||||
Cancellation of common stock, Shares | ||||||
Cancellation of common stock, Value | ||||||
Net loss for year | -12,669 | -12,669 | ||||
Ending Balance, Value at Sep. 30, 2010 | 10,000 | 6,282 | 146,465 | -162,283 | 464 | |
Subscription receivable at Sep. 30, 2010 | ||||||
Ending Balance, Shares at Sep. 30, 2010 | 10,000,000 | 6,282,273 | ||||
Cancellation of common stock, Shares | ||||||
Cancellation of common stock, Value | ||||||
Issuance of common stock for services, Shares | 600,000 | |||||
Issuance of common stock for services, Value | 600 | 21,600 | 22,200 | |||
Net loss for year | -34,547 | -34,547 | ||||
Ending Balance, Value at Sep. 30, 2011 | 10,000 | 6,882 | 168,065 | -196,830 | -11,883 | |
Subscription receivable at Sep. 30, 2011 | ||||||
Ending Balance, Shares at Sep. 30, 2011 | 10,000,000 | 6,882,273 | ||||
Cancellation of common stock, Shares | ||||||
Cancellation of common stock, Value | ||||||
Issuance of common stock for services, Shares | ||||||
Issuance of common stock for services, Value | ||||||
Net loss for year | -10,138 | -10,138 | ||||
Ending Balance, Value at Sep. 30, 2012 | 10,000 | 6,882 | 168,065 | -206,968 | -22,021 | |
Subscription receivable at Sep. 30, 2012 | ||||||
Ending Balance, Shares at Sep. 30, 2012 | 10,000,000 | 6,882,273 | ||||
Cancellation of common stock, Shares | ||||||
Cancellation of common stock, Value | ||||||
Issuance of common stock for cash, Value | ||||||
Issuance of common stock for services, Shares | ||||||
Issuance of common stock for services, Value | ||||||
Net loss for year | -10,573 | -10,573 | ||||
Ending Balance, Value at Sep. 30, 2013 | 10,000 | 6,882 | 168,065 | -217,541 | -32,594 | |
Subscription receivable at Sep. 30, 2013 | ||||||
Ending Balance, Shares at Sep. 30, 2013 | 10,000,000 | 6,882,273 | ||||
Cancellation of common stock, Value | ||||||
Issuance of common stock for cash, Value | ||||||
Issuance of common stock for services, Shares | ||||||
Issuance of common stock for services, Value | ||||||
Extinguishment of related debt | 42,899 | 42,899 | ||||
Imputed interest on shareholder advance | 1,287 | 1,287 | ||||
Net loss for year | -34,254 | -34,254 | ||||
Ending Balance, Value at Sep. 30, 2014 | $10,000 | $6,882 | $212,251 | ($251,795) | ($22,662) | |
Ending Balance, Shares at Sep. 30, 2014 | 10,000,000 | 6,882,273 |
1_Business_Summary
1. Business Summary | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
1. Business Summary | Note 1 – Business Summary |
Sunrise Holdings Limited (formerly Sunrise Mining Corporation) is an exploration stage company which was incorporated on October 25, 2005 in the State of Nevada. The Company was a mining resource company focused on the exploration and advancement of premium base and precious metal assets. The Company previously had two properties in Mongolia where it had options to earn 100% of the mineral rights and to purchase the royalties outright. These two properties were transferred to the Company from its former parent, Magnum d'Or Resources Inc., in October 2005. | |
During December 2006, the former parent of Sunrise formed Oriental Magnum, Inc. ("Oriental") in Mongolia. Subsequent to Oriental's incorporation, the former parent of Sunrise transferred the titles for both the Khul Morit license and the Shandi license to the name of Oriental in January 2007. On September 28, 2007, the Company decided not to renew its Shandi license for business reasons. | |
On March 27, 2008, Sunrise amended its article of incorporation to change its name from “Sunrise Mining Corporation” to “Sunrise Holdings Limited” because the operations of the Company will be more diversified and expanded in the future and therefore a new corporate name is appropriate. | |
On February 5, 2008, Sunrise incorporated a new wholly owned subsidiary named “eFuture International Limited” in British Virgin Islands. The Company intended to conduct its business through this new subsidiary. | |
On May 5, 2008, Sunrise decided to abandon and terminate its mining rights in its Khul Morit undeveloped mining properties because it had determined that the substantial costs of additional exploratory drilling and geological testing and evaluation would not be desirable for the Company. Because of this, the Company decided not to renew its Mongolia subsidiary “Oriental Magnum Limited” . | |
On March 2, 2009, the Board of Directors of Sunrise approved the sale of all the Common Stock of eFuture International Limited to the Chief Executive Officer of the Company for $2,000. At the closing day of the sale, eFuture had no assets and liabilities. | |
The Company is currently seeking other business opportunities. | |
Change in Control | |
On May 7, 2014, three shareholders of the Company, of which two are officers and members of the board of the directors of the Company, sold 10,000,000 preferred stock totaling 10,000,000 shares, and 1,401,619 shares common stock to John Bentivoglio for the purchase price of $180,000, resulting in a change in majority ownership of the Company. | |
On June 12, 2014, two officers resigned their positions as President, Chief Executive Officer and Treasurer, and as Vice President, Chief Financial Officer and Secretary of the Company. Simultaneously, John Bentivoglio has been named President and Chief Executive Officer. | |
On June 18, 2014, two members of the board of directors resigned their positions as a result of their sale of shares in the Company. Simultaneously, John Bentivoglio has been named a member of the board of directors. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
2. Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies |
Basis of Presentation | |
The Company follows accounting principles generally accepted in the United States of America (“US GAAP”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. | |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP 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. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of September 30, 2014 and 2013, there were no cash equivalents. | |
Income Taxes | |
The Company has adopted Accounting Standards Codification (“ASC”) Subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes are insignificant. | |
There was no current or deferred income tax expense or benefits for the year ending September 30, 2014 and the year ended September 30, 2013. | |
Basic and Diluted Net Loss per Share | |
The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share ("EPS") on the face of the income statement. Basic EPS is computed by dividing net 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. As at September 30, 2014 and 2013, the Company had no potentially dilutive shares. | |
Impairment of Long Lived Assets | |
The Company has adopted ASC Subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of to be reported at the lower of the carrying amount or the fair value less costs to sell. | |
Financial Instruments | |
Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 and 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 and 825 prioritizes the inputs into three levels that may be used to measure fair value: | |
Level 1 | |
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |
Level 2 | |
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |
Level 3 | |
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |
The Company's financial instruments consist principally of cash, and amounts due to related parties. Pursuant to ASC 820 and 825, the fair value of our cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |
Recent Accounting Pronouncements | |
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual and interim periods beginning on or after December 15, 2016, and early adoption is not permitted. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. The Company is currently evaluating the impact of adopting this guidance. | |
In June 2014, the FASB issued ASU 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period." This ASU provides more explicit guidance for treating share-based payment awards that require a specific performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2015. The Company does not expect the adoption of this guidance to have a material impact on the consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Topic 205-40)”, which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern for each annual and interim reporting period. If substantial doubt exists, additional disclosure is required. This new standard will be effective for the Company for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to adopt this new standard for the fiscal year ending December 31, 2014 and the Company will continue to assess the impact on its consolidated financial statements. |
3_Going_Concern
3. Going Concern | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
3. Going Concern | Note 3 - Going Concern |
The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since inception, the Company has accumulated losses aggregating to $251,795 and has insufficient working capital to meet operating needs for the next twelve months as of September 30, 2014, all of which raise substantial doubt about the Company’s ability to continue as a going concern. |
4_Due_to_Related_Party
4. Due to Related Party | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
4. Due to Related Party | Note 4 - Due to Related Party |
Loans from a related party was received during the year-ended September 30, 2014 totaling $100,688 of which $7,282 was repaid during the year-ended September 30, 2014. These loans are non-interest bearing and do not have a formal maturity date. Therefore, the Company recorded an imputed interest of $1,287. The balance due to related party as of September 30, 2014 is $93,396. |
5_Related_Party_Transactions
5. Related Party Transactions | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
5. Related Party Transactions | Note 5 - Related Party Transactions |
For the year ended September 30, 2014, an officer of the Company advanced $9,000 to the Company to pay for the general and administrative expenses. These advances are unsecured, non-interest bearing and have no fixed terms of repayment. | |
On May 28, 2014, the officers of the Company forgave all outstanding debts in connection with their sale of their preferred and common stock in the Company. As a result, the Company has reclassified all officer advances as of September 30, 2014, totaling $42,899 to additional paid in capital. |
6_Income_Taxes
6. Income Taxes | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
6. Income Taxes | Note 6 - Income Taxes | ||||||||
There has been no provision for U.S. federal, state, or foreign income taxes for any period because the Company has incurred losses from inception. | |||||||||
At September 30, 2014, the Company had U.S. net operating loss carry forwards of approximately $250,000 for federal income tax purposes. | |||||||||
Deferred tax assets and liabilities are comprised of the following as of September 30, 2014: | |||||||||
30-Sep-14 | 30-Sep-13 | ||||||||
Deferred income tax assets: | |||||||||
Tax effect of net operating loss carryforward | $ | 85,502 | $ | 73,964 | |||||
Valuation allowance | (85,502 | ) | (73,964 | ) | |||||
Net deferred tax asset | $ | — | $ | — | |||||
Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. As of September 30, 2014, the Company had net operating loss carry forward of approximately $250,000 for federal and state income tax purposes. These carry forwards, if not utilized to offset taxable income will begin expiring in 2028. Utilization of the net operating loss may be subject to substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. The annual limitation could result in the expiration of the net operating loss before utilization. |
7_Subsequent_Events
7. Subsequent Events | 12 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | |
7. Subsequent Events | Note 7 - Subsequent Events |
On October 24, 2014, through a wholly owned subsidiary, we entered into a license agreement (the “License Agreement”) with Life Medical Technologies, Inc. (“Life Medical”) under which we were granted the exclusive right to distribute Life Medical’s “BreastCare DTS™” in the United States and certain other territories. The BreastCare DTS™ product is a patented, non-invasive and FDA-cleared as an adjunct to mammography and other established procedures for the detection of breast disease, including breast cancer. We are required to pay Life Medical royalties of 5% on net sales, as defined in the License Agreement, and minimum annual royalties of $100,000 in 2015 and $200,000 each year thereafter. | |
On November 7, 2014, we changed our name from Sunrise Holdings Limited to Event Cardio Group Inc. and our trading symbol from “SUIP” to “ECGI”. | |
On November 14, 2014, we consummated the share exchange agreement (the “Exchange Agreement”) that we entered into on September 8, 2014, pursuant to which we acquired all of the issued and outstanding capital stock of 2340960 Ontario Inc. (“ECG”) from ECG’s stockholders, The Nick Bozza Family Trust, The John Bentivoglio Family Trust and The Sgro (2010) Family Trust. In exchange for all of the outstanding capital stock of ECG, we issued to ECG’s stockholders an aggregate of 79,500,000 shares of our Common Stock (the “Share Exchange”). As a result of the consummation of the Share Exchange, (i) ECG became our wholly owned subsidiary and (ii) the ECG’s former stockholders own an aggregate of 79,500,000 shares, constituting approximately 92.8% of the cumulative voting power, of our common stock. On consummation of the Share Exchange, we changed our fiscal year to August 31. |
2_Summary_of_Significant_Accou1
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The Company follows accounting principles generally accepted in the United States of America (“US GAAP”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with US GAAP 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. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of September 30, 2014 and 2013, there were no cash equivalents. | |
Income Taxes | Income Taxes |
The Company has adopted Accounting Standards Codification (“ASC”) Subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes are insignificant. | |
There was no current or deferred income tax expense or benefits for the year ending September 30, 2014 and the year ended September 30, 2013. | |
Basic and Diluted Net Loss per Share | Basic and Diluted Net Loss per Share |
The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share ("EPS") on the face of the income statement. Basic EPS is computed by dividing net 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. As at September 30, 2014 and 2013, the Company had no potentially dilutive shares. | |
Impairment of Long Lived Assets | Impairment of Long Lived Assets |
The Company has adopted ASC Subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of to be reported at the lower of the carrying amount or the fair value less costs to sell. | |
Financial Instruments | Financial Instruments |
Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 and 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 and 825 prioritizes the inputs into three levels that may be used to measure fair value: | |
Level 1 | |
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |
Level 2 | |
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |
Level 3 | |
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |
The Company's financial instruments consist principally of cash, and amounts due to related parties. Pursuant to ASC 820 and 825, the fair value of our cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual and interim periods beginning on or after December 15, 2016, and early adoption is not permitted. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. The Company is currently evaluating the impact of adopting this guidance. | |
In June 2014, the FASB issued ASU 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period." This ASU provides more explicit guidance for treating share-based payment awards that require a specific performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2015. The Company does not expect the adoption of this guidance to have a material impact on the consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements – Going Concern (Topic 205-40)”, which requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern for each annual and interim reporting period. If substantial doubt exists, additional disclosure is required. This new standard will be effective for the Company for annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to adopt this new standard for the fiscal year ending December 31, 2014 and the Company will continue to assess the impact on its consolidated financial statements. |
6_Income_Taxes_Tables
6. Income Taxes (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | 30-Sep-14 | 30-Sep-13 | |||||||
Deferred income tax assets: | |||||||||
Tax effect of net operating loss carryforward | $ | 85,502 | $ | 73,964 | |||||
Valuation allowance | (85,502 | ) | (73,964 | ) | |||||
Net deferred tax asset | $ | — | $ | — |
1_Business_Summary_Details_Nar
1. Business Summary (Details Narrative) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2009 | |
Sale of Stock in Investment | $2,000 | |
Sale of Stock, Value | $180,000 | |
Preferred Stock | ||
Sale of Stock, Shares | 10,000,000 | |
Common Stock | ||
Sale of Stock, Shares | 1,401,619 |
3_Going_Concern_Details_Narrat
3. Going Concern (Details Narrative) (USD $) | 11 Months Ended | 12 Months Ended | 107 Months Ended | |||||||
Sep. 30, 2006 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2009 | Sep. 30, 2008 | Sep. 30, 2007 | Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Net income (loss) | ($45,464) | ($34,254) | ($10,573) | ($10,138) | ($34,547) | ($12,669) | ($3,538) | ($7,073) | ($93,540) | ($251,795) |
4_Due_to_Related_Party_Details
4. Due to Related Party (Details Narrative) (USD $) | 12 Months Ended | 107 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2008 | Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ||||
Loans from a Related Party | $100,688 | |||
Repayments of Related Party Loans | -7,282 | -7,282 | ||
Due to Related Parties | 93,396 | 93,396 | ||
Imputed interest on shareholder advance | $1,287 | $2,711 |
5_Related_Party_Transactions_D
5. Related Party Transactions (Details Narrative) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
Advance From Officer | $9,000 |
Reclassified Debt | $42,899 |
6_Income_Taxes_Income_Taxes_De
6. Income Taxes - Income Taxes (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred income tax assets: | ||
Tax effect of net operating loss carryforward | $85,502 | $73,964 |
Valuation allowance | -85,502 | -73,964 |
Net deferred tax asset |
6_Income_Taxes_Details_Narrati
6. Income Taxes (Details Narrative) (USD $) | Sep. 30, 2014 |
Income Tax Disclosure [Abstract] | |
Net Operating Loss Carry Forwards | $250,000 |
7_Subsequent_Events_Details_Na
7. Subsequent Events (Details Narrative) (Subsequent Event [Member], USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | |
Subsequent Event [Member] | |||
Royalties to Life Medical, Percentage | 5.00% | ||
Royalties to Life Medical, Value | $200,000 | $100,000 | |
Shares issued in Share Exchange | 79,500,000 | ||
Cumulative Voting Power | 92.80% |