Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | RemSleep Holdings Inc. |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
Trading Symbol | rmsl |
Amendment Flag | false |
Entity Central Index Key | 1,412,126 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 373,940 |
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 | 2,016 |
Document Fiscal Period Focus | Q1 |
CONDENSED BALANCE SHEETS (UNAUD
CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash in Bank | $ 69 | $ 108 |
Prepaid Expenses | 5,000 | 5,000 |
TOTAL CURRENT ASSETS | 5,069 | 5,108 |
PROPERTY AND EQUIPMENT - net | 13,533 | 13,762 |
TOTAL ASSETS | 18,602 | 18,870 |
CURRENT LIABILITIES | ||
Accounts payable | 226,398 | 226,398 |
LONG TERM LIABILITIES - Shareholder Loan | 110,211 | 87,219 |
TOTAL LIABILITIES | 336,609 | 313,617 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Series A preferred stock, no par value, 5,000,000 shares authorized 0 March 31, 2016 and December 31, 2015, respectively | 0 | 0 |
Series B preferred stock, no par value, 5,000,000 shares authorized, 0 shares issued at March 31, 2016 and December 31, 2015. | 0 | 0 |
Series C preferred stock, no par value, 5,000,000 shares authorized, 0 shares issued at March 31, 2016 and December 31, 2015. | 0 | 0 |
Common stock, $.001 par value, 1,000,000,000 shares authorized, 61,012,077 and 61,012,077 shares issued and outstanding at March 31, 2016 and December 31, 2015 , respectively | 61,212 | 61,012 |
Common stock to be issued, $.001 par value, 3,750 shares atMarch 31, 2016 and, December 31, 2015, respectively | 4 | 4 |
Additional paid in capital | (174,542) | (177,342) |
Deficit | (204,681) | (178,421) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (318,007) | (294,747) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 18,602 | $ 18,870 |
CONDENSED BALANCE SHEETS PARENT
CONDENSED BALANCE SHEETS PARENTHETICALS - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Preferred Series A | ||
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued and outstanding | 0 | 0 |
Preferred Series B | ||
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued and outstanding | 0 | 0 |
Preferred Series C | ||
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued and outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, shares issued | 61,212,077 | 61,012,227 |
Common Stock, shares outstanding | 61,212,077 | 61,012,227 |
Common stock to be issued, par value | $ 0.001 | $ 0.001 |
Common stock to be issued, shares | 3,750 | 3,750 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
EXPENSES: | ||
Accounting and legal | $ 16,406 | $ 13,411 |
Public company costs | 7,236 | 10,000 |
Officer compensation | 0 | 9,000 |
Office and other expenses | 2,389 | 1,523 |
Depreciation | 229 | 229 |
Total expenses | 26,260 | 34,163 |
Loss from operations | (26,260) | (34,163) |
Loss before income taxes | (26,260) | (34,163) |
Provision for income taxes | 0 | 0 |
NET LOSS | $ (26,260) | $ (34,163) |
Basic and fully diluted net loss per share | $ (0.10) | $ (0.20) |
Weighted average common shares outstanding | 258,384 | 173,940 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (26,260) | $ (34,163) |
Adjustments to reconcile net loss to net cash (used in) operations: | ||
Depreciation | 229 | 229 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | (26,031) | (33,934) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Stock issued as compensation | 3,000 | 0 |
Purchase of equipment | 0 | (10,331) |
NET CASH USED BY INVESTING ACTIVITIES | 3,000 | (10,331) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shareholder loan | 22,992 | 44,265 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 22,992 | 44,265 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (39) | 0 |
CASH AND CASH EQUIVALENTS, | ||
BEGINNING OF THE YEAR | 108 | 0 |
END OF THE YEAR | $ 69 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Activity REMSleep Holdings, Inc., f/k/a/ Kat Gold Holdings Corp. (the Company) was incorporated in the State of Nevada on June 6, 2007. Following its acquisition of Handcamp on June 4, 2010, a gold property located in the Province of Newfoundland and Labrador, Canada (Handcamp), the Company changed its business model to that of a mineral acquisition, exploration and development company focused primarily on gold properties. On August 26, 2010, the Companys name was changed from Bella Viaggio, Inc. to Kat Gold Holdings corp. As of this annual report, the Company has not generated any revenues but has incurred expenses related to the drilling and exploration of Handcamp. On January 5, 2015 the name of the Company was changed to REMSleep Holdings, Inc. and the business model was changed to reflect the new direction of the Company; to develop and distribute products to help people affected by sleep apnea. The Company has not yet earned any revenue from operations. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a December 31 fiscal year end. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. Long-Lived Assets The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair market value, which is determined based on either discounted future cash flows or appraised values. The company adopted the statement on inception. No impairments of these types of assets were recognized during the period ended March 31, 2016. Risk and Uncertainties The Company is subject to risks common to companies in the mining industry, including, but not limited to, litigation, development of new technological mining innovations and dependence on key personnel. As of January 5, 2015, the Company is subject to risks common to manufacturing and health product providers. Advertising Costs Advertising costs are expensed as incurred. The Company does not incur any direct-response advertising costs. Stock-Based Compensation The company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB Accounting Standards Codification for disclosure about stock based compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Fair Value for Financial Assets and Financial Liabilities The company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification ("paragraph 820-10-35-37") to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets and liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally observable inputs and not corroborated by the market data. The carrying amounts of the company's financial assets and liabilities, such as cash, accounts receivable, rent deposit, accounts payable, customer deposits and notes payable approximate their fair values because of the short maturity of these instruments. There were no assets or liabilities measured at fair value on a nonrecurring basis during the period ended March 31, 2016. Fair Value of Financial Statements The Companys financial instruments consist of cash and security deposits. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Loss Per Share Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of March 31, 2016 and December 31, 2015. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax basic of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the company's policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of March 31, 2016 there have been no interest or penalties incurred on income taxes. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements will cause a material impact on its financial condition or the results of its operations. |
DUE TO RELATED PARTY
DUE TO RELATED PARTY | 3 Months Ended |
Mar. 31, 2016 | |
DUE TO RELATED PARTY: | |
DUE TO RELATED PARTY | NOTE 2: DUE TO RELATED PARTY Due to related parties were $211,026 as of March 31, 2016 and $188,034 as of December 31, 2015. The funds borrowed from the Company's stockholder were to fund the Company's daily operations. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Mar. 31, 2016 | |
CAPITAL STOCK: | |
CAPITAL STOCK | NOTE 3: CAPITAL STOCK The company is currently authorized to issue 5,000,000 Class A preferred shares with $0.001 per value with 1:25 voting rights. On February 25, 2016 the company issued 2 million Class A preferred shares. As of March 31, 2016, there were 2 million class A preferred shares issued and outstanding. On February 23, 2016, the company issued as compensation for services provided a total of 200,000 common shares with a fair value of $3,000 to a third party. The fair value of the shares was based on the price quoted on the OTC bulletin board on the grant date. On March 26, 2015, a 1:2,000 reverse split was completed. On April 17, 2013, the company issued as compensation for services provided a total of 3,000,000 common shares with a fair value of $9,900 to a third party. The fair value of the shares was based on the price quoted on the OTC bulletin board on the grant date. On October 12, 2012, the company signed a subscription agreement to issued 166,667 common shares in exchange of $5,000. As of December 31, 2013, 166,667 common shares to be issued are recorded. These 166,667 common shares were issued on February 13, 2013. On July 5, 2012, the company issued 333,333 common shares in exchange of $10,000. On April 18, 2012, the company executed a securities purchase agreement (the "Purchase Agreement") with Global Gold Incorporated, a corporation organized under the laws of the Province of British Columbia ("Global Gold") and the shareholders of Global Gold (the "Sellers"), pursuant to which the company acquired all of the issued and outstanding shares of the capital stock of Global Gold. The consideration (the "Purchase Price") paid by the company to the sellers was an aggregate of one hundred sixty-one million (161,000,000) shares of the company's common stock, par value $0.001 per share ( the "Common Stock"), of which one hundred eighteen million two hundred sixty-three thousand one hundred fifty-eight (118,263,158) shares of common stock payable to Thomas Brookes ("Brookes") and Matthew Sullivan ("Sullivan") were placed in escrow and will be released in accordance with the terms of an Escrow Agreement, described below. The purchase agreement also provided that Brookes and Sullivan will be appointed to the Board of Directors of the Company, and that each of Kenneth Stead, Timothy Stead, Brookes and Sullivan will vote their shares of stock of the company in favor of each other as directors so long as the parties maintain an ownership interest of at least five percent (5%) of the company's outstanding common stock and until the earlier of (i) eighteen (18) months from the date of the closing of the Global Gold transaction if the company has not received revenues of at least One Million Dollars ($1,000,000) from the production of the Ekom Eya mine in Ghana; or (ii) three (3) years from the date of the closing. On April 12, 2012, the company entered into an Escrow Agreement with Brookes, Sullivan and Gracin & Marlow, LLP, as escrow agent (the "Escrow Agreement"), pursuant to which the parties agreed that one hundred eighteen million two hundred sixty-three thousand one hundred fifty-eight (118,263,158) shares of common stock (the "Escrow Shares') will be released to Brookes and Sullivan if and when the company has received revenues of at least one million dollars ($1,000,000) from the production of the Ekom Eya mine in Ghana (the "Milestone"); provided, however, that if the Milestone is not achieved by the date that is two (2) years from the date of the Escrow Agreement, the escrow agent will release to the company for cancellation all of the Escrow Shares, unless otherwise agreed to by the company and Brookes and Sullivan. In connection with the purchase agreement, described below, the company will issue to the sellers one hundred sixty-one million (161,000,000) shares of common stock. These securities will be issued in reliance on Section 4(2) of the securities act of 1933, as amended (the "Securities Act"). The issuance will not involve any general solicitation or advertising by us. The sellers acknowledged the existence of transfer restrictions applicable to the securities to be sold by us. Certificates representing the securities to be sold contain a legend stating the restrictions on transfer to which such securities are subject. The shares were recorded at $.10 per share, the price of the stock at the issuance date and date of contract. The $16,100,000 purchase price was immediately written off due to no future realization of cash flows and worthlessness. On February 27, 2014 the Purchase Agreement is terminated by executed a share exchange agreement (the "agreement") with Global Gold. The agreement provides in part that 118,263,158 shares of our common stock previously issued to Mr. Sullivan and Mr. Brookes be returned to the company and cancelled. In consideration for the delivery of the 118,263,158 shares of Kat Gold common stock, Kat Gold will deliver to Mr. Brookes and Mr. Sullivan all of the issued and outstanding shares of Global Gold owned by Kat Gold. A total of 42,736,842 shares of Kat Gold common stock previously issued to the minority shareholders of Global Gold shall remain issued and outstanding. |
LOSS PER SHARE
LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
LOSS PER SHARE: | |
LOSS PER SHARE | NOTE 4 LOSS PER SHARE Loss per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period. Basic and diluted loss per share was ($0.10) and ($0.20) for the three months ended March 31, 2016 and 2015. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2016 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 5 SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosures of cash flow information for the quarter ended March 31, 2016 and 2015 are summarized as follows: Cash paid during the periods for interest and income taxes: 2016 2015 Income Taxes $ -- $ -- Interest $ -- $ -- |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES: | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 COMMITMENTS AND CONTINGENCIES Certain of the Companys officers and directors are involved in other related business activities and most likely will become involved in other business activities in the future. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2016 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 7 RELATED PARTY TRANSACTIONS The Company has received support from a party related through common ownership and directorship. All of the expenses herein have been borne by this individual on behalf of the Company and the direct vendor payments are treated as capital contributions and shareholder loans in the accompanying financial statements. |
GOING CONCERN AND UNCERTAINTY
GOING CONCERN AND UNCERTAINTY | 3 Months Ended |
Mar. 31, 2016 | |
GOING CONCERN AND UNCERTAINTY | |
GOING CONCERN AND UNCERTAINTY | NOTE 8 GOING CONCERN AND UNCERTAINTY The Company has suffered recurring losses from operations since inception. In addition, the Company has yet to generate an internal cash flow from its business operations. These factors raise substantial doubt as to the ability of the Company to continue as a going concern. Managements plans with regard to these matters encompass the following actions: 1) to raise financing to enable it to continue to locate, explore and develop mineral properties as well as to generate working capital, and 2) to sell mineral properties that it has located, explored and developed by attempting to enter into joint ventures with, or to sell interests in any property it manages to develop to, a major mining company. The Companys continued existence is dependent upon its ability to resolve its lack of liquidity and begin generating profits in its current business operations. However, the outcome of managements plans cannot be ascertained with any degree of certainty. The accompanying financial statements do not include any adjustments that might result from the outcome of these risks and uncertainties. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 9 SUBSEQUENT EVENTS The Company has evaluated subsequent events from March 31, 2016 through February 8, 2017 the date the financial statements were available to be issued and determined that there have been no subsequent events after March 31, 2016 for which disclosure is required. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 3 Months Ended |
Mar. 31, 2016 | |
SIGNIFICANT ACCOUNTING POLICIES (POLICIES): | |
Business Activity | Business Activity REMSleep Holdings, Inc., f/k/a/ Kat Gold Holdings Corp. (the Company) was incorporated in the State of Nevada on June 6, 2007. Following its acquisition of Handcamp on June 4, 2010, a gold property located in the Province of Newfoundland and Labrador, Canada (Handcamp), the Company changed its business model to that of a mineral acquisition, exploration and development company focused primarily on gold properties. On August 26, 2010, the Companys name was changed from Bella Viaggio, Inc. to Kat Gold Holdings corp. As of this annual report, the Company has not generated any revenues but has incurred expenses related to the drilling and exploration of Handcamp. On January 5, 2015 the name of the Company was changed to REMSleep Holdings, Inc. and the business model was changed to reflect the new direction of the Company; to develop and distribute products to help people affected by sleep apnea. The Company has not yet earned any revenue from operations. |
Accounting Basis | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a December 31 fiscal year end. |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents For purposes of the Statements of Cash Flows, the Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company reports comprehensive income and its components following guidance set forth by section 220-10 of the FASB Accounting Standards Codification which establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. |
Long-Lived Assets | Long-Lived Assets The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair market value, which is determined based on either discounted future cash flows or appraised values. The company adopted the statement on inception. No impairments of these types of assets were recognized during the period ended March 31, 2016. |
Risk and Uncertainties | Risk and Uncertainties The Company is subject to risks common to companies in the mining industry, including, but not limited to, litigation, development of new technological mining innovations and dependence on key personnel. As of January 5, 2015, the Company is subject to risks common to manufacturing and health product providers. |
Advertising Costs, Policy | Advertising Costs Advertising costs are expensed as incurred. The Company does not incur any direct-response advertising costs. |
Stock-Based Compensation | Stock-Based Compensation The company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB Accounting Standards Codification for disclosure about stock based compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Fair Value for Financial Assets and Financial Liabilities | Fair Value for Financial Assets and Financial Liabilities The company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification ("paragraph 820-10-35-37") to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets and liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally observable inputs and not corroborated by the market data. The carrying amounts of the company's financial assets and liabilities, such as cash, accounts receivable, rent deposit, accounts payable, customer deposits and notes payable approximate their fair values because of the short maturity of these instruments. There were no assets or liabilities measured at fair value on a nonrecurring basis during the period ended March 31, 2016. |
Fair Value of Financial Statements | Fair Value of Financial Statements The Companys financial instruments consist of cash and security deposits. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Loss Per Share | Loss Per Share Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of March 31, 2016 and December 31, 2015. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax basic of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the company's policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of March 31, 2016 there have been no interest or penalties incurred on income taxes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements will cause a material impact on its financial condition or the results of its operations. |
SUPPLEMENTAL CASH FLOW INFORM16
SUPPLEMENTAL CASH FLOW INFORMATION (TABLES) | 3 Months Ended |
Mar. 31, 2016 | |
SUPPLEMENTAL CASH FLOW INFORMATION (TABLES): | |
SUPPLEMENTAL CASH FLOW INFORMATION (TABLES) | Cash paid during the periods for interest and income taxes: 2016 2015 Income Taxes $ -- $ -- Interest $ -- $ -- |
DUE TO RELATED PARTY (Details)
DUE TO RELATED PARTY (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
DUE TO RELATED PARTY Details | ||
Due to related party | $ 211,026 | $ 188,034 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) | Mar. 31, 2016$ / sharesshares | Feb. 25, 2016shares | Feb. 23, 2016USD ($)shares | Mar. 26, 2015 | Feb. 27, 2014shares | Apr. 17, 2013USD ($)shares | Feb. 13, 2013shares | Oct. 12, 2012USD ($)shares | Jul. 05, 2012USD ($)shares | Apr. 18, 2012USD ($)$ / sharesshares |
CAPITAL STOCK Details | ||||||||||
Class A preferred shares authorized | 5,000,000 | |||||||||
Class A preferred par value per share | $ / shares | $ 0.001 | |||||||||
Class A preferred shares issued | 2,000,000 | |||||||||
Class A preferred shares issued and outstanding | 2,000,000 | |||||||||
Issued shares as compensation for services provided a total | 200,000 | |||||||||
Common shares with a fair value to a third party | $ | $ 3,000 | |||||||||
Reverse split completed 1 for | 2,000 | |||||||||
Common shares issued for compensation | 3,000,000 | |||||||||
Value of common shares issued for compensation | $ | $ 9,900 | |||||||||
Subscription agreement | 166,667 | |||||||||
Common shares exchange for the amount | $ | $ 5,000 | $ 10,000 | ||||||||
Common shares to be issued are recorded | 166,667 | 166,667 | 333,333 | |||||||
Aggregate consideration paid by the Company to the sellers | 161,000,000 | |||||||||
Aggregate consideration paid by the Company to the sellers, par value per share | $ / shares | $ 0.001 | |||||||||
Common stock payable to Thomas Brookes and Matthew Sullivan placed in escrow | 118,263,158 | |||||||||
Company has to receive revenues | $ | $ 1,000,000 | |||||||||
Company will issue to the sellers | 161,000,000 | |||||||||
Shares were recorded at per share | $ / shares | $ 0.10 | |||||||||
Purchase price was written off due to no future realization of cash flows and worthlessness | $ | $ 16,100,000 | |||||||||
Shares issued to Mr. Sullivan and Mr. Brookes be returned to the company and cancelled | 118,263,158 | |||||||||
Total shares of Kat Gold common stock | 42,736,842 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
LOSS PER SHARE Details | ||
Basic and diluted loss per share | $ (0.10) | $ (0.20) |
SUPPLEMENTAL CASH FLOW INFORM20
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash paid during the years for interest and income taxes: | ||
Income Taxes | $ 0 | $ 0 |
Interest | $ 0 | $ 0 |