Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 14, 2015 | Jun. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | HEMCARE HEALTH SERVICES INC. | ||
Entity Central Index Key | 1420368 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | Yes | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $0 | ||
Entity Common Stock, Shares Outstanding | 3,136,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Prepaid expenses | $800 | |
Total current assets | 800 | |
Total assets | 0 | 800 |
Current liabilities | ||
Accounts payable and accrued liabilities | 67,665 | 60,160 |
Related party payables | 37,249 | 19,214 |
Total current liabilities | 104,914 | 79,374 |
Stockholders' deficit | ||
Series A convertible preferred stock, $1.00 par value; 5,000,000 shares authorized, 120,000 and shares issued and outstanding at December 31, 2014 and 2013 | 120,000 | |
Common stock, $0.001 par value; 275,000,000 shares authorized; 3,136,000 issued; 2,756,000 and 3,136,000 outstanding at and December 31, 2014 and 2013 | 3,136 | 3,136 |
Additional paid in capital | 2,377,270 | 2,337,165 |
Other comprehensive income | 24 | 24 |
Treasury stock, 380,000 shares | -100 | |
Accumulated deficit | -2,605,244 | -2,418,899 |
Total stockholders' deficit | -104,914 | -78,574 |
Total liabilities and stockholders' deficit | $0 | $800 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Balance Sheets Parenthetical | ||
Treasury stock shares | 380,000 | |
Stockholders' deficit | ||
Series A convertible preferred stock; par value | $1 | $1 |
Series A convertible preferred stock; shares authorized | 5,000,000 | 5,000,000 |
Series A convertible preferred stock; shares issued | 120,000 | 120,000 |
Series A convertible preferred stock; shares outstanding | 120,000 | 120,000 |
Common stock; par value | $0.00 | $0.00 |
Common stock; shares authorized | 275,000,000 | 275,000,000 |
Common stock; shares issued | 3,136,000 | 3,136,000 |
Common stock; shares outstanding | 2,756,000 | 3,136,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statements Of Operations | ||
Revenue | ||
Operating expenses | ||
Professional fees | 26,340 | 4,895 |
Total operating expenses | 26,340 | 4,895 |
Other income (expense) | ||
Other income | 100 | |
Excess cost of prepaid royalties over value | -160,105 | |
Total other income (expense) | -160,005 | |
Net loss | ($186,345) | ($4,895) |
Basic and diluted loss per common share | $0 | $0 |
Weighted average shares outstanding | 2,932,578 | 3,136,000 |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' Deficit (USD $) | Preferred Stock | Common Stock | Additional Paid-In Capital | Other comprehensive income (loss) | Treasury Stock | Accumulated Deficit | Total |
Beginning balance of Amount at Dec. 31, 2012 | $3,136 | $2,337,165 | $24 | ($2,414,004) | ($73,679) | ||
Beginning balance of Shares at Dec. 31, 2012 | 3,136,000 | ||||||
Net loss, year ended December 31, 2014 | -4,895 | -4,895 | |||||
Ending balance of Amount at Dec. 31, 2013 | 3,136 | 2,337,165 | 24 | -2,418,899 | -78,574 | ||
Ending balance of Shares at Dec. 31, 2013 | 3,136,000 | ||||||
Preferred shares issued for prepayment of royalty, Amount | 120,000 | 40,105 | 160,105 | ||||
Preferred shares issued for prepayment of royalty, Shares | 120,000 | ||||||
Treasury stock exchanged for asset, Amount | -100 | -100 | |||||
Treasury stock exchanged for asset, Shares | -380,000 | ||||||
Net loss, year ended December 31, 2014 | -186,345 | -186,345 | |||||
Ending balance of Amount at Dec. 31, 2014 | $120,000 | $3,136 | $2,377,270 | $24 | ($100) | ($2,605,244) | ($104,914) |
Ending balance of Shares at Dec. 31, 2014 | 120,000 | 2,756,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | ||
Net loss from operations | ($186,345) | ($4,895) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Impairment loss included in loss from discontinued operations | ||
Excess cost of prepaid royalties over value | 160,105 | |
Gain on sale of intangible asset for treasury stock | -100 | |
Changes in operating assets and liabilities | ||
Prepaid expense | 800 | -800 |
Accounts payable and accrued liabilities | 7,505 | 2,365 |
Net cash provided by (used in) operating activities | -18,035 | -3,330 |
Net cash used in investing activities | ||
Cash flows from financing activities | ||
Proceeds from related party loans | 18,035 | 3,330 |
Net cash provided by financing activities | 18,035 | 3,330 |
Net change in cash | ||
Cash at beginning of period | ||
Cash at end of period | ||
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Supplemental disclosure of non-cash investing activities | ||
Preferred stock issued for prepaid royalties | 120,000 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 1 - Nature of Business | The Company was organized January 17, 2007 (Date of Inception) under the laws of the State of Nevada, as DBL Senior Care, Inc. The Company subsequently changed its name on December 11, 2009 to Elemental Protective Coatings Corp, subsequently changed its name on January 27, 2011 to Bio-Carbon Solutions International, Inc., then to NSU Resources Inc on October 31, 2011 and more recently to HemCare Health Services Inc. on March 2, 2015. The Company produces and distributes a line of all-in-one horse feed supplement. |
The former business of the Company was to provide personal care services to elderly, physically disabled or other home-bound individuals suffering infirmity. During the year ended December 31, 2009, the board of directors changed the Company's focus toward the manufacture and sale of fire retardant products. The Company then changed its focus to the licensing of certain technologies related to rare earth minerals mining. Currently, the Company has the exclusive rights to the use of Optimum Performance (a proprietary formulation of a highly potent all-in-one daily feed supplement for the Horse industry |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 2 - Significant Accounting Policies | 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. | |
Cash | |
For the Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of December 31, 2014 or 2013. | |
Income taxes | |
Income taxes are provided for using the liability method of accounting in accordance with FASB ASC Topic 740 (formally SFAS No. 109 “Accounting for Income Taxes”). A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. | |
Revenue Recognition | |
Revenue is recognized when persuasive evidence of an agreement exists, the price is fixed or determinable, goods are delivered or services performed and collectability is reasonably assured. The Company did not generate any revenues during the years ended December 31, 2014 or 2013. | |
Share Based Expenses | |
The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that is based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the Company and expenses share based costs in the period incurred. | |
Going concern | |
The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has no cash, no material assets, accumulated losses of $2,605,244, a working capital deficit of $104,914, nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The officers and directors have committed to advancing certain operating costs of the Company. | |
Valuation of Investments in Securities and Securities at fair value – Definition and Hierarchy | |
FASB ASC 820-10-15 defines fair value, thereby eliminating inconsistencies in guidance found in various prior accounting pronouncements, and increases disclosures surrounding fair value calculations. FASB ASC 820-10-15 establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: | |
Level 1 – unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company at the measurement date. | |
Level 2 – inputs that are observable in the marketplace other than those inputs classified as Level 1 | |
Level 3 – inputs that are unobservable in the marketplace and significant to the valuation | |
The Company has no assets or liabilities that are required to be carried at fair value. Accounts payable and related party payables have fair values that approximate the carrying value due to the short term nature of these instruments. | |
Recent Accounting Pronouncements | |
On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. | |
In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure. | |
Net loss per common share | |
Net loss per share is calculated in accordance with FASB ASC Topic 260 (formerly SFAS No. 128, Earnings Per Share). The weighted-average number of common shares outstanding during each period is used to compute basic loss per share. Diluted loss per share is computed using the weighted average number of shares and dilutive potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Basic net loss per common share is based on the weighted average number of shares of common stock outstanding during the periods presented. The Company has no common stock equivalents as of December 31, 2014 or 2013, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 3 - Stockholders' Equity | Series A Convertible Preferred Stock |
As discussed in the 8K filed with the SEC on June 29, 2014, during the nine months ended September 30, 2014, the Company amended its articles of incorporation to designate the previously authorized series A preferred stock to series A convertible preferred stock. The preferred series A 12% convertible shares have a par value of $1, entitle holder to one vote and accrued dividends at 12% per year, paid quarterly. At the option of the holder, the stock can be converted into shares of the Company's common stock. The number of shares to be issued will be determined by dividing the amount of the Series A shares being converted by $0.001. | |
During the year ended December 31, 2014, the Company issued 120,000 shares of series A convertible preferred stock in exchange for a prepayment of royalties to a related party totaling $120,000. There were 120,000 and -0- shares of series A convertible preferred stock issued and outstanding as of December 31, 2014 and 2013. | |
Common Stock | |
The authorized common stock of the Company consists of 275,000,000 shares and carries a par value of $0.001. During the year ended December 31, 2014, the Company bought back 380,000 post-split shares of common stock into treasury from a former officer for $100. The shares are being carried as treasury shares as reflected on the balance sheet. | |
On March 2, 2015, the Company effected a 1:50 reverse stock split. The effect of the reverse split are shown retroactively in these financial statements. | |
There were 3,136,000 common shares issued and 2,756,000 and 3,136,000 outstanding (post-split) at December 31, 2014 and 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Note 4 - Income Taxes | We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Pursuant to FASB ASC Topic 740, when it is more likely than not that a tax asset cannot be realized through future income, the Company must provide an allowance for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry-forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry-forward period. | ||||||||
The sources and tax effects of the temporary differences for the periods presented are as follows: | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Net operating loss carry forward | $ | 318,139 | $ | 291,899 | |||||
Applicable Canadian Federal and Provincial tax rates | 26.5 | % | 26.5 | % | |||||
Deferred tax asset | 84,307 | 77,353 | |||||||
Valuation allowance | (84,307 | ) | (77,353 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
This represents an increase in the net operating loss carry forward of $6,954 and $4,895 for the years ended December 31, 2014 and 2013. A reconciliation of income taxes computed at the United States federal statutory rate of 35% to the income tax recorded is as follows: | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Tax benefit at United States Federal statutory rate (35%) | $ | 65,221 | $ | 1,713 | |||||
Differences in U.S. and Canadian tax rates on provision | (15,839 | ) | (416 | ) | |||||
Non-deductible losses-prepaids | (42,428 | ) | |||||||
Increase in valuation allowance | (6,954 | ) | (1,297 | ) | |||||
Income tax provision | $ | - | $ | - | |||||
This represents an increase in the valuation allowance of $6,954 and $1,297 for the years ended December 31, 2014 and 2013. The Company did not pay any income taxes during the years ended December 31, 2014 or 2013, or since inception. | |||||||||
The net federal operating loss carry forward will begin to expire in 2026. This carry forward may be limited upon the consummation of a business combination under IRC Section 381. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 5 - Related Party Transactions | During the years ended December 31, 2014 and 2013, the Company received loans from its officers totaling $18,035 and $3,330 to fund operations. These loans are non-interest bearing, are due on demand and as such included in current liabilities. Imputed interest has been considered, but determined to be immaterial to the financial statements as a whole. |
Excess_Cost_of_Prepaid_Royalti
Excess Cost of Prepaid Royalties Over Value | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 6 - Excess Cost of Prepaid Royalties Over Value | During the year ended December 31, 2014, the Company issued a total of 120,000 preferred shares of $1 par value Series A convertible preferred stock. The shares carried a value of $160,105 resulting in an immediate excess payment over value of $160,105 based on the Company’s determination that it may not realize value for the prepayment resulting in a full charge-off to operations for $160,105. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note 7 - Subsequent Events | As discussed in the 8K filed with the Securities and Exchange Commission on March 19, 2015, the Company amended its Articles of Incorporation and changed its name from “NSU Resources Inc.” to “HemCare Health Services Inc.” and consolidated its issued capital on a ratio of 1 share for every 50 shares held. Odd lots of the post consolidated shares will be rounded up to the nearest thousand, thus ensuring no shareholder will be left with less than 1,000 shares. The effective date for the split was March 23, 2015. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Significant Accounting Policies Policies | |
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. |
Cash | For the Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of December 31, 2014 or 2013. |
Income taxes | Income taxes are provided for using the liability method of accounting in accordance with FASB ASC Topic 740 (formally SFAS No. 109 “Accounting for Income Taxes”). A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. |
Revenue Recognition | Revenue is recognized when persuasive evidence of an agreement exists, the price is fixed or determinable, goods are delivered or services performed and collectability is reasonably assured. The Company did not generate any revenues during the years ended December 31, 2014 or 2013. |
Share Based Expenses | The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that is based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the Company and expenses share based costs in the period incurred. |
Going concern | The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has no cash, no material assets, accumulated losses of $2,605,244, a working capital deficit of $104,914, nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The officers and directors have committed to advancing certain operating costs of the Company. |
Valuation of Investments in Securities and Securities at fair value - Definition and Hierarchy | FASB ASC 820-10-15 defines fair value, thereby eliminating inconsistencies in guidance found in various prior accounting pronouncements, and increases disclosures surrounding fair value calculations. FASB ASC 820-10-15 establishes a three-tiered fair value hierarchy that prioritizes inputs to valuation techniques used in fair value calculations. The three levels of inputs are defined as follows: |
Level 1 – unadjusted quoted prices for identical assets or liabilities in active markets accessible by the Company at the measurement date. | |
Level 2 – inputs that are observable in the marketplace other than those inputs classified as Level 1 | |
Level 3 – inputs that are unobservable in the marketplace and significant to the valuation | |
The Company has no assets or liabilities that are required to be carried at fair value. Accounts payable and related party payables have fair values that approximate the carrying value due to the short term nature of these instruments. | |
Recent Accounting Pronouncements | On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. |
In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under generally accepted accounting principles (GAAP), continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements—Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, however, at the current period, management does not believe that it has met conditions which would subject these financial statements for additional disclosure. | |
Net loss per common share | Net loss per share is calculated in accordance with FASB ASC Topic 260 (formerly SFAS No. 128, Earnings Per Share). The weighted-average number of common shares outstanding during each period is used to compute basic loss per share. Diluted loss per share is computed using the weighted average number of shares and dilutive potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Basic net loss per common share is based on the weighted average number of shares of common stock outstanding during the periods presented. The Company has no common stock equivalents as of December 31, 2014 or 2013, respectively. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes Tables | |||||||||
Schedule of deferred income tax assets | 31-Dec-14 | 31-Dec-13 | |||||||
Net operating loss carry forward | $ | 318,139 | $ | 291,899 | |||||
Applicable Canadian Federal and Provincial tax rates | 26.5 | % | 26.5 | % | |||||
Deferred tax asset | 84,307 | 77,353 | |||||||
Valuation allowance | (84,307 | ) | (77,353 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
Schedule of income Taxes | A reconciliation of income taxes computed at the United States federal statutory rate of 35% to the income tax recorded is as follows: | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Tax benefit at United States Federal statutory rate (35%) | $ | 65,221 | $ | 1,713 | |||||
Differences in U.S. and Canadian tax rates on provision | (15,839 | ) | (416 | ) | |||||
Non-deductible losses-prepaids | (42,428 | ) | |||||||
Increase in valuation allowance | (6,954 | ) | (1,297 | ) | |||||
Income tax provision | $ | - | $ | - |
Significant_Accounting_Policie2
Significant Accounting Policies (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies Details Narrative | ||
Revenues |
Stockholders_Equity_Details_Na
Stockholders' Equity (Details Narrative) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders Equity Details Narrative | ||
Series A convertible preferred stock; par value | $1 | $1 |
Series A convertible preferred stock; shares authorized | 5,000,000 | 5,000,000 |
Series A convertible preferred stock; shares issued | 120,000 | 120,000 |
Series A convertible preferred stock; shares outstanding | 120,000 | 120,000 |
Common stock; par value | $0.00 | $0.00 |
Common stock; shares authorized | 275,000,000 | 275,000,000 |
Common stock; shares issued | 3,136,000 | 3,136,000 |
Common stock; shares outstanding | 2,756,000 | 3,136,000 |
Treasury stock shares | 380,000 | |
Treasury stock | $100 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes Details | ||
Net operating loss carry forward | $318,139 | $291,899 |
Applicable Canadian Federal and Provincial tax rates | 26.50% | 26.50% |
Deferred tax asset | 84,307 | 77,353 |
Valuation allowance | -84,307 | -77,353 |
Net deferred tax asset |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes Details 1 | ||
Tax at United States Federal statutory rate (35%) | $65,221 | $1,713 |
Differences in U.S. and Canadian tax rates on provision | -15,839 | -416 |
Non-deductible losses-prepaids | -42,428 | |
Increase in valuation allowance | -6,954 | -1,297 |
Income tax provision |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes Details Narrative | ||
Net operating loss carryforwards | $6,954 | $4,895 |
United States federal statutory rate | 35.00% | |
Net operating loss carryforwards, expiration date | 2026 | |
Valuation allowance | $6,954 | $1,297 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions Details Narrative | ||
Loan received from officers | $18,035 | $3,330 |
Excess_Cost_of_Prepaid_Royalti1
Excess Cost of Prepaid Royalties Over Value (Details Narrative) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Excess Cost Of Prepaid Royalties Over Value Details Narrative | ||
Series A convertible preferred stock; par value | $1 | $1 |
Series A convertible preferred stock; shares issued | 120,000 | 120,000 |