Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 14, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ZETA ACQUISITION CORP I | ' |
Entity Central Index Key | '0001422141 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 5,000,000 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $15,599 | $4,014 |
Prepaid expenses | ' | 2,500 |
Total assets | 15,599 | 6,514 |
Current liabilities: | ' | ' |
Accounts payable | 10,682 | 350 |
Accrued interest | 22,176 | 17,240 |
Accrued expenses | 3,462 | 5,500 |
Notes payable, stockholders | 125,000 | 110,000 |
Total liabilities | 161,320 | 133,090 |
Stockholders' deficit | ' | ' |
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding | ' | ' |
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,000,000 shares issued and outstanding | 500 | 500 |
Additional paid-in capital | 49,500 | 49,500 |
Deficit accumulated during the development stage | -195,721 | -176,576 |
Total stockholders' deficit | -145,721 | -126,576 |
Total liabilities and stockholders' deficit | $15,599 | $6,514 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,000,000 | 5,000,000 |
Common stock, shares outstanding | 5,000,000 | 5,000,000 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 82 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Operating expenses: | ' | ' | ' | ' | ' |
Formation costs | ' | ' | ' | ' | $15,648 |
General and administrative | 4,765 | 4,475 | 14,209 | 14,636 | 157,897 |
Operating loss | -4,765 | -4,475 | -14,209 | -14,636 | -173,545 |
Interest expense | 1,663 | 1,664 | 4,936 | 4,214 | 22,176 |
Net loss | ($6,428) | ($6,139) | ($19,145) | ($18,850) | ($195,721) |
Net loss per basic and diluted common share | $0 | $0 | $0 | $0 | ($0.04) |
Weighted-average number of common shares outstanding | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 4,944,223 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 82 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Operating activities | ' | ' | ' |
Net loss | ($19,145) | ($18,850) | ($195,721) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Decrease (increase) in prepaid expenses | 2,500 | -875 | ' |
Increase (decrease) in accounts payable | 10,332 | -1,200 | 10,682 |
Increase in accrued interest | 4,936 | 4,214 | 22,176 |
Increase (decrease) in accrued expenses | -2,038 | -2,500 | 3,462 |
Net cash used in operating activities | -3,415 | -19,211 | -159,401 |
Financing activities | ' | ' | ' |
Proceeds from notes payable, stockholders | 15,000 | 25,000 | 135,000 |
Payments on notes payable, stockholders | ' | ' | -10,000 |
Proceeds from issuance of common stock | ' | ' | 50,000 |
Net cash provided by financing activities | 15,000 | 25,000 | 175,000 |
Net increase in cash and cash equivalents | 11,585 | 5,789 | 15,599 |
Cash and cash equivalents at beginning of period | 4,014 | 2,237 | ' |
Cash and cash equivalents at end of period | $15,599 | $8,026 | $15,599 |
Nature_of_Operations_and_Signi
Nature of Operations and Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2014 | ||
Nature of Operations and Significant Accounting Policies [Abstract] | ' | |
Nature of Operations and Significant Accounting Policies | ' | |
1 | Nature of Operations and Significant Accounting Policies | |
Nature of Operations | ||
Zeta Acquisition Corp. I (the "Company") was incorporated under the laws of the State of Delaware on November 16, 2007. The Company is a new enterprise in the development stage as defined by Accounting Standards Codification ("ASC") Topic 915, Development Stage Entities. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company's principal business objective for the next twelve (12) months and beyond will be to achieve long-term growth potential through a combination with a business. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business. | ||
Going Concern | ||
Since its inception, the Company has generated no revenues and has incurred a net loss of $195,721. Since inception, the Company has been dependent upon the receipt of capital investment or other financing to fund its continuing activities. The Company has not identified any business combination and therefore, cannot ascertain with any degree of certainty the capital requirements for any particular transaction. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources but it is uncertain whether this funding will continue. The accompanying financial statements have been presented on the basis of the continuation of the Company as a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | ||
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 certain 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 revenue and expenses during the reporting periods. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three (3) months or less to be cash equivalents. | ||
Income Taxes | ||
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes, which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized. | ||
Fair Value of Financial Instruments | ||
Pursuant to ASC Topic 820-10, Fair Value Measurements and Disclosures, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of September 30, 2014. The Company considers the carrying value of cash and cash equivalents, accounts payable, accrued interest, accrued expenses, and notes payable to stockholders to approximate fair value due to their short maturity. | ||
Net Loss Per Share | ||
Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. The Company currently has no dilutive securities and as such, basic and diluted loss per share are the same for all periods presented. | ||
Interim Financial Statements | ||
The unaudited interim financial information included in this report reflects normal recurring adjustments that management believes are necessary for a fair statement of the results of operations, financial position, and cash flows for the periods presented. This interim information should be read in conjunction with the financial statements and accompanying notes contained in the Company′s Form 10-K filed March 31, 2014. | ||
The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for other interim periods or the full year. | ||
Recently Issued Accounting Pronouncements | ||
In June 2014, the Financial Accounting Standards Board, (“FASB”), issued Accounting Standards Update, (“ASU”), No. 2014-10, which eliminates the concept of a development stage entity, (“DSE”), in its entirety from United States Generally Accepted Accounting Principles, (“U.S. GAAP”). Under existing guidance, DSE’s are required to report incremental information, including inception-to-date financial information, in their financial statements. A DSE is an entity devoting substantially all of its efforts to establishing a new business and for which either planned principal operations have not yet commenced or have commenced but there has been no significant revenues generated from that business. Entities classified as DSE’s will no longer be subject to these incremental reporting requirements after adopting ASU No. 2014-10. ASU No. 2014-10 is effective for fiscal years beginning after December 15, 2014, with early adoption permitted. Retrospective application is required for the elimination of incremental DSE disclosures. At this time the Company has not elected early adoption of ASU No. 2014-10. |
Notes_Payable_Stockholders
Notes Payable, Stockholders | 9 Months Ended | |
Sep. 30, 2014 | ||
Notes Payable, Stockholders [Abstract] | ' | |
Notes Payable, Stockholders | ' | |
2 | Notes Payable, Stockholders | |
During 2014, various stockholders loaned the Company $15,000 and were issued unsecured promissory notes which bear interest at 6% and are due on demand. Similar stockholder loans amounted to $25,000 during 2013, $25,000 during 2012, $35,000 during 2010, and $25,000 during 2009. Interest of $22,176 was accrued and unpaid at September 30, 2014. | ||
During 2007, the Company issued an unsecured promissory note to a stockholder and officer of the Company in the amount of $10,000. The note was non-interest bearing and was repaid from the proceeds of the sale of common stock. |
Preferred_Stock
Preferred Stock | 9 Months Ended | |
Sep. 30, 2014 | ||
Preferred Stock and Common Stock [Abstract] | ' | |
Preferred Stock | ' | |
3 | Preferred Stock | |
The Company is authorized to issue 10,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. |
Common_Stock
Common Stock | 9 Months Ended | |
Sep. 30, 2014 | ||
Preferred Stock and Common Stock [Abstract] | ' | |
Common Stock | ' | |
4 | Common Stock | |
The Company is authorized to issue 100,000,000 shares of common stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. During December 2007, the Company issued 5,000,000 shares of its common stock pursuant to a private placement for $50,000. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Taxes [Abstract] | ' | |
Income Taxes | ' | |
5 | Income Taxes | |
The Company has approximately $66,500 in gross deferred tax assets at September 30, 2014 resulting from capitalized start-up costs and net operating losses. A valuation allowance has been recorded to fully offset these deferred tax assets as the future realization of the related income tax benefit is uncertain. |
Commitment
Commitment | 9 Months Ended | |
Sep. 30, 2014 | ||
Commitment [Abstract] | ' | |
Commitment | ' | |
6 | Commitment | |
The Company utilizes the office space and equipment of an officer and director at no cost on a month-to-month basis. Management estimates such amounts to be di minimis. |
Nature_of_Operations_and_Signi1
Nature of Operations and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Nature of Operations and Significant Accounting Policies [Abstract] | ' |
Going Concern | ' |
Going Concern | |
Since its inception, the Company has generated no revenues and has incurred a net loss of $195,721. Since inception, the Company has been dependent upon the receipt of capital investment or other financing to fund its continuing activities. The Company has not identified any business combination and therefore, cannot ascertain with any degree of certainty the capital requirements for any particular transaction. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources but it is uncertain whether this funding will continue. The accompanying financial statements have been presented on the basis of the continuation of the Company as a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | |
Use of Estimates | ' |
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 certain 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 revenue and expenses during the reporting periods. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three (3) months or less to be cash equivalents. | |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes, which requires the recognition of deferred tax liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount that is more likely than not to be realized. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Pursuant to ASC Topic 820-10, Fair Value Measurements and Disclosures, the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of September 30, 2014. The Company considers the carrying value of cash and cash equivalents, accounts payable, accrued interest, accrued expenses, and notes payable to stockholders to approximate fair value due to their short maturity. | |
Net Loss Per Share | ' |
Net Loss Per Share | |
Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. The Company currently has no dilutive securities and as such, basic and diluted loss per share are the same for all periods presented. | |
Interim Financial Statements | ' |
Interim Financial Statements | |
The unaudited interim financial information included in this report reflects normal recurring adjustments that management believes are necessary for a fair statement of the results of operations, financial position, and cash flows for the periods presented. This interim information should be read in conjunction with the financial statements and accompanying notes contained in the Company′s Form 10-K filed March 31, 2014. | |
The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for other interim periods or the full year. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In June 2014, the Financial Accounting Standards Board, (“FASB”), issued Accounting Standards Update, (“ASU”), No. 2014-10, which eliminates the concept of a development stage entity, (“DSE”), in its entirety from United States Generally Accepted Accounting Principles, (“U.S. GAAP”). Under existing guidance, DSE’s are required to report incremental information, including inception-to-date financial information, in their financial statements. A DSE is an entity devoting substantially all of its efforts to establishing a new business and for which either planned principal operations have not yet commenced or have commenced but there has been no significant revenues generated from that business. Entities classified as DSE’s will no longer be subject to these incremental reporting requirements after adopting ASU No. 2014-10. ASU No. 2014-10 is effective for fiscal years beginning after December 15, 2014, with early adoption permitted. Retrospective application is required for the elimination of incremental DSE disclosures. At this time the Company has not elected early adoption of ASU No. 2014-10. |
Nature_of_Operations_and_Signi2
Nature of Operations and Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 82 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Nature Of Operations And Significant Accounting Policies (Textual) | ' | ' | ' | ' | ' |
Net loss | ($6,428) | ($6,139) | ($19,145) | ($18,850) | ($195,721) |
Notes_Payable_Stockholders_Det
Notes Payable, Stockholders (Details) (USD $) | 9 Months Ended | |||||
Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2007 | |
Stockholders and Officers [Members] | ||||||
Notes Payable Stockholders (Textual) | ' | ' | ' | ' | ' | ' |
Unsecured promissory notes | $15,000 | $25,000 | $25,000 | $35,000 | $25,000 | $10,000 |
Interest rate on unsecured promissory note | 6.00% | ' | ' | ' | ' | ' |
Accrued interest | $22,176 | $17,240 | ' | ' | ' | ' |
Preferred_Stock_Details
Preferred Stock (Details) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred Stock (Textual) | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common_Stock_Details
Common Stock (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2007 | Sep. 30, 2014 | Dec. 31, 2013 | |
Common Stock (Textual) | ' | ' | ' |
Common stock, shares authorized | ' | 100,000,000 | 100,000,000 |
Common stock issued to private placement, Shares | 5,000,000 | ' | ' |
Common stock issued to private placement | $50,000 | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Sep. 30, 2014 |
Income Taxes (Textual) | ' |
Deferred tax assets, gross | $66,500 |