Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ZETA ACQUISITION CORP I | |
Entity Central Index Key | 1,422,141 | |
Amendment Flag | false | |
Trading Symbol | ZETAI | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,000,000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,260 | $ 5,060 |
Total assets | 1,260 | 5,060 |
Current liabilities: | ||
Accounts payable | 8,113 | 3,750 |
Accrued interest | 44,697 | 42,145 |
Accrued expenses | 3,200 | 7,400 |
Notes payable, stockholders | 172,500 | 172,500 |
Total liabilities | 228,510 | 225,795 |
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 |
Accumulated deficit | (277,250) | (270,735) |
Total stockholders' deficit | (227,250) | (220,735) |
Total liabilities and stockholders' deficit | $ 1,260 | $ 5,060 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Condensed Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
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 Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating expenses: | ||
General and administrative | $ 3,963 | $ 3,962 |
Operating loss | (3,963) | (3,962) |
Interest expense | 2,552 | 2,244 |
Net loss | $ (6,515) | $ (6,206) |
Net loss per basic and diluted common share | $ 0 | $ 0 |
Weighted-average number of common shares outstanding | 5,000,000 | 5,000,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net loss | $ (6,515) | $ (6,206) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Increase in accounts payable | 4,363 | 4,013 |
Increase in accrued interest | 2,552 | 2,244 |
Decrease in accrued expenses | (4,200) | (5,700) |
Net cash used in operating activities | (3,800) | (5,649) |
Net decrease in cash and cash equivalents | (3,800) | (5,649) |
Cash and cash equivalents at beginning of period | 5,060 | 7,427 |
Cash and cash equivalents at end of period | $ 1,260 | $ 1,778 |
Nature of Operations and Signif
Nature of Operations and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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 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. Liquidity Since its inception, the Company has incurred a net loss of $277,250. 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. The Company’s shareholders have agreed to fund the Company’s operations for at least the next twelve months after filing this Quarterly Report on Form 10-Q. 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 Fair Value of Financial Instruments Pursuant to ASC Topic 825-10, Financial Instruments 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 28, 2017. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for other interim periods or the full year. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect. |
Notes Payable, Stockholders
Notes Payable, Stockholders | 3 Months Ended |
Mar. 31, 2017 | |
Notes Payable, Stockholders [Abstract] | |
Notes Payable, Stockholders | 2. Notes Payable, Stockholders During 2016, various stockholders loaned the Company $22,500 and were issued unsecured promissory notes which bear interest of 6% and are due on demand. During 2015 stockholders loaned the company $35,000, along with note reductions of $10,000. Similar stockholder loans amounted to $15,000 during 2014, $25,000 during 2013, $25,000 during 2012, $35,000 during 2010, and $25,000 during 2009. Interest of $44,697 was accrued and unpaid at March 31, 2017. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2017 | |
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 | 3 Months Ended |
Mar. 31, 2017 | |
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 | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 5. Income Taxes The Company has approximately $94,300 in gross deferred tax assets at March 31, 2017 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 Sign12
Nature of Operations and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Nature of Operations and Significant Accounting Policies [Abstract] | |
Liquidity | Liquidity Since its inception, the Company has incurred a net loss of $277,250. 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. The Company’s shareholders have agreed to fund the Company’s operations for at least the next twelve months after filing this Quarterly Report on Form 10-Q. |
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 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Pursuant to ASC Topic 825-10, Financial Instruments |
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 28, 2017. The results of operations for the three months ended March 31, 2017 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 Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect. |
Nature of Operations and Sign13
Nature of Operations and Significant Accounting Policies (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Nature of Operations and Significant Accounting Policies (Textual) | ||
Deficit accumulated since inception | $ (277,250) | $ (270,735) |
Notes Payable, Stockholders (De
Notes Payable, Stockholders (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | Mar. 31, 2017 | |
Notes Payable, Stockholders (Textual) | ||||||||
Proceeds from issuance of unsecured promissory note | $ 22,500 | $ 35,000 | $ 15,000 | $ 25,000 | $ 25,000 | $ 35,000 | $ 25,000 | |
Interest rate on unsecured promissory note | 6.00% | |||||||
Accrued interest on unsecured promissory note | $ 42,145 | $ 44,697 | ||||||
Notes reduction | $ 10,000 |
Preferred Stock (Details)
Preferred Stock (Details) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred Stock (Textual) | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 1 Months Ended | ||
Dec. 31, 2007 | Mar. 31, 2017 | Dec. 31, 2016 | |
Common Stock (Textual) | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common Stock | |||
Common Stock (Textual) | |||
Common stock issued to private placement | 5,000,000 | ||
Proceeds from issuance of common stock | $ 50,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | Mar. 31, 2017USD ($) |
Income Taxes (Textual) | |
Deferred tax assets, gross | $ 94,300 |