Aadi Bioscience (AADI) 10-K 30 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	ZETA ACQUISITION CORP II
Entity Central Index Key	1,422,142
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,000,000
Entity Public Float	$ 0

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 18,529	$ 5,263
Total assets	18,529	5,263
Current liabilities:
Accounts payable	3,674	2,402
Accrued interest	32,436	24,002
Accrued expenses	8,900	8,900
Notes payable, stockholders	160,000	125,000
Total liabilities	$ 205,010	$ 160,304
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	(236,481)	(205,041)
Total stockholders' deficit	(186,481)	(155,041)
Total liabilities and stockholders' deficit	$ 18,529	$ 5,263

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
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

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating expenses:
Formation costs
General and administrative	$ 23,006	$ 23,972
Operating loss	(23,006)	(23,972)
Interest expense	8,434	6,827
Net loss	$ (31,440)	$ (30,799)
Net loss per basic and diluted common share	$ (0.01)	$ (0.01)
Weighted-average number of common shares outstanding	5,000,000	5,000,000

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2013	$ (124,242)	$ 500	$ 49,500	$ (174,242)
Balance, Shares at Dec. 31, 2013		5,000,000
Net loss	(30,799)			(30,799)
Balance at Dec. 31, 2014	(155,041)	$ 500	$ 49,500	(205,041)
Balance, Shares at Dec. 31, 2014		5,000,000
Net loss	(31,440)			(31,440)
Balance at Dec. 31, 2015	$ (186,481)	$ 500	$ 49,500	$ (236,481)
Balance, Shares at Dec. 31, 2015		5,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net loss	$ (31,440)	$ (30,799)
Adjustments to reconcile net loss to net cash used in operating activities:
Decrease in prepaid expenses		2,500
Increase in accounts payable	$ 1,272	2,052
Increase in accrued interest	$ 8,434	6,827
Increase in accrued expenses		3,400
Net cash used in operating activities	$ (21,734)	(16,020)
Financing activities
Proceeds from notes payable, stockholders	35,000	15,000
Net cash provided by financing activities	35,000	15,000
Net increase (decrease) in cash and cash equivalents	13,266	(1,020)
Cash and cash equivalents at beginning of period	5,263	6,283
Cash and cash equivalents at end of period	$ 18,529	$ 5,263

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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. II (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. Going Concern Since its inception, the Company has generated no revenues and has incurred a net loss of $236,481. 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 Fair Value of Financial Instruments Pursuant to ASC Topic 820-10, Fair Value Measurements and Disclosures 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. Recently Issued Accounting Pronouncements On January 1, 2015, the Company adopted Financial Accounting Standards Board, (“FASB”), 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”). In accordance with ASU No. 2014-10, the Company has removed labeling the financial statements as a DSE and has eliminated inception-to-date information in the financial statements.

Notes Payable, Stockholders

Notes Payable, Stockholders	12 Months Ended
	Dec. 31, 2015
Notes Payable, Stockholders [Abstract]
Notes Payable, Stockholders	2. Notes Payable, Stockholders During 2015, various stockholders loaned the Company $35,000 and were issued unsecured promissory notes which bear interest at 6% and are due on demand. 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 $32,436 and $24,002 was accrued and unpaid at December 31, 2015 and 2014, respectively. 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	12 Months Ended
	Dec. 31, 2015
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	12 Months Ended
	Dec. 31, 2015
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	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	5. Income Taxes The Company has reviewed its tax positions as of December 31, 2015 and 2014, and has not identified any positions that are uncertain. Income tax returns filed and to be filed for the years ended December 31, 2013, 2014, and 2015 are open to review by the Internal Revenue Service. The tax effects of temporary differences that give rise to significant portions of the Company's net deferred tax asset at December 31, 2015 and 2014 are as follows: December 31, December 31, 2015 2014 Deferred tax asset: Capitalized formation costs $ 69,400 $ 61,600 Net operating loss carryforward 11,000 8,200 Valuation allowance (80,400 ) (69,800 ) Net deferred tax asset recognized $ -- $ -- A full valuation allowance has been recorded against the Company's deferred tax asset because, based on the weight of available evidence, it is more likely than not that such benefits will not be realized. As of December 31, 2015, the Company has a net operating loss carryforward for federal and state income tax purposes of approximately $32,400. The net operating loss carryforward will begin to expire in 2029. The benefit from income taxes differs from the amount computed by applying the United States (US) federal income tax rate of thirty-four percent (34%) in 2015 and 2014 to loss before income taxes for the years ended December 31, 2015 and 2014 as follows: Year Ended Year Ended December 31, December 31, 2015 2014 US federal income tax benefit at statutory rate $ (10,700 ) $ (10,500 ) Other 100 (100) Change in valuation allowance 10,600 10,600 Benefit from income taxes $ -- $ --

Commitment

Commitment	12 Months Ended
	Dec. 31, 2015
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 Sign13

Nature of Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 $236,481. 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
Fair Value of Financial Instruments	Fair Value of Financial Instruments Pursuant to ASC Topic 820-10, Fair Value Measurements and Disclosures
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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements On January 1, 2015, the Company adopted Financial Accounting Standards Board, (“FASB”), 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”). In accordance with ASU No. 2014-10, the Company has removed labeling the financial statements as a DSE and has eliminated inception-to-date information in the financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Schedule of tax effects on significant portions of deferred tax asset	December 31, December 31, 2015 2014 Deferred tax asset: Capitalized formation costs $ 69,400 $ 61,600 Net operating loss carryforward 11,000 8,200 Valuation allowance (80,400 ) (69,800 ) Net deferred tax asset recognized $ -- $ --
Schedule of effective income tax rate reconciliation	Year Ended Year Ended December 31, December 31, 2015 2014 US federal income tax benefit at statutory rate $ (10,700 ) $ (10,500 ) Other 100 (100) Change in valuation allowance 10,600 10,600 Benefit from income taxes $ -- $ --

Nature of Operations and Sign15

Nature of Operations and Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Nature of Operations and Significant Accounting Policies (Textual)
Net loss	$ (236,481)	$ (205,041)

Notes Payable, Stockholders (De

Notes Payable, Stockholders (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2007
Notes Payable, Stockholders (Textual)
Interest rate on unsecured promissory note		6.00%
Accrued interest on unsecured promissory note	$ 32,436	$ 24,002
Proceeds from related party debt by issuing unsecured promissory note	$ 35,000	$ 15,000	$ 25,000	$ 25,000	$ 35,000	$ 25,000
Stockholders and Officers [Member]
Notes Payable, Stockholders (Textual)
Proceeds from related party debt by issuing unsecured promissory note							$ 10,000

Preferred Stock (Details)

Preferred Stock (Details) - shares	Dec. 31, 2015	Dec. 31, 2014
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	Dec. 31, 2015	Dec. 31, 2014
Common Stock (Textual)
Common stock, shares authorized		100,000,000	100,000,000
Proceeds from issuance of common stock	$ 50,000
Common Stock [Member]
Common Stock (Textual)
Common stock issued to private placement	5,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax asset:
Capitalized formation costs	$ 69,400	$ 61,600
Net operating loss carryforward	11,000	8,200
Valuation allowance	$ (80,400)	$ (69,800)
Net deferred tax asset recognized

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
US federal income tax benefit at statutory rate	$ (10,700)	$ (10,500)
Other	100	(100)
Change in valuation allowance	$ 10,600	$ 10,600
Benefit from income taxes

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes (Textual)
Operating loss carryforwards	$ 32,400
Operating loss carryforwards, expiration date	Dec. 31, 2029
Effective federal statutory income tax rate, percent	34.00%	34.00%