Kura Oncology (KURA) 10-K 27 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Feb. 27, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ZETA ACQUISITION CORP III
Entity Central Index Key	1422143
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Document Type	10-K
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
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 Public Float	$0
Entity Common Stock, Shares Outstanding		5,000,000

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$5,613	$6,568
Prepaid expenses		2,500
Total assets	5,613	9,068
Current liabilities:
Accounts payable	2,402	350
Accrued interest	24,002	17,175
Accrued expenses	8,900	5,500
Notes payable, stockholders	125,000	110,000
Total liabilities	160,304	133,025
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	-204,691	-173,957
Total stockholders' deficit	-154,691	-123,957
Total liabilities and stockholders' deficit	$5,613	$9,068

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Balance Sheets [Abstract]
Preferred stock, par value	$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	$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

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended		85 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
Operating expenses:
Formation costs			$15,643
General and administrative	23,907	22,734	165,046
Operating loss	-23,907	-22,734	-180,689
Interest expense	6,827	5,877	24,002
Net loss	($30,734)	($28,611)	($204,691)
Net loss per basic and diluted common share	($0.01)	($0.01)	($0.04)
Weighted-average number of common shares outstanding	5,000,000	5,000,000	4,946,195

Statements_of_Stockholders_Equ

Statements of Stockholders' Equity (Deficit) (USD $)	Total	Common Stock	Additional Paid-In Capital	Deficit Accumulated During the Development Stage
Beginning Balance at Dec. 31, 2006
Begining Balance (in shares) at Dec. 31, 2006
Issuance of common stock on December 14, 2007 at $0.01 per share	50,000	500	49,500
Issuance of common stock on December 14, 2007 at $0.01 per share (in shares)	5,000,000	5,000,000
Net loss	-14,977			-14,977
Ending Balance at Dec. 31, 2007	35,023	500	49,500	-14,977
Ending Balance (in shares) at Dec. 31, 2007		5,000,000
Net loss	-33,623			-33,623
Ending Balance at Dec. 31, 2008	1,400	500	49,500	-48,600
Ending Balance (in shares) at Dec. 31, 2008		5,000,000
Net loss	-19,996			-19,996
Ending Balance at Dec. 31, 2009	-18,596	500	49,500	-68,596
Ending Balance (in shares) at Dec. 31, 2009		5,000,000
Net loss	-22,395			-22,395
Ending Balance at Dec. 31, 2010	-40,991	500	49,500	-90,991
Ending Balance (in shares) at Dec. 31, 2010		5,000,000
Net loss	-27,040			-27,040
Ending Balance at Dec. 31, 2011	-68,031	500	49,500	-118,031
Ending Balance (in shares) at Dec. 31, 2011		5,000,000
Net loss	-27,315			-27,315
Ending Balance at Dec. 31, 2012	-95,346	500	49,500	-145,346
Ending Balance (in shares) at Dec. 31, 2012		5,000,000
Net loss	-28,611			-28,611
Ending Balance at Dec. 31, 2013	-123,957	500	49,500	-173,957
Ending Balance (in shares) at Dec. 31, 2013		5,000,000
Net loss	-30,734			-30,734
Ending Balance at Dec. 31, 2014	($154,691)	$500	$49,500	($204,691)
Ending Balance (in shares) at Dec. 31, 2014		5,000,000

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended		85 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
Operating activities
Net loss	($30,734)	($28,611)	($204,691)
Adjustments to reconcile net loss to net cash used in operating activities:
Decrease in prepaid expenses	2,500	1,000
Increase (decrease) in accounts payable	2,052	-1,500	2,402
Increase in accrued interest	6,827	5,877	24,002
Increase in accrued expenses	3,400		8,900
Net cash used in operating activities	-15,955	-23,234	-169,387
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 (decrease) in cash and cash equivalents	-955	1,766	5,613
Cash and cash equivalents at beginning of period	6,568	4,802
Cash and cash equivalents at end of period	$5,613	$6,568	$5,613

Nature_of_Operations_and_Signi

Nature of Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 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. III (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.
	Liquidity
	Since its inception, the Company has generated no revenues and has incurred a net loss of $204,691. 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. During 2014, the Company received loans of $15,000 to fund operations (Note 2). 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 December 31, 2014 and 2013. The Company considers the carrying value of cash and cash equivalents, accounts payable, accrued expenses, accrued interest, and notes payable to stockholders to approximate fair value due to their short maturities.
	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
	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	12 Months Ended
	Dec. 31, 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 in 2009. Interest of $24,002 and $17,175 was accrued and unpaid at December 31, 2014 and 2013, 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, 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	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2014
Income Taxes [Abstract]
Income Taxes	5	Income Taxes
	The Company has reviewed its tax positions as of December 31, 2014 and 2013, and has not identified any positions that are uncertain. Income tax returns filed and to be filed for the years ended December 31, 2011, 2012, 2013, and 2014 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, 2014 and 2013 are as follows:
			December 31,			December 31,
			2014			2013
	Deferred tax asset:
	Capitalized formation costs		$	61,400		$	53,300
	Net operating loss carryforward			8,200			5,800
	Valuation allowance			(69,600	)		(59,100	)
	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, 2014, the Company has a net operating loss carryforward for federal and state income tax purposes of approximately $24,000. 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 2014 and 2013 to loss before income taxes for the years ended December 31, 2014 and 2013 as follows:
			Year Ended			Year Ended
			December 31,			December 31,
			2014			2013
	US federal income tax benefit at statutory rate		$	(10,400	)	$	(9,700	)
	Other			(100	)		--
	Change in valuation allowance			10,500			9,700
	Benefit from income taxes		$	--		$	--

Commitment

Commitment	12 Months Ended
	Dec. 31, 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.

Subsequent_Event

Subsequent Event	12 Months Ended
	Dec. 31, 2014
Subsequent Event [Abstract]
Subsequent Event	7	Subsequent Event
	Subsequent to year end, a stockholder advanced the Company $15,000. The note bears interest at 6% and is due on demand.

Nature_of_Operations_and_Signi1

Nature of Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Nature of Operations and Significant Accounting Policies [Abstract]
Liquidity	Liquidity
	Since its inception, the Company has generated no revenues and has incurred a net loss of $204,691. 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. During 2014, the Company received loans of $15,000 to fund operations (Note 2). 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 December 31, 2014 and 2013. The Company considers the carrying value of cash and cash equivalents, accounts payable, accrued expenses, accrued interest, and notes payable to stockholders to approximate fair value due to their short maturities.
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
	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.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Taxes [Abstract]
Schedule of tax effects on significant portions of deferred tax asset
		December 31,			December 31,
		2014			2013
	Deferred tax asset:
	Capitalized formation costs	$	61,400		$	53,300
	Net operating loss carryforward		8,200			5,800
	Valuation allowance		(69,600	)		(59,100	)
	Net deferred tax asset recognized	$	--		$	--
Schedule of effective income tax rate reconciliation
		Year Ended			Year Ended
		December 31,			December 31,
		2014			2013
	US federal income tax benefit at statutory rate	$	(10,400	)	$	(9,700	)
	Other		(100	)		--
	Change in valuation allowance		10,500			9,700
	Benefit from income taxes	$	--		$	--

Nature_of_Operations_and_Signi2

Nature of Operations and Significant Accounting Policies (Details) (USD $)	12 Months Ended								85 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007	Dec. 31, 2014
Nature of Operations and Significant Accounting Policies (Textual)
Net loss	($30,734)	($28,611)	($27,315)	($27,040)	($22,395)	($19,996)	($33,623)	($14,977)	($204,691)
Proceeds from related party debt by issuing unsecured promissory note	$15,000	$25,000							$135,000

Notes_Payable_Stockholders_Det

Notes Payable, Stockholders (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2007
Notes Payable, Stockholders (Textual)
Unsecured promissory notes	$15,000	$25,000	$25,000	$35,000	$25,000
Interest rate on unsecured promissory note	6.00%
Accrued interest	24,002	17,175
Stockholders and Officers [Member]
Notes Payable, Stockholders (Textual)
Unsecured promissory notes						$10,000

Preferred_Stock_Details

Preferred Stock (Details)	Dec. 31, 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	Dec. 31, 2014	Dec. 31, 2013
Common Stock (Textual)
Common stock, shares authorized		100,000,000	100,000,000
Common stock issued	5,000,000
Issuance of common stock pursuant to private placement	$50,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Deferred tax asset
Capitalized formation costs	$61,400	$53,300
Net operating loss carryforward	8,200	5,800
Valuation allowance	-69,600	-59,100
Net deferred tax asset recognized

Income_Taxes_Details1

Income Taxes (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Abstract]
US federal income tax benefit at statutory rate	($10,400)	($9,700)
Other	-100
Change in valuation allowance	10,500	9,700
Benefit from income taxes

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Taxes (Textual)
Operating loss carryforwards	$24,000
Operating loss carryforwards, Expiration date	31-Dec-29
Effective federal statutory income tax rate, Percent	34.00%	34.00%

Subsequent_Event_Details

Subsequent Event (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Subsequent Event (Textual)
Stockholder advanced payment	$15,000
Interest rate	6.00%