Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Document And Entity Information | ||
Entity Registrant Name | ADVANCED CREDIT TECHNOLOGIES INC | |
Entity Central Index Key | 1437517 | |
Document Type | 10-K | |
Document Period End Date | 31-Dec-13 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $12,683,498 | |
Entity Common Stock, Shares Outstanding | 22,466,833 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2013 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ||
Cash in bank | $1,973 | $59 |
Accounts Receivable | 1,000 | 3,200 |
Total assets | 2,973 | 3,259 |
Current liabilities | ||
Bank Overdraft | 0 | 73 |
Accounts and accrued expenses | 15,732 | 10,942 |
Loans Payable - Stockholders | 12,200 | 12,000 |
Non-Interest bearing Convertible note | 100,000 | 38,000 |
10% convertible notes | 6,000 | |
Total liabilities | 133,932 | 61,015 |
Stockholders' deficit | ||
Common stock 100,000,000, $.001 par value shares authorized, 22,466,833 Shares - December 31, 2013 and 21,153,498 Shares - December 31, 2012 | 22,467 | 21,154 |
Additional paid-in capital | 747,578 | 613,544 |
Common stock subscriptions received | 0 | 0 |
Deficit accumulated during the development stage | -901,004 | -692,454 |
Total stockholders' deficit | -130,959 | -57,756 |
Total liabilities and stockholders' deficit | $2,973 | $3,259 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ||
Common stock - par value | $0.00 | $0.00 |
Common stock - shares authorized | 100,000,000 | 100,000,000 |
Common stock - shares issued | 22,466,833 | 21,153,498 |
Common stock - shares outstanding | 22,466,833 | 21,153,498 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 70 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenues | $42,126 | $24,177 | $156,598 |
Consulting Revenue | 3,350 | 0 | 9,700 |
Gross margin | 45,476 | 24,177 | 166,298 |
Operating expenses | |||
Professional fee | 104,599 | 79,504 | 438,612 |
Advertising and Promotion | 24,694 | 6,592 | 87,297 |
Officer's compensation | 101,150 | 76,909 | 340,211 |
Travel and entertainment | 461 | 1,325 | 39,881 |
Rent | 2,125 | 6,600 | 31,075 |
Computer and internet | 2,602 | 4,271 | 33,029 |
Telephone | 4,641 | 5,393 | 22,276 |
Office supplies and expenses | 6,750 | 5,808 | 22,611 |
Other operating expenses | 5,200 | 11,206 | 47,834 |
Total operating expenses | 252,222 | 197,608 | 1,062,826 |
Loss from operations | -206,746 | -173,431 | -896,528 |
Interest expense | -1,803 | -1,290 | -4,776 |
Net loss | ($208,549) | ($174,721) | ($901,004) |
Earnings per share Weighted Average | ($0.01) | ($0.01) | ($0.03) |
Weighted average shares outstanding | 21,957,286 | 20,880,752 | 17,953,544 |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Common Stock Subscriptions Receivable | Deficit Accumulated during Development Stage | Total |
Beginning Balance, Amount at Feb. 24, 2008 | |||||
Stock issued for consulting, shares | 15,000,000 | ||||
Stock issued for consulting, amount | $15,000 | $0 | $15,000 | ||
Net Loss | -24,777 | -24,777 | |||
Ending Balance, Amount at Dec. 31, 2008 | 15,000 | 0 | -24,777 | -9,777 | |
Ending Balance, Shares at Dec. 31, 2008 | 15,000,000 | ||||
Proceeds from issuance of stock, shares | 250,000 | ||||
Proceeds from issuance of stock, amount | 250 | 24,750 | 0 | 25,000 | |
Net Loss | -24,548 | -24,548 | |||
Ending Balance, Amount at Dec. 31, 2009 | 15,250 | 24,750 | 0 | -49,325 | -9,325 |
Ending Balance, Shares at Dec. 31, 2009 | 15,250,000 | ||||
Proceeds from issuance of stock, shares | 1,690,000 | ||||
Proceeds from issuance of stock, amount | 1,690 | 167,310 | 0 | 169,000 | |
Stock issued for consulting, shares | 385,000 | ||||
Stock issued for consulting, amount | 385 | 38,115 | 0 | 38,500 | |
Net Loss | -185,960 | -185,690 | |||
Ending Balance, Amount at Dec. 31, 2010 | 17,325 | 230,175 | 0 | -235,285 | 12,215 |
Ending Balance, Shares at Dec. 31, 2010 | 17,325,000 | ||||
Proceeds from issuance of stock, shares | 1,914,000 | ||||
Proceeds from issuance of stock, amount | 1,914 | 189,486 | 0 | 191,400 | |
Stock issued for consulting, shares | 972,500 | ||||
Stock issued for consulting, amount | 973 | 96,277 | 0 | 97,250 | |
Net Loss | -282,449 | -282,449 | |||
Ending Balance, Amount at Dec. 31, 2011 | 20,212 | 515,938 | 0 | -517,734 | 18,416 |
Ending Balance, Shares at Dec. 31, 2011 | 20,211,500 | ||||
Proceeds from issuance of stock, shares | 759,998 | ||||
Proceeds from issuance of stock, amount | 760 | 79,240 | 0 | 80,000 | |
Stock issued for consulting, shares | 182,000 | ||||
Stock issued for consulting, amount | 182 | 18,018 | 18,200 | ||
Contiributions to paid in capital | 348 | 348 | |||
Net Loss | -174,221 | -174,721 | |||
Ending Balance, Amount at Dec. 31, 2012 | 21,154 | 613,544 | 0 | -692,455 | -57,756 |
Ending Balance, Shares at Dec. 31, 2012 | 21,153,498 | ||||
Proceeds from issuance of stock, shares | 980,000 | ||||
Proceeds from issuance of stock, amount | 980 | 99,020 | 100,000 | ||
Stock issued for consulting, shares | 33,335 | ||||
Stock issued for consulting, amount | 333 | 33,001 | 33,334 | ||
Contiributions to paid in capital | 1,500 | 1,500 | |||
Net Loss | -208,549 | -208,549 | |||
Ending Balance, Amount at Dec. 31, 2013 | $22,467 | $747,465 | $0 | ($901,004) | ($130,959) |
Ending Balance, Shares at Dec. 31, 2013 | 22,466,833 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 70 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Cash flows used by operating activities: | |||
Net loss | ($208,549) | ($174,721) | ($901,004) |
Adjustments to reconcile net loss to net cash provided by operations | |||
Stock issued for consulting services | 32,334 | 18,200 | 175,284 |
Accounts Receivable | 2,200 | -3,200 | -1,000 |
Bank Overdraft | -73 | 73 | |
Accounts Payable and Accrued Expenses | 4,789 | 5,943 | 15,732 |
Net cash provided by operations | -169,299 | -153,705 | -710,988 |
Cash flows from financing activities: | |||
Proceeds from common stock issuance | 101,000 | 80,000 | 592,400 |
Convertible Notes Payable | 68,000 | 38,000 | 106,000 |
Stockholders Loans | 200 | 12,000 | 12,200 |
Stockholders Contributions | 2,013 | 348 | 2,361 |
Net Cash flows from financing activities | 171,213 | 130,348 | 712,961 |
Increase in cash | -1,914 | -23,357 | 1,973 |
Cash- Beginning | 59 | 23,416 | 0 |
Cash-Ending | $1,973 | $59 | $1,973 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Organization | |
Advanced Credit Technologies, Inc. ("ACTI" or the "Company") was incorporated in Nevada in February 2008. The Company is in the development stage and provides a state of the art credit management platform that is a web based delivery system. Industries that benefit from the Company's technology include realtors, auto dealers and loan originators. | |
Revenue Recognition | |
In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company: | |
Revenue is recognized at the time the product is delivered or services are performed. Provision for sales returns are estimated based on the Company's historical return experience. Revenue is presented net of returns. | |
Fair Value Measurements | |
For certain financial instruments, including accounts receivable, accounts payable, accrued expenses, interest payable, advances payable and notes payable, the carrying amounts approximate fair value due to their relatively short maturities. | |
The Company has adopted Accounting Standards Codification ("ASC") 820-10, “Fair Value Measurements and Disclosures.” ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: | |
Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. | |
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with ASC 815. | |
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 estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Segment Information | |
The Company follows Accounting Standards Codification ("ASC") 280, "Segment Reporting". The Company currently operates in a single segment and will evaluate additional segment disclosure requirements as it expands its operations. | |
Net Loss Per Common Share | |
Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at December 31, 2013. | |
Income Taxes | |
Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities. | |
ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority. | |
Stock-Based Compensation | |
The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. | |
Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |
Recent Pronouncements | |
There are no recent accounting pronouncements that apply to the Company. |
Loans_Payable_Stockholders
Loans Payable - Stockholders | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | |
Loans Payable - Stockholders | Note 2. LOANS PAYABLE - STOCKHOLDERS |
During 2013 and 2012, certain stockholders of the Company advanced the Company $125,199 and $12,000, respectively, to pay for certain expenses. The loans have a balance of $112,199 at December 31, 2013, bear no interest and are payable on demand. |
10_Convertible_Notes
10% Convertible Notes | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |
10% Convertible Notes | Note 3. 10% CONVERTIBLE NOTES |
In August 2012, the Company issued a $25,000 convertible note due in February 2013. Interest on the note accrued at the rate of 10% per annum and was payable upon maturity. The note was converted into 250,000 shares of the Company's common stock at the rate of $0.10 per share as per the terms of the note. Accrued interest of $1,250 was capitalized as additional paid-in capital at the time of conversion. | |
In November 2012, the Company issued a $10,000 convertible note due in April 2013. Interest on the note accrued at the rate of 10% per annum and was payable upon maturity. The note was converted into 100,000 shares of the Company's common stock at the rate of $0.10 per share as per the terms of the note. Accrued interest of $500 was capitalized as additional paid-in capital at the time of conversion. | |
In November 2012, the Company issued a $3,000 convertible note due in April 2013. Interest on the note accrued at the rate of 10% per annum and was payable upon maturity. At December 31, 2013, the note had a principal balance of $3,000 and accrued interest of $413. | |
In January 2013, the Company issued a $3,000 convertible note due in July 2013. Interest on the note accrued at the rate of 10% per annum and was payable upon maturity. The note was converted into 30,000 shares of the Company's common stock at the rate of $0.10 per share as per the terms of the note. Accrued interest of $150 was capitalized as additional paid-in capital at the time of conversion. | |
In June 2013, the Company issued a $3,000 convertible note due in December 2013. Interest on the note accrues at the rate of 10% per annum and is payable upon maturity. At December 31, 2013, the note had a principal balance of $3,000 and accrued interest of $150. | |
In October 2013, the Company issued a $3,000 convertible note due in April 2014. Interest on the note accrues at the rate of 10% per annum and is payable upon maturity. At December 31, 2013, accrued interest on the note totaled $75. |
Stockholders_Equity
Stockholders Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | |
Stockholders Equity | Note 4. STOCKHOLDERS' EQUITY |
In February 2008, the Company issued 15,000,000 shares of common stock at par value to the founders of the Company. | |
In November 2009, the Company issued 250,000 shares of common stock at par value. | |
In January 2010, the Company issued 100,000 shares of common stock at $0.10 per share. | |
In March 2010, the Company issued 175,000 shares of common stock at $0.10 per share. | |
In April 2010, the Company issued 210,00 shares of common stock at $0.10 per share. | |
In May 2010, the Company issued 250,000 shares of common stock at $0.10 per share. | |
In June 2010, the Company issued 175,000 shares of common stock at $0.10 per share. | |
In July 2010, the Company issued 375,000 shares of common stock at $0.10 per share. | |
In August 2010, the Company issued 200,000 shares of common stock at $0.10 per share. | |
In September 2010, the Company issued 50,000 shares of common stock at $0.10 per share. | |
In October 2010, the Company issued 75,000 shares of common stock at $0.10 per share. | |
In November 2010, the Company issued 100,000 shares of common stock at $0.10 per share. | |
In December 2010, the Company issued 365,000 shares of common stock at $0.10 per share. | |
In January 2011, the Company issued 155,000 shares of common stock at $0.10 per share. | |
In February 2011, the Company issued 10,000 shares of common stock at $0.10 per share. | |
In March 2011, the Company issued 10,000 shares of common stock at $0.10 per share. | |
In April 2011, the Company issued 60,000 shares of common stock at $0.10 per share. | |
In May 2011, the Company issued 215,000 shares of common stock at $0.10 per share. | |
In June 2011, the Company issued 234,000 shares of common shares at $0.10 per share. | |
In July 2011, the Company issued 60,000 shares of common shares at $0.10 per share. | |
In August 2011, the Company issued 50,000 shares of common shares at $0.10 per share. | |
In September 2011, the Company issued 50,000 shares of common stock at $0.10 per share. | |
In September 2011, the Company issued 962,500 shares of common stock at $0.10 per share for services provided to the company. | |
In October 2011, the Company issued 60,000 shares of common stock at $0.10 per share. | |
In November 2011, the Company issued 890,000 shares of common stock at $0.10 per share. | |
In December 2011, the Company issued 130,000 shares of common stock at $0.10 per share. | |
In January 2012, the Company issued 400,000 shares of common stock at $0.10 per share. | |
In February 2012, the Company issued 100,000 shares of common stock at $0.10 per share. | |
In March 2012, the Company issued 60,000 shares of common stock at $0.10 per share. | |
In April 2012, the Company issued 20,000 shares of common stock at $0.15 per share. | |
Commitments
Commitments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Commitments | Note 5. COMMITMENTS AND CONTINGENCIES | |||||||||||
In 2012, the Company leased its office pursuant to an agreement entered into in December 2009. The lease, which terminated in November 2012, called for minimum monthly lease payments of $600. | ||||||||||||
Rent expense under the terms of this lease totaled $6,600 for the year ended December 31, 2012. | ||||||||||||
The Company leases its office on a month to month basis pursuant to an agreement entered into in April 2013 that calls for monthly rental payments of $300. | ||||||||||||
Rent expense under the terms of this lease totaled $2,125 for the year ended December 31, 2013. | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Income Tax Disclosure [Abstract] | |||||
Income Taxes | Note 6. INCOME TAXES | ||||
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows: | |||||
Income tax provision at the federal | |||||
statutory rate | 39 | % | |||
Effect of operating losses | (39 | ) % | |||
0 | % | ||||
As of December 31, 2013, the Company had a net operating loss carry forward of approximately $692,000. This loss will be available to offset future taxable income. If not used, this carry forward will begin to expire in 2028. The deferred tax asset relating to the operating loss carry forward has been fully reserved at December 31, 2013. The principal difference between the operating loss for income tax purposes and reporting purposes is stock issued for services. |
Basis_of_reporting
Basis of reporting | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | |
Basis of reporting | Note 7. BASIS OF REPORTING |
The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. | |
The Company has experienced a loss from operations during its development stage as a result of its investment necessary to achieve its operating plan, which is long-range in nature. For the period from February 25, 2008 (inception) to December 31, 2013, the Company incurred a net loss of approximately $904,000. In addition, the Company has no significant assets or revenue generating operations. | |
The Company currently does not have sufficient cash to sustain itself for the next 12 months, and will require additional funding in order to execute its plan of operations and to continue as a going concern. To meet its cash needs, management expects to raise capital through a private placement offering. In the event that this funding does not materialize, certain stockholders have agreed, orally, to loan, on a non-interest bearing demand basis, sufficient funds to maintain the Company's operations for the next 12 months. | |
The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8 – SUBSEQUENT EVENTS |
In 2009, the FASB ASC Topic 865 (formerly FASB 165, Subsequent Events) , which defines the period after the balance sheet date that subsequent events should be evaluated and provides guidance in determining if the event should be reflected in the current financial statements. This ASC Topic also requires disclosure regarding the date through which subsequent events have been evaluated. The Company adopted the provisions of Statement 165 as of December 31, 2009. | |
The Company has evaluated subsequent events through the time December 31, 2013. Financial statements were issued on January 12, 2015. No events have occurred subsequent to December 31, 2013 that require disclosure or recognition in these financial statements other than as listed below. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | |
Organization and Nature of Business | Organization |
Advanced Credit Technologies, Inc. ("ACTI" or the "Company") was incorporated in Nevada in February 2008. The Company is in the development stage and provides a state of the art credit management platform that is a web based delivery system. Industries that benefit from the Company's technology include realtors, auto dealers and loan originators. | |
Revenue Recognition | Revenue Recognition |
In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company: | |
Revenue is recognized at the time the product is delivered or services are performed. Provision for sales returns are estimated based on the Company's historical return experience. Revenue is presented net of returns. | |
Fair Value Measurements | Fair Value Measurements |
For certain financial instruments, including accounts receivable, accounts payable, accrued expenses, interest payable, advances payable and notes payable, the carrying amounts approximate fair value due to their relatively short maturities. | |
The Company has adopted Accounting Standards Codification ("ASC") 820-10, “Fair Value Measurements and Disclosures.” ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: | |
Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. | |
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with ASC 815. | |
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 estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Net Loss Per Share | Net Loss Per Common Share |
Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at December 31, 2013. | |
Income Taxes | Income Taxes |
Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities. | |
ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority. | |
Stock Based Compensation | Stock-Based Compensation |
The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. | |
Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |
Recent Pronouncements | Recent Pronouncements |
There are no recent accounting pronouncements that apply to the Company. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Income Tax Disclosure [Abstract] | |||||
Statutory rate | Income tax provision at the federal | ||||
statutory rate | 39 | % | |||
Effect of operating losses | (39 | ) % | |||
0 | % |
Loans_Payable_Stockholders_Det
Loans Payable - Stockholders (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | ||
Proceeds from related parties | $125,119 | $12,000 |
Notes payable to related parties | $112,199 |
10_Convertible_Notes_Details_N
10% Convertible Notes (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 1 | ||
Date of note | 31-Jan-13 | 31-Aug-12 |
Convertible Note | $3,000 | $25,000 |
Maturity date | 31-Jul-13 | 28-Feb-13 |
Interest rate | 10.00% | 10.00% |
Stock issued for convertible note | 30,000 | 250,000 |
Convertible price per share | $0.10 | $0.10 |
Accrued Interest | 150 | 1,250 |
Note 2 | ||
Date of note | 30-Jun-13 | 30-Nov-12 |
Convertible Note | 3,000 | 10,000 |
Maturity date | 31-Dec-13 | 30-Apr-13 |
Interest rate | 10.00% | 10.00% |
Stock issued for convertible note | 100,000 | |
Convertible price per share | $0.10 | |
Accrued Interest | 75 | 500 |
Note 3 | ||
Date of note | 31-Oct-13 | 30-Nov-12 |
Convertible Note | 3,000 | 3,000 |
Maturity date | 30-Apr-14 | 30-Apr-13 |
Interest rate | 10.00% | 10.00% |
Convertible notes payable | 3,000 | 3,000 |
Accrued Interest | $150 | $413 |
Stockholders_Equity_Details_Na
Stockholders Equity (Details Narrative) (USD $) | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | 31-May-13 | Apr. 30, 2013 | Mar. 30, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2012 | 31-May-12 | Apr. 30, 2012 | Mar. 31, 2012 | Feb. 29, 2012 | Jan. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 | Oct. 31, 2011 | Sep. 30, 2011 | Aug. 31, 2011 | Jul. 31, 2011 | Jun. 30, 2011 | 31-May-11 | Apr. 30, 2011 | Mar. 30, 2011 | Feb. 28, 2011 | Jan. 31, 2011 | Dec. 31, 2010 | Nov. 30, 2010 | Oct. 31, 2010 | Sep. 30, 2010 | Aug. 31, 2010 | Jul. 31, 2010 | Jun. 30, 2010 | 31-May-10 | Apr. 30, 2010 | Mar. 30, 2010 | Jan. 31, 2010 | |
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Common shares issued | 110,000 | 30,000 | 135,000 | 100,000 | 110,000 | 300,000 | 100,000 | 26,665 | 33,333 | 20,000 | 60,000 | 100,000 | 400,000 | 130,000 | 890,000 | 60,000 | 50,000 | 50,000 | 60,000 | 234,000 | 215,000 | 60,000 | 10,000 | 10,000 | 155,000 | 365,000 | 100,000 | 75,000 | 50,000 | 200,000 | 375,000 | 175,000 | 250,000 | 210,000 | 175,000 | 100,000 | |||||||
Common stock issued for services | 80,000 | 60,000 | 33,335 | 40,000 | 120,000 | 182,000 | 962,500 | ||||||||||||||||||||||||||||||||||||
Common stock issued for conversion of note | 15,000 | 80,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Share price | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 |
Commitments_Details_Narrative
Commitments (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Monthly rent | $300 | $600 |
Rent Expense | $2,125 | $6,600 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforwards | $692,000 |
Income_Taxes_Staturtory_Tax_Ra
Income Taxes - Staturtory Tax Rate (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Income Taxes - Staturtory Tax Rate Details Usd | |
Income tax provision at the federal statutory rate | 39.00% |
Effect of operating losses | -39.00% |
Statutory tax rate | 0.00% |
Basis_of_reporting_Details_Nar
Basis of reporting (Details Narrative) (USD $) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Basis Of Reporting Details Narrative Usd | |
Net loss | $904,000 |