Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document And Entity Information | |
Entity Registrant Name | ADVANCED CREDIT TECHNOLOGIES INC |
Entity Central Index Key | 1437517 |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
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 Common Stock, Shares Outstanding | 27,091,016 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2015 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash in bank | $890 | $14,788 |
Total assets | 890 | 14,788 |
Current Liabilities | ||
Current liabilities | 189,500 | 186,500 |
Accrued expenses | 16,145 | 16,145 |
Loans Payable- Related parties | 15,284 | 15,284 |
Total liabilities | 220,929 | 217,929 |
Stockholders' deficit | ||
Common stock 100,000,000, $.001 par value shares authorized, 27,091,016 and 22,841,833 issued and outstanding for 2015 and 2014 | 24,619 | 24,561 |
Additional paid-in capital | 905,751 | 848,309 |
Deficit accumulated during the development stage | -1,150,410 | -1,076,011 |
Total stockholders' deficit | -220,040 | -203,142 |
Total liabilities and stockholders' deficit | $889 | $14,788 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 27,091,016 | 24,560,583 |
Common stock - shares outstanding | 27,091,016 | 24,560,583 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Revenues | $668 | $5,011 |
Gross margin | 668 | 5,011 |
Operating expenses | ||
Professional fee | 9,340 | 5,035 |
Officer's compensation | 24,669 | 19,639 |
Travel and entertainment | 0 | 169 |
Rent | 600 | 1,800 |
Computer and internet | 760 | 400 |
Research and development | 35,050 | 0 |
Office supplies and expenses | 3,949 | 1,172 |
Other operating expenses | 698 | 722 |
Total operating expenses | 75,066 | 27,137 |
Loss from operations | -74,398 | -22,126 |
Interest Income | 0 | 0 |
Interest expense | 0 | 0 |
Net loss | ($74,398) | ($22,126) |
Earnings per share Weighted Average | ($0.00) | ($0.00) |
Weighted average shares outstanding | 24,610,401 | 22,575,166 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows used by operating activities: | ||
Net loss | ($74,398) | ($22,126) |
Adjustments to reconcile net loss to net cash provided by operations | ||
Stock issued for consulting services | 0 | 0 |
Changes in liabilities | 3,000 | 7,500 |
Accrued expenses | 0 | 0 |
Accrued Interest Payment | 0 | 0 |
Accounts Receivable | 0 | 101 |
Net cash provided by operations | -71,398 | -14,525 |
Cash flows from financing activities: | ||
Proceeds from common stock issuance | 57,500 | 15,000 |
Repayment of related party loans | 0 | 0 |
Proceeds from related party loans | 0 | 0 |
Cash flows from financing activities | 57,500 | 15,000 |
Increase/Decrease in cash | -13,898 | 475 |
Cash-Beginning | 14,788 | 1,973 |
Cash-Ending | $890 | $2,448 |
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 Dec. 31, 2014 | $24,561 | $848,309 | $0 | ($1,076,012) | ($203,142) |
Beginning Balance, Shares at Dec. 31, 2014 | 24,560,583 | ||||
Proceeds from issuance of stock, amount | 13 | 12,487 | 12,500 | ||
Stock issued for promissory note, shares | 2,280,433 | ||||
Stock issued for promissory note, amount | 45 | 44,955 | 45,000 | ||
Net Loss | -74,398 | -74,398 | |||
Ending Balance, Amount at Mar. 31, 2015 | $24,619 | $905,751 | ($1,150,410) | ($220,040) | |
Ending Balance, Shares at Mar. 31, 2015 | 27,091,016 |
Nature_of_Business
Nature of Business | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Business | A. NATURE OF BUSINESS |
The Company has changed it’s focus on marketing and in the area of new product development. The marketing partnership with Capstone Data has completely changed the direction of the company. While the existing TurnScor credit management platform is still a functioning software platform, we have now changed the delivery mechanism to access our software. There are many compliance issues that vary from state to state in regards to credit repair, our “new” vision is to simply give our product away for “FREE” as part of our Pre-Paid platform. This will eliminate any and all compliance issues for our membership. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | B. BASIS OF PRESENTATION |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required for complete financial statements. | |
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ending March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The Balance Sheet as of December 31, 2014 was derived from the audited financial statements as of such date, but does not include all of the information and footnotes required by GAAP. For further information, refer to the Financial Statements and footnotes thereto included in our Form 10-K as of and for the year ended December 31, 2014. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services. |
Going_Concern
Going Concern | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | C. GOING CONCERN |
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. During the three months ended March 31, 2015 the Company had a net loss of .($74,398). On |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | D. SIGNIFICANT ACCOUNTING POLICIES |
Net Loss per Common Share: | |
Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the year. | |
For the three months ended March 31, 2015 and 2014 the calculations of basic loss per share were (.003) and (.001) for March 31, 2015 and 2014 respectively. | |
Recent Accounting Pronouncements | |
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-4 does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company will adopt the ASU as required. The ASU will affect the Company’s fair value disclosures, but will not affect the Company’s results of operations, financial condition or liquidity. | |
In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income”. The ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders’ equity, and instead requires consecutive presentation of the statement of net income and other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements. ASU No. 2011-5 is effective for interim and annual periods beginning after December 15, 2011. The Company adopted the ASU as required. It will have no affect on the Company’s results of operations, financial condition or liquidity. | |
In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment”, an update to existing guidance on the assessment of goodwill impairment. This update simplifies the assessment of goodwill for impairment by allowing companies to consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before performing the two step impairment review process. It also amends the examples of events or circumstances that would be considered in a goodwill impairment evaluation. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. The Company is currently evaluating the affects adoption of ASU 2011-08 may have on its goodwill impairment testing. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the "SEC") did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Notes_Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | |
E. NOTES PAYABLE | |
The Company has incurred debt of $48,000.00 this accounting period derived from the officers and stockholder of the company in the form of a short term note of $48,000. The company also converted a “NOTE”in the amount of $45,000 into 2,280,433 shares of common stock. | |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | F. STOCK-BASED COMPENSATION |
There are no stock transactions issued for the 1st quarter of 2015 as compensation for services. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | G. LEGAL PROCEEDINGS |
We are not currently a party to any legal proceedings. ACT’s officers and directors have not been convicted in any criminal proceedings nor has they been permanently or temporarily enjoined, barred, suspended or otherwise limited from involvement in any type of business, securities or banking activities. | |
The Company’s officers and directors have not been convicted of violating any federal or state securities or commodities law. | |
There are no known pending legal or administrative proceedings against the Company. |
Agreements
Agreements | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Agreements | H. AGREEMENTS |
With a limited advertising budget, the Company has begun to establish joint marketing partnerships with several established businesses in several key verticals. While in the infancy stage, we have established a need for our software as well as the product being embraced by the following companies. | |
Small business owners around the country readily will accept Visa/Master Card at their place of business. Some however don't qualify because of a poor credit profile. We have partnered with Capstone Merchant Bank Card to offer these business owners a solution. Www.capstonecreditfix.com |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Earnings per share | Net Loss per Common Share: |
Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the year. | |
For the three months ended March 31, 2015 and 2014 the calculations of basic loss per share were (.003) and ( .001) for March 31, 2015 and 2014 respectively. | |
Recent Pronouncements | Recent Accounting Pronouncements |
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-4 does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company will adopt the ASU as required. The ASU will affect the Company’s fair value disclosures, but will not affect the Company’s results of operations, financial condition or liquidity. | |
In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income”. The ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders’ equity, and instead requires consecutive presentation of the statement of net income and other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements. ASU No. 2011-5 is effective for interim and annual periods beginning after December 15, 2011. The Company adopted the ASU as required. It will have no affect on the Company’s results of operations, financial condition or liquidity. | |
In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment”, an update to existing guidance on the assessment of goodwill impairment. This update simplifies the assessment of goodwill for impairment by allowing companies to consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before performing the two step impairment review process. It also amends the examples of events or circumstances that would be considered in a goodwill impairment evaluation. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. The Company is currently evaluating the affects adoption of ASU 2011-08 may have on its goodwill impairment testing. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the "SEC") did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Going Concern Details Narrative | ||
Loss from operations | ($74,398) | ($22,126) |
Working Capital | 889 | |
Stockholders' deficit | ($265,040) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Computation of Earnings per share of common stock (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Basic and diluted EPS | ($0.00) | ($0.00) | ($0.00) |
Notes_Payable_Details_Narrativ
Notes Payable (Details Narrative) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Notes Payable Details Narrative | |
Short term note | $48,000 |
Stock issued for promissory note | 2,280,433 |
Stock issued for promissory note, amount | $45,000 |