Cyberloq (CLOQ) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document And Entity Information
Entity Registrant Name	ADVANCED CREDIT TECHNOLOGIES INC
Entity Central Index Key	1,437,517
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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	28,061,498
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets
Cash in bank	$ 44,011	$ 14,788
Total assets	44,011	14,788
Current Liabilities
Current liabilities	321,390	186,500
Accrued expenses	0	16,145
Notes Payable- Related parties	12,000	15,284
Total liabilities	333,390	217,929
Stockholders' deficit
Common stock 100,000,000, $.001 par value shares authorized, 28,061,498 and 22,841,833 issued and outstanding for 2015 and 2014	24,631	24,561
Investment Capital	75,000
Additional paid-in capital	918,239	848,309
Deficit accumulated during the development stage	(1,307,249)	(1,076,011)
Total stockholders' deficit	(289,379)	(203,142)
Total liabilities and stockholders' deficit	$ 44,011	$ 14,788

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock - par value	$ 0.001	$ 0.001
Common stock - shares authorized	100,000,000	100,000,000
Common stock - shares issued	28,061,498	24,560,583
Common stock - shares outstanding	28,061,498	24,560,583

Statements of Operations

Statements of Operations - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Revenues	$ 6,264	$ 11,550
Gross margin	6,264	11,550
Operating expenses
Professional fee	311	21,745
Officer's compensation	87,800	50,961
Travel and entertainment	498	169
Rent	1,200	100
Computer and internet	1,909	825
Research and development	127,050	16,225
Office supplies and expenses	18,480	2,017
Other operating expenses	255	1,910
Total operating expenses	237,501	93,952
Loss from operations	(231,238)	(82,401)
Interest Income	0	0
Interest expense	0	0
Net loss	$ (231,238)	$ (82,401)
Earnings per share Weighted Average	$ (0.009)	$ (0.004)
Weighted average shares outstanding	27,187,265	22,728,583

Statements of Cash Flows

Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows used by operating activities:
Net loss	$ (231,238)	$ (82,401)
Adjustments to reconcile net loss to net cash provided by operations
Stock issued for consulting services	0	0
Changes in liabilities	115,461	50,500
Accrued expenses	0	0
Accrued Interest Payment	0	0
Accounts Receivable	0	0
Net cash provided by operations	(115,777)	(31,901)
Cash flows from financing activities:
Proceeds from common stock issuance	70,000	30,000
Repayment of related party loans	0	0
Proceeds Investment Funds	75,000	0
Cash flows from financing activities	145,000	30,000
Increase/Decrease in cash	29,233	(1,901)
Cash-Beginning	14,788	1,973
Cash-Ending	$ 44,011	$ 72

Statement of Stockholders Defic

Statement of Stockholders Deficit - 9 months ended Sep. 30, 2015 - USD ($)	Common Stock	Additional Paid-In Capital	Deficit Accumulated during Development Stage	Total
Beginning Balance, Shares at Dec. 31, 2014	24,560,583
Beginning Balance, Amount at Dec. 31, 2014	$ 24,561	$ 848,309	$ (1,076,012)	$ (203,142)
Proceeds from issuance of stock, shares	750,000
Proceeds from issuance of stock, amount	$ 25	24,975		25,000
Stock issued for Conversion of Debt, shares	2,750,915
Stock issued for Conversion of Debt, amount	$ 50	50,949		50,999
Proceeds from Capital Investment				75,000
Net Loss			(231,238)	(231,238)
Ending Balance, Shares at Sep. 30, 2015	28,061,498
Ending Balance, Amount at Sep. 30, 2015	$ 24,636	$ 924,233	$ (1,307,250)	$ (289,379)

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 nine month period ending September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The Balance Sheet as of September 30, 2015 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 September 30, 2015 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2015 the Company had a net loss of $231,238.00 On September 30, 2015 the Company had a working capital of $44,011.00 and a stockholders’ deficiency of $289,379.00 . The Company believes its cash and forecasted cash flow from operations will not be sufficient to continue operations through fiscal 2015 without continued external investment. The Company will require additional funds to continue its operations through fiscal year 2015 and to continue to develop its existing projects and plans to raise such funds by finding additional investors to purchase the Company’s securities, generating sufficient sales revenue, implementing dramatic cost reductions or any combination thereof. There is no assurance that the Company will be successful in raising such funds, generating the necessary sales or reducing major costs. Further, if the Company is successful in raising such funds from sales of equity securities, the terms of these sales may cause significant dilution to existing holders of common stock. The condensed consolidated financial statements do not include any adjustments that may result from this uncertainty.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 nine 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 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	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	E. NOTES PAYABLE The Company has incurred debt during of $134,890.00 this accounting period derived from the officers and stockholder of the company in the form of a short term convertible note of $134,890.00

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 3 rd

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 The company is following up with its first celebrity endorsement of the TurnScor product. Bern Nadette Stanis has written a financial book, and has determined that TurnScor would is a viable solution in conjunction with her book. The company has signed a joint marketing agreement and is creating a web site for her TEAM.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Organization and 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	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 nine month period ending September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The Balance Sheet as of September 30, 2015 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 September 30, 2015 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.
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 nine
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 adopt 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 ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Loss from operations	$ (231,238)	$ (82,401)
Working Capital	44,011
Total stockholders' deficit	$ (228,379)

Summary of Significant Accoun17

Summary of Significant Accounting Policies - Computation of Earnings per share of common stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Basic and diluted EPS	$ (0.009)	$ (0.004)

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	Sep. 30, 2015USD ($)
Notes Payable [Abstract]
Short term note	$ 134,890