Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 20, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | HIGH DESERT ASSETS, INC. | ||
Entity Central Index Key | 1454510 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
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 | $0 | ||
Entity Common Stock, Shares Outstanding | 23,044,500 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2009 | Oct. 31, 2008 | Nov. 05, 2007 |
SHAREHOLDERS' EQUITY | ||||||
TOTAL SHAREHOLDERS' EQUITY | ($34,760) | ($34,427) | ($23,336) | ($12,818) | ($788) |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders equity: | ||
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, authorized shares | 1,000,000 | 1,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 50,000,000 | 50,000,000 |
Common stock, issued shares | 23,044,500 | 23,044,500 |
Common stock, outstanding shares | 23,044,500 | 23,044,500 |
Statements_of_Operations
Statements of Operations (USD $) | 2 Months Ended | 12 Months Ended | |||
Dec. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2009 | Oct. 31, 2008 | |
Income Statement [Abstract] | |||||
Net (loss) | ($333) | ($11,091) | ($10,518) | ($12,030) | ($25,476) |
Statements_of_Shareholders_Equ
Statements of Shareholders' Equity (USD $) | Common Stock | Capital Paid in Excess of Par Value | Deficit Accumulated During Development Stage | Total |
Beginning Balance, amount at Nov. 05, 2007 | ||||
Beginning Balance, shares at Nov. 05, 2007 | ||||
November 7, 2007 issued 22,937,500 shares of par value $.001 common stock for services valued at $22,938 or $.001 per share, shares | 22,937,500 | |||
November 7, 2007 issued 22,937,500 shares of par value $.001 common stock for services valued at $22,938 or $.001 per share, amount | 22,938 | 22,938 | ||
August 8, 2008 issued 107,000 shares of par value $.001 common stock for cash of $26,750 or $.25 per share (less deferred offering costs of $25,000) as part of a private offering, shares | 107,000 | |||
August 8, 2008 issued 107,000 shares of par value $.001 common stock for cash of $26,750 or $.25 per share (less deferred offering costs of $25,000) as part of a private offering, amount | 107 | 1,643 | 1,750 | |
Net (Loss) | -25,476 | -25,476 | ||
Ending Balance, amount at Oct. 31, 2008 | 23,045 | 1,643 | -25,476 | -788 |
Ending Balance, shares at Oct. 31, 2008 | 23,044,500 | |||
Net (Loss) | -12,030 | -12,030 | ||
Ending Balance, amount at Oct. 31, 2009 | 23,045 | 1,643 | -37,506 | -12,818 |
Ending Balance, shares at Oct. 31, 2009 | 23,044,500 | |||
Net (Loss) | -10,518 | -10,518 | ||
Ending Balance, amount at Oct. 31, 2010 | 23,045 | 1,643 | -48,024 | -23,336 |
Ending Balance, shares at Oct. 31, 2010 | 23,044,500 | |||
Net (Loss) | -11,091 | -11,091 | ||
Ending Balance, amount at Oct. 31, 2011 | 23,045 | 1,643 | -59,115 | -34,427 |
Ending Balance, shares at Oct. 31, 2011 | 23,044,500 | |||
Net (Loss) | -333 | -333 | ||
Ending Balance, amount at Dec. 31, 2011 | 23,045 | 1,643 | -59,448 | -34,760 |
Ending Balance, shares at Dec. 31, 2011 | 23,044,500 | |||
Beneficial conversion feature | 12,500 | |||
Net (Loss) | -70,423 | |||
Ending Balance, amount at Dec. 31, 2012 | 23,045 | 14,143 | -129,871 | |
Ending Balance, shares at Dec. 31, 2012 | 23,044,500 | |||
Net (Loss) | -31,669 | |||
Ending Balance, amount at Dec. 31, 2013 | $23,045 | $50,643 | ($198,040) | |
Ending Balance, shares at Dec. 31, 2013 | 23,044,500 |
Statements_of_Shareholders_Equ1
Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended |
Oct. 31, 2008 | |
Statement of Stockholders' Equity [Abstract] | |
Per share value of shares issued for cash as part of a private offering | $0.25 |
Deferred offering costs related to shares issued for cash as part of a private offering | $25,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 2 Months Ended | 12 Months Ended | |||
Dec. 31, 2011 | Oct. 31, 2011 | Oct. 31, 2010 | Oct. 31, 2009 | Oct. 31, 2008 | |
Statement of Cash Flows [Abstract] | |||||
Net (Loss) | ($333) | ($11,091) | ($10,518) | ($12,030) | ($25,476) |
Cash flows from financing activities: | |||||
Deferred offering costs | ($25,000) |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Organization and Summary of Significant Accounting Policies | Note 1 - Organization and Summary of Significant Accounting Policies |
ORGANIZATION | |
Univest Tech, Inc. (the “Company”), was incorporated in the State of Colorado on November 6, 2007. The Company was formed to develop and market music based on technology solutions. The Company may also engage in any business that is permitted by law, as designated by the board of directors of the Company. | |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
STATEMENT OF CASH FLOWS | |
For purposes of the statement of cash flows, the Company considered demand deposits and highly liquid-debt instruments purchased with maturity of three months or less to be cash equivalents. | |
Cash paid for interest during the periods presented was $0. Cash paid for income taxes during the periods presented was $0. | |
BASIC EARNINGS PER SHARE | |
The basic earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of shares outstanding. | |
REVENUE RECOGNITION | |
The Company will develop and market music based on technology solutions. The revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collection is reasonably assured. The Company has had no revenues from inception through December 31, 2013. |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Basis of Presentation | Note 2 – Basis of Presentation |
In the course of its life the Company has had limited operations, and has a working capital deficit. This raises substantial doubt about the Company’s ability to continue as a going concern. | |
The Company believes it can raise capital through equity sales and borrowing to fund its marketing and operating activities. Management believes this will contribute toward its operations and subsequent profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Related_Party_Events
Related Party Events | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Related Party Events | Note 3 – Related Party Events |
The Company currently has an office located at an address maintained by the President on a rent free basis. |
Capital_Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Capital Stock | Note 4 – Capital Stock |
The Company has authorized 50,000,000 shares of $.001 par value common stock. | |
On November 7, 2007 the Company issued 22,937,500 shares of $.001 par value common stock for services valued at $22,938 or $.001 per share. | |
On August 8, 2008 the Company completed its private offering and issued 107,000 shares of $.001 par value common stock for $26,750 or $.25 per share. The Company incurred offering expenses totaling $25,000. These expenses directly reduced the offering proceeds of $26,750 resulting in net funds received of $1,750. | |
The Company authorized 1,000,000 shares of $.10 par value, preferred stock, to have such preferences as the Directors of the Company may assign from time to time. No preferred stock is either issued or outstanding as of December 31, 2013. | |
The Company has declared no dividends through December 31, 2013. |
Derivative_Liability
Derivative Liability | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Notes to Financial Statements | |||||
Derivative Liability | Note 5 – Derivative Liability | ||||
The Company evaluates the embedded conversion features within convertible debt to determine if embedded financial instruments qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. | |||||
As of December 31, 2013, the Company determined that all of the embedded conversion features are derivative liabilities due to an insufficient number of authorized shares of common stock to settle outstanding contracts. The Company estimated the fair value of these embedded conversion features as $12,045 using Black-Scholes with the following assumptions: | |||||
Exercise price | $ | 0.001 | |||
Estimated stock price | $ | 0.001 | |||
Expected life in years | 0.25 | ||||
Risk-free interest rate | 0.04 | % | |||
Expected volatility | 100 | % | |||
Annual dividend yield | 0 | % | |||
The table below presents the change in fair value for year ended December 31, 2013: | |||||
Balance at January 1, 2013 | $ | - | |||
Change in fair value | 12,045 | ||||
Estimated value at December 31, 2013 | $ | 12,045 | |||
Note_Payable
Note Payable | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Note Payable | Note 6 - Note Payable |
The Company at December 31, 2013 and 2012 had outstanding notes payable for $84,000 and $74,000 to companies related by common control, with $25,000 unsecured and $59,000 secured, bearing an interest rate at 8% and 2% per annum and due on demand. $61,000 of the notes is convertible anytime at the holders’ discretion into common stock at $.001 per share (59,000,000 shares). In regards to the convertible notes $49,000 was expensed as a beneficial conversion feature as of the period ended December 31, 2013.. Interest expense under the notes for the years ended December 31, 2013 and 2012 was $10,606 and $4,366 respectively. As of December 31, 2013 and 2012 accrued interest payable was $18,271 and $12,665, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Income Taxes | Note 7 - Income Taxes |
Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur. The Company accounts for income taxes pursuant to ASC 740. At December 31, 2013 and December 31, 2012, the Company had approximately $138,592 and $106,923 in unused federal net operating loss carryforwards, which begin to expire principally in the year 2028. A deferred tax asset at each date of approximately $43,102 and $33,274 resulting from the loss carryforwards has been offset by a 100% valuation allowance. The change in the valuation allowance for the periods ended December 31, 2013 and December 31, 2012 was approximately $9,828 and $21,385, respectively. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events |
On March 13, 2014, we incorporated a wholly-owned subsidiary, Auto Search Consulting, Inc. Auto Search Consulting, Inc. will facilitate a marketplace providing auction services for sellers and buyers of used vehicles. In addition, Auto Search Consulting, Inc. will provide ancillary services related to the sale and purchase of vehicles, and it also plans to recover salvaged vehicles in the southwestern region of the United States. Revenue for Auto Search Consulting, Inc. will be generated through auction fees from both vehicle buyers and sellers, as well as through the ancillary services it will provide, including inspections, storage, transportation, reconditioning, salvage recovery, titling and financing. As of the date of this current report, Auto Search Consulting has not yet begun operations or generated revenue. | |
On March 13, 2014, we incorporated a wholly-owned subsidiary, Contour Consulting, Inc. Contour Consulting has been formed to consult in the cosmetic surgery business. The Company is currently negotiating with a current professional in the industry to run the day to day operations of the subsidiary. Contour Consulting, Inc. will focus on Botox fillers. The company has not yet begun operations or generated revenue at this time. The company will identify patients and will negotiate a fee from med spas and surgeons operating in the cosmetic surgery field. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
USE OF ESTIMATES | USE OF ESTIMATES |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
STATEMENT OF CASH FLOWS | STATEMENT OF CASH FLOWS |
For purposes of the statement of cash flows, the Company considered demand deposits and highly liquid-debt instruments purchased with maturity of three months or less to be cash equivalents. | |
BASIC EARNINGS PER SHARE | BASIC EARNINGS PER SHARE |
The basic earnings (loss) per common share are computed by dividing the net income (loss) for the period by the weighted average number of shares outstanding. | |
REVENUE RECOGNITION | REVENUE RECOGNITION |
The Company will develop and market music based on technology solutions. The revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collection is reasonably assured. The Company has had no revenues from inception through December 31, 2013. |
Derivative_Liability_Policies
Derivative Liability (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Derivative instruments and hedging | The Company evaluates the embedded conversion features within convertible debt to determine if embedded financial instruments qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. |
Derivative_Liability_Tables
Derivative Liability (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Notes to Financial Statements | |||||
Embedded conversion features | Exercise price | $ | 0.001 | ||
Estimated stock price | $ | 0.001 | |||
Expected life in years | 0.25 | ||||
Risk-free interest rate | 0.04 | % | |||
Expected volatility | 100 | % | |||
Annual dividend yield | 0 | % | |||
Change in fair value | Balance at January 1, 2013 | $ | - | ||
Change in fair value | 12,045 | ||||
Estimated value at December 31, 2013 | $ | 12,045 |
Note_Payable_Details
Note Payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note Payable Details | ||
Outstanding notes payable | $84,000 | $74,000 |
Secured portion of note payable - convertible at any time | 59,000 | |
Unsecured portion of note payable | 25,000 | |
Interest rate | 8.00% | |
Interest expense | 10,606 | 4,366 |
Accrued interest payable | $18,271 | $12,665 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes Details | ||
Unused federal net operating loss carryforwards | $138,592 | $106,923 |
Deferred tax asset | 43,102 | 33,274 |
Change in valuation (approximate) | $9,828 | $21,385 |
Derivative_Liability_Embedded_
Derivative Liability - Embedded conversion features (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Exercise price | $0.00 |
Estimated stock price | $0.00 |
Expected life in years | 25.00% |
Risk-free interest rate | 0.04% |
Expected volatility | 100.00% |
Annual dividend yield | 0.00% |
Derivative_Liability_Change_in
Derivative Liability - Change in fair value (Details) (USD $) | Dec. 31, 2014 |
Notes to Financial Statements | |
Balance at January 1, 2013 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2008 | Aug. 08, 2008 | |
Capital Stock Details | ||
Common shares issued for services | 22,937,500 | |
Value of services | $22,938 | |
Shares issued in private offering | 107,000 | |
Cash value of shares issed in private offering | 26,750 | |
Per share value of shares in private offering | $0.25 | |
Offering expenses of private offering | 25,000 | |
Proceeds received from private offering | $1,750 |