Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 21, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | New Asia Energy Inc. | ||
Entity Central Index Key | 1,454,510 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 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 Public Float | $ 8,897,938 | ||
Entity Common Stock, Shares Outstanding | 326,965,299 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash | $ 574,211 | |
TOTAL ASSETS | $ 574,211 | $ 0 |
Current liabilities | ||
Accounts payable | 18,022 | |
Advances from related parties | $ 471,283 | 3,040 |
TOTAL LIABILITIES | $ 471,283 | $ 21,062 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, par value $.10 per share; Authorized 10,000,000 shares; issued and outstanding -0- shares. | ||
Common Stock, par value $.001 per share; Authorized 500,000,000 shares; issued and outstanding 326,965,299 and 23,660,625 shares respectively | $ 326,965 | $ 23,661 |
Capital paid in excess of par value | 213,919 | $ 193,226 |
Stock subscriptions receivable | (30,603) | |
Accumulated comprehensive income | 38 | |
Accumulated deficit | (407,391) | $ (237,949) |
TOTAL SHAREHOLDERS' EQUITY | 102,928 | (21,062) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 574,211 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders equity: | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 500,000,000 | 500,000,000 |
Common stock, issued shares | 326,965,299 | 23,660,625 |
Common stock, outstanding shares | 326,965,299 | 23,660,625 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Revenue | ||
General and administrative expenses | ||
Accounting | $ 10,822 | $ 6,450 |
Contract labor | 21,329 | $ 10,000 |
Fees | 10,500 | |
Office | 23,221 | $ 4,713 |
Legal fees | 67,234 | $ 10,000 |
Rent | 14,846 | |
Salaries | 3,289 | |
Stock transfer fees | 4,679 | |
Travel | 23,522 | $ 7,858 |
Total expenses | 179,442 | 39,021 |
(Loss) from operations | (179,442) | (39,021) |
Other (expense) interest | ||
Debt release | $ 10,000 | 664 |
Interest | (1,552) | |
Total other (expense) | $ 10,000 | (888) |
Net (loss) | $ (169,404) | $ (39,909) |
Basic (Loss) Per Share | $ (0.004) | $ 0 |
Weighted Average Common Shares Outstanding - Basic and diluted | 40,218,659 | 90,612,415 |
Net Income (Loss) | $ (169,404) | $ (39,909) |
Foreign currency translation gain | 38 | |
Comprehensive income (Loss) | $ (169,404) | $ (39,909) |
Basic (Loss) per common share | $ (0.004) | $ 0 |
Weighted Average Common Shares Outstanding | 40,218,659 | 90,612,415 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net (Loss) | $ (169,404) | $ (39,909) |
Adjustments to reconcile decrease in net assets to net cash provided by operating activities: | ||
Gain on debt settlement | (10,000) | (664) |
Increase (Decrease) in accounts payable | (8,022) | 36,994 |
Expenses paid on behalf of Company | 6,406 | |
Cash used in operating activities | (181,058) | $ (3,579) |
Cash flows from financing activities: | ||
Sale of common stock | 286,989 | |
Advances from related party | 468,242 | $ 3,040 |
Net cash provided from financing activities | 755,231 | 3,040 |
Net increase in cash | 574,173 | (539) |
Foreign currency translation adjustment | $ 38 | |
Cash at beginning of period | $ 539 | |
Cash at end of period | $ 574,211 | |
Supplemental disclosure information: | ||
Cash paid for taxes | ||
Interest paid for taxes |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Capital Paid in Excess of Par Value | Stock Receivable | Accumulated Other Comprehensive Income | Accumulated Deficit | Total |
Beginning Balance, shares at Dec. 31, 2013 | 207,400,500 | |||||
Beginning Balance, amount at Dec. 31, 2013 | $ 207,401 | $ (133,713) | $ (198,040) | $ (124,354) | ||
Stock returned to the treasury, shares | (183,739,875) | |||||
Stock returned to the treasury, amount | $ (183,740) | 183,740 | ||||
Capital contributions | 131,154 | 131,154 | ||||
Decrease in fair value of derivative | 12,045 | 12,045 | ||||
Net (Loss) | (39,909) | (39,909) | ||||
Ending Balance, shares at Dec. 31, 2014 | 23,660,625 | |||||
Ending Balance, amount at Dec. 31, 2014 | $ 23,661 | 193,226 | (237,949) | (21,062) | ||
Common stock issued for cash, shares | 303,304,674 | |||||
Common stock issued for cash, amount | $ 303,304 | 14,288 | $ (30,603) | 286,989 | ||
Expenses paid on behalf of Company | 6,406 | 6,406 | ||||
Net (Loss) | $ 38 | (169,442) | (169,404) | |||
Ending Balance, shares at Dec. 31, 2015 | 326,965,298 | |||||
Ending Balance, amount at Dec. 31, 2015 | $ 326,965 | $ 213,920 | $ (30,603) | $ 38 | $ (407,391) | $ 102,928 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Organization and Summary of Significant Accounting Policies | Note 1 - Organization and Summary of Significant Accounting Policies ORGANIZATION AND BASIS OF PRESENTATION New Asia Energy Inc (formerly known as High Desert Assets, Inc. and previously known as Univest Tech, Inc.) (the "Company"), was incorporated in the State of Colorado on November 6, 2007. The Company was originally formed to develop and market music based on technology solutions. In February 2015, the Company underwent a change in control, and management adopted a new business plan based on the development of a "Pure Play" Renewable/Alternative/Distributed Energy Technology Solutions and Wastes to Resources and Energy platforms. On February 6, 2015 (the "Closing Date"), the Company entered into Stock Purchase Agreements (the "Agreement") with two U.S. accredited investors, Scott C. Kline and Jose A. Capote, the Secretary and Chief Technical Officer of the Company, respectively, and two foreign investors, including Rock Capital Limited, the new majority owner of the Company, pursuant to which the Company issued an aggregate of 17,446,673 shares of common stock, or approximately 42.3% of the issued and outstanding common stock of the Company, at an aggregate purchase price of approximately $17,446. The sales of Common Stock were made following the acquisition by Rock Capital Limited. On the Closing Date, Rock Capital Limited acquired 14,250,000 shares of Common Stock of the Company, representing approximately 34.7% of the issued and outstanding shares of Common Stock of the Company as of the Closing Date, from Jaitegh Singh, the previous majority shareholder of the Company. At the Closing Date, Rock Capital Limited also acquired an additional 1,565,450 shares of Common Stock from several minority holders, including Loro Verde Investments, representing approximately 3.8% of the issued and outstanding shares of Common Stock of the Company. As a result of the foregoing, as of the Closing Date, Rock Capital Limited acquired Common Stock representing approximately 76% of the issued and outstanding shares of Common Stock of the Company. In addition, on the Closing Date, Alan Smith, the sole officer and Director of the Company, submitted his resignation from all executive officer positions with the Company, including Chief Executive Officer and President, effective immediately, and as a member of the Board, which resignation shall become effective on the 10th day following the mailing of this information statement to the stockholders of the Company (the "Effective Date"). On the Closing Date, Lin Kok Peng, Ph.D. was appointed as Chief Executive Officer, Chief Financial Officer and Chairman of the Board, Jose A. Capote was appointed Chief Technical Officer (CTO), and Scott C. Kline was appointed as Secretary. Allister Lim Wee Sing was appointed a member of the Board. The accompanying audited financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies This summary of significant accounting policies is presented to assist the reader in understanding the Company's financial statements. The consolidated financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of the Company. All intercompany accounts and transactions have been eliminated in consolidation. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. 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. The more significant estimates and assumptions made by management are valuation of equity instruments, depreciation of property and equipment, and deferred tax asset valuation. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. CASH AND CASH EQUIVALENTS For the Balance Sheets and Statements of Cash Flows, all highly liquid investments with maturity of 90 days or less are considered to be cash equivalents. The Company had a cash balance of $574,211 as of December 31, 2015 and $0 and December 31, 2014. At times such cash balances may be in excess of the FDIC limit of $250,000. As of December 31, 2015 and 2014, there is no cash equivalent. CASH AND CASH EQUIVALENT Cash and cash equivalents include cash on hand, deposits with banks, and investments that are highly liquid and have maturities of three months or less at the date of purchase. EARNINGS PER SHARE The Company has adopted the Financial Accounting Standards Board (FASB) ASC Topic 260 regarding earnings loss per share, which provides for calculation of "basic" and "diluted" earnings / loss per share. Basic earnings loss per share includes no dilution and is computed by dividing net income / loss available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings / loss per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings / loss per share. There were no potentially dilutive instruments outstanding during the interim period ended December 31, 2015 or the year ended December 31, 2014. INCOME TAXES In accordance with ASC 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities have been adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The Company expects to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than-not" threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of December 31, 2015, the Company had no uncertain tax positions. The Company recognizes interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. The Company currently has no federal or state tax examinations nor has it had any federal or state examinations since its inception. To date, the Company has not incurred any interest or tax penalties. For federal tax purposes, the Company's 2012 through 2014 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations. FOREIGN CURRENCY The Company headquarters is located in Singapore and the Company has operations in Singapore, however the functional and reporting currency is in U.S. dollars. Due to the functional and reporting currency both being in U.S. dollars, ASC 830-10-45-17 states that a currency translation is not necessary. CONCENTRATION OF CREDIT RISKS Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, notes receivables, deposits, and trade receivables. The Company places its cash equivalents with high credit quality financial institutions. As of December 31, 2015 and 2014 there were no trade receivables. FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS The Company applies the provisions of accounting guidance, FASB Topic ASC 825, Financial Instruments FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS(CONTINUED) The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. RELATED PARTIES A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consisted of professional service fees, rent and utility expenses, meals, travel and entertainment expenses, and other general and administrative overhead costs. Expenses are recognized when incurred. BASIC AND DILUTED NET (LOSS) PER SHARE The Company computes loss per share in accordance with ASC 260, Earnings per Share. Basic net income (loss) per share is calculated by dividing net (loss) by the weighted-average common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average common shares outstanding during the period using the treasury stock method or the two-class method, whichever is more dilutive. As the Company incurred net losses for the year ended December 31, 2015 no potentially dilutive securities were included in the calculation of diluted earnings per share as the impact would have been anti-dilutive. Therefore, basic and dilutive net (loss) per share were the same as of December 31, 2015 and 2014. REVENUE RECOGNITION The Company is focused on the research, development and commercialization of drugs for the treatment of various forms of cancer. The Company does not expect to generate revenues until clinical trials of its proposed products are completed. Once completed, revenues would be recognized as its technology is licensed or sold or its products become marketable. IMPACT OF NEW ACCOUNTING STANDARDS In June 2014 FASB issued Accounting Standards Update (ASU), ASU 2014-10 regarding development stage entities. The ASU removes the definition of development stage entity, as was previously defined under generally accepted accounting principles in the United States (U.S. GAAP), from the accounting standards codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the ASU eliminates the requirements for development stage entities to (i) present inception-to-date information in the statement of income, cash flow and stockholders' equity, (ii) label the financial statements as those of a development stage entity, (iii) disclose a description of the development stage activities in which the entity is engaged, and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company has chosen to adopt the ASU early for the Company's financial statements as of September 30, 2014. The adoption of this pronouncement impacted the Company by eliminating the requirement to report inception to date financial information previously required. In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 will be effective for the Company beginning in its first quarter of 2017. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is currently evaluating the impact of adopting the new revenue standard on its financial statements. IMPACT OF NEW ACCOUNTING STANDARDS (CONTINUED) In August 2014, FASB issued guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity's ability to continue as a going concern. If such conditions or events exist, disclosures are required that enable users of the financial statements to understand the nature of the conditions or events, management's evaluation of the circumstances and management's plans to mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. The Company will be required to perform an annual assessment of its ability to continue as a going concern when this standard becomes effective on January 1, 2017. The adoption of this guidance is not expected to impact our financial position, results of operations or cash flows. GOING CONCERN The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company had an accumulated deficit of approximately $407,391 and $237,949 for the years ended December 31, 2015 and 2014 respectively, and Shareholders' Equity (Deficit) of approximately $102,928 and $21,062 at December 31, 2015 and 2014, respectively. These matters, among others, raise substantial doubt about our ability to continue as a going concern. While the Company's cash position may not be significant enough to support the Company's daily operations, Management intends to raise additional funds by way of equity and/or debt financing to fund operations. OFFICER COMPENSATION No officer or director has received any compensation from the Company, except for Mr. Capote who received $12.000 in year ended December 2015. Until the Company acquires additional capital, it is not anticipated that any officer or director will receive compensation from the Company other than reimbursement for out-of-pocket expenses incurred on behalf of the Company. See Certain Relationships and Related Transactions. The Company has no stock option, retirement, pension, or profit-sharing programs for the benefit of directors, officers or other employees, but the Board of Directors may recommend adoption of one or more such programs in the future. LEGAL FEES During the years ended December 31, 2015 and 2014 legal fees were incurred largely as a result of services provided to the Company to assist with its regulatory requirements with the Securities and Exchange Commission. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Capital Stock | Note 3 Capital Stock At formation, the Company was authorized to issue 50,000,000 shares of $.001 par value common stock. On April 10, 2014, the Company had a change in ownership resulting in the outstanding accounts payable, notes payable, and interest payable being paid by a shareholder. On May 13, 2014, the Company's Board of Directors, receiving the majority vote of the Company's shareholders, approved of: (a) increasing the aggregate number of authorized shares of Common Stock of the Company from fifty million (50,000,000) shares, par value $0.001, to two hundred fifty million (250,000,000) shares, par value $0.001 per share; (b) establishing a new class of shares by authorizing 1,000,000 shares of preferred stock, par value $0.10 per share ("Preferred Stock"), to have such preferences as the Directors of the Company may assign from time to time; and (c) a 9-for-1 forward stock split ("Forward Split") of the issued and outstanding shares of Common Stock of the Company. As a result of the Forward Split, the-then 23,044,500 issued and outstanding shares of Common Stock represented 207,400,500 post Forward Split shares, while fractional shares resulting from the Forward Split were rounded up to the next whole share. On May 13, 2014, the Company filed Articles of Amendment to its Articles of Incorporation with the Secretary of State of Colorado to increase the authorized number of shares of Common Stock from fifty million (50,000,000) shares, par value $0.001 per share, to two hundred fifty million (250,000,000) shares, par value $0.001 per share, and to authorize 1,000,000 shares of preferred stock, par value $0.10 per share, to have such preferences as the Directors of the Company may assign from time to time. On May 16, 2014, FINRA approved the Forward Split, to take effect on May 20, 2014. The accompanying financial statements have been updated to reflect the effects of the Forward Split. On October 21, 2014, Jaitegh Singh, the Company's previous President, Chief Executive Officer, Chief Financial Officer, Secretary, and Treasurer and the controlling shareholder of the Company ("Mr. Singh") cancelled and returned to treasury an aggregate of 183,739,875 shares of the Company's common stock beneficially owned by Mr. Singh (the "Cancellation") pursuant to the terms of an agreement with the Company's current President, Derrick Mains. Following the Cancellation of the 183,739,875 common shares, there were a total of 23,660,625 common shares of the Company outstanding. On February 6, 2015 (the "Closing Date"), the Company entered into Stock Purchase Agreements (the "Agreement") with two U.S. accredited investors, Scott C. Kline and Jose A. Capote, the Secretary and Chief Technical Officer of the Company, respectively, and two foreign investors, including Rock Capital Limited, the new majority owner of the Company, pursuant to which the Company issued an aggregate of 17,446,673 shares of common stock, or approximately 42.3% of the issued and outstanding common stock of the Company, at an aggregate purchase price of approximately $17,446. The sales of Common Stock were made following the acquisition by Rock Capital Limited. On the Closing Date, Rock Capital Limited acquired 14,250,000 shares of Common Stock of the Company, representing approximately 34.7% of the issued and outstanding shares of Common Stock of the Company as of the Closing Date, from Jaitegh Singh, the previous majority shareholder of the Company. At the Closing Date, Rock Capital Limited also acquired an additional 1,565,450 shares of Common Stock from several minority holders, including Loro Verde Investments, representing approximately 3.8% of the issued and outstanding shares of Common Stock of the Company. As a result of the foregoing, as of the Closing Date, Rock Capital Limited acquired Common Stock representing approximately 76% of the issued and outstanding shares of Common Stock of the Company. On June 26, 2015, the Company filed an Information Statement ("The PRE 14C") with the Securities and Exchange Commission ("SEC"), pursuant to Section 14C of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), notifying the holders of common stock, par value $0.001 per share, of the Company that on June 26, 2015, the Company received a written consent of shareholders holding in aggregate more than a majority of the total voting power of all issued and outstanding capital stock of the Company in lieu of a meeting of the shareholders, authorizing the following: · Changing the name of the Company from High Desert Assets, Inc. to New Asia Energy, Inc.; and · Increasing the Company's authorized common stock, par value $0.001 per share, from 250,000,000 shares to 500,000,000 shares and to increase of the Company's authorized preferred stock, par value $0.10 per share, from 1,000,000 shares to 10,000,000 shares (the "Preferred Stock Increase"). On July 7, 2015, the Company filed the final Form 14C with the SEC. On July 23, 2015, the Company filed Articles of Amendment to its Articles of Incorporation with the Colorado Secretary of State to (i) change the name of the Company from High Desert Assets, Inc. to New Asia Energy, Inc. (the "Name Change"), (ii) increase the Company's authorized common stock, par value $0.001 per share, from 250,000,000 shares to 500,000,000 shares (the "Common Stock Increase"), and (iii) increase the Company's authorized preferred stock, par value $0.10 per share, from 1,000,000 shares to 10,000,000 shares (the "Preferred Stock Increase", together with the Common Stock Increase and Name Change, the "Corporate Actions"). On July 29, 2015, the Financial Industry Regulatory Authority (FINRA) approved the Corporate Actions. The Company's stock is quoted on the OTCQB under the ticker symbol NAEI. On August 19, 2015, the Board of Directors of the Company approved a resolution acknowledging that Rock Capital Limited, the principal controlling shareholder of the Company, (i) had been advancing all the funds to the Company since February 6, 2015 to pay for operating expenses of the Company ("Prior Advances") and (ii) would be required to advance an additional $250,000 to the Company to fund further operating expenses and investments of the Company ("Future Advances", and together with Prior Advances, "Advances"). The Board further resolved that these Advances would constitute an interest-free loan to the Company to be repaid by the close of business on October 31, 2015. However, if the Company was unable to repay these Advances by such date, Rock Capital Limited, at its sole discretion, would have the option to extend the repayment deadline or convert all or a portion of the above Advances into Common Stock at a conversion price of $0.02 per share. As of December 31, 2015, the principal shareholder, Rock Capital Ltd, had not yet acted to exercise its option to convert the Advances to shares of common stock, thus the Advances presently remained as an interest-free loan to the Company. In a letter dated January 8, 2016, Rock Capital Ltd requested repayment of the advances made to date and on January 31, 2016, the Company issued a letter to Rock Capital Ltd confirming its agreement to repay the advances. On March 17th 2016, the Company repaid a total of $ 468,243 to Rock Capital Ltd. On December 31, 2015, the Company went through a change of control of ownership when (i) the Company issued under Regulation S an aggregate of 285,750,001 shares of the Company's common stock to a total of 10 accredited foreign persons in exchange for the receipt of an aggregate of $300,000, including, but not limited to, Rong Yi Rong (Beijing) Asset Management Limited (167,995,350 shares), Platinum Starlight HK Limited (15,176,877 shares), Beijing Run Zheng Technology Development Limited (27,297,224 shares), and Million Leader HK Limited (27,297,224 shares), and (ii) Rock Capital Limited sold 14,250,000 of its shares of the Company's common stock to Platinum Starlight HK Limited in exchange for the receipt of an aggregate of $100,000, altogether representing approximately 91.8% of the issued and outstanding common stock of the Company. The Company received $269,435 as of December 31, 2015. The remaining amount of $30,566 was received after the year end The board of directors and shareholders holding a majority of the common stock of the Company approved the transactions described herein. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4 Earnings Per Share The following table sets forth the computation of basic and diluted net income per share: For the Years Ending December 31, 2015 2014 Net (loss) attributable to common stockholders $ (169,442 ) $ (39,909 ) Basic weighted average outstanding shares of common stock 40,218,659 90,612,415 Dilutive effects of common share equivalents -0- -0- Dilutive weighted average outstanding shares of common stock 40,218,659 23,660,625 Net loss per share of common stock Basic and Diluted (0.004 ) (0.000 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 - 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. Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses and other items. Loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur. The Company follows FASB Statement Accounting Standards Codification No. 740, "Accounting for Income Taxes", which requires, among other things, an asset and liability approach to calculating deferred income taxes. The components of the deferred income tax assets and liabilities arising under ASC No. 740 were as follows: December 31 December 31 2015 2014 Deferred tax assets: $0 $0 Short Term $0 $0 Long Term $0 $0 Total Deferred Tax assets $0 $0 Deferred tax liabilities: $0 $0 Short Term $0 $0 Long Term $0 $0 Total Deferred tax liabilities $0 $0 Total deferred tax assets $0 $0 Net deferred tax liability $0 $0 The types of temporary differences between the tax basis of assets and their financial reporting amounts that give rise to a significant portion of the deferred assets and liabilities are as follows: December 31, 2015 December 31, 2014 Temporary Difference Tax Effect Temporary Difference Tax Effect Deferred tax assets: Net Operating Loss $ 407,391 $ 157,375 $ 237,949 $ 91,920 Valuation Allowance (407,391 ) (157,375 ) (237,949 ) (91,920 ) Total Deferred tax asset -0- -0- -0- -0- Deferred tax liabilities: -0- -0- -0- -0- Total Deferred liablities -0- -0- -0- -0- Net deferred tax asset $ -0- $ -0- $ -0- $ -0- 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. At December 31, 2015 and December 31, 2014, the Company had approximately $407,391 and $237,949, respectively, in unused federal net operating loss carry - - F-16 NEW ASIA ENERGY, INC. NOTES TO FINANCIAL STATEMENTS For the years ended December 31, 2015 and 2014 Note 5 - Income Taxes (Continued) A reconciliation of the U.S. statutory federal income tax rate to the effective tax rate is as follows: December 31, 2015 2014 U.S. Federal statutory graduated rate 34.00 % 34.00 % State income tax rate, net of federal benefit 4.63 % 4.63 % Net rate 38.63 % 38.63 % Net operating loss used 0.00 % 0.00 % Net operating loss for which no tax benefit is currently available -38.63 % -38.63 % 0.00 % 0.00 % The Company's income tax filings are subject to audit by various taxing authorities. The Company's open audit periods are 2012, 2013, and 2014, although, the statute of limitations for the 2012 tax year will expire effective March 15, 2016. In evaluating the Company's provisions and accruals, future taxable income, and reversal of temporary differences, interpretations and tax planning strategies are considered. The Company believes its estimates are appropriate based on current facts and circumstances |
Related Party Activity
Related Party Activity | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Related Party Activity | Note 6 - Related Party Activity During the year ended December 31, 2015, Rock Capital Limited, a related party advanced the Company $471,283. Total advances through December 31, 2015 were $471,283. In a letter dated January 8, 2016, Rock Capital Ltd requested repayment of the advances made to date in accordance with the Board Resolution approved on August 19, 2015, and on January 31, 2016, the Company issued a letter to Rock Capital Ltd confirming its agreement to repay the advances. On March 17th 2016, the Company repaid a total of $ 468,243 to Rock Capital Ltd. The Company has paid Mr. Capote consulting fees for acting in the capacity as Secretary and CTO of the Company in the amount of $12,000 and $0 for the periods ended December 31, 2015 and December 31, 2014, respectively . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 7 Subsequent Events On August 19, 2015, the Board of Directors of the Company approved a resolution acknowledging that Rock Capital Limited, the principal controlling shareholder of the Company, (i) had been advancing all the funds to the Company since February 6, 2015 to pay for operating expenses of the Company ("Prior Advances") and (ii) would be required to advance an additional $250,000 to the Company to fund further operating expenses and investments of the Company ("Future Advances", and together with Prior Advances, "Advances"). The Board further resolved that these Advances would constitute an interest-free loan to the Company to be repaid by the close of business on October 31, 2015. However, if the Company was unable to repay these Advances by such date, Rock Capital Limited, at its sole discretion, would have the option to extend the repayment deadline or convert all or a portion of the above Advances into Common Stock at a conversion price of $0.02 per share. As of December 31, 2015, the principal shareholder, Rock Capital Ltd, had not yet acted to exercise its option to convert the Advances to shares of common stock, thus the Advances remained as an interest-free loan to the Company. In a letter dated January 8, 2016, Rock Capital Ltd requested repayment of the advances made to date and on January 31, 2016, the Company issued a letter to Rock Capital Ltd confirming its agreement to repay the advances. On March 17, 2016, the Company repaid a total of $468,243 to Rock Capital Ltd. In accordance with ASC 855, Subsequent Events |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of the Company. All intercompany accounts and transactions have been eliminated in consolidation. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. 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. The more significant estimates and assumptions made by management are valuation of equity instruments, depreciation of property and equipment, and deferred tax asset valuation. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS For the Balance Sheets and Statements of Cash Flows, all highly liquid investments with maturity of 90 days or less are considered to be cash equivalents. The Company had a cash balance of $574,211 as of December 31, 2015 and $0 and December 31, 2014. At times such cash balances may be in excess of the FDIC limit of $250,000. As of December 31, 2015 and 2014, there is no cash equivalent. CASH AND CASH EQUIVALENT Cash and cash equivalents include cash on hand, deposits with banks, and investments that are highly liquid and have maturities of three months or less at the date of purchase. |
EARNINGS PER SHARE | BASIC AND DILUTED NET (LOSS) PER SHARE The Company computes loss per share in accordance with ASC 260, Earnings per Share. Basic net income (loss) per share is calculated by dividing net (loss) by the weighted-average common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average common shares outstanding during the period using the treasury stock method or the two-class method, whichever is more dilutive. As the Company incurred net losses for the year ended December 31, 2015 no potentially dilutive securities were included in the calculation of diluted earnings per share as the impact would have been anti-dilutive. Therefore, basic and dilutive net (loss) per share were the same as of December 31, 2015 and 2014. |
INCOME TAXES | INCOME TAXES In accordance with ASC 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities have been adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The Company expects to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than-not" threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of December 31, 2015, the Company had no uncertain tax positions. The Company recognizes interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. The Company currently has no federal or state tax examinations nor has it had any federal or state examinations since its inception. To date, the Company has not incurred any interest or tax penalties. For federal tax purposes, the Company's 2012 through 2014 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations. |
FOREIGN CURRENCY | FOREIGN CURRENCY The Company headquarters is located in Singapore and the Company has operations in Singapore, however the functional and reporting currency is in U.S. dollars. Due to the functional and reporting currency both being in U.S. dollars, ASC 830-10-45-17 states that a currency translation is not necessary. |
CONCENTRATION OF CREDIT RISKS | CONCENTRATION OF CREDIT RISKS Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, notes receivables, deposits, and trade receivables. The Company places its cash equivalents with high credit quality financial institutions. As of December 31, 2015 and 2014 there were no trade receivables. |
FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS The Company applies the provisions of accounting guidance, FASB Topic ASC 825, Financial Instruments The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. |
RELATED PARTIES | RELATED PARTIES A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. |
GENERAL AND ADMINISTRATIVE EXPENSES | GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consisted of professional service fees, rent and utility expenses, meals, travel and entertainment expenses, and other general and administrative overhead costs. Expenses are recognized when incurred. |
BASIC AND DILUTED NET (LOSS) PER SHARE | BASIC AND DILUTED NET (LOSS) PER SHARE The Company computes loss per share in accordance with ASC 260, Earnings per Share. Basic net income (loss) per share is calculated by dividing net (loss) by the weighted-average common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average common shares outstanding during the period using the treasury stock method or the two-class method, whichever is more dilutive. As the Company incurred net losses for the year ended December 31, 2015 no potentially dilutive securities were included in the calculation of diluted earnings per share as the impact would have been anti-dilutive. Therefore, basic and dilutive net (loss) per share were the same as of December 31, 2015 and 2014. |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company is focused on the research, development and commercialization of drugs for the treatment of various forms of cancer. The Company does not expect to generate revenues until clinical trials of its proposed products are completed. Once completed, revenues would be recognized as its technology is licensed or sold or its products become marketable. |
IMPACT OF NEW ACCOUNTING STANDARDS | IMPACT OF NEW ACCOUNTING STANDARDS In June 2014 FASB issued Accounting Standards Update (ASU), ASU 2014-10 regarding development stage entities. The ASU removes the definition of development stage entity, as was previously defined under generally accepted accounting principles in the United States (U.S. GAAP), from the accounting standards codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the ASU eliminates the requirements for development stage entities to (i) present inception-to-date information in the statement of income, cash flow and stockholders' equity, (ii) label the financial statements as those of a development stage entity, (iii) disclose a description of the development stage activities in which the entity is engaged, and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company has chosen to adopt the ASU early for the Company's financial statements as of September 30, 2014. The adoption of this pronouncement impacted the Company by eliminating the requirement to report inception to date financial information previously required. In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 will be effective for the Company beginning in its first quarter of 2017. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is currently evaluating the impact of adopting the new revenue standard on its financial statements. In August 2014, FASB issued guidance that requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity's ability to continue as a going concern. If such conditions or events exist, disclosures are required that enable users of the financial statements to understand the nature of the conditions or events, management's evaluation of the circumstances and management's plans to mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern. The Company will be required to perform an annual assessment of its ability to continue as a going concern when this standard becomes effective on January 1, 2017. The adoption of this guidance is not expected to impact our financial position, results of operations or cash flows. |
GOING CONCERN | GOING CONCERN The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company had an accumulated deficit of approximately $407,391 and $237,949 for the years ended December 31, 2015 and 2014 respectively, and Shareholders' Equity (Deficit) of approximately $102,928 and $21,062 at December 31, 2015 and 2014, respectively. These matters, among others, raise substantial doubt about our ability to continue as a going concern. While the Company's cash position may not be significant enough to support the Company's daily operations, Management intends to raise additional funds by way of equity and/or debt financing to fund operations. |
OFFICER COMPENSATION | OFFICER COMPENSATION No officer or director has received any compensation from the Company, except for Mr. Capote who received $12.000 in year ended December 2015. Until the Company acquires additional capital, it is not anticipated that any officer or director will receive compensation from the Company other than reimbursement for out-of-pocket expenses incurred on behalf of the Company. See Certain Relationships and Related Transactions. The Company has no stock option, retirement, pension, or profit-sharing programs for the benefit of directors, officers or other employees, but the Board of Directors may recommend adoption of one or more such programs in the future. |
LEGAL FEES | LEGAL FEES During the years ended December 31, 2015 and 2014 legal fees were incurred largely as a result of services provided to the Company to assist with its regulatory requirements with the Securities and Exchange Commission. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income per share | For the Years Ending December 31, 2015 2014 Net (loss) attributable to common stockholders $ (169,442 ) $ (39,909 ) Basic weighted average outstanding shares of common stock 40,218,659 90,612,415 Dilutive effects of common share equivalents -0- -0- Dilutive weighted average outstanding shares of common stock 40,218,659 23,660,625 Net loss per share of common stock Basic and Diluted (0.004 ) (0.000 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of the deferred income tax assets and liabilities | December 31 December 31 2015 2014 Deferred tax assets: $0 $0 Short Term $0 $0 Long Term $0 $0 Total Deferred Tax assets $0 $0 Deferred tax liabilities: $0 $0 Short Term $0 $0 Long Term $0 $0 Total Deferred tax liabilities $0 $0 Total deferred tax assets $0 $0 Net deferred tax liability $0 $0 |
Types of temporary differences between the tax basis of assets and their financial reporting amounts that give rise to a significant portion of the deferred assets | December 31, 2015 December 31, 2014 Temporary Difference Tax Effect Temporary Difference Tax Effect Deferred tax assets: Net Operating Loss $ 407,391 $ 157,375 $ 237,949 $ 91,920 Valuation Allowance (407,391 ) (157,375 ) (237,949 ) (91,920 ) Total Deferred tax asset -0- -0- -0- -0- Deferred tax liabilities: -0- -0- -0- -0- Total Deferred liablities -0- -0- -0- -0- Net deferred tax asset $ -0- $ -0- $ -0- $ -0- |
Deferred tax basis | December 31, 2015 2014 U.S. Federal statutory graduated rate 34.00 % 34.00 % State income tax rate, net of federal benefit 4.63 % 4.63 % Net rate 38.63 % 38.63 % Net operating loss used 0.00 % 0.00 % Net operating loss for which no tax benefit is currently available -38.63 % -38.63 % 0.00 % 0.00 % |
Capital Stock (Details)
Capital Stock (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Stock Details | ||
Increase in number of shares | 500,000,000 | 250,000,000 |
Par value | $ 0.001 | $ 0.001 |
Forward stock split | 9-for-1 forward stock split ("Forward Split") of the issued and outstanding shares of Common Stock of the Company. As a result of the Forward Split, the current 23,044,500 issued and outstanding shares of Common Stock shall represent 207,400,500 post Forward Split shares; any and all fractional shares resulting from the Forward Split shall be rounded up to the next whole share. | |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted net income per share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Net (loss) attributable to common stockholders | $ (169,404) | $ (39,909) |
Basic weighted average outstanding shares of common stock | 40,218,659 | 90,612,415 |
Dilutive effects of common share equivalents | $ 0 | $ 0 |
Dilutive weighted average outstanding shares of common stock | 40,218,659 | 23,660,625 |
Net loss per share of common stock Basic and Diluted | $ (0.004) | $ 0 |
Related Party Activity (Details
Related Party Activity (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Notes to Financial Statements | ||
Due To Related Party | $ 471,283 | $ 3,040 |
Amount paid to related party | $ 468,243 |
Income Taxes - Components of th
Income Taxes - Components of the deferred income tax assets and liabilities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets: | $ 0 | $ 0 |
Short Term | 0 | 0 |
Long Term | 0 | 0 |
Total Deferred Tax assets | 0 | 0 |
Deferred tax liabilities: | 0 | 0 |
Short Term | 0 | 0 |
Long Term | 0 | 0 |
Total Deferred tax liabilities | 0 | 0 |
Total deferred tax assets | 0 | 0 |
Net deferred tax liability | $ 0 | $ 0 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences That Affect Deferred Tax Amount (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net Operating Loss - Temporary Difference | $ 407,391 | $ 237,949 |
Net Operating Loss - Tax Effect | 157,375 | 91,920 |
Valuation Allowance - Temporary Difference | (407,391) | (237,949) |
Valuation Allowance - Tax Effect | $ (157,375) | $ (91,920) |
Income Taxes - Deferred tax bas
Income Taxes - Deferred tax basis (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
U.S. Federal statutory graduated rate | $ 34 | $ 34 |
State income tax rate, | ||
net of federal benefit | 463.00% | 463.00% |
Net rate | 3863.00% | 38.63% |
Net operating loss used | 0 | 0 |
Net operating loss for which no tax benefit is currently available | 38.63 | 38.63 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Amount of unused federal net operating loss carry-forwards | $ 407,391 | $ 237,949 |
Tax credit carryforward expiration date | Dec. 31, 2029 | Dec. 31, 2029 |
Deferred tax asset | $ 157,375 | $ 91,920 |
Valuation allowance | 10000.00% | 10000.00% |
Valuation Allowance Deferred Tax Asset Change In Amount | $ 65,455 | $ 15,417 |