Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 15, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | GROTE MOLEN INC | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Trading Symbol | grote | |
Amendment Flag | false | |
Entity Central Index Key | 1,456,212 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 22,200,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Incorporation, Date of Incorporation | Mar. 15, 2004 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash | $ 13,552 | $ 9,251 |
Accounts receivable | 25,670 | 27,565 |
Accounts receivable - related parties | 5,035 | 11,365 |
Inventories | 864,581 | 708,893 |
Deposits | 100,400 | 64,685 |
Prepaid expenses | 403 | 356 |
Total current assets | 1,009,641 | 822,115 |
Property and equipment, net | 131,272 | 139,688 |
Intangible assets, net | 62,820 | 63,068 |
Total Assets | 1,203,733 | 1,024,871 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 89,904 | 73,020 |
Accounts payable - related parties | 3,897 | 1,950 |
Accrued interest payable - related parties | 61,888 | 53,507 |
Accrued interest payable | 28,085 | 22,686 |
Current portion of long-term debt - related party | 2,943 | |
Notes payable - related parties | 364,399 | 130,127 |
Notes payable | 167,600 | 136,100 |
Total current liabilities | 715,773 | 420,333 |
Long-term debt: | ||
Note payable | 145,928 | 145,139 |
Total long-term debt | 145,928 | 145,139 |
Total liabilities | 861,701 | 565,472 |
Stockholders' equity: | ||
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 22,200,000 shares issued and outstanding | 22,200 | 22,200 |
Additional paid-in capital | 147,800 | 147,800 |
Retained earnings | 172,032 | 289,399 |
Total stockholders' equity | 342,032 | 459,399 |
Total liabilities and stockholders' equity | $ 1,203,733 | $ 1,024,871 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICAL | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | ||
Preferred stock shares outstanding | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock shares issued | 22,200,000 | 22,200,000 |
Common stock shares outstanding | 22,200,000 | 22,200,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Sales | $ 289,383 | $ 280,018 | $ 458,055 | $ 582,194 |
Sales to related parties | 12,960 | 11,456 | 16,580 | 26,045 |
Total revenues | 302,343 | 291,474 | 474,635 | 608,239 |
Cost of revenues: | ||||
Cost of sales | 203,610 | 197,785 | 326,071 | 412,633 |
Cost of related party sales | 9,175 | 8,092 | 11,803 | 18,460 |
Total cost of revenues | 212,785 | 205,877 | 337,874 | 431,093 |
Gross profit | 89,558 | 85,597 | 136,761 | 177,146 |
Operating costs and expenses: | ||||
Selling, general and administrative | 110,383 | 112,552 | 228,439 | 222,430 |
Depreciation and amortization | 4,208 | 4,536 | 8,664 | 9,074 |
Total operating costs and expenses | 114,591 | 117,088 | 237,103 | 231,504 |
Loss from operations | (25,033) | (31,491) | (100,342) | (54,358) |
Other expense: | ||||
Interest expense - related parties | 6,612 | 5,474 | 8,532 | 9,997 |
Interest expense | 4,405 | 1,990 | 8,493 | 3,680 |
Total other expense | 11,017 | 7,464 | 17,025 | 13,677 |
Loss before income taxes | (36,050) | (38,955) | (117,367) | (68,035) |
Income tax (provision) benefit | (34) | (34) | ||
Net loss | $ (36,050) | $ (38,989) | $ (117,367) | $ (68,069) |
Net loss per common share - Basic and diluted | ||||
Weighted average shares outstanding - Basic and diluted | 22,200,000 | 22,200,000 | 22,200,000 | 22,200,000 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (117,367) | $ (68,069) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 8,664 | 9,074 |
(Increase) decrease in: | ||
(Increase) Decrease in Accounts Receivable | 1,895 | (9,050) |
(Increase) Decrease in Accounts Receivable - Related Parties | 6,330 | 32,008 |
(Increase) Decrease in Inventories | (155,688) | (187,084) |
(Increase) Decrease in Deposits | (35,715) | 152,405 |
(Increase) Decrease in Prepaid Expenses | (47) | 4 |
Increase (Decrease) in Accounts Payable and Accrued Expenses | 16,884 | 22,781 |
Increase (Decrease) in Accounts Payable - Related Parties | 1,947 | 900 |
Increase (Decrease) in Accrued Interest Payable - Related Parties | 8,381 | 4,579 |
Increase (Decrease) in Accrued Interest Payable | 5,399 | 4,391 |
Net cash used in operating activities | (259,317) | (38,061) |
Cash flows from investing activities | ||
Net cash used in investing activities | ||
Cash flows from financing activities: | ||
Proceeds from long-term note payable | 5,300 | 22,000 |
Proceeds from notes payable - related parties | 300,000 | |
Proceeds from notes payable | 31,500 | 30,000 |
Repayment of notes payable - related parties | (65,728) | (15,500) |
Repayment of long-term debt - related party | (2,943) | (22,490) |
Repayment of long-term note payable | (4,511) | (14,559) |
Net cash provided by (used in) financing activities | 263,618 | (549) |
Net increase (decrease) in cash | 4,301 | (38,610) |
Cash, beginning of the period | 9,251 | 60,808 |
Cash, end of the period | $ 13,552 | $ 22,198 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Signicant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 1 - Organization and Summary of Signicant Accounting Policies | NOTE 1 ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES Organization Grote Molen, Inc. (Grote Molen) was incorporated under the laws of the State of Nevada on March 15, 2004. BrownWick, LLC (BrownWick), a wholly owned subsidiary, was formed in the State of Idaho on June 5, 2005. The principal business of Grote Molen and BrownWick (collectively the Company) is to distribute grain mills, kitchen mixers and related accessories for home use. Principles of Consolidation The condensed consolidated financial statements include the accounts of Grote Molen and BrownWick. All significant inter-company balances and transactions have been eliminated. Basis of Presentation The accompanying condensed consolidated financial statements as of June 30, 2016 and for the three months and six months ended June 30, 2016 and 2015 are unaudited. In the opinion of management, all adjustments have been made, consisting of normal recurring items, that are necessary to present fairly the consolidated financial position as of June 30, 2016 as well as the consolidated results of operations for the three months and six months ended June 30, 2016 and cash flows for the six months ended June 30, 2016 and 2015 in accordance with U.S. generally accepted accounting principles. The results of operations for any interim period are not necessarily indicative of the results expected for the full year. The interim condensed consolidated financial statements and related notes thereto should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2015. Use of Estimates in the Preparation of Financial Statements 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. Actual results could differ from those estimates. Earnings Per Share The computation of basic earnings per common share is based on the weighted average number of shares outstanding during the period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period. Common stock equivalents are not included in the diluted earnings per share calculation when their effect is anti-dilutive. We have not granted any stock options or warrants since inception of the Company. Therefore, our basic earnings per share is the same as diluted earnings per share for the three months and six months ended June 30, 2016 and 2015. Comprehensive Income (Loss) Comprehensive income (loss) is the same as net income (loss). |
Note 2 - Detail of Certain Bala
Note 2 - Detail of Certain Balance Sheet Accounts | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 2 - Detail of Certain Balance Sheet Accounts | NOTE 2 DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS Accounts receivable June 30, 2016 December 31, 2015 Trade accounts receivable related parties $ 35 $ 6,365 Employee advances 5,000 5,000 Total accounts receivable related parties 5,035 11,365 Trade accounts receivable 25,670 27,565 $ 30,705 $ 38,930 Property and equipment consist of the following: June 30, 2016 December 31, 2015 Office equipment $ 4,335 $ 4,335 Warehouse equipment 16,927 16,927 Website development 2,000 2,000 Molds 150,615 150,615 173,877 173,877 Accumulated depreciation (42,605) (34,189) $ 131,272 $ 139,688 Intangible assets consist of the following: June 30, 2016 December 31, 2015 License definite lived $ 10,500 $ 10,500 License indefinite lived 62,720 62,720 Patent 100 100 73,320 73,320 Accumulated amortization (10,500) (10,252) $ 62,820 $ 63,068 |
Note 3 - Debt
Note 3 - Debt | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 3 - Debt | NOTE 3 RELATED PARTY DEBT Notes payable related parties are unsecured and are comprised of the following: June 30, 2016 December 31, 2015 Note $ 30,000 $ 30,000 Note 3,500 3,500 Note 38,000 38,000 Note 10,000 10,000 Note 5,000 5,000 Note payable to a stockholder, due on demand, with interest at 8% per annum 9,000 9,000 Note payable to a stockholder, due on demand, with interest at 8% per annum 15,000 15,000 Note payable to a stockholder, due on demand, with interest at 8% per annum 2,000 10,500 Note payable to a stockholder, due May 1, 2017, with interest at 18% per annum, payable in 12 monthly payments of $27,504 242,772 Non-interest bearing advances from stockholders, with no formal repayment terms 9,127 9,127 Total $ 364,399 $ 130,127 Long-term debt related party is comprised of the following: June 30, 2016 December 31, 2015 Note payable to a stockholder, due in monthly installments of $4,000 through February 2016, with interest at 6.97 % per annum $ - $ 2,943 Less current portion - (2,943) Long-term portion $ - $ - Interest expense on related party debt was $6,612 and $5,474 for the three months ended June 30, 2016 and 2015 and $8,532 and $9,997 for the six months ended June 30, 2016 and 2015, respectively. Accrued interest payable to related parties was $61,888 and $53,507 at June 30, 2016 and December 31, 2015, respectively. |
Note 4 - Notes Payable
Note 4 - Notes Payable | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 4 - Notes Payable | NOTE 4 NOTES PAYABLE Short-term notes payable to non-related parties are unsecured and are comprised of the following: June 30, 2016 December 31, 2015 Note payable, due on demand, with interest at 8% per annum $ 15,000 $ 15,000 Note payable, due on demand, with interest at 8% per annum 20,000 20,000 Note payable, due on demand, with interest at 8% per annum 5,000 5,000 Note payable, due on demand, with interest at 8% per annum 7,000 7,000 Note payable, due on demand, with interest at 6% per annum 15,000 15,000 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 4,000 4,000 Note payable, due on demand, with interest at 6% per annum 5,600 5,600 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 2,500 2,500 Note payable, due on demand, with interest at 6% per annum 9,000 9,000 Note payable, due on demand, with interest at 6% per annum 3,000 3,000 Note payable, due on demand, with interest at 6% per annum 20,000 - Note payable, due on demand, with interest at 6% per annum 5,000 - Note payable, due on demand, with interest at 6% per annum 6,500 - Total $ 167,600 $ 136,100 At June 30, 2016 and December 31, 2015, we had a long-term note payable to a bank with a principal balance of $145,928 and $145,139, respectively. The long-term note payable is a line of credit promissory note bearing interest at an indexed rate plus 2% (4.50% at June 30, 2016), requiring monthly interest payments only, and maturing on May 16, 2021. The note payable has a maximum line of credit of $150,000, and is secured by a deed of trust on certain real estate owned by one of the principal stockholders of the Company and by the Companys inventories, property and equipment, and intangible assets. Accrued interest payable on notes payable was $28,085 and $22,686 at June 30, 2016 and December 31, 2015, respectively. |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 5 - Related Party Transactions | NOTE 5 RELATED PARTY TRANSACTIONS Pursuant to an agreement effective in February 2011, we pay a monthly management fee to a company owned by one of the major stockholders of the Company to manage our day-to-day business activities and to provide business space. Historically we have paid monthly management fees in varying amounts to this related party pursuant to prior agreements approved by the stockholders of the Company. The agreement is on a month-to-month basis and can be cancelled at any time by the vote of management. The agreement was amended and restated on October 31, 2014 to increase the fee to $12,500 effective November 1, 2014. Also included in management fees are monthly payments of $150 to another major stockholder of the Company for expense reimbursement. Included in selling, general and administrative expenses were management fees totaling $37,950 for each of the three-month periods ended June 30, 2016 and 2015 and $75,900 for each of the six-month periods ended June 30, 2016 and 2015. Each of the two principal stockholders of the Company owns a company that is our customer. Sales to these related parties totaled $12,960 and $11,456 for the three months ended June 30, 2016 and 2015, respectively, or approximately 4% and 4%, respectively. Sales to these related parties totaled $16,580 and $26,045 for the six months ended June 30, 2016 and 2015, respectively, or approximately 3% and 4%, respectively. Accounts receivable from these related parties totaled $35 and $6,365 at June 30, 2016 and December 31, 2015, respectively. Accounts payable to these related parties totaled $3,897 and $1,950 at June 30, 2016 and December 31, 2015, respectively. See Note 3 for discussion of related party debt and interest expense. |
Note 6 - Capital Stock
Note 6 - Capital Stock | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 6 - Capital Stock | NOTE 6 CAPITAL STOCK The Companys preferred stock may have such rights, preferences and designations and may be issued in such series as determined by our Board of Directors. No shares of preferred stock were issued and outstanding at June 30, 2016 and December 31, 201 . |
Note 7 - Supplemental Statement
Note 7 - Supplemental Statement of Cash Flows Information | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 7 - Supplemental Statement of Cash Flows Information | NOTE 7 SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION During the six months ended June 30, 2016 and 2015, we had no non-cash financing and investing activities. During the six months ended June 30, 2016 and 2015, we paid cash for income taxes of $0 and $34 , respectively. During the six months ended June, 2016 and 2015, we paid cash for interest of $ and $ , respectively. |
Note 8 - Significant Customers
Note 8 - Significant Customers | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 8 - Significant Customers | NOTE 8 SIGNIFICANT CUSTOMERS In addition to the sales to related parties discussed in Note , we had sales to one customer that accounted for approximately 12% and 9% of total sales for the six months ended June 30, 2016 and 2015, respectively. |
Note 9 - Recently Issued Accoun
Note 9 - Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 9 - Recently Issued Accounting Pronouncements | NOTE 9 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS There were no new accounting pronouncements issued during the six months ended June 30, 2016 and through the date of this filing that we believe are applicable to or would have a material impact on the consolidated financial statements of the Company. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
Note 10 - Subsequent Events | NOTE 10 SUBSEQUENT EVENTS We have evaluated events occurring after the date of our accompanying consolidated balance sheets through the date the financial statements were issued and have identified the following subsequent events that we believe require disclosure. On July 15, 2016, we received proceeds of $50,000 from an unsecured promissory note payable to an unrelated party. The note is payable on demand and bears interest at an annual rate of 6%. The proceeds from the note were primarily used to retire other notes payable and related accrued interest payable. On August 9, 2016, we received proceeds of $10,000 from an unsecured promissory note payable to an unrelated party. The note is payable on demand and bears interest at an annual rate of 6%. |
Note 1 - Organization and Sum16
Note 1 - Organization and Summary of Signicant Accounting Policies: Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of Grote Molen and BrownWick. All significant inter-company balances and transactions have been eliminated. |
Note 1 - Organization and Sum17
Note 1 - Organization and Summary of Signicant Accounting Policies: Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Policies | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements as of June 30, 2016 and for the three months and six months ended June 30, 2016 and 2015 are unaudited. In the opinion of management, all adjustments have been made, consisting of normal recurring items, that are necessary to present fairly the consolidated financial position as of June 30, 2016 as well as the consolidated results of operations for the three months and six months ended June 30, 2016 and cash flows for the six months ended June 30, 2016 and 2015 in accordance with U.S. generally accepted accounting principles. The results of operations for any interim period are not necessarily indicative of the results expected for the full year. The interim condensed consolidated financial statements and related notes thereto should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2015. |
Note 1 - Organization and Sum18
Note 1 - Organization and Summary of Signicant Accounting Policies: Use of Estimates in The Preparation of Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Policies | |
Use of Estimates in The Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements 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. Actual results could differ from those estimates. |
Note 1 - Organization and Sum19
Note 1 - Organization and Summary of Signicant Accounting Policies: Earnings Per Share (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Policies | |
Earnings Per Share | Earnings Per Share The computation of basic earnings per common share is based on the weighted average number of shares outstanding during the period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period. Common stock equivalents are not included in the diluted earnings per share calculation when their effect is anti-dilutive. We have not granted any stock options or warrants since inception of the Company. Therefore, our basic earnings per share is the same as diluted earnings per share for the three months and six months ended June 30, 2016 and 2015. |
Note 1 - Organization and Sum20
Note 1 - Organization and Summary of Signicant Accounting Policies: Comprehensive Income (loss) (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Policies | |
Comprehensive Income (loss) | Comprehensive Income (Loss) Comprehensive income (loss) is the same as net income (loss). |
Note 9 - Recently Issued Acco21
Note 9 - Recently Issued Accounting Pronouncements: Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Policies | |
Recently Issued Accounting Pronouncements | There were no new accounting pronouncements issued during the six months ended June 30, 2016 and through the date of this filing that we believe are applicable to or would have a material impact on the consolidated financial statements of the Company. |
Note 2 - Detail of Certain Ba22
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Tables/Schedules | |
Schedule of Accounts, Notes, Loans and Financing Receivable | June 30, 2016 December 31, 2015 Trade accounts receivable related parties $ 35 $ 6,365 Employee advances 5,000 5,000 Total accounts receivable related parties 5,035 11,365 Trade accounts receivable 25,670 27,565 $ 30,705 $ 38,930 |
Note 2 - Detail of Certain Ba23
Note 2 - Detail of Certain Balance Sheet Accounts: Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Tables/Schedules | |
Property, Plant and Equipment | June 30, 2016 December 31, 2015 Office equipment $ 4,335 $ 4,335 Warehouse equipment 16,927 16,927 Website development 2,000 2,000 Molds 150,615 150,615 173,877 173,877 Accumulated depreciation (42,605) (34,189) $ 131,272 $ 139,688 |
Note 2 - Detail of Certain Ba24
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Tables/Schedules | |
Schedule of Intangible Assets | June 30, 2016 December 31, 2015 License definite lived $ 10,500 $ 10,500 License indefinite lived 62,720 62,720 Patent 100 100 73,320 73,320 Accumulated amortization (10,500) (10,252) $ 62,820 $ 63,068 |
Note 3 - Debt_ Schedule Of Note
Note 3 - Debt: Schedule Of Notes Payable To Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Tables/Schedules | |
Schedule Of Notes Payable To Related Parties | June 30, 2016 December 31, 2015 Note $ 30,000 $ 30,000 Note 3,500 3,500 Note 38,000 38,000 Note 10,000 10,000 Note 5,000 5,000 Note payable to a stockholder, due on demand, with interest at 8% per annum 9,000 9,000 Note payable to a stockholder, due on demand, with interest at 8% per annum 15,000 15,000 Note payable to a stockholder, due on demand, with interest at 8% per annum 2,000 10,500 Note payable to a stockholder, due May 1, 2017, with interest at 18% per annum, payable in 12 monthly payments of $27,504 242,772 Non-interest bearing advances from stockholders, with no formal repayment terms 9,127 9,127 Total $ 364,399 $ 130,127 |
Note 3 - Debt_ Schedule of Long
Note 3 - Debt: Schedule of Long-term Debt - Related Party (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Tables/Schedules | |
Schedule of Long-term Debt - Related Party | June 30, 2016 December 31, 2015 Note payable to a stockholder, due in monthly installments of $4,000 through February 2016, with interest at 6.97 % per annum $ - $ 2,943 Less current portion - (2,943) Long-term portion $ - $ - |
Note 4 - Notes Payable_ Schedul
Note 4 - Notes Payable: Schedule of Short-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Tables/Schedules | |
Schedule of Short-term Debt | June 30, 2016 December 31, 2015 Note payable, due on demand, with interest at 8% per annum $ 15,000 $ 15,000 Note payable, due on demand, with interest at 8% per annum 20,000 20,000 Note payable, due on demand, with interest at 8% per annum 5,000 5,000 Note payable, due on demand, with interest at 8% per annum 7,000 7,000 Note payable, due on demand, with interest at 6% per annum 15,000 15,000 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 4,000 4,000 Note payable, due on demand, with interest at 6% per annum 5,600 5,600 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 10,000 10,000 Note payable, due on demand, with interest at 6% per annum 2,500 2,500 Note payable, due on demand, with interest at 6% per annum 9,000 9,000 Note payable, due on demand, with interest at 6% per annum 3,000 3,000 Note payable, due on demand, with interest at 6% per annum 20,000 - Note payable, due on demand, with interest at 6% per annum 5,000 - Note payable, due on demand, with interest at 6% per annum 6,500 - Total $ 167,600 $ 136,100 |
Note 1 - Organization and Sum28
Note 1 - Organization and Summary of Signicant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Mar. 15, 2004 |
Note 2 - Detail of Certain Ba29
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts receivable - related parties | $ 5,035 | $ 11,365 |
Accounts receivable | 25,670 | 27,565 |
Trade Accounts Receivable - Related Parties | ||
Accounts receivable - related parties | 35 | 6,365 |
Employee Advances | ||
Accounts receivable - related parties | 5,000 | 5,000 |
Accounts Receivable, Net | 30,705 | 38,930 |
Trade Accounts Receivable | ||
Accounts receivable | $ 25,670 | $ 27,565 |
Note 2 - Detail of Certain Ba30
Note 2 - Detail of Certain Balance Sheet Accounts: Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment, Gross | $ 173,877 | $ 173,877 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (42,605) | (34,189) |
Property and equipment, net | 131,272 | 139,688 |
Office Equipment | ||
Property, Plant and Equipment, Gross | 4,335 | 4,335 |
Equipment | ||
Property, Plant and Equipment, Gross | 16,927 | 16,927 |
Software Development | ||
Property, Plant and Equipment, Gross | 2,000 | 2,000 |
Tools, Dies and Molds | ||
Property, Plant and Equipment, Gross | $ 150,615 | $ 150,615 |
Note 2 - Detail of Certain Ba31
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Gross | $ 73,320 | $ 73,320 |
Finite-Lived Intangible Assets, Accumulated Amortization | (10,500) | (10,252) |
Finite Lived Intangible Assets Net | 62,820 | 63,068 |
License - definitive life | ||
Finite-Lived Intangible Assets, Gross | 10,500 | 10,500 |
License - indefinitive life | ||
Finite-Lived Intangible Assets, Gross | 62,720 | 62,720 |
Patents | ||
Finite-Lived Intangible Assets, Gross | $ 100 | $ 100 |
Note 3 - Debt_ Schedule Of No32
Note 3 - Debt: Schedule Of Notes Payable To Related Parties (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Notes payable - related parties | $ 364,399 | $ 130,127 |
Note 1 | ||
Notes payable - related parties | 30,000 | 30,000 |
Note 2 | ||
Notes payable - related parties | 3,500 | 3,500 |
Note 3 | ||
Notes payable - related parties | 38,000 | 38,000 |
Note 4 | ||
Notes payable - related parties | 10,000 | 10,000 |
Note 5 | ||
Notes payable - related parties | 5,000 | 5,000 |
Note 6 | ||
Notes payable - related parties | 9,000 | 9,000 |
Note 7 | ||
Notes payable - related parties | 15,000 | 15,000 |
Note 8 | ||
Notes payable - related parties | 2,000 | 10,500 |
Note 9 | ||
Notes payable - related parties | 242,772 | |
Note 10 | ||
Notes payable - related parties | $ 9,127 | $ 9,127 |
Note 3 - Debt_ Schedule of Lo33
Note 3 - Debt: Schedule of Long-term Debt - Related Party (Details) | Dec. 31, 2015USD ($) | |
Details | ||
Due to Other Related Parties | $ 2,943 | [1] |
Current Portion of Long-Term Debt - Related Party | $ (2,943) | |
[1] | Due in monthly installments of $4,000 through February 2016, with interest at 6.97 % per annum |
Note 3 - Debt (Details)
Note 3 - Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Details | |||||
Interest expense - related parties | $ 6,612 | $ 5,474 | $ 8,532 | $ 9,997 | |
Accrued interest payable - related parties | $ 61,888 | $ 61,888 | $ 53,507 |
Note 4 - Notes Payable_ Sched35
Note 4 - Notes Payable: Schedule of Short-term Debt (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Notes payable | $ 167,600 | $ 136,100 |
Note 11 | ||
Notes payable | 15,000 | 15,000 |
Note 12 | ||
Notes payable | 20,000 | 20,000 |
Note 13 | ||
Notes payable | 5,000 | 5,000 |
Note 14 | ||
Notes payable | 7,000 | 7,000 |
Note 15 | ||
Notes payable | 15,000 | 15,000 |
Note 16 | ||
Notes payable | 10,000 | 10,000 |
Note 17 | ||
Notes payable | 4,000 | 4,000 |
Note 18 | ||
Notes payable | 5,600 | 5,600 |
Note 19 | ||
Notes payable | 10,000 | 10,000 |
Note 20 | ||
Notes payable | 10,000 | 10,000 |
Note 21 | ||
Notes payable | 10,000 | 10,000 |
Note 22 | ||
Notes payable | 10,000 | 10,000 |
Note 23 | ||
Notes payable | 2,500 | 2,500 |
Note 24 | ||
Notes payable | 9,000 | 9,000 |
Note 25 | ||
Notes payable | 3,000 | $ 3,000 |
Note 26 | ||
Notes payable | 20,000 | |
Note 27 | ||
Notes payable | 5,000 | |
Note 28 | ||
Notes payable | $ 6,500 |
Note 4 - Notes Payable (Details
Note 4 - Notes Payable (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Details | ||
Notes Payable | $ 145,928 | $ 145,139 |
Accrued interest payable | $ 28,085 | $ 22,686 |
Note 5 - Related Party Transa37
Note 5 - Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Feb. 01, 2011 | |
Details | ||||||
Expense reimbursement to stockholder | $ 150 | |||||
Management fee paid to related party | $ 37,950 | $ 37,950 | $ 75,900 | $ 75,900 | ||
Sales to related parties | $ 12,960 | $ 11,456 | $ 16,580 | $ 26,045 | ||
Percent of sales to related parties | 4.00% | 4.00% | 3.00% | 4.00% | ||
Accounts receivable, related parties | $ 35 | $ 35 | $ 6,365 | |||
Accounts payable - related parties | $ 3,897 | $ 3,897 | $ 1,950 |
Note 7 - Supplemental Stateme38
Note 7 - Supplemental Statement of Cash Flows Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Details | ||
Income Taxes Paid | $ 0 | $ 34 |
Interest Paid | $ 3,006 | $ 4,707 |
Note 8 - Significant Customers
Note 8 - Significant Customers (Details) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Details | ||
Concentration Risk, Customer | 12% | 9% |