Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 19, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ALLERAYDE SAB, INC. | ' |
Entity Central Index Key | '0001456993 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 89,005,250 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash and equivalents | $6,093 | $16 |
Accounts receivable | 4,000 | 0 |
Total Current Assets | 10,093 | 16 |
TOTAL ASSETS | 10,093 | 16 |
Current Liabilities | ' | ' |
Accrued expenses | 111,756 | 3,096 |
Accrued interest | 149,638 | 0 |
Convertible notes payable | 1,481,978 | 0 |
Due to related parties | 431,061 | 0 |
Loans payable | 55,555 | 0 |
Total Liabilities | 2,229,988 | 3,096 |
Stockholders' Deficit | ' | ' |
Preferred Stock Authorized: 100,000,000 preferred shares. No shares issued and outstanding at June 30, 2013 and December 31, 2012 | 0 | 0 |
Common Stock, 400,000,000 shares of common stock with par value of $.0001, (2012 -unlimited shares authorized no par value, Issued 89,005,250 shares of common stock ( 2012- 10 shares issued and outstanding ) | 8,900 | 15 |
Additional paid in capital | 460,283 | 0 |
Accumulated other comprehensive loss | -1,562 | -11 |
Deficit accumulated during the development stage | -2,687,516 | -3,084 |
Total Stockholders' Deficit | -2,219,895 | -3,080 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $10,093 | $16 |
Balance_Sheets_Unaudited_Paren
Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Balance Sheets [Abstract] | ' | ' |
Preferred Stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued | ' | ' |
Preferred Stock, shares outstanding | ' | ' |
Common Stock, shares authorized | 400,000,000 | ' |
Common Stock, par value | $0.00 | ' |
Common Stock, shares issued | 89,005,250 | 10 |
Common Stock, shares outstanding | 89,005,250 | 10 |
Statements_of_Operations_and_O
Statements of Operations and Other Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Statements of Operations and Other Comprehensive Loss [Abstract] | ' | ' | ' | ' | ' |
REVENUES | ' | $0 | $16,289 | $0 | $16,289 |
EXPENSES | ' | ' | ' | ' | ' |
Professional fees | 2,151 | 0 | 7,948 | 0 | 10,448 |
Consulting fees | ' | 0 | 50,000 | 0 | 50,000 |
Salaries and benefits | ' | 0 | 8,184 | 0 | 8,184 |
Interest on convertible notes | 2,005 | 0 | 8,362 | 0 | 8,362 |
General and administrative | 14,098 | 0 | 23,549 | 0 | 23,549 |
Rent | ' | 0 | 1,640 | 0 | 2,224 |
TOTAL EXPENSES | 18,254 | 0 | 99,683 | 0 | 102,767 |
LOSS FROM OPERATIONS | -18,254 | 0 | -83,394 | 0 | -86,478 |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 | 0 |
NET LOSS | -18,254 | 0 | -83,394 | 0 | -86,478 |
NET LOSS PER SHARE: BASIC AND DILUTED | $0 | $0 | $0 | $0 | ' |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 89,005,250 | 0 | 84,889,000 | 78,632,792 | ' |
OTHER COMPREHENSIVE LOSS | ' | ' | ' | ' | ' |
Net loss | -18,254 | 0 | -83,394 | 0 | -86,478 |
Other comprehensive loss | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -1,651 | 0 | -1,573 | 0 | -1,562 |
TOTAL COMPREHENSIVE LOSS | ($16,603) | $0 | ($81,821) | $0 | ($84,916) |
Statement_of_Stockholders_Defi
Statement of Stockholders' Deficit (USD $) | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Deficit accumulated during the development stage |
Beginning balance at Dec. 31, 2011 | ' | ' | ' | ' | ' |
Beginning balance, Shares at Dec. 31, 2011 | ' | ' | ' | ' | ' |
Issuance of common stock for cash | 15 | 15 | ' | ' | ' |
Issuance of common stock for cash, Shares | ' | 10 | ' | ' | ' |
Net loss and other comprehensive loss for the period | ' | ' | ' | -11 | -3,084 |
Balance at Dec. 31, 2012 | -3,080 | 15 | 0 | -11 | -3,084 |
Balance, Shares at Dec. 31, 2012 | ' | 10 | ' | ' | ' |
Cancellation of shares on recapitalization | 0 | -15 | 15 | ' | ' |
Cancellation of shares on recapitalization, Shares | ' | -10 | ' | ' | ' |
Issuance of shares on recapitalization | 0 | 7,666 | -15 | ' | -7,651 |
Issuance of shares on recapitalization, Shares | ' | 76,658,739 | ' | ' | ' |
Assumption of net liabilities on recapitalization | -2,593,387 | ' | ' | ' | -2,593,387 |
Correction to common stock outstanding | ' | ' | ' | ' | ' |
Correction to common stock outstanding, Shares | ' | 11 | ' | ' | ' |
Issuance of common stock for debt | 461,517 | 1,234 | 460,283 | ' | ' |
Issuance of common stock for debt, Shares | ' | 12,346,500 | ' | ' | ' |
Net loss and other comprehensive loss for the period | -81,821 | ' | ' | -1,551 | -83,394 |
Balance at Sep. 30, 2013 | ($2,219,895) | $8,900 | $460,283 | ($1,562) | ($2,687,516) |
Balance, Shares at Sep. 30, 2013 | ' | 89,005,250 | ' | ' | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) | 9 Months Ended | 21 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss for the period | ($83,394) | $0 | ($86,478) |
Adjustments to reconciled net loss to net cash provided by operating activities: | ' | ' | ' |
Convertible note issued for expenses | 54,000 | 0 | 54,000 |
Changes in assets and liabilities: | ' | ' | ' |
Increase in accrued expenses | 9,522 | 0 | 12,618 |
Net Cash Provided by (Used in) Operating Activities | -19,872 | 0 | -19,860 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from promissory note | 27,500 | ' | 27,500 |
Proceeds from issuance of common stock | 0 | ' | 15 |
Net Cash Provided by Financing Activities | 27,500 | 0 | 27,515 |
Exchange rate effect on cash | -1,551 | 0 | -1,562 |
NET INCREASE (DECREASE) IN CASH | 6,077 | 0 | 6,093 |
Cash, beginning of period | 16 | 0 | 0 |
Cash, (bank overdraft) end of period | 6,093 | 0 | 6,093 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for interest | 0 | 0 | 0 |
Cash paid for income taxes | 0 | 0 | 0 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Net liabilities acquired on recapitalization | 2,593,387 | ' | 2,593,387 |
Common Stock Issued For Debt | $95,597 | ' | $95,597 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Business | |
Allerayde SAB, Inc., formerly known as Mobieyes Software, Inc. (the “Company”) was incorporated under the laws of the State of Florida on January 15, 2009. On February 23, 2010, the Company changed its name to Resource Exchange of America Corp. Effective April 30, 2013, the Company changed its name to Allerayde SAB, Inc. The Company’s prior business was a mobile enterprise software company aimed at improving productivity of field service organizations. Upon completion of the acquisition of assets from UTP Holdings, LLC on February 22, 2010, the Company adopted the business of UTP Holdings, LLC. The Company is now engaged in the business of recycling ferrous and nonferrous metals to customers in the United States and abroad. | |
On March 21, 2013, the Company entered into a Share Exchange Agreement with Allerayde SAB Limited. (“Allerayde”) and Mike Rhodes, the sole member of Allerayde (the “Allerayde Stockholder”) (the “Share Exchange Agreement”). This share exchange transaction constituted a reverse merger and a recapitalization of Allerayde. In conjunction with this reverse merger, the historical accounts of Allerayde become the historical accounts of Resource Exchange of America Corp for accounting purposes. | |
Development Stage Company | |
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development-stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. | |
Basis of Presentation | |
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. | |
Accounting Basis | |
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a December 31 fiscal year end. | |
Cash and Cash Equivalents | |
Allerayde considers all highly liquid investments with maturities of three months or less to be cash equivalents. At September 30, 2013 and December 31, 2012, respectively, the Company had $6,093 and $16 of cash. | |
Fair Value of Financial Instruments | |
The Company’s financial instruments consist of cash and cash equivalents, loans payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. | |
Income Taxes | |
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | |
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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | |
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. | |
Foreign Currency | |
The operations of the Company are located in England and Wales. Allerayde maintains a Great Britain Pounds bank account. The functional currency is the U.S. Dollar. Transactions in foreign currencies other than the functional currency, if any, are re-measured into the functional currency at the rate in effect at the time of the transaction. Monetary assets and liabilities denominated in Great Britain Pounds are translated into U.S. Dollars at the rate in effect at the balance sheet date. Revenue and expenses denominated in Great Britain Pounds Dollars are translated at the average exchange rate. | |
Basic Income (Loss) Per Share | |
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2013. | |
Stock-Based Compensation | |
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. | |
Recent Accounting Pronouncements | |
Allerayde does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Going_Concern
Going Concern | 9 Months Ended |
Sep. 30, 2013 | |
Going Concern [Abstract] | ' |
GOING CONCERN | ' |
NOTE 2 – GOING CONCERN | |
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception, has an accumulated deficit of $2,687,516 as of September 30, 2013, has a working capital deficit, and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock. |
Convertible_Notes_Payable
Convertible Notes Payable | 9 Months Ended |
Sep. 30, 2013 | |
Convertible Notes Payable [Abstract] | ' |
CONVERTIBLE NOTES PAYABLE | ' |
NOTE 3 – CONVERTIBLE NOTES PAYABLE | |
a) On February 22, 2010, the Company issued a $250,000 promissory note to the President of the Company. The note bears interest at 10% per annum, is unsecured, and was due on December 31, 2011. The holder may convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to 75% of the average of the closing market price of the Company’s common stock during the five trading days immediately preceding the conversion date. | |
The Company was required to classify the conversion feature contained within the convertible debt as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversions feature of $175,081 with an equivalent discount on the convertible debt. The debt was fully accreted as of December 31, 2011. The carrying value of the convertible debt as of September 30, 2013 is $250,000. During the year ended December 31, 2012, the Company recorded a gain on the change in fair value of the conversion option derivative liability of $150,981 and as of September 30, 2013, the fair value of the conversion option derivative liability was $nil. | |
(b) On April 13, 2010, the Company entered into a $250,000 draw down promissory note agreement with a non-related party. Amounts drawn on this credit facility bear interest at 8% per annum, are unsecured, and were due on April 13, 2011. The holder may convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to 75% of the average of the closing market price of the Company’s common stock during the thirty trading days immediately preceding the conversion date. On October 14, 2010, the conversion price was changed to be fixed at $0.45 per share. | |
As of September 30, 2013, the outstanding balance is $250,000. The Company was required to classify the conversion feature contained within the convertible debt as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversion feature of $147,140 with an equivalent discount on the convertible debt. The debt was fully accreted as of December 31, 2011. The carrying value of the convertible debt as of September 30, 2013 is $250,000. As of December 31, 2012, the fair value of the conversion option derivative liability was $nil. | |
(c) Effective January 31, 2005, the former President of the Company entered into a line of credit agreement with a financial institution allowing for borrowings of up to $800,000 with annual interest at prime to be used to fund the operations of the Company. The line of credit is secured by the principal residence of the former President of the Company. Monthly interest-only payments are required. On October 21, 2010, the Company agreed to add a conversion option to the entire balance of principal and interest outstanding at any time on the line of credit. The President of the Company may elect to convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to 75% of the average of the closing market price of the Company’s common stock during the five trading days immediately preceding the conversion date. The maturity date was December 31, 2011. | |
As of September 30, 2013, the outstanding balance is $788,469 (December 31, 2012 - $788,469). The Company was required to classify the conversion feature contained within the convertible debt as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversion feature of $592,991 with an equivalent discount on the convertible debt. The debt was fully accreted as of December 31, 2011. The carrying value of the convertible debt as of December 31, 2012 is $788,469. During the year ended December 31, 2012, the Company recorded a gain on the change in fair value of the conversion option derivative liability of $402,315 and as of December 31, 2012, the fair value of the conversion option derivative liability was $nil. | |
On August 18, 2011 the company defaulted on the payments owed to the financial institution. As a result, UTP Holdings LLC was obligated to make the monthly bank payments on behalf of the company. UTP Holdings LLC notified the company of the default and the payments. The company is recording the additional amounts due to UTP holdings as a current liability. | |
(d) Effective March 18, 2010, the Company entered into a line of credit agreement with a company owned by the former President of the Company allowing for borrowings of up to $150,000 bearing interest at 8% per annum. The line of credit is unsecured and all borrowings plus interest are due on demand. On October 21, 2010, the Company agreed to add a conversion option to the entire balance of principal outstanding at any time on the line of credit. The holder may elect to convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to 75% of the average of the closing market price of the Company’s common stock during the five trading days immediately preceding the conversion date. | |
The balance on the line of credit as of September 30, 2013 is $50,300. The Company was required to classify the conversion feature contained within the convertible debt as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversion feature of $11,523 with an equivalent discount on the convertible debt. During the year ended December 31, 2012, the Company recorded a gain on the change in fair value of the conversion option derivative liability of $27,752 and as of September 30, 2013 the fair value of the conversion option derivative liability was $nil. | |
(e) On February 23, 2011, the Company issued an 8% convertible note for proceeds of $37,500 which matured on November 28, 2011. The holder may elect to convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to 61% of the average of the three lowest closing market prices during the ten day trading period immediately preceding the conversion date. On April 5, 2013, the promissory note was converted into 3,750,000 shares of common stock. | |
The Company was required to classify the conversion feature contained within the convertible debt as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversion feature of $37,500 with an equivalent discount on the convertible debt. The debt was fully accreted as of December 31, 2011. The carrying value of the convertible debt as of September 30, 2013 is $37,500. During the year ended December 31, 2012, the Company recorded a loss on the change in fair value of the conversion option derivative liability of $101,928As a result of the conversion, the remaining derivative liability of $ 149,417 was recorded as additional paid in capital.. | |
(f) On March 24, 2011, the Company issued an 8% convertible note for proceeds of $27,500 which matured on December 28, 2011. The holder may elect to convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to 61% of the average of the three lowest closing market prices during the ten day trading period immediately preceding the conversion date. | |
The Company was required to classify the conversion feature contained within the convertible debt as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversion feature of $27,500 with an equivalent discount on the convertible debt. The debt was fully accreted as of December 31, 2011. The carrying value of the convertible debt as of September 30, 2013 is $27,500. During the year ended December 31, 2012, the Company recorded a loss on the change in fair value of the conversion option derivative liability of $74,323. On April 5, 2013, the promissory note was converted into 2,750,000 shares of common stock and as a result the remaining derivative liability of $ 108,928 was recorded to additional paid in capital | |
g) On May 25, 2011 the Company issued an 8% convertible note for proceeds of $27,500 which matured on February 27, 2012. The holder may elect to convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to 61% of the average of the three lowest closing market prices during the ten day trading period immediately preceding the conversion date. | |
The Company was required to classify the conversion feature contained within the convertible debt as a derivative liability. As such, the Company recorded a derivative liability related to the convertible debt equal to the estimated fair value of the conversion feature of $27,500 with an equivalent discount on the convertible debt. During the year ended December 31, 2012, $3,208 has been accreted increasing the carrying value of the convertible debt to $27,500. During the year ended December 31, 2012, the Company recorded a loss on the change in fair value of the conversion option derivative liability of $73,424. On April 5, 2013, the promissory note was converted into 2,750,000 shares of common stock and as a result the remaining derivative liability of $ 107,575 was recorded as additional paid in capital. | |
(h) On August 31, 2012 the Company issued a 6% convertible note for proceeds of $20,000 which matures on August 30, 2013. The holder may elect to convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to the market price of the stock as determined by taking the average trading price of the stock over the previous 30 days. | |
(i) On November 16, 2012 the Company issued a 6% convertible note for proceeds of $66,709 which matures on November 16, 2013. The holder may elect to convert, at any time, any amount outstanding into shares of common stock of the Company at a conversion price per share equal to the market price of the stock as determined by taking the average trading price of the stock over the previous 30 days. | |
In May 2012, the Company increased the authorized shares to 500,000,000 consisting of two classes to be designated as common stock and preferred stock. The total number of common stock shares authorized was increased to 400,000,000 and preferred stock shares totaling 100,000,000 were authorize | |
The Company entered in to a consultancy agreement with DeBondo Capital on January 7, 2013 to pay a sum of $50,000 to DeBondo for services to be provided during the first 4-5 months of 2013. DeBondo agreed to convert the fees due to a convertible loan in the amount of $50,000. The note matures on January 8, 2014 and bears interest at 5%. The holder of this note shall have the right, exercisable in whole or in part, to convert the outstanding principle and accrued interest hereunder into fully paid and non-assessable common shares of the Borrower's stock at fair market value. | |
On February 4, 2013, the Company signed a promissory note with DeBondo Capital Limited in the amount of $4,000. The note matures on February 4, 2014 and bears interest at 5%. The holder of this note shall have the right, exercisable in whole or in part, to convert the outstanding principle and accrued interest hereunder into fully paid and non-assessable common shares of the Borrower's stock at fair market value. | |
On March 12, 2013, the Company signed a promissory note with Laurag Associates S.A. in the amount of $2,500. The note matures March 13, 2014 and bears interest at 5%. The holder of this note shall have the right, exercisable in whole or in part, to convert the outstanding principle and accrued interest hereunder into fully paid and non-assessable common shares of the Borrower's stock at fair market value. |
Promissory_Notes
Promissory Notes | 9 Months Ended |
Sep. 30, 2013 | |
Convertible Notes Payable [Abstract] | ' |
PROMISSORY NOTES | ' |
NOTE 4 – PROMISSORY NOTES | |
On September 10, 2013 and September 24, 2013, the Company signed a promissory notes with Capital Nordic Ltd. in the amounts of $3,000 and $5,000. The notes plus interest of $450 and $750 respectively are payable after 4 months. | |
On August 1, 2013, the Company signed a promissory note with De Bondo Capital Limited in the amount of $17,000. The principal amount plus interest of $1,700 is due February 1, 2014. |
Common_Stock
Common Stock | 9 Months Ended |
Sep. 30, 2013 | |
Common Stock [Abstract] | ' |
COMMON STOCK | ' |
NOTE 5 – COMMON STOCK | |
The Company originally had an unlimited number of shares of no par value common stock. | |
On inception, the Company issued 10 shares of common stock at £1.00 per share to its founder for total cash proceeds of £10, which converted at its historical rate is $15. The Company closed a share exchange transaction effective March 23, 2013 with the shareholders of Resource Exchange of America Corp. This share exchange transaction constituted a reverse merger and a recapitalization of Allerayde. In conjunction with this reverse merger, the historical accounts of Allerayde become the historical accounts of Resource Exchange of America Corp for accounting purposes. The shareholders of Allerayde were issued 75,872,411 shares of Resource Exchange, representing 98.97% of the issued and outstanding shares of Resource Exchange. | |
On January 31, 2013, the Company amended its Articles of Incorporation to increase the total authorized shares of common stock, par value $.0001 per share from 250,000,000 shares to 400,000,000 shares and to additionally authorize a total of 100,000,000 shares of preferred stock, par value $.0001 per share which may be issued by the Company. | |
On April 6, 2013, the Company issued 12,346,500 shares of common stock for debt of $95,597. | |
As of September 30, 2013 there were 89,005,250 shares of common stock issued and outstanding. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
NOTE 6 – INCOME TAXES | |||||||||
As of September 30, 2013, the Company had net operating loss carry forwards of approximately $1,509,506 that may be available to reduce future years’ taxable income arising from the same trade. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. | |||||||||
The provision for corporate income tax at the expected rate of 34% consists of the following for the periods ended September 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Corporate income tax benefit attributable to: | |||||||||
Current Operations | $ | 29,401 | $ | - | |||||
Less: valuation allowance | (29,401 | ) | - | ||||||
Net provision for Corporate income taxes | $ | 0 | $ | 0 | |||||
The cumulative tax effect at the expected rate of 20% of significant items comprising our net deferred tax amount is as follows as of September 30, 2013: | |||||||||
2013 | |||||||||
Deferred tax asset attributable to: | |||||||||
Net operating loss carryover | $ | 513,340 | |||||||
Less: valuation allowance | (513,340 | ) | |||||||
Net deferred tax asset | $ | 0 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 7 – COMMITMENTS AND CONTINGENCIES | |
The Company has entered into a lease agreement for its business premises which calls for monthly payments in the amount of approximately £368 through May 31, 2014. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. |
Material_Contracts
Material Contracts | 9 Months Ended |
Sep. 30, 2013 | |
Material Contracts [Abstract] | ' |
MATERIAL CONTRACTS | ' |
NOTE 8 – MATERIAL CONTRACTS | |
The Company entered in to an agreement effective December 1, 2012 with STFC Innovations Ltd. through the European Space Agency Business Incubation Centre at Harwell. The European Space Agency offers to support projects and ideas for business incubation by providing funding, business and technical assistance as well as office accommodation and services. Allerayde SAB was awarded a grant of £41,500. The first drawdown of £10,350 was paid to Allerayde SAB on February 5, 2013 and two further installments will be paid upon meeting agreed milestones between now and May 14, 2014. Part of the terms of the grant is that Allerayde SAB leases office space at Rutherford Appleton Laboratory, Harwell, Oxfordshire, United Kingdom. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 9 – SUBSEQUENT EVENTS | |
In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to September 30, 2013 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements other than the events described above. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Development Stage Company | ' |
Development Stage Company | |
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development-stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. | |
Basis of Presentation | ' |
Basis of Presentation | |
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The accompanying interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. | |
Accounting Basis | ' |
Accounting Basis | |
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a December 31 fiscal year end. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Allerayde considers all highly liquid investments with maturities of three months or less to be cash equivalents. At September 30, 2013 and December 31, 2012, respectively, the Company had $6,093 and $16 of cash. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The Company’s financial instruments consist of cash and cash equivalents, loans payable, and accrued expenses. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | |
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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. | |
Foreign Currency | ' |
Foreign Currency | |
The operations of the Company are located in England and Wales. Allerayde maintains a Great Britain Pounds bank account. The functional currency is the U.S. Dollar. Transactions in foreign currencies other than the functional currency, if any, are re-measured into the functional currency at the rate in effect at the time of the transaction. Monetary assets and liabilities denominated in Great Britain Pounds are translated into U.S. Dollars at the rate in effect at the balance sheet date. Revenue and expenses denominated in Great Britain Pounds Dollars are translated at the average exchange rate. | |
Basic Income (Loss) Per Share | ' |
Basic Income (Loss) Per Share | |
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2013. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Allerayde does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Summary of provision for corporate income tax | ' | ||||||||
2013 | 2012 | ||||||||
Corporate income tax benefit attributable to: | |||||||||
Current Operations | $ | 29,401 | $ | - | |||||
Less: valuation allowance | (29,401 | ) | - | ||||||
Net provision for Corporate income taxes | $ | 0 | $ | 0 | |||||
Summary of deferred income tax assets | ' | ||||||||
2013 | |||||||||
Deferred tax asset attributable to: | |||||||||
Net operating loss carryover | $ | 513,340 | |||||||
Less: valuation allowance | (513,340 | ) | |||||||
Net deferred tax asset | $ | 0 | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jan. 11, 2012 |
Summary of Significant Accounting Policies (Textual) | ' | ' | ' | ' |
Cash and equivalents | $6,093 | $16 | $0 | $0 |
Going_Concern_Details
Going Concern (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Going Concern (Textual) | ' | ' |
Deficit accumulated during the development stage | ($2,687,516) | ($3,084) |
Promissory_Notes_Details
Promissory Notes (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||||
Sep. 24, 2013 | Sep. 10, 2013 | Aug. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Promissory Notes (Textual) | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory notes carrrying amount | $5,000 | $3,000 | $17,000 | ' | ' | ' | ' | ' |
Interest expense on debt | $750 | $450 | $1,700 | $2,005 | $0 | $8,362 | $0 | $8,362 |
Promissory notes maturity date | ' | ' | 1-Feb-14 | ' | ' | ' | ' | ' |
Convertible_Note_Payable_Detai
Convertible Note Payable (Details) (USD $) | 0 Months Ended | 9 Months Ended | 21 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||
Aug. 01, 2013 | Jan. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 05, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Feb. 22, 2010 | Dec. 31, 2012 | Feb. 22, 2010 | Sep. 30, 2013 | Oct. 14, 2010 | Feb. 22, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 13, 2010 | Apr. 13, 2010 | Jan. 31, 2005 | Jan. 31, 2005 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 18, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 18, 2010 | Apr. 06, 2013 | Feb. 23, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 06, 2013 | Mar. 24, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 06, 2013 | 25-May-11 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Nov. 16, 2012 | Jan. 07, 2013 | Feb. 04, 2013 | Mar. 12, 2013 | |
Convertible Debt Issuance Condition 1 [Member] | Convertible Debt Issuance Condition 1 [Member] | Convertible Debt Issuance Condition 1 [Member] | Convertible Debt Issuance Condition 1 [Member] | Convertible Debt Issuance Condition 1 [Member] | Convertible Debt Issuance Condition 1 [Member] | Convertible Debt Issuance Condition 2 [Member] | Convertible Debt Issuance Condition 2 [Member] | Convertible Debt Issuance Condition 2 [Member] | Convertible Debt Issuance Condition 2 [Member] | Convertible Debt Issuance Condition 2 [Member] | Convertible Debt Issuance Condition 2 [Member] | Convertible Debt Issuance Condition 3 [Member] | Convertible Debt Issuance Condition 3 [Member] | Convertible Debt Issuance Condition 3 [Member] | Convertible Debt Issuance Condition 4 [Member] | Convertible Debt Issuance Condition 4 [Member] | Convertible Debt Issuance Condition 4 [Member] | Convertible Debt Issuance Condition 4 [Member] | Convertible Debt Issuance Condition 5 [Member] | Convertible Debt Issuance Condition 5 [Member] | Convertible Debt Issuance Condition 5 [Member] | Convertible Debt Issuance Condition 5 [Member] | Convertible Debt Issuance Condition 6 [Member] | Convertible Debt Issuance Condition 6 [Member] | Convertible Debt Issuance Condition 6 [Member] | Convertible Debt Issuance Condition 6 [Member] | Convertible Debt Issuance Condition 7 [Member] | Convertible Debt Issuance Condition 7 [Member] | Convertible Debt Issuance Condition 7 [Member] | Convertible Debt Issuance Condition 7 [Member] | Convertible Debt Issuance Condition 8 [Member] | Convertible Debt Issuance Condition 9 [Member] | Convertible Debt Issuance Condition 10 [Member] | Convertible Debt Issuance Condition 10 [Member] | Convertible Debt Issuance Condition 11 [Member] | |||||||||
Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | Promissory note [Member] | ||||||||||||||||||||||||||||||||||
Former President [Member] | Non - Related Party [Member] | Former President [Member] | Former President [Member] | |||||||||||||||||||||||||||||||||||||||||
Convertible Note Payable (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceed from issuance of promissory note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000 | ' | ' | ' | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000 | $2,500 |
Proceeds from promissory note | ' | ' | 27,500 | 27,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | ' | ' | ' | 27,500 | ' | ' | ' | 27,500 | ' | ' | 20,000 | 66,709 | 50,000 | ' | ' |
Debt bearing interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | 8.00% | ' | ' | 6.00% | 6.00% | 5.00% | 5.00% | 5.00% |
Line of credit facility, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Equal to 75% of the average of the closing market price of the Company's common stock during the five trading days immediately preceding the conversion date. | ' | ' | ' | ' | ' | ' | ' | 'Equal to 75% of the average of the closing market price of the Company's common stock during the thirty trading days immediately preceding the conversion date. | ' | 'Equal to 75% of the average of the closing market price of the Company's common stock during the five trading days immediately preceding the conversion date. | ' | ' | 'Equal to 75% of the average of the closing market price of the Company's common stock during the five trading days immediately preceding the conversion date. | ' | ' | ' | ' | 'Equal to 61% of the average of the three lowest closing market prices during the ten day trading period immediately preceding the conversion date. | ' | ' | ' | 'Equal to 61% of the average of the three lowest closing market prices during the ten day trading period immediately preceding the conversion date. | ' | ' | ' | 'Equal to 61% of the average of the three lowest closing market prices during the ten day trading period immediately preceding the conversion date. | ' | ' | 'Equal to the market price of the stock as determined by taking the average trading price of the stock over the previous 30 days. | 'Equal to the market price of the stock as determined by taking the average trading price of the stock over the previous 30 days. | ' | ' | ' |
Maturity date | 1-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-11 | ' | ' | ' | ' | ' | ' | ' | 13-Apr-11 | ' | 31-Dec-11 | ' | ' | ' | ' | ' | ' | ' | 28-Nov-11 | ' | ' | ' | 28-Dec-11 | ' | ' | ' | 27-Feb-12 | ' | ' | 30-Aug-13 | 16-Nov-13 | 8-Jan-14 | 4-Feb-14 | 13-Mar-14 |
Debt instrument increase conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of the conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | 175,081 | ' | ' | ' | ' | ' | 147,140 | ' | ' | ' | ' | ' | ' | 592,991 | ' | 11,523 | 11,523 | ' | ' | ' | 37,500 | 37,500 | ' | ' | 27,500 | ' | ' | ' | 27,500 | ' | ' | ' | ' | ' | ' | ' |
Carrying value of convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | 788,469 | 788,469 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) due to change in fair value of conversion option | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,981 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402,315 | ' | ' | 27,752 | ' | ' | ' | 149,417 | 101,928 | ' | ' | 74,323 | ' | ' | ' | 107,575 | 73,424 | ' | ' | ' | ' | ' |
Fair value of the conversion option derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock after conversion of promissory note | ' | ' | ' | ' | 2,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, common stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750,000 | ' | ' | ' | 2,750,000 | ' | ' | ' | 2,750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion of discounts on convertible debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,208 | ' | ' | ' | ' | ' |
Maximum borrowing capacity under line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock authorized | ' | ' | 400,000,000 | 400,000,000 | ' | 400,000,000 | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock authorized after increment | ' | ' | 100,000,000 | 100,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consultancy agreement fee | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_Details
Common Stock (Details) | 0 Months Ended | 9 Months Ended | 21 Months Ended | ||||||
Apr. 06, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Jan. 13, 2012 | Mar. 31, 2011 | |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | |||
Common Stock (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share issued on inception | ' | ' | ' | ' | ' | ' | ' | 10 | ' |
Issue price per share | ' | ' | ' | £ 1 | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | $0 | ' | £ 0 | $15 | ' | ' | ' | ' |
Stock historical rate | ' | ' | $15 | ' | ' | ' | ' | ' | ' |
Stock issued to stockholders pursuant to recapitalization of Allerayde | ' | ' | 75,872,411 | 75,872,411 | ' | ' | ' | ' | ' |
Percentage of equity issued | ' | ' | 98.97% | 98.97% | ' | ' | ' | ' | ' |
Common stock authorized | ' | 400,000,000 | ' | ' | 400,000,000 | 400,000,000 | ' | ' | 250,000,000 |
Common Stock, par value | ' | $0.00 | ' | ' | $0.00 | $0.00 | ' | ' | ' |
Additional authorized preferred capital | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Preferred Stock, par value per share | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' |
Common Stock, shares issued | 12,346,500 | 89,005,250 | ' | ' | 89,005,250 | ' | 10 | ' | ' |
Common Stock, shares outstanding | ' | 89,005,250 | ' | ' | 89,005,250 | ' | 10 | ' | ' |
Debt | $95,597 | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 21 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Corporate income tax benefit attributable to: | ' | ' | ' | ' | ' | ' |
Current operations | ' | ' | ' | $29,401 | ' | ' |
Less: valuation allowance | ' | ' | 0 | -29,401 | ' | ' |
Net provision for Corporate income taxes | $0 | $0 | ' | $0 | $0 | $0 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Sep. 30, 2013 |
Deferred tax asset attributable to: | ' |
Net operating loss carryover | $513,340 |
Less: valuation allowance | -513,340 |
Net deferred tax asset | $0 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes (Textual) | ' |
Net operating loss carry forwards | $1,509,506 |
Provision for corporate income tax, expected rate | 34.00% |
Cumulative tax effect, expected rate | 20.00% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (GBP £) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies (Textual) | ' |
Monthly payment of leased premises | £ 368 |
Lease expiration date | 31-May-14 |
Material_Contracts_Details
Material Contracts (Details) (GBP £) | 0 Months Ended | 9 Months Ended |
Feb. 05, 2013 | Sep. 30, 2013 | |
Material Contracts (Textual) | ' | ' |
Value of Grant awarded | ' | £ 41,500 |
Grant awards, first installment paid | £ 10,350 | ' |