Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Document and Entity Information | ' |
Entity Registrant Name | 'SMSA CRANE ACQUISITION CORP. |
Document Type | '10-K |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001473287 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 10,000,005 |
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 | '2013 |
Document Fiscal Period Focus | 'FY |
Entity Public Float | $0 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash on hand and in bank | $238 | $874 |
Total Assets | 238 | 874 |
Current Liabilities | ' | ' |
Accounts payable - trade | 22,910 | 600 |
Due to stockholder | 3,825 | 0 |
Total Liabilities | 26,735 | 600 |
Stockholders' Equity (Deficit) | ' | ' |
Preferred stock - $0.001 par value 10,000,000 shares authorized.None issued and outstanding | 0 | 0 |
Common stock - $0.001 par value.100,000,000 shares authorized.10,000,005 shares issued and outstanding, respectively | 10,000 | 10,000 |
Additional paid-in capital | 58,835 | 53,235 |
Deficit accumulated during the development stage | -95,332 | -62,961 |
Total Stockholders' Equity (Deficit) | -26,497 | 274 |
Total Liabilities and Stockholders' Equity (Deficit) | $238 | $874 |
Balance_Sheets_Parentheticals
Balance Sheets Parentheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Parentheticals | ' | ' |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 10,000,005 | 10,000,005 |
Common Stock, shares outstanding | 10,000,005 | 10,000,005 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 77 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
REVENUES | ' | ' | ' |
Revenues | $0 | $0 | $0 |
Operating expenses | ' | ' | ' |
Reorganization costs | 0 | 0 | 2,916 |
Professional fees | 25,025 | 8,860 | 54,228 |
Other general and administrative expenses | 7,346 | 13,804 | 38,188 |
Total operating expenses | 32,371 | 22,664 | 95,332 |
Loss from operations | -32,371 | -22,664 | -95,332 |
Provision for income taxes | 0 | 0 | 0 |
Net Loss | ($32,371) | ($22,664) | ($95,332) |
Loss per weighted-average share of common stock outstanding, computed on net loss - basic and fully diluted | $0 | $0 | ' |
Weighted-average number of shares of common stock outstanding -basic and fully diluted | 10,000,005 | 10,000,005 | ' |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' Equity (Deficit) (USD $) | Common Shares | Common Amount | Additional Paid In Capital | Deficit accumulated during the development stage | Total |
USD ($) | USD ($) | USD ($) | USD ($) | ||
Balances at Aug. 01, 2007 | 0 | 0 | 0 | 0 | 0 |
Stock issued pursuant to plan of reorganization at bankruptcy settlement date on August 1, 2007 | 500,005 | 500 | 500 | 0 | 1,000 |
Net loss for the period from August 1, 2007 (date of bankruptcy settlement) to December 31, 2007 | ' | $0 | $0 | ($5,000) | ($5,000) |
Balances at Dec. 31, 2007 | 500,005 | 500 | 500 | -5,000 | -4,000 |
Net loss for the year | ' | 0 | 0 | -841 | -841 |
Balances at Dec. 31, 2008 | 500,005 | 500 | 500 | -5,841 | -4,841 |
Net loss for the year | ' | 0 | 0 | -4,058 | -4,058 |
Balances at Dec. 31, 2009 | 500,005 | 500 | 500 | -9,899 | -8,899 |
Sale of common stock | 9,500,000 | 9,500 | 0 | 0 | 9,500 |
Capital contributed to support operations | ' | 0 | 19,985 | 0 | 19,985 |
Net loss for the year | ' | 0 | 0 | -11,086 | -11,086 |
Balances at Dec. 31, 2010 | 10,000,005 | 10,000 | 20,485 | -20,985 | 9,500 |
Capital contributed to support operations | ' | 0 | 10,500 | 0 | 10,500 |
Net loss for the year | ' | 0 | 0 | -19,312 | -19,312 |
Balances at Dec. 31, 2011 | 10,000,005 | 10,000 | 30,985 | -40,297 | 688 |
Capital contributed to support operations | ' | 0 | 22,250 | 0 | 22,250 |
Net loss for the year | ' | 0 | 0 | -22,664 | -22,664 |
Balances at Dec. 31, 2012 | 10,000,005 | 10,000 | 53,235 | -62,961 | 274 |
Capital contributed to support operations | ' | 0 | 5,600 | 0 | 5,600 |
Net loss for the year | ' | $0 | $0 | ($32,371) | ($32,371) |
Balances at Dec. 31, 2013 | 10,000,005 | 10,000 | 58,835 | -95,332 | -26,497 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 12 Months Ended | 77 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net loss for the period | ($32,371) | ($22,664) | ($95,332) |
Increase (Decrease) in | ' | ' | ' |
Accounts payable | 22,310 | 600 | 22,910 |
Net cash used in operating activities | -10,061 | -22,064 | -72,422 |
Cash Flows from Investing Activities | 0 | 0 | 0 |
Cash Flows from Financing Activities | ' | ' | ' |
Sale of common stock | 0 | 0 | 9,500 |
Stockholder loans | 3,825 | 0 | 3,825 |
Cash funded from bankruptcy trust | 0 | 0 | 1,000 |
Additional capital contributed to support operations | 5,600 | 22,250 | 58,335 |
Net cash provided by financing activities | 9,425 | 22,250 | 72,660 |
Increase in Cash | -636 | 186 | 238 |
Cash at beginning of period | 874 | 688 | 0 |
Cash at end of period | 238 | 874 | 238 |
Supplemental Disclosure of Interest and Income Taxes Paid | ' | ' | ' |
Interest paid during the period | 0 | 0 | 0 |
Income taxes paid during the period | $0 | $0 | $0 |
Background_and_Description_of_
Background and Description of Business | 12 Months Ended |
Dec. 31, 2013 | |
Background and Description of Business | ' |
Background and Description of Business | ' |
Note A - Background and Description of Business | |
SMSA Crane Acquisition Corp. (the “Company”) was organized on September 9, 2009 as a Nevada corporation to effect the reincorporation of Senior Management Services of Crane, Inc. (Predecessor Company), a Texas corporation, mandated by the plan of reorganization discussed below. | |
The Company’s emergence from Chapter 11 of Title 11 of the United States Code on August 1, 2007 created the combination of a change in majority ownership and voting control - that is, loss of control by the then-existing stockholders, a court-approved reorganization, and a reliable measure of the entity’s fair value - resulting in a fresh start, creating, in substance, a new reporting entity. Accordingly, the Company, post bankruptcy, has no significant assets, liabilities or operating activities. Therefore, the Company, as a new reporting entity, qualifies as a “development stage enterprise” as defined in Development Stage Entities topic of the FASB Accounting Standards Codification and as a shell company as defined in Rule 405 under the Securities Act of 1933, (Securities Act), and Rule 12b-2 under the Securities Exchange Act of 1934, (Exchange Act). | |
On November 5, 2010, the Company entered into a Share Purchase Agreement (Share Purchase Agreement) with Carolyn C. Shelton (Shelton), a resident of Tyler, Texas, pursuant to which on November 10, 2010 she acquired 9,500,000 shares of our common stock for approximately $9,500 cash or $0.001 per share. As a result of this transaction, 10,000,005 shares of our common stock are currently issued and outstanding. | |
On August 29, 2013, Coquí Radio Pharmaceuticals, Corp. (Coquí) closed a transaction through which Coquí purchased 9,500,000 outstanding shares of common stock and agreed to purchase an additional 400,000 shares of common stock of the Company and agreed to pay $10,000 to Carolyn Shelton and $270,000 to Halter Financial Investments, L.P. in this private transaction. The additional 400,000 shares were subsequently acquired on October 24, 2013. | |
The Company intends to consummate a reverse acquisition transaction with Coquí to establish a dedicated Medical Isotope Production Facility in the United States to provide a reliable domestic source of certain radioisotopes for use in nuclear medicine. The Company intends to consummate such merger as soon as Coquí finishes auditing its books and records. |
Reorganization_Under_Chapter_1
Reorganization Under Chapter 11 of the U. S. Bankruptcy Code | 12 Months Ended |
Dec. 31, 2013 | |
Reorganization Under Chapter 11 of the U. S. Bankruptcy Code | ' |
Reorganization Under Chapter 11 of the U. S. Bankruptcy Code | ' |
Note B - Reorganization Under Chapter 11 of the U. S. Bankruptcy Code | |
The Company’s Plan of Reorganization was confirmed by the Bankruptcy Court on August 1, 2007 and became effective on August 10, 2007. On November 5, 2010, the Company entered into a transaction with Carolyn C. Shelton as discussed in Note A and a Certificate of Compliance with certain bankruptcy confirmation provisions was issued by the Bankruptcy Court on November 10, 2010 |
Basis_of_Presentation_and_Use_
Basis of Presentation and Use of Estimates | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation and Use of Estimates | ' |
Basis of Presentation and Use of Estimates | ' |
Note C - Basis of Presentation and Use of Estimates | |
The Company is presented as a development stage company beginning on the date of the bankruptcy settlement (confirmation date) of August 1, 2007, within Fresh Start accounting was applied. Activities during the development stage have been maintaining corporate and reporting compliance, seeking a business combination and raising capital. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2013 | |
Liquidity | ' |
Liquidity | ' |
Note D - Liquidity | |
The Company has no post-bankruptcy operating history, however the Company has raised approximately $4.0 million in equity capital from January 2014 through April 9, 2014 in contemplation of a reverse acquisition transaction with an operating company, Coqui, as discussed in Note A. | |
The Company’s business plan is to consummate the reverse acquisition transaction with Coquí who intends to establish a dedicated Medical Isotope Production Facility in the United States to provide a reliable domestic source of certain radioisotopes for use in nuclear medicine. However, there is no assurance that the Company will be able to successfully implement this business plan or that the execution of the same will result in the appreciation of our stockholders’ investment in the Company’s common stock. | |
The Company's ultimate continued existence is dependent upon its ability to generate sufficient cash flows from operations to support its capital investment and daily operations as well as provide sufficient resources to retire existing liabilities and obligations on a timely basis. The Company faces considerable risk in its business plan and a potential shortfall of funding due the potential inability to raise additional capital in the equity securities market that it needs to implement its business plan. If adequate operating capital and/or cash flows are not received during the next twelve months, the Company could become dormant until such time as necessary funds could be raised or provided as set forth in the Plan. | |
The Company anticipates future sales or issuances of equity securities to fulfill its business plan. However, there is no assurance that the Company will be able to obtain additional funding through the sales of additional equity securities or, that such funding, if available, will be obtained on terms favorable to or affordable by the Company. | |
The Company’s Articles of Incorporation authorize the issuance of up to 10,000,000 shares of preferred stock and 100,000,000 shares of common stock. The Company’s ability to issue preferred stock may limit the Company’s ability to obtain debt or equity financing as well as impede potential takeover of the Company, which may be in the best interest of stockholders. The Company’s ability to issue these authorized but unissued securities may also negatively impact our ability to raise additional capital through the sale of our debt or equity securities. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies | ' | |
Summary of Significant Accounting Policies | ' | |
Note E - Summary of Significant Accounting Policies | ||
1 | Cash and cash equivalents | |
The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. | ||
2 | Reorganization costs | |
The Company has adopted the provisions of provisions required by the Start-Up Activities topic of the FASB Accounting Standards Codification whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred. | ||
3 | Income taxes | |
The Company files income tax returns in the United States of America and various states, as appropriate and applicable. As a result of the Company’s bankruptcy action, the Company is no longer subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to January 1, 2010. The Company does not anticipate any examinations of returns filed for periods ending on or after December 31, 2009. | ||
The Company uses the asset and liability method of accounting for income taxes. At December 31, 2013 and 2012, respectively, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences generally represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily accumulated depreciation and amortization, allowance for doubtful accounts and vacation accruals. | ||
The Company has adopted the provisions required by the Income Taxes topic of the FASB Accounting Standards Codification. The Codification Topic requires the recognition of potential liabilities as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. As a result of the implementation of Codification’s Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits. | ||
4 | Income (Loss) per share | |
Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. | ||
Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). | ||
Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. | ||
As of December 31, 2013 and 2012, and subsequent thereto, the Company had no outstanding stock warrants, options or convertible securities which could be considered as dilutive for purposes of the loss per share calculation. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | ' |
Note F - Fair Value of Financial Instruments | |
The carrying amount of cash, accounts payable and due to stockholder, approximates fair value due to the short term nature of these items and/or the current interest rates payable in relation to current market conditions. | |
Interest rate risk is the risk that the Company’s earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. The Company does not use derivative instruments to moderate its exposure to interest rate risk, if any. | |
Financial risk is the risk that the Company’s earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. The Company does not use derivative instruments to moderate its exposure to financial risk, if any. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
Note G - Related Party Transactions | |
Halter Financial Group, Inc. (H.G.), pursuant to the Plan, managed the $1,000 in cash transferred from the bankruptcy creditor’s trust on our behalf until exhausted and contributed additional monies through September 16, 2013 ( the date of sale of shares of common stock to Coquí Radio Pharmaceuticals, Corp.-see Note A) to support our operations. This contributed capital totaled $5,600, $22,250 and $58,335 for the years ended December 31, 2013 and 2012 and the period from August 1, 2007 (date of bankruptcy settlement) through December 31, 2013, respectively, and have been reflected as a component of additional paid-in capital in the accompanying balance sheets. | |
During the year ended December 31, 2013, a majority stockholder of the Company contributed $3,825 as a loan to support the Company’s operations. This amount has been reflected as due to stockholder in the accompanying financial statements at December 31, 2013 (see Note H). |
Due_to_Stockholder
Due to Stockholder | 12 Months Ended |
Dec. 31, 2013 | |
Due to Stockholder | ' |
Due to Stockholder | ' |
Note H – Due to Stockholder | |
As of December 31, 2013, the Company owes $3,825 to Coquí Radio Pharmaceuticals, Corp., the controlling stockholder of the Company for the funding of general operations. The amount owing is unsecured, non-interest bearing, and due on demand. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | ' |
Note I – Concentration of Credit Risk | |
The Company maintains its cash in bank and financial institution deposits that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts through December 31, 2013. At December 31, 2013, the Company had no cash equivalent balances that were not insured. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note J - Income Taxes | |||||||||||||
The components of income tax (benefit) expense for each of the years ended December 31, 2013 and 2012 and for the period from August 1, 2007 (date of bankruptcy settlement) through December 31, 2013 are as follows: | |||||||||||||
Period from | |||||||||||||
1-Aug-07 | |||||||||||||
(date of | |||||||||||||
bankruptcy | |||||||||||||
settlement) | |||||||||||||
Year ended | Year ended | through | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
Federal: | |||||||||||||
Current | $ | - | $ | - | $ | - | |||||||
Deferred | - | - | - | ||||||||||
- | - | - | |||||||||||
State: | |||||||||||||
Current | - | - | - | ||||||||||
Deferred | - | - | - | ||||||||||
- | - | - | |||||||||||
Total | $ | - | $ | - | $ | - | |||||||
As of December 31, 2013, the Company has a net operating loss carryforward of approximately $95,000 to offset future taxable income. The amount and availability of any net operating loss carryforwards will be subject to the limitations set forth in the Internal Revenue Code. Such factors as the number of shares ultimately issued within a three year look-back period; whether there is a deemed more than 50 percent change in control; the applicable long-term tax exempt bond rate; continuity of historical business; and subsequent income of the Company all enter into the annual computation of allowable annual utilization of any net operating loss carryforward(s). | |||||||||||||
The Company's income tax expense (benefit) for each of the years ended December 31, 2013 and 2012 and for the period from August 1, 2007 (date of bankruptcy settlement) through December 31, 2013 varied from the statutory rate of 34% as follows: | |||||||||||||
Period from | |||||||||||||
1-Aug-07 | |||||||||||||
(date of | |||||||||||||
bankruptcy | |||||||||||||
settlement) | |||||||||||||
Year ended | Year ended | through | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
Statutory rate applied to | |||||||||||||
income before income taxes | $ | (11,000 | ) | $ | (7,700 | ) | $ | (32,400 | ) | ||||
Increase (decrease) in income | |||||||||||||
taxes resulting from: | |||||||||||||
State income taxes | - | - | - | ||||||||||
Other, including reserve | |||||||||||||
for deferred tax asset and | |||||||||||||
application of net operating | |||||||||||||
loss carryforward | 11,000 | 7,700 | 32,400 | ||||||||||
Income tax expense | $ | - | $ | - | $ | - | |||||||
The Company’s only temporary difference due to statutory requirements in the recognition of assets and liabilities for tax and financial reporting purposes, as of December 31, 2013 and 2012, respectively, relate solely to the Company’s net operating loss carryforward(s). This difference gives rise to the financial statement carrying amounts and tax bases of assets and liabilities causing either deferred tax assets or liabilities, as necessary, as of December 31, 2013 and 2012, respectively: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets | |||||||||||||
Net operating loss carryforwards | $ | 32,400 | $ | 21,400 | |||||||||
Less valuation allowance | (32,400 | ) | (21,400 | ) | |||||||||
Net Deferred Tax Asset | $ | - | $ | - | |||||||||
During the each of the years ended December 31, 2013 and 2012, respectively, the valuation allowance for the deferred tax asset increased by approximately $11,000 and $7,700. |
Capital_Stock_Transactions
Capital Stock Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Capital Stock Transactions | ' |
Capital Stock Transactions | ' |
Note K- Capital Stock Transactions | |
Pursuant to the Plan affirmed by the U. S. Bankruptcy Court - Northern District of Texas - Dallas Division, the Company issued 500,005 plan shares to meet the requirements of the Plan. The 500,005 shares of the Company’s “new” common stock was issued to holders of various claims, as defined in the Plan, in settlement of all unpaid pre-confirmation obligations of the Company and/or the bankruptcy trust. | |
On November 5, 2010, the Company entered into a Share Purchase Agreement with Shelton pursuant to which she acquired 9,500,000 shares of our common stock for approximately $9,500 cash or $0.001 per share. As a result of this transaction, 10,000,005 shares of our common stock are currently issued and outstanding. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note L - Subsequent Events | |
The Company in 2014 is conducting a private placement offering on a best efforts partial all-or-none basis, minimum offering of $3 million, maximum offering of $49,032,225 at $3.31 per share. | |
On February 14, 2014, the Company closed on the sale of 927,000 shares of common stock, the minimum amount offered in its private placement offering to accredited investors in exchange for gross proceeds of $3,068,370. Pariter Securities, LLC (“Pariter”) was paid $125,431 for acting as a placement agent for the offering and was issued 92,700 five-year warrants exercisable at $3.31 per share. Additionally, Pariter waived cash commissions of $304,001 by electing to purchase 91,843 shares of the Company’s common stock at the offering price of $3.31 per share (without commissions or expenses) and other fee of $1,000 was also paid. The net proceeds to the Company were $2,941,939. | |
As of April 14, 2014 the Company's escrow agent received approximately $1.1 million after the first closing. These funds are not under control or available to the Company until after a second closing. | |
The Company’s principal shareholder is Coquí Radio Pharmaceuticals Corp. (“Coquí”). Coquí is a radio pharmaceutical company that seeks to establish a medical isotope production facility (the “Facility”) to produce Molybdenum-99 (“Mo-99”). Mo-99 is used to manufacture one of the principal medical isotopes used for diagnostic applications in nuclear medicine. | |
The net proceeds will be used primarily through advances to Coquí, for preparing an environmental report on the site where the Facility is to be located, Nuclear Regulatory Commission (“NRC”) counsel, hiring contractors to begin preliminary work on the Facility prior to receiving any NRC licensing, and for general working capital purposes. | |
Following completion of the required audit of Coquí the intent is for Coqui to merge into the Company. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
ACCOUNTING POLICIES | ' | |
Cash and cash equivalents policy | ' | |
1 | Cash and cash equivalents | |
The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. | ||
Reorganizations costs | ' | |
2 | Reorganization costs | |
The Company has adopted the provisions of provisions required by the Start-Up Activities topic of the FASB Accounting Standards Codification whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred. | ||
Income Taxes Policy | ' | |
3 | Income taxes | |
The Company files income tax returns in the United States of America and various states, as appropriate and applicable. As a result of the Company’s bankruptcy action, the Company is no longer subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to January 1, 2010. The Company does not anticipate any examinations of returns filed for periods ending on or after December 31, 2009. | ||
The Company uses the asset and liability method of accounting for income taxes. At December 31, 2013 and 2012, respectively, the deferred tax asset and deferred tax liability accounts, as recorded when material to the financial statements, are entirely the result of temporary differences. Temporary differences generally represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily accumulated depreciation and amortization, allowance for doubtful accounts and vacation accruals. | ||
The Company has adopted the provisions required by the Income Taxes topic of the FASB Accounting Standards Codification. The Codification Topic requires the recognition of potential liabilities as a result of management’s acceptance of potentially uncertain positions for income tax treatment on a “more-likely-than-not” probability of an assessment upon examination by a respective taxing authority. As a result of the implementation of Codification’s Income Tax Topic, the Company did not incur any liability for unrecognized tax benefits. | ||
Income (Loss) per share policy | ' | |
4 | Income (Loss) per share | |
Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. | ||
Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). | ||
Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. | ||
As of December 31, 2013 and 2012, and subsequent thereto, the Company had no outstanding stock warrants, options or convertible securities which could be considered as dilutive for purposes of the loss per share calculation. |
Components_of_income_tax_benef
Components of income tax (benefit) expense for each of the years (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of income tax (benefit) expense for each of the years | ' | ||||||||||||
Components of income tax (benefit) expense for each of the years | ' | ||||||||||||
The components of income tax (benefit) expense for each of the years ended December 31, 2013 and 2012 and for the period from August 1, 2007 (date of bankruptcy settlement) through December 31, 2013 are as follows: | |||||||||||||
Period from | |||||||||||||
1-Aug-07 | |||||||||||||
(date of | |||||||||||||
bankruptcy | |||||||||||||
settlement) | |||||||||||||
Year ended | Year ended | through | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
Federal: | |||||||||||||
Current | $ | - | $ | - | $ | - | |||||||
Deferred | - | - | - | ||||||||||
- | - | - | |||||||||||
State: | |||||||||||||
Current | - | - | - | ||||||||||
Deferred | - | - | - | ||||||||||
- | - | - | |||||||||||
Total | $ | - | $ | - | $ | - |
Income_tax_expense_benefit_for
Income tax expense (benefit) for each of the years (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income tax expense (benefit) for each of the years | ' | ||||||||||||
Income tax expense (benefit) for each of the years | ' | ||||||||||||
The Company's income tax expense (benefit) for each of the years ended December 31, 2013 and 2012 and for the period from August 1, 2007 (date of bankruptcy settlement) through December 31, 2013 varied from the statutory rate of 34% as follows: | |||||||||||||
Period from | |||||||||||||
1-Aug-07 | |||||||||||||
(date of | |||||||||||||
bankruptcy | |||||||||||||
settlement) | |||||||||||||
Year ended | Year ended | through | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2013 | |||||||||||
Statutory rate applied to | |||||||||||||
income before income taxes | $ | (11,000 | ) | $ | (7,700 | ) | $ | (32,400 | ) | ||||
Increase (decrease) in income | |||||||||||||
taxes resulting from: | |||||||||||||
State income taxes | - | - | - | ||||||||||
Other, including reserve | |||||||||||||
for deferred tax asset and | |||||||||||||
application of net operating | |||||||||||||
loss carryforward | 11,000 | 7,700 | 32,400 | ||||||||||
Income tax expense | $ | - | $ | - | $ | - |
Deferred_Tax_Assets_And_Liabil
Deferred Tax Assets And Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Tax Assets And Liabilities | ' | ||||||||
Deferred Tax Assets And Liabilities | ' | ||||||||
The Company’s only temporary difference due to statutory requirements in the recognition of assets and liabilities for tax and financial reporting purposes, as of December 31, 2013 and 2012, respectively, relate solely to the Company’s net operating loss carryforward(s). This difference gives rise to the financial statement carrying amounts and tax bases of assets and liabilities causing either deferred tax assets or liabilities, as necessary, as of December 31, 2013 and 2012, respectively: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Deferred tax assets | |||||||||
Net operating loss carryforwards | $ | 32,400 | $ | 21,400 | |||||
Less valuation allowance | (32,400 | ) | (21,400 | ) | |||||
Net Deferred Tax Asset | $ | - | $ | - |
ORGANIZATION_AND_DESCRIPTION_D
ORGANIZATION AND DESCRIPTION (Details) (USD $) | Aug. 29, 2013 | Nov. 05, 2010 |
ORGANIZATION AND DESCRIPTION: | ' | ' |
Acquired Common Stock Shares | 9,500,000 | 9,500,000 |
Acquired Common Stock Value | ' | $9,500 |
Common Stock Shares Par Value | ' | $0.00 |
Common stock are currently issued and outstanding | 10,000,005 | ' |
Purchase an additional shares of common stock | 400,000 | ' |
Agreed to pay to Carolyn Shelton | 10,000 | ' |
Agreed to pay to Halter Financial Investments, L.P | $270,000 | ' |
GOING_CONCERN_Details
GOING CONCERN (Details) | Dec. 31, 2013 |
GOING CONCERN: | ' |
Shares of common stock Issued | 100,000,000 |
Shares of preferred stock Issued | 10,000,000 |
Related_Party_Transaction_Deta
Related Party Transaction (Details) (USD $) | 12 Months Ended | 77 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Related Party Transaction: | ' | ' | ' |
HFG managed Cash funded from bankruptcy trust | $0 | $0 | $1,000 |
Contributed capital to support operations | $5,600 | $22,250 | $58,335 |
Due_to_Stockholder_Consists_Of
Due to Stockholder Consists Of the Following (details) (USD $) | Dec. 31, 2013 |
Due to Stockholder Consists Of the Following | ' |
Owes to Coquí Radio Pharmaceuticals, Corp., | $3,825 |
Components_of_Income_Tax_Expen
Components of Income Tax Expense Benefit As Follows (Details) (USD $) | 12 Months Ended | 77 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Components of Income Tax Expense Benefit As Follows | ' | ' | ' |
Current | $0 | $0 | $0 |
Deferred | 0 | 0 | 0 |
Income Tax Expense Benefit Federal | 0 | 0 | 0 |
Current | 0 | 0 | 0 |
Deferred | 0 | 0 | 0 |
Total Income Tax Expense Benefit State | 0 | 0 | 0 |
Total income tax (benefit) expense | $0 | $0 | $0 |
Income_tax_expense_benefit_var
Income tax expense (benefit) varied from the statutory rate of as follows (Details) (USD $) | 12 Months Ended | 77 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Income tax expense (benefit) varied from the statutory rate of as follows (Details) | ' | ' | ' |
Statutory rate applied to income before income taxes | ($11,000) | ($7,700) | ($32,400) |
State income taxes | 0 | 0 | 0 |
Other, including reserve for deferred tax asset and application of net operating loss carryforward | 11,000 | 7,700 | 32,400 |
Income tax expense | $0 | $0 | $0 |
DEFERRED_TAX_ASSETS_COMPONENTS
DEFERRED TAX ASSETS COMPONENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
DEFERRED TAX ASSETS COMPONENTS | ' | ' |
Net operating loss carryforwards | $32,400 | $21,400 |
Less valuation allowance | -32,400 | -21,400 |
Net Deferred Tax Asset | $0 | $0 |
VALUATION_ALLOWANCE_FOR_DEFERR
VALUATION ALLOWANCE FOR DEFERRED TAX ASSET (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
VALUATION ALLOWANCE FOR DEFERRED TAX ASSET: | ' | ' |
Valuation allowance for the deferred tax asset increased by approximately | $11,000 | $7,700 |
CAPITAL_STOCK_TRANSACTION_Deta
CAPITAL STOCK TRANSACTION (Details) (USD $) | Dec. 31, 2013 | Nov. 05, 2010 |
CAPITAL STOCK TRANSACTION: | ' | ' |
Plan Shares to meet the requirements | 500,005 | ' |
Common stock was issued to holders of various claims | 500,005 | ' |
Share Purchase Agreement | ' | 9,500,000 |
Issued an aggregate shares of common stock | ' | $9,500 |
Issued an aggregate shares of common stock par value | ' | $0.00 |
Shares of common stock currently issued and outstanding | 10,000,005 | ' |
Subsequent_Events_Transactions
Subsequent Events Transactions (Details) (USD $) | Feb. 14, 2014 | Dec. 31, 2013 |
Subsequent Events Transactions: | ' | ' |
Conducting a private placement offering on a best efforts partial all-or-none basis, minimum offering of $3 million, maximum offering in 2014 | ' | 49,032,225 |
Closed on the sale of shares of common stock | 927,000 | ' |
Minimum amount offered in its private placement offering to accredited investors in exchange for gross proceeds | $3,068,370 | ' |
Pariter Securities, LLC ("Pariter") was paid | 125,431 | ' |
Additionally, Pariter waived cash commissions | 304,001 | ' |
Electing to purchase shares of the Company's common stock | 91,843 | ' |
Other fee paid | 1,000 | ' |
Additionalcommon shares were sold up to April 9, 2014 | 306,000 | ' |
Private placement to accredited investors in exchange for gross proceeds at $3.31 per share | $1,012,860 | ' |