Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 10, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Entity Registrant Name | SMSA CRANE ACQUISITION CORP. | |
Entity Central Index Key | 1,473,287 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 11,663,448 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Total Assets | ||
Current Liabilities | ||
Accounts payable - trade | $ 35,694 | $ 402 |
Due to parent | 147,383 | 148,760 |
Total Liabilities | $ 183,077 | $ 149,162 |
Stockholders' Deficit | ||
Preferred stock - $0.001 par value 10,000,000 shares authorized. No shares issued and outstanding | ||
Common stock - $0.001 par value. 100,000,000 shares authorized. 11,663,448 shares issued and outstanding at June 30, 2015 and December 31, 2014 | $ 11,664 | $ 11,664 |
Additional paid-in capital | 49,546 | 49,546 |
Accumulated deficit | (244,287) | (210,372) |
Total Stockholders' Deficit | $ (183,077) | $ (149,162) |
Total Liabilities and Stockholders' Deficit |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Balance Sheets [Abstract] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 11,663,448 | 11,663,448 |
Common stock, shares outstanding | 11,663,448 | 11,663,448 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statements of Operations [Abstract] | ||||
Revenues | ||||
Operating expenses | ||||
Professional fees | $ 8,925 | $ 47,840 | $ 26,585 | $ 87,047 |
Other general and administrative costs | 5,512 | 1,680 | 7,330 | 7,345 |
Total operating expenses | 14,437 | 49,520 | 33,915 | 94,392 |
Loss from operations | $ (14,437) | $ (49,520) | $ (33,915) | $ (94,392) |
Provision for income taxes | ||||
Net Loss | $ (14,437) | $ (49,520) | $ (33,915) | $ (94,392) |
Loss per weighted-average share of common stock outstanding, computed on net loss - basic and fully diluted | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted-average number of shares of common stock outstanding - basic and fully diluted | 11,663,448 | 11,303,543 | 11,663,448 | 10,914,307 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||||
Net loss for the period | $ (14,437) | $ (49,520) | $ (33,915) | $ (94,392) | |
Changes in operating working capital items: | |||||
Increase in Accounts payable | 26,882 | 17,647 | |||
Net Cash Provided by (Used in) Operating Activities | $ (7,033) | $ (76,745) | |||
Changes in operating working capital items: | |||||
Cash Flows from Investing Activities: | |||||
Cash Flows Provided by (Used In) Financing Activities: | |||||
Sale of common stock, net of offering costs | $ 4,101,295 | ||||
Distribution to Parent | (4,109,295) | ||||
Advance from Parent | $ (7,033) | 84,370 | |||
Additional capital contributed to support operations | 375 | ||||
Net Cash Provided by (Used in) Financing Activities | $ (7,033) | $ 76,745 | |||
Increase in Cash | |||||
Cash at beginning of period | $ 238 | $ 238 | |||
Cash at end of period | |||||
Supplemental Disclosure of Interest and Income Taxes Paid: | |||||
Interest paid during the period | |||||
Income taxes paid during the period | |||||
Supplemental Disclosure of Non-Cash Flow Financing Activities: | |||||
Reclassed amount due to Parent to Accounts Payable - trade | $ 8,410 |
Basis of Presentation, Backgrou
Basis of Presentation, Background and Description of Business | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation, Background and Description of Business [Abstract] | |
Basis of Presentation, Background and Description of Business | Note A. Basis of Presentation, Background and Description of Business Basis of presentation The accompanying unaudited condensed financial statements of SMSA Crane Acquisition Corp. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements for the year ended December 31, 2014 , included in our Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the six month period have been made. Results for the interim period presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms "Company", "we", "us" or "our" mean SMSA Crane Acquisition Corp. Background and Description of Business SMSA Crane Acquisition Corp. was organized on September 9, 2009 as a Nevada corporation to effect the reincorporation of Senior Management Services of Crane, Inc., 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 caused 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, had no significant assets, liabilities or operating activities. Therefore, the Company, as a new reporting entity, qualified as a shell company as defined in Rule 405 under the Securities Act of 1933, and Rule 12b-2 under the Securities Exchange Act of 1934. On November 5, 2010 , the Company entered into a Share Purchase Agreement with Carolyn C. Shelton, a resident of Tyler, Texas, pursuant to which on November 10, 2010 she acquired 9,500,000 9,500 0.001 On August 29, 2013 , Coquí Radio Pharmaceuticals, Corp. ("Coquí" or the "Parent") closed a transaction through which Coquí purchased 9,500,000 400,000 280,000 400,000 October 24, 2013 and Coquí became the majority controlling stockholder of the Company. The Company was contemplating a possible merger with Coquí, the Parent. The Company's business plan is now to pursue a business combination through the acquisition of, or merger with, an existing company seeking the perceived advantages of being a publicly traded corporation. The Company is not restricting its potential target companies to any specific business, industry or geographical location. No assurances can be given that the Company will be successful in locating or negotiating with any target company. Coquí's Current Operating Status As of the date of this filing, there is currently substantial doubt about Coquí's ability to continue as a going concern. Coquí has limited its operations in 2015 due to its inability to raise the required working capital needed to fund its operations and as of the date of this filing, its operations are inactive. Coquí's management is seeking to raise the additional working capital required to carry out its business plan. There can be no assurance that Coquí will be able to obtain the additional funding required through the sales of additional debt or equity securities or that such funding, if available, will be obtained on terms favorable to Coquí. |
Reorganization Under Chapter 11
Reorganization Under Chapter 11 of the U. S. Bankruptcy Code | 6 Months Ended |
Jun. 30, 2015 | |
Reorganization Under Chapter 11 of the U. S. Bankruptcy Code [Abstract] | |
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 (the "Plan") was confirmed by the United States Bankruptcy Court, Northern District of Texas Dallas Division 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 . |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2015 | |
Going Concern [Abstract] | |
Going Concern | Note C Going Concern These financial statements have been prepared on a going concern basis which contemplate that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The Company has no post-bankruptcy operating history; however, the Company has raised $ 4,746,961 January 2014 through the date of the filing of these financial statements, in contemplation of a possible reverse merger transaction with Coquí, the Parent, as discussed in Note A and below. The Company is no longer considering its potential target company to be Coquí, the Parent. No assurances can be given that the Company will be successful in locating or negotiating with any target company. As of June 30, 2015 and December 31, 2014 , the Company has distributed $ 4,754,961 Coquí The Company is not conducting operations pending completion of a merger with an existing company. The Company is currently dependent upon financings to pay its legal and accounting fees. 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 the Company. The Company's Articles of Incorporation authorize the issuance of up to 10,000,000 100,000,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note D - Summary of Significant Accounting Policies and Recent Accounting Pronouncements Use of Estimates 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. Significant estimates include the valuation of deferred tax assets. Actual results could differ from those estimates. 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. Income taxes The Company files income tax returns in the United States of America and various states, as appropriate and applicable. The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has adopted the provisions of ASC 740-10 "Accounting for Uncertain Income Tax Positions". 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 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 unaudited 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 (consisting of outstanding warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding 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 June 30, 2015 and December 31, 2014 there were 151,300 Recent Accounting Pronouncements In May 2014 , the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is the new, comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual and interim periods beginning on or after December 15, 2016 , and early adoption is not permitted. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. The Company currently has no revenues and does not expect any impact of adopting this guidance. In June 2014 , the FASB issued ASU 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. This ASU provides more explicit guidance for treating share-based payment awards that require a specific performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2015 . The Company does not expect the adoption of this guidance to have a material impact on the financial statements. In August 2014 , the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Topic 205-40), which requires management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern for each annual and interim reporting period. If substantial doubt exists, additional disclosure is required. This new standard will be effective for the Company for annual and interim periods beginning after December 15, 2016 . Early adoption is permitted. The Company expects to adopt this new standard for the fiscal year ending December 31, 2015 and the Company will continue to assess the impact on its financial statements. Except the Accounting Standards Updates indicated above, the Company does not expect the adoption of any other recent accounting pronouncements to have a material impact on its financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and fair value measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value of Financial Instruments and fair value measurements [Abstract] | |
Fair Value of Financial Instruments and fair value measurements | Note E - Fair Value of Financial Instruments and fair value measurements The carrying amount of cash, accounts payable and accrued expenses 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. The carrying amount due to the Parent and accrued liabilities, as applicable, approximates fair value due to the short-term nature of these items. The fair value of the related party notes payable cannot be determined because of the Company's affiliation with the parties with whom the agreements exist. The carrying amount of the convertible debt approximates its fair value at December 31, 2014 . The use of different assumptions or methodologies may have a material effect on the estimates of fair values. ASC Topic 820, "Fair Value Measurements and Disclosures," requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, "Financial Instruments," defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Distribution to Parent and Rela
Distribution to Parent and Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Distribution to Parent and Related Party Transactions [Abstract] | |
Distribution to Parent and Related Party Transactions | Note F - Distribution to Parent and Related Party Transactions The Company has distributed all of the net proceeds of its private placements to Coquí, the Parent, which advances have not been documented by any loan agreements or notes. Additionally, the Company's former Chief Executive Officer, who is the brother of the Company's current Chief Executive Officer, was a principal of Pariter which raised capital in the private placements and has received compensation directly from the private placement fees. See Note J. As of June 30, 2015 and December 31, 2014 , the Company has distributed $ 4,754,961 Halter Financial Group, Inc., pursuant to the Plan, managed the $ 1,000 September 16, 2013 (the date of sale of shares of common stock to Coquí, the Parent (see Note A) to support our operations. This contributed capital totaled $ 375 5,600 December 31, 2014 and 2013 , respectively. These amounts have been reflected as a component of additional paid-in capital in the accompanying balance sheets. |
Due to Parent
Due to Parent | 6 Months Ended |
Jun. 30, 2015 | |
Due to Parent [Abstract] | |
Due to Parent | Note G Due to Parent As of June 30, 2015 and December 31, 2014 , the Company owes $ 147,383 148,760 |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2015 | |
Concentration of Credit Risk [Abstract] | |
Concentration of Credit Risk | Note H Concentration of Credit Risk The Company distributed cash from the proceeds from the private placements to its Parent. At times cash deposited with financial institutions may exceed federally insured limits. The Company has not experienced any losses in such accounts through June 30, 2015 . |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Contingencies [Abstract] | |
Contingencies | Note I Contingencies The Company was contemplating a possible merger by the Company and Coquí, the Parent, during the year of 2015. The Company's business plan is now to pursue a business combination through the acquisition of, or merger with, an existing company (which may include Coquí, the Parent) seeking the perceived advantages of being a publicly traded corporation. Coquí, the Parent, has informed the Company that Coquí is evaluating various strategic alternatives, which may include a merger with the Company or the eventual sale of Coquí's interest in the Company to one or more third parties that would be expected to seek a merger with the Company. Until such time as Coquí, the Parent, determines a course of action, the Company's ability to pursue a business combination will be limited. The timing of any such determination by Coquí, the Parent, is uncertain. No assurances can be given that the Company will be successful in pursuing a business combination in the near future or at all. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note J - Stockholders' Equity Pursuant to our Articles of Incorporation, our board has the authority, without further stockholder approval, to provide for the issuance of up to 10,000,000 Private Placement Closing - February 14, 2014 The Company in 2014 conducted a private placement offering on a best efforts partial all-or-none basis, minimum offering of $ 3 49,032,225 On February 14, 2014 , the Company closed on the sale of 927,000 3.31 3,068,370 125,431 92,700 five 3.31 84,000 3.31 1.5 28 5 Additionally, Pariter waived cash commissions of $ 304,001 91,843 3.31 1,000 2,941,939 December 31, 2014 . Private Placement Closing - April 28, 2014 On April 28, 2014 the Company closed on the sale of 368,000 3.31 1,218,080 36,800 3.31 121,808 48,723 36,800 five 3.31 2,000 9,001 1,158,356 34,000 3.31 1.73 28 5 December 31, 2014 . Private Placement Closing - August 25, 2014 On August 25, 2014 , SMSA Crane closed on the sale of 171,000 3.31 566,010 350 53,017 498,183 17,100 3.31 56,601 14,460 17,100 five 3.31 16,000 3.31 1.69 28 5 December 31, 2014 . Private Placement Closing December 9, 2014 On December 9, 2014 , SMSA Crane closed on the sale of 47,000 3.31 155,570 1,865 147,482 4,700 3.31 15,557 6,222 4,700 five 3.31 4,000 3.31 1.63 28 5 December 31, 2014 . The total net proceeds from our private placements was $ 4,746,961 The net proceeds of the Company's private placements were distributed to Coquí, the Parent and used, primarily by the Parent, for preparing an environmental report on the site where Coquí's proposed facility is to be located, paying 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. As of the date of this filing, there is currently substantial doubt about Coquí's ability to continue as a going concern, and Coquí's operations are inactive. See Note A. Stock Warrants The following table summarizes all warrant activity: Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at December 31, 2013 Granted 151,300 $ 3.31 5 Exercised Outstanding at December 31, 2014 151,300 $ 3.31 4.26 Granted Exercised Outstanding at June 30, 2015 151,300 $ 3.31 3.76 Exercisable at June 30, 2015 151,300 $ 3.31 3.76 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Use of Estimates | Use of Estimates 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. Significant estimates include the valuation of deferred tax assets. Actual results could differ from those estimates. |
Cash and cash equivalents | 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. |
Income taxes | Income taxes The Company files income tax returns in the United States of America and various states, as appropriate and applicable. The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company has adopted the provisions of ASC 740-10 "Accounting for Uncertain Income Tax Positions". 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 | 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 unaudited 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 (consisting of outstanding warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding 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 June 30, 2015 and December 31, 2014 there were 151,300 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014 , the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is the new, comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This ASU is effective for annual and interim periods beginning on or after December 15, 2016 , and early adoption is not permitted. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in the ASU. The Company currently has no revenues and does not expect any impact of adopting this guidance. In June 2014 , the FASB issued ASU 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. This ASU provides more explicit guidance for treating share-based payment awards that require a specific performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2015 . The Company does not expect the adoption of this guidance to have a material impact on the financial statements. In August 2014 , the FASB issued ASU 2014-15, Presentation of Financial Statements Going Concern (Topic 205-40), which requires management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern for each annual and interim reporting period. If substantial doubt exists, additional disclosure is required. This new standard will be effective for the Company for annual and interim periods beginning after December 15, 2016 . Early adoption is permitted. The Company expects to adopt this new standard for the fiscal year ending December 31, 2015 and the Company will continue to assess the impact on its financial statements. Except the Accounting Standards Updates indicated above, the Company does not expect the adoption of any other recent accounting pronouncements to have a material impact on its financial statements. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule of Warrant Activity | Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at December 31, 2013 Granted 151,300 $ 3.31 5 Exercised Outstanding at December 31, 2014 151,300 $ 3.31 4.26 Granted Exercised Outstanding at June 30, 2015 151,300 $ 3.31 3.76 Exercisable at June 30, 2015 151,300 $ 3.31 3.76 |
Basis of Presentation, Backgr18
Basis of Presentation, Background and Description of Business (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 18 Months Ended | ||
Oct. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2010 | Oct. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | ||||||
Proceeds from issuance of private placement | $ 4,746,961 | $ 4,746,961 | ||||
Common stock issued for cash, price per share | $ 0.001 | |||||
Carolyn C. Shelton [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Shares of common stock issued for cash | 9,500,000 | |||||
Proceeds from issuance of private placement | $ 9,500 | |||||
Coqui [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Shares of common stock issued for cash | 400,000 | 9,500,000 | ||||
Proceeds from issuance of private placement | $ 280,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 6 Months Ended | 12 Months Ended | 18 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | |||
Proceeds from issuance of private placement | $ 4,746,961 | $ 4,746,961 | |
Distribution to parent | $ 4,754,961 | $ 4,754,961 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | ||
Outstanding common stock warrants which could dilute future earnings per share | 151,300 | 151,300 |
Distribution to Parent and Re21
Distribution to Parent and Related Party Transactions (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||||
Capital contributed to support operations | $ 375 | |||
Distribution to parent | $ 4,754,961 | $ 4,754,961 | ||
Halter Financial Group, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Managed cash transferred from the bankruptcy creditor's trust | 1,000 | |||
Capital contributed to support operations | $ 375 | $ 5,600 |
Due to Parent (Details)
Due to Parent (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Due to Parent [Abstract] | ||
Due to parent | $ 147,383 | $ 148,760 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | ||||||
Dec. 31, 2014 | Aug. 31, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | Nov. 30, 2010 | |
Stockholders Equity [Line Items] | |||||||||||
Common stock issued for cash, price per share | $ 0.001 | ||||||||||
Proceeds from issuance of private placement | $ 4,746,961 | $ 4,746,961 | |||||||||
Professional fees | $ 8,925 | $ 47,840 | $ 26,585 | $ 87,047 | |||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||
Placement agent, Pariter [Member] | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Shares of common stock issued for cash | 4,700 | 17,100 | 36,800 | 91,843 | |||||||
Issuance of shares for cash | $ 15,557 | $ 56,601 | $ 121,808 | $ 304,001 | |||||||
Professional fees | $ 6,222 | $ 14,460 | $ 48,723 | $ 125,431 | |||||||
Placement agent, Pariter [Member] | Warrant [Member] | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Common stock issued for cash, price per share | $ 3.31 | $ 3.31 | $ 3.31 | $ 3.31 | $ 3.31 | ||||||
Warrants issued | 4,700 | 17,100 | 36,800 | 92,700 | |||||||
Expiration period | 5 years | 5 years | 5 years | 5 years | |||||||
Warrant exercise price | $ 3.31 | $ 3.31 | $ 3.31 | $ 3.31 | 3.31 | ||||||
Value of warrants issued | $ 4,000 | $ 16,000 | $ 34,000 | $ 84,000 | |||||||
Model used to estimate fair value | Black Scholes | Black Scholes | Black Scholes | Black Scholes | |||||||
Option exercise price | $ 3.31 | $ 3.31 | $ 3.31 | $ 3.31 | $ 3.31 | ||||||
Risk free interest rate | 1.63% | 1.69% | 1.73% | 1.50% | |||||||
Expected volatility rate | 28.00% | 28.00% | 28.00% | 28.00% | |||||||
Option life | 5 years | 5 years | 5 years | 5 years | |||||||
Minimum [Member] | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Private placement offering on a best efforts partial all-or-none basis, offering | $ 3,000,000 | ||||||||||
Maximum [Member] | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Private placement offering on a best efforts partial all-or-none basis, offering | $ 49,032,225 | ||||||||||
Accredited investors [Member] | |||||||||||
Stockholders Equity [Line Items] | |||||||||||
Shares of common stock issued for cash | 47,000 | 171,000 | 368,000 | 927,000 | |||||||
Issuance of shares for cash | $ 155,570 | $ 566,010 | $ 1,218,080 | $ 3,068,370 | |||||||
Proceeds from issuance of private placement | 147,482 | 498,183 | 1,158,356 | 2,941,939 | |||||||
Other fees paid and expensed | 350 | 2,000 | $ 1,000 | ||||||||
Legal fees paid | $ 1,865 | $ 53,017 | $ 9,001 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Warrant Activity) (Details) - USD ($) None in scaling factor is -9223372036854775296 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Warrants | ||
Outstanding | 151,300 | |
Granted | 151,300 | |
Exercised | ||
Outstanding | 151,300 | 151,300 |
Exercisable | 151,300 | |
Weighted Average Exercise Price | ||
Outstanding | $ 3.31 | |
Granted | $ 3.31 | |
Exercised | ||
Outstanding | $ 3.31 | $ 3.31 |
Exercisable | $ 3.31 | |
Aggregate Intrinsic Value | ||
Outstanding | ||
Granted | ||
Exercised | ||
Outstanding | ||
Exercisable | ||
Weighted Average Remaining Contractual Life (Years) | ||
Granted | 5 years | |
Outstanding | 3 years 9 months 4 days | 4 years 3 months 4 days |
Exercisable | 3 years 9 months 4 days |