Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Aug. 01, 2013 | |
Equity Issuance Dollar Amount Per Share Duration One | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Jul-13 | ' |
Entity Registrant Name | 'Photoamigo, Inc. | ' |
Entity Central Index Key | '0001482554 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Document Fiscal Period Focus | 'Q4 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 3,012,000 |
Entity Public Float | ' | $0 |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $3,513 | $943 |
Total current assets | 3,513 | 943 |
Current liabilities: | ' | ' |
Accounts payable | 1,818 | 2,015 |
Advances from officer | 227 | 227 |
Total current liabilities | 2,045 | 2,242 |
Stockholders' equity (deficit): | ' | ' |
Preferred stock - $0.001 par value, 5,000,000 shares authorized: No shares issued or outstanding | ' | ' |
Common stock - $0.001 par value, 100,000,000 shares authorized: 3,012,000 and 3,012,000 shares issued and outstanding, respectively | 3,012 | 3,012 |
Additional paid-in capital | 215,619 | 195,619 |
(Deficit) accumulated during the development stage | -217,163 | -199,930 |
Total stockholders' equity (deficit) | 1,468 | -1,299 |
Total liabilities and stockholders' equity (deficit) | $3,513 | $943 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value per share | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,012,000 | 3,012,000 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | 64 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
Revenues | ' | ' | ' |
Expenses: | ' | ' | ' |
Website development | 1,094 | 805 | 21,832 |
Employee compensation | ' | 1,800 | 25,800 |
Sales and marketing | ' | ' | 3,162 |
Legal and accounting fees | 11,509 | 11,550 | 64,818 |
Investor relations | 4,302 | 7,023 | 35,373 |
Other general and administrative | 329 | 422 | 6,377 |
Impairment | ' | ' | 59,400 |
Total expenses | 17,234 | 21,600 | 216,762 |
Operating (loss) | -17,234 | -21,600 | -216,762 |
Other income (expense): | ' | ' | ' |
Interest expense | ' | -227 | -631 |
Interest income | 1 | 1 | 230 |
Total other income (expense) | 1 | -226 | -401 |
Net (loss) | ($17,233) | ($21,826) | ($217,163) |
Net (loss) per common share: Basic and Diluted | ($0.01) | ($0.01) | ' |
Weighted average shares outstanding: Basic and Diluted | 3,012,000 | 3,012,000 | ' |
STATEMENT_OF_CHANGES_IN_STOCKH
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Common Stock [Member] | Additional Paid - in Capital [Member] | Accumulated (Deficit) [Member] | Total |
Balance at Apr. 01, 2008 | ' | ' | ' | ' |
Balance, shares at Apr. 01, 2008 | ' | ' | ' | ' |
Shares issued in exchange for assets, April 2, 2008 | 2,100 | 57,000 | ' | 59,100 |
Shares issued in exchange for assets, April 2, 2008, shares | 2,100,000 | ' | ' | ' |
Shares issued for cash at $0.094 per share, April 2, 2008 | 500 | 46,500 | ' | 47,000 |
Shares issued for cash at $0.094 per share, April 2, 2008, shares | 500,000 | ' | ' | ' |
Shares issued for cash and services at $0.094 per share, April 2, 2008 | 250 | 23,250 | ' | 23,500 |
Shares issued for cash and services at $0.094 per share, April 2, 2008, shares | 250,000 | ' | ' | ' |
Shares issued for cash at $0.0833 per share, April 28, 2008 | 138 | 11,362 | ' | 11,500 |
Shares issued for cash at $0.0833 per share, April 28, 2008, shares | 138,000 | ' | ' | ' |
Net (loss) | ' | ' | -86,542 | -86,542 |
Balance at Jul. 31, 2008 | 2,988 | 138,112 | -86,542 | 54,558 |
Balance, shares at Jul. 31, 2008 | 2,988,000 | ' | ' | ' |
Net (loss) | ' | ' | -36,247 | -36,247 |
Balance at Jul. 31, 2009 | 2,988 | 138,112 | -122,789 | 18,311 |
Balance, shares at Jul. 31, 2009 | 2,988,000 | ' | ' | ' |
Shares issued for cash at $0.0166 per share, January 25, 2010 | 24 | 376 | ' | 400 |
Shares issued for cash at $0.0166 per share, January 25, 2010, shares | 24,000 | ' | ' | ' |
Net (loss) | ' | ' | -24,935 | -24,935 |
Balance at Jul. 31, 2010 | 3,012 | 138,488 | -147,724 | -6,224 |
Balance, shares at Jul. 31, 2010 | 3,012,000 | ' | ' | ' |
Shares issued in exchange for assets, April 2, 2008 | ' | ' | ' | ' |
Net (loss) | ' | ' | -30,380 | -30,380 |
Balance at Jul. 31, 2011 | 3,012 | 138,488 | -178,104 | -36,604 |
Balance, shares at Jul. 31, 2011 | 3,012,000 | ' | ' | ' |
Shares issued in exchange for assets, April 2, 2008 | ' | ' | ' | ' |
Net (loss) | ' | ' | -21,826 | -21,826 |
Additional paid in capital-related parties | ' | 57,131 | ' | 57,131 |
Balance at Jul. 31, 2012 | 3,012 | 195,619 | -199,930 | -1,299 |
Balance, shares at Jul. 31, 2012 | 3,012,000 | ' | ' | ' |
Net (loss) | ' | ' | -17,233 | -17,233 |
Additional paid in capital-related parties | ' | 20,000 | ' | 20,000 |
Balance at Jul. 31, 2013 | $3,012 | $215,619 | ($217,163) | $1,468 |
Balance, shares at Jul. 31, 2013 | 3,012,000 | ' | ' | ' |
STATEMENT_OF_CHANGES_IN_STOCKH1
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (USD $) | 4 Months Ended | 12 Months Ended |
Jul. 31, 2008 | Jul. 31, 2010 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Shares issued on April 2, 2008, price per share | $0.09 | ' |
Shares issued on April 28, 2008, price per share | $0.08 | ' |
Shares issued on January 25, 2010, price per share | ' | $0.02 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | 64 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net (loss) | ($17,233) | ($21,826) | ($217,163) |
Adjustments to reconcile net (loss) to net cash used by operating activities: | ' | ' | ' |
Impairment | ' | ' | 59,400 |
Stock issued for services | ' | ' | 20,500 |
Changes in operating assets and liabilities: | ' | ' | ' |
Increase/(decrease) in accounts payable | -197 | 2,015 | 1,818 |
Increase in accrued compensation | ' | ' | 16,200 |
Increase/(decrease) in advances from officer | ' | ' | 227 |
Increase/(decrease) in other current liabilities | ' | -404 | ' |
Total adjustments | -197 | 1,611 | 98,145 |
Net cash (used in) operating activities | -17,430 | -20,215 | -119,018 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of website assets | ' | ' | -300 |
Net cash (used in) investing activities | ' | ' | -300 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from notes payable | ' | -7,000 | -7,000 |
Proceeds from notes payable - stockholders | ' | -30,200 | -9,200 |
Proceeds from additional paid in capital | 20,000 | 57,131 | 77,131 |
Cash Proceeds from sale of stock | ' | ' | 61,900 |
Net cash provided by financing activities | 20,000 | 19,931 | 122,831 |
Net increase (decrease) in cash and equivalents | 2,570 | -284 | 3,513 |
Cash and equivalents at beginning of period | 943 | 1,227 | 943 |
Cash and equivalents at end of period | 3,513 | 943 | 3,513 |
Supplemental Cash Flow Information | ' | ' | ' |
Interest paid | ' | ' | ' |
Income taxes paid | ' | ' | ' |
Non-cash investing and financing activities: | ' | ' | ' |
Shares issued in exchange for website domain names, membership base and software | ' | ' | $59,100 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. The financial statements and notes are the responsibility of the Company’s management. These accounting policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) and have been consistently applied in the preparation of the financial statements. | |
Organization | |
PhotoAmigo, Inc. (the Company or PhotoAmigo) was organized under the laws of the State of Nevada on April 2, 2008. The Company has been in the development stage since its formation and has not yet realized revenues from its planned operations. It plans to develop photographic sharing and networking through its website PhotoAmigo.com. The Company has chosen July 31 as its fiscal year-end. | |
Development Stage Company | |
Based on the Company’s business plan, it is a development stage company since planned principal operations have not yet commenced. Accordingly, the financial statements are presented in conformity with US GAAP that applies to development stage enterprises. In addition to all the requirements applicable to an established enterprise, as a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations and cash flows from its inception date to the current balance sheet date. | |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires the Company's management to make estimates and assumptions that affect the amounts of assets and liabilities, the identification and disclosure of impaired assets and contingent liabilities at the date of the financial statements, and the reported amounts expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | |
PhotoAmigo recently commenced operations, is in its development stage, and has not yet generated revenues from operations. Revenues are expected to be derived principally from subscriptions to our website. | |
In accordance with established guidance, PhotoAmigo plans to recognize revenue when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the amount is reasonably assured. Certain insignificant amounts collected during the development, testing, and implementation phases are recorded as a recovery of development expense. | |
Cash and Cash Equivalents | |
For purposes of balance sheet classification and the statements of cash flows, the Company considers cash in banks, deposits in transit, and all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of temporary cash investments. On July 31, 2013, the Company did not have a concentration of credit risk since it had no temporary cash investments in bank accounts in excess of the FDIC insured amounts. | |
Capital Expenditure | |
Expenditures for capital assets are recorded at historical cost. Additions, improvements and major renewals are capitalized, while maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or disposed of, the assets and related accumulated depreciation and amortization are removed from our general ledger, and the resulting gain or loss is reflected in the statement of operations. Depreciation of capital assets is provided over their estimated useful lives on a straight line basis | |
Impairment of Long Lived Assets | |
PhotoAmigo periodically reviews the carrying amount of long lived assets to determine whether current events or changes in circumstances warrant adjustments to such carrying amounts. If an impairment adjustment is deemed necessary, such loss is measured by the amount that the carrying value of such assets exceeds their fair value. Considerable management judgment is necessary to estimate the fair value of assets; accordingly, actual results could vary significantly from such estimates. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. | |
Income Taxes | |
Deferred income taxes are recorded for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. If the Company concludes that it is more likely than not that some portion or all of the deferred tax asset will not be realized, the balance of deferred tax assets is reduced by a valuation allowance. | |
Stock-based Compensation | |
PhotoAmigo has no stock compensation plan and has not made any grants since inception, and, accordingly, has not recognized any stock-based compensation expense. PhotoAmigo plans to account for stock-based compensation in accordance with the fair value recognition provisions of US GAAP. Stock based compensation will be measured at the grant date based upon the estimated fair value of the award and the expense will be recognized over the required employee service period. The fair value of restricted stock grants will be estimated on the grant date based upon the fair value of the common stock. | |
Per Share Amounts | |
Basic earnings per share includes no dilution and is computed by dividing net income (or loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company, assuming the issuance of an equivalent number of common shares pursuant to options, warrants, or convertible debt arrangements. Diluted earnings per share is not shown for periods in which the Company incurs a loss because it would be anti-dilutive. Similarly, potential common stock equivalents are not included in the calculation if the effect would be anti-dilutive. Since inception, PhotoAmigo has not issued any potentially dilutive securities. | |
Fair Value of Financial Instruments | |
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, accrued compensation, and advances from officers. Fair values are assumed to approximate carrying values for these financial instruments because they are short term in nature, or are receivable or payable on demand. | |
Subsequent Events | |
The Company evaluated all events subsequent from the balance sheet date of July 31, 2013, and has determined that there are no subsequent events that require disclosure. | |
Accounting pronouncements | |
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of other standards, the FASB Accounting Standards Codification (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company’s financial statements. |
GOING_CONCERN
GOING CONCERN | 12 Months Ended |
Jul. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
GOING CONCERN | ' |
NOTE 2. GOING CONCERN | |
The accompanying financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. However, PhotoAmigo’s operations are in the development stage and it has incurred losses since inception, resulting in an accumulated deficit of $217,163 as of July 31, 2013. These conditions raise substantial doubt about the ability of PhotoAmigo to continue as a going concern. | |
In view of these matters, continuation as a going concern is dependent upon several factors, including the availability of debt or equity funding upon terms and conditions acceptable to PhotoAmigo, and ultimately achieving profitable operations. Management believes that PhotoAmigo’s business plan provides it with an opportunity to continue as a going concern. However, management cannot provide assurance that PhotoAmigo will meet its objectives and be able to continue in operation. | |
The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of PhotoAmigo to continue as a going concern. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||
Jul. 31, 2013 | |||
Stockholders' equity (deficit): | ' | ||
STOCKHOLDERS' EQUITY | ' | ||
NOTE 3. STOCKHOLDERS' EQUITY | |||
Preferred Stock The Company has authorized 5,000,000 shares of preferred stock with a par value of $0.001. These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors. Since inception, the Company has not issued any preferred shares. | |||
Common Stock The Company has authorized 100,000,000 shares of $0.001 par value common stock. | |||
Issued and Outstanding The total issued and outstanding common stock at July 31, 2013 is 3,012,000 common shares, as follows: | |||
i. | On April 2, 2008, PhotoAmigo issued 2,100,000 common shares to a founder in exchange for assets, including the website and four domain names. The transaction was recorded at $59,100 representing the founder’s basis in the exchanged assets. | ||
ii. | On April 2, 2008, PhotoAmigo issued 500,000 common shares to founders for cash proceeds of $47,000, or $0.094 per share. | ||
iii. | On April 2, 2008, PhotoAmigo issued 250,000 common shares to a founder for $3,000 cash and for services valued at $20,500, or $0.094 per share. | ||
iv. | On April 28, 2008, PhotoAmigo completed a private placement of 138,000 common shares for cash proceeds of $11,500, or $0.0833 per share. | ||
v. | On January 10, 2010, PhotoAmigo completed a private placement of 24,000 common shares for cash proceeds of $400 or $0.0167 per share. | ||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
NOTE 4. INCOME TAXES | |||||||||
PhotoAmigo’s deferred tax assets, valuation allowance, and change in valuation allowance are as follows: | |||||||||
Period Ending | Estimated NOL carry-forward | NOL expires | Estimated tax benefit from NOL | Valuation allowance | Change in valuation allowance | Net tax asset | |||
31-Jul-11 | $33,600 | 2031 | $6,600 | ($6,600) | ($6,600) | $ - | |||
31-Jul-12 | $36,000 | 2032 | $7,200 | ($7,200) | ($7,200) | $ - | |||
31-Jul-13 | $40,000 | 2033 | $4,000 | ($4,000) | ($4,000) | $ - | |||
Income taxes at the statutory rate are reconciled to reported income tax expense (benefit) as follows: | |||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory rate | -20% | -20% | |||||||
Deferred income tax valuation allowance | 20% | 20% | |||||||
Reported tax rate | 0% | 0% | |||||||
At this time, the Company is unable to determine if it will be able to benefit from its deferred tax asset. There are limitations on the utilization of net operating loss carry-forwards, including a requirement that losses be offset against future taxable income, if any. In addition, there are limitations imposed by certain transactions which are deemed to be ownership changes. Accordingly, a valuation allowance has been established for the entire deferred tax asset. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jul. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 5. RELATED PARTY TRANSACTIONS | |
From time to time, PhotoAmigo receives funds from its sole executive officer to cover temporary working capital requirements. During the year ended July 31, 2013, PhotoAmigo received no cash advances. As of July 31, 2013 the outstanding balance of advances from officer was $227. | |
PhotoAmigo’s practice of accruing consulting fees of $600 per month to its sole executive officer as compensation for his services ended after 2 quarters of last year. To conserve cash, the Company ceased payment of the monthly fee and, as of July 31, 2011, amounts accrued and unpaid were converted to additional paid in capital and therefore amount to -0- . | |
Office space is provided to PhotoAmigo at no additional cost by the sole executive officer. No provision for these costs has been included in these financial statements as the amounts are not material. | |
In fiscal year end 2013 and 2012 related party shareholders and officers contributed $20,000 and $57,131 to the capital of the Company. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Financial Information | ' |
This summary of significant accounting policies is presented to assist in understanding the Company’s financial statements. The financial statements and notes are the responsibility of the Company’s management. These accounting policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) and have been consistently applied in the preparation of the financial statements. | |
Organization | ' |
Organization | |
PhotoAmigo, Inc. (the Company or PhotoAmigo) was organized under the laws of the State of Nevada on April 2, 2008. The Company has been in the development stage since its formation and has not yet realized revenues from its planned operations. It plans to develop photographic sharing and networking through its website PhotoAmigo.com. The Company has chosen July 31 as its fiscal year-end. | |
Development Stage Company | ' |
Development Stage Company | |
Based on the Company’s business plan, it is a development stage company since planned principal operations have not yet commenced. Accordingly, the financial statements are presented in conformity with US GAAP that applies to development stage enterprises. In addition to all the requirements applicable to an established enterprise, as a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations and cash flows from its inception date to the current balance sheet date. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires the Company's management to make estimates and assumptions that affect the amounts of assets and liabilities, the identification and disclosure of impaired assets and contingent liabilities at the date of the financial statements, and the reported amounts expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
PhotoAmigo recently commenced operations, is in its development stage, and has not yet generated revenues from operations. Revenues are expected to be derived principally from subscriptions to our website. | |
In accordance with established guidance, PhotoAmigo plans to recognize revenue when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the amount is reasonably assured. Certain insignificant amounts collected during the development, testing, and implementation phases are recorded as a recovery of development expense. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For purposes of balance sheet classification and the statements of cash flows, the Company considers cash in banks, deposits in transit, and all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of temporary cash investments. On July 31, 2013, the Company did not have a concentration of credit risk since it had no temporary cash investments in bank accounts in excess of the FDIC insured amounts. | |
Capital Expenditure | ' |
Capital Expenditure | |
Expenditures for capital assets are recorded at historical cost. Additions, improvements and major renewals are capitalized, while maintenance, repairs and minor renewals are expensed as incurred. When assets are retired or disposed of, the assets and related accumulated depreciation and amortization are removed from our general ledger, and the resulting gain or loss is reflected in the statement of operations. Depreciation of capital assets is provided over their estimated useful lives on a straight line basis | |
Impairment of Long Lived Assets | ' |
Impairment of Long Lived Assets | |
PhotoAmigo periodically reviews the carrying amount of long lived assets to determine whether current events or changes in circumstances warrant adjustments to such carrying amounts. If an impairment adjustment is deemed necessary, such loss is measured by the amount that the carrying value of such assets exceeds their fair value. Considerable management judgment is necessary to estimate the fair value of assets; accordingly, actual results could vary significantly from such estimates. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. | |
Income Taxes | ' |
Income Taxes | |
Deferred income taxes are recorded for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes using the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss and credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. If the Company concludes that it is more likely than not that some portion or all of the deferred tax asset will not be realized, the balance of deferred tax assets is reduced by a valuation allowance. | |
Stock-based Compensation | ' |
Stock-based Compensation | |
PhotoAmigo has no stock compensation plan and has not made any grants since inception, and, accordingly, has not recognized any stock-based compensation expense. PhotoAmigo plans to account for stock-based compensation in accordance with the fair value recognition provisions of US GAAP. Stock based compensation will be measured at the grant date based upon the estimated fair value of the award and the expense will be recognized over the required employee service period. The fair value of restricted stock grants will be estimated on the grant date based upon the fair value of the common stock. | |
Per Share Amounts | ' |
Per Share Amounts | |
Basic earnings per share includes no dilution and is computed by dividing net income (or loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company, assuming the issuance of an equivalent number of common shares pursuant to options, warrants, or convertible debt arrangements. Diluted earnings per share is not shown for periods in which the Company incurs a loss because it would be anti-dilutive. Similarly, potential common stock equivalents are not included in the calculation if the effect would be anti-dilutive. Since inception, PhotoAmigo has not issued any potentially dilutive securities. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, accrued compensation, and advances from officers. Fair values are assumed to approximate carrying values for these financial instruments because they are short term in nature, or are receivable or payable on demand. | |
Subsequent Events | ' |
Subsequent Events | |
The Company evaluated all events subsequent from the balance sheet date of July 31, 2013, and has determined that there are no subsequent events that require disclosure. | |
Accounting Pronouncements | ' |
Accounting pronouncements | |
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of other standards, the FASB Accounting Standards Codification (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company’s financial statements. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Jul. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Valuation | ' | ||||||||
Period Ending | Estimated NOL carry-forward | NOL expires | Estimated tax benefit from NOL | Valuation allowance | Change in valuation allowance | Net tax asset | |||
31-Jul-11 | $33,600 | 2031 | $6,600 | ($6,600) | ($6,600) | $ - | |||
31-Jul-12 | $36,000 | 2032 | $7,200 | ($7,200) | ($7,200) | $ - | |||
31-Jul-13 | $40,000 | 2033 | $4,000 | ($4,000) | ($4,000) | $ - | |||
Income Tax Rate | ' | ||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory rate | -20% | -20% | |||||||
Deferred income tax valuation allowance | 20% | 20% | |||||||
Reported tax rate | 0% | 0% |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | 12 Months Ended | ||
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Estimated carry-forward | $40,000 | $36,000 | $33,600 |
Carry-forward expires | '2033 | '2032 | '2031 |
Estimated tax benefit | 4,000 | 7,200 | 6,600 |
Valuation allowance | -4,000 | -7,200 | -6,600 |
Change in valuation allowance | -4,000 | -7,200 | -6,600 |
Net tax asset | ' | ' | ' |
STOCKHOLDERS_EQUITY_Details_Na
STOCKHOLDERS' EQUITY (Details Narrative) (USD $) | Jan. 10, 2010 | Apr. 28, 2008 | Apr. 03, 2008 |
Stockholders' equity (deficit): | ' | ' | ' |
Shares issued to founder for assets | ' | ' | 2,100,000 |
Cash value of shares issued to founder for assets | ' | ' | $59,100 |
Shares issued to founder for cash | ' | ' | 500,000 |
Cash value of shares issued to founder for cash | ' | ' | 47,000 |
Per share value of shares issed to founder for cash | ' | ' | $0.09 |
Shares issued to founder for cash and services | ' | ' | 250,000 |
Cash Value of shares issued to founder for cash | ' | ' | 3,000 |
Value of shares issued to founder for services | ' | ' | 20,500 |
Per share value of shares issed to founder for cash and services | ' | ' | $0.09 |
Private placement completed - number of shares sold | 24,000 | 138,000 | ' |
Private placement completed - cash value of shares sold for cash | $400 | $11,500 | ' |
Private placement completed - per share value of shares sold | $0.02 | $0.08 | ' |
INCOME_TAXES_Details_Narrative1
INCOME TAXES (Details Narrative2) | 12 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax benefit at statutory rate | -20.00% | -20.00% |
Deferred income tax valuation allowance | 20.00% | 20.00% |
Reported tax rate | 0.00% | 0.00% |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 12 Months Ended | 64 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Outstanding balance of advances from officer | $227 | ' | ' |
Contributions from related party shareholders and officers | $20,000 | $57,131 | $77,131 |