China Gewang Biotechnology (CGWB) 10-Q 7 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 07, 2013
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Entity Registrant Name	'RICH STAR DEVELOPMENT, CORP	'
Entity Central Index Key	'0001489902	'
Current Fiscal Year End Date	'--12-31	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	3,500,000

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets	'	'
Cash	$0	$0
Total current assets	'	'
Total assets	'	'
Current liabilities	'	'
Accounts payable	40	422
Notes payable	54,119	35,338
Total current liabilities	54,159	35,760
Stockholders' deficit	'	'
Common stock, $0.001 par value, 75,000,000 shares authorized; 3,500,000 shares issued and outstanding	3,500	3,500
Additional paid in capital	102,988	100,296
Deficit accumulated during the development stage	-160,647	-139,556
Total stockholders' deficit	-54,159	-35,760
Total liabilities and stockholders' deficit	'	'

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
BALANCE SHEETS [Abstract]	'	'
Common stock, par value per share	$0.00	$0.00
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	3,500,000	3,500,000
Common stock, shares outstanding	3,500,000	3,500,000

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		52 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Operating expenses	'	'	'	'	'
General and administrative expenses	$3,002	$6,453	$18,399	$22,492	$155,659
Total operating expenses	3,002	6,453	18,399	22,492	155,659
Loss from operations	-3,002	-6,453	-18,399	-22,492	-155,659
Interest expense	-1,043	'	-2,692	'	-4,988
Net loss	($4,045)	($6,453)	($21,091)	($22,492)	($160,647)
Net loss per common share - basic and fully diluted	$0	$0	($0.01)	($0.01)	$0
Weighted average number of common shares outstanding during the period - basic and fully diluted	3,500,000	3,500,000	3,500,000	3,500,000	'

STATEMENT_OF_STOCKHOLDERS_EQUI

STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Deficit Accumulated During the Development Stage [Member]
Balance at May. 28, 2009	'	'	'	'
Balance, shares at May. 28, 2009	'	'	'	'
Issuance of common stock for services at $0.001 per share	1,500	1,500	'	'
Issuance of common stock for services at $0.001 per share, shares	'	1,500,000	'	'
Issuance of common stock for cash at $0.05 per share	100,000	2,000	98,000	'
Issuance of common stock for cash at $0.05 per share, shares	'	2,000,000	'	'
Net loss	-51,529	'	'	-51,529
Balance at Dec. 31, 2009	49,971	3,500	'	'
Balance, shares at Dec. 31, 2009	'	3,500,000	98,000	-51,529
Net loss	-34,882	'	'	-34,882
Balance at Dec. 31, 2010	15,089	3,500	'	'
Balance, shares at Dec. 31, 2010	'	3,500,000	98,000	-86,411
Net loss	-27,090	'	'	-27,090
Balance at Dec. 31, 2011	-12,001	3,500	'	'
Balance, shares at Dec. 31, 2011	'	3,500,000	98,000	-113,501
Imputed interest	2,296	'	2,296	'
Net loss	-26,055	'	'	-26,055
Balance at Dec. 31, 2012	-35,760	3,500	100,296	-139,556
Balance, shares at Dec. 31, 2012	'	3,500,000	'	'
Imputed interest	2,692	'	2,692	'
Net loss	-21,091	'	'	-21,091
Balance at Sep. 30, 2013	($54,159)	$3,500	$102,988	($160,647)
Balance, shares at Sep. 30, 2013	'	3,500,000	'	'

STATEMENT_OF_STOCKHOLDERS_EQUI1

STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (USD $)	7 Months Ended
	Dec. 31, 2009
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) [Abstract]	'
Stock issued for non-employee services, price per share	$0.00
Stock issued during period, price per share	$0.05

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		52 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Cash flows from operating activities:	'	'	'
Net loss	($21,091)	($22,492)	($160,647)
Adjustments to reconcile net loss to net cash used in operating activities	'	'	'
Imputed interest	2,692	'	4,988
Issuance of common stock for non-employee services	'	'	1,500
Changes in operating assets and liabilities:	'	'	'
Accounts payable	-382	-11,095	40
Net cash used in operating activities	-18,781	-33,587	-154,119
Cash flows from financing activities:	'	'	'
Proceeds from notes payable	18,781	33,472	119,119
Repayments on notes payable	'	'	-65,000
Proceeds from issuance of common stock	'	'	100,000
Net cash provided by financing activities	18,781	33,472	154,119
Net decrease in cash	'	-115	'
Cash - beginning of period	0	115	0
Cash - end of period	0	'	0
Supplemental disclosure of cash flow information:	'	'	'
Interest paid	'	'	'
Income Tax paid	'	'	'

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2013
DESCRIPTION OF BUSINESS [Abstract]	'
DESCRIPTION OF BUSINESS	'
	1.	DESCRIPTION OF BUSINESS
	Rich Star Development Corporation ("the Company") was incorporated in the State of Nevada on May 29, 2009.
	The Company is a wholesale distribution company that plans to import and source locally products in the food service business including food, paper products, janitorial products, restaurant utensils and equipment.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation - The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information.
	These unaudited interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K which contains audited financial statements and notes covering the year ended December 31, 2012.
	Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting.  Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows.  It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.  The interim results for the nine months ended September 30, 2013 are not necessarily indicative of results for the full fiscal year.
	Development Stage Company - The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include obtaining debt and/or equity related financing, negotiating distribution agreements and marketing the territory for product distribution outlets.  As a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations, stockholders' deficit and cash flows from inception to the current balance sheet date.
	Year-End - The Company has selected December 31 as its year end.
	Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Such estimates and assumptions have an impact on the fair value of share-based payments, estimates and the valuation allowance for deferred tax assets due to continuing and expected future operating losses.
	Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates.
	Cash - The Company considers all highly liquid instruments purchased with a maturity of three months or less at date of acquisition to be cash equivalents.  There were no cash equivalents at September 30, 2013 or December 31, 2012, respectively.
	Revenue Recognition - The Company currently has not generated revenues. Any future revenues earned, primarily through the sale of products, will be recognized utilizing the following general revenue recognition criteria: 1) pervasive evidence of an arrangement exists; 2) delivery has occurred; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured.
	Share-based Compensation Expense - The Company recognizes all forms of share-based payments, including stock option grants, warrants, and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.
	Share-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model.  Share-based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.
	When computing fair value of share-based compensation, the Company considers the following variables:
		·	The expected option term is computed using the "simplified" method.
		·	The expected volatility is based on the historical volatility of its common stock using the daily quoted closing trading prices.
		·	The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant.
		·	The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on our common stock in the foreseeable future.
		·	The forfeiture rate is based on the historical forfeiture rate for its unvested stock options.
	Income Taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.
	The Company maintains a valuation allowance with respect to deferred tax assets.  The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company's financial position and results of operations for the current period.  Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry forward period under the Federal tax laws.
	Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.
	Earnings (Loss) per Share - Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period.  Diluted earnings (loss) per share is computed by dividing net income (loss), adjusted for changes in income or loss that resulted from the assumed conversion of convertible shares, by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period.
	The computation of basic and diluted loss per share for the periods presented is equivalent since the Company had continuing losses. The Company had no common stock equivalents as of September 30, 2013 or December 31, 2012.
	Financial Instruments - Financial instruments consist of accounts payable and notes payable. The recorded values of these instruments approximate fair values due to the short maturities of such instruments and the stated or imputed interest rates are commensurate with prevailing market rates for similar obligations.
	New Accounting Pronouncements - There are no recent accounting pronouncements that are expected to have a material effect on the Company's interim unaudited financial statements.

GOING_CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2013
GOING CONCERN [Abstract]	'
GOING CONCERN	'
	3.	GOING CONCERN
	As reflected in the accompanying financial statements, the Company had a net loss of $21,091, net cash used in operations of $18,781 during the nine months ended September 30, 2013 and a working capital deficit and stockholders' deficit of $54,159 at September 30, 2013.  The Company had no revenues and incurred losses since inception resulting in a deficit accumulated during the development stage of $160,647.
	The Company anticipates that it will continue to generate losses from operations in the near future raising substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue its operations is dependent on Management's plans, which include the raising of capital through debt and/or equity markets until such time that funds provided by operations are sufficient to fund working capital requirements.
	The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE_PAYABLE

NOTE PAYABLE	9 Months Ended
	Sep. 30, 2013
NOTE PAYABLE [Abstract]	'
NOTE PAYABLE	'
	4.	NOTE PAYABLE
	As of September 30, 2013 and December 31, 2012, notes payable consisted of the following:
			Principal
	Balance, December 31, 2012		$	35,338
	Advances			18,781
	Repayments			-
	Balance, September 30, 2013		$	54,119
	All advances are non-interest bearing, unsecured, and due on demand.  Imputed interest of $2,692 and $0 was recorded to donated capital at 8% for the nine months ended September 30, 2013 and 2012, respectively.  See Note 6 for additional advances subsequent to September 30, 2013.

STOCKHOLDERS_EQUITY_DEFICIT

STOCKHOLDERS' EQUITY (DEFICIT)	9 Months Ended
	Sep. 30, 2013
STOCKHOLDERS' EQUITY (DEFICIT) [Abstract]	'
STOCKHOLDERS' EQUITY (DEFICIT)	'
	5.	STOCKHOLDERS' EQUITY (DEFICIT)
	Stock Issued for Services - In August 2009, the Company issued 1,500,000 shares of common stock to its founders for pre-incorporation services, at $0.001 per share having a fair value of $1,500, based upon the fair value of the services rendered.  The Company expensed this stock issuance as a component of general and administrative expense.
	Stock Issued for Cash - In November 2009, under the terms of a private placement, the Company issued 2,000,000 shares of common stock at $0.05 per share for total gross proceeds of $100,000.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
SUBSEQUENT EVENTS [Abstract]	'
SUBSEQUENT EVENTS	'
	6.	SUBSEQUENT EVENTS
	During October and November of 2013, the note holder referenced in Note 4 advanced an additional $3,533 for a total due of $57,652.  Imputed interest on the outstanding balance is recorded to donated capital at 8%.  The advances are unsecured and due on demand.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]	'
Basis of Presentation	'
	Basis of Presentation - The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information.
	These unaudited interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K which contains audited financial statements and notes covering the year ended December 31, 2012.
	Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting.  Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows.  It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation.  The interim results for the nine months ended September 30, 2013 are not necessarily indicative of results for the full fiscal year.
Development Stage Company	'
	Development Stage Company - The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include obtaining debt and/or equity related financing, negotiating distribution agreements and marketing the territory for product distribution outlets.  As a development stage enterprise, the Company discloses the deficit accumulated during the development stage and the cumulative statements of operations, stockholders' deficit and cash flows from inception to the current balance sheet date.
Year-End	'
	Year-End - The Company has selected December 31 as its year end.
Use of Estimates	'
	Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Such estimates and assumptions have an impact on the fair value of share-based payments, estimates and the valuation allowance for deferred tax assets due to continuing and expected future operating losses.
	Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates.
Cash	'
	Cash - The Company considers all highly liquid instruments purchased with a maturity of three months or less at date of acquisition to be cash equivalents.  There were no cash equivalents at September 30, 2013 or December 31, 2012, respectively.
Revenue Recognition	'
	Revenue Recognition - The Company currently has not generated revenues. Any future revenues earned, primarily through the sale of products, will be recognized utilizing the following general revenue recognition criteria: 1) pervasive evidence of an arrangement exists; 2) delivery has occurred; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured.
Share-based Compensation Expense	'
	Share-based Compensation Expense - The Company recognizes all forms of share-based payments, including stock option grants, warrants, and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.
	Share-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model.  Share-based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period.
	When computing fair value of share-based compensation, the Company considers the following variables:
		·	The expected option term is computed using the "simplified" method.
		·	The expected volatility is based on the historical volatility of its common stock using the daily quoted closing trading prices.
		·	The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant.
		·	The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on our common stock in the foreseeable future.
		·	The forfeiture rate is based on the historical forfeiture rate for its unvested stock options.
Income Taxes	'
	Income Taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.
	The Company maintains a valuation allowance with respect to deferred tax assets.  The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company's financial position and results of operations for the current period.  Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry forward period under the Federal tax laws.
	Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.
Earnings (Loss) per Share	'
	Earnings (Loss) per Share - Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period.  Diluted earnings (loss) per share is computed by dividing net income (loss), adjusted for changes in income or loss that resulted from the assumed conversion of convertible shares, by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period.
	The computation of basic and diluted loss per share for the periods presented is equivalent since the Company had continuing losses. The Company had no common stock equivalents as of September 30, 2013 or December 31, 2012.
Financial Instruments	'
	Financial Instruments - Financial instruments consist of accounts payable and notes payable. The recorded values of these instruments approximate fair values due to the short maturities of such instruments and the stated or imputed interest rates are commensurate with prevailing market rates for similar obligations.
New Accounting Pronouncements	'
	New Accounting Pronouncements - There are no recent accounting pronouncements that are expected to have a material effect on the Company's interim unaudited financial statements.

NOTE_PAYABLE_Tables

NOTE PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2013
NOTE PAYABLE [Abstract]	'
Schedule of Notes Payable	'
	As of September 30, 2013 and December 31, 2012, notes payable consisted of the following:
		Principal
	Balance, December 31, 2012	$	35,338
	Advances		18,781
	Repayments		-
	Balance, September 30, 2013	$	54,119

GOING_CONCERN_Details

GOING CONCERN (Details) (USD $)	3 Months Ended		7 Months Ended	9 Months Ended		12 Months Ended			52 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2009	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Sep. 30, 2013
GOING CONCERN [Abstract]	'	'	'	'	'	'	'	'	'
Net loss	$4,045	$6,453	$51,529	$21,091	$22,492	$26,055	$27,090	$34,882	$160,647
Net cash used in operations	'	'	'	18,781	33,587	'	'	'	154,119
Working capital deficit	54,159	'	'	54,159	'	'	'	'	54,159
Deficit accumulated during the development stage	$160,647	'	'	$160,647	'	$139,556	'	'	$160,647

NOTE_PAYABLE_Details

NOTE PAYABLE (Details) (USD $)	3 Months Ended		9 Months Ended		52 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
NOTE PAYABLE [Abstract]	'	'	'	'	'
Balance, December 31, 2012	'	'	$35,338	'	'
Advances	'	'	18,781	33,472	119,119
Repayments	'	'	'	'	65,000
Balance, September 30, 2013	54,119	'	54,119	'	54,119
Imputed interest	$1,043	'	$2,692	'	$4,988
Notes payable, interest rate	'	'	8.00%	'	'

STOCKHOLDERS_EQUITY_DEFICIT_De

STOCKHOLDERS' EQUITY (DEFICIT) (Details) (USD $)	1 Months Ended		7 Months Ended	9 Months Ended		52 Months Ended
	Nov. 30, 2009	Aug. 31, 2009	Dec. 31, 2009	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
STOCKHOLDERS' EQUITY (DEFICIT) [Abstract]	'	'	'	'	'	'
Stock issued for services, shares	'	1,500,000	'	'	'	'
Stock issued during period, price per share	$0.05	$0.00	$0.05	'	'	'
Issuance of common stock for non-employee services	'	$1,500	'	'	'	$1,500
Stock issued for cash, shares	2,000,000	'	'	'	'	'
Stock issued for cash, gross proceeds	$100,000	'	'	'	'	$100,000

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	9 Months Ended		52 Months Ended	1 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Nov. 15, 2013
				Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'
Proceeds from notes payable	$18,781	$33,472	$119,119	$3,533
Notes payable outstanding balance	'	'	'	$57,652
Notes payable, interest rate	8.00%	'	'	8.00%