Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2013 | |
Document and Entity Information: | |
Entity Registrant Name | NEW DAY FINANCIAL MANAGEMENT, INC. |
Document Type | 10-Q |
Document Period End Date | 31-Mar-13 |
Amendment Flag | FALSE |
Entity Central Index Key | 1491959 |
Current Fiscal Year End Date | -19 |
Entity Common Stock, Shares Outstanding | 2,900,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q1 |
Balance_Sheets_unaudited
Balance Sheets (unaudited) (USD $) | Mar. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||
Cash | $11,706 | $25,551 |
Prepaid expenses | 316 | 478 |
Total current assets | 12,022 | 26,029 |
Fixed assets, net | 829 | 1,056 |
Total assets | 12,851 | 27,085 |
Current liabilities: | ||
Accounts payable | 1,350 | 10,000 |
Note payable | 45,000 | 30,000 |
Note payable - related party | 5,000 | 5,000 |
Accrued interest payable | 1,389 | 670 |
Total current liabilities | 52,739 | 45,670 |
Total liabilities | 52,739 | 45,670 |
Stockholders' equity | ||
Common stock value | 2,900 | 2,900 |
Additional paid-in capital | 8,725 | 8,725 |
Treasury stock | 1,500 | |
Retained earnings | -50,013 | -30,210 |
Total stockholders' equity (deficit) | -39,888 | -18,585 |
Total liabilities and stockholders' equity (deficit) | $12,851 | $27,085 |
Balance_Sheets_unaudited_Paren
Balance Sheets (unaudited) (Parenthetical) (USD $) | Mar. 31, 2013 | Dec. 31, 2012 |
Balance Sheet | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 2,900,000 | 2,900,000 |
Common stock, shares outstanding | 2,900,000 | 2,900,000 |
Statements_of_Operations_unaud
Statements of Operations (unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | |
Income Statement | ||
Revenue | ||
Revenue - related party | ||
Total revenue | ||
Operating Expenses: | ||
General and administrative expenses | 18,857 | 17,770 |
Depreciation | 227 | 227 |
Total expenses | 19,084 | 17,997 |
Other expenses: | ||
Interest expense | -719 | |
Total other expenses | -719 | |
Loss before provision for income taxes | -19,803 | -17,997 |
Provision for income taxes | ||
Net income (loss) | ($19,803) | ($17,997) |
Weighted average number of common shares outstanding - basic | 2,900,000 | 2,900,000 |
Net income (loss) per share - basic | ($0.01) | ($0.01) |
Statements_of_Cash_Flows_unaud
Statements of Cash Flows (unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | ($19,803) | ($17,997) |
Adjustments to reconcile net income to net cash used by operating activities: | ||
Depreciation | 227 | 227 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expense | 162 | |
Increase (decrease) in accounts payable | -8,650 | |
Increase (decrease) in accrued interest payable | 719 | |
Net cash provided (used) in operating activities | -27,345 | -17,770 |
Cash Flows from Investing Activities | ||
Purchase of fixed assets | ||
Net cash provided by investing activities | ||
Cash Flows from Financing Activities | ||
Proceeds from notes payable | 15,000 | |
Proceeds from notes payable - related party | -1,500 | |
Net cash provided by financing activities | 13,500 | |
Net Change in Cash | -13,845 | -17,770 |
Cash - beginning of the period | 25,551 | 18,782 |
Cash - ending of the period | 11,706 | 1,012 |
Supplemental Information: | ||
Interest paid | ||
Income taxes paid |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2013 | |
Notes | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of presentation | |
The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. | |
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed interim financial statements be read in conjunction with the financial statements of the Company for the years ended December 31, 2012 and 2011 and notes thereto included in the Company’s 10-K annual report and all amendments. The Company follows the same accounting policies in the preparation of interim reports. | |
Results of operations for the interim period are not indicative of annual results. | |
Use of estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. | |
Cash and cash equivalents | |
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. | |
Fixed assets | |
Fixed assets are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. The Company uses other depreciation methods (generally accelerated) for tax purposes where appropriate. The estimated useful lives for significant property and equipment categories are as follows: | |
Computer equipment 3 years | |
The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition and other economic factors. Based on this assessment there was no impairment as March 31, 2013. Depreciation expense for the three months ended March 31, 2013 and 2012 totaled $227 and $227, respectively. | |
Revenue recognition | |
The Company recognizes revenue when consulting and placement services are rendered on the accrual basis of accounting in accordance with generally accepted accounting principles in ASC 605. The Company does not recognize revenue until all four of the following criteria are met: (1) Persuasive evidence of an arrangement exists, (2) Services have been rendered, (3) The seller’s price to the buyer is fixed and (4) Collectability is reasonably assured. | |
Fair value of financial instruments | |
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2013 and December 31, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. | |
Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. | |
Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. | |
Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. | |
Earnings per share | |
The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. | |
Recent pronouncements | |
The Company has evaluated all the recent accounting pronouncements through March 2013 and believes that none of them will have a material effect on the company’s financial statement. |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2013 | |
Notes | |
GOING CONCERN | NOTE 2 - GOING CONCERN |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. During the three months ended March 31, 2013, the Company did not generate any revenue and had a net loss of $50,013. The Company’s revenue is based on consulting services which are generated by an officer, director and shareholder of the Company who is not compensated for their time. As such, the Company cannot be certain that the activity will continue into the future. | |
The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
FIXED_ASSETS
FIXED ASSETS | 3 Months Ended | |||||
Mar. 31, 2013 | ||||||
Notes | ||||||
FIXED ASSETS | NOTE 3 - FIXED ASSETS | |||||
Fixed assets consist of the following: | ||||||
. | March 31, | December 31, | ||||
2013 | 2012 | |||||
Computer equipment | $ | 2,730 | $ | 2,730 | ||
Less accumulated depreciation | -1,901 | -1,674 | ||||
Fixed assets, net | $ | 829 | $ | 1,056 | ||
Depreciation expense for the three months ended March 31, 2013 and 2012 were $227 and $227, respectively. |
NOTES_PAYABLE
NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2013 | |
Notes | |
NOTES PAYABLE | NOTE 4 - NOTES PAYABLE |
On September 17, 2012, the Company received a loan for $15,000. The loan is due upon demand and bears 8% interest. | |
On September 24, 2012, the Company received a loan for $15,000. The loan is due upon demand and bears 8% interest. | |
On January 23, 2013, the Company received a loan for $10,000. The loan is due upon demand and bears 8% interest. | |
On March 12, 2013, the Company received a loan for $5,000. The loan is due upon demand and bears 8% interest. | |
Interest expense for the three months ended March 31, 2013 was $719. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2013 | |
Notes | |
STOCKHOLDERS' EQUITY | NOTE 5 - STOCKHOLDERS’ EQUITY |
The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock. | |
Common Stock | |
During the three months ended March 31, 2013, there have been no other issuances of common stock. | |
On March 21, 2013, we agreed to repurchase 150,000 shares of our common stock from two shareholders. The shares were originally issued at a price of $0.01 per share for a total cash investment of $1,500. The Company agreed to repurchase the 150,000 shares of our common stock for a purchase price of $1,500. |
WARRANTS_AND_OPTIONS
WARRANTS AND OPTIONS | 3 Months Ended |
Mar. 31, 2013 | |
Notes | |
WARRANTS AND OPTIONS | NOTE 6 - WARRANTS AND OPTIONS |
As of March 31, 2013, there were no warrants or options outstanding to acquire any additional shares of common stock. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2013 | |
Notes | |
RELATED PARTY TRANSACTIONS | NOTE 7 - RELATED PARTY TRANSACTIONS |
Office space and services are provided without charge by the officers and directors of the Company. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. | |
On September 17, 2012, the Company received a loan for $5,000 from an officer and director of the Company. The loan is due upon demand and bears 0% interest. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation (Policies) | 3 Months Ended |
Mar. 31, 2013 | |
Policies | |
Basis of presentation | Basis of presentation |
The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. | |
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these condensed interim financial statements be read in conjunction with the financial statements of the Company for the years ended December 31, 2012 and 2011 and notes thereto included in the Company’s 10-K annual report and all amendments. The Company follows the same accounting policies in the preparation of interim reports. | |
Results of operations for the interim period are not indicative of annual results. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of estimates (Policies) | 3 Months Ended |
Mar. 31, 2013 | |
Policies | |
Use of estimates | Use of estimates |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and cash equivalents (Policies) | 3 Months Ended |
Mar. 31, 2013 | |
Policies | |
Cash and cash equivalents | Cash and cash equivalents |
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fixed assets- (Policies) | 3 Months Ended |
Mar. 31, 2013 | |
Policies | |
Fixed assets- | Fixed assets |
Fixed assets are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. The Company uses other depreciation methods (generally accelerated) for tax purposes where appropriate. The estimated useful lives for significant property and equipment categories are as follows: | |
Computer equipment 3 years | |
The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition and other economic factors. Based on this assessment there was no impairment as March 31, 2013. Depreciation expense for the three months ended March 31, 2013 and 2012 totaled $227 and $227, respectively. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue recognition (Policies) | 3 Months Ended |
Mar. 31, 2013 | |
Policies | |
Revenue recognition | Revenue recognition |
The Company recognizes revenue when consulting and placement services are rendered on the accrual basis of accounting in accordance with generally accepted accounting principles in ASC 605. The Company does not recognize revenue until all four of the following criteria are met: (1) Persuasive evidence of an arrangement exists, (2) Services have been rendered, (3) The seller’s price to the buyer is fixed and (4) Collectability is reasonably assured. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair value of financial instruments (Policies) | 3 Months Ended |
Mar. 31, 2013 | |
Policies | |
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 March 31, 2013 and December 31, 2012. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. | |
Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. | |
Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. | |
Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Earnings per share (Policies) | 3 Months Ended |
Mar. 31, 2013 | |
Policies | |
Earnings per share | Earnings per share |
The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recent pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2013 | |
Policies | |
Recent pronouncements | Recent pronouncements |
The Company has evaluated all the recent accounting pronouncements through March 2013 and believes that none of them will have a material effect on the company’s financial statement. |
FIXED_ASSETS_Fixed_assets_cons
FIXED ASSETS: Fixed assets consist of (Tables) | 3 Months Ended | |||||
Mar. 31, 2013 | ||||||
Tables/Schedules | ||||||
Fixed assets consist of | ||||||
. | March 31, | December 31, | ||||
2013 | 2012 | |||||
Computer equipment | $ | 2,730 | $ | 2,730 | ||
Less accumulated depreciation | -1,901 | -1,674 | ||||
Fixed assets, net | $ | 829 | $ | 1,056 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fixed assets- (Details) (Computer Equipment) | 3 Months Ended |
Mar. 31, 2013 | |
Computer Equipment | |
Property, Plant and Equipment, Useful Life | 3 years |
GOING_CONCERN_Details
GOING CONCERN (Details) (USD $) | 3 Months Ended |
Mar. 31, 2013 | |
Details | |
Net loss during the period | $50,013 |
FIXED_ASSETS_Fixed_assets_cons1
FIXED ASSETS: Fixed assets consist of (Details) (USD $) | Mar. 31, 2013 | Dec. 31, 2012 |
Accumulated depreciation | ($1,901) | ($1,674) |
Net fixed assets | 829 | 1,056 |
Computer Equipment | ||
Property, Plant and Equipment, Gross | $2,730 | $2,730 |
FIXED_ASSETS_Details
FIXED ASSETS (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2012 | |
Details | ||
Depreciation expense for the period | $227 | $227 |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2013 | Mar. 12, 2013 | Jan. 23, 2013 | Sep. 24, 2012 | Sep. 17, 2012 | |
Details | |||||
Loan payable | $5,000 | $10,000 | $15,000 | $15,000 | |
Interest expense- | $719 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 0 Months Ended |
Mar. 21, 2013 | |
Details | |
Shares agreed to be repurchased | 150,000 |
Purchase price of shares to be repurchased | $1,500 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (Officer and Director, USD $) | Sep. 17, 2012 |
Officer and Director | |
Loan payable | $5,000 |