Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Apr. 15, 2014 | Jun. 30, 2013 | |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Trading Symbol | 'fare | ' | ' |
Entity Registrant Name | 'World Moto, Inc. | ' | ' |
Entity Central Index Key | '0001492151 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 378,033,149 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $8,273,651 |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $179,132 | $75,774 |
Prepaid expenses and other current assets | 17,424 | 2,052 |
Total current assets | 196,556 | 77,826 |
Property and equipment, net of accumulated depreciation | 31,273 | 0 |
Intangible assets, net of accumulated amortization | 191,615 | 231,214 |
Other assets | 1,704 | 0 |
TOTAL ASSETS | 421,148 | 309,040 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 27,482 | 2,156 |
Unearned revenue | 35,000 | 0 |
Total current liabilities | 62,482 | 2,156 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.0001 par value; 50,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 500,000,000 shares authorized; 378,033,149 and 374,329,445 shares issued and outstanding | 37,802 | 37,432 |
Additional paid in capital (deficiency) | 1,568,745 | 569,115 |
Deficit accumulated during the development stage | -1,249,780 | -299,663 |
Accumulated other comprehensive income | 1,899 | 0 |
Total stockholders' equity | 358,666 | 306,884 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $421,148 | $309,040 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock shares par value | $0.00 | $0.00 |
Preferred stock shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock shares par value | $0.00 | $0.00 |
Common stock shares authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 378,033,149 | 374,329,445 |
Common Stock, Shares, Outstanding | 378,033,149 | 374,329,445 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | 69 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Revenues | $0 | $0 | $10,188 |
Operating expenses: | ' | ' | ' |
Research and development | 365,910 | 50,000 | 415,910 |
General and administrative | 588,914 | 176,643 | 847,846 |
Impairment of long-lived assets | 0 | 919 | 919 |
Total operating expenses | 954,824 | 227,562 | 1,264,675 |
Loss from operations | -954,824 | -227,562 | -1,254,487 |
Other income | ' | ' | ' |
Interest income | 749 | 0 | 749 |
Foreign currency exchange gain | 3,958 | 0 | 3,958 |
Total other income | 4,707 | 0 | 4,707 |
Net Loss | -950,117 | -227,562 | -1,249,780 |
Other Comprehensive loss: | ' | ' | ' |
Foreign currency translation gain | 1,899 | 0 | 1,899 |
Total comprehensive loss | ($948,218) | ($227,562) | ($1,247,881) |
Net loss per common share - basic and diluted | $0 | $0 | ' |
Weighted average number of common shares outstanding - basic and diluted | 377,921,835 | 797,038,934 | ' |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' Equity (Deficit) (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Deficit Accumulated During the Development Stage [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Beginning Balance at Mar. 24, 2008 | ' | ' | ' | ' | ' |
Shares issued to founders for services | $72,400 | ($72,000) | ' | ' | $400 |
Shares issued to founders for services (Shares) | 724,000,000 | ' | ' | ' | ' |
Common stock issued for cash | 14,625 | 25,775 | ' | ' | 40,400 |
Common stock issued for cash (shares) | 146,248,000 | ' | ' | ' | ' |
Net loss | ' | ' | -14,319 | ' | -14,319 |
Ending Balance at Dec. 31, 2008 | 87,025 | -46,225 | -14,319 | ' | 26,481 |
Ending Balance (Shares) at Dec. 31, 2008 | 870,248,000 | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2009 | 87,025 | -46,225 | -14,319 | ' | 26,481 |
Beginning Balance (Shares) at Dec. 31, 2009 | 870,248,000 | ' | ' | ' | ' |
Net loss | ' | ' | -36,316 | ' | -36,316 |
Ending Balance at Dec. 31, 2010 | 87,025 | -46,225 | -50,635 | ' | -9,835 |
Ending Balance (Shares) at Dec. 31, 2010 | 870,248,000 | ' | ' | ' | ' |
Net loss | ' | ' | -21,466 | ' | -21,466 |
Ending Balance at Dec. 31, 2011 | 87,025 | -46,225 | -72,101 | ' | -31,301 |
Beginning Balance (Shares) at Dec. 31, 2011 | 870,248,000 | ' | ' | ' | ' |
Cancellation of shares | -72,358 | 72,358 | ' | ' | ' |
Cancellation of shares (Shares) | -723,579,145 | ' | ' | ' | ' |
Shares issued for asset acquisition | 22,517 | 213,797 | ' | ' | 236,314 |
Shares issued for asset acquisition (Shares) | 225,174,589 | ' | ' | ' | ' |
Shares issued for accounts payable | 40 | 52,143 | ' | ' | 52,183 |
Shares issued for accounts payable (Shares) | 401,415 | ' | ' | ' | ' |
Common stock issued for cash | 189 | 245,811 | ' | ' | 246,000 |
Common stock issued for cash (shares) | 1,892,308 | ' | ' | ' | ' |
Shares issued for services | 19 | 24,981 | ' | ' | 25,000 |
Shares issued for services (Shares) | 192,308 | ' | ' | ' | ' |
Forgiveness of related party debt | ' | 6,250 | ' | ' | 6,250 |
Net loss | ' | ' | -227,562 | ' | -227,562 |
Ending Balance at Dec. 31, 2012 | 37,432 | 569,115 | -299,663 | ' | 306,884 |
Ending Balance (Shares) at Dec. 31, 2012 | 374,329,445 | ' | ' | ' | ' |
Common stock issued for cash | 370 | 999,630 | ' | ' | 1,000,000 |
Common stock issued for cash (shares) | 3,703,704 | ' | ' | ' | ' |
Foreign currency transactions | ' | ' | ' | 1,899 | 1,899 |
Net loss | ' | ' | -950,117 | ' | -950,117 |
Ending Balance at Dec. 31, 2013 | $37,802 | $1,568,745 | ($1,249,780) | $1,899 | $358,666 |
Ending Balance (Shares) at Dec. 31, 2013 | 378,033,149 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 69 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($950,117) | ($227,562) | ($1,249,780) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 41,829 | 6,535 | 50,912 |
Stock based compensation | 0 | 25,000 | 25,000 |
Impairment of long-lived assets | 0 | 919 | 919 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses and other current assets | 17,924 | -2,052 | 15,872 |
Accounts payable and accrued expenses | 25,326 | 1,963 | 27,482 |
Net cash used in operating activities | -865,038 | -195,197 | -1,129,595 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of property and equipment | -33,503 | 0 | -38,405 |
Net cash used in investing activities | -33,503 | 0 | -38,405 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from shares issued for cash | 1,000,000 | 246,000 | 1,286,800 |
Advances from related parties | 0 | 24,927 | 58,433 |
Net cash provided by financing activities | 1,000,000 | 270,927 | 1,345,233 |
EFFECT OF FOREIGN CURRENCY TRANSLATIONS | 1,899 | 0 | 1,899 |
Net increase (decrease) in cash and cash equivalent | 103,358 | 75,730 | 179,132 |
Cash and cash equivalents at beginning of period | 75,774 | 44 | 0 |
Cash and cash equivalents at end of period | 179,132 | 75,774 | 179,132 |
Income tax | 0 | 0 | 0 |
Interest | 0 | 0 | 0 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Forgiveness of related party debt | 0 | 6,250 | 6,250 |
Shares issued for asset acquisition | 0 | 236,314 | 236,314 |
Shares issued for accounts payable | 0 | 52,183 | 52,183 |
Cancellation of common stock | $0 | $72,358 | $72,358 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2013 | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | ' | |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Nature of Business | ||
World Moto, Inc. (the “Company”) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012, and discussed in Note 3. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from “Net Profits Ten Inc.” to “World Moto, Inc.” | ||
On January 30, 2013 World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd, a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc. and it is an operating entity of the Company in Thailand for the purposes of research and development in the Southeast Asia region. | ||
Development Stage Activities | ||
The Company is presently in the development stage, with no revenues. Accordingly, all of the Company’s operating results and cash flows reported in the accompanying financial statements are considered to be those arising from the development stage activities and represent the ”cumulative from inception” amounts from its development stage activities. | ||
Basis of Presentation | ||
These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company’s fiscal year-end is December 31. | ||
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 at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | ||
Long-lived Assets | ||
Property and equipment | ||
Property and equipment 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 property and equipment 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 of 3 years for financial statement purposes. | ||
Software | ||
The Company capitalizes software acquisition and development costs incurred during the software application development stage. The software application development stage is characterized by software design and configuration activities, coding, testing and installation. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software acquisition and development costs, once placed in service, are amortized using the straight-line method over the estimated useful life of 3 to 10 years. Capitalized software acquisition and development costs subject to amortization are carried at cost less accumulated amortization. | ||
Patents | ||
Patents are initially measured based on their fair values. Patents are being amortized on the straight-line method over the estimated useful life of 10 to 20 years. | ||
Management evaluates the recoverability of the Company’s property and equipment including patent development costs when events or circumstances indicate a potential impairment exists. The Company considers certain events and circumstances in determining whether the carrying value of identifiable property and equipment may not be recoverable including, but not limited to: significant changes in performance relative to expected operating results; significant changes in the use of the assets; significant negative industry or economic trends; and changes in the business strategy. In determining if impairment exists, the Company estimates the undiscounted cash flows to be generated from the use and ultimate disposition of these assets. If impairment is indicated based on a comparison of the assets' carrying values and the undiscounted cash flows, the impairment loss is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. | ||
Income Taxes | ||
The Company uses the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. A valuation allowance, if necessary, is provided against deferred tax assets, based upon management’s assessment as to their realization. | ||
Revenue Recognition | ||
The Company recognizes revenue only when all of the following criteria have been met: | ||
• | Persuasive evidence of an arrangement exists; | |
• | Delivery has occurred or services have been rendered; | |
• | The fee for the arrangement is fixed or determinable; and | |
• | Collectibility is reasonably assured. | |
Persuasive Evidence of an Arrangement –The Company documents all terms of an arrangement in a written contract signed by the customer prior to recognizing revenue. | ||
Delivery Has Occurred or Services Have Been Performed – The Company performs all services or delivers all products prior to recognizing revenue. Monthly services are considered to be performed ratably over the term of the arrangement. Professional consulting services are considered to be performed when the services are complete. Equipment is considered delivered upon delivery to a customer’s designated location. | ||
The Fee for the Arrangement Is Fixed or Determinable – Prior to recognizing revenue, a customer’s fee is either fixed or determinable under the terms of the written contract. Fees for most monthly services, professional consulting services, and equipment sales and rentals are fixed under the terms of the written contract. Fees for certain monthly services, including certain portions of networking, storage, and content distribution and caching services, are variable based on an objectively determinable factor such as usage. Those factors are included in the written contract such that the customer’s fee is determinable. The customer’s fee is negotiated at the outset of the arrangement and is not subject to refund or adjustment during the initial term of the arrangement. | ||
Collectibility Is Reasonably Assured – The Company determines that collectibility is reasonably assured prior to recognizing revenue. Collectibility is assessed on a customer by customer basis based on criteria outlined by management. New customers are subject to a credit review process, which evaluates the customer’s financial position and ultimately its ability to pay. The Company does not enter into arrangements unless collectibility is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectibility is not reasonably assured, revenue is recognized on a cash basis. | ||
Stock-based Compensation | ||
The Company expenses the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the service period. | ||
Equity instruments issued to parties other than employees for acquiring goods or services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable. | ||
Stock Split | ||
On November 8, 2012, the Company effected a 1 -for-181 forward stock split. All share and per share amounts have been restated retroactively for the impact of the splits. | ||
Subsequent Events | ||
The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. | ||
Recent Accounting Pronouncements | ||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING_CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2013 | |
GOING CONCERN [Text Block] | ' |
NOTE 2 – GOING CONCERN | |
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $1,249,780 as of December 31, 2013, has limited liquidity, and has not established a reliable source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
ACQUISITON_OF_WORLD_MOTO_ASSET
ACQUISITON OF WORLD MOTO ASSETS | 12 Months Ended | |||
Dec. 31, 2013 | ||||
ACQUISITON OF WORLD MOTO ASSETS [Text Block] | ' | |||
NOTE 3 – ACQUISITON OF WORLD MOTO ASSETS | ||||
On September 1, 2012, the Company entered into an Asset Purchase Agreement with World Moto (Thailand) Co., Ltd., a corporation established under the laws of the Kingdom of Thailand (“World Moto”), Chris Ziomkowski, the Chief Technical Officer of World Moto and Paul Giles, the Chief Executive Officer of World Moto. The Agreement was consummated on November 14, 2012. The Company purchased from World Moto substantially all of the intellectual property and certain other specific intellectual property assets related to World Moto’s initial product, Moto-Meter (the “Assets”), which includes three United States patent applications, the data related to the patent applications, certain software related to the operation of the Moto-Meter, several URLs and trade-names and associated names related to the Moto-Meter and World Moto. Moto-Meters are devices that provide metering of rides on motor scooters, motorcycles and similar types of transportation vehicles and have been developed by World Moto. | ||||
The consideration paid for the Assets was an aggregate of 1,240,871 shares of common stock and the issuance of 576,923 shares of common stock to pay for a seller specified outstanding debt in the amount of $75,000. These shares were valued at $236,314 based on the closing price of the Company’s common stock on November 14, 2012. As the result of 1 -for-181 forward stock split, described in Note 7, sellers of World Moto Assets received 224,597,666 shares of the Company’s common stock. | ||||
The following table summarizes the allocation of purchase price on the World Moto Assets: | ||||
World Moto Assets acquired: | ||||
Software | $ | 166,314 | ||
Website | 20,000 | |||
Patents | 30,000 | |||
Trade name | 20,000 | |||
Total consideration paid | $ | 236,314 |
LONGLIVED_ASSETS
LONG-LIVED ASSETS | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
LONG-LIVED ASSETS [Text Block] | ' | |||||||||
NOTE 4 – LONG-LIVED ASSETS | ||||||||||
The following table summarizes the long-lived assets the Company had at December 31, 2013 and 2012: | ||||||||||
Useful | Year Ended December 31, | |||||||||
Lives | 2013 | 2012 | ||||||||
Software | 3 - 10 years | $ | 166,314 | $ | 166,314 | |||||
Website | 10 years | 20,000 | 20,000 | |||||||
Patents | 20 years | 30,000 | 30,000 | |||||||
Trade name | N/A | 20,000 | 20,000 | |||||||
Subtotal | 236,314 | 236,314 | ||||||||
Less: accumulated amortization | (44,698 | ) | (5,100 | ) | ||||||
Intangible assets, net | $ | 191,616 | $ | 231,214 | ||||||
Machinery and equipment | 3 - 5 years | $ | 33,503 | $ | - | |||||
Less: accumulated depreciation | (2,230 | ) | - | |||||||
Property and equipment, net | $ | 31,273 | $ | - | ||||||
The Company determined that the software developed by Net Ten Profits Inc. for military yearbooks was no longer an asset and the balance of $919 was written off during the year ended December 31, 2012. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
INCOME TAXES [Text Block] | ' | ||||||
NOTE 5 – INCOME TAXES | |||||||
No provision for federal income taxes has been recognized for the years ended December 31, 2013 and 2012, as the Company incurred a net operating loss for income tax. | |||||||
The Company has tax losses that may be applied against future taxable income. The potential tax benefits arising from these losses carryforwards, which expire beginning the year 2028, are offset by a valuation allowance due to the uncertainty of profitable operations in the future. During the period from March 24, 2008 (inception) to December 31, 2013, the Company had operating losses of $1,249,780. The statutory tax rate for fiscal years 2013 and 2012 is 35%. | |||||||
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2013 and 2012 are presented below: | |||||||
Year Ended December 31, | |||||||
2013 | 2012 | ||||||
Net operating losses carryforwards | $ | 443,865 | $ | 104,882 | |||
Less: valuation allowance | (443,865 | ) | (104,882 | ) | |||
Deferred tax assets, net | $ | - | $ | - |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | ' |
NOTE 6 – COMMITMENTS AND CONTINGENCIES | |
The Company occupies 665 square feet of office space at 131 Thailand Science Park INC -1 # 214, Pathumthani, Thailand. This office includes its executive offices and engineering facilities. The annual rent for this location is approximately $7,500. During the second quarter of 2014, the Company will move into a larger facility in the science park. Rent for the new offices will be approximately $21,000 per year. | |
The Company has shared office space in New York City, located at 55 Broad Street, 28th Floor, New York, NY 10004. The annual rent for this location is currently being gifted to the Company. It is expected that the Company will pay fair market value for office space in New York in the future. | |
The Company has shared office space in London, United Kingdom, located 145-157 St. John Street, Lower Ground Floor, LP-19896, London EC1V 4PW. The annual rent for which is $300. | |
The Company also has shared office space in Lagos, Nigeria, located at 19, Sinari Daranijo Street, Victoria Island, Lagos. The Company opens its Lagos office as a part of its plan to introduce the Moto-Meter into Lagos and cities across Africa. The annual rent for this location is currently being gifted to the Company. It is expected that the Company will pay fair market value for office space in Nigeria in the future. |
UNEARNED_REVENUE
UNEARNED REVENUE | 12 Months Ended |
Dec. 31, 2013 | |
UNEARNED REVENUE [Text Block] | ' |
NOTE 7 – UNEARNED REVENUE | |
On December 2, 2013, WM Co. Thailand entered into a Purchase and Licensing Agreement (the “PL Agreement”) with Mobile Advertising Ventures Ltd. (“MAV”). Pursuant to the terms of the PL Agreement, MAV will purchase 10 initial “Wheelies” from WM Co. Thailand at a purchase price of $35,000, and will have an option to purchase an additional 190 Wheelies at a purchase price of $3,500 per unit. WM Co. Thailand also grants a non-exclusive license to MAV for the use of its software in connection with the operation of the Wheelies in consideration for a fee based on net revenue per quarter from advertising sales relating to the use of the Wheelies. The Company received $35,000 from MAV before December 31, 2013 and recorded unearned revenue at the year end. |
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended | |
Dec. 31, 2013 | ||
EQUITY TRANSACTIONS [Text Block] | ' | |
NOTE 8 – EQUITY TRANSACTIONS | ||
Preferred Stock | ||
The Company is authorized to issue 50,000,000 shares of preferred stock with a par value of $0.0001. As of December 31, 2013 and 2012, there were no preferred shares issued and outstanding. The Company’s Board of Directors is authorized by the articles of incorporation to divide the authorized shares of preferred stock into one or more series, each of which must be so designated as to distinguish the shares of each series of preferred stock from the shares of all other series and classes. The Company’s Board of Directors is also authorized, within any limitations prescribed by law and the articles of incorporation, to fix and determine the designations, rights, qualifications, preferences, limitations and terms of the shares of any series of preferred stock. | ||
Common Stock | ||
The Company is authorized to issue 500,000,000 common shares with a par value of $0.0001. As of December 31, 2013 and 2012, there were 378,033,149 and 374,329,445 shares of common stock issued and outstanding, respectively. Upon liquidation, dissolution or winding up of the corporation, the holders of common stock are entitled to share ratably in all net assets available for distribution to shareholders after payment to creditors. The common stock is not convertible or redeemable and has no pre-emptive, subscription or conversion rights. There is no conversion, redemption, sinking fund or similar provisions regarding the common stock. Each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of shareholders. There are no cumulative voting rights. Each shareholder is entitled to receive the dividends as may be declared by our directors out of funds legally available for dividends and, in the event of liquidation, to share pro rata in any distribution of assets after payment of liabilities. The Company’s directors are not obligated to declare a dividend. Since inception the Company has not paid or declared any dividends on common stock. | ||
In 2008, the Company issued 724,000,000 shares of common stock at par to the founders for their services and sold 146,248,000 shares for cash proceeds of $40,400. | ||
In November 2012, simultaneously with the closing of the Company’s acquisition of the World Moto Assets: | ||
- | Mr. Marlon Liam, the Company’s former sole director and officer, agreed to contribute 723,579,160 shares that he owned to the Company’s capital by canceling the shares; | |
- | The Company effected a 1 -for-181 forward stock split. All share and per share amounts have been restated retroactively for the impact of the stock split; | |
- | 1,240,871 shares of common stock were issued to acquire the World Moto Assets. The World Moto Assets acquired by the Company were recorded by the Company at fair value of $161,314 of the shares issued. As the result of 1 -for- 181 forward stock split, seller of World Moto Assets received 224,597,666 shares of the Company’s common stock; 576,923 shares of common stock were issued to pay for a seller specified outstanding debt in the amount of $75,000 ; | |
- | 401,415 shares of common stock were issued to Mr. Marlon Liam to pay off $52,183 related party payable; | |
- | The Company raised $246,000 by selling an aggregate of 1,892,308 shares of common stock to one investor on a private placement offering; | |
- | 192,308 shares of common stock were issued to a consultant for his services and discharged a payable of $25,000. | |
The above shares issued by the Company in November 2012 were valued at their fair value based on the closing price of the Company’s common stock on November 14, 2012. | ||
On January 8, 2013, the Company consummated a private placement offering with an accredited investor for the sale of 3,703,704 shares of common stock at a purchase price of $0.27 per share, for aggregate consideration of $1,000,000. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS [Text Block] | ' |
NOTE 9 – SUBSEQUENT EVENTS | |
On April 4, 2014, the Company entered into a financing arrangement with certain investors pursuant to which it issued debentures and received its first tranche of $500,000. The Company shall receive an additional $500,000 within three business days after a registration statement filed by the Company has been declared effective by the Securities and Exchange Commission. The debentures carry an 8% OID (Original Issue Discount) and have a maturity date of 12 months with 12% interest paid at maturity or upon conversion of the amounts owed under the debentures. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Nature of Business [Policy Text Block] | ' | |
Nature of Business | ||
World Moto, Inc. (the “Company”) was incorporated in the State of Nevada on March 24, 2008 under the name Net Profits Ten Inc. The original purpose of the Company was to market and distribute user-friendly interactive yearbook software for the military. The Company was reclassified as a shell company until the completion of its acquisition of the World Moto Assets, which was consummated on November 14, 2012, and discussed in Note 3. Effective November 12, 2012, the Company amended its Articles of Incorporation to change its name from “Net Profits Ten Inc.” to “World Moto, Inc.” | ||
On January 30, 2013 World Moto, Inc. established two wholly owned subsidiaries that were incorporated in the State of Nevada. World Moto Technologies, Inc. and World Moto Holdings, Inc. were both established, but have no activity to report to date. On February 4, 2013, World Moto Technologies Ltd, a wholly owned subsidiary of the Company, was organized under the laws of the Kingdom of Thailand and the name of this company was later changed to World Moto Co., Ltd. World Moto Co., Ltd. is owned in its entirety by World Moto, Inc. and it is an operating entity of the Company in Thailand for the purposes of research and development in the Southeast Asia region. | ||
Development Stage Activities [Policy Text Block] | ' | |
Development Stage Activities | ||
The Company is presently in the development stage, with no revenues. Accordingly, all of the Company’s operating results and cash flows reported in the accompanying financial statements are considered to be those arising from the development stage activities and represent the ”cumulative from inception” amounts from its development stage activities. | ||
Basis of Presentation [Policy Text Block] | ' | |
Basis of Presentation | ||
These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company’s fiscal year-end is December 31. | ||
Use of Estimates [Policy Text Block] | ' | |
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 at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents [Policy Text Block] | ' | |
Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | ||
Long-lived Assets [Policy Text Block] | ' | |
Long-lived Assets | ||
Property and equipment | ||
Property and equipment 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 property and equipment 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 of 3 years for financial statement purposes. | ||
Software | ||
The Company capitalizes software acquisition and development costs incurred during the software application development stage. The software application development stage is characterized by software design and configuration activities, coding, testing and installation. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Capitalized software acquisition and development costs, once placed in service, are amortized using the straight-line method over the estimated useful life of 3 to 10 years. Capitalized software acquisition and development costs subject to amortization are carried at cost less accumulated amortization. | ||
Income Taxes [Policy Text Block] | ' | |
Income Taxes | ||
The Company uses the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and income tax carrying amounts of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company reviews deferred tax assets for a valuation allowance based upon whether it is more likely than not that the deferred tax asset will be fully realized. A valuation allowance, if necessary, is provided against deferred tax assets, based upon management’s assessment as to their realization. | ||
Revenue Recognition [Policy Text Block] | ' | |
Revenue Recognition | ||
The Company recognizes revenue only when all of the following criteria have been met: | ||
• | Persuasive evidence of an arrangement exists; | |
• | Delivery has occurred or services have been rendered; | |
• | The fee for the arrangement is fixed or determinable; and | |
• | Collectibility is reasonably assured. | |
Persuasive Evidence of an Arrangement –The Company documents all terms of an arrangement in a written contract signed by the customer prior to recognizing revenue. | ||
Delivery Has Occurred or Services Have Been Performed – The Company performs all services or delivers all products prior to recognizing revenue. Monthly services are considered to be performed ratably over the term of the arrangement. Professional consulting services are considered to be performed when the services are complete. Equipment is considered delivered upon delivery to a customer’s designated location. | ||
The Fee for the Arrangement Is Fixed or Determinable – Prior to recognizing revenue, a customer’s fee is either fixed or determinable under the terms of the written contract. Fees for most monthly services, professional consulting services, and equipment sales and rentals are fixed under the terms of the written contract. Fees for certain monthly services, including certain portions of networking, storage, and content distribution and caching services, are variable based on an objectively determinable factor such as usage. Those factors are included in the written contract such that the customer’s fee is determinable. The customer’s fee is negotiated at the outset of the arrangement and is not subject to refund or adjustment during the initial term of the arrangement. | ||
Collectibility Is Reasonably Assured – The Company determines that collectibility is reasonably assured prior to recognizing revenue. Collectibility is assessed on a customer by customer basis based on criteria outlined by management. New customers are subject to a credit review process, which evaluates the customer’s financial position and ultimately its ability to pay. The Company does not enter into arrangements unless collectibility is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectibility is not reasonably assured, revenue is recognized on a cash basis. | ||
Stock-based Compensation [Policy Text Block] | ' | |
Stock-based Compensation | ||
The Company expenses the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments over the service period. | ||
Equity instruments issued to parties other than employees for acquiring goods or services are recorded at either the fair value of the consideration received or the fair value of the instruments issued in exchange for such services, whichever is more reliably measurable. | ||
Stock Split [Policy Text Block] | ' | |
Stock Split | ||
On November 8, 2012, the Company effected a 1 -for-181 forward stock split. All share and per share amounts have been restated retroactively for the impact of the splits. | ||
Subsequent Events [Policy Text Block] | ' | |
Subsequent Events | ||
The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. | ||
Recent Accounting Pronouncements [Policy Text Block] | ' | |
Recent Accounting Pronouncements | ||
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
ACQUISITON_OF_WORLD_MOTO_ASSET1
ACQUISITON OF WORLD MOTO ASSETS (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Schedule of Allocation of Purchase Price [Table Text Block] | ' | |||
World Moto Assets acquired: | ||||
Software | $ | 166,314 | ||
Website | 20,000 | |||
Patents | 30,000 | |||
Trade name | 20,000 | |||
Total consideration paid | $ | 236,314 |
LONGLIVED_ASSETS_Tables
LONG-LIVED ASSETS (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Schedule of Long-Lived Assets [Table Text Block] | ' | |||||||||
Useful | Year Ended December 31, | |||||||||
Lives | 2013 | 2012 | ||||||||
Software | 3 - 10 years | $ | 166,314 | $ | 166,314 | |||||
Website | 10 years | 20,000 | 20,000 | |||||||
Patents | 20 years | 30,000 | 30,000 | |||||||
Trade name | N/A | 20,000 | 20,000 | |||||||
Subtotal | 236,314 | 236,314 | ||||||||
Less: accumulated amortization | (44,698 | ) | (5,100 | ) | ||||||
Intangible assets, net | $ | 191,616 | $ | 231,214 | ||||||
Machinery and equipment | 3 - 5 years | $ | 33,503 | $ | - | |||||
Less: accumulated depreciation | (2,230 | ) | - | |||||||
Property and equipment, net | $ | 31,273 | $ | - |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Deferred Tax Assets [Table Text Block] | ' | ||||||
Year Ended December 31, | |||||||
2013 | 2012 | ||||||
Net operating losses carryforwards | $ | 443,865 | $ | 104,882 | |||
Less: valuation allowance | (443,865 | ) | (104,882 | ) | |||
Deferred tax assets, net | $ | - | $ | - |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 69 Months Ended | |
Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Property, Plant and Equipment, Estimated Useful Life | ' | '3 years | ' | ' |
Impairment of long-lived assets | ' | $0 | $919 | $919 |
Stock split ratio | '1 for 181 | ' | ' | ' |
Patents [Member] | ' | ' | ' | ' |
Intangible Assets Estimated Useful Life | ' | '20 years | ' | ' |
Minimum [Member] | Patents [Member] | ' | ' | ' | ' |
Intangible Assets Estimated Useful Life | ' | '10 years | ' | ' |
Minimum [Member] | Software [Member] | ' | ' | ' | ' |
Intangible Assets Estimated Useful Life | ' | '3 years | ' | ' |
Minimum [Member] | Machinery and equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Life | ' | '3 years | ' | ' |
Maximum [Member] | Patents [Member] | ' | ' | ' | ' |
Intangible Assets Estimated Useful Life | ' | '20 years | ' | ' |
Maximum [Member] | Software [Member] | ' | ' | ' | ' |
Intangible Assets Estimated Useful Life | ' | '10 years | ' | ' |
Maximum [Member] | Machinery and equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Life | ' | '5 years | ' | ' |
GOING_CONCERN_Narrative_Detail
GOING CONCERN (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated deficit | $1,249,780 | $299,663 |
ACQUISITON_OF_WORLD_MOTO_ASSET2
ACQUISITON OF WORLD MOTO ASSETS (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 69 Months Ended | |
Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Stock Issued During Period, Value, Acquisition of Assets | ' | $0 | $236,314 | $236,314 |
Stock split ratio | '1 for 181 | ' | ' | ' |
World Moto Assets Acquired [Member] | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisition of Assets | 1,240,871 | ' | ' | ' |
Stock Issued During Period, Shares, Settlement of Debt | 576,923 | ' | ' | ' |
Extinguishment of Debt, Amount | 75,000 | ' | ' | ' |
Stock Issued During Period, Value, Acquisition of Assets | 236,314 | ' | ' | ' |
Stock split ratio | '1 for 181 | ' | ' | ' |
Stock Issued During Period, Shares, Stock Splits | 224,597,666 | ' | ' | ' |
LONGLIVED_ASSETS_Narrative_Det
LONG-LIVED ASSETS (Narrative) (Details) (USD $) | 12 Months Ended | 69 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Impairment of Long-Lived Assets | $0 | $919 | $919 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 69 Months Ended | |||
Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | |
Operating Losses | $14,319 | $950,117 | $227,562 | $21,466 | $36,316 | $1,249,780 |
Statutory tax rate | ' | 35.00% | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
North Sumrong, Bangkok, Thailand [Member] | ' |
Annual rent | $21,000 |
Bangkok, Thailand [Member] | ' |
Annual rent | 7,500 |
London, United Kingdom [Member] | ' |
Annual rent | $300 |
UNEARNED_REVENUE_Narrative_Det
UNEARNED REVENUE (Narrative) (Details) (USD $) | 1 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Purchase Price of PL agreement | $35,000 | ' |
Purchase Price of PL agreement per unit | $3,500 | ' |
unearned revenue | $35,000 | $0 |
EQUITY_TRANSACTIONS_Narrative_
EQUITY TRANSACTIONS (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 69 Months Ended | ||||
Jan. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2011 | |
Preferred Stock, Shares Authorized | ' | ' | ' | 50,000,000 | 50,000,000 | ' | 50,000,000 | ' |
Preferred Stock, Par or Stated Value Per Share | ' | ' | ' | $0.00 | $0.00 | ' | $0.00 | ' |
Common Stock, Shares Authorized | ' | ' | ' | 500,000,000 | 500,000,000 | ' | 500,000,000 | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | ' | $0.00 | $0.00 | ' | $0.00 | ' |
Common Stock, Shares, Issued | ' | ' | ' | 378,033,149 | 374,329,445 | ' | 378,033,149 | ' |
Common Stock, Shares, Outstanding | ' | ' | ' | 378,033,149 | 374,329,445 | ' | 378,033,149 | 374,329,445 |
Shares issued for services (Shares) | ' | ' | ' | ' | ' | 724,000,000 | ' | ' |
Common stock issued for cash (shares) | 3,703,704 | ' | ' | ' | ' | 146,248,000 | ' | ' |
Equity Issuance, Per Share Amount | $0.27 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement | $1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Cash | ' | ' | -40,400 | -1,000,000 | -246,000 | -40,400 | ' | ' |
Stock split ratio | ' | '1 for 181 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisition of Assets | ' | ' | ' | 0 | 236,314 | ' | 236,314 | ' |
Shares issued for services | ' | ' | ' | ' | 25,000 | ' | ' | ' |
Cancellation of Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Cancelled for Capital | ' | ' | ' | ' | 723,579,160 | ' | ' | ' |
World Moto Assets Acquired [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split ratio | ' | '1 for 181 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisition of Assets | ' | 1,240,871 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisition of Assets | ' | 236,314 | ' | ' | ' | ' | ' | ' |
Fair Value of Assets Acquired | ' | 161,314 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Stock Splits | ' | 224,597,666 | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | 75,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Settlement of Debt | ' | 576,923 | ' | ' | ' | ' | ' | ' |
Related Party Payable [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Settlement of Debt | ' | 401,415 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Amount of Debt Settlement | ' | 52,183 | ' | ' | ' | ' | ' | ' |
Private Placement [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued for cash (shares) | ' | 1,892,308 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Cash | ' | -246,000 | ' | ' | ' | ' | ' | ' |
Services and a Payable [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for services (Shares) | ' | 192,308 | ' | ' | ' | ' | ' | ' |
Shares issued for services | ' | 25,000 | ' | ' | ' | ' | ' | ' |
SUBSEQUENT_EVENTS_Narrative_De
SUBSEQUENT EVENTS (Narrative) (Details) (USD $) | 1 Months Ended |
Apr. 30, 2014 | |
Debenture issued | $500,000 |
Additional Debenture received | $500,000 |
Debentures discount | 8.00% |
Maturity Time | '12 months |
Interest paid on Debenture | 12.00% |
Schedule_of_Allocation_of_Purc
Schedule of Allocation of Purchase Price (Details) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Purchase price allocation | $236,314 |
Software [Member] | ' |
Purchase price allocation | 166,314 |
Website [Member] | ' |
Purchase price allocation | 20,000 |
Patents [Member] | ' |
Purchase price allocation | 30,000 |
Trade name [Member] | ' |
Purchase price allocation | $20,000 |
Schedule_of_LongLived_Assets_D
Schedule of Long-Lived Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible assets, gross | $236,314 | $236,314 |
Less: Accumulated Amortization | -44,698 | -5,100 |
Intangible assets, net | 191,616 | 231,214 |
Less: accumulated depreciation | -2,230 | 0 |
Useful Lives | '3 years | ' |
Property, Plant and Equipment, Net | 31,273 | 0 |
Software [Member] | ' | ' |
Intangible assets, gross | 166,314 | 166,314 |
Software [Member] | Minimum [Member] | ' | ' |
Useful Lives | '3 years | ' |
Software [Member] | Maximum [Member] | ' | ' |
Useful Lives | '10 years | ' |
Website [Member] | ' | ' |
Useful Lives | '10 years | ' |
Intangible assets, gross | 20,000 | 20,000 |
Patents [Member] | ' | ' |
Useful Lives | '20 years | ' |
Intangible assets, gross | 30,000 | 30,000 |
Patents [Member] | Minimum [Member] | ' | ' |
Useful Lives | '10 years | ' |
Patents [Member] | Maximum [Member] | ' | ' |
Useful Lives | '20 years | ' |
Trade name [Member] | ' | ' |
Intangible assets, gross | 20,000 | 20,000 |
Machinery and equipment [Member] | ' | ' |
Machinery and equipment | $33,503 | $0 |
Machinery and equipment [Member] | Minimum [Member] | ' | ' |
Useful Lives | '3 years | ' |
Machinery and equipment [Member] | Maximum [Member] | ' | ' |
Useful Lives | '5 years | ' |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Net operating losses carryforwards | $443,865 | $104,882 |
Less: valuation allowance | -443,865 | -104,882 |
Deferred tax assets, net | $0 | $0 |