Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information: | ' |
EntityRegistrantName | 'PROTECT PHARMACEUTICAL Corp |
DocumentType | '10-Q |
DocumentPeriodEndDate | 30-Sep-14 |
AmendmentFlag | 'false |
EntityCentralIndexKey | '0001493526 |
CurrentFiscalYearEndDate | '--12-31 |
EntityCommonStockSharesOutstanding | 44,573,012 |
EntityPublicFloat | $44,573,012 |
EntityFilerCategory | 'Non-accelerated Filer |
EntityCurrentReportingStatus | 'No |
EntityVoluntaryFilers | 'No |
EntityWellKnownSeasonedIssuer | 'No |
DocumentFiscalYearFocus | '2014 |
DocumentFiscalPeriodFocus | 'Q3 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash | $546 | $681 |
Total Current Assets | 546 | 681 |
TOTAL ASSETS | 546 | 681 |
Accounts payable and accrued expenses | 64,105 | 60,104 |
Accounts payable - related parties | 13,405 | 23,939 |
Notes payable - related parties | 36,439 | 24,940 |
Total Current Liabilities | 600,775 | 595,809 |
TOTAL LIABILITIES | 600,775 | 595,809 |
Common stock; 100,000,000 shares authorized, at $0.005 par value, 70,573 and 44,573 shares issued and outstanding, respectively | 353 | 223 |
Additional paid-in capital | 8,773,993 | 8,577,622 |
Deficit accumulated during the development stage | -9,374,575 | -9,172,973 |
Total Stockholders' Deficit | -600,229 | -595,128 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $546 | $681 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUES | ' | ' | ' | ' |
Impairment expense | $182,000 | ' | $182,000 | ' |
Professional Fees | 5,840 | 4,013 | 14,965 | 15,326 |
Executive compensation | 1,500 | 1,500 | 4,500 | 4,500 |
General and administrative | 45 | 45 | 137 | 135 |
Total Expenses | 189,385 | 5,558 | 201,602 | 19,961 |
LOSS FROM OPERATIONS | -189,385 | -5,558 | -201,602 | -19,961 |
PROFIT LOSS | ($189,385) | ($5,558) | ($201,602) | ($19,961) |
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK | ($3.37) | ($0.12) | ($4.16) | ($0.45) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 56,160 | 44,573 | 48,478 | 44,573 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net loss | ($201,602) | ($19,961) |
Services contributed by officers | 4,500 | 4,500 |
Expenses paid on behalf of the Company | 21,499 | 8,860 |
Impairment of mining claims | 182,000 | ' |
Accounts payable | 4,001 | -1,020 |
Change in Accounts payable - related parties | -10,533 | 7,487 |
Net Cash Used in Operating Activities | -135 | -134 |
NET INCREASE (DECREASE) IN CASH | -135 | -134 |
CASH AT BEGINNING OF PERIOD | 681 | 860 |
CASH AT END OF PERIOD | $546 | $726 |
Note_1_Condensed_Financial_Sta
Note 1 - Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 1 - Condensed Financial Statements | ' |
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | |
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2014, and for all periods presented herein, have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2013 audited financial statements. The results of operations for the periods ended September 30, 2014 and 2013 are not necessarily indicative of the operating results for the full years. | |
Note_2_Going_Concern
Note 2 - Going Concern | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 2 - Going Concern | ' |
NOTE 2 - GOING CONCERN | |
The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other material assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. It is the intent of the Company to seek a merger with an existing, operating company. In the interim, shareholders of the Company have committed to meeting its minimal operating expenses | |
Note_3_Significant_Accounting_
Note 3 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 3 - Significant Accounting Policies | ' |
NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES | |
Development Stage Company | |
The accompanying financial statements have been prepared under generally accepted accounting principles for development stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. | |
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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Basic (Loss) per Common Share | |
Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2014 and 2013. | |
Recent Accounting Pronouncements | |
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position or statements. | |
Note_5_Sale_of_Patents
Note 5 - Sale of Patents | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 5 - Sale of Patents | ' |
NOTE 5 – SALE OF PATENTS | |
On January 31, 2011, Protect Pharmaceutical Corporation (the “Company”) finalized and closed a Patent Purchase Agreement (the “Agreement”) with Grünenthal GmbH (“Grünenthal”), a company organized under the laws of Germany. Pursuant to the terms of the Agreement, the Company sold to Grünenthal all of the Company’s rights title and interest in and to certain inventions described and claimed in certain patents and patent applications (collectively “the Patents”), including without limitation, all extensions, continuations, provisions, derivatives and related applications thereof. The Patents relate to Opioid Formulations and Methods of treating acute and chronic pain. | |
In exchange for the Patents, Grünenthal paid the Company $1,600,000. The Company originally acquired the subject Patents sold to Grünenthal, together with other inventions and patents, in February 2010 pursuant to a Patent Acquisition Agreement with Nectid, Inc. (“Nectid”), a privately held New Jersey company. Under the terms of the Patent Acquisition Agreement and Addendum, the Company agreed that in the event the Company sold out right any of the patents acquired from Nectid without first undertaking any development of the patents, the proceeds from such sale would be divided, 60% to Nectid and 40% to the Company. Accordingly, the Company realized 40%, or $640,000 from the proceeds of the sale and the balance will be paid to Nectid. The Company retains all other inventions, patents and technologies initially acquired from Nectid. | |
Note_6_Stockholders_Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 6 - Stockholders' Equity | ' |
NOTE 6 – STOCKHOLDERS’ EQUITY | |
On August 20, 2014 the Company issued 26,000 post-split shares of common stock to purchase a group of ten lode mining claims located in Soccorro County, New Mexico. The shares were issued and the claims were purchased from a related party entity. The post-split shares were valued at $7.00 per share, being the closing price of the common stock on the date the transaction was consummated, for an aggregate total of $182,000. As of September 30, 2014 the Company elected to fully impair the mining claims. | |
On September 23, 2014 the Company elected to perform a reverse-split of its common stock on a one-share-for-1,000-shares basis. All references to common stock in these financial statements have been retroactively restated so as to incorporate the effects of this reverse-split transaction. | |
Note_7_Subsequent_Events
Note 7 - Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Note 7 - Subsequent Events | ' |
NOTE 7 – SUBSEQUENT EVENTS | |
In accordance with ASC 855-10, Company management reviewed all material events through the date of this report and determined that there are no additional material subsequent events to report. |
Note_3_Significant_Accounting_1
Note 3 - Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
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 revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note_3_Significant_Accounting_2
Note 3 - Significant Accounting Policies: Basic (loss) Per Common Share (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Basic (loss) Per Common Share | ' |
Basic (Loss) per Common Share | |
Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of September 30, 2014 and 2013. |
Note_3_Significant_Accounting_3
Note 3 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position or statements. |
Note_4_Relatedparty_Transactio
Note 4 - Related-party Transactions: Contributed Capital (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Contributed Capital | ' |
Contributed Capital | |
During the nine months ended September 30, 2014 and 2013, a related-party has contributed various administrative services to the Company. These services have been valued at $4,500 for the nine month periods then ended. |
Note_3_Significant_Accounting_4
Note 3 - Significant Accounting Policies: Development Stage Company (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Development Stage Company | ' |
Development Stage Company | |
The accompanying financial statements have been prepared under generally accepted accounting principles for development stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from. |
Contributed_Capital_Policies
Contributed Capital (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Contributed Capital | ' |
Contributed Capital | |
During the nine months ended September 30, 2014 and 2013, a related-party has contributed various administrative services to the Company. These services have been valued at $4,500 for the nine month periods then ended. |