Protect Pharmaceutical (PRTT) 10-Q 17 Nov 14 2014 Q3 Quarterly report Financial data

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.