Protect Pharmaceutical (PRTT) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - USD ($)	Total
Document and Entity Information:
Entity Registrant Name	PROTECT PHARMACEUTICAL Corp
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Entity Central Index Key	1,493,526
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	111,460
Entity Public Float	$ 111,460
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	2,015
Document Fiscal Period Focus	Q2

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 2,315	$ 502
Total Current Assets	2,315	502
TOTAL ASSETS	2,315	502
CURRENT LIABILITIES
Accounts payable and accrued expenses	63,896	61,053
Accounts payable - related parties		2,380
Related party payables	69,401	58,052
Total Current Liabilities	133,297	121,485
TOTAL LIABILITIES	133,297	121,485
STOCKHOLDERS' DEFICIT
Common stock; 100,000,000 shares authorized,at $0.005 par value, 111,460 and 89,459shares issued and outstanding, respectively	557	447
Additional paid-in capital	8,596,289	8,593,398
Deficit accumulated during the development stage	(8,727,828)	(8,714,828)
Total Stockholders' Deficit	(130,982)	(120,983)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 2,315	$ 502

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
EXPENSES
Professional Fees	$ 5,851	$ 8,630	$ 9,789	$ 9,125
Executive compensation	1,500	1,500	3,000	3,000
General and administrative	211	45	211	89
LOSS FROM OPERATIONS	(7,562)	(10,175)	(13,000)	(12,214)
OTHER INCOME
LOSS BEFORE DISCONTINUED OPERATIONS	(7,562)	(10,175)	(13,000)	(12,214)
NET INCOME LOSS	$ (7,562)	$ (10,175)	$ (13,000)	$ (12,214)
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK	$ (0.07)	$ (0.23)	$ (0.12)	$ (0.27)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	110,558	44,573	108,006	44,573

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Profit loss	$ (13,000)	$ (12,214)
Adjustments to reconcile net loss to cash flows from operating activities
Services contributed by an officer	3,000	3,000
Expenses paid on behalf of the Company	11,350	9,499
Changes in operating assets and liabilities
Accounts payable	2,843
Accounts payable - related parties	(2,380)	(375)
Net Cash Provided by (Used in)Operating Activities	1,813	(90)
NET CHANGE IN CASH	1,813	(90)
CASH AT BEGINNING OF PERIOD	502	681
CASH AT END OF PERIOD	2,315	$ 591
SUPPLEMENTAL CASH FLOW INFORMATION:
Common shares issued for rounding pursuant to reverse stock-split	$ 110

Note 1 - Condensed Financial St

Note 1 - Condensed Financial Statements	6 Months Ended
	Jun. 30, 2015
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 , 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, 201 audited financial statements. The results of operations for the periods ended are not necessarily indicative of the operating results for the full years.

Note 2 - Going Concern

Note 2 - Going Concern	6 Months Ended
	Jun. 30, 2015
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	6 Months Ended
	Jun. 30, 2015
Notes
Note 3 - Significant Accounting Policies	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES 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 June 30, 2015 and 2014. Recent Accounting Pronouncements Management has considered all other recent accounting pronouncements issued since the last audit of the Company’s financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

Note 4 - Related-party Transact

Note 4 - Related-party Transactions	6 Months Ended
	Jun. 30, 2015
Notes
Note 4 - Related-party Transactions	NOTE 4 – RELATED-PARTY TRANSACTIONS T he Company ha As of and December 31, 201 , respectively, total $ These payables are non-interest bearing, unsecured, and are due on demand. Contributed Capital During the six months ended June 30, 2015 and 2014, the Company’s director and sole officer has contributed various administrative services to the Company. These services have been valued at $3,000 for the six month periods then ended. In addition, during the year ended December 31, 2014 a related-party entity paid $10,000 toward accounts payable related parties held by the Company.

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Notes
Note 5 - Stockholders' Equity	NOTE 5 – STOCKHOLDERS’ EQUITY On September 19, 2014, the Company issued 26,000 shares of common stock to Blue Cap Development Corp. in exchange for certain mining and/or mineral claims and/or leases located in New Mexico. Two principals of Blue Cap, Edward F. Cowle and H. Deworth Williams, are principal stockholders of the Company. On November 4, 2014, the Company effected a reverse stock split of its issued and outstanding shares of common stock on a one (1) share for one thousand (1,000) shares basis. As per the terms of the reverse stock split, any fractional share amount resulting from the split was automatically rounded up to the next higher whole share amount, with the provision that no individual stockholder’s holdings would be reduced below 100 shares. Additional shares to restore each such affected stockholder’s holdings to 100 shares were issued, with certain shares issued during the 2014 calendar year, and the remainder issued during the six months ended June 30, 2015. The par value of the common stock remains at $0.005 per share. As a result of the reverse stock split and the rounding up of odd lots to 100 shares, at June 30, 2015, there were 111,460 shares certificated and outstanding.

Note 6 - Subsequent Events

Note 6 - Subsequent Events	6 Months Ended
	Jun. 30, 2015
Notes
Note 6 - Subsequent Events	NOTE 6 – 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.