Protect Pharmaceutical (PRTT) 10-Q 23 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	3 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
Document and Entity Information:
Entity Registrant Name	PROTECT PHARMACEUTICAL Corp
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Trading Symbol	prtt
Amendment Flag	false
Entity Central Index Key	1,493,526
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	1,111,460
Entity Public Float		$ 1,111,460
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	2,016
Document Fiscal Period Focus	Q1

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash	$ 15	$ 7
Total Current Assets	15	7
TOTAL ASSETS	15	7
CURRENT LIABILITIES
Accounts payable and accrued expenses	69,735	69,656
Related party payables	32,899	30,798
Total Current Liabilities	102,634	100,454
TOTAL LIABILITIES	102,634	100,454
STOCKHOLDERS' DEFICIT
Common stock; 100,000,000 shares authorized, at $0.005 par value, 1,111,460 shares issued and outstanding	5,557	5,557
Additional paid-in capital	9,245,788	9,244,288
Deficit accumulated during the development stage	(9,353,964)	(9,350,292)
Total Stockholders' Deficit	(102,619)	(100,447)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 15	$ 7

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
EXPENSES
Professional Fees	$ 2,080	$ 3,938
Executive compensation	1,500	1,500
General and administrative	92	144
LOSS FROM OPERATIONS	(3,672)	(5,582)
OTHER INCOME
LOSS BEFORE DISCONTINUED OPERATIONS	(3,672)	(5,582)
PROFIT LOSS	$ (3,672)	$ (5,582)
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK	$ 0	$ (0.05)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	1,111,460	104,727

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income (loss)	$ (3,672)	$ (5,582)
Adjustments to reconcile loss to cash flows from operating activities
Services contributed by an officer	1,500	1,500
Expenses paid on behalf of the Company	2,100	3,650
Changes in operating assets and liabilities
Accounts payable	80	287
Net Cash Provided by (Used in) Operating Activities	8	(145)
NET CHANGE IN CASH	8	(145)
CASH AT BEGINNING OF PERIOD	7	502
CASH AT END OF PERIOD	$ 15	357
NON-CASH FINANCING ACTIVITIES:
Common stock issued for rounding pursuant to reverse stock-split		$ 103

Note 1 - Condensed Financial St

Note 1 - Condensed Financial Statements	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016. 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. ]|Tag=us-gaap:RelatedPartyTransactionsDisclosureTextBlock»

Note 6 - Subsequent Events

Note 6 - Subsequent Events	3 Months Ended
	Mar. 31, 2016
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.