Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | PROTECT PHARMACEUTICAL CORP | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 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 | Q3 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 45 | $ 7 |
Total Current Assets | 45 | 7 |
TOTAL ASSETS | 45 | 7 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 880 | 69,656 |
Related party payables | 30,798 | |
Total Current Liabilities | 880 | 100,454 |
TOTAL LIABILITIES | 880 | 100,454 |
STOCKHOLDERS' DEFICIT | ||
Common stock; 100,000,000 shares authorized,at $0.005 par value, 111,460 and 89,459shares issued and outstanding, respectively | 5,557 | 5,557 |
Additional paid-in capital | 9,365,192 | 9,244,288 |
Deficit accumulated during the development stage | (9,371,584) | (9,350,292) |
Total Stockholders' Deficit | (835) | (100,447) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 45 | $ 7 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
EXPENSES | ||||
Professional Fees | $ 5,570 | $ 7,305 | $ 16,505 | $ 17,094 |
Executive compensation | 1,500 | 1,500 | 4,500 | 4,500 |
General and administrative | 91 | 1,650 | 287 | 1,861 |
LOSS FROM OPERATIONS | (7,161) | (10,455) | (21,292) | (23,455) |
OTHER EXPENSES | ||||
Loss on settlement of debt | (605,437) | (605,437) | ||
LOSS BEFORE DISCONTINUED OPERATIONS | (7,161) | (615,892) | (21,292) | (628,892) |
NET INCOME LOSS | $ (7,161) | $ (615,892) | $ (21,292) | $ (628,892) |
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK | $ (0.01) | $ (0.55) | $ (0.02) | $ (0.57) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 1,111,460 | 1,111,460 | 1,111,460 | 1,111,460 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Profit (loss) | $ (21,292) | $ (628,892) |
Adjustments to reconcile net loss to cash flows from operating activities | ||
Services contributed by an officer | 4,500 | 4,500 |
Expenses paid on behalf of the Company | 116,404 | |
Change in loss on settlement of debt | 605,437 | |
Changes in operating assets and liabilities | ||
Accounts payable | (68,776) | 5,847 |
Accounts payable - related parties | (30,798) | (2,380) |
Net Cash Provided by (Used in) Operating Activities | 38 | (15,488) |
FINANCING ACTIVITIES | ||
Proceeds from notes payable - related parties | 15,150 | |
NET CHANGE IN CASH | 38 | (338) |
CASH AT BEGINNING OF PERIOD | 7 | 502 |
CASH AT END OF PERIOD | $ 45 | $ 164 |
NON-CASH FINANCING ACTIVITIES: | ||
Common shares issued for rounding pursuant to reverse stock-split | 110 | |
Common stock issued for Settlement of debt | 650,000 |
Note 1 - Condensed Financial St
Note 1 - Condensed Financial Statements | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 2016 | |
Notes | |
Note 2 - Going Concern | NOTE 2 - GOING CONCERN The Companys 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, 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 Companys 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 Companys 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, 2016 and 2015. Recent Accounting Pronouncements Management has considered all other recent accounting pronouncements issued since the last audit of the Companys financial statements. The Companys management believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
Note 4 - Related-party Transact
Note 4 - Related-party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
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 nine months ended September 30, 2016 and 2015, a related-party has contributed various administrative services to the Company. These services have been valued at $3,000 for the nine month periods then ended. |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
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 stockholders holdings would be reduced below 100 shares. Additional shares to restore each such affected stockholders holdings to 100 shares were issued, with certain shares issued during the 2014 calendar year, and the remainder issued during the nine months ended September 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 September 30, 2015, there were 1,111,460 shares certificated and outstanding. |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 9 Months Ended |
Sep. 30, 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. |
Note 3 - Significant Accounti11
Note 3 - Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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 Accounti12
Note 3 - Significant Accounting Policies: Basic (loss) Per Common Share (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Basic (loss) Per Common Share | Basic (Loss) per Common Share Basic loss per share is calculated by dividing the Companys 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 Companys 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, 2016 and 2015. |
Note 3 - Significant Accounti13
Note 3 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all other recent accounting pronouncements issued since the last audit of the Companys financial statements. The Companys management believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
Note 4 - Related-party Transa14
Note 4 - Related-party Transactions: Contributed Capital (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Policies | |
Contributed Capital | Contributed Capital During the nine months ended September 30, 2016 and 2015, a related-party has contributed various administrative services to the Company. These services have been valued at $3,000 for the nine month periods then ended. |