Protect Pharmaceutical (PRTT) 10-K 31 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Document and Entity Information:
Entity Registrant Name	PROTECT PHARMACEUTICAL Corp
Document Type	10-K
Document Period End Date	Dec. 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	FY

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash		$ 7
Total Current Assets		7
TOTAL ASSETS		7
CURRENT LIABILITIES
Accounts payable and accrued expenses	$ 9,950	69,656
Related party payables	10,880	30,798
Total Current Liabilities	20,830	100,454
TOTAL LIABILITIES	20,830	100,454
STOCKHOLDERS' DEFICIT
Common stock; 100,000,000 shares authorized, at $0.005 par value, 1,111,460 and 1,111,460 shares issued and outstanding, respectively	5,557	5,557
Additional paid-in capital	9,365,612	9,244,288
Accumulated deficit	(9,391,999)	(9,350,292)
Total Stockholders' Deficit	$ (20,830)	(20,830)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT		$ 7

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
EXPENSES
Professional Fees	$ 37,225	$ 22,085
Executive compensation	4,150	6,000
General and administrative	332	1,942
LOSS FROM OPERATIONS	(41,707)	(30,027)
OTHER INCOME
Loss on settlement of debt		(605,437)
INCOME (LOSS) BEFORE INCOME TAXES	(41,707)	(635,464)
NET INCOME (LOSS)	$ (41,707)	$ (635,464)
BASIC AND DILUTED INCOME (LOSS) PER SHARE OF COMMON STOCK	$ (0.04)	$ (1.44)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	1,111,460	442,169

Statements of Stockholders' Equ

Statements of Stockholders' Equity - 12 months ended Dec. 31, 2016 - USD ($)	Common stock	Additional Paid In Capital	Accumulated Deficit	Total
Accounts payable paid by shareholder at Dec. 31, 2015		$ 72,225		$ 72,225
Common stock issued for settlement of debt, shares at Dec. 31, 2015	1,000,000			650,000
Balance common shares, beginning balance at Dec. 31, 2015	1,111,460			1,111,460
Stockholders' Equity, beginning balance at Dec. 31, 2015	$ 5,557	$ 9,365,612	$ (9,391,999)	$ (20,830)
Forgiveness of related party notes payable				44,949
Stockholders' Equity, ending balance at Dec. 31, 2016				$ (20,830)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Profit (loss)	$ (41,707)	$ (635,464)
Adjustments to reconcile loss to cash flows from operating activities
Capital contributed by an shareholder	4,150	6,000
Loss on settlement of debt		605,436
Expenses paid on behalf of the Company	10,000
Changes in operating assets and liabilities
Accounts payable	13,399	(3,330)
Accounts payable - related party		9,553
Net Cash Used in Operating Activities	(14,158)	(17,805)
FINANCING ACTIVITIES
Advances from related party	14,151	17,310
Net Cash Provided by Financing Activities	14,151	17,310
NET CHANGE IN CASH	(7)	(495)
CASH AT BEGINNING OF PERIOD	7	502
CASH AT END OF PERIOD		7
SUPPLEMENTAL CASH FLOW INFORMATION: NON-CASH FINANCING ACTIVITIES:
Share issued for rounding in reverse split		$ 110
Common stock issued for settlement of debt		650,000
Accounts Payable Paid by shareholder	73,105
Forgiveness of related party notes payable	$ 44,949	$ 44,949

Note 1 - Organization and Histo

Note 1 - Organization and History	12 Months Ended
	Dec. 31, 2016
Notes
Note 1 - Organization and History	NOTE 1 - ORGANIZATION AND HISTORY Business and Organization Protect Pharmaceutical Corporation (the Company) was originally incorporated under the laws of the state of Idaho on August 5, 1987. The Company was incorporated for the purpose of purchasing, leasing or otherwise acquiring mining claims and rights and also to develop mines. The Company was unable to raise development money and the Company’s operations ceased. The Company has been seeking new business opportunities believed to hold a potential profit or to merge with an existing, operating company. On June 15, 2006, the name of the Company changed to Pro-Tect, Inc. and its domicile was moved to the state of Nevada. Subsequently, the Company changed its name on March 25, 2010 to Protect Pharmaceutical Corporation. Since that date the Company has engaged in licensing its patented pharmaceuticals technologies.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Notes
Note 2 - Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Method These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company’s fiscal year-end is December 31. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of December 31, 2016 and 2015 the Company had $0 and $7 of cash and cash equivalents, respectively. Revenue Recognition The Company will recognize revenue from the performance of its services and/or sale of its products in accordance with ASC 605 “Revenue Recognition”. Revenue will be recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is provided, product is delivered, and collectability is assured. Advertising Costs The Company follows the policy of expensing advertising costs during the period in which they are incurred. The Company incurred no advertising costs during the years ended December 31, 2016 and 2015, respectively. Stock-based Compensation The Company adopted ASC 718 effective January 1, 2006 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense for all share-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 718. During the years ending December 31, 2016 and 2015, the Company issued $-0- and $-0-, respectively, in share-based payments for services. Provision for Taxes The Company applies ASC 740, which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered. Basic Income (Loss) per Common Share Basic income (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 December 31, 2016 and 2015. For the Year Ended December 31, 2016 For the Year Ended December 31, 2015 Income (Loss) (numerator) $ (41,707 ) $ (635,464 ) Shares (denominator) 1,111,460 442,169 Per share amount $ (0.04 ) $ (1.44 ) Recent Accounting Pronouncements Management has considered all 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 3 - Going Concern

Note 3 - Going Concern	12 Months Ended
	Dec. 31, 2016
Notes
Note 3 - Going Concern	NOTE 3 – 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 the Company has an accumulated deficit of $9,391,999 as of December 31, 2016 which raises substantial doubt about its ability 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 4 - Related Party Transact

Note 4 - Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Notes
Note 4 - Related Party Transactions	NOTE 4 – RELATED PARTY TRANSACTIONS The Company has recorded advances from related parties and expenses paid by related parties on behalf of the Company as related party payables. As of December 31, 2016 and December 31, 2015, respectively, the related party payable outstanding balance totaled $8,880 and $30,798. These payables are non-interest bearing, unsecured, and are due on demand. See also Note 5 for related party equity transactions.

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Notes
Note 5 - Stockholders' Equity	NOTE 5 – STOCKHOLDERS’ EQUITY On June 20, 2011, the Company received written consent from its majority stockholders to amend the Company’s articles of incorporation to change the authorized capitalization. The board of directors previously approved the resolution to increase the number of authorized common stock from 50,000,000 to 100,000,000 shares and to authorize 10,000,000 shares of “blank check” preferred shares. The authorized preferred shares may be issued from time to time in one or more series in the discretion of the board of directors. The board will have the authority to establish the number of shares to be included in each such series, and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations and restrictions thereof. On September 1, 2015 the Company issued an aggregate of 1,000,000 shares of common stock to related parties as payment on a note payable with a balance of $44,563. The shares were valued at $0.65 per share, resulting in a total payment value of $650,000. The transaction resulted in the Company recording a loss on settlement of debt in the amount of $605,437. During the twelve months ended December 31, 2016, $72,225 of the accounts payable of the Company was paid by a significant shareholder. Also during the twelve months ended September 30, 2016, $44,949 in related-party notes payable were forgiven by the Company’s note holders. The transaction was recorded as an increase in additional paid-in capital.

Note 6 - Income Taxes

Note 6 - Income Taxes	12 Months Ended
	Dec. 31, 2016
Notes
Note 6 - Income Taxes	NOTE 6 – INCOME TAXES The Company provides for income taxes under ASC 740 “Tax Provisions”. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to net loss before provision for income taxes for the following reasons: December 31, 2016 December 31, 2015 Income tax benefit (expense) at statutory rate $ (14,180) $ (216,058) Contributed services 1,411 2,040 Change in valuation allowance 12,769 214,018 Income tax expense per books $ - $ - Net deferred tax assets consist of the following components as of: December 31, 2016 December 31, 2015 NOL carryover $ (2,943,417 ) $ (2,929,237 ) Contributed services 2,642,531 2,642,531 Contributed Services 9,571 8,160 Valuation allowance 291,315 278,549 Net deferred tax asset $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $8,657,109 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. Subsequently, a change in control occurred in the fourth quarter of 2016, thus negating the ability to use previous NOL Carryovers.

Note 7 - Change of Control

Note 7 - Change of Control	12 Months Ended
	Dec. 31, 2016
Notes
Note 7 - Change of Control	NOTE 7 – CHANGE OF CONTROL As reported on Schedule 14f, filed with the Securities and Exchange Commission on September 9, 2016, effective September 9, 2016, Deworth Williams, the principal stockholder of the Company (“ Williams Agreement Amended Agreement Buyer Purchased Shares

Note 8 - Subsequent Events

Note 8 - Subsequent Events	12 Months Ended
	Dec. 31, 2016
Notes
Note 8 - Subsequent Events	NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC 855-10, Company management reviewed all material events through the date of this report, and there are no other material subsequent events to report.

Uncategorized Items - prtt-2016

Label	Element	Value
Contributed services, value	us-gaap_StockIssuedDuringPeriodValueIssuedForServices	$ 4,150
Common stock issued settlement of debt, value	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	650,000
NET LOSS	us-gaap_OtherComprehensiveIncomeLossNetOfTax	$ (41,707)
Rounding shares issued, shares	us-gaap_StockIssuedDuringPeriodSharesOther	22,001
Common stock
Common stock issued settlement of debt, value	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	$ 5,000
Rounding shares issued, shares	us-gaap_StockIssuedDuringPeriodSharesOther	22,001
Rounding shares issued, value	us-gaap_StockIssuedDuringPeriodValueOther	$ 110
Additional Paid In Capital
Contributed services, value	us-gaap_StockIssuedDuringPeriodValueIssuedForServices	4,150
Common stock issued settlement of debt, value	us-gaap_StockIssuedDuringPeriodValueConversionOfUnits	645,000
Rounding shares issued, value	us-gaap_StockIssuedDuringPeriodValueOther	(110)
Forgiveness of related party notes payable	us-gaap_NoncashMergerRelatedCosts	44,949
Accumulated Deficit
NET LOSS	us-gaap_OtherComprehensiveIncomeLossNetOfTax	$ (41,707)