Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2014 | |
Document and Entity Information: | ||
Entity Registrant Name | Solarflex Corp. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Trading Symbol | sfex | |
Amendment Flag | false | |
Entity Central Index Key | 1,494,162 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 135,249,990 | |
Entity Public Float | $ 10,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Solaflex Corp. - Balance Sheets
Solaflex Corp. - Balance Sheets | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Current assets: | |||
Cash and cash equivalents | $ 1,016 | $ 1,824 | |
Total current assets | 1,016 | 1,824 | |
Total Assets | $ 1,016 | $ 1,824 | |
Current Liabilities: | |||
Accrued expenses | 12,550 | 4,150 | |
Acccrued interest | 20,361 | 9,810 | |
Current portion of convertible note payable, net of discount - in default | 122,000 | 77,275 | |
Total current liabilities | $ 154,911 | $ 91,235 | |
Total liabilities | 154,911 | 91,235 | |
Stockholders' deficiency: | |||
Common stock | [1] | 13,525 | 13,525 |
Additional paid in capital | 706,429 | 491,791 | |
Accumulated deficit | (873,849) | (594,727) | |
Total stockholders' (deficit) | (153,895) | (89,411) | |
Total Liabilities and Stockholders' (Deficit) | $ 1,016 | $ 1,824 | |
[1] | $0.0001 par value; 500,000,000 shares authorized; 135,249,990 issued and outstanding at September 30, 2015 and December 31, 2014 |
Solarflex Corp. - Statements of
Solarflex Corp. - Statements of Operations | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | |
Statements of Operations | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses: | ||||
General and administrative | 7,174 | 3,939 | 32,208 | 95,007 |
Total general and administrative expenses | 7,174 | 3,939 | 32,208 | 95,007 |
(Loss) from operations | (7,174) | (3,939) | (32,208) | (95,007) |
Other income (expense): | ||||
Interest expense | (3,651) | (2,571) | (10,551) | (6,209) |
Amortization of debt discount | (12,162) | (20,316) | (37,058) | (50,628) |
Loss on extinguishment of debt | (199,305) | 0 | (199,305) | 0 |
Total costs and expenses | (222,292) | (26,826) | (279,122) | (151,844) |
Net loss before income taxes | $ (222,292) | $ (26,826) | $ (279,122) | $ (151,844) |
Provision for income tax | 0 | 0 | 0 | 0 |
Net loss | $ (222,292) | $ (26,826) | $ (279,122) | $ (151,844) |
Basic and diluted per share amounts: | ||||
Basic and diluted net loss | $ / shares | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding: | ||||
Basic and diluted | shares | 135,249,990 | 135,249,990 | 135,249,990 | 135,161,162 |
Solarflex Corp. - Statements o4
Solarflex Corp. - Statements of Cash Flows | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Cash flows from operating activities: | ||
Net loss | (279,122) | (151,844) |
Adjustments required to reconcile net loss to cash used in operating activities: | ||
Amortization of debt discount | 37,058 | 50,628 |
Loss on extinguishment of debt | 199,305 | 0 |
Common stock issued for services | 0 | 32,500 |
Changes in net assets and liabilities: | ||
Increase (decrease) accounts payable and accrued liabilities | $ 18,951 | $ 3,652 |
Net Cash used in operating activities | $ (23,808) | $ (65,064) |
Cash flows from financing activities: | ||
Proceeds of convertible debt | 23,000 | 65,000 |
Net cash provided by financing activities | $ 23,000 | $ 65,000 |
Net (decrease) increase in cash | $ (808) | $ (64) |
Cash at the beginning of year | 1,824 | 971 |
Cash at the end of period | 1,016 | 907 |
Supplemental Disclosure of Cash Flow Information: | ||
BCF of debt discount | 15,333 | 65,000 |
1. The Company and Significant
1. The Company and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
1. The Company and Significant Accounting Policies | 1. The Company and Significant Accounting Policies Organizational Background: Basis of Presentation: Significant Accounting Policies Use of Estimates: Cash and Cash Equivalents: Property and Equipment: Valuation of Long-Lived Assets: Stock Based Compensation: Accounting For Obligations And Instruments Potentially To Be Settled In The Company's Own Stock: Fair Value of Financial Instruments: Fair Value Measurements: Level 1: Level 2: Level 3: The assets or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table presents assets that were measured and recognize at fair value on September 30, 2015 and December 31, 2014 and the year periods ended on a recurring basis: Fair Value Measurements at September 30, 2015 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2014 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the fiscal periods ended September 30, 2015 and December 31, 2014, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. Earnings per Common Share: Earning per Share Income Taxes: Accounting for Income Taxes We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. Uncertain Tax Positions When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of FASB ASC 740-10, Accounting for Uncertain Income Tax Positions, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Our federal and state income tax returns are open for fiscal years ending on or after December 31, 2010. We are not under examination by any jurisdiction for any tax year. At September 30, 2015 we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under FIN 48. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are recognized as deferred charges and recorded as other assets. The guidance is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted and is to be implemented retrospectively. Adoption of the new guidance will only affect the presentation of the Company's consolidated balance sheets and will have no impact to our financial statements. Management does not anticipate that the adoption of these standards will have a material impact on the financial statements. The accompanying balance sheet as of September 30, 2015, which was derived from audited financial statements, and the unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended December 31, 2014, included in the Company's Annual Report on Form 10-K covering that period. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions. The results of operations for the periods presented are not necessarily indicative of the results for the full fiscal year or any future period. In the opinion of management, the information furnished in these interim financial statements reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three and nine-month periods ended September 30, 2015 and 2014. All such adjustments are of a normal recurring nature. The Financial Statements do not include some information and notes necessary to conform to annual reporting requirements. |
2. Stockholders' Equity
2. Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
2. Stockholders' Equity | 2. Stockholders' Equity During the quarter ended June 30, 2014 we issued 250,000 shares of our common stock valued at $0.13 or $32,500 as consideration for services. The shares were valued using the closing price at the date of grant. |
3. Convertible Notes
3. Convertible Notes | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
3. Convertible Notes | 3. Convertible Notes Current 2015 Reporting Period: On October 6, 2015 the conversion price on all outstanding notes was reduced from $0.03 to $0.01 per share effective September 30, 2015. At the time of modification there were 10 notes outstanding with principal amounts ranging from $3,000 to $35,000. It was determined that the modification resulted in derecognition of the old notes and recognition of the new notes. Accordingly, the remaining unamortized discount of $4,028 was immediately expensed and the aggregate fair value of the modified conversion terms, $199,305, was recognized as a loss on debt extinguishment at September 30, 2015. During 2015 the Company signed three unsecured promissory notes with unrelated parties for an aggregate of $23,000. The notes bear interest at12% per annum and are due approximately one year from the date of issuance. The notes have a conversion right that allows the holder of each note to convert the principal balance into the Company's common stock at the lender's sole discretion at $0.01 per share. In accordance with ASC 470, the Company has analyzed the beneficial nature of the initial conversion terms and determined that a beneficial conversion feature (BCF) exists because the effective conversion price was less than the quoted market price at the time of the issuance. The Company calculated the value of the BCF using the intrinsic method as stipulated in ASC 470. The BCF of $15,333 has been recorded as a discount to the notes payable and to Additional Paid-in Capital. For the interim nine-month period ended September 30, 2015, the Company has recognized $10,551 in interest expense related to the convertible notes and has amortized $37,058 of the beneficial conversion feature and debt discount which has been recorded as amortization expense. As of September 30, 2015, the Company has recorded $20,361 in accrued interest. The carrying values at each respective balance sheet dates is as follows: September 30, 2015 December 31, 2014 Face amount of the notes* $ 122,000 $ 90,000 Less unamortized discount $ - $ (21,725) Carrying value $ 122,000 $ 77,275 *Nine notes totaling $94,000 with maturity dates on or before September 30, 2015 remain unpaid and are in default as of that date. Year 2014: During 2014 the Company signed seven unsecured promissory notes with unrelated parties for an aggregate of $99,000. The notes bear interest at12% per annum and are due approximately one year from the date of issuance. The notes have a conversion right that allows the holder of each note to convert the principal balance into the Company's common stock at the lender's sole discretion at $0.03 per share. The conversion rate on these notes was reduced to $0.01 effective September 30, 2015. For the year ended December 31, 2014 the Company had recognized $9,161 in interest expense related to the convertible notes, accrued interest of $9,810 and had amortized $70,864 of the beneficial conversion feature and debt discount which had been recorded as amortization expense. |
4. Future Commitment
4. Future Commitment | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
4. Future Commitment | 4. Future Commitment On March 10, 2010, the Company entered into a Patent Sale Agreement whereby the Company acquired all of the rights, title and interest in the patent known as the "Solar element and method of manufacturing the same". In consideration of the sale the Company agrees to pay to seller a sum equal to 10% of the royalties that the Company will receive in relation to the patent for an indefinite period. |
5. Going Concern
5. Going Concern | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
5. Going Concern | 5. Going Concern The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not established any source of revenue to cover its operating costs, and as such, has incurred an operating loss since inception. Further, as of September 30, 2015, the cash resources of the Company were insufficient to meet its current business plan. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
6. Subsequent Events
6. Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
6. Subsequent Events | 6. Subsequent Events On October 6, 2015, effective as of September 30, 2015, the Company agreed to reduce the conversion price of all 10 outstanding convertible debt instruments from $0.03 to $0.01. There were no other material subsequent events following the period ended September 30, 2015 and throughout the date of the filing of Form 10-Q. |
1. The Company and Significan11
1. The Company and Significant Accounting Policies: Use of Estimates, Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Use of Estimates, Policy | Use of Estimates: |
1. The Company and Significan12
1. The Company and Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents: |
1. The Company and Significan13
1. The Company and Significant Accounting Policies: Property, Plant and Equipment, Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Property, Plant and Equipment, Policy | Property and Equipment: |
1. The Company and Significan14
1. The Company and Significant Accounting Policies: Depreciation, Depletion, and Amortization (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Depreciation, Depletion, and Amortization | Valuation of Long-Lived Assets: |
1. The Company and Significan15
1. The Company and Significant Accounting Policies: Share-based Compensation, Effect on Earnings Per Share (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Share-based Compensation, Effect on Earnings Per Share | Stock Based Compensation: |
1. The Company and Significan16
1. The Company and Significant Accounting Policies: Compensation Related Costs, Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Compensation Related Costs, Policy | Accounting For Obligations And Instruments Potentially To Be Settled In The Company's Own Stock: |
1. The Company and Significan17
1. The Company and Significant Accounting Policies: Fair Value of Financial Instruments, Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Fair Value of Financial Instruments, Policy | Fair Value of Financial Instruments: |
1. The Company and Significan18
1. The Company and Significant Accounting Policies: Fair Value Measurement, Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Fair Value Measurement, Policy | Fair Value Measurements: Level 1: Level 2: Level 3: The assets or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table presents assets that were measured and recognize at fair value on September 30, 2015 and December 31, 2014 and the year periods ended on a recurring basis: Fair Value Measurements at September 30, 2015 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2014 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - When the Company changes its valuation inputs for measuring financial assets and liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. For the fiscal periods ended September 30, 2015 and December 31, 2014, there were no significant transfers of financial assets or financial liabilities between the hierarchy levels. |
1. The Company and Significan19
1. The Company and Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Earnings Per Share, Policy | Earnings per Common Share: Earning per Share |
1. The Company and Significan20
1. The Company and Significant Accounting Policies: Income Tax, Policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Income Tax, Policy | Income Taxes: Accounting for Income Taxes We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. |
1. The Company and Significan21
1. The Company and Significant Accounting Policies: Uncertain Tax Positions (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Uncertain Tax Positions | Uncertain Tax Positions When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of FASB ASC 740-10, Accounting for Uncertain Income Tax Positions, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Our federal and state income tax returns are open for fiscal years ending on or after December 31, 2010. We are not under examination by any jurisdiction for any tax year. At September 30, 2015 we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under FIN 48. |
1. The Company and Significan22
1. The Company and Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are recognized as deferred charges and recorded as other assets. The guidance is effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted and is to be implemented retrospectively. Adoption of the new guidance will only affect the presentation of the Company's consolidated balance sheets and will have no impact to our financial statements. Management does not anticipate that the adoption of these standards will have a material impact on the financial statements. The accompanying balance sheet as of September 30, 2015, which was derived from audited financial statements, and the unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended December 31, 2014, included in the Company's Annual Report on Form 10-K covering that period. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions. The results of operations for the periods presented are not necessarily indicative of the results for the full fiscal year or any future period. In the opinion of management, the information furnished in these interim financial statements reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three and nine-month periods ended September 30, 2015 and 2014. All such adjustments are of a normal recurring nature. The Financial Statements do not include some information and notes necessary to conform to annual reporting requirements. |
1. The Company and Significan23
1. The Company and Significant Accounting Policies: Fair Value Measurement, Policy: Fair Value, Liabilities Measured on Recurring Basis (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Fair Value, Liabilities Measured on Recurring Basis | Fair Value Measurements at September 30, 2015 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - Fair Value Measurements at December 31, 2014 Quoted Prices in Active Significant Other Significant Markets for Identical Assets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3) None $ - $ - $ - $ - Total assets at fair value $ - $ - $ - $ - |
3. Convertible Notes_ Schedule
3. Convertible Notes: Schedule of Accounts Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Schedule of Accounts Notes Payable | September 30, 2015 December 31, 2014 Face amount of the notes* $ 122,000 $ 90,000 Less unamortized discount $ - $ (21,725) Carrying value $ 122,000 $ 77,275 |