Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Apr. 15, 2014 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'ENERGY EDGE TECHNOLOGIES CORP. | ' | ' |
Entity Central Index Key | '0001495230 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' | ' |
Is Entity a Voluntary Filer? | 'No | ' | ' |
Is Entity's Reporting Status Current? | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $2,199,208 |
Entity Common Stock, Shares Outstanding | ' | 191,391,221 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash and cash equivalents | $45,164 | $18,553 |
Accounts receivable, net | ' | 348 |
Prepaid expenses | 254,983 | 300,442 |
Total Current Assets | 300,147 | 319,342 |
Property and equipment, net | 3,329 | 5,045 |
Total Other Assets | 14,091 | ' |
TOTAL ASSETS | 317,567 | 324,388 |
Current liabilities | ' | ' |
Accounts payable | 172,581 | 343,334 |
Accrued expenses and other current liabilities | 115,290 | 125,830 |
Common stock payable | 7,400 | ' |
Due to related parties | 354,641 | 30,696 |
Convertible note payable, net of discount of $77,833 and $0, respectively | 17,667 | ' |
Derivative liability | 158,278 | ' |
Total Current Liabilities | 825,857 | 499,860 |
Convertible note payable, net of discount of $34,375 and $0, respectively | 7,225 | ' |
Derivative liability, net of current portion | 57,439 | ' |
Total Liabilities | 890,521 | 499,860 |
Deficit | ' | ' |
Common stock, $.00001 par value, 250,000,000 shares authorized, 190,873,829 and 78,167,822 shares issued and outstanding | 1,910 | 782 |
Additional paid-in capital | 3,983,530 | 2,616,359 |
Subscription receivable | -1,000 | -1,000 |
Treasury stock | -5,000 | -5,000 |
Accumulated deficit | -4,456,314 | -2,746,648 |
Total Energy Edge Deficit | -476,874 | -135,507 |
Non-controlling interests | -96,080 | -39,965 |
Total Deficit | -572,954 | -175,472 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $317,567 | $324,388 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' |
Unamortizied discount on issue of convertible notes payable | $77,833 |
Common Stock, par or stated value (in dollar per share) | $0.00 |
Common Stock, shares authorized | 250,000,000 |
Common Stock, shares issued | 190,873,829 |
Common Stock, shares outstanding | 78,167,822 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ' | ' |
CONTRACT REVENUES | $2,040 | $452,304 |
CONTRACT COSTS | 2,471 | 423,717 |
GROSS PROFIT (LOSS) | -431 | 28,587 |
OPERATING EXPENSES | ' | ' |
Compensation | 1,078,255 | 26,089 |
Consulting services | 298,393 | 449,826 |
Professional fees | 74,253 | 45,791 |
Director fees | 2,400 | ' |
General & administrative expenses | 206,305 | 289,733 |
TOTAL OPERATING EXPENSES | 1,659,606 | 811,439 |
LOSS FROM OPERATIONS | -1,660,037 | -782,852 |
OTHER INCOME (EXPENSE) | ' | ' |
Interest expense | -35,527 | ' |
Other Expense | ' | -1,274 |
Change in fair value of derivative liability | -70,217 | ' |
TOTAL OTHER EXPENSE | -105,744 | -1,274 |
LOSS BEFORE INCOME TAXES AND NON-CONTROLLING INTERESTS | -1,765,781 | -784,126 |
PROVISION FOR INCOME TAXES | ' | ' |
NET LOSS | -1,765,781 | -784,126 |
LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 56,115 | 41,155 |
NET LOSS ATTRIBUTABLE TO ENERGY EDGE TECHNOLOGIES CORPORATION SHAREHOLDERS | ($1,709,666) | ($742,971) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED | ($0.01) | ($0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 145,208,424 | 88,868,255 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Common Stock | Additional Paid in Capital | Subscription Receivable | Treasury Stock | Non-Controlling Interests | Accumulated Deficit | Total |
Beginning Balance at Dec. 31, 2011 | $813 | $1,828,953 | ' | ' | ' | ($2,003,677) | ($248,111) |
Beginning Balance (in shares) at Dec. 31, 2011 | 81,261,205 | ' | ' | ' | ' | ' | ' |
Issuance of shares for cash, value | 109 | 122,891 | ' | ' | ' | ' | 123,000 |
Issuance of shares for cash (in shares) | 10,916,667 | ' | ' | ' | ' | ' | ' |
Issuance of shares for services, value | 160 | 668,215 | ' | ' | ' | ' | 668,375 |
Issuance of shares for services (in shares) | 16,000,000 | ' | ' | ' | ' | ' | 16,000,000 |
Shares retired per merger agreement, value | -280 | 280 | ' | ' | ' | ' | 280 |
Shares retired per merger agreement, shares | -28,000,000 | ' | ' | ' | ' | ' | ' |
Shares returned by consultants | -20 | -3,980 | ' | ' | ' | ' | -4,000 |
Shares returned by consultants, shares | -2,010,000 | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | -5,000 | ' | ' | 5,000 |
Acquisition of stock in subsidiaries | ' | ' | -1,000 | ' | 1,190 | ' | 190 |
Ending Balance at Dec. 31, 2012 | 782 | 2,616,359 | -1,000 | -5,000 | -39,965 | -2,746,648 | -175,472 |
Ending Balance (in shares) at Dec. 31, 2012 | 78,167,872 | ' | ' | ' | ' | ' | ' |
Issuance of shares for cash, value | 186 | 288,928 | ' | ' | ' | ' | 289,114 |
Issuance of shares for cash (in shares) | 18,533,334 | ' | ' | ' | ' | ' | 18,533,334 |
Issuance of shares for services, value | 882 | 920,493 | ' | ' | ' | ' | 921,375 |
Issuance of shares for services (in shares) | 88,200,000 | ' | ' | ' | ' | ' | 88,200,000 |
Shares retired per merger agreement, value | -20 | 20 | ' | ' | ' | ' | 20 |
Shares retired per merger agreement, shares | -2,000,000 | ' | ' | ' | ' | ' | 2,000,000 |
Purchase of treasury stock | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for cancellation of debts | 30 | 156,780 | ' | ' | ' | ' | 156,810 |
Issuance of shares for cancellation of debts (in shares) | 2,972,623 | ' | ' | ' | ' | ' | 2,972,623 |
Issuance of shares for conversion of debt | 50 | 950 | ' | ' | ' | ' | 1,000 |
Issuance of shares for conversion of debt, shares | 5,000,000 | ' | ' | ' | ' | ' | 5,000,000 |
Net loss | ' | ' | ' | ' | -56,115 | -1,709,666 | -1,765,781 |
Ending Balance at Dec. 31, 2013 | $1,910 | $3,983,530 | ($1,000) | ($5,000) | ($96,080) | ($4,456,314) | ($572,954) |
Ending Balance (in shares) at Dec. 31, 2013 | 190,873,829 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($1,709,666) | ($742,971) |
Non-controlling interests | -56,115 | -41,155 |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 38,111 | 1,717 |
Shares issued for services | 921,375 | 668,375 |
Share returned to Company by consultants | ' | -4,000 |
Change in fair value of derivative liability | 70,217 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | ' | 64,412 |
Costs and estimated earnings in excess of billings on uncompleted contracts | ' | 19,321 |
Accounts receivable - other | 348 | 8,913 |
Prepaid expenses | 45,459 | -271,547 |
Accounts payable | -21,343 | 190,697 |
Billings in excess of costs and estimated earnings on uncompleted contracts | ' | -43,399 |
Accrued expenses and other current liabilities | 333,323 | 19,389 |
Cash flows provided by (used in) operating activities | -378,291 | -130,248 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchase of assets | -4,194 | ' |
Cash used in investing activities | -4,194 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net increase (decrease) in shareholder loans | -12,518 | 27,558 |
Proceeds from issuance of debt | 132,500 | ' |
Proceeds from the sale of common stock | 289,114 | 123,000 |
Purchase of treasury shares at cost | ' | -5,000 |
Cash provided by financing activities | 409,096 | 145,558 |
Net increase in cash and cash equivalents | 26,611 | 15,310 |
Cash and cash equivalents, beginning of the period | 18,553 | 3,243 |
Cash and cash equivalents, end of the period | 45,164 | 18,553 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Interest paid | 35,527 | 1,274 |
Income taxes paid | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Issuance of stock for cancellation of debt | 156,810 | ' |
Issuance of stock for conversion of debt | 8,400 | ' |
Shares retired | 20 | 280 |
Sale of subsidiary stock for subscription receivable | ' | $1,000 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF OPERATIONS | ' |
NOTE 1 – NATURE OF OPERATIONS | |
Energy Edge Technologies Corporation (“EEDG”) was incorporated in New Jersey in January, 2004. Energy Edge Technologies Corporation is comprised of two subsidiaries: Energy Edge Solutions (“EES”) and The Gourmet Chicken Company, Inc.(“TGCC”) | |
The Company acquired a 51% interest in Energy Edge Solutions in 2012. Energy Edge Solutions provides energy engineering and services specializing in the development and implementation of advanced turnkey projects to reduce energy losses and increase the efficiency of new and existing buildings. The Company is comprised of professional and industrial engineers, Leadership in Energy and Environmental Design (“LEED”) Accredited Professionals, and Green Building Coalition Certifying Agents. Energy Edge is a Clean Energy Pay for Performance Partner and a Smart Start Building Trade Ally. EES’ custom designed projects are developed using proprietary methods and maximize energy savings by treating an entire facility based on its unique features and electricity and gas usage. | |
EES applies a whole facility approach to energy cost reduction by applying different technologies and engineering approaches to treat most of the various electrical and gas consuming loads across facility such as lighting, HVAC, refrigeration, and production equipment. The energy projects developed and implemented by EES are ideal for virtually any type of facility and have successfully resulted in tremendous savings in manufacturing plants, hospitals, entertainment venues, office buildings, restaurants, warehouses, etc. | |
EES’ revenues come primarily from engineering survey work and turnkey energy projects where EES takes responsibility for equipment procurement, installation labor, utility rebates, tax incentives, pre and post survey work, waste removal, certifications, and ongoing measurement and verification of results. | |
During 2012, the Company acquired sixty-five percent (65%) of the capital stock of The Dry Fried Wing Company. On March 31, 2013, the Company acquired the remaining thirty-five percent (35%) of such stock. On April 5, 2013 the Company officially changed the name of The Dry Fried Wing Company to The Gourmet Chicken Company, Inc. | |
TGCC is a newly formed combined fast casual restaurant company in the gourmet chicken segment and restaurant management company. TGCC is primarily engaged in the business of managing, licensing, operating, developing and franchising a system of distinctive quick-service and fast casual restaurants in the gourmet chicken segment. | |
TGCC revenues will primarily be derived from management fees, royalty fees, licensing fees and franchise fees. TGCC will also sell food, sauces, mixes and other supplies to its franchisees/licensees. | |
On June 10, 2013, TGCC entered into a joint venture agreement to develop, own and operate in Atlanta one or more fast casual restaurants featuring seasoned chicken wings. The culinary style for the restaurant concept was originally developed by TGWC’s chief executive. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Basis of presentation | |||
The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The consolidated financial statements are expressed in U.S. dollars. | |||
Principles of consolidation | |||
The consolidated statements include the accounts of the Company and its two subsidiaries TGCC and EES. All inter-company transactions and balances were eliminated. | |||
Use of Estimates | |||
The preparation of consolidated 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 as of the date of the consolidated financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. | |||
Cash and cash equivalents | |||
The Company includes in cash and cash equivalents all short-term, highly liquid investments that mature within three months or less of their acquisition date. Cash equivalents consist principally of investments in interest-bearing demand deposit accounts and liquidity funds with financial institutions and are stated at cost, which approximates fair value. As of December 31, 2013 and 2012, the Company has no cash equivalents. | |||
Accounts Receivable and Allowance for Doubtful Accounts | |||
Accounts receivable are stated at the amount the Company expects to collect. Accounts receivable represents receivables, net of allowances for doubtful accounts. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on historical experience and other currently available information. When a specific account is deemed uncollectible, the account is written off against the allowance. As of December 31, 2013 and 2012, the allowance for doubtful accounts was $0 and $0, respectively. | |||
Property and Equipment | |||
Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the related assets using the straight-line method for financial reporting purposes. | |||
Expenditures for normal repairs and maintenance are charged to expense as incurred. Significant renewals and improvements are capitalized. The costs and related accumulated depreciation of assets retired or otherwise disposed of are eliminated from the accounts, and any resulting gain or loss is recognized in the year of disposal. | |||
Derivatives | |||
All derivatives are recorded at fair value on the balance sheet. Fair values for securities traded in the open market and derivatives are based on quoted market prices. Where market prices are not readily available, fair values are determined using market based pricing models incorporating readily observable market data and requiring judgment and estimates. | |||
Fair Value of Financial Instruments | |||
Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||
• | Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||
• | Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | ||
• | Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||
Income taxes | |||
Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the Company recognizes future tax benefits, such as carryforwards, to the extent that realization of such benefits is more likely than not and that a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. Company’s net operating losses carryforwards are subject to Section 382 limitation. | |||
Revenue recognition | |||
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. | |||
Stock-Based Compensation | |||
The cost of employee services received in exchange for stock is measured based on the grant-date fair value (with limited exceptions). That cost is to be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The fair value of immediately vested shares is determined by reference to quoted prices for similar shares, and the fair value of shares issued subject to a service period is estimated using an option-pricing model. Excess tax benefits, for which no valuation allowance is required, are recognized as additions to paid-in-capital. | |||
The Company also makes stock awards to non-employees for goods and services acquired by the Company. These awards are generally recorded at the market price of the shares issued on the date the shares are issued. | |||
Loss per common share | |||
Basic loss per common share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. EPS excludes all potential dilutive shares of common stock if their effect is anti-dilutive. There were no dilutive securities at December 31, 2013 and 2012. | |||
Subsequent Events | |||
The Company’s management reviewed all material events from December 31, 2013 through the issuance date of this report for disclosure consideration. | |||
Recent Accounting Pronouncements | |||
Energy Edge does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flows. |
Going_Concern
Going Concern | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
GOING CONCERN | ' |
NOTE 3 –GOING CONCERN | |
The Company has limited working capital, had a working capital deficit at December 31, 2013 and has suffered significant losses from operations. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. | |
The ability of Energy Edge Technologies Corporation to continue as a going concern is dependent on the Company generating cash from the sale of its common stock, obtaining debt financing, attaining future profitable operations, acquiring or merging with a profitable company, and/or developing successful business operations in other industries through investment in related party ventures. Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirements; however, there can be no assurance the Company will be successful in these efforts. |
Prepaid_Expenses
Prepaid Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
PREPAID EXPENSES | ' | ||||||||
NOTE 4 –PREPAID EXPENSES | |||||||||
Prepaid expenses consisted of the following at December 31, 2013 and 2012: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Prepaid project expenses | $ | 29,950 | $ | 29,950 | |||||
Prepaid consulting expense | 225,033 | 270,492 | |||||||
Total prepaid expenses | $ | 254,983 | $ | 300,442 | |||||
Prepaid Project Expenses | |||||||||
Prepaid project expenses consist of monies expended for project equipment for a project temporarily put on hold. | |||||||||
Prepaid Consulting Expenses | |||||||||
The Company has retained a number of consultants. These consultants are paid in cash and/or issuance of Company stock. Consultants were issued 2,500,000 shares and 16,000,000 shares of common stock valued at $37,676 and $668,375 during the years ended December 31, 2013 and 2012, respectively. The consulting fees are being amortized over the terms of the contracts. |
Property_and_Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' |
PROPERTY AND EQUIPMENT | ' |
NOTE 5 – PROPERTY AND EQUIPMENT | |
The office equipment presently owned by the Company is being depreciated over an estimated useful life of five years. Depreciation expense for years ended December 31, 2013 and 2012 was $1,716 and $1,717, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 6 – RELATED PARTY TRANSACTIONS | |
Related party payables and loans totaling $354,641 and $30,696 at December 31, 2013 and 2012, respectively, are owed to various related parties of the Company for compensation and reimbursement of expenses incurred on behalf of the Company. | |
Related party loans are unsecured, non-interest bearing and have no specific terms of repayment. |
Convertible_Note_Payable
Convertible Note Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes to Financial Statements | ' | ||||||||
CONVERTIBLE NOTE PAYABLE AND DERIVATIVE LIABILITY | ' | ||||||||
NOTE 7– CONVERTIBLE NOTE PAYABLE AND DERIVATIVE LIABILITY | |||||||||
On May 13, 2013, the Company issued a convertible promissory note to a third party, with a principal amount of $50,000. This note is due and payable in full on May 14, 2015, and bears interest at 6% per annum. At any time prior to the payment in full of the entire balance of the note, the creditor has the option of converting all or any portion of the unpaid balance of the note into shares of common stock at a conversion price equal to seventy percent of the lowest closing bid price of the common stock for any of the five trading days prior to and including the conversion date. | |||||||||
The Company evaluated the terms of the note and concluded that since the conversion price was not fixed, and the number of shares of the Company’s common stock that are issuable upon the conversion of the convertible promissory note is indeterminable until such time as the Creditor elects to convert to common stock, the Company concluded that the embedded conversion option created a derivative liability. The Company measured the derivative liability using the input attributes disclosed below and recorded a derivative liability of $53,348 as of May 13, 2013. | |||||||||
During 2013, the Creditor elected to convert $8,400 of the outstanding balance into 6,369,314 shares of the Company’s common stock, of which 5,000,000 shares were issued as of December 31, 2013, and the remaining shares were accrued as a common stock payable of $7,400. | |||||||||
On December 31, 2013, the Company re-measured the derivative liability using the input attributes below and determined the derivative liability value to be $57,439. Change in fair value of derivative of $4,091 was recorded as of December 31, 2013 and included in the statement of operations in order to adjust the derivative liability to the re-measured value. | |||||||||
13-May-13 | 31-Dec-13 | ||||||||
Stock price | $ | 0.0099 | $ | 0.0077 | |||||
Exercise price | $ | 0.009044 | $ | 0.00553 | |||||
Shares issuable upon conversion | 5,528,527 | 7,522,604 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected life (years) | 2 | 1.37 | |||||||
Risk-free interest rate | 0.24 | % | 0.38 | % | |||||
Expected volatility | 313.5 | % | 441 | % | |||||
A debt discount of $50,000 related to the embedded conversion option was recorded at date of note issuance, and is being expensed over the life of the loan. For the year ended December 31, 2013, amortization of $15,625 has been recorded, resulting in a remaining unamortized discount of $34,375 at December 31, 2013. | |||||||||
On September 30, 2013, the Company issued a convertible promissory note to a third party, with a principal amount of $53,000. This note is due and payable in full on June 24, 2014, and bears interest at 8% per annum. At any time beginning on the date that is 180 days after the note date and until the maturity date, the creditor has the option of converting all or any portion of the unpaid balance of the note into shares of common stock at a conversion price equal to fifty eight percent of the average of the three lowest closing bid price of the common stock for any of the ten trading days prior to the conversion date. | |||||||||
The Company evaluated the terms of the note and concluded that since the conversion price was not fixed, and the number of shares of the Company’s common stock that are issuable upon the conversion of the convertible promissory note is indeterminable until such time as the Creditor elects to convert to common stock, the Company concluded that the embedded conversion option created a derivative liability. The Company measured the derivative liability using the input attributes disclosed below and recorded a derivative liability of $88,930 as of September 30, 2013. | |||||||||
On December 31, 2013, the Company re-measured the derivative liability using the input attributes below and determined the derivative liability value to be $85,816. Change in FV of derivative of $3,114 was recorded as of December 31, 2013 and included in the statement of operations in order to adjust the derivative liability to the re-measured value. | |||||||||
30-Sep-13 | 31-Dec-13 | ||||||||
Stock price | $ | 0.0124 | $ | 0.0077 | |||||
Exercise price | $ | 0.007057 | $ | 0.004331 | |||||
Shares issuable upon conversion | 7,510,628 | 12,237,754 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected life (years) | 0.75 | 0.5 | |||||||
Risk-free interest rate | 0.07 | % | 0.1 | % | |||||
Expected volatility | 434.42 | % | 441 | % | |||||
A debt discount of $53,000 related to the embedded conversion option was recorded at date of note issuance, and is being expensed over the life of the loan. For the year ended December 31, 2013, amortization of $17,667 has been recorded, resulting in a remaining unamortized discount of $35,333 at December 31, 2013. | |||||||||
On December 31, 2013, the Company issued a convertible promissory note to a third party, with a principal amount of $42,500. This note is due and payable in full on October 3, 2014, and bears interest at 8% per annum. At any time beginning on the date that is 180 days after the note date and until the maturity date, the creditor has the option of converting all or any portion of the unpaid balance of the note into shares of common stock at a conversion price equal to fifty eight percent of the average of the three lowest closing bid price of the common stock for any of the ten trading days prior to the conversion date. | |||||||||
The Company evaluated the term of the note and concluded that since the conversion price was not fixed, and the number of share of the Company’s common stock that are issuable upon the conversion of the convertible promissory note is indeterminable until such time as the Creditor elects to convert to common stock, the Company concluded that the embedded conversion option created a derivative liability. The Company measured the derivative liability using the input attributes disclosed below and recorded a derivative liability of $72,462 as of December 31, 2013. | |||||||||
31-Dec-13 | |||||||||
Stock price | $ | 0.0077 | |||||||
Exercise price | $ | 0.004331 | |||||||
Shares issuable upon conversion | 9,813,293 | ||||||||
Expected dividend yield | 0 | % | |||||||
Expected life (years) | 0.76 | ||||||||
Risk-free interest rate | 0.1 | % | |||||||
Expected volatility | 441 | % | |||||||
ENERGY EDGE TECHNOLOGIES CORPORATION | |||||||||
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
31-Dec-13 | |||||||||
A debt discount of $42,500 related to the embedded conversion option was recorded at date of note issuance, and is being expensed over the life of the loan. For the year ended December 31, 2013, amortization of $0 has been recorded, resulting in a remaining unamortized discount of $42,500 at December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 8 – COMMITMENTS AND CONTINGENCIES | |
The Company neither owns nor leases any real property as of December 31, 2013 and 2012. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
NOTE 9 – INCOME TAXES | |||||||||
For the years ended December 31, 2013 and 2012, the Company has incurred a net loss and, therefore, has no tax liability. | |||||||||
As of December 31, 2013, the Company had net operating loss carry forwards of approximately $4,446,580 that may be available to reduce future years’ taxable income through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. | |||||||||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | |||||||||
2013 | 2012 | ||||||||
Deferred tax asset attributable to: | |||||||||
Net operating loss carryover | $ | 1,511,837 | $ | 940,600 | |||||
Less: valuation allowance | (1,511,837 | ) | (940,600 | ) | |||||
Net deferred tax asset | $ | — | $ | — | |||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $4,446,580 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. |
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended | ||
Dec. 31, 2013 | |||
Stockholders' Equity Note [Abstract] | ' | ||
EQUITY TRANSACTIONS | ' | ||
NOTE 10 – EQUITY TRANSACTIONS | |||
During the year ended December 31, 2013, the Company: | |||
- | sold 18,533,334 shares of common stock for cash of $289,114; | ||
- | issued 88,200,000 shares of common stock for services with a fair value of $921,375; | ||
- | issued 2,972,623 shares of common stock for settlement of payables of $156,810; | ||
- | retired 2,000,000 shares of common stock; | ||
- | issued 5,000,000 shares of common stock for conversion of debt of $1,000. | ||
Following are the Company’s capital stock transactions for the year ended December 31, 2012: | |||
- | On January 23, 2012, the Company issued 1,500,000 shares of stock valued at $15,000 for business consulting services. | ||
- | On May 3, 2012, the Company issued 2,500,000 shares of stock valued at $39,375 for legal services. | ||
- | On May 7, 2012, the Company issued 3,000,000 shares of stock valued at $105,000 for business consulting services. | ||
- | On May 14, 2012, the Company issued 2,000,000 shares of stock valued at $52,500 for business consulting services. | ||
- | On May 17, 2012, the Company sold 1,000,000 shares of common stock at $.01 per share under a private placement to an unrelated third party for total proceeds of $10,000. | ||
- | On May 25, 2012, 10,000 shares of stock issued for consulting services in 2011 were returned to the Company. | ||
- | On June 5, 2012, the Company sold 500,000 shares of common stock at $.01 per share under a private placement to an unrelated third party for total proceeds of $5,000. | ||
- | On June 6, 2012, the Company sold 1,666,667 shares of common stock at $.0075 per share under a private placement to an unrelated third party for total proceeds of $12,500. | ||
- | On June 6, 2012, the Company issued 500,000 shares of stock valued at $50,000 for business consulting services. | ||
- | On June 6, 2012, the Company sold 2,000,000 shares of common stock at $.015 per share under a private placement to an unrelated third party for total proceeds of $30,000. | ||
- | On June 17, 2012, the Company issued 200,000 shares of stock valued at $9,000 for business consulting services. | ||
- | On July 20, 2012, the Company issued 500,000 shares of stock valued at $65,000 for business consulting services. | ||
- | On August 8, 2012, the Company issued 500,000 shares of stock valued at $50,000 for business consulting services. | ||
- | On August 9, 2012, the Company issued 1,000,000 shares of stock valued at $90,000 for business consulting services. | ||
- | On August 14, 2012, the Company issued 1,000,000 shares of stock valued at $67,500 for legal services. | ||
- | On August 28, 2012, 2,000,000 shares of stock issued for consulting services in 2011 were returned to the Company. | ||
- | On October 26, 2012, the Company sold 750,000 shares of common stock at $.0073 per share under a private placement to an unrelated third party for total proceeds of $5,500. | ||
- | On November 21, 2012, 28,000,000 shares of stock previously held by former officers of the Company were surrendered. | ||
- | On November 29, 2012, the Company sold 1,500,000 shares of common stock at $.0167 per share under a private placement to an unrelated third party for total proceeds of $25,000. | ||
- | On November 29, 2012, the Company issued 2,000,000 shares of stock valued at $80,000 for business consulting services. | ||
- | On December 10, 2012, the Company issued 300,000 shares of stock valued at $15,000 for business consulting services. | ||
- | On December 12, 2012, the Company issued 1,000,000 shares of stock valued at $30,000 for business consulting services. | ||
- | On December 21, 2012, the Company sold 2,000,000 shares of common stock at $.005 per share under a private placement to an unrelated third party for total proceeds of $10,000. | ||
- | On December 27, 2012, the Company sold 1,500,000 shares of common stock at $.0167 per share under a private placement to an unrelated third party for total proceeds of $25,000. | ||
As of December 31, 2013 and 2012, the Company had no stock warrants or stock options outstanding. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | ' | ||||||||||||||||||||||||||||||||
NOTE 11– BUSINESS SEGMENTS | |||||||||||||||||||||||||||||||||
The Company is made up of three entities in which Energy Edge Technologies Corporation is the Parent Entity. The Company owned a sixty-five percent interest in The Gourmet Chicken Company during the first quarter, but acquired the remaining thirty-five percent of the stock of The Gourmet Chicken Company as of March 31, 2013. Fifty-one percent of the outstanding stock of Energy Edge Solutions, Inc. is owned by the Company. Energy Edge Solutions, Inc. had no operating activity during the current year. | |||||||||||||||||||||||||||||||||
The balance sheet as of December 31, 2013 and 2012 and the statement of operations information for the years ended December 31, 2013 and 2012 of each entity is presented in US Dollars as follows: | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
EEDG | TGCC | EES | Total | EEDG | TGCC | EES | Total | ||||||||||||||||||||||||||
Current Assets | $ | 300,147 | $ | — | $ | — | $ | 300,147 | $ | 295,442 | $ | 23,984 | $ | (84 | ) | $ | 319,342 | ||||||||||||||||
Fixed Assets | 3,329 | — | — | 3,329 | 5,046 | — | — | 5,046 | |||||||||||||||||||||||||
Other Assets | 9,897 | 4,194 | — | 14,091 | — | — | — | — | |||||||||||||||||||||||||
Total Assets | $ | 313,373 | $ | 4,194 | $ | — | $ | 317,567 | $ | 300,488 | $ | 23,984 | $ | (84 | ) | $ | 324,388 | ||||||||||||||||
Current Liabilities | $ | 824,143 | $ | 1,600 | $ | 114 | $ | 825,857 | $ | 449,652 | $ | 50,094 | $ | 114 | $ | 499,860 | |||||||||||||||||
Long Term Liabilities | 64,664 | — | — | 64,664 | — | — | — | — | |||||||||||||||||||||||||
Intercompany | (379,770 | ) | 379,675 | 95 | — | (89,710 | ) | 89,200 | 510 | — | |||||||||||||||||||||||
Stockholders’ Equity | (195,664 | ) | (377,081 | ) | (209 | ) | (572,954 | ) | (59,455 | ) | (115,310 | ) | (708 | ) | (175,472 | ) | |||||||||||||||||
Total Liabilities and | $ | 313,373 | $ | 4,194 | $ | — | $ | 317,567 | $ | 300,487 | $ | 23,984 | $ | (84 | ) | $ | 324,388 | ||||||||||||||||
Stockholder’s Equity | |||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
EEDG | TGCC | EES | Total | EEDG | TGCC | EES | Total | ||||||||||||||||||||||||||
Revenues | $ | 2,040 | $ | — | $ | — | $ | 2,040 | $ | 451,956 | $ | 348 | $ | — | $ | 452,304 | |||||||||||||||||
Costs of Revenues | (2,471 | ) | — | — | (2,471 | ) | (423,718 | ) | — | — | (423,718 | ) | |||||||||||||||||||||
Gross Profit (Loss) | (431 | ) | — | — | (431 | ) | 28,238 | 348 | — | 28,586 | |||||||||||||||||||||||
Operating Expenses | (1,397,824 | ) | (261,771 | ) | (11 | ) | (1,659,606 | ) | (682,237 | ) | (117,658 | ) | (198 | ) | (800,093 | ) | |||||||||||||||||
Other Expenses | (105,744 | ) | — | — | (105,744 | ) | (12,619 | ) | — | — | (12,619 | ) | |||||||||||||||||||||
Net Loss before | (1,503,999 | ) | (261,771 | ) | (11 | ) | (1,765,781 | ) | (666,618 | ) | (117,310 | ) | (198 | ) | (784,126 | ) | |||||||||||||||||
Non-controlling Interest | |||||||||||||||||||||||||||||||||
Non-controlling Interest | 56,115 | — | — | 56,115 | — | — | |||||||||||||||||||||||||||
Net Loss | $ | (1,447,884 | ) | $ | (261,771 | ) | $ | (11 | ) | $ | (1,709,666 | ) | $ | (666,618 | ) | $ | (117,310 | ) | $ | (198 | ) | $ | (784,126 | ) | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 12 –SUBSEQUENT EVENTS | |
During 2014, one of the Company’s creditors elected to convert $15,224 of the outstanding balance into 23,917,392 shares of the Company’s common stock. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Basis of presentation | ' | ||
Basis of presentation | |||
The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The consolidated financial statements are expressed in U.S. dollars. | |||
Principles of consolidation | ' | ||
Principles of consolidation | |||
The consolidated statements include the accounts of the Company and its two subsidiaries TGCC and EES. All inter-company transactions and balances were eliminated. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of consolidated 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 as of the date of the consolidated financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. | |||
Cash and cash equivalents | ' | ||
Cash and cash equivalents | |||
The Company includes in cash and cash equivalents all short-term, highly liquid investments that mature within three months or less of their acquisition date. Cash equivalents consist principally of investments in interest-bearing demand deposit accounts and liquidity funds with financial institutions and are stated at cost, which approximates fair value. As of December 31, 2013 and 2012, the Company has no cash equivalents. | |||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||
Accounts Receivable and Allowance for Doubtful Accounts | |||
Accounts receivable are stated at the amount the Company expects to collect. Accounts receivable represents receivables, net of allowances for doubtful accounts. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on historical experience and other currently available information. When a specific account is deemed uncollectible, the account is written off against the allowance. As of December 31, 2013 and 2012, the allowance for doubtful accounts was $0 and $0, respectively. | |||
Property and Equipment | ' | ||
Property and Equipment | |||
Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the related assets using the straight-line method for financial reporting purposes. | |||
Expenditures for normal repairs and maintenance are charged to expense as incurred. Significant renewals and improvements are capitalized. The costs and related accumulated depreciation of assets retired or otherwise disposed of are eliminated from the accounts, and any resulting gain or loss is recognized in the year of disposal. | |||
Derivatives | ' | ||
Derivatives | |||
All derivatives are recorded at fair value on the balance sheet. Fair values for securities traded in the open market and derivatives are based on quoted market prices. Where market prices are not readily available, fair values are determined using market based pricing models incorporating readily observable market data and requiring judgment and estimates. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: | |||
• | Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||
• | Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | ||
• | Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||
Income taxes | ' | ||
Income taxes | |||
Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the Company recognizes future tax benefits, such as carryforwards, to the extent that realization of such benefits is more likely than not and that a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. Company’s net operating losses carryforwards are subject to Section 382 limitation. | |||
Revenue recognition | ' | ||
Revenue recognition | |||
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. | |||
Stock-Based Compensation | ' | ||
Stock-Based Compensation | |||
The cost of employee services received in exchange for stock is measured based on the grant-date fair value (with limited exceptions). That cost is to be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The fair value of immediately vested shares is determined by reference to quoted prices for similar shares, and the fair value of shares issued subject to a service period is estimated using an option-pricing model. Excess tax benefits, for which no valuation allowance is required, are recognized as additions to paid-in-capital. | |||
The Company also makes stock awards to non-employees for goods and services acquired by the Company. These awards are generally recorded at the market price of the shares issued on the date the shares are issued. | |||
Loss per common share | ' | ||
Loss per common share | |||
Basic loss per common share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. EPS excludes all potential dilutive shares of common stock if their effect is anti-dilutive. There were no dilutive securities at December 31, 2013 and 2012. | |||
Subsequent Events | ' | ||
Subsequent Events | |||
The Company’s management reviewed all material events from December 31, 2013 through the issuance date of this report for disclosure consideration. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
Energy Edge does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flows. |
Prepaid_Expenses_Tables
Prepaid Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Table Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Prepaid Expenses | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Prepaid project expenses | $ | 29,950 | $ | 29,950 | |||||
Prepaid consulting expense | 225,033 | 270,492 | |||||||
Total prepaid expenses | $ | 254,983 | $ | 300,442 |
Convertible_Note_Payable_Table
Convertible Note Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Convertible Note Payable Tables | ' | ||||||||
Schedule of Convertible Note Payable [Table Text Block] | ' | ||||||||
13-May-13 | 31-Dec-13 | ||||||||
Stock price | $ | 0.0099 | $ | 0.0077 | |||||
Exercise price | $ | 0.009044 | $ | 0.00553 | |||||
Shares issuable upon conversion | 5,528,527 | 7,522,604 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Expected life (years) | 2 | 1.37 | |||||||
Risk-free interest rate | 0.24 | % | 0.38 | % | |||||
Expected volatility | 313.5 | % | 441 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Taxes Tables | ' | ||||||||
Income Tax | ' | ||||||||
2013 | 2012 | ||||||||
Deferred tax asset attributable to: | |||||||||
Net operating loss carryover | $ | 1,511,837 | $ | 940,600 | |||||
Less: valuation allowance | (1,511,837 | ) | (940,600 | ) | |||||
Net deferred tax asset | $ | — | $ | — |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
EEDG | TGCC | EES | Total | EEDG | TGCC | EES | Total | ||||||||||||||||||||||||||
Current Assets | $ | 300,147 | $ | — | $ | — | $ | 300,147 | $ | 295,442 | $ | 23,984 | $ | (84 | ) | $ | 319,342 | ||||||||||||||||
Fixed Assets | 3,329 | — | — | 3,329 | 5,046 | — | — | 5,046 | |||||||||||||||||||||||||
Other Assets | 9,897 | 4,194 | — | 14,091 | — | — | — | — | |||||||||||||||||||||||||
Total Assets | $ | 313,373 | $ | 4,194 | $ | — | $ | 317,567 | $ | 300,488 | $ | 23,984 | $ | (84 | ) | $ | 324,388 | ||||||||||||||||
Current Liabilities | $ | 824,143 | $ | 1,600 | $ | 114 | $ | 825,857 | $ | 449,652 | $ | 50,094 | $ | 114 | $ | 499,860 | |||||||||||||||||
Long Term Liabilities | 64,664 | — | — | 64,664 | — | — | — | — | |||||||||||||||||||||||||
Intercompany | (379,770 | ) | 379,675 | 95 | — | (89,710 | ) | 89,200 | 510 | — | |||||||||||||||||||||||
Stockholders’ Equity | (195,664 | ) | (377,081 | ) | (209 | ) | (572,954 | ) | (59,455 | ) | (115,310 | ) | (708 | ) | (175,472 | ) | |||||||||||||||||
Total Liabilities and | $ | 313,373 | $ | 4,194 | $ | — | $ | 317,567 | $ | 300,487 | $ | 23,984 | $ | (84 | ) | $ | 324,388 | ||||||||||||||||
Stockholder’s Equity | |||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
EEDG | TGCC | EES | Total | EEDG | TGCC | EES | Total | ||||||||||||||||||||||||||
Revenues | $ | 2,040 | $ | — | $ | — | $ | 2,040 | $ | 451,956 | $ | 348 | $ | — | $ | 452,304 | |||||||||||||||||
Costs of Revenues | (2,471 | ) | — | — | (2,471 | ) | (423,718 | ) | — | — | (423,718 | ) | |||||||||||||||||||||
Gross Profit (Loss) | (431 | ) | — | — | (431 | ) | 28,238 | 348 | — | 28,586 | |||||||||||||||||||||||
Operating Expenses | (1,397,824 | ) | (261,771 | ) | (11 | ) | (1,659,606 | ) | (682,237 | ) | (117,658 | ) | (198 | ) | (800,093 | ) | |||||||||||||||||
Other Expenses | (105,744 | ) | — | — | (105,744 | ) | (12,619 | ) | — | — | (12,619 | ) | |||||||||||||||||||||
Net Loss before | (1,503,999 | ) | (261,771 | ) | (11 | ) | (1,765,781 | ) | (666,618 | ) | (117,310 | ) | (198 | ) | (784,126 | ) | |||||||||||||||||
Non-controlling Interest | |||||||||||||||||||||||||||||||||
Non-controlling Interest | 56,115 | — | — | 56,115 | — | — | |||||||||||||||||||||||||||
Net Loss | $ | (1,447,884 | ) | $ | (261,771 | ) | $ | (11 | ) | $ | (1,709,666 | ) | $ | (666,618 | ) | $ | (117,310 | ) | $ | (198 | ) | $ | (784,126 | ) |
Nature_of_Operations_Details_T
Nature of Operations (Details Textuals) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Energy Edge Solutions Inc | ' | ' | ' |
Ownership Percentage acquired by Energy Edge in Subsidiaries (as a percentage) | ' | ' | 51.00% |
The Gourmet Wing Company, Inc | ' | ' | ' |
Ownership Percentage acquired by Energy Edge in Subsidiaries (as a percentage) | ' | 35.00% | 65.00% |
Entity Former Legal or Registered Name | 'The Dry Fried Wing Company | ' | ' |
Date of Change of Former Legal or Registered Name of Entity | 5-Apr-13 | ' | ' |
Prepaid_Expenses_Details
Prepaid Expenses (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Prepaid project expenses | $29,950 | $29,950 |
Other Prepaid Expense, Current | 225,033 | 270,492 |
Prepaid expenses | 254,983 | 300,442 |
Issuance of shares for services, shares | 88,200,000 | 16,000,000 |
Issuance of shares for services, value | 921,375 | 668,375 |
Stock Issued for Business Consulting Service | ' | ' |
Issuance of shares for services, shares | 2,500,000 | 16,000,000 |
Issuance of shares for services, value | $37,676 | $668,375 |
Property_and_Equipment_Details
Property and Equipment (Details Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property And Equipment Details Textuals | ' | ' |
Depreciation Expense | $1,716 | $1,717 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Due to Related Parties | $354,641 | $30,696 |
Convertible_Note_payable_Detai
Convertible Note payable (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | 13-May-13 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Convertible Promissory Note with Principal Amount of $50,000 | Convertible Promissory Note with Principal Amount of $50,000 | Convertible Promissory Note with Principal Amount of $53,000 | Convertible Promissory Note with Principal Amount of $53,000 | Convertible Promissory Note with Principal Amount of $42,500 | |||
Derivative liability | $57,439 | ' | $53,348 | $57,439 | $88,930 | $85,816 | $72,462 |
Change in fair value of derivative liability recorded as other income | 70,217 | ' | ' | 4,091 | ' | 3,114 | ' |
Stock price (in dollar per share) | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Exercise price (in dollar per share) | ' | ' | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 |
Shares issuable upon conversion (in shares) | ' | ' | 5,528,527 | 7,522,604 | 7,510,628 | 12,237,754 | 9,813,293 |
Expected dividend yield (as a percentage) | ' | ' | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Expected life (in years) | ' | ' | '2 years | '1 year 4 months 13 days | '9 months | '6 months | '9 months 4 days |
Risk-free interest rate (as a percentage) | ' | ' | 0.24% | 0.38% | 0.07% | 0.10% | 0.10% |
Expected volatility (as a percentage) | ' | ' | 313.50% | 441.00% | 434.42% | 441.00% | 441.00% |
Amortization of debt discount on issue of convertible notes payable | ' | ' | ' | 15,625 | 0 | 17,667 | 0 |
Unamortizied discount on issue of convertible notes payable | $77,833 | ' | ' | $34,375 | $53,000 | $35,333 | $42,500 |
Convertible_Note_payable_Detai1
Convertible Note payable (Details Textuals) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Shares issued upon conversion of debt | 5,000,000 |
Accounts Payable [Member] | ' |
Outstanding balance of Creditor converted to Common Stock | 8,400 |
Number of shares to be issued upon conversion of debt | 6,369,314 |
Shares issued upon conversion of debt | 5,000,000 |
Convertible Promissory Note with Principal Amount of $50,000 | ' |
Date of Issuance of convertible promissory note to third party | 13-May-13 |
Principal amount of convertible promissory note issued | 50,000 |
Maturity date of promissory note | 14-May-15 |
Interest on promissory note issued (as a percentage) | 6.00% |
Convertible, Type of Equity Security to be issued | 'Common Stock |
Conversion Ratio of debt into common stock (as a percentage) of debt | 0.7 |
Convertible Promissory Note with Principal Amount of $53,000 | ' |
Date of Issuance of convertible promissory note to third party | 30-Sep-13 |
Principal amount of convertible promissory note issued | 53,000 |
Maturity date of promissory note | 24-Jun-14 |
Interest on promissory note issued (as a percentage) | 8.00% |
Convertible, Type of Equity Security to be issued | 'Common Stock |
Conversion Ratio of debt into common stock (as a percentage) of debt | 0.58 |
Convertible Promissory Note with Principal Amount of $42,500 | ' |
Date of Issuance of convertible promissory note to third party | 31-Dec-13 |
Principal amount of convertible promissory note issued | 42,500 |
Maturity date of promissory note | 3-Oct-14 |
Interest on promissory note issued (as a percentage) | 8.00% |
Convertible, Type of Equity Security to be issued | 'Common Stock |
Conversion Ratio of debt into common stock (as a percentage) of debt | 0.58 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes Details | ' | ' |
Net operating loss carryover | $1,511,837 | $940,600 |
Less: valuation allowance | -1,511,837 | -940,600 |
Net deferred tax asset | ' | ' |
Effective Income Tax Rate, Continuing Operations | 34.00% | ' |
Operating Loss Carryforwards | $4,446,580 | ' |
Equity_Transactions_Details_Te
Equity Transactions (Details Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Text Block [Abstract] | ' | ' |
Issuance of shares for cash, shares | 18,533,334 | ' |
Issuance of shares for cash, value | $289,114 | $123,000 |
Issuance of shares for services (in shares) | 88,200,000 | 16,000,000 |
Issuance of shares for services, value | 921,375 | 668,375 |
Issuance of stock for settlement of payables, shares | 2,972,623 | ' |
Issuance of stock for settlement of payables, value | 156,810 | ' |
Common stock Retired | 2,000,000 | ' |
Issuance of common stock for conversion of Debt | $1,000 | ' |
Issuance of common stock for conversion of Debt, shares | 5,000,000 | ' |
Equity_Transactions_Details_Te1
Equity Transactions (Details Textuals 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock, shares authorized | 250,000,000 | 250,000,000 |
Common Stock, par or stated value | $0.00 | $0.00 |
Issuance of shares for services, shares | 88,200,000 | 16,000,000 |
Issuance of shares for services, value | $921,375 | $668,375 |
Issuance of shares for cash, shares | 18,533,334 | ' |
Issuance of shares for cash, value | 289,114 | 123,000 |
Shares retired per merger agreement, shares | 2,000,000 | ' |
Common Stock | ' | ' |
Issuance of shares for services, shares | 88,200,000 | 16,000,000 |
Issuance of shares for services, value | 882 | 160 |
Issuance of shares for cash, shares | 18,533,334 | 10,916,667 |
Issuance of shares for cash, value | 186 | 109 |
Shares retired per merger agreement, shares | -2,000,000 | -28,000,000 |
Additional Paid in Capital | ' | ' |
Issuance of shares for services, value | 920,493 | 668,215 |
Issuance of shares for cash, value | 288,928 | 122,891 |
Total Stockholder's Equity (Deficit) (Restated) | ' | ' |
Issuance of shares for services, value | ' | 668,375 |
Issuance of shares for cash, value | ' | 123,000 |
Investment 8 | ' | ' |
Equity Issuance, Per Share Amount | ' | $0.01 |
Issuance of shares for cash, shares | ' | 500,000 |
Issuance of shares for cash, value | ' | 5,000 |
Investment 18 | ' | ' |
Equity Issuance, Per Share Amount | ' | $0.02 |
Issuance of shares for cash, shares | ' | 1,500,000 |
Issuance of shares for cash, value | ' | 25,000 |
Investment 22 | ' | ' |
Equity Issuance, Per Share Amount | ' | $0.01 |
Issuance of shares for cash, shares | ' | 2,000,000 |
Issuance of shares for cash, value | ' | 10,000 |
Investment 23 | ' | ' |
Equity Issuance, Per Share Amount | ' | $0.02 |
Issuance of shares for cash, shares | ' | 1,500,000 |
Issuance of shares for cash, value | ' | 25,000 |
Investment 26 | ' | ' |
Shares retired per merger agreement, shares | ' | 28,000,000 |
Investment 11 | ' | ' |
Equity Issuance, Per Share Amount | ' | $0.02 |
Issuance of shares for cash, shares | ' | 2,000,000 |
Investment 9 | ' | ' |
Equity Issuance, Per Share Amount | ' | $0.01 |
Issuance of shares for cash, shares | ' | 1,666,667 |
Issuance of shares for cash, value | ' | 12,500 |
Investment 7 | ' | ' |
Equity Issuance, Per Share Amount | ' | $0.01 |
Issuance of shares for cash, shares | ' | 1,000,000 |
Issuance of shares for cash, value | ' | 10,000 |
Investment 17 | ' | ' |
Equity Issuance, Per Share Amount | ' | $0.01 |
Issuance of shares for cash, shares | ' | 750,000 |
Issuance of shares for cash, value | ' | 5,500 |
Investment 3 | ' | ' |
Issuance of shares for services, shares | ' | 1,500,000 |
Issuance of shares for services, value | ' | 15,000 |
Investment 4 | ' | ' |
Issuance of shares for services, shares | ' | 2,500,000 |
Issuance of shares for services, value | ' | 39,375 |
Investment 5 | ' | ' |
Issuance of shares for services, shares | ' | 3,000,000 |
Issuance of shares for services, value | ' | 105,000 |
Investment 6 | ' | ' |
Issuance of shares for services, shares | ' | 2,000,000 |
Issuance of shares for services, value | ' | 52,500 |
Investment 10 | ' | ' |
Issuance of shares for services, shares | ' | 500,000 |
Issuance of shares for services, value | ' | 50,000 |
Investment 12 | ' | ' |
Issuance of shares for services, shares | ' | 200,000 |
Issuance of shares for services, value | ' | 9,000 |
Investment 13 | ' | ' |
Issuance of shares for services, shares | ' | 500,000 |
Issuance of shares for services, value | ' | 65,000 |
Investment 14 | ' | ' |
Issuance of shares for services, shares | ' | 500,000 |
Issuance of shares for services, value | ' | 50,000 |
Investment 15 | ' | ' |
Issuance of shares for services, shares | ' | 1,000,000 |
Issuance of shares for services, value | ' | 90,000 |
Investment 16 | ' | ' |
Issuance of shares for services, shares | ' | 1,000,000 |
Issuance of shares for services, value | ' | 67,500 |
Investment 19 | ' | ' |
Issuance of shares for services, shares | ' | 2,000,000 |
Issuance of shares for services, value | ' | 80,000 |
Investment 20 | ' | ' |
Issuance of shares for services, shares | ' | 300,000 |
Issuance of shares for services, value | ' | 15,000 |
Investment 21 | ' | ' |
Issuance of shares for services, shares | ' | 1,000,000 |
Issuance of shares for services, value | ' | $30,000 |
Investment 24 | ' | ' |
Shares retired per merger agreement, shares | ' | 10,000 |
Investment 25 | ' | ' |
Shares retired per merger agreement, shares | ' | 2,000,000 |
Business_Segments_Details
Business Segments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Current Assets | $300,147 | $319,342 | ' |
Fixed Assets | 3,329 | 5,046 | ' |
Other Assets | 14,091 | ' | ' |
TOTAL ASSETS | 317,567 | 324,388 | ' |
Current Liabilities | 825,857 | 499,860 | ' |
Long Term Liabilities | 64,664 | ' | ' |
Intercompany | ' | ' | ' |
Total Equity (Deficit) | -572,954 | -175,472 | -248,111 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 317,567 | 324,388 | ' |
Energy Edge (EEDG) | ' | ' | ' |
Total Current Assets | 300,147 | 295,442 | ' |
Fixed Assets | 3,329 | 5,046 | ' |
Other Assets | 9,897 | ' | ' |
TOTAL ASSETS | 313,373 | 300,488 | ' |
Current Liabilities | 824,143 | 449,652 | ' |
Long Term Liabilities | 64,664 | ' | ' |
Intercompany | -379,770 | -89,710 | ' |
Total Equity (Deficit) | -195,664 | -59,455 | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 313,373 | 300,487 | ' |
The Gourmet Chicken Company, Inc. ("TGCC") | ' | ' | ' |
Total Current Assets | ' | 23,984 | ' |
Fixed Assets | ' | ' | ' |
Other Assets | 4,194 | ' | ' |
TOTAL ASSETS | 4,194 | 23,984 | ' |
Current Liabilities | 1,600 | 50,094 | ' |
Long Term Liabilities | ' | ' | ' |
Intercompany | 379,675 | 89,200 | ' |
Total Equity (Deficit) | -377,081 | -115,310 | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 4,194 | 23,984 | ' |
Energy Edge Solutions (EES) | ' | ' | ' |
Total Current Assets | ' | -84 | ' |
Fixed Assets | ' | ' | ' |
Other Assets | ' | ' | ' |
TOTAL ASSETS | ' | -84 | ' |
Current Liabilities | 114 | 114 | ' |
Long Term Liabilities | ' | ' | ' |
Intercompany | 95 | 510 | ' |
Total Equity (Deficit) | -209 | -708 | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ' | ($84) | ' |
Business_Segments_Details_2
Business Segments (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | $2,040 | $452,304 | $461,711 |
Cost of Revenues | -2,471 | -423,718 | -306,889 |
Gross Profit (Loss) | -431 | 28,587 | 154,821 |
Operating Expenses | -1,659,606 | -811,439 | -579,374 |
Other Expenses | -105,744 | -1,274 | -23,738 |
Net Loss before non-controlling interest | -1,709,666 | -742,971 | -448,290 |
Non-controlling interest | 56,115 | 41,155 | ' |
Net Loss | -1,709,666 | -742,971 | -448,290 |
Energy Edge (EEDG) | ' | ' | ' |
Revenues | 2,040 | 451,956 | 461,711 |
Cost of Revenues | -2,471 | -423,718 | -306,889 |
Gross Profit (Loss) | -431 | 28,238 | 154,821 |
Operating Expenses | -1,397,824 | -682,237 | -579,374 |
Other Expenses | -105,744 | -12,619 | -23,738 |
Net Loss before non-controlling interest | -1,503,999 | -666,618 | -448,290 |
Non-controlling interest | 56,115 | ' | ' |
Net Loss | -1,447,884 | -666,618 | -448,290 |
The Gourmet Chicken Company, Inc. ("TGCC") | ' | ' | ' |
Revenues | ' | 348 | ' |
Cost of Revenues | ' | ' | ' |
Gross Profit (Loss) | ' | 348 | ' |
Operating Expenses | -261,771 | -117,658 | ' |
Other Expenses | ' | ' | ' |
Net Loss before non-controlling interest | -261,771 | -117,310 | ' |
Net Loss | -261,771 | -117,310 | ' |
Energy Edge Solutions (EES) | ' | ' | ' |
Revenues | ' | ' | ' |
Cost of Revenues | ' | ' | ' |
Gross Profit (Loss) | ' | ' | ' |
Operating Expenses | -11 | -198 | ' |
Other Expenses | ' | ' | ' |
Net Loss before non-controlling interest | -11 | -198 | ' |
Non-controlling interest | ' | ' | ' |
Net Loss | ($11) | ($198) | ' |