Foothills Exploration (FTXP) 10-K 15 Apr 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013
Document and Entity Information	'
Entity Registrant Name	'Key Link Assets Corp.
Document Type	'10-K
Document Period End Date	31-Dec-13
Amendment Flag	'false
Entity Central Index Key	'0001503458
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	14,702,250
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	'2013
Document Fiscal Period Focus	'FY
Entity Public Float	$0

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current assets:	'	'
Cash	$19	$16
Total current assets	19	16
Total assets	19	16
Current liabilities:	'	'
Accounts payable	24,745	34,541
Note payable - shareholder	'	4,030
Total current liabilities	24,745	38,571
Long term liabilities:	'	'
Note payable - shareholder	11,958	4,030
Note payable - other	34,541	'
Total long term liabilities	46,499	'
Total liabilities	71,244	38,571
Stockholders' equity (deficit)	'	'
Preferred stock value	'	'
Common stock value	1,470	1,470
Additional paid-in capital	58,941	58,941
Deficit accumulated during development stage	131,636	98,966
Total stockholders' equity (deficit)	-71,225	-38,555
Total liabilities and stockholders' equity (deficit)	$19	$16

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Balance Sheet	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	25,000,000	25,000,000
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,702,250	14,702,250
Common stock, shares outstanding	14,702,250	14,702,250

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended		44 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Income Statement	'	'	'
Revenue	'	'	'
Operating expenses:	'	'	'
Rent	'	'	55,000
General and administrative expenses	32,670	6,128	76,636
Total operating expenses	32,670	6,128	131,636
Operating loss	-32,670	-6,128	-131,636
Other income (expense)	'	'	'
Net loss	($32,670)	($6,128)	($131,636)
Basic and diluted loss per share	$0	$0	'
Weighted average number of common shares outstanding	14,702,250	14,702,250	'

Statement_of_Stockholders_Equi

Statement of Stockholders' Equity (Deficit) (USD $)	Common Stock	Additional Paid-in Capital	Deficit Accumulated during Development Stage	Total
Beginning Balance, amount at May. 12, 2010	'	'	'	'
Shares issued for services, shares	14,112,250	'	'	14,112,250
Shares issued for services, value	$1,411	'	'	$1,411
Shares issued for cash, shares	590,000	'	'	590,000
Shares issued for cash, value	59	58,941	'	59,000
Net loss for the period	'	'	-42,785	-42,785
Ending Balance, amount at Dec. 31, 2010	1,470	58,941	-42,785	17,626
Ending Balance, shares at Dec. 31, 2010	14,702,250	'	'	'
Net loss for the period	'	'	-50,053	-50,053
Ending Balance, amount at Dec. 31, 2011	1,470	58,941	-92,838	-32,427
Ending Balance, shares at Dec. 31, 2011	14,702,250	'	'	'
Net loss for the period	'	'	-6,128	-6,128
Ending Balance, amount at Dec. 31, 2012	1,470	58,941	-98,966	-38,555
Ending Balance, shares at Dec. 31, 2012	14,702,250	'	'	'
Net loss for the period	'	'	-32,670	-32,670
Ending Balance, amount at Dec. 31, 2013	$1,470	$58,941	($131,636)	($71,225)
Ending Balance, shares at Dec. 31, 2013	14,702,250	'	'	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended		44 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Operating activities	'	'	'
Net Loss	($32,670)	($6,128)	($131,636)
Adjustments to reconcile net loss to net cash used by operating activities:	'	'	'
Stock compensation	'	'	1,411
Changes in operating assets and liabilities:	'	'	'
Prepaid rent	'	'	'
Accounts payable	24,745	475	59,286
Net cash used by operating activities	-7,925	-5,653	-70,939
Cash flows from Financing Activities	'	'	'
Proceeds from shareholder loans	7,928	4,030	11,958
Proceeds from the sale of common stock	'	'	59,000
Net cash provided by financing activities	7,928	4,030	70,958
Net increase (decrease) in cash	3	-1,623	19
Cash - beginning of the period	16	1,639	'
Cash - ending of the period	19	16	19
Supplemental disclosures	'	'	'
Interest paid	'	'	'
Income taxes paid	'	'	'
Noncash transactions	'	'	'
Conversion of accounts payable to note payable	$34,541	'	$34,541

Organization_Business_Operatio

Organization, Business Operations and Going Concern Consideration	12 Months Ended
	Dec. 31, 2013
Notes	'
Organization, Business Operations and Going Concern Consideration	'
	NOTE 1 - ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN CONSIDERATION
	Key Link Assets Corp. (the "Company") was incorporated in the State of Delaware on May 13, 2010 for the purpose of acquiring a portfolio of heavily discounted real estate properties in the Chicago metropolitan area. The Company has changed its focus and now plans to acquire small and medium sized grocery stores in non-urban locales that are not directly served by large national supermarket chains.
	The Company is a development stage company and is subject to the risks associated with development stage companies. As of the date of this report, the Company has not yet commenced operations. The Company's primary activities since incorporation have been organizational in nature and related to the Company’s formation and the filing of a registration statement. The Company has not generated any revenues from these activities and, accordingly, it is in the development stage.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Notes	'
Summary of Significant Accounting Policies	'
	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of presentation
	The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles applicable to development stage enterprises.
	Fiscal year
	The Company has selected December 31 as its fiscal year-end.
	Use of estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
	Cash and cash equivalents
	Cash and cash equivalents include cash in banks, money market funds and certificates of term deposits with original maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.
	Start-up Costs
	In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 720, “Reporting on the Costs of Start-up Activities,” the Company has expensed all costs incurred in connection with the start-up and organization of the Company.
	Fair value of financial instruments and derivative financial instruments
	The Company has adopted ASC 815, “Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments.”  The carrying amount of accrued liabilities approximates its fair value because of the short maturity of this item.  Certain fair value estimates may be subject to and involve, uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect these estimates.  The Company does not hold or issue financial instruments for trading purposes, nor does it utilize derivative instruments in the management of its foreign exchange, commodity price or interest rate market risks.
	Federal income taxes
	Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes,” which requires the use of the asset/liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in results of operations in the period that includes the enactment date. When it is not considered to be more likely than not that a deferred tax asset will be realized, a valuation allowance is provided for the excess. Although the Company has loss carry-forwards available to reduce future income for tax purposes, no amount has been reflected on the balance sheet for deferred income taxes as any deferred tax asset has been fully offset by a valuation allowance.
	Advertising Costs
	The Company’s policy regarding advertising is to expense advertising when incurred.  The Company incurred no advertising expense from its period of inception on May 13, 2010 through December 31, 2013.
	Earnings (loss) per share
	The Company has adopted ASC 260, “Earnings Per Share” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation.  In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period.  There are no dilutive shares outstanding.
	New accounting pronouncements
	The Company has evaluated the most recent accounting standards through the date of these financial statements and in management’s opinion none of these pronouncements will have a material impact on the Company’s financial statements.

Capital_Stock_Note

Capital Stock, Note	12 Months Ended
	Dec. 31, 2013
Notes	'
Capital Stock, Note	'
	NOTE 3 - CAPITAL STOCK
	Authorized Stock
	The Company has authorized 100,000,000 common shares with a par value of $0.0001 per share and 25,000,000 preferred shares with a par value of $0.0001 per preferred share.  Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholder of the corporation is sought. The rights, preferences and restrictions of the preferred shares will be defined by the Company’s Board of Directors when and if the preferred shares are issued.
	Share Issuances
	On May 13, 2010, the Company issued 14,112,250 common shares valued at $.0001 each to the three founders of the Company as compensation for services rendered to the Company. The shares issued were accounted for in accordance with the provisions of ASC Topic 718, Compensation - Stock-Compensation, under the prospective method, which requires the Company to recognize expense for all share-based compensation awards granted to employees. Compensation expense is determined based on the grant date fair value of share-based compensation awards and is recognized on a straight-line basis over the requisite service period of the award.
	In the absence of any objective indicators of fair value of the shares we issued to our founders, or the services our founders provided in starting our company, the shares issued to them were valued at their par value, or $1,411. This expense was recognized at the date of issue.
	On September 29, 2010, the Company sold 590,000 common shares to a group of 35 private investors at a price of $.10 per share.
	Incentive Compensation Plan
	The Company has adopted the 2010 Incentive Compensation Plan to provide stock options, stock issuances and other equity interests to employees, officers, directors, consultants, independent contractors, advisors and other persons who have made or are expected to make contributions to the Company. Under the plan, 5,000,000 shares have been reserved for issuance pursuant to awards thereunder. To date, no awards have been granted under the plan.

Going_Concern

Going Concern	12 Months Ended
	Dec. 31, 2013
Notes	'
Going Concern	'
	NOTE 4 - GOING CONCERN
	The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of December 31, 2013, the Company had an accumulated deficit of $131,636, negative working capital of $24,726 and has earned no revenues since inception. The Company intends to fund its operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements.
	The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and the implementation of its business plan. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Income_Taxes_Note

Income Taxes, Note	12 Months Ended
	Dec. 31, 2013
Notes	'
Income Taxes, Note	'
	NOTE 5 - INCOME TAXES
	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The cumulative tax effect at the expected rate of 34% of significant items comprising the net deferred tax amount is at December 31, 2013 and 2012 as follows
		2013	2012
	Deferred tax assets:
	Net operating losses	$44,900	$33,600
	Total deferred tax assets	44,900	33,600
	Less: valuation allowance	-44,900	-33,600
	Deferred tax assets, net	$ --	$ --
	As of December 31, 2013, for U.S. federal income tax reporting purposes, the Company has approximately $132,000 of unused net operating losses (“NOLs”) available for carry forward to future years. The benefit from the carry forward of such NOLs will begin expiring during the year ended December 31, 2030. Because United States tax laws limit the time during which NOL carry forwards may be applied against future taxable income, the Company may be unable to take full advantage of its NOLs for federal income tax purposes should the Company generate taxable income. Further, the benefit from utilization of NOL carry forwards could be subject to limitations due to material ownership changes that could occur in the Company as it continues to raise additional capital. Based on such limitations, the Company has significant NOLs for which realization of tax benefits is uncertain and the Company has recorded valuation allowance of approximately $44,900 and $33,600 as of December 31, 2013 and 2012, respectively.
	The difference between the statutory tax rate (34%) and the effective tax rate (0%) of the Company relates to the change in the valuation allowance for each respective period.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2013
Notes	'
Related Party Transactions	'
	NOTE 6 - RELATED PARTY TRANSACTIONS
	Mr. Clark (the Company’s CEO) has loaned the Company $11,958. The note payable, is due on June 30, 2015, is non-interest bearing and has no collateral.

Note_Payable_Note

Note Payable, Note	12 Months Ended
	Dec. 31, 2013
Notes	'
Note Payable, Note	'
	NOTE 7 - NOTE PAYABLE
	On September 29, 2013, a creditor of the Company converted accounts payable in the amount of $34,541 into a note payable. The note payable, which is due on June 30, 2015, is non-interest bearing and has no collateral.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Notes	'
Subsequent Events	'
	NOTE 8 - SUBSEQUENT EVENTS
	On February 14, 2014, the Securities and Exchange Commission declared the Company’s registration statement effective.
	In February 2014, Mr. Clark loaned the Company $5,220. The notes payable, which is due on June 30, 2015, is non-interest bearing and has no collateral.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies: Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Basis of Presentation	'
	Basis of presentation
	The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles applicable to development stage enterprises.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies: Fiscal Year (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Fiscal Year	'
	Fiscal year
	The Company has selected December 31 as its fiscal year-end.

Summary_of_Significant_Account3

Summary of Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Use of Estimates	'
	Use of estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Summary_of_Significant_Account4

Summary of Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Cash and Cash Equivalents, Policy	'
	Cash and cash equivalents
	Cash and cash equivalents include cash in banks, money market funds and certificates of term deposits with original maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.

Summary_of_Significant_Account5

Summary of Significant Accounting Policies: Start-up Costs, Policy (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Start-up Costs, Policy	'
	Start-up Costs
	In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 720, “Reporting on the Costs of Start-up Activities,” the Company has expensed all costs incurred in connection with the start-up and organization of the Company.

Summary_of_Significant_Account6

Summary of Significant Accounting Policies: Fair Value of Financial Instruments and Derivative Financial Instruments (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Fair Value of Financial Instruments and Derivative Financial Instruments	'
	Fair value of financial instruments and derivative financial instruments
	The Company has adopted ASC 815, “Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments.”  The carrying amount of accrued liabilities approximates its fair value because of the short maturity of this item.  Certain fair value estimates may be subject to and involve, uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect these estimates.  The Company does not hold or issue financial instruments for trading purposes, nor does it utilize derivative instruments in the management of its foreign exchange, commodity price or interest rate market risks.

Summary_of_Significant_Account7

Summary of Significant Accounting Policies: Federal Income Taxes, Policy (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Federal Income Taxes, Policy	'
	Federal income taxes
	Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes in accordance with ASC 740, “Income Taxes,” which requires the use of the asset/liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in results of operations in the period that includes the enactment date. When it is not considered to be more likely than not that a deferred tax asset will be realized, a valuation allowance is provided for the excess. Although the Company has loss carry-forwards available to reduce future income for tax purposes, no amount has been reflected on the balance sheet for deferred income taxes as any deferred tax asset has been fully offset by a valuation allowance.

Summary_of_Significant_Account8

Summary of Significant Accounting Policies: Advertising Costs, Policy (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Advertising Costs, Policy	'
	Advertising Costs
	The Company’s policy regarding advertising is to expense advertising when incurred.  The Company incurred no advertising expense from its period of inception on May 13, 2010 through December 31, 2013.

Summary_of_Significant_Account9

Summary of Significant Accounting Policies: Earnings (loss) Per Share, Policy (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
Earnings (loss) Per Share, Policy	'
	Earnings (loss) per share
	The Company has adopted ASC 260, “Earnings Per Share” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation.  In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period.  There are no dilutive shares outstanding.

Recovered_Sheet1

Summary of Significant Accounting Policies: New Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2013
Policies	'
New Accounting Pronouncements	'
	New accounting pronouncements
	The Company has evaluated the most recent accounting standards through the date of these financial statements and in management’s opinion none of these pronouncements will have a material impact on the Company’s financial statements.

Income_Taxes_Note_Schedule_of_

Income Taxes, Note: Schedule of Deferred Tax Assets (Tables)	12 Months Ended
	Dec. 31, 2013
Tables/Schedules	'
Schedule of Deferred Tax Assets	'
		2013	2012
	Deferred tax assets:
	Net operating losses	$44,900	$33,600
	Total deferred tax assets	44,900	33,600
	Less: valuation allowance	-44,900	-33,600
	Deferred tax assets, net	$ --	$ --

Capital_Stock_Note_Details

Capital Stock, Note (Details) (USD $)	8 Months Ended
	Dec. 31, 2010	Dec. 31, 2013	Dec. 31, 2012	Sep. 29, 2010
Details	'	'	'	'
Common shares authorized	'	100,000,000	100,000,000	'
Common par value per share	'	$0.00	$0.00	'
Preferred shares authorized	'	25,000,000	25,000,000	'
Preferred par value per share	'	$0.00	$0.00	'
Common stock issued as compensation for services	14,112,250	'	'	'
Value of shares issued for services	$1,411	'	'	'
Common stock issued for cash	590,000	'	'	'
Price per share sold	'	'	'	$0.10
2010 Incentive Compensation Plan, shares reserved for issuance	'	5,000,000	'	'

Going_Concern_Details

Going Concern (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Details	'	'
Accumulated deficit	$131,636	$98,966
Negative working capital	$24,726	'

Income_Taxes_Note_Schedule_of_1

Income Taxes, Note: Schedule of Deferred Tax Assets (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Details	'	'
Deferred tax assets, net operating losses	$44,900	$33,600
Total deferred tax assets	44,900	33,600
(Less) valuation allowance	($44,900)	($33,600)

Income_Taxes_Note_Details

Income Taxes, Note (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
Details	'
Unused net operating losses available for carry forward to future years	$132,000
Statutory tax rate	34.00%

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Details	'	'
Note payable, shareholder	$11,958	$4,030

Note_Payable_Note_Details

Note Payable, Note (Details) (USD $)	Sep. 29, 2013
Details	'
Accounts payable converted into a note payable	$34,541

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	1 Months Ended
	Feb. 28, 2014
Details	'
Proceeds from shareholder loan	$5,220