Electric Tractor 10-Q 4 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014
Document And Entity Information	'
Entity Registrant Name	'Electric Tractor Corp.
Entity Central Index Key	'0001506325
Document Type	'10-Q
Document Period End Date	30-Jun-14
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?	'No
Entity Filer Category	'Smaller Reporting Company
Entity Common Stock, Shares Outstanding	9,487,016
Document Fiscal Period Focus	'Q2
Document Fiscal Year Focus	'2014

BALANCE_SHEETS_unaudited

BALANCE SHEETS (unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
ASSETS	'	'
Inventory	$0	$0
Other Assets	'	'
Patents and technologies	0	0
TOTAL ASSETS	0	0
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	'	'
Accrued expenses	900	5,693
Accrued expenses – related parties	97,941	68,255
Advances from officer	303,763	277,677
Total Liabilities	402,604	351,625
STOCKHOLDERS’ EQUITY (DEFICIT)	'	'
Common stock, $.001 par value, 250,000,000 shares authorized, 9,487,016 shares issued and outstanding	9,487	9,487
Additional paid-in capital	1,562	1,562
Deficit accumulated during the development stage	-413,653	-362,674
Total Stockholders’ Equity (Deficit)	-402,604	-351,625
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$0	$0

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	9,487,016	9,487,016
Common stock, shares outstanding	9,487,016	9,487,016

STATEMENTS_OF_OPERATIONS_unaud

STATEMENTS OF OPERATIONS (unaudited) (USD $)	3 Months Ended		6 Months Ended		95 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Income Statement [Abstract]	'	'	'	'	'
REVENUES	$0	$0	$0	$0	$0
OPERATING EXPENSES	'	'	'	'	'
General and administrative	0	0	0	0	2,146
Research and development	575	0	575	0	137,890
Insurance	0	0	0	0	1,349
Inventory impairment	0	0	0	0	8,094
Office supplies	763	105	1,113	616	8,411
Consulting	7,566	45,317	31,960	67,821	129,180
Patent maintenance	0	0	435	0	6,724
Patents and technologies impairment	0	0	0	0	10,000
Professional fees	9,131	3,414	10,296	9,620	53,107
Rent	3,300	3,300	6,600	6,600	51,450
Repairs and maintenance	0	0	0	0	2,569
Utilities	0	0	0	0	2,733
TOTAL OPERATING EXPENSES	21,335	52,136	50,979	84,657	413,653
NET LOSS BEFORE INCOME TAXES	-21,335	-52,136	-50,979	-84,657	-413,653
PROVISION FOR INCOME TAXES	0	0	0	0	0
NET LOSS	($21,335)	($52,136)	($50,979)	($84,657)	($413,653)
NET LOSS PER SHARE: BASIC AND DILUTED	$0	$0	$0	$0	'
WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND DILUTED	9,487,016	9,487,016	9,487,016	9,487,016	'

STATEMENT_OF_STOCKHOLDERS_EQUI

STATEMENT OF STOCKHOLDERS EQUITY (DEFICIT) (unaudited) (USD $)	Common Stock	Additional Paid-In Capital	Deficit Accumulated During The Development Stage	Total
Beginning Balance, Amount at Dec. 31, 2012	$9,487	$1,562	($120,281)	($109,232)
Beginning Balance, Shares at Dec. 31, 2012	9,487,016	'	'	'
Net loss	'	'	-242,393	-242,393
Ending Balance, Amount at Dec. 31, 2013	9,487	1,562	-362,674	-351,625
Ending Balance, Shares at Dec. 31, 2013	9,487,016	'	'	'
Common shares issued in exchange for assets, Amount	'	'	'	0
Net loss	'	'	-50,979	-50,979
Ending Balance, Amount at Jun. 30, 2014	$9,487	$1,562	($413,653)	($402,604)
Ending Balance, Shares at Jun. 30, 2014	9,487,016	'	'	'

STATEMENTS_OF_CASH_FLOWS_unaud

STATEMENTS OF CASH FLOWS (unaudited) (USD $)	3 Months Ended		6 Months Ended		95 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES	'	'	'	'	'
Net loss for the period	($21,335)	($52,136)	($50,979)	($84,657)	($413,653)
Impairment of inventory	0	0	0	0	8,094
Patents and technologies impairment	0	0	0	0	10,000
Changes in assets and liabilities:	'	'	'	'	'
Increase in inventory	'	'	0	0	-8,094
Increase (decrease) in accrued expenses	'	'	-4,793	-1,237	900
Increase in accrued expenses – related parties	'	'	29,686	8,895	97,941
CASH FLOWS USED IN OPERATING ACTIVITIES	'	'	-26,086	-76,999	-304,812
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	'	'	'
Advances received from officer	'	'	26,086	76,999	303,763
Proceeds from sale of common stock	'	'	0	0	1,049
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	26,086	76,999	304,812
NET INCREASE IN CASH	'	'	0	0	0
Cash, beginning of period	'	'	0	0	0
Cash, end of period	0	0	0	0	0
SUPPLEMENTAL CASH FLOW INFORMATION:	'	'	'	'	'
Interest paid	'	'	0	0	0
Income taxes paid	'	'	0	0	0
NON-CASH FINANCING TRANSACTIONS:	'	'	'	'	'
Common shares issued in exchange for assets	'	'	$0	$0	$10,000

1_SUMMARY_OF_SIGNIFICANT_ACCOU

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	Nature of Business
	The Company was incorporated in the State of Wyoming on August 14, 2006 as Tabularasa Corp. The Company intends to become a manufacturer of advanced eco-friendly electric-power utility tractors and attachments. On March 19, 2010 the Company changed its name to Electric Tractor Corp..
	Basis of Presentation
	The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s registration statement filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2013 as reported in Form 10-K, have been omitted.
	Development Stage Company
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development stage companies. A development-stage company is one in which planned principal operations have not commenced or, if operations have commenced, there has been no significant revenues therefrom.
	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 at the date of the balance sheet.  Actual results could differ from those estimates.
	Basic Loss Per Share
	Basic loss per share has been calculated based on the weighted average number of shares of common stock outstanding during the period.
	Comprehensive Income
	The Company has established standards for reporting and displaying comprehensive income, its components and accumulated balances.  When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity.  Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income.
	Income Tax
	Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized.
	Fair Value of Financial Instruments
	The Company’s financial instruments consist of accrued expenses and advances received from an officer. The carrying amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. At June 30, 2014 and December 31, 2013, the Company had $0 of cash.
	Stock-based Compensation.
	For the period ended June 30, 2014, the Company did not issue any share-based payments to its employees.  Under the modified prospective method the Company uses, stock compensation expense includes compensation expense for all stock-based compensation awards granted, based on the grant-date estimated fair value.
	Impairment of Long-Lived Assets
	The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
	Revenue Recognition
	The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
	Research and Development
	The Company incurs research and development costs to develop its new and next-generation products.  The Company’s products reach technological feasibility shortly before the products are released and therefore research and development costs are expensed as incurred.
	Intangible Assets
	In accordance with ASC 350, Goodwill and Other Intangible Assets, the Company tests its intangible assets for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount.
	The Company applies the provisions of ASC Topic 350, requiring that intangible assets that have indefinite lives are not amortized but are subject to an annual impairment test or more frequent test if indicators of impairment exist. Management determined that the intangible assets as of December 31, 2013 were fully impaired in the amount of $10,000.
	Advertising Costs
	The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the periods ended June 30, 2014 and 2013.
	Recent Accounting Pronouncements
	The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations

2_GOING_CONCERN

2. GOING CONCERN	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
2. GOING CONCERN	'
	The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  The Company has no revenues as of June 30, 2014.  The Company currently has negative working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.
	Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

3_ACCRUED_EXPENSES

3. ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2014
Payables and Accruals [Abstract]	'
3. ACCRUED EXPENSES	'
	At June 30, 2014, the Company had accrued fees owed to its outside accounting firm of $900 for services related to that period. Accrued expenses at December 31, 2013 of $5,693 consisted of $2,800 owed to the Company’s outside independent auditors for services rendered, as well as $1,389 for EDGARizing services, $1,315 for website maintenance, and $190 for travel costs.

4_ACCRUED_EXPENSES_RELATED_PAR

4. ACCRUED EXPENSES b RELATED PARTY	6 Months Ended
	Jun. 30, 2014
Notes to Financial Statements	'
4. ACCRUED EXPENSES b RELATED PARTY	'
	At June 30, 2014 and December 31, 2013, the Company had accrued consulting fees owed to two officers of $97,941 and $68,255, respectively. See Note 6.

5_CAPITAL_STOCK

5. CAPITAL STOCK	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
5. CAPITAL STOCK	'
	The Company has 250,000,000 shares of $0.001 par value common stock authorized.  At inception, the Company issued 1,048,743 shares of common stock for cash proceeds of $1,049.
	On January 2, 2010, the Company acquired patents and technology assets of having a fair value of $10,000 in exchange for 8,438,273 shares of common stock.
	The Company had 9,487,016 shares of common stock issued and outstanding as of June 30, 2014 and December 31, 2013.

6_RELATED_PARTY_TRANSACTIONS

6. RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
6. RELATED PARTY TRANSACTIONS	'
	During the three and six months ended June 30, 2014, the Company incurred consulting fees of $7,566 and $31,960, respectively, related to two officers as compared to $45,317 and $67,821 for the three and six months ended June 30, 2013. As of June 30, 2014 and December 31, 2013, the Company has a balance due to the two officers of $97,941 and $68,255, respectively. See Note 4.
	On April 1, 2013, the Company entered into an agreement with an officer to rent space in the officer’s barn and basement for storage of tractors, related parts, office equipment and records. The lease requires monthly payments of $1,100 and is on a month-to-month basis. During the three and six months ended June 30, 2014 and 2013, the Company incurred rent expense of $3,300 and $6,600, respectively, for rent to the officer.

7_INCOME_TAXES

7. INCOME TAXES	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
7. INCOME TAXES	'
	The provision for Federal income tax consists of the following for the six months ended:
		June 30,			June 30,
		2014			2013
	Federal income tax benefit attributable to:
	Current loss from operations	$	17,300		$	28,780
	Less: valuation allowance		(17,300	)		(28,780	)
	Net provision for Federal income taxes	$	-		$	-
	The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:
		June 30,			31-Dec-13
		2014
	Deferred tax asset attributable to:
	Net operating loss carryover	$	140,609		$	123,309
	Less: valuation allowance		(140,609	)		(123,309	)
	Net deferred tax asset	$	-		$	-
	At June 30, 2014, the Company had an unused net operating loss carryover approximating $413,600 that is available to offset future taxable income; it expires beginning in 2028.

8_ADVANCES_FROM_OFFICER

8. ADVANCES FROM OFFICER	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
8. ADVANCES FROM OFFICER	'
	An officer of the Company has advanced funds to be used for working capital.  The amounts received are due on demand, non-interest bearing, and unsecured.  The total advances received and due back to the officer totaled $303,763 and $277,677 at June 30, 2014 and December 31, 2013, respectively.

9_COMMITMENTS_AND_CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
9. COMMITMENTS AND CONTINGENCIES	'
	The Company neither owns nor leases any real or personal property. 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.  The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

10_SUBSEQUENT_EVENTS

10. SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
10. SUBSEQUENT EVENTS	'
	The Company has analyzed its operations subsequent to June 30, 2014 to the date these financial statements were issued, and has determined that it does not have any other material subsequent events to disclose in these financial statements.

1_SUMMARY_OF_SIGNIFICANT_ACCOU1

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2014
Summary Of Significant Accounting Policies Policies	'
Nature of Business	'
	The Company was incorporated in the State of Wyoming on August 14, 2006 as Tabularasa Corp. The Company intends to become a manufacturer of advanced eco-friendly electric-power utility tractors and attachments. On March 19, 2010 the Company changed its name to Electric Tractor Corp..
Basis of Presentation	'
	The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s registration statement filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2013 as reported in Form 10-K, have been omitted.
Development Stage Company	'
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development stage companies. A development-stage company is one in which planned principal operations have not commenced or, if operations have commenced, there has been no significant revenues therefrom.
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 at the date of the balance sheet.  Actual results could differ from those estimates.
Basic Loss Per Share	'
	Basic loss per share has been calculated based on the weighted average number of shares of common stock outstanding during the period.
Comprehensive Income	'
	The Company has established standards for reporting and displaying comprehensive income, its components and accumulated balances.  When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity.  Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income.
Income Tax	'
	Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized.
Fair Value of Financial Instruments	'
	The Company’s financial instruments consist of accrued expenses and advances received from an officer. The carrying amounts of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
Cash and Cash Equivalents	'
	The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. At June 30, 2014 and December 31, 2013, the Company had $0 of cash.
Stock-based Compensation.	'
	For the period ended June 30, 2014, the Company did not issue any share-based payments to its employees.  Under the modified prospective method the Company uses, stock compensation expense includes compensation expense for all stock-based compensation awards granted, based on the grant-date estimated fair value.
Impairment of Long-Lived Assets	'
	The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
Revenue Recognition	'
	The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
Research and Development	'
	The Company incurs research and development costs to develop its new and next-generation products.  The Company’s products reach technological feasibility shortly before the products are released and therefore research and development costs are expensed as incurred.
Intangible Assets	'
	In accordance with ASC 350, Goodwill and Other Intangible Assets, the Company tests its intangible assets for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount.
	The Company applies the provisions of ASC Topic 350, requiring that intangible assets that have indefinite lives are not amortized but are subject to an annual impairment test or more frequent test if indicators of impairment exist. Management determined that the intangible assets as of December 31, 2013 were fully impaired in the amount of $10,000.
Advertising Costs	'
	The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the periods ended June 30, 2014 and 2013.
Recent Accounting Pronouncements	'
	The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations

7_INCOME_TAXES_Tables

7. INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2014
Income Taxes Tables	'
Schedule of provision for Federal income tax	'
		June 30,			June 30,
		2014			2013
	Federal income tax benefit attributable to:
	Current loss from operations	$	17,300		$	28,780
	Less: valuation allowance		(17,300	)		(28,780	)
	Net provision for Federal income taxes	$	-		$	-
Schedule of tax reconciliation	'
		June 30,			31-Dec-13
		2014
	Deferred tax asset attributable to:
	Net operating loss carryover	$	140,609		$	123,309
	Less: valuation allowance		(140,609	)		(123,309	)
	Net deferred tax asset	$	-		$	-

1_SUMMARY_OF_SIGNIFICANT_ACCOU2

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Summary Of Significant Accounting Policies Details Narrative	'	'
Advertising expense	$0	$0

3_ACCRUED_EXPENSES_Details_Nar

3. ACCRUED EXPENSES (Details Narrative) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accrued Expenses Details Narrative	'	'
Accrued fees	$900	$5,693

7_INCOME_TAXES_Details

7. INCOME TAXES (Details) (USD $)	3 Months Ended		6 Months Ended		95 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Federal income tax benefit attributable to:	'	'	'	'	'
Current loss from operations	'	'	$17,300	$28,780	'
Less: valuation allowance	'	'	-17,300	-28,780	'
Net provision for Federal income taxes	$0	$0	$0	$0	$0

7_INCOME_TAXES_Details_1

7. INCOME TAXES (Details 1) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Deferred tax asset attributable to:	'	'
Net operating loss carryover	$140,609	$123,309
Less: valuation allowance	-140,609	-123,309
Net deferred tax asset	$0	$0

7_INCOME_TAXES_Details_Narrati

7. INCOME TAXES (Details Narrative) (USD $)	6 Months Ended
	Jun. 30, 2014
Income Taxes Details Narrative	'
Unused net operating loss carryover	$413,600
Expiration of carryover begins	'
	Expires beginning in 2028.

8_ADVANCES_FROM_OFFICER_Detail

8. ADVANCES FROM OFFICER (Details Narrative) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Advances From Officer Details Narrative	'	'
Advances from officer	$303,763	$277,677