Electric Tractor 10-K 13 Apr 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Apr. 10, 2015
Document And Entity Information
Entity Registrant Name	Electric Tractor Corp.
Entity Central Index Key	1506325
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
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	$0
Entity Common Stock, Shares Outstanding		9,487,016
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Dec. 31, 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	4,200	5,693
Accrued expenses - related parties	100,703	68,255
Advances from officer	326,700	277,677
Total Liabilities	431,603	351,625
STOCKHOLDERS' 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	-442,652	-362,674
Total Stockholders' Deficit	-431,603	-351,625
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$0	$0

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 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

STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
REVENUES	$0	$0
OPERATING EXPENSES
General and administrative	0	0
Research and development	7,915	137,315
Office supplies	3,049	4,710
Consulting	36,422	54,628
Professional fees	18,957	15,871
Patents and technologies impairment	0	10,000
Patent maintenance	435	6,289
Rent	13,200	13,200
Repairs and maintenance	0	380
TOTAL OPERATING EXPENSES	79,978	242,393
LOSS BEFORE INCOME TAXES	-79,978	-242,393
PROVISION FOR INCOME TAXES	0	0
NET LOSS	($79,978)	($242,393)
NET LOSS PER SHARE: BASIC AND DILUTED	($0.01)	($0.03)
WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND DILUTED	9,487,016	9,487,016

STATEMENT_OF_STOCKHOLDERS_DEFI

STATEMENT OF STOCKHOLDERS DEFICIT (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
Net loss			-79,978	-79,978
Ending Balance, Amount at Dec. 31, 2014	$9,487	$1,562	($442,652)	($431,603)
Ending Balance, Shares at Dec. 31, 2014	9,487,016

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	($79,978)	($242,393)
Adjustments to reconcile net loss to net cash used in operating activities:
Inventory impairment	0	0
Patents and technologies impairment	0	10,000
Changes in assets and liabilities:
(Increase) in inventory	0	0
Increase (decrease) in accrued expenses	-1,493	3,093
Increase (decrease) in accrued expenses - related parties	32,448	54,628
Net Cash Used in Operating Activities	-49,023	-174,672
CASH FLOWS FROM FINANCING ACTIVITIES
Advances received from officer	49,023	174,672
Proceeds from sale of common stock	0	0
Net Cash Provided by Financing Activities	49,023	174,672
NET INCREASE IN CASH	0	0
Cash, beginning of period	0	0
Cash, end of period	0	0
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	0	0
Income taxes paid	0	0
NON-CASH FINANCING TRANSACTIONS:
Common shares issued in exchange for assets	$0	$0

1_SUMMARY_OF_SIGNIFICANT_ACCOU

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
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-powered utility tractors and attachments.  On March 11, 2010, the Company changed its name to Electric Tractor Corp.
	Basis of Presentation
	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.
	Accounting Basis
	The basis is accounting principles generally accepted in the United States of America.  The Company has adopted a December 31 fiscal year end.
	Fair Value of Financial Instruments
	The Company’s financial instruments consist of accrued expenses, accrued expenses – related parties 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.
	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.
	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 December 31, 2014 and 2013, the Company had $-0- of cash.
	Revenue Recognition
	The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
	Advertising Costs
	The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $-0- during the years ended December 31, 2014 and 2013.
	Research and Development
	We incur research and development (“R&D”) costs to develop our new and next-generation products.  Our products reach technological feasibility shortly before the products are released and therefore R&D costs are expensed as incurred.
	Stock-Based Compensation
	As of December 31, 2014, the Company has not issued 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.
	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 has determined that the intangible assets as of December 31, 2013 were fully impaired in the amount of $10,000.
	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.
	Income Taxes
	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.
	Comprehensive Income
	The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances.  When applicable, the Company would disclose this information on its Statement of Stockholders’ Deficit.  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.
	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.
	Recent Accounting Pronouncements
	On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915).   Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and stockholders’ equity, (2) label the financial statements as those of a development stage entity;  (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.
	The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015; however, entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued.  The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.
	The Company does not expect the adoption of any other recently issued accounting pronouncements to have a significant impact on the Company’s results of operations.

2_GOING_CONCERN

2. GOING CONCERN	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern.  However, the Company has no revenues as of December 31, 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	12 Months Ended
	Dec. 31, 2014
Payables and Accruals [Abstract]
ACCRUED EXPENSES	Accrued expenses at December 31, 2014 of $4,200 consisted of amounts owed to the Company’s outside independent auditors for services rendered for periods reported on in these financial statements and for edgarizing services.
	Accrued expenses at December 31, 2013 of $5,693 consisted of $2,800 owed to the Company’s outside independent auditors for services rendered for periods reported on in these financial statements, as well as, $1,389 for edgarizing services, $1,314 for website maintenance, and $190 of travel costs.

4_ACCRUED_EXPENSES_RELATED_PAR

4. ACCRUED EXPENSES - RELATED PARTY	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
ACCRUED EXPENSES - RELATED PARTY	At December 31, 2014 and 2013, the Company had accrued consulting fees owed to two officers of $100,703 and $68,255, respectively. See Note 6.

5_CAPITAL_STOCK

5. CAPITAL STOCK	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
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, 1010, 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 has 9,487,016 shares of common stock issued and outstanding as of December 31, 2014 and 2013.

6_RELATED_PARTY_TRANSACTIONS

6. RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	During the year ended December 31, 2014 and 2013, the Company incurred consulting fees of $35,648 and $54,628, respectively, related to two officers. As of December 31, 2014 and 2013, the Company has a balance due to the two officers of $100,703 and $68,255, respectively. See Note 4.
	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.  During the years ended December 31, 2014 and 2013, the Company received $49,023 and $174,672, respectively. The total amount due to the officer was $326,700 and $277,677 at December 31, 2014 and 2013, respectively.
	On April 1, 2014, 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 years ended December 31, 2014 and 2013, the Company accrued $13,200 and $13,200, respectively, for rent which was part of the increase in the amount due to the officer.

7_INCOME_TAXES

7. INCOME TAXES	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
INCOME TAXES	As of December 31, 2014, the Company had net operating loss carry forwards of approximately $449,000 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 provision for Federal income tax consists of the following for the years ended December 31, 2014 and 2013:
		2014			2013
	Federal income tax benefit attributable to:
	Current loss from operations	$	27,191		$	82,414
	Less: valuation allowance		(27,191	)		(82,414	)
	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 as of December 31, 2014 and 2013:
		2014			2013
	Deferred tax asset attributable to:
	Net operating loss carryover	$	150,500		$	123,309
	Less: valuation allowance		(150,500	)		(123,309	)
	Net deferred tax asset	$	-		$	-
	At December 31, 2014, the Company had an unused net operating loss carryover of $449,000 that is available to offset future taxable income; it expires beginning in 2028.

8_COMMITMENTS_AND_CONTINGENCIE

8. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	The Company entered into an agreement with an officer on April 1, 2014 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. See Note 6.

9_INVENTORY_IMPAIRMENT

9. INVENTORY IMPAIRMENT	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
INVENTORY IMPAIRMENT	The Company’s inventory consisted of used, demonstration tractors. As of December 31, 2013, the Company impaired the full value of their inventory as we determined it was no longer worth its carrying value and was needed as demonstration equipment for the company and will not be resold. The total impairment charge was $8,094.

10_SUBSEQUENT_EVENTS

10. SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	In accordance with ASC 855-10, the Company has analyzed its operations subsequent to December 31, 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)	12 Months Ended
	Dec. 31, 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-powered utility tractors and attachments.  On March 11, 2010, the Company changed its name to Electric Tractor Corp.
Basis of Presentation	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.
Accounting Basis	The basis is accounting principles generally accepted in the United States of America.  The Company has adopted a December 31 fiscal year end.
Fair Value of Financial Instruments	The Company’s financial instruments consist of accrued expenses, accrued expenses – related parties 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.
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.
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 December 31, 2014 and 2013, the Company had $-0- of cash.
Revenue Recognition	The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
Advertising Costs	The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $-0- during the years ended December 31, 2014 and 2013.
Research and Development	We incur research and development (“R&D”) costs to develop our new and next-generation products.  Our products reach technological feasibility shortly before the products are released and therefore R&D costs are expensed as incurred.
Stock-based Compensation	As of December 31, 2014, the Company has not issued 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.
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 has determined that the intangible assets as of December 31, 2013 were fully impaired in the amount of $10,000.
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.
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.
Comprehensive Income	The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances.  When applicable, the Company would disclose this information on its Statement of Stockholders’ Deficit.  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.
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.
Recent Accounting Pronouncements	On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915).   Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and stockholders’ equity, (2) label the financial statements as those of a development stage entity;  (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.
	The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015; however, entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued.  The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.
	The Company does not expect the adoption of any other recently issued accounting pronouncements to have a significant impact on the Company’s results of operations.

7_INCOME_TAXES_Tables

7. INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
Income Taxes Tables
Schedule of provision for Federal income tax		2014			2013
	Federal income tax benefit attributable to:
	Current loss from operations	$	27,191		$	82,414
	Less: valuation allowance		(27,191	)		(82,414	)
	Net provision for Federal income taxes	$	-		$	-
Schedule of tax reconciliation		2014			2013
	Deferred tax asset attributable to:
	Net operating loss carryover	$	150,500		$	123,309
	Less: valuation allowance		(150,500	)		(123,309	)
	Net deferred tax asset	$	-		$	-

1_SUMMARY_OF_SIGNIFICANT_ACCOU2

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies Details Narrative
Advertising expense	$0	$0

7_INCOME_TAXES_Details

7. INCOME TAXES (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Federal income tax benefit attributable to:
Current loss from operations	$27,191	$82,414
Less: valuation allowance	-27,191	-82,414
Net provision for Federal income taxes	$0	$0

7_INCOME_TAXES_Details_1

7. INCOME TAXES (Details 1) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Deferred tax asset attributable to:
Net operating loss carryover	$150,500	$123,309
Less: valuation allowance	-150,500	-123,309
Net deferred tax asset	$0	$0

7_INCOME_TAXES_Details_Narrati

7. INCOME TAXES (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014
Income Taxes Details Narrative
Unused net operating loss carryover	$449,000
Expiration of carryover begins	Unused net operating loss carryover is available to offset future taxable income; it expires beginning in 2028.