Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2013 | 10-May-13 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Inspired Builders, Inc. | ' |
Entity Central Index Key | '0001509786 | ' |
Amendment Flag | 'true | ' |
Amendment Description | 'EXPLANATORY PARAGRAPH Inspired Builders, Inc. (the ''Company'') is filing this Amendment No. 1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 primarily to revise the previous accounting treatment of the agreement entered into with a related party to purchase a parcel of undeveloped land in Duval County Florida. The purchase price for the Duval property was $1,350,000, payable by the Company's delivery of a 3% $750,000 mortgage due on June 15, 2014. The $600,000 balance of the purchase price was paid by the issuance to the seller of 100,000 shares of the Company's common stock, $0.001 par value per share, which was valued by the parties at $6.00 per share. The Company subsequently determined that the carrying value of the real property should have been at historical cost, due to the related party nature of the transaction, which was below the $1,350,000 value that was attributed to it in the purchase agreement. As a result, the accounting for the real property has been revised to reflect the asset at historical cost and the excess purchase price as a contribution of capital in the condensed Statement of Stockholders Deficit. The Company has concluded that the effect of these errors will be to decrease the value of the real property and the total assets of the Company as of June 30, 2013. The adjustment affects the condensed balance sheet as of June 30, 2013 and has no effect on the Company's net loss or cash flows. | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 11,025,000 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Jun. 30, 2013 | Sep. 30, 2012 |
Current Assets: | ' | ' |
Cash | $85 | ' |
Prepaid expenses | ' | 4,000 |
Total current assets | 85 | 4,000 |
Real estate | 307,504 | ' |
Total assets | 307,589 | 4,000 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 82,963 | 17,429 |
Due to related party | 3,711 | ' |
Mortgage payable | 750,000 | ' |
Notes payable - related party | 294,520 | 211,000 |
Total current liabilities | 1,131,194 | 228,429 |
Due to related party | ' | 54,746 |
Total Liabilities | 1,131,194 | 283,175 |
Commitments and contingencies | ' | ' |
Stockholders' equity / (deficit): | ' | ' |
Preferred Stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding | ' | ' |
Common stock, $0.001 par value, 50,000,000 shares authorized, 11,125,000 and 11,025,000 shares issued and outstanding, respectively | 11,125 | 11,025 |
Additional paid in capital | -432,621 | 9,975 |
Accumulated deficit | -402,109 | -300,175 |
Total Stockholders' equity / (deficit) | -823,605 | -279,175 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY / (DEFICIT) | $307,589 | $4,000 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2013 | Sep. 30, 2012 |
Balance Sheets [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 11,125,000 | 11,025,000 |
Common stock, shares outstanding | 11,125,000 | 11,025,000 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | |
Statements of Operations [Abstract] | ' | ' | ' | ' |
Construction revenue | ' | ' | ' | ' |
Cost of materials and labor | ' | ' | ' | ' |
Gross margin | ' | ' | ' | ' |
OPERATING EXPENSES | ' | ' | ' | ' |
General and administrative | 32,040 | 23,550 | 80,557 | 192,152 |
Total operating expenses | 32,040 | 23,550 | 80,557 | 192,152 |
LOSS BEFORE PROVISION FOR INCOME TAXES | -32,040 | -23,550 | -80,557 | -192,152 |
Other expenses | ' | ' | ' | ' |
Interest expense | 6,962 | 5,610 | 21,377 | 10,219 |
Net Loss before provision for income taxes | -39,003 | -29,160 | -101,934 | -202,371 |
Provision for income taxes | ' | ' | ' | ' |
NET LOSS | ($39,003) | ($29,160) | ($101,934) | ($202,371) |
Net loss per share - basic and diluted | $0 | $0 | $0 | ($0.02) |
Weighted average number of shares outstanding during the period - basic and diluted | 11,031,593 | 11,025,000 | 11,028,315 | 11,025,000 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($101,934) | ($202,371) |
Changes in operating assets and liabilities: | ' | ' |
Increase in prepaid expenses | 4,000 | -4,000 |
Increase in accounts payable and accrued interest | 65,534 | -31,504 |
Net Cash Used In Operating Activities | -32,400 | -237,875 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from notes payable | ' | 6,500 |
Repayments from notes payable | ' | -9,500 |
Advances - related party | 3,711 | ' |
Proceeds from notes payable - related party | 28,774 | 243,714 |
Net Cash Provided By Financing Activities | 32,485 | 240,714 |
NET INCREASE IN CASH | 85 | 2,839 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | ' | 1,205 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 85 | 4,044 |
Supplemental disclosure of non cash investing & financing activities: | ' | ' |
Cash paid for income taxes | ' | ' |
Cash paid for interest expense | ' | ' |
Condensed_Statements_of_Cash_F1
Condensed Statements of Cash Flows (Unaudited) (Parenthetical) (USD $) | 9 Months Ended |
Jun. 30, 2013 | |
Statement of Cash Flows [Abstract] | ' |
Common stock issued for purchase of property | 100,000 |
Purchase of note payable from real estate related party | $750,000 |
Real estate historical cost | $442,496 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Jun. 30, 2013 | |
Basis of Presentation and Nature of Operations [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited condensed financial statements are presented in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal occurring accruals) considered necessary in order to make the financial statements not misleading, have been included. Operating results for the nine months ended June 30, 2013 are not necessarily indicative of results that may be expected for the year ending September 30, 2013. The condensed financial statements are presented on the accrual basis. The Company operates as a real estate investment trust (“REIT”) for federal income tax purposes. The Company elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Code). The Company believes it has qualified for taxation as a REIT and, as such, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate tax rates. |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Jun. 30, 2013 | |
Basis of Presentation and Nature of Operations [Abstract] | ' |
Nature of Operations | ' |
2. Nature of Operations | |
Inspired Builders, Inc. (the “Company”) was incorporated in the State of Nevada in February 2010. The Company is a construction company that specializes in residential home repair and home improvements. The Company contracts with homeowners to build custom home improvements, including shelving for closets, bathroom remodeling, upgrading home entertainment centers and replacing flooring. In May 2013, the Company’s board of directors determined that conversion of the Company’s corporate status to that of a real estate investment trust (a “REIT”) would best support the company’s strategic direction. Accordingly, the board has passed and adopted a resolution for the Company to be treated as a REIT and will designate its tax status on Form 1120 to be filed with the IRS for the tax year 2013. | |
In connection with the Change of Control that occurred on January 13, 2012, our principal offices are located in Santa Monica, California. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
3. Summary of Significant Accounting Policies | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following; estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing operating losses. | |
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates. | |
Cash | |
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were no cash equivalents at June 30, 2013 and September 30, 2012. | |
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits. | |
Fair Value of Financial Instruments | |
For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts of cash, notes payable, mortgage payable, accounts payable, due to related party and accrued expenses reported in the balance sheets are estimated by management to approximate fair value at June 30, 2013 and September 30, 2012. | |
Revenue Recognition | |
The Company records revenue for services rendered when all of the following have occurred: (1) persuasive evidence of an arrangement exists, (2) the product/service is delivered, (3) the sales price to the customer is fixed or determinable, and (4) collectability of the related customer receivable is reasonably assured. | |
Income Taxes | |
The Company accounts for income taxes in accordance with generally accepted accounting principles which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between financial statement and income tax bases of assets and liabilities that will result in taxable income or deductible expenses in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets and liabilities to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period adjusted for the change during the period in deferred tax assets and liabilities. | |
The Company follows the accounting requirements associated with uncertainty in income taxes using the provisions of Financial Accounting Standards Board (FASB) ASC 740, Income Taxes . Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the positions will be sustained upon examination by the tax authorities. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of June 30, 2013 and September 30, 2012, the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. All tax returns from fiscal years 2008 to 2011 are subject to IRS audit. | |
In May 2013 The Company’s board of directors determined that conversion of the Company’s corporate status to that of a real estate investment trust (a “REIT”) would best support the company’s strategic direction. Accordingly, the board has passed and adopted a resolution for the Company to be treated as a REIT and will designate its tax status on Form 1120 to be filed with the IRS for the tax year 2013. | |
Earnings per share | |
In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,” basic earnings (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. | |
The Company did not have any potential common stock equivalents at June 30, 2013 and 2012. | |
Recent accounting pronouncements | |
In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs,” (“ASU 2011-04”). This standard results in a common requirement between the FASB and the International Accounting Standards Board for measuring fair value and disclosing information about fair value measurements. ASU 2011-04 is effective for fiscal years and interim periods beginning after December 15, 2011. The adoption of this accounting pronouncement did not have any effect on our financial position and results of operations. | |
All other new accounting pronouncements issued but not yet effective or adopted have been deemed not to be relevant to us, hence are not expected to have any impact once adopted. |
Restatement
Restatement | 9 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Restatement [Abstract] | ' | ||||||||||||
RESTATEMENT | ' | ||||||||||||
NOTE 4 – RESTATEMENT | |||||||||||||
On June 24, 2013 the Company entered into an agreement with a related party to purchase a parcel of undeveloped land in Duval County Florida. The purchase price for the Duval property was $1,350,000, payable by the Company’s delivery of it’s 3% $750,000 mortgage due on June 15, 2014. The $600,000 balance of the purchase price was paid by the issuance to the seller of 100,000 shares of the Company’s common stock, $0.001 par value per share, which was valued by the parties at $6.00 per share. The Company subsequently determined that the carrying value of the real property should have been at historical cost, due to the related party nature of the transaction, which was below the $1,350,000 value that was attributed to it in the purchase agreements. As a result, the accounting for the real property has been revised to reflect the asset at historical cost and the excess purchase price as a return of capital in the Statement of Stockholders Deficit. The Company concluded that the effect of these errors will be to decrease the value of the Real Property and the total assets of the Company as of June 30, 2013. The adjustment only affects the balance sheet as of June 30, 2013 and has no effect on net loss or cash flows. | |||||||||||||
30-Jun-13 | |||||||||||||
Changes to Condensed Balance Sheet | As Previously Reported | Adjustment | As Restated | ||||||||||
Real estate - Asset | $ | 1,350,000 | $ | (1,042,496 | ) | $ | 307,504 | ||||||
Additional Paid In Capital | $ | (609,875 | ) | $ | 1,042,496 | $ | 432,621 | ||||||
Going_Concern
Going Concern | 9 Months Ended |
Jun. 30, 2013 | |
Going Concern [Abstract] | ' |
Going Concern | ' |
5. Going Concern | |
As reflected in the accompanying condensed unaudited financial statements, the Company has a net loss of $101,934 and net cash used in operations of $32,400 for the nine months ended June 30, 2013. In addition, the Company has not had construction revenues since May 2011 and the only prospect for positive cash flow is through the issuance of common stock or debt. | |
The ability of the Company to continue it’s operations is dependent on Management's plans, which include the raising of capital through debt and/or equity markets with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. There is no plan or knowledge of any tangible financing source or discussions with any investors to raise additional capital. If the Company does not begin to generate sufficient revenue or raise additional funds through a financing, the Company may need to incur additional liabilities with certain related parties to sustain the Company’s existence. The Company will require additional funding to finance the growth of its future operations as well as to achieve its strategic objectives. The Company believes its current available cash along with anticipated revenues may be insufficient to meet its cash needs for the near future. There can be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all. | |
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Real_Estate
Real Estate | 9 Months Ended |
Jun. 30, 2013 | |
Real Estate [Abstract] | ' |
Real Estate | ' |
6. Real Estate | |
On June 24, 2013, the Company entered into an agreement with a related party to purchase a parcel of undeveloped land in Duval County, Florida. The purchase price for the Duval property was $1,350,000, payable by the Company’s delivery of a 3% mortgage due on June 15, 2014. The $600,000 balance of the purchase price was paid by approving the issuance to the seller of 100,000 shares of the Company’s common stock. The $0.001 par value per share was valued by the parties at $6.00 per share, based on the closing price of the stock on the date of the closing. In accordance with SAB 7310.1, transfers of nonmonetary assets for stock or other consideration of the registrant are recorded at the predecessor cost. Accordingly, the Company recorded the value of the real estate acquired at the historical basis of $307,504. Refer to Note 4. |
Mortgage_Payable
Mortgage Payable | 9 Months Ended |
Jun. 30, 2013 | |
Mortgage Payable [Abstract] | ' |
Mortgage Payable | ' |
7. Mortgage Payable | |
On June 24, 2013 the Company entered into an agreement with a related party to purchase a parcel of undeveloped land in Duval County Florida. The purchase price for the Duval property was $1,350,000, payable by the Company’s delivery of a 3% $750,000 mortgage due on June 15, 2014. The $600,000 balance of the purchase price was paid by the issuance to the seller of 100,000 shares of the Company’s common stock, $0.001 par value per share, which was valued by the parties at $6.00 per share. As of June 30, 2013 the Company recorded accrued interest of $375. |
Note_Payable_Related_Party
Note Payable - Related Party | 9 Months Ended |
Jun. 30, 2013 | |
Note Payable Related Party [Abstract] | ' |
Note Payable - Related Party | ' |
8. Note Payable – Related Party | |
On January 13, 2012 the Company entered into a 12 month unsecured promissory note in the amount of $211,000. Interest shall accrue in arrears on the principal of this Note outstanding from time to time at the rate of ten percent (10.00%) per annum. Interest shall be payable on the last day of each quarter, commencing March 30, 2012, and continuing until the Maturity Date. Should Maker fail to pay the entire Loan and accrued interest by the Maturity Date, Maker agrees that the interest rate shall increase to Twelve percent (12.00%) per annum. On May 10, 2013 the Company and the related party agreed to extend the maturity of the loan for an additional year or until January 13, 2014. On May 22, 2012 the Company borrowed an additional $32,714 from the related party with the same terms. On September 17, 2012 the Company borrowed an additional $22,033 from the related party with the same terms On February 7, 2013 the Company borrowed an additional $28,773 from the related party with the same terms Accrued interest at June 30, 2013 and September 30, 2012 amounted to $37,342 and $16,341, respectively. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Jun. 30, 2013 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
9. Stockholders’ Equity | |
On June 24, 2013, the Company issued 100,000 shares of common stock valued at $600,000 ($6.00/share) for the purchase of real estate. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
10. Commitments and Contingencies | |
From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise that may harm its business. The Company is currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse affect on its business, financial condition or operating results. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 9 Months Ended |
Jun. 30, 2013 | |
Concentration of Credit Risk [Abstract] | ' |
Concentration of Credit Risk | ' |
11. Concentration of Credit Risk | |
The Company relies heavily on the support of its president and majority shareholder. A withdrawal of this support, for any reason, will have a material adverse affect on the Company’s financial position and its operations. |
Related_Party_Transaction
Related Party Transaction | 9 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transaction | ' |
12. Related Party Transaction | |
On January 13, 2012 the Company entered into a 12 month unsecured promissory note in the amount of $211,000. Interest shall accrue in arrears on the principal of this Note outstanding from time to time at the rate of ten percent (10.00%) per annum. Interest shall be payable on the last day of each quarter, commencing March 30, 2012, and continuing until the Maturity Date. Should Maker fail to pay the entire Loan and accrued interest by the Maturity Date, Maker agrees that the interest rate shall increase to Twelve percent (12.00%) per annum. On May 10, 2013 the Company and the related party agreed to extend the maturity of the loan for an additional year or until January 13, 2014. On May 22, 2012 the Company borrowed an additional $32,714 from the related party with the same terms. On September 17, 2012 the Company borrowed an additional $22,033 from the related party with the same terms On February 7, 2013 the Company borrowed an additional $28,773 from the related party with the same terms Accrued interest at June 30, 2013 and September 30, 2012 amounted to $37,342 and $16,341, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. Subsequent Events | |
On August 1, 2013 a related party advanced the Company $30,000. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following; estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing operating losses. | |
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates. | |
Cash | ' |
Cash | |
The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were no cash equivalents at June 30, 2013 and September 30, 2012. | |
The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts of cash, notes payable, mortgage payable, accounts payable, due to related party and accrued expenses reported in the balance sheets are estimated by management to approximate fair value at June 30, 2013 and September 30, 2012. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company records revenue for services rendered when all of the following have occurred: (1) persuasive evidence of an arrangement exists, (2) the product/service is delivered, (3) the sales price to the customer is fixed or determinable, and (4) collectability of the related customer receivable is reasonably assured. | |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes in accordance with generally accepted accounting principles which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between financial statement and income tax bases of assets and liabilities that will result in taxable income or deductible expenses in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets and liabilities to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period adjusted for the change during the period in deferred tax assets and liabilities. | |
The Company follows the accounting requirements associated with uncertainty in income taxes using the provisions of Financial Accounting Standards Board (FASB) ASC 740, Income Taxes . Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the positions will be sustained upon examination by the tax authorities. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of June 30, 2013 and September 30, 2012, the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. All tax returns from fiscal years 2008 to 2011 are subject to IRS audit. | |
In May 2013 The Company’s board of directors determined that conversion of the Company’s corporate status to that of a real estate investment trust (a “REIT”) would best support the company’s strategic direction. Accordingly, the board has passed and adopted a resolution for the Company to be treated as a REIT and will designate its tax status on Form 1120 to be filed with the IRS for the tax year 2013. | |
Earnings per share | ' |
Earnings per share | |
In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,” basic earnings (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. | |
The Company did not have any potential common stock equivalents at June 30, 2013 and 2012. | |
ASU 2011-04 [Member] | ' |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ' |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs,” (“ASU 2011-04”). This standard results in a common requirement between the FASB and the International Accounting Standards Board for measuring fair value and disclosing information about fair value measurements. ASU 2011-04 is effective for fiscal years and interim periods beginning after December 15, 2011. The adoption of this accounting pronouncement did not have any effect on our financial position and results of operations. | |
All other new accounting pronouncements issued but not yet effective or adopted have been deemed not to be relevant to us, hence are not expected to have any impact once adopted. |
Restatement_Table
Restatement (Table) | 9 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Restatement [Abstract] | ' | ||||||||||||
Schedule of changes to Condensed Balance Sheet | ' | ||||||||||||
30-Jun-13 | |||||||||||||
Changes to Condensed Balance Sheet | As Previously Reported | Adjustment | As Restated | ||||||||||
Real estate - Asset | $ | 1,350,000 | $ | (1,042,496 | ) | $ | 307,504 | ||||||
Additional Paid In Capital | $ | (609,875 | ) | $ | 1,042,496 | $ | 432,621 | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 |
Summary of Significant Accounting Policies (Textual) | ' | ' | ' |
Cash equivalents | $0 | $0 | ' |
Uncertain tax positions | 0 | 0 | ' |
Potential common stock equivalents | $0 | ' | $0 |
Restatement_Details
Restatement (Details) (USD $) | Jun. 30, 2013 | Jun. 24, 2013 | Sep. 30, 2012 |
Real estate | $307,504 | $1,350,000 | ' |
Additional Paid In Capital | -432,621 | ' | 9,975 |
Previously Reported [Member] | ' | ' | ' |
Real estate | 1,350,000 | ' | ' |
Additional Paid In Capital | -609,875 | ' | ' |
Adjustment [Member] | ' | ' | ' |
Real estate | -1,042,496 | ' | ' |
Additional Paid In Capital | $1,042,496 | ' | ' |
Restatement_Details_Textuals
Restatement (Details Textuals) (USD $) | 9 Months Ended | ||
Jun. 30, 2013 | Jun. 24, 2013 | Sep. 30, 2012 | |
Restatement (Textual) | ' | ' | ' |
Purchase price of property | $307,504 | $1,350,000 | ' |
Percentage of delivery on property | 3.00% | ' | ' |
Amount payable for third party | 750,000 | ' | ' |
Due date of mortgage | 15-Jun-14 | ' | ' |
Value of common stock issued for purchase of property | $600,000 | ' | ' |
Common stock issued for purchase of property | 100,000 | ' | ' |
Common stock, par value | $0.00 | ' | $0.00 |
Common stock par value for third party | $6 | ' | ' |
Going_Concern_Details
Going Concern (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | |
Going Concern (Textual) | ' | ' | ' | ' |
Net loss | ($39,003) | ($29,160) | ($101,934) | ($202,371) |
Net cash used in operations | ' | ' | ($32,400) | ($237,875) |
Real_Estate_Details
Real Estate (Details) (USD $) | 9 Months Ended | ||
Jun. 30, 2013 | Jun. 24, 2013 | Sep. 30, 2012 | |
Real Estate (Textual) | ' | ' | ' |
Purchase price of property | $307,504 | $1,350,000 | ' |
Percentage of delivery on property | 3.00% | ' | ' |
Due date of mortgage | 15-Jun-14 | ' | ' |
Value of common stock issued for purchase of property | $600,000 | ' | ' |
Common stock issued for purchase of property | 100,000 | ' | ' |
Common stock, par value | $0.00 | ' | $0.00 |
Common stock par value for third party | $6 | ' | ' |
Mortgage_Payable_Details
Mortgage Payable (Details) (USD $) | 9 Months Ended | ||
Jun. 30, 2013 | Jun. 24, 2013 | Sep. 30, 2012 | |
Mortgage Payable (Textual) | ' | ' | ' |
Purchase price of property | $307,504 | $1,350,000 | ' |
Amount payable for third party | 750,000 | ' | ' |
Percentage of delivery on property | 3.00% | ' | ' |
Due date of mortgage | 15-Jun-14 | ' | ' |
Value of common stock issued for purchase of property | 600,000 | ' | ' |
Common stock issued for purchase of property | 100,000 | ' | ' |
Common stock, par value | $0.00 | ' | $0.00 |
Common stock par value for third party | $6 | ' | ' |
Accrued interest | $375 | ' | ' |
Note_Payable_Related_Party_Det
Note Payable - Related Party (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||||
Jan. 13, 2012 | Jun. 30, 2013 | Feb. 07, 2013 | Sep. 30, 2012 | Sep. 17, 2012 | 22-May-12 | |
Note Payable - Related Party (Textual) | ' | ' | ' | ' | ' | ' |
Duration of unsecured promissory note | '12 months | ' | ' | ' | ' | ' |
Unsecured promissory note | $211,000 | ' | ' | ' | ' | ' |
Interest rate | 10.00% | ' | ' | ' | ' | ' |
Increase interest rate incase of failure in repayment of note payable | 12.00% | ' | ' | ' | ' | ' |
Maturity period of loan | ' | 13-Jan-14 | ' | ' | ' | ' |
Additional notes payable borrowed from related party | ' | ' | 28,773 | ' | 22,033 | 32,714 |
Accrued interest | ' | $37,342 | ' | $16,341 | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 9 Months Ended |
Jun. 30, 2013 | |
Stockholders' Equity (Textual) | ' |
Common stock issued for purchase of property | 100,000 |
Value of common stock issued for purchase of property | $600,000 |
Common stock par value for third party | $6 |
Related_Party_Transaction_Deta
Related Party Transaction (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||||
Jan. 13, 2012 | Jun. 30, 2013 | Feb. 07, 2013 | Sep. 30, 2012 | Sep. 17, 2012 | 22-May-12 | |
Related Party Transaction (Textual) | ' | ' | ' | ' | ' | ' |
Additional notes payable borrowed from related party | ' | ' | $28,773 | ' | $22,033 | $32,714 |
Interest rate | 10.00% | ' | ' | ' | ' | ' |
Duration of unsecured promissory note | '12 months | ' | ' | ' | ' | ' |
Notes payable - related party | 211,000 | ' | ' | ' | ' | ' |
Increase interest rate incase of failure in repayment of note payable | 12.00% | ' | ' | ' | ' | ' |
Maturity period of loan | ' | 13-Jan-14 | ' | ' | ' | ' |
Accrued interest | ' | $37,342 | ' | $16,341 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | Aug. 01, 2013 |
Subsequent Event [Member] | ' |
Subsequent Events (Textual) | ' |
Related party advanced | $30,000 |