Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | Oct. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Inspired Builders, Inc. | ' |
Entity Central Index Key | '0001509786 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 11,125,000 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Current Assets: | ' | ' |
Cash | $514 | $857 |
Total current assets | 514 | 857 |
Real estate | 307,504 | 307,504 |
Total assets | 308,018 | 308,361 |
Current Liabilities: | ' | ' |
Accounts payable and accrued expenses | 119,155 | 74,600 |
Accrued salary | 60,000 | 10,000 |
Due to related party | 5,805 | 3,711 |
Mortgage payable -related party | 750,000 | 750,000 |
Notes payable - related party | 399,220 | 324,520 |
Total current liabilities | 1,334,180 | 1,162,831 |
Commitments and Contingencies (See Note 9) | ' | ' |
Stockholders' 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 11,125,000 shares issued and outstanding, respectively | 11,125 | 11,125 |
Additional paid in capital | -432,621 | -432,621 |
Accumulated deficit | -604,666 | -432,974 |
Total Stockholders'deficit | -1,026,162 | -854,470 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $308,018 | $308,361 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
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 | 11,125,000 |
Common stock, shares outstanding | 11,125,000 | 11,125,000 |
Condensed_Statement_of_Operati
Condensed Statement of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
OPERATING EXPENSES | ' | ' | ' | ' |
General and administrative | $104,458 | $35,482 | $143,202 | $51,486 |
Total operating expenses | 104,458 | 35,482 | 143,202 | 51,486 |
LOSS BEFORE PROVISION FOR INCOME TAXES | -104,458 | -35,482 | -143,202 | -51,486 |
Other expenses | ' | ' | ' | ' |
Interest expense | 14,392 | 6,962 | 28,490 | 13,660 |
Net Loss before provision for income taxes | -118,850 | -42,444 | -171,692 | -65,146 |
Provision for income taxes | ' | ' | ' | ' |
NET LOSS | ($118,850) | ($42,444) | ($171,692) | ($65,146) |
Net loss per share - basic and diluted | ' | ' | ' | ($0.01) |
Weighted average number of shares outstanding during the period - basic and diluted | 11,125,000 | 11,025,000 | 11,125,000 | 11,025,000 |
Condensed_Statement_of_Cash_Fl
Condensed Statement of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($171,692) | ($65,146) |
Changes in operating assets and liabilities: | ' | ' |
Increase in prepaid expenses | ' | 4,000 |
Increase in accounts payable and accrued interest | 94,555 | 32,372 |
Net Cash Used In Operating Activities | -77,137 | -28,774 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Advances - related party | 2,094 | ' |
Proceeds from notes payable - related party | 74,700 | 28,774 |
Net Cash Provided By Financing Activities | 76,794 | 28,774 |
NET DECREASE IN CASH | -343 | ' |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 857 | ' |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 514 | ' |
Supplemental disclosure of non cash investing & financing activities: | ' | ' |
Cash paid for income taxes | ' | ' |
Cash paid for interest expense | ' | ' |
Organization
Organization | 6 Months Ended |
Mar. 31, 2014 | |
Organization [Abstract] | ' |
Organization | ' |
1. Organization | |
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 passed and adopted a resolution for the Company to be treated as a REIT. As of October 28, 2014, the Company has not completed the necessary filings to change its status with the Internal Revenue Services. | |
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in The United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all of the information necessary for a comprehensive presentation of financial position and results of operations. The interim results for the period ended March 31, 2014 are not necessarily indicative of expected results for the full fiscal year. It is management’s opinion, however that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statements presentation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. 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, the valuation allowance for deferred tax assets due to continuing operating losses, valuation of shares issued in connection with the purchase of real estate, the valuation of the real estate and the evaluation of any impairment on the real estate. | |
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 March 31, 2014 and September 30, 2013. | |
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, related party notes payable, mortgage payable, accounts payable and accrued expenses reported in the balance sheets are estimated by management to approximate fair value at March 31, 2014 and September 30, 2013. | |
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 March 31, 2014 and September 30, 2013 , the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. All tax returns from fiscal years 2010 to 2013 are subject to IRS audit. | |
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 March 31, 2014 and September 30, 2013. | |
Recent accounting pronouncements | |
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC, did not, or are not believed by management, to have a material impact on the Company’s present or future financial statements. | |
Going_Concern
Going Concern | 6 Months Ended |
Mar. 31, 2014 | |
Going Concern [Abstract] | ' |
Going Concern | ' |
3. Going Concern | |
As reflected in the accompanying financial statements, the Company has a net loss of $171,692 and net cash used in operations of $77,137 for the period ended March 31, 2014. 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. 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. There are currently no plans or agreements in place to provide such funding. The Company will require additional funding to finance the growth of its future operations as well as to achieve its strategic objectives. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and generate revenue. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | |
Real_Estate
Real Estate | 6 Months Ended |
Mar. 31, 2014 | |
Real Estate [Abstract] | ' |
Real Estate | ' |
4. 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 $750,000 mortgage at 3%, which was due on June 24, 2014 and has been extended to June 24, 2015. 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 ASC 845-10-S99, 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. |
Employment_Agreement
Employment Agreement | 6 Months Ended |
Mar. 31, 2014 | |
Employment Agreement [Abstract] | ' |
Employment Agreement | ' |
5. Employment Agreement | |
On September 1, 2013 the Company entered into a three year employment contract with its CEO. The CEO is to be paid $10,000 per month plus reimbursement for expenses and bonuses as determined by the board. The CEO will be entitled to one week paid vacation and is subject to a one year non-compete agreement at the end of the employment contract. As of March 31, 2014, the Company has paid the CEO a total of $10,000 and has accrued $60,000, for amounts due to the CEO. | |
Mortgage_Payable_Related_Parti
Mortgage Payable - Related Parties | 6 Months Ended |
Mar. 31, 2014 | |
Mortgage Payable - Related Party [Abstract] | ' |
Mortgage Payable - Related Party | ' |
6. Mortgage Payable – Related Party | |
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 $750,000 mortgage at 3%, which was due on June 24, 2014 and has been extended to June 24, 2015. 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. As of March 31, 2014 and September 30, 2013 the Company has accrued interest of $17,500 and $6,125, respectively, due on the mortgage. |
Notes_Payable_Related_Parties
Notes Payable - Related Parties | 6 Months Ended |
Mar. 31, 2014 | |
Notes Payable Related Parties [Abstract] | ' |
Notes Payable - Related Parties | ' |
7. Notes Payable – Related Parties | |
On January 13, 2012 the Company entered into a 12 month unsecured promissory note in the amount of $211,000. Interest accrues in arrears on the outstanding principal 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 the maker fail to pay the entire principal and accrued interest by the maturity date, the 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. The loan maturity dates were further extended to January 13, 2015 on 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, and on July 31, 2013, the Company borrowed an additional $30,000 from the related party, with the same terms. The total outstanding principal at December 31, 2013 amounted to $324,520. Accrued interest at March 31 2014 and September 30, 2013, amounted to $61,451 and $45,768, respectively. | |
On November 13, 2013, a related party entered into an unsecured note payable for $25,000 with an interest rate of 5% due November 13, 2014. Accrued interest at March 31, 2014 amounted to $473. | |
On December 20, 2013, a related party entered into an unsecured note payable for $2,500 with an interest rate of 5% due December 20, 2014. Accrued interest at March 31, 2014 amounted to $35. | |
On January 7, 2014, a related party entered into an unsecured note payable in the amount of $5,000 with an interest rate of 5% due on January 7, 2015. Accrued interest at March 31, 2014 amounted to $57. | |
On January 20, 2014, a related party entered into an unsecured note payable for $22,280 with an interest rate of 5% due January 20, 2015. Accrued interest at March 31, 2014 amounted to $214. | |
On January 24, 2014, a related party loaned the Company $10,000, which is evidenced by a secured note payable with an interest rate of 12% and a maturity of January 24, 2015. These funds were used to pay 1 months’ salary to our Chief Executive Officer. If the loan in not repaid by January 24, 2015 it is convertible at the option of the holder into common stock at a share price of $.48 per share. Accrued interest at March 31, 2014 amounted to $90. | |
On February 6, 2014, a related party entered into an unsecured note payable in the amount of $5,520 with an interest rate of 5% due February 6, 2015. Accrued interest at March 31, 2014 amounted to $40. | |
On February 17, 2014, a related party entered into an unsecured note payable in the amount of $4,400 with an interest rate of 5% due February 17, 2015. Accrued interest at March 31, 2014 amounted to $25. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
8. Stockholders’ Equity | |
On June 24, 2013, the Company approved the issuance of 100,000 shares of common stock to a related party as partial consideration for the purchase of real estate. The shares were valued at the historical cost of the consideration given. The difference between the historical cost and the consideration paid was treated as a return of capital of $442,496 due to the related party nature of the transaction. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
9. 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 effect on its business, financial condition or operating results. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 6 Months Ended |
Mar. 31, 2014 | |
Concentration of Credit Risk [Abstract] | ' |
Concentration of Credit Risk | ' |
10. 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 effect on the Company’s financial position and its operations. | |
Related_Party_Transaction
Related Party Transaction | 6 Months Ended |
Mar. 31, 2014 | |
Related Party Transaction [Abstract] | ' |
Related Party Transaction | ' |
11. Related Party Transaction | |
On January 13, 2012 the Company entered into a 12 month unsecured promissory note in the amount of $211,000. Interest accrues in arrears on the outstanding principal 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 the maker fail to pay the entire principal and accrued interest by the maturity date, the 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. The loan maturity dates were further extended to January 13, 2015 on 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, and on July 31, 2013, the Company borrowed an additional $30,000 from the related party, with the same terms Total outstanding principal at December 31, 2013 amounted to $324,520. Accrued interest at March 31 2014 and September 30, 2013, amounted to $61,451 and $45,768, respectively. | |
On November 13, 2013, a related party entered into an unsecured note payable for $25,000 with an interest rate of 5% due November 13, 2014. Accrued interest at March 31, 2014 amounted to $473. | |
On December 20, 2013, a related party entered into an unsecured note payable for $2,500 with an interest rate of 5% due December 20, 2014. Accrued interest at March 31, 2014 amounted to $35. | |
On January 7, 2014, a related party entered into an unsecured note payable for $5,000 with an interest rate of 5% due January 7, 2015. Accrued interest at March 31, 2014 amounted to $57. | |
On January 20, 2014, a related party entered into an unsecured note payable for $22,280 with an interest rate of 5% due January 20, 2015. Accrued interest at March 31, 2014 amounted to $214. | |
On January 24, 2014, a related party entered into an unsecured note payable for $10,000 with an interest rate of 5% due January 24, 2015 to pay for one month of salary to our Chief Executive Officer. Accrued interest at March 31, 2014 amounted to $90. | |
On February 6, 2014, a related party entered into an unsecured note payable for $5,520 with an interest rate of 5% due February 6, 2015. Accrued interest at March 31, 2014 amounted to $40. | |
On February 17, 2014, a related party entered into an unsecured note payable for $4,400 with an interest rate of 5% due February 17, 2015. Accrued interest at March 31, 2014 amounted to $25. | |
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 $750,000 mortgage at 3%, which was due on June 24, 2014 and has been extended to June 24, 2015. 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. As of March 31, 2014 and September 30, 2013 the Company has accrued interest of $17,500 and $6,125, respectively, due on the mortgage. | |
On September 1, 2013 the Company entered into a three year employment contract with its CEO. The CEO is to be paid $10,000 per month plus reimbursement for expenses and bonuses as determined by the board. The CEO will be entitled to one week paid vacation and is subject to a one year non-compete agreement at the end of the employment contract. As of March 31, 2014, the Company had paid the CEO a total of $10,000 and has accrued $60,000, for amounts due to the CEO. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
12. Subsequent Events | |
On June 19, 2014 the Company’s CEO entered into an unsecured note payable of $30,000 with an interest rate of 10% due on June 19, 2015. | |
On June 26, 2014 the Company’s CEO loaned the Company $3,080, which is evidenced by an unsecured note payable with an interest rate of 5% and a maturity of June 25, 2015. | |
On September 15, 2014 the Company’s CEO loaned the Company $2,518, which is evidenced by an unsecured note payable with an interest rate of 5% and a maturity of September 14, 2015. | |
On October 14, 2014 the Company’s CEO loaned the Company $3,482, which is evidenced by an unsecured note payable with an interest rate of 5% and a maturity of October 13, 2015. | |
On October 14, 2014 the Company’s CEO loaned the Company $3,320, which is evidenced by an unsecured note payable with an interest rate of 5% and a maturity of October 13, 2015. | |
On June 30, 2014 the Company's CEO converted $90,000 of accrued salary into an unsecured promissory note. The Note accrues interest at a rate of 5% per annum and is June 30, 2015. | |
In December 2013 the Company entered into a joint venture agreement with Development Property Holdings, Inc. a California corporation, to enter into and become a Florida joint venture for the purpose of acquiring certain commercial real property in the State of Florida. The joint venture was supposed to be vested 50% by each partner and all decisions, costs, expenses and profits will be divided evenly between the two partners. To date, the Florida joint venture has not been executed nor closed on any properties and is still searching for it’s first project. As of October 28, 2014 the joint venture formed with Development Property Holdings, Inc. has not executed any agreements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2014 | |
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, the valuation allowance for deferred tax assets due to continuing operating losses, valuation of shares issued in connection with the purchase of real estate, the valuation of the real estate and the evaluation of any impairment on the real estate. | |
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 March 31, 2014 and September 30, 2013. | |
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, related party notes payable, mortgage payable, accounts payable and accrued expenses reported in the balance sheets are estimated by management to approximate fair value at March 31, 2014 and September 30, 2013. | |
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 March 31, 2014 and September 30, 2013 , the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. All tax returns from fiscal years 2010 to 2013 are subject to IRS audit. | |
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 March 31, 2014 and September 30, 2013. | |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC, did not, or are not believed by management, to have a material impact on the Company’s present or future financial statements. | |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Summary of Significant Accounting Policies (Textual) | ' | ' |
Cash equivalents | $0 | $0 |
Uncertain tax positions | 0 | 0 |
Potential common stock equivalents | $0 | $0 |
Going_Concern_Details
Going Concern (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Going Concern (Textual) | ' | ' | ' | ' |
Net loss | ($118,850) | ($42,444) | ($171,692) | ($65,146) |
Net cash used in operations | ' | ' | ($77,137) | ($28,774) |
Real_Estate_Details
Real Estate (Details) (USD $) | 0 Months Ended | 6 Months Ended | |
Jun. 24, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | |
Real Estate (Textual) | ' | ' | ' |
Purchase price of property | $1,350,000 | $307,504 | $307,504 |
Amount payable for third party | ' | 750,000 | 750,000 |
Percentage of delivery on property | ' | 3.00% | ' |
Due date of mortgage | ' | 24-Jun-15 | ' |
Value of common stock issued for purchase of property | ' | $600,000 | ' |
Common stock authorized for purchase of property | 100,000 | ' | ' |
Common stock, par value | ' | $0.00 | $0.00 |
Common stock par value for third party | ' | $6 | ' |
Employment_Agreement_Details
Employment Agreement (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Mar. 31, 2014 | |
Employment Agreement (Textual) | ' | ' |
Accrued | $10,000 | $60,000 |
Chief Executive Officer [Member] | ' | ' |
Employment Agreement (Textual) | ' | ' |
Reimbursement Expenses | 10,000 | ' |
Accrued | ' | $60,000 |
Employment contract | ' | ' |
Three year. |
Mortgage_Payable_Related_Parti1
Mortgage Payable - Related Parties (Details) (USD $) | 0 Months Ended | 6 Months Ended | |
Jun. 24, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | |
Mortgage Payable (Textual) | ' | ' | ' |
Purchase price of property | $1,350,000 | $307,504 | $307,504 |
Amount payable for third party | ' | 750,000 | 750,000 |
Percentage of delivery on property | ' | 3.00% | ' |
Due date of mortgage | ' | 24-Jun-15 | ' |
Value of common stock issued for purchase of property | ' | 600,000 | ' |
Common stock authorized for purchase of property | 100,000 | ' | ' |
Common stock, par value | ' | $0.00 | $0.00 |
Common stock par value for third party | ' | $6 | ' |
Accrued interest, amounted | ' | $17,500 | $6,125 |
Notes_Payable_Related_Parties_
Notes Payable - Related Parties (Details) (USD $) | 0 Months Ended | 0 Months Ended | ||||||||||||||||
Feb. 17, 2014 | Feb. 06, 2014 | Jan. 20, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Jan. 13, 2012 | Mar. 31, 2014 | Jan. 24, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Feb. 07, 2013 | Sep. 17, 2012 | 22-May-12 | Sep. 15, 2014 | Jun. 30, 2014 | Jun. 26, 2014 | Jan. 24, 2014 | |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | |||||||||||||||
Note Payable - Related Party (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Duration of unsecured promissory note | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured promissory note | $4,400 | $5,520 | $22,280 | $5,000 | $2,500 | $25,000 | $211,000 | ' | $10,000 | ' | ' | ' | ' | ' | $2,518 | $90,000 | $3,080 | $10,000 |
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 10.00% | ' | 5.00% | ' | ' | ' | ' | ' | 5.00% | 5.00% | 5.00% | 12.00% |
Increase interest rate incase of failure in repayment of note payable | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of loan | 17-Feb-15 | 6-Feb-15 | 20-Jan-15 | 7-Jan-15 | 20-Dec-14 | 13-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | 14-Sep-15 | 30-Jun-15 | 25-Jun-15 | 24-Jan-15 |
Additional notes payable borrowed from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | 28,773 | 22,033 | 32,714 | ' | ' | ' | ' |
Accrued interest | 25 | 40 | 214 | 57 | 35 | 473 | ' | 61,451 | 90 | 45,768 | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Outstanding Principal Value | ' | ' | ' | ' | ' | ' | ' | $324,520 | ' | $324,520 | ' | ' | ' | ' | ' | ' | ' | ' |
Related parties per share | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.48 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended |
Jun. 24, 2013 | |
Stockholders' Equity (Textual) | ' |
Common stock authorized for purchase of property | 100,000 |
Common stock approved for issuance for purchase of real estate | $442,496 |
Related_Party_Transaction_Deta
Related Party Transaction (Details) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||
Feb. 17, 2014 | Feb. 06, 2014 | Jan. 20, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Jun. 24, 2013 | Jan. 13, 2012 | Mar. 31, 2014 | Jan. 24, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Feb. 07, 2013 | Sep. 17, 2012 | 22-May-12 | Jan. 13, 2012 | Sep. 15, 2014 | Jun. 30, 2014 | Jun. 26, 2014 | Jan. 24, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | |
Unsecured promissory note [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | |||||||||||||||||
Related Party Transaction (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional notes payable borrowed from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000 | $28,773 | $22,033 | $32,714 | ' | ' | ' | ' | ' | ' | ' |
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ' | 10.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 5.00% | 12.00% | ' | ' |
Duration of unsecured promissory note | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable - related party | 4,400 | 5,520 | 22,280 | 5,000 | 2,500 | 25,000 | ' | 211,000 | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | 2,518 | 90,000 | 3,080 | 10,000 | ' | ' |
Increase interest rate incase of failure in repayment of note payable | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of loan | 17-Feb-15 | 6-Feb-15 | 20-Jan-15 | 7-Jan-15 | 20-Dec-14 | 13-Nov-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Jan-14 | 14-Sep-15 | 30-Jun-15 | 25-Jun-15 | 24-Jan-15 | ' | ' |
Accrued interest | 25 | 40 | 214 | 57 | 35 | 473 | ' | ' | 61,451 | 90 | ' | 45,768 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total outstanding principal to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 324,520 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest current | ' | ' | ' | ' | ' | ' | ' | ' | 17,500 | ' | ' | 6,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of property | ' | ' | ' | ' | ' | ' | 1,350,000 | ' | 307,504 | ' | ' | 307,504 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount payable for third party | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of delivery on property | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due date of mortgage | ' | ' | ' | ' | ' | ' | ' | ' | 24-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of common stock issued for purchase of property | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued for purchase of property | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued salary | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 |
Reimbursement Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' |
Employment contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Three year. | |||||||||||||||||||||||
Unsecured note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $211,000 | ' | ' | ' | ' | ' | ' |
Interest rate on unsecured promissory note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related parties per share | ' | ' | ' | ' | ' | ' | ' | ' | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.48 | ' | ' |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||
Feb. 17, 2014 | Feb. 06, 2014 | Jan. 20, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Mar. 31, 2014 | Jan. 24, 2014 | Jan. 13, 2012 | Feb. 17, 2014 | Feb. 06, 2014 | Jan. 20, 2014 | Jan. 07, 2014 | Jan. 13, 2015 | Nov. 13, 2014 | Sep. 15, 2014 | Jun. 30, 2014 | Jun. 26, 2014 | Jan. 24, 2014 | Oct. 14, 2014 | Jun. 19, 2014 | Jan. 24, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | ||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Events (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable - related party | $4,400 | $5,520 | $22,280 | $5,000 | $2,500 | $25,000 | ' | $10,000 | $211,000 | $4,400 | $5,520 | $22,280 | $5,000 | ' | ' | $2,518 | $90,000 | $3,080 | $10,000 | $3,482 | $30,000 | $10,000 |
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ' | 5.00% | 10.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 10.00% | 5.00% | 5.00% | 5.00% | 12.00% | 5.00% | 10.00% | 5.00% |
Joint Venture Description | ' | ' | ' | ' | ' | ' | 'The joint venture was supposed to be vested 50% by each partner and all decisions, costs, expenses and profits will be divided evenly between the two partners. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of loan | 17-Feb-15 | 6-Feb-15 | 20-Jan-15 | 7-Jan-15 | 20-Dec-14 | 13-Nov-14 | ' | ' | ' | 17-Feb-15 | 6-Feb-15 | 20-Jan-15 | 7-Jan-15 | ' | ' | 14-Sep-15 | 30-Jun-15 | 25-Jun-15 | 24-Jan-15 | 13-Oct-15 | 19-Jun-15 | 24-Jan-15 |