Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2014 | Jul. 29, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Inspired Builders, Inc. | |
Entity Central Index Key | 1,509,786 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2014 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,014 | |
Document Fiscal Period Focus | Q3 | |
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 ($) | Jun. 30, 2014 | Sep. 30, 2013 |
Current Assets: | ||
Cash | $ 469 | $ 857 |
Total current assets | 469 | 857 |
Real estate | 307,504 | 307,504 |
Total assets | 307,973 | 308,361 |
Current Liabilities: | ||
Accounts payable and accrued expenses | $ 125,949 | 74,600 |
Accrued salary | 10,000 | |
Due to related party | $ 2,453 | 3,711 |
Mortgage payable | 750,000 | |
Notes payable - related party | 324,520 | |
Total current liabilities | $ 128,402 | $ 1,162,831 |
Mortgage payable | 750,000 | |
Convertible note payable - related party | 10,000 | |
Notes payable - related party | 515,651 | |
Total long term liabilities | 1,275,651 | |
Total Liabilities | $ 1,404,053 | $ 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 | (674,584) | (432,974) |
Total Stockholders deficit | (1,096,080) | (854,470) |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | $ 307,973 | $ 308,361 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2014 | Sep. 30, 2013 |
Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
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 Operatio
Condensed Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
OPERATING EXPENSES | ||||
General and administrative | $ 54,562 | $ 32,040 | $ 197,764 | $ 80,557 |
Total operating expenses | 54,562 | 32,040 | 197,764 | 80,557 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (54,562) | (32,040) | (197,764) | (80,557) |
Other expenses | ||||
Interest expense | 15,356 | 6,962 | 43,846 | 21,377 |
Net Loss before provision for income taxes | $ (69,918) | $ (39,002) | $ (241,610) | $ (101,934) |
Provision for income taxes | ||||
NET LOSS | $ (69,918) | $ (39,002) | $ (241,610) | $ (101,934) |
Net loss per share - basic and diluted | $ (0.01) | $ 0 | $ (0.02) | $ (0.01) |
Weighted average number of shares outstanding during the period - basic and diluted | 11,125,000 | 11,125,000 | 11,125,000 | 11,028,315 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (241,610) | $ (101,934) |
Changes in operating assets and liabilities: | ||
Increase in prepaid expenses | 4,000 | |
Increase in accounts payable and accrued interest | $ 131,349 | 65,534 |
Net Cash Used In Operating Activities | $ (110,261) | (32,400) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of real estate | (750,000) | |
Net Cash Used In Investing Activities: | (750,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advances (repayments) - related party | $ (1,258) | 3,711 |
Proceeds from mortgage payable | $ 750,000 | |
Proceeds from convertible note payable - related party | $ 10,000 | |
Proceeds from notes payable - related party | 101,131 | $ 28,774 |
Net Cash Provided By Financing Activities | 109,873 | 782,485 |
NET INCREASE (DECREASE) IN CASH | (388) | $ 85 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 857 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 469 | $ 85 |
Supplemental disclosure of non cash investing & financing activities: | ||
Cash paid for income taxes | ||
Cash paid for interest expense |
Condensed Statement of Cash Fl6
Condensed Statement of Cash Flows (Parenthetical) (Unaudited) | 9 Months Ended |
Jun. 30, 2014USD ($) | |
Non Cash Investing and Financing: | |
Exchanged accrued salary | $ 90,000 |
Organization
Organization | 9 Months Ended |
Jun. 30, 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 July 29, 2015, 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 June 30, 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 Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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. In April 2015, FASB issued Accounting Standards Update (“ASU”) No. Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” In April 2015, FASB issued Accounting Standards Update (“ASU”) No. Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets” In April 2015, FASB issued Accounting Standards Update (“ASU”) No. Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” In April 2015, FASB issued Accounting Standards Update (“ASU”) No. Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions” All other newly issued accounting pronouncements, but not yet effective, have been deemed either immaterial or not applicable. 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 Earnings per share In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,” The Company did not have any potential common stock equivalents at June 30, 2014 and September 30, 2013. |
Going Concern
Going Concern | 9 Months Ended |
Jun. 30, 2014 | |
Going Concern [Abstract] | |
Going Concern | 3. Going Concern As reflected in the accompanying financial statements, the Company has a net loss of $241,610 and net cash used in operations of $110,261 for the nine month period ended June 30, 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 | 9 Months Ended |
Jun. 30, 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. The note is secured by a lien on the real estate. 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. The loan maturity dates were further extended to June 24, 2016. In addition, during May 2015, the Company became aware that there is a real estate tax lien for unpaid taxes of $10,500. |
Employment Agreement
Employment Agreement | 9 Months Ended |
Jun. 30, 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 June 30, 2014, the Company has paid the CEO a total of $10,000 and has accrued $90,000 for amounts due to the CEO. 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 due December 30, 2015. |
Mortgage Payable - Related Part
Mortgage Payable - Related Parties | 9 Months Ended |
Jun. 30, 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 loan maturity dates were further 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 June 30, 2014 and September 30, 2013 the Company has accrued interest of $22,870 and $6,125, respectively, due on the mortgage. |
Convertible Notes Payable - Rel
Convertible Notes Payable - Related Party | 9 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable - Related Party | 7. Convertible Notes Payable – Related Party 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 which was further extended until January 24, 2016. 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. There was no beneficial conversion associated with the loan as its fair value was below the conversion price on the date of grant. Accrued interest at June 30, 2014 amounted to $516. |
Notes Payable - Related Parties
Notes Payable - Related Parties | 9 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | |
Notes Payable - Related Parties | 8. 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, 2016. On May 22, 2012, the Company borrowed an additional $32,714 from the related party, with the same terms, the loan maturity dates were extended to January 13, 2016. On September 17, 2012, the Company borrowed an additional $22,033 from the related party, with the same terms, the loan maturity dates were extended to January 13, 2016. 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 loans maturity dates were further extended to February 7, 2016 and July 31, 2016, respectively. On December 20, 2013, the Company borrowed $2,500, on January 7, 2014, the Company borrowed $5,000, on February 6, 2014, the Company borrowed $5,520, the loans maturity dates were further extended to December 20, 2015 and January 7, 2016, On February 17, 2014, the Company borrowed $4,400 and on June 26, 2014, the Company borrowed $3,080, the loans maturity dates were further extended to February 6, 2016 and February 17, 2016, respectively. The total outstanding principal at June 30, 2014 amounted to $345,019. Accrued interest at June 30, 2014 and September 30, 2013, amounted to $69,917 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, the maturity date on the loan was further extended to November 11, 2015. Accrued interest at June 30, 2014 amounted to $784. On January 13, 2014 and January 20, 2014, a related party entered into two unsecured note payables for a total of $25,632 with an interest rate of 5% due January 20, 2015, the loans maturity dates were further extended to January 13, 2016 and January 20, 2016, respectively. Accrued interest at June 30, 2014 amounted to $1,060. 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, the loans maturity was further ended to June 16, 2016, Accrued interest at June 30, 2014 amounted to $90. 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. The loan maturity dates were extended to February 26, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 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. The Company became aware that there is a real estate tax lien for unpaid taxes of $10,500. |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Jun. 30, 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 | 9 Months Ended |
Jun. 30, 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, 2016. On May 22, 2012, the Company borrowed an additional $32,714 from the related party, with the same terms, the loan maturity dates were extended to January 13, 2016. On September 17, 2012, the Company borrowed an additional $22,033 from the related party, with the same terms, the loan maturity dates were extended to January 13, 2016. 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 loans maturity dates were further extended to February 7, 2016 and July 31, 2016, respectively. On December 20, 2013, the Company borrowed $2,500, on January 7, 2014, the Company borrowed $5,000, on February 6, 2014, the Company borrowed $5,520, the loans maturity dates were further extended to December 20, 2015 and January 7, 2016, On February 17, 2014, the Company borrowed $4,400 and on June 26, 2014, the Company borrowed $3,080, the loans maturity dates were further extended to February 6, 2016 and February 17, 2016, respectively. The total outstanding principal at June 30, 2014 amounted to $345,019. Accrued interest at June 30, 2014 and September 30, 2013, amounted to $69,917 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, the maturity date on the loan was further extended to November 11, 2015. Accrued interest at June 30, 2014 amounted to $784. On January 13, 2014 and January 20, 2014, a related party entered into two unsecured note payables for a total of $25,632 with an interest rate of 5% due January 20, 2015, the loans maturity dates were further extended to January 13, 2016 and January 20, 2016, respectively. Accrued interest at June 30, 2014 amounted to $1,060. 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 and was further extended until January 24, 2016. 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 June 30, 2014 amounted to $516. 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, the loans maturity was further ended to June 16, 2016, Accrued interest at June 30, 2014 amounted to $90. 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. The loan maturity dates were extended to February 26, 2016. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events 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 February 2, 2015, a related party entered into an unsecured note payable for $55,000 with an interest rate of 10% due February 20, 2016. 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 July 29, 2015 the joint venture formed with Development Property Holdings, Inc. has not executed any agreements. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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. In April 2015, FASB issued Accounting Standards Update (“ASU”) No. Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” In April 2015, FASB issued Accounting Standards Update (“ASU”) No. Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets” In April 2015, FASB issued Accounting Standards Update (“ASU”) No. Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” In April 2015, FASB issued Accounting Standards Update (“ASU”) No. Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions” All other newly issued accounting pronouncements, but not yet effective, have been deemed either immaterial or not applicable. |
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 |
Earnings per share | Earnings per share In accordance with accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share,” The Company did not have any potential common stock equivalents at June 30, 2014 and September 30, 2013. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Details) - USD ($) | Jun. 30, 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 | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Going Concern (Textual) | ||||
Net loss | $ (69,918) | $ (39,002) | $ (241,610) | $ (101,934) |
Net cash used in operations | $ (110,261) | $ (32,400) |
Real Estate (Details)
Real Estate (Details) - USD ($) | Jun. 26, 2014 | Feb. 17, 2014 | Feb. 06, 2014 | Jan. 20, 2014 | Jan. 13, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Jul. 31, 2013 | Jun. 24, 2013 | Feb. 07, 2013 | Sep. 17, 2012 | May. 22, 2012 | Jan. 13, 2012 | Jun. 30, 2014 | Sep. 30, 2013 |
Real Estate (Textual) | ||||||||||||||||
Purchase price of duval property | $ 1,350,000 | |||||||||||||||
Mortgage interest rate | 3.00% | |||||||||||||||
Mortgage payable | $ 750,000 | |||||||||||||||
Maturity period of loan | Feb. 17, 2016 | Feb. 6, 2016 | Feb. 6, 2016 | Jan. 20, 2016 | Jan. 13, 2016 | Jan. 7, 2016 | Dec. 20, 2015 | Nov. 11, 2015 | Jul. 31, 2016 | Jun. 24, 2015 | Feb. 7, 2016 | Jan. 13, 2016 | Jan. 13, 2016 | Jan. 13, 2014 | Jun. 24, 2016 | |
Balance amount | $ 600,000 | |||||||||||||||
Shares issued | 100,000 | |||||||||||||||
Shares price | $ 6 | |||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||||||||
Real estate acquired at historical basis | $ 307,504 | |||||||||||||||
Real estate unpaid taxes | $ 10,500 | $ 10,500 |
Employment Agreement (Details)
Employment Agreement (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Sep. 30, 2013 | |
Employment Agreement (Textual) | ||
Accrued salary to CEO | $ 10,000 | |
CEO [Member] | ||
Employment Agreement (Textual) | ||
Reimbursement expenses | $ 10,000 | |
Accrued salary to CEO | $ 90,000 | |
Employment contract | Three year. | |
Accrued interest | 5.00% | |
Maturity date, description | Due on December 30, 2015 | |
Salary paid | $ 10,000 |
Mortgage Payable - Related Pa24
Mortgage Payable - Related Parties (Details) - USD ($) | Jun. 26, 2014 | Feb. 17, 2014 | Feb. 06, 2014 | Jan. 20, 2014 | Jan. 13, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Jul. 31, 2013 | Jun. 24, 2013 | Feb. 07, 2013 | Sep. 17, 2012 | May. 22, 2012 | Jan. 13, 2012 | Jun. 30, 2014 | Sep. 30, 2013 |
Mortgage Payable (Textual) | ||||||||||||||||
Purchase price of property | $ 1,350,000 | |||||||||||||||
Mortgage interest rate | 3.00% | |||||||||||||||
Mortgage payable | $ 750,000 | |||||||||||||||
Maturity period of loan | Feb. 17, 2016 | Feb. 6, 2016 | Feb. 6, 2016 | Jan. 20, 2016 | Jan. 13, 2016 | Jan. 7, 2016 | Dec. 20, 2015 | Nov. 11, 2015 | Jul. 31, 2016 | Jun. 24, 2015 | Feb. 7, 2016 | Jan. 13, 2016 | Jan. 13, 2016 | Jan. 13, 2014 | Jun. 24, 2016 | |
Shares issued | 100,000 | |||||||||||||||
Balance amount | $ 600,000 | |||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||||||||
Shares price | $ 6 | |||||||||||||||
Accrued interest | $ 1,060 | $ 1,060 | $ 784 | $ 22,870 | $ 6,125 |
Convertible Notes Payable - R25
Convertible Notes Payable - Related Party (Details) - USD ($) | Jun. 26, 2014 | Jun. 19, 2014 | Feb. 17, 2014 | Feb. 06, 2014 | Jan. 24, 2014 | Jan. 20, 2014 | Jan. 13, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Jul. 31, 2013 | Jun. 24, 2013 | Feb. 07, 2013 | Sep. 17, 2012 | May. 22, 2012 | Jan. 13, 2012 | Jun. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction (Textual) | ||||||||||||||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 10.00% | |||||||||||||
Related party loan | $ 3,080 | $ 4,400 | $ 5,520 | $ 10,000 | $ 25,632 | $ 25,632 | $ 5,000 | $ 2,500 | $ 25,000 | $ 211,000 | ||||||||
Maturity period of loan | Feb. 17, 2016 | Feb. 6, 2016 | Feb. 6, 2016 | Jan. 20, 2016 | Jan. 13, 2016 | Jan. 7, 2016 | Dec. 20, 2015 | Nov. 11, 2015 | Jul. 31, 2016 | Jun. 24, 2015 | Feb. 7, 2016 | Jan. 13, 2016 | Jan. 13, 2016 | Jan. 13, 2014 | Jun. 24, 2016 | |||
Accrued interest | $ 1,060 | $ 1,060 | $ 784 | $ 22,870 | $ 6,125 | |||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||
Related Party Transaction (Textual) | ||||||||||||||||||
Interest rate | 5.00% | 10.00% | 12.00% | |||||||||||||||
Related party loan | $ 3,080 | $ 30,000 | $ 10,000 | |||||||||||||||
Maturity period of loan | Feb. 26, 2016 | Jun. 16, 2016 | Jan. 24, 2015 | |||||||||||||||
Share price | $ 0.48 | |||||||||||||||||
Accrued interest | $ 90 | $ 516 |
Notes Payable - Related Parti26
Notes Payable - Related Parties (Details) - USD ($) | Jun. 26, 2014 | Jun. 19, 2014 | Feb. 17, 2014 | Feb. 06, 2014 | Jan. 24, 2014 | Jan. 20, 2014 | Jan. 13, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Jul. 31, 2013 | Jun. 24, 2013 | Feb. 07, 2013 | Sep. 17, 2012 | May. 22, 2012 | Jan. 13, 2012 | Jun. 30, 2014 | Sep. 30, 2013 |
Note Payable - Related Party (Textual) | ||||||||||||||||||
Duration of unsecured promissory note | 12 months | |||||||||||||||||
Unsecured promissory note | $ 3,080 | $ 4,400 | $ 5,520 | $ 10,000 | $ 25,632 | $ 25,632 | $ 5,000 | $ 2,500 | $ 25,000 | $ 211,000 | ||||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 10.00% | |||||||||||||
Increase interest rate incase of failure in repayment of note payable | 12.00% | |||||||||||||||||
Maturity period of loan | Feb. 17, 2016 | Feb. 6, 2016 | Feb. 6, 2016 | Jan. 20, 2016 | Jan. 13, 2016 | Jan. 7, 2016 | Dec. 20, 2015 | Nov. 11, 2015 | Jul. 31, 2016 | Jun. 24, 2015 | Feb. 7, 2016 | Jan. 13, 2016 | Jan. 13, 2016 | Jan. 13, 2014 | Jun. 24, 2016 | |||
Additional notes payable borrowed from related party | $ 30,000 | $ 28,773 | $ 22,033 | $ 32,714 | ||||||||||||||
Accrued interest | $ 1,060 | $ 1,060 | $ 784 | $ 22,870 | $ 6,125 | |||||||||||||
Related Party Outstanding Principal Value | 69,917 | |||||||||||||||||
Total outstanding principal | $ 345,019 | |||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||
Note Payable - Related Party (Textual) | ||||||||||||||||||
Unsecured promissory note | $ 3,080 | $ 30,000 | $ 10,000 | |||||||||||||||
Interest rate | 5.00% | 10.00% | 12.00% | |||||||||||||||
Maturity period of loan | Feb. 26, 2016 | Jun. 16, 2016 | Jan. 24, 2015 | |||||||||||||||
Accrued interest | $ 90 | $ 516 | ||||||||||||||||
Related parties per share | $ 0.48 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jun. 24, 2013 | Jun. 30, 2014 |
Commitments and Contingencies [Abstract] | ||
Real estate unpaid taxes | $ 10,500 | $ 10,500 |
Related Party Transaction (Deta
Related Party Transaction (Details) - USD ($) | Jun. 26, 2014 | Jun. 19, 2014 | Feb. 17, 2014 | Feb. 06, 2014 | Jan. 24, 2014 | Jan. 20, 2014 | Jan. 13, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Jul. 31, 2013 | Jun. 24, 2013 | Feb. 07, 2013 | Sep. 17, 2012 | May. 22, 2012 | Jan. 13, 2012 | Jun. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction (Textual) | ||||||||||||||||||
Related party loan | $ 3,080 | $ 4,400 | $ 5,520 | $ 10,000 | $ 25,632 | $ 25,632 | $ 5,000 | $ 2,500 | $ 25,000 | $ 211,000 | ||||||||
Duration of unsecured promissory note | 12 months | |||||||||||||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 10.00% | |||||||||||||
Increase interest rate incase of failure in repayment of note payable | 12.00% | |||||||||||||||||
Maturity period of loan | Feb. 17, 2016 | Feb. 6, 2016 | Feb. 6, 2016 | Jan. 20, 2016 | Jan. 13, 2016 | Jan. 7, 2016 | Dec. 20, 2015 | Nov. 11, 2015 | Jul. 31, 2016 | Jun. 24, 2015 | Feb. 7, 2016 | Jan. 13, 2016 | Jan. 13, 2016 | Jan. 13, 2014 | Jun. 24, 2016 | |||
Additional notes payable borrowed from related party | $ 30,000 | $ 28,773 | $ 22,033 | $ 32,714 | ||||||||||||||
Accrued interest | $ 1,060 | $ 1,060 | $ 784 | $ 22,870 | $ 6,125 | |||||||||||||
Interest Receivable | 45,768 | $ 69,917 | ||||||||||||||||
Related Party Outstanding Principal Value | 69,917 | |||||||||||||||||
Total outstanding principal | $ 345,019 | |||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||
Related Party Transaction (Textual) | ||||||||||||||||||
Related party loan | $ 3,080 | $ 30,000 | $ 10,000 | |||||||||||||||
Interest rate | 5.00% | 10.00% | 12.00% | |||||||||||||||
Maturity period of loan | Feb. 26, 2016 | Jun. 16, 2016 | Jan. 24, 2015 | |||||||||||||||
Accrued interest | $ 90 | $ 516 | ||||||||||||||||
Related parties per share | $ 0.48 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 02, 2015 | Oct. 14, 2014 | Jun. 26, 2014 | Jun. 19, 2014 | Feb. 17, 2014 | Feb. 06, 2014 | Jan. 24, 2014 | Jan. 20, 2014 | Jan. 13, 2014 | Jan. 07, 2014 | Dec. 20, 2013 | Nov. 13, 2013 | Jul. 31, 2013 | Jun. 24, 2013 | Feb. 07, 2013 | Sep. 17, 2012 | May. 22, 2012 | Jan. 13, 2012 | Jun. 30, 2014 |
Subsequent Events (Textual) | |||||||||||||||||||
Notes payable - related party | $ 3,080 | $ 4,400 | $ 5,520 | $ 10,000 | $ 25,632 | $ 25,632 | $ 5,000 | $ 2,500 | $ 25,000 | $ 211,000 | |||||||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 10.00% | ||||||||||||||
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 | Feb. 17, 2016 | Feb. 6, 2016 | Feb. 6, 2016 | Jan. 20, 2016 | Jan. 13, 2016 | Jan. 7, 2016 | Dec. 20, 2015 | Nov. 11, 2015 | Jul. 31, 2016 | Jun. 24, 2015 | Feb. 7, 2016 | Jan. 13, 2016 | Jan. 13, 2016 | Jan. 13, 2014 | Jun. 24, 2016 | ||||
Subsequent Event [Member] | |||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||
Notes payable - related party | $ 55,000 | $ 3,320 | |||||||||||||||||
Interest rate | 10.00% | 5.00% | |||||||||||||||||
Maturity period of loan | Feb. 20, 2016 | Oct. 13, 2015 | |||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||
Notes payable - related party | $ 3,080 | $ 30,000 | $ 10,000 | ||||||||||||||||
Interest rate | 5.00% | 10.00% | 12.00% | ||||||||||||||||
Maturity period of loan | Feb. 26, 2016 | Jun. 16, 2016 | Jan. 24, 2015 | ||||||||||||||||
Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||||||||||
Subsequent Events (Textual) | |||||||||||||||||||
Notes payable - related party | $ 3,482 | ||||||||||||||||||
Interest rate | 5.00% | ||||||||||||||||||
Maturity period of loan | Oct. 13, 2015 |