Ystrategies (YSTR) 10-Q 2 Jul 15 2015 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2015	May. 20, 2015
Document And Entity Information Abstract
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Entity Registrant Name	INDIA ECOMMERCE CORP
Entity Central Index Key	1,510,891
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,015
Entity Filer Category	Smaller Reporting Company
Entity Units Outstanding		25,477,500
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash	$ 3,068	$ 10,713
Deposits	$ 280	280
Prepaid expenses		27,625
Total current assets	$ 3,348	38,618
Long term assets
Property and equipment, net	1,650	2,081
Total noncurrent assets	1,650	2,081
Total assets	4,998	40,699
Current liabilities
Accounts payable and accrued liabilities	11,174	8,189
Notes payable	4,500	54,500
Total current liabilities	15,674	62,689
Stockholders' deficit
Common stock $0.001 par value; 75,000,000 shares authorized; 50,079,156 and 36,119,167 shares issued outstanding, respectively	50,080	36,120
Additional paid-in capital	662,398	509,656
Accumulated deficit	(723,154)	(567,766)
Total stockholders' deficit	(10,676)	(21,990)
Total liabilities and stockholders' deficit	$ 4,998	$ 40,699

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	50,079,156	36,119,167
Common Stock, shares outstanding	50,079,156	36,119,167

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS	12 Months Ended
	Dec. 31, 2013USD ($)
Operating expenses
Depreciation	$ 430

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Adjustments to reconcile net loss to net cash used by operating activities:
Issuance of common stock for non-employee services	$ 4,500
Loss on impairment of website
Accrued interest on notes payable	$ 10,348	$ 307
Changes in operating assets and liabilities:
Deposits
Accounts payable and accrued liabilities	$ (688)	$ (3,524)
Net cash used by operating activities	$ (16,529)	$ (11,814)
Cash flows from investing activities:
Property and equipment acquisitions
Net cash used by investing activities
Cash flows from financing activities:
Proceeds from notes payable	$ 32,500	$ 15,000
Repayment on notes payable	$ (25,000)	$ (4,500)
Proceeds from issuance of common stock
Net cash provided by financing activities	$ 7,500	$ 10,500
Net change in cash	(9,029)	$ (1,314)
Cash, beginning of period	10,713
Cash, end of period	$ 3,068
Supplemental disclosure of cash flow information:
Interest paid
Income taxes paid
Supplemental disclosure of noncash investing and financing activities:
Issuance of common stock to acquire property and equipment
Issuance of common stock for website development
Accrued interest waived by stockholders		$ 40

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS India Ecommerce Corporation (the “Company”) was incorporated under the laws of the state of Nevada on January 19, 2011. The Company plans to build, promote and manage a multitude of ecommerce properties, in both website and mobile application formats, for the India market.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Development Stage Company Year-End Use of Estimates Transfers of Nonmonetary Assets by Stockholders Cash The Company maintains cash balances at an institution that is insured by the Federal Deposit Insurance Corporation. As of March 31, 2014 and December 31, 2013 no amounts were in excess of the federally insured program. Deposits Property and Equipment The estimated useful lives are: Furniture and fixtures 7 years Computers and office equipment 3-5 years Website Development Impairment of Long-lived Assets Revenue Recognition Although the Company will derive revenue from several sources, the current revenue is provided from consulting services. The Company will recognize revenue once pervasive evidence that an agreement exists; the product or service has been rendered; the fee is fixed and determinable based on the completion of stated terms and conditions; and collection of the amount due is reasonably assured. The Company did not recognize any revenues from January 19, 2011 (inception) through December 31, 2013, but has commenced its consulting service and earned revenue during March 2014. The Company must meet all of the following four criteria in order to recognize revenue: · Persuasive evidence of an arrangement exists · Delivery has occurred · The sales price is fixed or determinable · Collection is reasonably assured Fair Value of Financial Instruments · Level 1: Observable inputs such as quoted prices in active markets; · Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and · Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company’s financial instruments are accounts payable, convertible note, notes payable and derivative liability. The recorded values of accounts payable and notes payable approximate their fair values based on their short-term nature Share-based Compensation Dividends Earnings (Loss) per Share The computation of basic and diluted loss per share for the periods presented is equivalent since the Company had continuing losses. The Company had no common stock equivalents as of March 31, 2014. Risks and Uncertainties Income Taxes Assessing whether deferred tax assets are realizable requires significant judgment. The Company considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. To the extent the Company believes it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company’s deferred tax assets, which increase income tax expense in the period when such a determination is made. Income taxes include the largest amount of tax benefit for an uncertain tax position that is more likely than not to be sustained upon audit based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the statements of operations. Recent Accounting Pronouncements

GOING CONCERN

GOING CONCERN	3 Months Ended
	Mar. 31, 2015
GOING CONCERN [Abstract]
GOING CONCERN	3. GOING CONCERN The Company incurred a net loss of $60,996 for the three months ended March 31, 2014 and has an accumulated loss of $295,621 since inception. The Company is in the development stage of operations, has not generated any revenues since inception and anticipates that it will continue to generate losses in the near future. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to obtain additional financing or sale of its common stock and ultimately to attain profitability. Management’s plan, in this regard, is to raise additional financing through a combination of equity and debt financing. Management believes this will be sufficient to finance the continuing development for the next twelve months. However, there is no assurance that the Company will be successful in raising such financing.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment, Net [Abstract]
PROPERTY AND EQUIPMENT	4. PROPERTY AND EQUIPMENT Property and equipment consist of the following as of March 31, 2014 and December 31, 2013: March 31, 2014 December 31, 2013 Computer and office equipment $ 8,614 $ 8,614 Accumulated depreciation (5,240 ) (4,809 ) Property and equipment, net $ 3,374 $ 3,805

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]
NOTES PAYABLE	6. NOTES PAYABLE As of March 31, 2014 and December 31, 2013 the Company had the following notes payable: March 31, 2014 December 31, 2013 Note payable - 24% interest, unsecured and due January 2013 (1) $ 6,870 $ 6,604 Note payable - repayable on February 28, 2014 with interest of $25,000, secured (3) 50,000 65,167 56,870 71,771 Convertible note payable - 8% interest due December 5, 2014 32,650 - Unamortized debt discount on convertible note payable (29,215 ) - Total Notes Payable 60,305 71,771 Line of credit payable - 2% interest, secured by the Company’s President and due January 1, 2015. (2) 20,410 20,311 (1) In the event of nonpayment, by January 11, 2013, lender is entitled to receive 225,000 common shares of capital stock. Although the Company is in default, no demand has been made by the lender. (2) The Company may draw and repay the line of credit up to a maximum outstanding of $25,000. (3) Payment is guaranteed by the promise to issue 500,000 common shares of the Company’s common stock. Although the Company is in default, no demand has been made by the lender. (4) During the period ended March 31, 2014, the Company issued a Convertible Promissory Notes to Asher Enterprises, Inc. (“Asher”) in the amount of $32,500. The notes bears interest at a rate of 8% per annum, are unsecured and mature on December 5, 2014. The Notes are convertible into common stock in whole or in part at a variable conversion price equal to a 45% discount to average of the lowest three trading prices for the Common Stock during the 10 trading day period ending on the latest complete trading day prior to the conversion date. The Company recorded a discount in the amount of $32,500 in connection with the initial valuation of the beneficial conversion feature of the notes to be amortized utilizing the interest method of accretion over the term of the notes.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	6. STOCKHOLDERS’ EQUITY From January to September of 2012, the Company issued 527,500 shares of its common stock to various accredited investors pursuant to a private placement at a range of $0.02 to $0.10 per share. The gross proceeds from the issuance were $20,750. No common shares were issued during the first quarter of 2014 or during the year ended December 31, 2013.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	7. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were issued and has not identified any reportable events.

SUMMARY OF SIGNIFICANT ACCOUN13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Development Stage Company	Development Stage Company
Year-End	Year-End
Use of Estimates	Use of Estimates
Transfers of Nonmonetary Assets by Stockholders	Transfers of Nonmonetary Assets by Stockholders
Cash	Cash
Deposits	Deposits
Property and Equipment	Property and Equipment The estimated useful lives are: Furniture and fixtures 7 years Computers and office equipment 3-5 years
Website Development	Website Development
Impairment of Long-Lived Assets	Impairment of Long-lived Assets
Revenue Recognition	Revenue Recognition Although the Company will derive revenue from several sources, the current revenue is provided from consulting services. The Company will recognize revenue once pervasive evidence that an agreement exists; the product or service has been rendered; the fee is fixed and determinable based on the completion of stated terms and conditions; and collection of the amount due is reasonably assured. The Company did not recognize any revenues from January 19, 2011 (inception) through December 31, 2013, but has commenced its consulting service and earned revenue during March 2014. The Company must meet all of the following four criteria in order to recognize revenue: · Persuasive evidence of an arrangement exists · Delivery has occurred · The sales price is fixed or determinable · Collection is reasonably assured
Fair Value of Financial Instruments	Fair Value of Financial Instruments · Level 1: Observable inputs such as quoted prices in active markets; · Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and · Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company’s financial instruments are accounts payable and notes payable. The recorded values of accounts payable and notes payable approximate their fair values based on their short-term nature.
Share-based Compensation	Share-based Compensation
Dividends	Dividends
Earnings (Loss) per Share	Earnings (Loss) per Share The computation of basic and diluted loss per share for the periods presented is equivalent since the Company had continuing losses. The Company had no common stock equivalents as of December 31, 2013.
Risks and Uncertainties	Risks and Uncertainties
Income Taxes	Income Taxes Assessing whether deferred tax assets are realizable requires significant judgment. The Company considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. To the extent the Company believes it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company’s deferred tax assets, which increase income tax expense in the period when such a determination is made. Income taxes include the largest amount of tax benefit for an uncertain tax position that is more likely than not to be sustained upon audit based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements

SUMMARY OF SIGNIFICANT ACCOUN14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of Useful Lives	The estimated useful lives are: Furniture and fixtures 7 years Computers and office equipment 3-5 years

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment, Net [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following as of March 31, 2014 and December 31, 2013: March 31, 2014 December 31, 2013 Computer and office equipment $ 8,614 $ 8,614 Accumulated depreciation (5,240 ) (4,809 ) Property and equipment, net $ 3,374 $ 3,805

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Notes Payable	As of March 31, 2014 and December 31, 2013 the Company had the following notes payable: March 31, 2014 December 31, 2013 Note payable - 24% interest, unsecured and due January 2013 (1) $ 6,870 $ 6,604 Note payable - repayable on February 28, 2014 with interest of $25,000, secured (3) 50,000 65,167 56,870 71,771 Convertible note payable - 8% interest due December 5, 2014 32,650 - Unamortized debt discount on convertible note payable (29,215 ) - Total Notes Payable 60,305 71,771 Line of credit payable - 2% interest, secured by the Company’s President and due January 1, 2015. (2) 20,410 20,311 (1) In the event of nonpayment, by January 11, 2013, lender is entitled to receive 225,000 common shares of capital stock. Although the Company is in default, no demand has been made by the lender. (2) The Company may draw and repay the line of credit up to a maximum outstanding of $25,000. (3) Payment is guaranteed by the promise to issue 500,000 common shares of the Company’s common stock. Although the Company is in default, no demand has been made by the lender. (4) During the period ended March 31, 2014, the Company issued a Convertible Promissory Notes to Asher Enterprises, Inc. (“Asher”) in the amount of $32,500. The notes bears interest at a rate of 8% per annum, are unsecured and mature on December 5, 2014. The Notes are convertible into common stock in whole or in part at a variable conversion price equal to a 45% discount to average of the lowest three trading prices for the Common Stock during the 10 trading day period ending on the latest complete trading day prior to the conversion date. The Company recorded a discount in the amount of $32,500 in connection with the initial valuation of the beneficial conversion feature of the notes to be amortized utilizing the interest method of accretion over the term of the notes.

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Computers and Office Equipment [Member] | Maximum [Member]
Estimated useful life		5 years
Computers and Office Equipment [Member] | Minimum [Member]
Estimated useful life		3 years
Furniture and Fixtures [Member]
Estimated useful life	7 years
Website development costs, estimated useful life		3 years

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment, Net [Abstract]
Computer and office equipment		$ 8,614	$ 8,614
Accumulated depreciation		(5,240)	(4,809)
Property and equipment, net		$ 1,650	$ 2,081
Depreciation	$ 430

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)		Mar. 31, 2015		Dec. 31, 2014
Debt Disclosure [Abstract]
Note payable - 24% interest, unsecured and due January 2013 (1)	[1]	$ 6,870		$ 6,604
Note payable - repayable on February 28, 2014 with interest of $25,000, secured (3)		50,000	[2]	65,167	[3]
Total of Notes one and two		56,870		$ 71,771
Convertible note payable - 8% interest due December 5, 2014		32,650
Unamortized debt discount on convertible note payable		(29,215)
Total Notes Payable		60,305		$ 71,771
Line of credit payable - 2% interest, secured by the Company’s President and due January 1, 2015. (2)	[2]	$ 20,410		$ 20,311
[1]	In the event of nonpayment, by January 11, 2013, lender is entitled to receive 225,000 common shares of capital stock. Although the Company is in default, no demand has been made by the lender.
[2]	Payment is guaranteed by the promise to issue 500,000 common shares of the Company's common stock. Although the Company is in default, no demand has been made by the lender.
[3]	The Company may draw and repay the line of credit up to a maximum outstanding of $25,000.

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	1 Months Ended	9 Months Ended
	Aug. 31, 2012	Sep. 30, 2012
Stockholders' Equity Note [Abstract]
Stock issued for services, shares	100,000
Stock issued for services, price per share	$ .10
Stock issued for services, value	$ 10,000
Issuance of common stock for cash pursuant to a private placement, shares		527,500
Equity issuance, stock issued for cash pursuant to a private placement, price per share		$ .02
Issuance of common stock for cash pursuant to a private placement		$ 20,750