Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 15, 2016 | |
Document And Entity Information Abstract | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Entity Registrant Name | Ystrategies Corp. | |
Entity Central Index Key | 1,510,891 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Units Outstanding | 62,129,156 | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 8,804 | $ 1,766 |
Accounts receivable | 7,090 | |
Total current assets | 8,804 | 8,856 |
Long term assets | ||
Property and equipment, net | 357 | |
Total noncurrent assets | 357 | |
Total assets | 8,804 | 9,213 |
Current liabilities | ||
Accounts payable and accrued liabilities | 54,201 | 37,798 |
Notes payable, related party | 4,500 | 4,500 |
Total current liabilities | 58,701 | 42,298 |
Stockholders' deficit | ||
Common stock $0.001 par value; 75,000,000 shares authorized; 13,532,915 and 5,007,916 shares issued outstanding, respectively | 13,534 | 5,008 |
Common stock to be issued | ||
Additional paid-in capital | 2,629,572 | 707,470 |
Accumulated deficit | (2,693,003) | (745,563) |
Total stockholders' deficit | (49,897) | (33,085) |
Total liabilities and stockholders' deficit | $ 8,804 | $ 9,213 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 13,532,915 | 5,007,916 |
Common Stock, shares outstanding | 13,532,915 | 5,007,916 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue | ||||
Consulting fees | $ 5,000 | $ 7,500 | ||
Commissions | 1,363 | 8,580 | ||
Total revenue | 1,363 | 5,000 | 8,580 | 7,500 |
Operating expenses | ||||
Costs of revenues | 644 | 3,966 | ||
Depreciation | 431 | 357 | 862 | |
General and administrative | 1,919,570 | 17,561 | 1,950,772 | 57,832 |
Total operating expenses | 1,920,214 | 17,992 | 1,955,095 | 58,694 |
Net operating loss | (1,918,851) | (12,992) | (1,946,515) | (51,194) |
Other expense | ||||
Loss on extinguishment of debt | (116,687) | |||
Change in derivative liability | 15 | |||
Interest expense | 656 | 519 | 925 | 1,004 |
Total other expense | 656 | 519 | 925 | 117,706 |
Loss before provision for income taxes | (1,919,507) | (13,511) | (1,947,440) | (168,900) |
Net loss | $ (1,919,507) | $ (13,511) | $ (1,947,440) | $ (168,900) |
Net loss per common share - basic and diluted | $ (0.23) | $ 0 | $ (0.28) | $ (0.04) |
Weighted average common shares outstanding - basic and diluted | 8,454,344 | 5,007,916 | 6,942,119 | 4,475,095 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (1,947,440) | $ (168,900) |
Adjustments to reconcile net loss to net cash provided by (used in) by operating activities: | ||
Amortization of prepaid expenses | 27,625 | |
Common stock to be issued for services | 1,900,628 | |
Change in derivative liability | 15 | |
Depreciation | 357 | 862 |
Loss on extinguishment of debt | 116,687 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 7,090 | |
Accounts payable and accrued liabilities | 16,403 | 8,504 |
Customer deposit | 22,377 | |
Refund of rental deposit | 280 | |
Net cash used by operating activities | (22,962) | 7,450 |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 30,000 | |
Net cash provided by financing activities | 30,000 | |
Net change in cash | 7,038 | 7,450 |
Cash, beginning of period | 1,766 | 10,713 |
Cash, end of period | 8,804 | 18,163 |
Non-cash investing and financing activities: | ||
Stock issued for settlement of debt and derivative liability | $ 166,702 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1 DESCRIPTION OF BUSINESS India Ecommerce Corporation (the "Company") located in Pittsburgh PA was incorporated under the laws of the state of Nevada on January 19, 2011. On March 11, 2016 the Company changed its name to Ystratergies Corp. The Company has increased the scope of its business model to include the management of interests in technology platforms and growth businesses with strong intellectual property positions. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements of Ystratergies have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the years ended December 31, 2015 and 2014 contained in the Company's Form 10-K originally filed with the Securities and Exchange Commission on April 13, 2016. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for years ended December 31, 2015 and 2014 as reported in the Company's Form 10-K have been omitted. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements' estimates or assumptions could have a material impact on the Company's financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The Company's financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. Cash and Cash Equivalents For purposes of the statements of cash flows, cash equivalents include all highly liquid investments with original maturities of three months or less which are not securing any corporate obligations. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Property and Equipment Property and equipment are carried at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are: Estimated Classification Useful Lives Furniture and fixtures 5-7 years Computers and office equipment 3-5 years Revenue Recognition The Company recognizes revenue for its professional services when persuasive evidence of an arrangement exists, performance of services has occurred, the sales price is fixed or determinable and collectability is probable. Revenue, from the sale of products, is recognized upon receipt from the internet vendor of the month's transactions. Consulting revenue is earned by providing intellectual internet oriented professional services on a contractual basis, usually paid for in advance. If the scope of the engagement exceeds the Company's abilities, part or all of the project may be outsourced to a third party that possess the necessary disciplines. Other revenue is generated through the sale of products, in which case, the Company will purchase inventory and resell it over the Internet. During the six months ended June 30, 2016, the Company earned no revenue from consulting services, provided to clients, and $8,580 for Internet based product sales generated through an Amazon web site. Because the Company utilizes an independent third party as a partner in this product sales venture, the Company records, only, its share of the revenue and deducts the inventory cost as cost of sales. Subsequent to June 30, 2016, the Company is no longer receiving revenue from Amazon.com. That source of revenue is auxiliary to the Company's overall business plan and there are no immediate plans to reinstate that activity. Impairment of Long-lived Assets Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. No liability for unrecognized tax benefits was recorded as of June 30, 2016 and December 31, 2015. Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data Stock-Based Compensation The Company records stock-based compensation at fair value as of the date of grant and recognizes the corresponding expense over the requisite service period (usually the vesting period), utilizing the Black-Scholes option-pricing model. The volatility component of the calculation is based on the historic volatility of the Company's stock or the expected future volatility. The expected life assumption is primarily based.on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, the Company reclassified depreciation expense to disclose it as a separate line item. Loss per Common Share Basic earnings per share are calculated dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share are based on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, warrants and options are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were potentially 715,192 dilutive shares outstanding as of June 30, 2016. Recently Adopted Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2016 | |
GOING CONCERN [Abstract] | |
GOING CONCERN | NOTE 3 GOING CONCERN The accompanying financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the financial statements, during the six months ended June 30, 2016, the Company incurred a net loss of $1,947,440 which included a deduction for stock based compensation of $1,900,628 and as of the same date has an accumulated deficit of $2,693,003. If the Company is unable to generate profits and is unable to continue to obtain financing for its working capital requirements, it may have to curtail its business sharply or cease business altogether. These factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustment relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company is taking certain steps to provide the necessary capital to continue its operations. These steps include, but are not limited to: 1) develop a new business model which will provide sufficient revenue to become profitable; 2) focus on sales to minimize the need for capital; 3) raise equity financing; 4) continuous focus on reductions in cost where possible. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Computers and office equipment $ 8,614 $ 8,614 less: accumulated depreciation (8,614 ) (8,257 ) Equipment - net $ - $ 357 Depreciation expense included as a charge to income of $357 for the six months ended June 30, 2016 and $862 for the six months ended June 30 2015. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 RELATED PARTY TRANSACTIONS On February 29, 2016, the Company resolved to sell 600,000 post-split common shares to, each of, two individuals, for a total consideration of $30,000 cash, which was received on March 3, 2016. On March 10, 2016, the Board of Directors appointed Messrs. Jim Kiles and Paul Overby to the two vacant positions on the Company's Board of Directors. Mr. Kiles was also appointed President and Chief Executive Officer in the place of Ashish Badjatia, who resigned as President and CEO. Mr. Overby was appointed Chief Strategy Officer. On June 3, 2016 the Company issued 7,249,999 of its common restricted shares to seven individuals for past services provided as directors, officers and employees. The shares were recorded at a cost of $0.26, each, for a total cost of $1,885,000. On April 1, 2016, the Board of Directors passed a resolution to pay Ashish Badjatia, a director and chief operating officer, $3,000 per month as compensation for services to be rendered. |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 6 NOTES PAYABLE The components of notes payable at June 30, 2016 are summarized in the table below: March 31, December 31, 2016 2015 Related party note payable 24% interest, unsecured and due January 2013 $ 4,500 $ 4,500 $ 4,500 $ 4,500 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 COMMITMENTS AND CONTINGENCIES On March 14, 2016 the Company entered into a consulting agreement with an individual to provide marketing and consulting expertise. The agreement required compensation of 50,000 common restricted shares, to be issued within fourteen days or receipt of FINRA approval to the corporate re-organization, and 25,000 common restricted shares, to be issued each quarter, thereafter, until terminated by either party. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 8 STOCKHOLDERS' DEFICIT Between February 23, 2015 and March 23, 2015 the Company issued 13,959,989 pre-reverse split and 139,600 post reverse split of its restricted common shares to convert a note payable of $50,000 and $116,702 of derivative liability. The shares were issued at an average price of $0.0036 per share pre-reverse split and $0.36 per share post reverse split.. The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of $0.001 per share. There are no preferred shares authorized to be issued. There were 13,532,915 and 5,007,916 shares of post-split common stock issued and outstanding at June 30, 2016 and December 31, 2015, compared to 50,079,156 outstanding pre-reverse stock split at December 31, 2015. On March 3, 2016 the Company received a cash payment of $30,000, for the sale of 12,000,000 pre-reverse split shares at a cost of $0.0025 per share or 1,200,000 post-reverse common shares, at a cost of $0.025 per share. On June 3, 2016, the Company issued 7,249,999 common restricted shares to seven individuals, officers and directors, to compensate them for past services. The shares were recorded at a cost of $0.26 per share for a total cost of $1,885,000. On June 3, 2016, the Company approved the issuance of 50,000 common restricted shares to a consultant for services provided and to be provided. The shares were recorded at a cost of $0.26 for a total cost of $13,000. On June 30, 2016 the Company issued 25,000 common restricted shares to the same consultant for services rendered, recorded at a cost of $0.1051 or a total cost of $2,628. |
STOCK PURCHASE WARRANTS
STOCK PURCHASE WARRANTS | 6 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
STOCK PURCHASE WARRANTS | NOTE 9 STOCK PURCHASE WARRANTS During the year ended December 31, 2014, the Company issued 1,666,667 warrants to creditors to acquire its common stock. In applying the Black-Scholes options pricing model to the options and warrant grants, the fair value of our share-based awards granted were estimated using the following assumptions for the periods indicated below: December 31, 2014 Risk-free interest rate 1.52% Expected options life 2.50 Expected dividend yield - Expected price volatility 701% A summary of the status of the Company's stock options as of June 30, 2016 and changes during the six months ended June 30, 2016 is presented below: Number of Warrants Outstanding at December 31, 2015 1,666,667 Warrants exercised - Warrants forfeited or expired - Outstanding at June 30, 2016 1,666,667 Exercisable at June 30, 2016 1,666,667 The following table summarizes information about options and warrants as of June 30, 2016: Warrants Outstanding Warrants Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.06 1,666,667 3.42 $ 0.06 1,666,667 $ 0.06 1,666,667 3.42 $ 0.06 1,666,667 $ 0.06 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date of this report and has not identified any reportable events. |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Management acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company's system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements' estimates or assumptions could have a material impact on the Company's financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The Company's financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statements of cash flows, cash equivalents include all highly liquid investments with original maturities of three months or less which are not securing any corporate obligations. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. |
Deposits | Deposits Deposits include a security deposit for office space located in Pittsburgh, PA. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are: Estimated Classification Useful Lives Furniture and fixtures 5-7 years Computers and office equipment 3-5 years |
Revenue Recognition | Revenue Recognition The Company recognizes revenue for its professional services when persuasive evidence of an arrangement exists, performance of services has occurred, the sales price is fixed or determinable and collectability is probable. Revenue, from the sale of products, is recognized upon receipt from the internet vendor of the month's transactions. Consulting revenue is earned by providing intellectual internet oriented professional services on a contractual basis, usually paid for in advance. If the scope of the engagement exceeds the Company's abilities, part or all of the project may be outsourced to a third party that possess the necessary disciplines. Other revenue is generated through the sale of products, in which case, the Company will purchase inventory and resell it over the Internet. During the six months ended June 30, 2016, the Company earned no revenue from consulting services, provided to clients, and $8,580 for Internet based product sales generated through an Amazon web site. Because the Company utilizes an independent third party as a partner in this product sales venture, the Company records, only, its share of the revenue and deducts the inventory cost as cost of sales. Subsequent to June 30, 2016, the Company is no longer receiving revenue from Amazon.com. That source of revenue is auxiliary to the Company's overall business plan and there are no immediate plans to reinstate that activity. Impairment of Long-lived Assets |
Impairment of Long-Lived Assets | Impairment of Long-lived Assets |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company also follows the guidance related to accounting for income tax uncertainties. In accounting for uncertainty in income taxes, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. No liability for unrecognized tax benefits was recorded as of June 30, 2016 and December 31, 2015. |
Fair Value of Financial Instruments | Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data |
Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation at fair value as of the date of grant and recognizes the corresponding expense over the requisite service period (usually the vesting period), utilizing the Black-Scholes option-pricing model. The volatility component of the calculation is based on the historic volatility of the Company's stock or the expected future volatility. The expected life assumption is primarily based on historical exercise patterns and employee post-vesting termination behavior. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. |
Loss per Common Share | Loss per Common Share Basic earnings per share are calculated dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share are based on the assumption that all dilutive convertible shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, warrants and options are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. There were potentially 715,192 dilutive shares outstanding as of June 30, 2016. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements There are no recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives | The estimated useful lives of depreciable assets are: Estimated Classification Useful Lives Furniture and fixtures 5-7 years Computers and office equipment 3-5 years |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property and Equipment | June 30, December 31, 2016 2015 Computers and office equipment $ 8,614 $ 8,614 less: accumulated depreciation (8,614 ) (8,257 ) Equipment - net $ - $ 357 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | The components of notes payable at June 30, 2016 are summarized in the table below: March 31, December 31, 2016 2015 Related party note payable 24% interest, unsecured and due January 2013 $ 4,500 $ 4,500 $ 4,500 $ 4,500 |
STOCK PURCHASE WARRANTS (Tables
STOCK PURCHASE WARRANTS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Company stock options | Number of Warrants Outstanding at December 31, 2015 1,666,667 Warrants exercised - Warrants forfeited or expired - Outstanding at June 30, 2016 1,666,667 Exercisable at June 30, 2016 1,666,667 |
Summary of options and warrants | The following table summarizes information about options and warrants as of June 30, 2016: Warrants Outstanding Warrants Exercisable Exercise Price Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 0.06 1,666,667 3.42 $ 0.06 1,666,667 $ 0.06 1,666,667 3.42 $ 0.06 1,666,667 $ 0.06 |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful life | 7 years |
Computers and Office Equipment [Member] | Minimum [Member] | |
Estimated useful life | 3 years |
Computers and Office Equipment [Member] | Maximum [Member] | |
Estimated useful life | 5 years |
GOING CONCERN (Details)
GOING CONCERN (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
GOING CONCERN [Abstract] | |
Accumulated Net losses | $ 773,497 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |||||
Computer and office equipment | $ 8,614 | $ 8,614 | $ 8,614 | ||
less: Accumulated depreciation | (8,614) | (8,614) | (8,257) | ||
Property and equipment, net | $ 357 | ||||
Depreciation | $ 431 | $ 357 | $ 862 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Note payable - 24% interest, unsecured and due January 2013 | $ 4,500 | $ 4,500 |
Total Notes Payable | $ 4,500 | $ 4,500 |
STOCKHOLDERS' DEFICIT (Details)
STOCKHOLDERS' DEFICIT (Details) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Stockholders' Equity Note [Abstract] | |
Number of common shares sold for cash | shares | 12,000,000 |
Price per share | $ / shares | $ 0.0025 |
Cash Proceeds | $ | $ 30,000 |
STOCK PURCHASE WARRANTS - Statu
STOCK PURCHASE WARRANTS - Status of options (Details) | 6 Months Ended |
Jun. 30, 2016shares | |
Notes to Financial Statements | |
Outstanding at December 31, 2015 | 1,666,667 |
Warrants exercised | |
Warrants forfeited or expired | |
Outstanding at June 30, 2016 | 1,666,667 |
Exercisable at June 30, 2016 | 1,666,667 |
STOCK PURCHASE WARRANTS - Summa
STOCK PURCHASE WARRANTS - Summary of options and warrants (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2016 | |
Notes to Financial Statements | ||
Exercise Price | $ 0.06 | |
Warrants Outstanding | $ 1,666,667 | |
Warrants Outstanding - Weighted Average Remaining Contractual Life (in years) | 4 years 6 months 5 days | |
Warrants Outstanding - Weighted Average Exercise Price | $ 0.06 | |
Warrants Exercisable | 1,666,667 | |
Warrants Exercisable - Weighted Average Exercise Price | $ 0.06 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 6 Months Ended |
Jun. 30, 2016USD ($)shares | |
Related Party Transactions [Abstract] | |
Number of common shares sold to each of two individuals | shares | 6,000,000 |
Amoount of cash received for all shares sold | $ | $ 30,000 |