Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 12, 2013 | |
Document And Entity Information Abstract | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Entity Registrant Name | 'INDIA ECOMMERCE CORP | ' |
Entity Central Index Key | '0001510891 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Units Outstanding | ' | 25,477,500 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash | $18 | $3,777 |
Total current assets | 18 | 3,777 |
Deposits | 1,090 | 1,090 |
Property and equipment, net | 4,236 | 5,528 |
Total noncurrent assets | 5,326 | 6,618 |
Total assets | 5,344 | 10,395 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 5,880 | 4,974 |
Notes payable | 5,604 | 9,236 |
Total current liabilities | 11,484 | 14,210 |
Notes payable | 20,210 | ' |
Total liabilities | 31,694 | 14,210 |
Stockholders' deficit | ' | ' |
Common stock $0.001 par value; 75,000,000 shares authorized, 25,477,500 shares issued and outstanding | 25,478 | 25,478 |
Additional paid-in capital | 129,448 | 129,408 |
Accumulated deficit during the development stage | -181,276 | -158,701 |
Total stockholders' deficit | -26,350 | -3,815 |
Total liabilities and stockholders' deficit | $5,344 | $10,395 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
BALANCE SHEETS [Abstract] | ' | ' |
Common stock, par value per share | $0.00 | $0.00 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 25,477,500 | 25,477,500 |
Common Stock, shares outstanding | 25,477,500 | 25,477,500 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | 32 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Operating expenses | ' | ' | ' | ' | ' |
General and administrative | $4,346 | $21,082 | $20,245 | $39,335 | $172,520 |
Depreciation | 431 | 431 | 1,292 | 1,279 | 4,378 |
Loss on impairment of website | ' | ' | ' | ' | 3,104 |
Total operating expenses | 4,777 | 21,513 | 21,537 | 40,614 | 180,002 |
Loss from operations | -4,777 | -21,513 | -21,537 | -40,614 | -180,002 |
Interest expense | -373 | ' | -1,038 | ' | -1,274 |
Net loss | ($5,150) | ($21,513) | ($22,575) | ($40,614) | ($181,276) |
Net loss per common share - basic and diluted | $0 | $0 | $0 | $0 | ' |
Weighted average common shares outstanding - basic and diluted | 25,477,500 | 25,411,413 | 25,477,500 | 25,257,619 | ' |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Payable [Member] | Accumulated Deficit [Member] |
Balance at Jan. 18, 2011 | ' | ' | ' | ' | ' |
Balance, shares at Jan. 18, 2011 | ' | ' | ' | ' | ' |
Issuance of stock for services | 6,750 | 6,750 | ' | ' | ' |
Issuance of stock for services, shares | ' | 6,750,000 | ' | ' | ' |
Issuance of stock for reimbursement of expenditures paid by stockholders prior to incorporation at $0.001539 per share categorized as follows: | ' | ' | ' | ' | ' |
Cash | 100 | 65 | 35 | ' | ' |
Cash, shares | ' | 64,996 | ' | ' | ' |
Prepaid expenses and deposits | 2,390 | 1,553 | 837 | ' | ' |
Prepaid expenses and deposits, shares | ' | 1,553,394 | ' | ' | ' |
Property and equipment | 7,179 | 4,666 | 2,513 | ' | ' |
Property and equipment, shares | ' | 4,666,033 | ' | ' | ' |
Website development | 3,104 | 2,017 | 1,087 | ' | ' |
Website development, shares | ' | 2,017,463 | ' | ' | ' |
General and administrative expenses | 7,613 | 4,949 | 2,664 | ' | ' |
General and administrative expenses, shares | ' | 4,948,114 | ' | ' | ' |
Issuance of common stock for cash pursuant to a private placement | 97,000 | 4,750 | 92,150 | 100 | ' |
Issuance of common stock for cash pursuant to a private placement, shares | ' | 4,750,000 | ' | 100,000 | ' |
Net loss | -109,973 | ' | ' | ' | -109,973 |
Balance at Dec. 31, 2011 | 14,163 | 24,750 | 99,286 | 100 | -109,973 |
Balance, shares at Dec. 31, 2011 | ' | 24,750,000 | ' | 100,000 | ' |
Issuance of stock for services | 10,000 | 100 | 9,900 | ' | ' |
Issuance of stock for services, shares | ' | 100,000 | ' | ' | ' |
Issuance of stock for reimbursement of expenditures paid by stockholders prior to incorporation at $0.001539 per share categorized as follows: | ' | ' | ' | ' | ' |
Issuance of common stock payable | ' | 100 | ' | -100 | ' |
Issuance of common stock payable, shares | ' | 100,000 | ' | -100,000 | ' |
Issuance of common stock for cash pursuant to a private placement | 20,750 | 528 | 20,222 | ' | ' |
Issuance of common stock for cash pursuant to a private placement, shares | ' | 527,500 | ' | ' | ' |
Net loss | -40,614 | ' | ' | ' | -48,728 |
Balance at Dec. 31, 2012 | -3,815 | 25,478 | 129,408 | ' | -158,701 |
Balance, shares at Dec. 31, 2012 | 25,477,500 | 25,477,500 | ' | ' | ' |
Issuance of stock for reimbursement of expenditures paid by stockholders prior to incorporation at $0.001539 per share categorized as follows: | ' | ' | ' | ' | ' |
Accrued interest waived by stockholders | 40 | ' | 40 | ' | ' |
Net loss | -22,575 | ' | ' | ' | -22,575 |
Balance at Sep. 30, 2013 | ($26,350) | $25,478 | $129,448 | ' | ($181,276) |
Balance, shares at Sep. 30, 2013 | 25,477,500 | 25,477,500 | ' | ' | ' |
STATEMENTS_OF_STOCKHOLDERS_EQU1
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Equity issuance, stock issued for reimbursement of expenditures paid by stockholders, price per share | $0.00 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 32 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($22,575) | ($40,614) | ($181,276) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' | ' |
Depreciation | 1,292 | 1,279 | 4,378 |
Issuance of common stock for non-employee services | ' | 10,000 | 26,753 |
Loss on impairment of website | ' | ' | 3,104 |
Accrued interest on notes payable | 1,038 | ' | 1,274 |
Changes in operating assets and liabilities: | ' | ' | ' |
Deposits | ' | ' | -1,090 |
Accounts payable and accrued liabilities | 906 | -3,010 | 5,880 |
Net cash used by operating activities | -19,339 | -32,345 | -140,977 |
Cash flows from investing activities: | ' | ' | ' |
Property and equipment acquisitions | ' | -1,435 | -1,435 |
Net cash used by investing activities | ' | -1,435 | -1,435 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from notes payable | 20,080 | 4,500 | 33,580 |
Repayments of notes payable | -4,500 | ' | -9,000 |
Proceeds from issuance of common stock | ' | 20,750 | 117,850 |
Net cash provided by financing activities | 15,580 | 25,250 | 142,430 |
Net change in cash | -3,759 | -8,530 | 18 |
Cash, beginning of period | 3,777 | 8,676 | ' |
Cash, end of period | 18 | 146 | 18 |
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 | ' | ' | 7,179 |
Issuance of common stock for website development | ' | ' | 3,104 |
Accrued interest waived by stockholders | $40 | ' | $40 |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended | |
Sep. 30, 2013 | ||
DESCRIPTION OF BUSINESS [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 cloud-based services and ecommerce websites/mobile applications for both the Indian consumer and business marketplace. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||
Sep. 30, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Presentation - The accompanying unaudited interim 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 United States Securities and Exchange Commission for interim financial information. | |||
Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. 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 statement presentation. The interim results for the nine months ended September 30, 2013 are not necessarily indicative of results for the full fiscal year. | |||
These unaudited interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K which contains audited financial statements and notes covering the year ended December 31, 2012. | |||
Development Stage Company - The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include implementation of the business plan, and obtaining additional debt and/or equity related financing. As development stage enterprise, the Company discloses the deficit accumulated during the exploration stage and the cumulative statements of operations, stockholders' deficit and cash flows from inception to the current balance sheet date. | |||
Year-End - The Company has selected December 31 as its year end. | |||
Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles 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 as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Cash - The Company considers all highly liquid instruments purchased with a maturity of three months or less at date of acquisition to be cash equivalents. There were no cash equivalents at September 30, 2013 or December 31, 2012, respectively. | |||
The Company maintains cash balances at an institution that is insured by the Federal Deposit Insurance Corporation. As of September 30, 2013 and December 31, 2012, no amounts were in excess of the federally insured program. | |||
Deposits - Deposits include a security deposit for office space located in Indore, Madhya Pradesh, India. | |||
Property and Equipment - Property and equipment are stated at cost less accumulated depreciation. Expenditures for property acquisitions, development, construction, improvements and major renewals are capitalized. The cost of repairs and maintenance is expensed as incurred. Depreciation is provided on the straight-line method over the estimated useful lives of the assets. Upon sale or other disposition of a depreciable asset, the cost and accumulated depreciation are removed from property and equipment and any gain or loss is reflected as a gain or loss from operations. | |||
The estimated useful lives are: | |||
Furniture and fixtures | 7 years | ||
Computers and office equipment | 3-5 years | ||
Website Development - The Company capitalizes the costs associated with the development of its cloud-based services and ecommerce websites/mobile applications. Other costs related to the maintenance of the website are expensed as incurred. Amortization will be provided over the estimated useful life of 3 years using the straight-line method for financial statement purposes. | |||
Impairment of Long-lived Assets - The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of property and equipment or whether the remaining balance of property and equipment should be evaluated for possible impairment. | |||
Transfers of Nonmonetary Assets by Stockholders - The Company records transfers of nonmonetary assets to the Company by stockholders in exchange for common stock at the stockholders' historical cost basis determined in conformity with generally accepted accounting principles in the United States of America. | |||
Revenue Recognition - The Company currently has not generated revenues. Any future revenues earned, primarily through the sale of products, will be recognized utilizing the following general revenue recognition criteria: 1) pervasive evidence of an arrangement exists; 2) delivery has occurred; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured. | |||
Share-based Compensation Expense - The Company recognizes all forms of share-based payments, including stock option grants, warrants, and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest. | |||
Share-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Share-based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. | |||
When computing fair value of share-based compensation, the Company considers the following variables: | |||
· | The expected option term is computed using the "simplified" method. | ||
· | The expected volatility is based on the historical volatility of its common stock using the daily quoted closing trading prices. | ||
· | The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. | ||
· | The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on our common stock in the foreseeable future. | ||
· | The forfeiture rate is based on the historical forfeiture rate for its unvested stock options. | ||
Income Taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. | |||
The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company's financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry forward period under the Federal tax laws. | |||
Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. | |||
Earnings (Loss) per Share - Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss), adjusted for changes in income or loss that resulted from the assumed conversion of convertible shares, by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. | |||
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 September 30, 2013 or December 31, 2012, respectively. | |||
Fair Value of Financial Instruments - The Company's financial instruments consist of cash, accounts payable, and notes payable. The recorded values of these instruments approximate fair values due to the short maturities of such instruments and the stated or imputed interest rates are commensurate with prevailing market rates for similar obligations. | |||
New Accounting Pronouncements - There are no recent accounting pronouncements that are expected to have a material effect on the Company's interim unaudited financial statements. |
GOING_CONCERN
GOING CONCERN | 9 Months Ended | |
Sep. 30, 2013 | ||
GOING CONCERN [Abstract] | ' | |
GOING CONCERN | ' | |
3. | GOING CONCERN | |
The Company incurred a net loss of $22,575 during the nine months ended September 30, 2013 and has an accumulated net loss of $181,276 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 | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
PROPERTY AND EQUIPMENT [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||
4. | PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consist of the following as of September 30, 2013 and December 31, 2012: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Computer and office equipment | $ | 8,614 | $ | 8,614 | |||||
Accumulated depreciation | (4,378 | ) | (3,086 | ) | |||||
Property and equipment, net | $ | 4,236 | $ | 5,528 | |||||
Depreciation expense for the nine months ended September 30, 2013 and 2012 was $1,292 and $1,279, respectively. |
NOTES_PAYABLE
NOTES PAYABLE | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
NOTES PAYABLE [Abstract] | ' | ||||||||
NOTES PAYABLE | ' | ||||||||
5. | NOTES PAYABLE | ||||||||
As of September 30, 2013 and December 31, 2012, the Company had the following notes payable: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Note payable - 24% interest, unsecured and due January 2013 (1) | $ | 5,524 | $ | 4,716 | |||||
Note payable - 2% interest, unsecured and due October 2013 (2) | - | 4,520 | |||||||
Line of credit - 2% interest, unsecured and due January 2015 (3) | 20,210 | - | |||||||
Note payable - non-interest bearing, unsecured and due on demand | 80 | - | |||||||
Total notes payable | 25,814 | 9,236 | |||||||
Less current maturities | (5,604 | ) | (9,236 | ) | |||||
Net long-term note payable | $ | 20,210 | $ | - | |||||
(1) Upon maturity, this amount may be converted into 225,000 shares of the Company's common stock at $0.02 per share. | |||||||||
(2) Upon repayment of $4,500 in debt, the note holder elected to waive accrued interest totaling $40 which is presented as a contribution on the statement of stockholders' deficit. | |||||||||
(3) In March 2013 the Company entered into a line of credit agreement secured by a personal guarantee of 250,000 shares of common stock owned by the Company's President and Chief Executive Officer. The line of credit has a maximum borrowing capacity of $25,000 and under the agreement the Company will pay interest at a rate of 2% per year. As of September 30, 2013, the Company made draws totaling $20,000. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended | |
Sep. 30, 2013 | ||
STOCKHOLDERS' EQUITY [Abstract] | ' | |
STOCKHOLDERS' EQUITY | ' | |
6. | STOCKHOLDERS' EQUITY | |
Year Ended December 31, 2012 | ||
The Company issued 100,000 shares of common stock which had been recorded to common stock payable at December 31, 2011. | ||
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. | ||
The Company issued 100,000 shares of its common stock to a consultant for services rendered at $0.10 per share. The value of those shares totaled $10,000. | ||
Nine Months Ended September 30, 2013 | ||
Upon repayment of $4,500 in debt, the note holder elected to waive accrued interest totaling $40 which is presented as a contribution on the statement of stockholders' deficit. See also Note 5 regarding notes payable. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | |
Sep. 30, 2013 | ||
SUBSEQUENT EVENTS [Abstract] | ' | |
SUBSEQUENT EVENTS | ' | |
7. | SUBSEQUENT EVENTS | |
In October 2013, the Company entered into a line of credit agreement secured by 500,000 shares of the Company's common stock. The line of credit has a maximum borrowing capacity of $50,000, which together with fixed interest in the amount of $25,000 is due on February 28, 2014. As of November 15, 2013, the Company made draws totaling $50,000. | ||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | ||
Sep. 30, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||
Basis of Presentation | ' | ||
Basis of Presentation - The accompanying unaudited interim 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 United States Securities and Exchange Commission for interim financial information. | |||
Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. 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 statement presentation. The interim results for the nine months ended September 30, 2013 are not necessarily indicative of results for the full fiscal year. | |||
These unaudited interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K which contains audited financial statements and notes covering the year ended December 31, 2012. | |||
Development Stage Company | ' | ||
Development Stage Company - The Company's financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily include implementation of the business plan, and obtaining additional debt and/or equity related financing. As development stage enterprise, the Company discloses the deficit accumulated during the exploration stage and the cumulative statements of operations, stockholders' deficit and cash flows from inception to the current balance sheet date. | |||
Year-End | ' | ||
Year-End - The Company has selected December 31 as its year end. | |||
Use of Estimates | ' | ||
Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles 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 as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Cash | ' | ||
Cash - The Company considers all highly liquid instruments purchased with a maturity of three months or less at date of acquisition to be cash equivalents. There were no cash equivalents at September 30, 2013 or December 31, 2012, respectively. | |||
The Company maintains cash balances at an institution that is insured by the Federal Deposit Insurance Corporation. As of September 30, 2013 and December 31, 2012, no amounts were in excess of the federally insured program. | |||
Deposits | ' | ||
Deposits - Deposits include a security deposit for office space located in Indore, Madhya Pradesh, India. | |||
Property and Equipment | ' | ||
Property and Equipment - Property and equipment are stated at cost less accumulated depreciation. Expenditures for property acquisitions, development, construction, improvements and major renewals are capitalized. The cost of repairs and maintenance is expensed as incurred. Depreciation is provided on the straight-line method over the estimated useful lives of the assets. Upon sale or other disposition of a depreciable asset, the cost and accumulated depreciation are removed from property and equipment and any gain or loss is reflected as a gain or loss from operations. | |||
The estimated useful lives are: | |||
Furniture and fixtures | 7 years | ||
Computers and office equipment | 3-5 years | ||
Website Development | ' | ||
Website Development - The Company capitalizes the costs associated with the development of its cloud-based services and ecommerce websites/mobile applications. Other costs related to the maintenance of the website are expensed as incurred. Amortization will be provided over the estimated useful life of 3 years using the straight-line method for financial statement purposes. | |||
Impairment of Long-Lived Assets | ' | ||
Impairment of Long-lived Assets - The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of property and equipment or whether the remaining balance of property and equipment should be evaluated for possible impairment. | |||
Transfers of Nonmonetary Assets by Stockholders | ' | ||
Transfers of Nonmonetary Assets by Stockholders - The Company records transfers of nonmonetary assets to the Company by stockholders in exchange for common stock at the stockholders' historical cost basis determined in conformity with generally accepted accounting principles in the United States of America. | |||
Revenue Recognition | ' | ||
Revenue Recognition - The Company currently has not generated revenues. Any future revenues earned, primarily through the sale of products, will be recognized utilizing the following general revenue recognition criteria: 1) pervasive evidence of an arrangement exists; 2) delivery has occurred; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured. | |||
Share-based Compensation Expense | ' | ||
Share-based Compensation Expense - The Company recognizes all forms of share-based payments, including stock option grants, warrants, and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest. | |||
Share-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Share-based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. | |||
When computing fair value of share-based compensation, the Company considers the following variables: | |||
· | The expected option term is computed using the "simplified" method. | ||
· | The expected volatility is based on the historical volatility of its common stock using the daily quoted closing trading prices. | ||
· | The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. | ||
· | The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on our common stock in the foreseeable future. | ||
· | The forfeiture rate is based on the historical forfeiture rate for its unvested stock options. | ||
Income Taxes | ' | ||
Income Taxes - Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. | |||
The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company's financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry forward period under the Federal tax laws. | |||
Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. | |||
Earnings (Loss) per Share | ' | ||
Earnings (Loss) per Share - Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss), adjusted for changes in income or loss that resulted from the assumed conversion of convertible shares, by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. | |||
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 September 30, 2013 or December 31, 2012, respectively. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments - The Company's financial instruments consist of cash, accounts payable, and notes payable. The recorded values of these instruments approximate fair values due to the short maturities of such instruments and the stated or imputed interest rates are commensurate with prevailing market rates for similar obligations. | |||
New Accounting Pronouncements | ' | ||
New Accounting Pronouncements - There are no recent accounting pronouncements that are expected to have a material effect on the Company's interim unaudited financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
SUMMARY OF SIGNIFICANT 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) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
PROPERTY AND EQUIPMENT [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
Property and equipment consist of the following as of September 30, 2013 and December 31, 2012: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Computer and office equipment | $ | 8,614 | $ | 8,614 | |||||
Accumulated depreciation | (4,378 | ) | (3,086 | ) | |||||
Property and equipment, net | $ | 4,236 | $ | 5,528 |
NOTES_PAYABLE_Tables
NOTES PAYABLE (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
NOTES PAYABLE [Abstract] | ' | ||||||||
Schedule of Notes Payable | ' | ||||||||
As of September 30, 2013 and December 31, 2012, the Company had the following notes payable: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Note payable - 24% interest, unsecured and due January 2013 (1) | $ | 5,524 | $ | 4,716 | |||||
Note payable - 2% interest, unsecured and due October 2013 (2) | - | 4,520 | |||||||
Line of credit - 2% interest, unsecured and due January 2015 (3) | 20,210 | - | |||||||
Note payable - non-interest bearing, unsecured and due on demand | 80 | - | |||||||
Total notes payable | 25,814 | 9,236 | |||||||
Less current maturities | (5,604 | ) | (9,236 | ) | |||||
Net long-term note payable | $ | 20,210 | $ | - | |||||
(1) Upon maturity, this amount may be converted into 225,000 shares of the Company's common stock at $0.02 per share. | |||||||||
(2) Upon repayment of $4,500 in debt, the note holder elected to waive accrued interest totaling $40 which is presented as a contribution on the statement of stockholders' deficit. | |||||||||
(3) In March 2013 the Company entered into a line of credit agreement secured by a personal guarantee of 250,000 shares of common stock owned by the Company's President and Chief Executive Officer. The line of credit has a maximum borrowing capacity of $25,000 and under the agreement the Company will pay interest at a rate of 2% per year. As of September 30, 2013, the Company made draws totaling $20,000. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Website development costs, estimated useful life | '3 years |
Furniture and Fixtures [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) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 32 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | |
GOING CONCERN [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net loss | $5,150 | $21,513 | $22,575 | $40,614 | $109,973 | $40,614 | $181,276 |
PROPERTY_AND_EQUIPMENT_Details
PROPERTY AND EQUIPMENT (Details) (USD $) | 3 Months Ended | 9 Months Ended | 32 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
PROPERTY AND EQUIPMENT [Abstract] | ' | ' | ' | ' | ' | ' |
Computer and office equipment | $8,614 | ' | $8,614 | ' | $8,614 | $8,614 |
Accumulated depreciation | -4,378 | ' | -4,378 | ' | -4,378 | -3,086 |
Property and equipment, net | 4,236 | ' | 4,236 | ' | 4,236 | 5,528 |
Depreciation | $431 | $431 | $1,292 | $1,279 | $4,378 | ' |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 9 Months Ended | 32 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||
Notes Payable: | ' | ' | ' | ' | |||
Total note payable | $25,814 | ' | $25,814 | $9,236 | |||
Less current maturities | -5,604 | ' | -5,604 | -9,236 | |||
Notes payable | 20,210 | ' | 20,210 | ' | |||
Payments on notes payable | 4,500 | ' | 9,000 | ' | |||
Accrued interest waived by stockholders | 40 | ' | ' | ' | |||
24% Unsecured Note Payable, Due October 2013 [Member] | ' | ' | ' | ' | |||
Notes Payable: | ' | ' | ' | ' | |||
Total note payable | ' | [1] | ' | ' | [1] | 4,520 | [1] |
Note payable, interest rate | 2.00% | ' | 2.00% | ' | |||
Note payable, maturity date | 31-Oct-13 | ' | ' | ' | |||
2% Unsecured Note Payable, Due January 2013 [Member] | ' | ' | ' | ' | |||
Notes Payable: | ' | ' | ' | ' | |||
Total note payable | 5,524 | [2] | ' | 5,524 | [2] | 4,716 | [2] |
Note payable, interest rate | 24.00% | ' | 24.00% | ' | |||
Note payable, maturity date | 31-Jan-13 | ' | ' | ' | |||
Debt conversion, number of shares called by conversion | 225,000 | ' | ' | ' | |||
Debt conversion, price per share | $0.02 | ' | $0.02 | ' | |||
2% Unsecured Line of Credit, Due January 2015 [Member] | ' | ' | ' | ' | |||
Notes Payable: | ' | ' | ' | ' | |||
Total note payable | 20,210 | [3] | ' | 20,210 | [3] | ' | [3] |
Note payable, interest rate | 2.00% | ' | 2.00% | ' | |||
Note payable, maturity date | 31-Jan-15 | ' | ' | ' | |||
Line of credit, common shares used to secure facility | 250,000 | ' | ' | ' | |||
Line of credit, maximum borrowing capacity | 25,000 | ' | 25,000 | ' | |||
Line of credit, amount outstanding | $20,000 | ' | $20,000 | ' | |||
[1] | Upon repayment of $4,500 in debt, the note holder elected to waive accrued interest totaling $40 which is presented as a contribution on the statement of stockholders' deficit. | ||||||
[2] | Upon maturity, this amount may be converted into 225,000 shares of the Company's common stock at $0.02 per share. | ||||||
[3] | In March 2013 the Company entered into a line of credit agreement secured by a personal guarantee of 250,000 shares of common stock owned by the Company's President and Chief Executive Officer. The line of credit has a maximum borrowing capacity of $25,000 and under the agreement the Company will pay interest at a rate of 2% per year. As of September 30, 2013, the Company made draws totaling $20,000. |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 32 Months Ended | ||
Aug. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | |
Stock issued for services, shares | 100,000 | ' | ' | ' | ' | ' |
Stock issued for services, price per share | $0.10 | ' | ' | ' | ' | ' |
Stock issued for services | ' | ' | ' | $6,750 | $10,000 | ' |
Issuance of common stock for cash pursuant to a private placement, shares | ' | ' | 527,500 | ' | ' | ' |
Issuance of common stock for cash pursuant to a private placement | ' | ' | ' | 97,000 | 20,750 | ' |
Payments on notes payable | ' | 4,500 | ' | ' | ' | 9,000 |
Accrued interest waived by stockholders | ' | $40 | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Equity issuance, stock issued for cash pursuant to a private placement, price per share | ' | ' | $0.02 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Equity issuance, stock issued for cash pursuant to a private placement, price per share | ' | ' | $0.10 | ' | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
Oct. 31, 2013 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Line of credit, maximum borrowing capacity | $50,000 |
Line of credit, amount outstanding | 50,000 |
Line of credit, fixed interest | $25,000 |
Line of credit, shares secured | 500,000 |