Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Apr. 11, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Excel Corp | ' |
Entity Central Index Key | '0001512890 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Period Focus | 'FY | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Well-Known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Public Float | ' | $4,162,532 |
Entity Common Stock, Shares Outstanding | ' | 68,693,462 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash and cash equivalents | $8,328 | $646,136 |
Accounts receivable | 2,250 | 7,500 |
Prepaid Expenses | 32,979 | ' |
Notes receivable | ' | 60,000 |
Accrued interest on note receivable | ' | 1,515 |
Total current assets | 43,557 | 715,151 |
Other Assets | ' | ' |
Security Deposits | 7,939 | ' |
License agreements | ' | 150,000 |
Total other assets | 7,939 | 150,000 |
Total Assets | 51,496 | 865,151 |
Current Liabilities | ' | ' |
Accounts payable | 146,949 | 140,514 |
Accrued Payroll and Payroll Liabilities | 66,113 | ' |
Other Accrued Liabilities | 12,039 | ' |
Notes payable | ' | 120,000 |
Advances | 150,000 | ' |
Shares subject to mandatory redemption | ' | 277,000 |
Total current liabilities | 375,101 | 537,514 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $.0001 par value, 10,000,000 shares authorized, none issued and outstanding | ' | ' |
Common stock, $.0001 par value, 200,000,000 shares authorized 67,064,892 and 31,523,745 shares issued and outstanding as of December 31, 2013 and December 31, 2012 respectively | 6,706 | 3,152 |
Additional paid-in capital | 1,010,947 | 725,164 |
Accumulated (deficit) | -1,341,258 | -400,679 |
Total stockholders' equity (deficit) | -323,605 | 327,637 |
Total Liabilities and Stockholders' Equity | $51,496 | $865,151 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Balance Sheet [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 67,064,892 | 31,523,745 |
Common stock, shares outstanding | 67,064,892 | 31,523,745 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | 38 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Revenues | ' | ' | ' |
Commission Income | $33,015 | ' | $33,015 |
Management Fee Income | 209,750 | ' | 209,750 |
Residual Income | 92,092 | ' | 92,092 |
Lease Income | 11,104 | ' | 11,104 |
Service Fee Income | 86,500 | 7,500 | 94,000 |
Total Revenues | 432,461 | 7,500 | 439,961 |
Cost of Sales | ' | ' | ' |
Commissions & Other Merchant Costs | 45,070 | ' | 45,070 |
Total Cost of Sales | 45,070 | ' | 45,070 |
Gross Profit | 387,391 | 7,500 | 394,891 |
Sales, General and Administrative Expense | ' | ' | ' |
Payroll | 687,037 | ' | 687,037 |
Legal & Professional Fees | 164,321 | 198,616 | 426,118 |
Outside Services | 127,322 | 207,222 | 334,544 |
Rent | 36,000 | ' | 36,000 |
Bad Debt | 33,281 | ' | 33,281 |
Travel | 31,181 | ' | 31,181 |
Marketing & Advertising | 29,782 | 72,425 | 102,207 |
Insurance | 28,441 | ' | 28,441 |
Misc SG&A Expense | 53,667 | 85,953 | 143,480 |
Total SG&A Expense | 1,191,032 | 564,216 | 1,822,289 |
Net (loss) before other income, other expense and income taxes | -803,641 | -556,716 | -1,427,398 |
Other Income | ' | ' | ' |
Gain on sale of note receivable | ' | 220,313 | 220,313 |
Referral fee income | ' | 1,250 | 1,250 |
Interest income (writeoff for uncollectible interest) | -1,515 | 1,515 | ' |
Miscellaneous other income | 450 | ' | 450 |
Total Other Income | -1,065 | 223,078 | 222,013 |
Other Expense | ' | ' | ' |
Acquisition of subsidiary | 20,868 | ' | 20,868 |
Miscellaneous other expense | 115,005 | ' | 115,005 |
Total Other Expense | 135,873 | ' | 135,873 |
Net (loss) before income taxes | -940,579 | -333,638 | -1,341,258 |
Income Taxes | ' | ' | ' |
Current | ' | ' | ' |
Deferred | ' | ' | ' |
Total income taxes | ' | ' | ' |
Net (loss) | ($940,579) | ($333,638) | ($1,341,258) |
Loss Per Share | ' | ' | ' |
Basic & Diluted | ($0.01) | ($0.01) | ($0.02) |
Weighted Average Shares Outstanding | ' | ' | ' |
Basic & Diluted | 65,548,471 | 30,968,240 | 65,548,471 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Deficit Accumulated During the Development Stage |
Balances at Nov. 13, 2010 | ' | ' | ' | ' | ' |
Balances (in shares) at Nov. 13, 2010 | ' | ' | ' | ' | ' |
Issuance of common stock for cash at $.002 and 0.40 per share, respectively | ' | ' | 2,899 | 55,073 | ' |
Issuance of common stock for cash at $.002 and 0.40 per share, respectively, Shares | ' | ' | 28,986,000 | ' | ' |
Less: Stock offering costs | ' | ' | ' | -16,500 | ' |
Net Income | ' | ' | ' | ' | -750 |
Balances at Dec. 31, 2010 | ' | ' | 2,899 | 38,573 | -750 |
Balances (in shares) at Dec. 31, 2010 | ' | ' | 28,986,000 | ' | ' |
Issuance of common stock for cash at $.002 and 0.40 per share, respectively | ' | ' | 150 | 599,850 | ' |
Issuance of common stock for cash at $.002 and 0.40 per share, respectively, Shares | ' | ' | 1,500,000 | ' | ' |
Less: Stock offering costs | ' | ' | ' | -63,156 | ' |
Net Income | ' | ' | ' | ' | -66,291 |
Balances at Dec. 31, 2011 | ' | ' | 3,049 | 575,267 | -67,041 |
Balances (in shares) at Dec. 31, 2011 | ' | ' | 30,486,000 | ' | ' |
Retirement of common stock at .0001 per share | ' | ' | -5 | 5 | ' |
Retirement of common stock at .0001 per share, Shares | ' | ' | -50,000 | ' | ' |
Issuance of common stock for exchange of subsidiaries preferred stock @ .1379 per share | ' | ' | 108 | 149,892 | ' |
Issuance of common stock for exchange of subsidiaries preferred stock @ .1379 per share, Share | ' | ' | 1,087,745 | ' | ' |
Net Income | -333,638 | ' | ' | ' | -333,638 |
Balances at Dec. 31, 2012 | 327,637 | ' | 3,152 | 725,164 | -400,679 |
Balances (in shares) at Dec. 31, 2012 | ' | ' | 31,523,745 | ' | ' |
Issuance of common stock for exchange of subsidiaries preferred stock @ .1379 per share | ' | ' | 201 | 276,799 | ' |
Issuance of common stock for exchange of subsidiaries preferred stock @ .1379 per share, Share | ' | ' | 2,008,701 | ' | ' |
Issuance of common stock for acquisition of Excel Business Solutions at par value (.0001 per share) | ' | ' | 3,353 | ' | ' |
Issuance of common stock for acquisition of Excel Business Solutions at par value (.0001 per share), Shares | ' | ' | 33,532,446 | ' | ' |
Recognition of options vested on April 11, 2013 | ' | ' | ' | 8,984 | ' |
Net Income | -940,579 | ' | ' | ' | -940,579 |
Balances at Dec. 31, 2013 | ($323,605) | ' | $6,706 | $1,010,947 | ($1,341,258) |
Balances (in shares) at Dec. 31, 2013 | ' | ' | 67,064,892 | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Statement Of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Per share price of common shares issued | $0.00 | $0.00 | $0.40 | $0.00 |
Issuance of common stock for exchange of subsidiaries preferred stock, Per share | $0.14 | $0.14 | ' | ' |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | 38 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Operating Activities: | ' | ' | ' |
Net (Loss) | ($940,579) | ($333,638) | ($1,341,258) |
Decrease (increase) | ' | ' | ' |
Accounts receivable | 5,250 | -7,500 | -2,250 |
Prepaid and other current assets | -32,979 | ' | -32,979 |
Security deposits | -7,939 | ' | -7,939 |
Accrued Interest on Note | 1,515 | -1,515 | ' |
Increase (decrease) | ' | ' | ' |
Accounts payable | 6,435 | 98,733 | 146,949 |
Accrued payroll and payroll liabilities | 66,113 | ' | 66,113 |
Other accrued liabilities | 12,039 | ' | 12,039 |
Net cash (used in) operating activities | -890,145 | -243,920 | -1,159,325 |
Cash flows from investing activities: | ' | ' | ' |
Decrease (increase) in due from notes receivable | 60,000 | -60,000 | ' |
Decrease in payments on notes payable | -120,000 | ' | -120,000 |
Increase from proceeds from advances | 150,000 | ' | 270,000 |
Increase (decrease) in license agreements | 150,000 | 50,000 | ' |
Net cash provided by (used in) investing activities | 240,000 | -10,000 | 150,000 |
Cash flows from financing activities: | ' | ' | ' |
Issuance of shares subject to mandatory redemption | -277,000 | 277,000 | ' |
Increase (decrease) in additional paid in capital | 285,783 | 149,895 | 1,010,947 |
Issuance of common stock | 3,554 | 103 | 6,706 |
Net cash provided by financing activities | 12,337 | 426,998 | 1,017,653 |
Net increase (decrease) in cash | -637,808 | 173,078 | 8,328 |
Cash - beginning | 646,136 | 473,058 | ' |
CASH - ENDING | 8,328 | 646,136 | 8,328 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest paid | ' | ' | ' |
Income taxes paid | ' | ' | ' |
Supplemental disclosures of noncash investing and financing activities | ' | ' | ' |
Organization_and_Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization and Operations [Abstract] | ' |
ORGANIZATION AND OPERATIONS | ' |
1. ORGANIZATION AND OPERATIONS | |
Excel Corporation (the “Parent”) was organized November 13, 2010 as a Delaware corporation. The Parent has two wholly owned subsidiaries, LifeguardCig Inc., formerly XL Fashions Inc., formed in fiscal year 2012, (the “First Subsidiary”), and Excel Business Solutions, Inc., formed in fiscal year 2013 (see note 14), (the “Second Subsidiary”), (Parent, First Subsidiary and Second Subsidiary, collectively, the “Company”). | |
The Company currently is considered a development stage company as defined by FASB ASC 915-205-45-6. The Company is currently devoting substantially all of its efforts in two areas. First, the Company is licensing brands in a broad range of product categories. The Company also intends to license select brands where the brand name can be leveraged into new categories. The Company’s objective is to develop a diversified portfolio of iconic consumer brands by issuing licenses and then organically growing the existing portfolio, licensing new brands and entering into joint ventures or other partnerships with the goal of leveraging the experience of management in the license of branded merchandise. | |
Based upon the experience of its management, the Company expects that its licenses will typically require licensees to pay royalties based upon net sales with guaranteed minimum royalties in the event that net sales do not reach specified targets. The Company further expects that any licenses issued will require licensees to pay certain minimum amounts for the advertising and marketing of the respective license brands. | |
The Company’s other efforts are in the merchant processing industry. The Company focuses on acquiring merchants for credit card processing. The Company does this through Independent Sales Organizations (“ISO”s) who solicit small to medium sized merchants. These merchants may be underserved by the large processors in terms of pricing and customer service and may therefore be better suited to receive service from a merchant acquirer. As a result of processing relationships, the Company believes that it will be able to provide competitively priced credit and debit card processing while providing a high level of customer service. | |
The Company sells electronic payment processing services, which include credit and debit card processing, check approval, and ancillary processing equipment and software services to merchants who accept credit cards, debit cards, checks, and other non-cash forms of payment. In addition, the Company looks to acquire monthly residual streams currently in place between ISOs and processors. | |
Excel Cash Solutions, Inc. (“ECSI”) has been formed as a wholly owned subsidiary of Excel Business Solutions, Inc on August 19, 2013. ECSI manages a sales team intending to originate the sales of financial products targeted for small to mid-sized merchants. ECSI is compensated with referral fees for realized credit card processing agreements, equipment leases and cash advances. All payment processing accounts will be referred to Excel Business Solutions, Inc. The Company is exploring the opportunity of expanding its business into the receivable purchasing space and would have first right of refusal to participate in any transactions originated by ECSI. | |
Additionally, Excel Capital Solutions, LLC, (“ECap”), has been formed as a wholly owned subsidiary of Excel Cash Solutions, Inc on September 25, 2013. ECap negotiates, manages and holds agreements between other merchant service providers and ECap. |
Going_Concern
Going Concern | 12 Months Ended |
Dec. 31, 2013 | |
Going Concern [Abstract] | ' |
GOING CONCERN | ' |
2. GOING CONCERN | |
The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has incurred losses since its inception and has not yet been successful in establishing profitable operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management is proposing to raise any necessary additional funds through sales of its common stock or through loans from shareholders. There is no assurance that the Company will be successful in raising additional capital or achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accounting and reporting policies of the Company conform with generally accepted accounting principles (GAAP). In the opinion of management, the accompanying consolidated financial statements of the Company contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the consolidated balance sheets as of December 31, 2013 and December 31, 2012, the consolidated statements of operations and comprehensive income for the years ended December 31, 2013 and 2012, and the consolidated statements of cash flows for the years ended December 31, 2013 and 2012. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the year ended December 31, 2013 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Date of Management’s Review of Subsequent Events | |
Subsequent events were considered through April 15, 2014, which is the date the financial statements were available to be issued. | |
Accounting Method | |
The Company’s financial statements are prepared on the accrual method of accounting. | |
Revenue Recognition | |
The Company’s revenue will consist of fees from licenses issued and merchant acquirer fees. License revenues will include royalties and brand fund contributions which will be based on a percent of sales and an initial license fee. Royalties, license fees and brand fund contributions will be recognized in the period earned. | |
Merchant acquirer revenue is primarily comprised of credit and debit card fees charged to merchants, net of association fees, otherwise known as Interchange, for payment processing services, including authorization, capture, clearing, settlement and information reporting of electronic transactions. Fees are calculated on either a percentage of the dollar volume of the transaction or a fixed fee or a hybrid of the two and are recognized at the time of the transaction. | |
As part of being a merchant acquirer, the Company does also receive fees for management of potential acquired portfolios, as well as subsidy payments to aid the company in growth for a period. Typically these are negotiated through a contract. | |
In addition, the Company may also receive payment for brokering deals between a funder and a merchant where the funder purchases a portion of the merchant’s future receivables. The commission the Company receives is typically calculated as a percentage on the profit the funder makes from such purchase. | |
Finally, the company may also from time to time lease a credit card terminal to a merchant. This lease is not held by the company, but instead is sold at a discounted percentage of the total value on the life of the lease as negotiated with the merchant for the terminal. Revenue for the sale of the lease is recognized when it is paid. | |
Cash and Cash Equivalents | |
For purposes of reporting the statement of cash flows, the Company includes all cash accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less as cash and cash equivalents. The carrying amount of financial instruments included in cash and cash equivalents approximates fair value because of the short maturities for the instruments held. | |
Income Taxes | |
Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. 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 established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. | |
Loss Per Share | |
Loss per share is based on the weighted average number of common shares. Diluted loss per share was not presented, as the company as of December 31, 2013 has outstanding 150,000 options which would have an anti-dilutive effect on earnings. | |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount 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. Actual results could differ from those estimates. | |
Material estimates that are particularly susceptible to significant change relate to the evaluation of deferred tax assets. | |
Reclassification | |
Certain amounts as of the year ended December 31, 2012 have been reclassified to conform to the current year’s presentation. These changes have no effect on the company’s results of operations or financial position. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
4. RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued ASU No. 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income , which is intended to improve the reporting of reclassifications out of accumulated other comprehensive income. It does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012, with early adoption permitted. The adoption of the provision in this ASU did not have a material impact on the Company’s consolidated financial statements. | |
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Measurements [Abstract] | ' |
FAIR VALUE MEASUREMENTS | ' |
5. FAIR VALUE MEASUREMENTS | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic No. 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as described below: | |
Level 1: Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | |
Level 2: Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly. Level 2 inputs include quoted prices for similar assets, quoted prices in markets that are not considered to be active, and observable inputs other than quoted prices such as interest rates. | |
Level 3: Level 3 inputs are unobservable inputs. | |
The following required disclosure of the estimated fair value of financial instruments has been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |
The methods and assumptions used to estimate the fair values of each class of financial instruments are as follows: | |
Cash and Cash Equivalents, Accounts Receivable, Prepaid Expenses, Security Deposits, Accounts Payable, Accrued Payroll and Payroll Liabilities, and Other Acrrued Liabilities. | |
The items are generally short-term in nature, and accordingly, the carrying amounts reported in the consolidated statements of financial condition are reasonable approximations of their fair values. | |
License Agreements, Note Receivable. Note Payable and Advances | |
The carrying amounts approximate the fair value. |
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2013 | |
Income Taxes [Abstract] | ' |
INCOME TAXES | ' |
6. INCOME TAXES | |
The Company accounts for income taxes in accordance with FASB Accounting Standards Codification Topic 740-10 which requires the Company to provide a net deferred tax asset/liability equal to the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and any available operating loss or tax credit carryforwards. At December 31, 2013, the Company has available unused operating loss carryforwards of approximately $1,200,000 which may be applied against future federal and state taxable income which expires in 2033. The Company is carrying a valuation allowance against the deferred tax asset as the Company believes that it is more likely than not that the net operating losses will not be utilized. The amount of and ultimate realization of the benefits from the operating loss carryforwards for income tax purposes is dependent, in part upon the tax laws in effect, the future earnings of the Company, and other future events, the effects of which cannot be determined because of the uncertainty surrounding the realization of the loss carryforwards. The Company has established a valuation allowance equal to the effect of the loss carryforwards and, therefore, no deferred tax asset has been recognized for the loss carryforwards. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
7. STOCKHOLDERS EQUITY | |
At December 31, 2013, the Company had 200,000,000 shares of common stock authorized par value $.0001 and 10,000,000 shares of preferred stock authorized par value $.0001. As of April 15, 2014, the Company had 68,893,462 shares of common stock issued and outstanding. |
Stock_Options
Stock Options | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options [Abstract] | ' |
STOCK OPTIONS | ' |
8. STOCK OPTIONS | |
On November 13, 2010 the Company’s Board of Directors (the “Board”) approved a stock plan pursuant to which | |
the Company may grant incentive and non-statutory options to employees, non-employee members of the Board and consultants and other independent advisors who provide services to the Corporation. The maximum shares of common stock which may be issued over the term of the plan shall not exceed 4,000,000 shares. Awards under this plan are made by the Board of Directors or a committee of the Board. Options under the plan are to be issued at the market price of the stock on the day of the grant except to those issued to 10% or more stockholders which shall be issued at 110% of the fair market value on the day of the grant. Each option exercisable at such time or times, during such period and for such numbers of shares shall be determined by the Plan Administrator. However, no option shall have a term in excess of 10 years from the date of the grant. | |
On April 11, 2013, the Company modified its employment agreement with its Vice President of Licensing, Mr. Rob Stone, granting Mr. Stone options to purchase 250,000 shares at $0.30. Pursuant to the agreement, 150,000 options vested immediately with the 50,000 shares to vest on February 1, 2014 and 50,000 shares to vest on February 1, 2015. | |
As of April 14, 2014, Mr. Stone’s options have expired. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
9. RELATED PARTY TRANSACTIONS. | |
On January 14, 2013, in conjunction with the acquisition of subsidiary (see note 14), there was an issuance of stock, 33,523,446, approximately 50% of total stock issued, of which 6,789,641 was issued to current officers and directors of Excel Corp. |
Loss_Per_Share
Loss Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Loss Per Share [Abstract] | ' | ||||||||||||
LOSS PER SHARE | ' | ||||||||||||
10. LOSS PER SHARE | |||||||||||||
Loss per share is based on the weighted average number of common shares. Diluted loss per share was not presented, as the company as of December 31, 2013 has outstanding 150,000 options which would have an anti-dilutive effect on earnings. | |||||||||||||
The following is a reconciliation of the basic and diluted loss per share – common calculation for the years ended December 31, 2013 and 2012 and for the period November 13, 2010 (date of inception) through December 31, 2013. | |||||||||||||
For the | For the | 13-Nov-10 | |||||||||||
(date of | |||||||||||||
inception) | |||||||||||||
Year Ended | Year Ended | through | |||||||||||
December 31, 2013 | December 31, 2012 | 31-Dec-13 | |||||||||||
Loss from continuing operations available to common stockholders | (940,579 | ) | (333,638 | ) | (1,341,258 | ) | |||||||
Weighted average number of common shares outstanding used in earnings per share during the period Basic and Diluted | 65,548,471 | 30,968,240 | 65,548,471 | ||||||||||
Loss per common share Basic and Diluted | (.01435 | ) | (.01077 | ) | (.02046 | ) | |||||||
Licensing_Agreements
Licensing Agreements | 12 Months Ended | ||
Dec. 31, 2013 | |||
Licensing Agreements [Abstract] | ' | ||
LICENSING AGREEMENTS | ' | ||
11. LICENSING AGREEMENTS | |||
Billy Martin Agreement | |||
On October 21, 2011, the Company (the “Purchaser”) entered into an Agreement of Sale (the “Agreement”) with Real American Capital Corp (the “Seller”) to purchase the assets of the business known as “Billy Martin’s”, (collectively the “Assets”). The Assets included the following: | |||
1) | All rights, title and interest in and under the trademarks including all claims associated with the license, the “Trademarks”. | ||
2) | The right, title and interest of the Seller in the name of Billy Martin’s, the “Name”. | ||
3) | Any goodwill associated with the trademark, (the “Goodwill”). | ||
4) | Any furniture, furnishings, and fixtures, (collectively, “fixtures and equipment”), as defined in the agreement. | ||
The purchase price for the assets above was $150,000 due as follows: | |||
1) | $30,000 was paid at the closing date, October 24, 2011. $120,000 to be paid in four annual interest free installments: $30,000 on October 17, 2012, 2013, 2014 and 2015. | ||
The Company is currently in default under the BM Note because it has not made the payment of $30,000 that was required in October 2012 and the following payment that was required in October 2013. However, the Company does not retain any rights to the IP/business name, and therefore, regards the agreement as no longer in effect. | |||
Representation Agreement (Soupman Inc.) | |||
On February 4, 2012, the Company, the “Agent”, entered into an Agreement with Soupman, Inc. (Principal). Pursuant to the agreement, the Principal has designated the Agent as the exclusive licensing agent in the Territory, as defined in the Agreement. As licensing agent, the Company will negotiate and service licensing agreements on behalf of the Principal. | |||
As compensation, Excel will receive 25% of all licensing revenue from agreements executed pursuant to the terms of the Representation Agreement and five percent (5%) of other licensing revenue as defined in the Agreement. All payments from License Agreements are made payable to the Principal and after such payment, the Agent will be paid the commission as indicated above. | |||
The initial term of the Agreement is for one year and automatically renews provided that the Agent has submitted to the Principal a minimum of five potential license applications. Subsequent to the second year, the Agreement will terminate unless extended by written agreement. | |||
As of Feb 4, 2014 the agreement was not renewed. | |||
Camuto Consulting | |||
On February 21, 2012, the Company entered into an Agreement with Camuto Consulting, Inc. (the “Principal”), in which the Principal engaged the Company as the Licensing Agent to identify and secure licenses as applicable. The Agreement is for a one year term and expires February 28, 2013. | |||
Compensation to the Licensing Agent pursuant to the agreement is as follows: | |||
1) | Commissions payable at six and a half (6.5%) on Royalties earned and received by the Principal during the first term of solicited agreements with eligible Licensees that are executed. | ||
2) | Commissions payable at five (5%) on Royalties earned and received by the Principal during any renewal term of solicited agreements with eligible Licensee that are executed. | ||
As of Feb 28, 2014, the agreement was not renewed. | |||
Benedetto Arts, LLC | |||
On May 3, 2012, the Company entered into an Agreement with Benedetto Arts, LLC (“BA”), in which BA will utilize the Company as an independent contractor for the solicitation of licensing opportunities. As compensation for its services, the Company will receive a commission based on 20% of Gross Revenue as defined in the Agreement. | |||
The term of the Agreement is for one year commencing on May 3, 2012 with an option to extend if both parties agree. In addition, if the Company does not deliver three business opportunities from the May 3, 2012 date, BA has the right to terminate the Agreement. | |||
The agreement is still active, though it is not operative as of December 31, 2013. | |||
Representation Agreement-Life Guard | |||
On January 2, 2012, the Company (the “Agent”) entered into an Agreement with Lifeguard Licensing Corp, (the “Principal) in which the Principal owns rights to trademarks, packaging, designs, images, copyrights and other intellectual property, collectively the “Property”. The Principal, pursuant to the Agreement designated the Company as the Licensing Agent to negotiate and service license agreements with respect to commercial exploitation of the Property within the Territory as defined in the Agreement. | |||
The term of the Agreement is for one year commencing on the effective date (January 2, 2012). The Principal may terminate the Agreement upon written notice if the agent does not meet certain terms as defined in the agreement. The Agents compensation will be calculated at 25%, 20% and 15% of Net Revenues for the initial term, second renewal term, and third renewal term respectively. In addition to the Agent’s Compensation the Principal will reimburse the Agent for out of pocket expenses. | |||
The agreement has been renewed and as of December 31, 2013, the agreement is still active. |
Note_Receivable
Note Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Note Receivable [Abstract] | ' |
NOTE RECEIVABLE | ' |
12. NOTE RECEIVABLE | |
On August 1, 2012, the Company entered into a Secured Promissory Note with Shoutomatic LLC (the “Maker”) in which the Maker promises to pay the Company (the “Payee”) the principal sum of $60,000 at an interest rate of six percent per annum. The interest was to accrue and be paid on August 1, 2013 (“Maturity Date”). The Maker did have the right to prepay without penalty. | |
Currently, the payment remains past due, and management has written it off with the expectation that it will not be paid. |
Share_Subject_To_Mandatory_Red
Share Subject To Mandatory Redemption | 12 Months Ended |
Dec. 31, 2013 | |
Share Subject To Mandatory Redemption [Abstract] | ' |
SHARE SUBJECT TO MANDATORY REDEMPTION | ' |
13. SHARE SUBJECT TO MANDATORY REDEMPTION | |
The funds that XL Fashions utilized for the Orix Note acquisition were raised from the sale of 9,608,412 shares of its Preferred stock, at a price of $.1379 per share. The shares will convert on a one for one basis for shares of Excel Corporation common stock or will be purchased back in cash. As of December 31, 2013, all shares of this Preferred stock was either converted to Excel Corporation common stock or purchased back in cash. |
Acquisition_of_Subsidiary
Acquisition of Subsidiary | 12 Months Ended |
Dec. 31, 2013 | |
Acquisition of Subsidiary [Abstract] | ' |
ACQUISITION OF SUBSIDIARY | ' |
14. ACQUISITION OF SUBSIDIARY | |
On January 14, 2013, the Company entered into an Agreement of Merger and Plan of Reorganization (the “Merger Agreement”) with Excel Business Solutions, Inc., a Delaware corporation (“EBSI”), and ECB Acquisition Corp., our newly formed, wholly-owned Delaware subsidiary (“Acquisition Sub”). Upon closing of the transaction contemplated under the Merger Agreement (the “Merger”), Acquisition Sub merged with and into EBSI, and EBSI, as the surviving corporation, became a wholly-owned subsidiary of the Company. | |
Pursuant to the terms and conditions of the Merger Agreement, at the closing of the Merger, each share of EBSI’s common stock issued and outstanding immediately prior to the closing of the Merger was converted into the right to receive an aggregate of 33,532,446 shares of common stock, par value $0.0001 per share, of the Company, with fractional shares of the Company’s common stock rounded up or down to the nearest whole share. Following the closing of the Merger, there were 65,201,223 shares of common stock issued and outstanding. | |
As of April 15, 2014, there are 68893462 shares of common stock issued and outstanding. |
Entry_Into_Material_Definitive
Entry Into Material Definitive Agreement | 12 Months Ended |
Dec. 31, 2013 | |
Entry Into Material Definitive Agreement [Abstract] | ' |
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT | ' |
15. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT | |
Tribul Agreement | |
On June 7, 2013, the Company through its subsidiary, EBSI, entered into a Management Services Agreement (“Tribul Agreement”) with Tribul Merchant Services, LLC, Tribul, LLC, Tribul Cash, LLC, Tribul of America, LLC and Second Source Funding LLC (collectively, the “Tribul Entities”), each a New York limited liability company, under which Tribul Entities retained the services of Excel to perform management and administrative services (with respect to the apportionment and settlement of collected commissions, fees, payments, charges and/or “residual revenues” among banks, financial institutions, credit card processors, independent sales organizations (“ISOs”), super-ISOs, sales representatives, sales agents, ancillary service providers and merchants (collectively, and as more fully described in the Agreement A, “ISO Office Functions”) as agent and on behalf of the Tribul Entities. | |
Under the terms of the Tribul Agreement, until Excel has purchased a minimum of $80,000 per month in residual revenues from ISOs and super-ISOs currently doing business directly with the Tribul Entities, the Tribul Entities would pay to Excel as the managing agent a service fee of $29,500 per month and reimburse Excel for its reasonable out-of-pocket expenses incurred in the course of performing the ISO Office Functions. Excel was also granted a limited, non-transferable, non-exclusive, royalty-free license and access to utilize Tribul Entities’ online systems for purposes of performing the ISO Office Functions. Pursuant to the Agreement, the Tribul Entities were not allowed to enter into similar agreements with any third parties. | |
However, in November 2013, the agreement was terminated due to Tribul Entities inability to continue paying the management fee. | |
TOT Agreement | |
On October 25, 2013, the Company through its subsidiary, EBSI, entered into an ISO Agreement (“TOT Agreement”) with TOT Payments, LLC, a Florida limited liability company (“TOT”), under which Excel agreed to solicit merchants (the “Merchants”) for TOT to provide credit and debit card processing services to Merchants. | |
The initial term of the Tot Agreement was five years and would automatically renew for additional successive one year periods, unless terminated pursuant to the terms of the Agreement. During the term of the Agreement, TOT is granting Excel a non-transferable, non-exclusive sub-license to use for its own business the processing, CRM and merchant support programs and platforms of TOT's processor(s). Under the Agreement, Excel would market the credit card and debit card processing services of TOT, and would encourage qualified customers to become Merchants. During the first 12 months, TOT would advance to Excel on a monthly basis an amount not to exceed $90,000/month to support Excel’s expansion and marketing efforts (the “Advance”). Excel was to have a five (5) month ramp up period and thereafter will be required to generate sufficient business and monthly minimum fees for TOT. The minimum fee requirements under the Agreement were 50% of the Advance within five (5) months of the effective date of the Agreement, 80% within eight (8) months, and 100% within twelve (12) months. Should Excel fail to reach minimum fee requirements, TOT was to have the right to adjust the revenues due to be paid to Excel under the Agreement to cover any shortfall. | |
Under the terms of the Agreement, the initial revenue split between Excel and TOT was to be 90% and 10% respectively, and Excel was to be entitled to monthly Compensation (also known in the industry as “Residuals”, which is defined in the Agreement as Excel’s 90% of the revenues for Merchants, less any applicable fees or set-offs permitted to be charged by TOT under the Agreement). Excel would receive the Merchants Residuals for life; Excel’s entitlement to receive its Residuals and Compensation survives the termination or expiration of the Agreement (so long as Excel does not violate certain obligations under the Agreement, primarily the covenant not to solicit TOT’s employees, agents, vendors and Merchants for any competitors of TOT). The Agreement also provides terms under which TOT will purchase from Excel a portion or all of Excel’s interests in the Residuals. All losses incurred by TOT in excess of 3 basis points of “Net Losses” as defined in the Agreement would be borne 90% by Excel (through a reserve account established under the Agreement) and 10% by TOT. The Agreement contains standard non-solicitation and indemnification provisions. In November 2013, TOT failed to provide the Advance. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
16. SUBSEQUENT EVENTS | |
Securities Exchange Agreement | |
On February 17, 2014, the Company entered into a Securities Exchange Agreement with Payprotec Oregon, LLC (d/b/a Securus Payments) (“Payprotec”), Mychol Robirds and Steven Lemma, that will effectuate the purchase of 90% of the membership interests of Payprotec and its subsidiary Securus Consultants, LLC.. In exchange for the membership interests in Payprotec and Securus, the Company has agreed to issue to Messrs. Robirds and Lemma a total of 20,400,000 shares of the Company’s Common Stock and two shares of the Company’s Series A Preferred Stock. Pursuant to the Agreement, at closing, Payprotec will also enter into three year employment agreements (the “Employment Agreements”) with each of Messrs. Robirds and Lemma. The Agreement is subject to a number of conditions, including without limitation, the delivery of audited financial statements for Payprotec and Securus, consents of third parties, the filing of the certificate of designation for the Series A Preferred Stock ("Certificate of Designation") and the execution of the Employment Agreements. The closing date for the Securities Exchange Agreement has been extended to April 21, 2014. | |
Entry into a Material Definitive Agreement | |
On March 24, 2014, Excel Corporation (the “Company”), through its wholly owned subsidiary 420 Solutions Corporation (“420 Solutions”), entered into an Exclusive Reseller Agreement (the “Agreement”) with TransBlue, LLC (“TransBlue”). The Agreement gives 420 Solutions the exclusive right to resell TransBlue’s Point of Banking (“POB”) processing services to certain merchant types/market segments during the term of the Agreement (“Reseller Rights”). The term of the Agreement (the “Term”) is for a period of four years commencing on March 24, 2014. Thereafter, the Agreement automatically renews for consecutive, additional one year terms unless either party provides the other party written notice of non-renewal at least 30 days prior to the commencement of any additional one year term. | |
In exchange for the Reseller Rights, the Company, upon signing of the Agreement, agreed to issue to Trans Blue 200,000 shares of the Company’s Common Stock (the “Initial Shares”). In addition to the Initial Shares, during the Term, the Company has agreed to issue up to 800,000 shares of the Company’s Common Stock entirely dependant on and proportionally related to the Company’s ability to successfully sell TransBlue’s POB services. | |
The foregoing summary of the Agreement is qualified in its entirety by reference to the Agreement a copy of which is filed as Exhibit 10.01 to this report and is incorporated herein by reference. | |
Issuance of Stock | |
In 2014, as of the date of this report, the company has raised $150,000 through the issuance of 1,628,570 shares of its Common Stock. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accounting and reporting policies of the Company conform with generally accepted accounting principles (GAAP). In the opinion of management, the accompanying consolidated financial statements of the Company contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the consolidated balance sheets as of December 31, 2013 and December 31, 2012, the consolidated statements of operations and comprehensive income for the years ended December 31, 2013 and 2012, and the consolidated statements of cash flows for the years ended December 31, 2013 and 2012. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The results of operations for the year ended December 31, 2013 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Date of Management's Review of Subsequent Events | ' |
Date of Management’s Review of Subsequent Events | |
Subsequent events were considered through April 14, 2014, which is the date the financial statements were available to be issued. | |
Accounting Method | ' |
Accounting Method | |
The Company’s financial statements are prepared on the accrual method of accounting. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company’s revenue will consist of fees from licenses issued and merchant acquirer fees. License revenues will include royalties and brand fund contributions which will be based on a percent of sales and an initial license fee. Royalties, license fees and brand fund contributions will be recognized in the period earned. | |
Merchant acquirer revenue is primarily comprised of credit and debit card fees charged to merchants, net of association fees, otherwise known as Interchange, for payment processing services, including authorization, capture, clearing, settlement and information reporting of electronic transactions. Fees are calculated on either a percentage of the dollar volume of the transaction or a fixed fee or a hybrid of the two and are recognized at the time of the transaction. | |
As part of being a merchant acquirer, the Company does also receive fees for management of potential acquired portfolios, as well as subsidy payments to aid the company in growth for a period. Typically these are negotiated through a contract. | |
In addition, the Company may also receive payment for brokering deals between a funder and a merchant where the funder purchases a portion of the merchant’s future receivables. The commission the Company receives is typically calculated as a percentage on the profit the funder makes from such purchase. | |
Finally, the company may also from time to time lease a credit card terminal to a merchant. This lease is not held by the company, but instead is sold at a discounted percentage of the total value on the life of the lease as negotiated with the merchant for the terminal. Revenue for the sale of the lease is recognized when it is paid. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For purposes of reporting the statement of cash flows, the Company includes all cash accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less as cash and cash equivalents. The carrying amount of financial instruments included in cash and cash equivalents approximates fair value because of the short maturities for the instruments held. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. 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 established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. | |
Loss Per Share | ' |
Loss Per Share | |
Loss per share is based on the weighted average number of common shares. Diluted loss per share was not presented, as the company as of December 31, 2013 has outstanding 150,000 options which would have an anti-dilutive effect on earnings. | |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Financial Statements | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount 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. Actual results could differ from those estimates. | |
Material estimates that are particularly susceptible to significant change relate to the evaluation of deferred tax assets. | |
Reclassification | ' |
Reclassification | |
Certain amounts as of the year ended December 31, 2012 have been reclassified to conform to the current year’s presentation. These changes have no effect on the company’s results of operations or financial position. |
Loss_Per_Share_Tables
Loss Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Loss Per Share [Abstract] | ' | ||||||||||||
Reconciliation of the numerators and denominators of the basic per share calculation | ' | ||||||||||||
For the | For the | 13-Nov-10 | |||||||||||
(date of | |||||||||||||
inception) | |||||||||||||
Year Ended | Year Ended | through | |||||||||||
December 31, 2013 | December 31, 2012 | 31-Dec-13 | |||||||||||
Loss from continuing operations available to common stockholders | (940,579 | ) | (333,638 | ) | (1,341,258 | ) | |||||||
Weighted average number of common shares outstanding used in earnings per share during the period Basic and Diluted | 65,548,471 | 30,968,240 | 65,548,471 | ||||||||||
Loss per common share Basic and Diluted | (.01435 | ) | (.01077 | ) | (.02046 | ) | |||||||
Organization_and_Operations_De
Organization and Operations (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Subsidiary | |
Organization and Operations (Textual) | ' |
Number of wholly owned subsidiaries | 2 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies (Textual) | ' |
Outstanding options which have antidulitive effect on earnings | 150,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Income Taxes (Textual) | ' |
Operating loss carryforwards | $1,200,000 |
Operating loss carryforwards expiration year | '2033 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 15, 2014 |
April 30, 2014 [Member] | |||
Stockholder's Equity (Textual) | ' | ' | ' |
Common stock, shares authorized | 200,000,000 | 200,000,000 | ' |
Common stock, par value | $0.00 | $0.00 | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' |
Preferred stock, par value | $0.00 | $0.00 | ' |
Common Stock, Shares, Issued | 67,064,892 | 31,523,745 | 68,893,462 |
Common Stock, Shares, Outstanding | 67,064,892 | 31,523,745 | 68,893,462 |
Stock_Options_Details
Stock Options (Details) (USD $) | 0 Months Ended | |
Nov. 13, 2010 | Apr. 11, 2013 | |
Stock Options (Textual) | ' | ' |
Maximum shares of common stock company can issue over the term of the plan | 4,000,000 | ' |
Description of stock options to be issued under stock option plan | 'Options under the plan are to be issued at the market price of the stock on the day of the grant except to those issued to 10% or more stockholders which shall be issued at 110% of the fair market value on the day of the grant. | ' |
Percentage of fair market value on which shares will be issued | 110.00% | ' |
Term of the options, Description | 'No option shall have a term in excess of 10 years from the date of the grant. | ' |
Stock options granted to Mr. Rob Stone | ' | 250,000 |
Exercise price of stock options granted to Mr. Rob Stone | ' | $0.30 |
Shares granted under employment agreement to Rob Stone, Vested immediately | ' | 150,000 |
Shares granted under employment agreement to Rob Stone, Vesting on February 1, 2014 | ' | 50,000 |
Shares granted under employment agreement to Rob Stone, Vesting on February 1, 2015 | ' | 50,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) | Jan. 14, 2013 |
Related Party Transactions (Textual) | ' |
Common stock shares issuable in conjunction with the acquisition of subsidiary | 33,523,446 |
Percentage of stock issued | 50.00% |
Shares issued to current officers and directors of Excel Corp | 6,789,641 |
Loss_Per_Share_Details
Loss Per Share (Details) (USD $) | 12 Months Ended | 38 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Reconciliation of the numerators and denominators of the basic per share calculation | ' | ' | ' |
Loss from continuing operations available to common stockholders | ($940,579) | ($333,638) | ($1,341,258) |
Basic & Diluted | 65,548,471 | 30,968,240 | 65,548,471 |
Loss per common share | ($0.01) | ($0.01) | ($0.02) |
Loss_Per_Share_Details_Textual
Loss Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Loss Per Share (Textual) | ' |
Outstanding options which have antidulitive effect on earnings | 150,000 |
Licensing_Agreements_Details
Licensing Agreements (Details) (USD $) | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |
Oct. 31, 2011 | Oct. 21, 2011 | Feb. 29, 2012 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Jan. 31, 2012 | |
Agreement of Sale "Billy Martin's" [Member] | Agreement of Sale "Billy Martin's" [Member] | Representation agreement [Member] | Representation agreement [Member] | Licensing agreement camuto consulting [Member] | Licensing agreement camuto consulting [Member] | Licensing Agreement Benedetto Arts, LLC [Member] | Licensing Agreement Benedetto Arts, LLC [Member] | Representation Agreement Life Guard [Member] | |
Licensing agreements (Textual) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of term of license agreement | ' | ' | ' | 'The initial term of the Agreement is for one year and automatically renews provided that the Agent has submitted to the Principal a minimum of five potential license applications. Subsequent to the second year, the Agreement will terminate unless extended by written agreement. | ' | 'The Agreement is for a one year term and expires February 28, 2013. | ' | 'The term of the Agreement is for one year commencing on May 3, 2012 with an option to extend if both parties agree. In addition, if the Company does not deliver three business opportunities from the May 3, 2012 date, BA has the right to terminate the Agreement. | ' |
Maturity period of license agreement | ' | ' | '1 year | ' | ' | ' | ' | ' | '1 year |
Purchase price for the assets | ' | $150,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid at closing | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional purchase price due by execution of Promissory Note | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount payable for purchased asset on October 17, 2012 | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount payable for purchased asset on October 17, 2013 | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount payable for purchased asset on October 17, 2014 | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount payable for purchased asset on October 17, 2015 | $30,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation percentage of all licensing revenue | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' |
Compensation percentage of other licensing revenue | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' |
Commissions payable on royalties earned and received during the first term | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' |
Commissions payable on royalties earned and received during any renewal term | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' |
Commission percentage based on gross revenue | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Agents compensation for initial term | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Agents compensation for second renewal term | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% |
Agents compensation for third renewal term | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% |
Note_Receivable_Details
Note Receivable (Details) (Secured Promissory Note [Member], USD $) | 1 Months Ended | |
Aug. 31, 2012 | Aug. 01, 2012 | |
Secured Promissory Note [Member] | ' | ' |
Note receivable (Textual) | ' | ' |
Principal sum of notes receivable | ' | $60,000 |
Interest rate of note receivable | ' | 6.00% |
Due date of note receivable | 1-Aug-13 | ' |
Share_Subject_To_Mandatory_Red1
Share Subject To Mandatory Redemption (Details) (Orix Venture Finance [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Orix Venture Finance [Member] | ' |
Share Subject To Mandatory Redemption (Textual) | ' |
Shares of preferred stock sold to compensate business acquisition | 9,608,412 |
Per share value of preferred stock sold to compensate business acquisition | $0.14 |
Description of conversion of common stock | 'One for one basis. |
Acquisition_of_Subsidiary_Deta
Acquisition of Subsidiary (Details) (USD $) | Dec. 31, 2013 | Jan. 14, 2013 | Dec. 31, 2012 | Apr. 15, 2014 | Mar. 24, 2014 | Jan. 14, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Merger Agreement [Member] | ||||
Acquisition of Subsidiary (Textual) | ' | ' | ' | ' | ' | ' |
Common stock shares issuable through exercise of right | ' | 33,523,446 | ' | ' | ' | 33,532,446 |
Common stock, par value (in dollars per share) | $0.00 | ' | $0.00 | ' | ' | $0.00 |
Common stock, shares issued | 67,064,892 | ' | 31,523,745 | 68,893,462 | 800,000 | 65,201,223 |
Common stock, shares outstanding | 67,064,892 | ' | 31,523,745 | 68,893,462 | ' | 65,201,223 |
Entry_Into_Material_Definitive1
Entry Into Material Definitive Agreement (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Entry Into Material Definitive Agreement (Textual) | ' |
Initial revenue split percentage | 90.00% |
TOT Payments, LLC [Member] | ' |
Entry Into Material Definitive Agreement (Textual) | ' |
Description of term of agreement | 'Excel was to have a five (5) month ramp up period and thereafter will be required to generate sufficient business and monthly minimum fees for TOT. The minimum fee requirements under the Agreement were 50% of the Advance within five (5) months of the effective date of the Agreement, 80% within eight (8) months, and 100% within twelve (12) months. |
Agreement termination description | 'The initial term of the Tot Agreement was five years and would automatically renew for additional successive one year periods, unless terminated pursuant to the terms of the Agreement. |
Service fee income per month | 90,000 |
Initial revenue split percentage | 10.00% |
Management Services Agreement [Member] | Tribul Merchant Services [Member] | ' |
Entry Into Material Definitive Agreement (Textual) | ' |
Description of term of agreement | 'Until Excel has purchased a minimum of $80,000 per month in residual revenues from ISOs and super-ISOs currently doing business directly with the Tribul Entities, the Tribul Entities would pay to Excel as the managing agent a service fee of $29,500 per month and reimburse Excel for its reasonable out-of-pocket expenses incurred in the course of performing the ISO Office Functions. Excel was also granted a limited, non-transferable, non-exclusive, royalty-free license and access to utilize Tribul Entities' online systems for purposes of performing the ISO Office Functions. |
Minimum residual revenue per month | 80,000 |
Service fee income per month | 29,500 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 31, 2013 | Jan. 14, 2013 | Dec. 31, 2012 | Mar. 24, 2014 | Apr. 14, 2014 | Apr. 15, 2014 | Feb. 17, 2014 | Mar. 24, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Payprotec Oregon LLC [Member] | Trans Blue LLC [Member] | |||||||
Subsequent Events (Textual) | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' |
Common stock, shares issued | 67,064,892 | ' | 31,523,745 | 800,000 | ' | 68,893,462 | 20,400,000 | 200,000 |
Common stock, shares outstanding | 67,064,892 | ' | 31,523,745 | ' | ' | 68,893,462 | ' | ' |
Description of term of agreement | ' | ' | ' | 'The term of the Agreement (the "Term") is for a period of four years commencing on March 24, 2014. Thereafter, the Agreement automatically renews for consecutive, additional one year terms unless either party provides the other party written notice of non-renewal at least 30 days prior to the commencement of any additional one year term. | ' | ' | ' | ' |
Purchase of membership interest percentage | ' | 50.00% | ' | ' | 90.00% | ' | ' | ' |
Number of common shares issued, Shares | ' | ' | ' | ' | 1,628,570 | ' | ' | ' |
Number of common shares issued | ' | ' | ' | ' | $150,000 | ' | ' | ' |