Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Doginn Inc. |
Document Type | '10-K |
Document Period End Date | 31-Dec-12 |
Amendment Flag | 'true |
Entity Central Index Key | '0001515718 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 8,998,776 |
Entity Public Float | $89,987 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2012 |
Document Fiscal Period Focus | 'FY |
Amendment Description | 'SEC comment revision |
DOGINN_INC_Balance_Sheets
DOGINN, INC. - Balance Sheets (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | ||
Current Assets: | ' | ' | ||
Cash | ' | $18,008 | ||
Total Assets | ' | 18,008 | ||
Current Liabilities: | ' | ' | ||
Accrued expense | 5 | 2,889 | ||
Officer loan | 10,190 | ' | ||
TOTAL LIABILITIES | 10,195 | 2,889 | ||
Stockholders' Deficit | ' | ' | ||
Preferred stock | 0 | [1] | 0 | [1] |
Common stock | 8,999 | [2] | 8,999 | [2] |
Additional paid-in capital | 38,548 | 38,548 | ||
Deficit accumulated during the development stage | -57,742 | -32,428 | ||
Total Stockholders' Deficit | -10,195 | 15,119 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | ' | $18,008 | ||
[1] | $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | |||
[2] | $0.001 par value, 65,000,000 shares authorized 8,998,776 shares issued and outstanding |
Statement_of_Financial_Positio
Statement of Financial Position - Parenthetical (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Financial Position | ' | ' |
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 65,000,000 | 65,000,000 |
Common Stock, Shares Issued | 8,998,776 | 8,998,776 |
Common Stock, Shares Outstanding | 8,998,776 | 8,998,776 |
DOGINN_INC_Statements_of_Opera
DOGINN, INC. - Statements of Operations (USD $) | 12 Months Ended | 30 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
Income Statement | ' | ' | ' |
Revenue | ' | ' | ' |
Operating Expenses: | ' | ' | ' |
Professional fees | 4,625 | 8,205 | 15,830 |
Transfer fees | 17,750 | 12,700 | 30,450 |
General and administrative | 2,939 | 5,604 | 11,462 |
TOTAL OPERATING EXPENSES | 25,314 | 26,509 | 57,742 |
Loss before tax expense | -25,314 | -26,509 | -57,742 |
Income tax | ' | ' | ' |
Net loss | ($25,314) | ($26,509) | ($57,742) |
Loss per share- basic and diluted | $0 | $0 | ' |
Weighted average shares- basic and diluted | 8,998,776 | 8,998,776 | ' |
DOGINN_INC_Statements_of_Cash_
DOGINN, INC. - Statements of Cash Flows (USD $) | 12 Months Ended | 30 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
OPERATING EXPENSES: | ' | ' | ' |
Net loss | ($25,314) | ($26,509) | ($57,742) |
Changes in operating assets and liabilities | ' | ' | ' |
Accrued liabilities | -2,884 | ' | 5 |
Net Cash Used in Operating Activities | -28,198 | -26,509 | -57,737 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | 47,547 |
Proceeds from officer loan | 10,190 | ' | 10,190 |
Net Cash Provided by Financing Activities | 10,190 | ' | 57,737 |
Net decrease in cash | -18,008 | -26,509 | ' |
Cash, beginning of period | 18,008 | 44,517 | ' |
Cash, end of period | ' | $18,008 | ' |
DOGINN_INC_Statement_of_Stockh
DOGINN, INC. - Statement of Stockholders' Equity (USD $) | Common Stock | Additional Paid-in Capital | Deficit Accumulated During the Development Stage | Total |
Balance, Value at Jul. 14, 2010 | ' | ' | ' | ' |
Common stock issued for cash September 21, 2010 at $.0025/share, Value | $5,659 | $8,488 | ' | $14,147 |
Common stock issued for cash September 21, 2010 at $.0025/share, Shares | 5,658,776 | ' | ' | ' |
Common stock issued for cash December 31, 2010 at $.01/share, Value | 3,340 | 30,060 | ' | 33,400 |
Common stock issued for cash December 31, 2010 at $.01/share, Shares | 3,340,000 | ' | ' | ' |
Net loss | ' | ' | -5,919 | ' |
Balance, Value at Dec. 31, 2010 | 8,999 | 38,548 | -5,919 | 41,628 |
Balance, Shares at Dec. 31, 2010 | 8,998,776 | ' | ' | 3,340,000 |
Net loss | ' | ' | -26,509 | -26,509 |
Balance, Value at Dec. 31, 2011 | 8,999 | 38,548 | -32,428 | 15,119 |
Balance, Shares at Dec. 31, 2011 | 8,998,776 | ' | ' | ' |
Net loss | ' | ' | -25,314 | -25,314 |
Balance, Value at Dec. 31, 2012 | $8,999 | $38,548 | ($57,742) | ($10,195) |
Balance, Shares at Dec. 31, 2012 | 8,998,776 | ' | ' | ' |
Note_1_Nature_of_Organization
Note 1. Nature of Organization | 12 Months Ended |
Dec. 31, 2012 | |
Notes | ' |
Note 1. Nature of Organization | ' |
NOTE 1. NATURE OF ORGANIZATION | |
Doginn Inc. was incorporated in Nevada on July 15, 2010 as, a “C” corporation. The Company was capitalized in its initial fiscal year with subscriptions of $48,400 for stock. The Company was formed with the object of generating a website that is intended to provide travelers with information and resources regarding pet friendly accommodation, services and products. |
Note_2_Summary_of_Significant_
Note 2. Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Notes | ' | ||||||||
Note 2. Summary of Significant Accounting Policies | ' | ||||||||
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. | |||||||||
Use of Estimates | |||||||||
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 amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
The financial statements have, in management’s opinion, been properly prepared within the reasonable limits of materiality and within the framework of the significant accounting policies summarized below: | |||||||||
Basis of Presentation | |||||||||
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements. | |||||||||
Loss Per Share | |||||||||
Earnings per share is calculated in accordance with FASB (Financial Accounting Standards Board) ASC (Accounting Standards Codification) No.260, Earnings Per Share for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. The Company has no potentially dilutive securities as of December 31, 2012 and 2011. | |||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the year ended December 31, 2012 and 2011: | |||||||||
2012 | 2011 | ||||||||
Basic and diluted earnings (loss) per share: | |||||||||
Net loss | $ | -25,314 | $ | -26,509 | |||||
Basic and diluted weighted average | 8,998,776 | 8,998,776 | |||||||
Basic earnings per share | $ | 0 | 0 | ||||||
Income Taxes | |||||||||
Income taxes are provided under the asset and liability method as required by FASB ASC Topic 740, Accounting for Income Taxes. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect of a tax rate change on deferred taxes is recognized in operations in the period that the change in the rate is enacted. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Under the provision of FASB ASC Topic 740, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. The Company may recognize interest and penalties related to uncertain tax positions in income tax expense. There was no expense related to interest and penalties for the three months ended December 31, 2012. | |||||||||
A reconciliation of income tax expense to the amount computed at the statutory rates is as follows: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Net loss | (25,314) | (26,509) | |||||||
Average statutory tax | |||||||||
Federal rate | 35% | 35% | |||||||
Expected income tax | - | - | |||||||
Significant components of deferred income tax assets are as follows: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Net operating losses carried forward | 57,742 | 32,428 | |||||||
Federal rate | 35% | 35% | |||||||
Deferred income tax asset | 20,210 | 11,350 | |||||||
Valuation allowance | (20,210) | (11,350) | |||||||
Net deferred income tax asset | - | - | |||||||
The increase in valuation allowance for the year ended December 31, 2012 was $8,860 because in the opinion of management it is more likely than not that some or all of the deferred tax asset will not be realized. | |||||||||
The Company has net operating losses carried forward of approximately $57,742 for tax purposes which will expire in 2031 through 2032 if not utilized. | |||||||||
Recent Accounting Pronouncements | |||||||||
Adopted | |||||||||
Effective January 2013, we adopted FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this update did not have a material impact on the financial statements. | |||||||||
Effective January 2013, we adopted FASB ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on the financial statements. | |||||||||
Not Adopted | |||||||||
In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendment in this standard is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our financial statements. | |||||||||
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements. | |||||||||
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. | |||||||||
Fair Value of Financial Instruments | |||||||||
The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures" for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: | |||||||||
Level 1: Quoted prices in active markets for identical assets or liabilities. | |||||||||
Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | |||||||||
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Note_3_Going_Concern
Note 3. Going Concern | 12 Months Ended |
Dec. 31, 2012 | |
Notes | ' |
Note 3. Going Concern | ' |
NOTE 3. GOING CONCERN | |
The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The Company incurred a net loss of $(25,314) and $(26,509) for the year ended December 31, 2012 and 2011, respectively and has an accumulated net loss of $(57,742) since inception. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, and /or obtain additional financing from its stockholders and/or other third parties. If the Company is unable to obtain adequate capital, it could be forced to cease development of operations. | |
These financial statements have been prepared on a going concern basis, which implies the Company will continue to meet its obligations and continue its operations for the next fiscal year. The continuation of the Company as a going concern is dependent upon financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations, successfully locating and negotiate with a business entity for the combination of that target company with the Company. | |
The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amount and classifications or liabilities or other adjustments that might be necessary should the Company be unable to continue as a going concern. |
Note_4_Development_Stage_Compa
Note 4. Development Stage Company | 12 Months Ended |
Dec. 31, 2012 | |
Notes | ' |
Note 4. Development Stage Company | ' |
NOTE 4. DEVELOPMENT STAGE COMPANY | |
The Company is considered a development stage company, with no operating revenues during the period presented while developing its plan of operation. The Company is required to report its operations, shareholders deficit and cash flows since inception through the date that revenues are generated from management’s intended operations, among other things. Management has defined inception as July 15, 2010. Since inception, the Company has incurred an operating loss of $57,742. The Company’s working capital has been generated through the sales of common stock. Management has provided financial data since July 15, 2010, “Inception” in the financial statements, as a means to provide readers of the Company’s financial information to make informed investment decisions. |
Note_5_Officer_Loan
Note 5. Officer Loan | 12 Months Ended |
Dec. 31, 2012 | |
Notes | ' |
Note 5. Officer Loan | ' |
NOTE 5. OFFICER LOAN | |
As of December 31, 2012, the President of the Company, Thomas Bartlett, advanced funds to the Company on promissory notes aggregating to $10,190. The note carries no interest, has no terms of repayment other than to be repaid from future proceeds of the Company, and has no maturity. |
Note_6_Capital_Structure
Note 6. Capital Structure | 12 Months Ended |
Dec. 31, 2012 | |
Notes | ' |
Note 6. Capital Structure | ' |
NOTE 6. CAPITAL STRUCTURE | |
During the period from inception July 15, 2010 through December 31, 2012 the Company entered into the following equity transactions: | |
September 21, 2010, 5,658,776 shares were issued to the President of the Company, Tom Bartlett, for consideration of $14,147. | |
December 31, 2010, the Company sold 3,340,000 shares at $0.01 per share realizing $33,400. | |
As of December 31, 2012 the Company has authorized 10,000,000 shares of preferred stock, of which none were issued and outstanding. | |
As of December 31, 2012 the Company has authorized 65,000,000 shares of $0.001 par value common stock, of which 8,998,776 shares have been issued and are outstanding. |
Note_2_Summary_of_Significant_1
Note 2. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2012 | |
Policies | ' |
Use of Estimates | ' |
Use of Estimates | |
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 amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | |
The financial statements have, in management’s opinion, been properly prepared within the reasonable limits of materiality and within the framework of the significant accounting policies summarized below: |
Note_2_Summary_of_Significant_2
Note 2. Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2012 | |
Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements. |
Note_2_Summary_of_Significant_3
Note 2. Summary of Significant Accounting Policies: Loss Per Share (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Policies | ' | ||||||||
Loss Per Share | ' | ||||||||
Loss Per Share | |||||||||
Earnings per share is calculated in accordance with FASB (Financial Accounting Standards Board) ASC (Accounting Standards Codification) No.260, Earnings Per Share for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. The Company has no potentially dilutive securities as of December 31, 2012 and 2011. | |||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the year ended December 31, 2012 and 2011: | |||||||||
2012 | 2011 | ||||||||
Basic and diluted earnings (loss) per share: | |||||||||
Net loss | $ | -25,314 | $ | -26,509 | |||||
Basic and diluted weighted average | 8,998,776 | 8,998,776 | |||||||
Basic earnings per share | $ | 0 | 0 |
Note_2_Summary_of_Significant_4
Note 2. Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Policies | ' | ||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Income taxes are provided under the asset and liability method as required by FASB ASC Topic 740, Accounting for Income Taxes. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect of a tax rate change on deferred taxes is recognized in operations in the period that the change in the rate is enacted. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Under the provision of FASB ASC Topic 740, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. The Company may recognize interest and penalties related to uncertain tax positions in income tax expense. There was no expense related to interest and penalties for the three months ended December 31, 2012. | |||||||||
A reconciliation of income tax expense to the amount computed at the statutory rates is as follows: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Net loss | (25,314) | (26,509) | |||||||
Average statutory tax | |||||||||
Federal rate | 35% | 35% | |||||||
Expected income tax | - | - | |||||||
Significant components of deferred income tax assets are as follows: | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Net operating losses carried forward | 57,742 | 32,428 | |||||||
Federal rate | 35% | 35% | |||||||
Deferred income tax asset | 20,210 | 11,350 | |||||||
Valuation allowance | (20,210) | (11,350) | |||||||
Net deferred income tax asset | - | - | |||||||
The increase in valuation allowance for the year ended December 31, 2012 was $8,860 because in the opinion of management it is more likely than not that some or all of the deferred tax asset will not be realized. | |||||||||
The Company has net operating losses carried forward of approximately $57,742 for tax purposes which will expire in 2031 through 2032 if not utilized. |
Note_2_Summary_of_Significant_5
Note 2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2012 | |
Policies | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Adopted | |
Effective January 2013, we adopted FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this update did not have a material impact on the financial statements. | |
Effective January 2013, we adopted FASB ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on the financial statements. | |
Not Adopted | |
In February 2013, the FASB issued ASU No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The amendments in ASU 2013-04 provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendment in this standard is effective retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-04 will have on our financial statements. | |
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Note_2_Summary_of_Significant_6
Note 2. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2012 | |
Policies | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures" for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: | |
Level 1: Quoted prices in active markets for identical assets or liabilities. | |
Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | |
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Note_2_Summary_of_Significant_7
Note 2. Summary of Significant Accounting Policies: Loss Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Tables/Schedules | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||
2012 | 2011 | ||||||||
Basic and diluted earnings (loss) per share: | |||||||||
Net loss | $ | -25,314 | $ | -26,509 | |||||
Basic and diluted weighted average | 8,998,776 | 8,998,776 | |||||||
Basic earnings per share | $ | 0 | 0 |
Note_2_Summary_of_Significant_8
Note 2. Summary of Significant Accounting Policies: Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Tables/Schedules | ' | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Net loss | (25,314) | (26,509) | |||||||
Average statutory tax | |||||||||
Federal rate | 35% | 35% | |||||||
Expected income tax | - | - |
Note_2_Summary_of_Significant_9
Note 2. Summary of Significant Accounting Policies: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Tables/Schedules | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Net operating losses carried forward | 57,742 | 32,428 | |||||||
Federal rate | 35% | 35% | |||||||
Deferred income tax asset | 20,210 | 11,350 | |||||||
Valuation allowance | (20,210) | (11,350) | |||||||
Net deferred income tax asset | - | - |
Note_1_Nature_of_Organization_
Note 1. Nature of Organization (Details) (USD $) | Dec. 31, 2010 |
Details | ' |
Common Stock, Value, Subscriptions | $48,400 |
Recovered_Sheet1
Note 2. Summary of Significant Accounting Policies: Loss Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 12 Months Ended | 30 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
Details | ' | ' | ' |
Net loss | ($25,314) | ($26,509) | ($57,742) |
Weighted average shares- basic and diluted | 8,998,776 | 8,998,776 | ' |
Earnings Per Share, Basic | $0 | $0 | ' |
Recovered_Sheet2
Note 2. Summary of Significant Accounting Policies: Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | 30 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
Details | ' | ' | ' |
Net loss | ($25,314) | ($26,509) | ($57,742) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | ' |
Income tax | ' | ' | ' |
Recovered_Sheet3
Note 2. Summary of Significant Accounting Policies: Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Details | ' | ' |
Operating Loss Carryforwards | $57,742 | $32,428 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Deferred Income Taxes and Other Assets, Current | 20,210 | 11,350 |
Deferred Tax Assets, Valuation Allowance | ($20,210) | ($11,350) |
Recovered_Sheet4
Note 2. Summary of Significant Accounting Policies: Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Details | ' | ' |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $8,860 | ' |
Operating Loss Carryforwards | $57,742 | $32,428 |
Note_3_Going_Concern_Details
Note 3. Going Concern (Details) (USD $) | 12 Months Ended | 30 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
Details | ' | ' | ' |
Net loss | ($25,314) | ($26,509) | ($57,742) |
Note_5_Officer_Loan_Details
Note 5. Officer Loan (Details) (USD $) | Dec. 31, 2012 |
Details | ' |
Officer loan | $10,190 |
Note_6_Capital_Structure_Detai
Note 6. Capital Structure (Details) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 21, 2010 |
Details | ' | ' | ' | ' |
Balance, Shares | ' | ' | 3,340,000 | 5,658,776 |
Stock Issued During Period Value Issued for Cash | ' | ' | $33,400 | $14,147 |
Shares Issued, Price Per Share | ' | ' | $0.01 | ' |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ' | ' |
Common Stock, Shares Authorized | 65,000,000 | 65,000,000 | ' | ' |
Common Stock, Par Value | $0.00 | $0.00 | ' | ' |
Common Stock, Shares Outstanding | 8,998,776 | 8,998,776 | ' | ' |