Document and Entity Information
Document and Entity Information - Jul. 31, 2015 - shares | Total |
Document and Entity Information: | |
Entity Registrant Name | Force Protection Video Equipment Corp. |
Document Type | 10-Q |
Document Period End Date | Jul. 31, 2015 |
Amendment Flag | false |
Entity Central Index Key | 1,518,720 |
Current Fiscal Year End Date | --04-30 |
Entity Common Stock, Shares Outstanding | 18,745,000 |
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 | 2,016 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | fpvd |
Force Protection Video Equipmen
Force Protection Video Equipment Corp.- Balance Sheets - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 | |
Current Assets: | |||
Cash and cash equivalents | $ 3,165 | $ 35,226 | |
Inventory | 2,052 | ||
Accounts receivable | 6,303 | ||
Other assets | 45,850 | 25,350 | |
TOTAL CURRENT ASSETS | 57,370 | 60,576 | |
PROPERTY AND EQUIPMENT | |||
Property and equipment | 671 | ||
TOTAL PROPERTY AND EQUIPMENT | 671 | ||
TOTAL ASSETS | 58,041 | 60,576 | |
Current Liabilities: | |||
Accounts payable and accrued expenses | 22,525 | 17,017 | |
Total Current Liabilities | 22,525 | 17,017 | |
Stockholders' Equity | |||
Common stock | [1] | 1,874 | 1,829 |
Additional paid-in capital | 299,809 | 254,854 | |
Accumulated Deficit | (266,166) | (213,124) | |
Total Stockholders' Equity | 35,517 | 43,559 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 58,042 | $ 60,576 | |
[1] | $0.0001 par value, 50,000,000 shares authorized, 18,745,000 and 18,295,000 shares issued and outstanding, respectively. |
Force Protection Video Equipme3
Force Protection Video Equipment Corp. - Balance Sheets - Parenthetical - $ / shares | Jul. 31, 2015 | Apr. 30, 2015 |
Statement of Financial Position | ||
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 18,745,000 | 18,145,000 |
Common Stock, Shares Outstanding | 18,745,000 | 18,145,000 |
Force Protection Video Equipme4
Force Protection Video Equipment Corp. - Statements of Operations - USD ($) None in scaling factor is -9223372036854775296 | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Revenues | ||
Sales | $ 15,935 | $ 2,000 |
COST OF GOODS SOLD | ||
Cost of goods sold | 9,689 | |
GROSS PROFIT | 6,246 | 2,000 |
EXPENSES | ||
Compensation to related parties | 12,000 | |
General and administrative | 47,288 | 16,461 |
Total Expenses | 59,288 | 16,461 |
Net (Loss) Before Income Taxes | $ (53,042) | $ (14,461) |
Income Taxes | ||
Provision for Income Taxes | ||
Net (Loss) | $ (53,042) | $ (14,461) |
Net (Loss) Per Share- Basic and Diluted | ||
Weighted Average Outstanding Shares Basic and Diluted | 18,680,714 | 18,145,000 |
Force Protection Video Equipme5
Force Protection Video Equipment Corp. - Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
OPERATING ACTIVITIES | ||
Net (Loss) | $ (53,042) | $ (14,461) |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | (6,303) | (1,000) |
Increase in inventory | (2,052) | |
Increase in other assets | (20,500) | |
Accounts payable and accrued expenses, increase decrease | 5,507 | 11,408 |
Net Cash (Used) by Operating Activities | (76,390) | (4,053) |
INVESTING ACTIVITIES | ||
Purchase of equipment | (671) | |
Net Cash (Used) by Investing Activities | (671) | |
FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 45,000 | |
Net Cash Provided by Financing Activities | 45,000 | |
NET INCREASE (DECREASE) IN CASH | (32,061) | (4,053) |
Cash, beginning of period | 35,226 | 53,751 |
Cash, end of period | $ 3,165 | $ 49,698 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes |
Note 1 - Interim Unaudited Fina
Note 1 - Interim Unaudited Financial Statements | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Note 1 - Interim Unaudited Financial Statements | NOTE 1 INTERIM UNAUDITED FINANCIAL STATEMENTS The balance sheet of Force Protection Video Equipment Corporation. (the Company) as of July 31, 2015, and the statements of operations, the statement of stockholders equity and cash flows for the three months ended have not been audited. However, in the opinion of management, such information includes all adjustments (consisting only of normal recurring adjustments) which are necessary to properly reflect the financial position of the Company as of July 31, 2015, and the results of its operations and cash flows for the three ended, and stockholders equity. Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading and in conformity with the rules of the Securities and Exchange Commission. Interim period results are not necessarily indicative of the results to be achieved for an entire year. These financial statements should be read in conjunction with the financial statements and notes to financial statements included in the Companys financial statements as filed on its Form 10-K for the fiscal year ended April 30, 2015. |
Note 2 - Company Background and
Note 2 - Company Background and Organization | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Note 2 - Company Background and Organization | NOTE 2 COMPANY BACKGROUND AND ORGANIZATION Force Protection Video Equipment Corporation, (the Company), was incorporated on March 11, 2011, under the laws of the State of Florida. On February 1, 2015 the Company changed its name to its current name, Forced Protection Video Corporation. We were originally incorporated for the purpose of providing an online marketplace for artwork created by German artist Reinhold Mackenroth on the internet. Unfortunately, sales did not materialize as expected for M Street Galley Inc. and as such, we decided to transition our operations by going into the reputation management and enhancement business and changed the companys name to Enhance-Your-Reputation.com Inc. When our business did not grow, we decided to change our business model, change the companys name, and now focus on the sale of mini body video cameras to consumers and law enforcement. In conjunction with the change in business focus, we then ceased our prior business. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Note 3 - Summary of Significant Accounting Policies | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted an April 30 fiscal year end. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. Inventory The Companys inventory is stated at the lower of cost or market. Allowance for doubtful accounts The Company will recognize an allowance for losses on accounts receivable in an amount equal to the estimated probable losses, net of recoveries. As of July 31, 2015, no allowance was necessary. Other Assets The Companys other assets are related to prepaid rent $ 750 , and an advance of $ 45,100 on a purchase commitment for inventory. Commitments On March 21, 2015, the Company entered into a lease for approximately 524 square feet. The lease expires on March 31, 2018. The annual rents are $ 7,016 for 2015, $ 9,207 for 2016, $ 9,483 for 2017 and $ 2,388 for 2018. Property and Equipment Property and equipment are recorded at cost. Depreciation is computed on the straight line method over their useful lives (5-7 years). Fair Value of Financial Instruments The Companys financial instruments consist of cash and cash equivalents and accounts payable and accrued expenses. The carrying amounts of the Companys financial instruments approximate fair value because of the short term maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect those estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments. Income Taxes In accordance with ASC 740, deferred income taxes and benefits will be provided for the results of operations of the Company. The tax effects of temporary differences and carry-forwards that give rise to significant portion of deferred tax assets and liabilities will be recognized as appropriate. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Revenue Recognition The Company recognizes revenue when (a) pervasive evidence of an arrangement exists (b) products are delivered or services have been rendered (c) the sales price is fixed or determinable, and (d) collection is reasonably assured. The Companys revenue recognition policies are in compliance with SAB 104. Stock Based Compensation Stock based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common stock by the weighted average number of shares during the period. Diluted earnings per share is calculated by dividing the Companys net income by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There has not been any dilutive debt since inception. Fair Value Measurements The Company follows the provision of ASC 820, Fair Value Measurements And Disclosures. ASC 820 defines fair value, establishes a framework for measuring fair value under generally accepted principles, and enhances disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 Valuations based on quoted prices for identical assets and liabilities in active market. Level 2 Valuations based on observable inputs other than quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 Valuations based on unobservable inputs reflecting the Companys own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgement. As of July 31, 2015 and April 30, 2015 the Company did not have any assets or liabilities that were required to be measured at fair value on a recurring basis or on a non-recurring basis. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a material impact on the Companys financial statements. |
Note 4 - Stockholders' Equity,
Note 4 - Stockholders' Equity, Sales of Common Stock, and Contributed Capital Transactions | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Note 4 - Stockholders' Equity, Sales of Common Stock, and Contributed Capital Transactions | NOTE 4 Stock Transactions On March 24, 2015 the Company received $ 50,000 from the sale of 100,000 shares of restricted common stock at $ 0.50 per share. On April 14, 2015 the Company received $ 5,000 from the sale of 50,000 shares of restricted stock at $ 0.10 per share. On May 5, 2015 the Company received $ 35,000 from the sale of 350,000 shares of restricted stock at $ 0.10 per share On May 14, 2015 the Company received $ 10,000 from the sale of 100,000 shares of restricted stock at $ 0.10 per share |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Note 5 - Related Party Transactions | NOTE 5 - Related Party Transactions The Companys CEOs and president has an informal agreement to receive $3000 per month for his services. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Note 6 - Income Taxes | NOTE 6 Income Taxes In September 2013, the Companys sole shareholder/President sold all of his common stock, which represented 94.5% of the Companys issued and outstanding stock, to the Companys new president. Pursuant to Internal Revenue Service (IRS) Code Section 382, an ownership change of greater than 50% triggers certain limits to the corporations right to use its net operating loss (NOL) carryovers each year thereafter to an annual percentage of the fair market value of the corporation at the time of the ownership change. The Company determined that the ownership change referred to above will limit the Company to utilize $ 15,616 of the $41,828 of NOLs it incurred prior to the ownership change. No deferred tax asset has been reported in the financial statements because the Company believes there is a 50% or greater chance that its NOLs will expire unused. Accordingly, the potential tax benefits of the NOL carryforwards are offset by a valuation allowance of the same amount. As of July 31, 2015, the Companys NOL carryforward totaled $ 169,916 . $15,616 of which will expire April 30, 2032, $38,259 on April 30, 2033, $62,999 on April 30, 2034 and $53,042 on April 30, 2035. The Companys tax returns are subject to examination by the federal and state tax authorities for years ended April 30, 2012 through 2015. |
Note 7 - Subsequent Event
Note 7 - Subsequent Event | 3 Months Ended |
Jul. 31, 2015 | |
Notes | |
Note 7 - Subsequent Event | NOTE 7 Subsequent Event As reported in the Companys 8-K filed with the SEC on September 1, 2015, On August 25, 2015, Force Protection Video Equipment Corp. (the Company) executed a Securities Purchase Agreement (the EMA SPA) with EMA Financial, LLC (EMA) providing for the purchase of a Convertible Promissory Note bearing interest at 8% per annum in the principal amount of $105,000 due August 25, 2016 (the EMA Note). The EMA Note included a $10,995 Original Issue Discount (OID). The EMA SPA and the EMA Note were signed on August 25, 2015 and the EMA Note was funded on September 1, 2015, with the Company receiving net proceeds of $80,005.00, (net of the OID, a finders fee of $9,500 and a due diligence fee of $5,000). The funds will be used for used for general corporate purposes. The EMA Note can be prepaid, at redemption premiums ranging from 125% to 140%, until 90 days following the issuance date of the EMA Note, after which the Company has no right of repayment. The EMA Note is convertible at a price per share equal to 60% of the lowest sales price of the Companys common stock on the principal market during the 20 consecutive trading days immediately preceding the conversion date. If, at any time while the EMA Note is outstanding, the Company issues or sells, or is deemed to have issued or sold, any shares of its common stock in connection with a subsequent placement for no consideration or for a consideration per share based on a variable price formula that is less than the conversion price in effect on the date of such issuance of shares of common stock, then EMAs conversion price will be reduced to the amount of the consideration per share received for such issuance. The EMA Note contains certain covenants and restrictions including, among others, that for so long as the EMA Note is outstanding, the Company will not pay dividends or dispose of certain assets, and that the Company will maintain its listing on the over-the-counter market. Events of default under the note include, among others, failure to pay principal or interest on the note or comply with certain covenants under the note. The foregoing descriptions of the EMA SPA and the EMA Note are summaries, and are qualified in their entirety by reference to such documents, which were attached to the Companys 8-K as Exhibit 10.1 and Exhibit 10.2, respectively, and are incorporated herein by reference. |
Note 3 - Summary of Significa13
Note 3 - Summary of Significant Accounting Policies: Accounting Basis (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Accounting Basis | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted an April 30 fiscal year end. |
Note 3 - Summary of Significa14
Note 3 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. |
Note 3 - Summary of Significa15
Note 3 - Summary of Significant Accounting Policies: Inventory, Policy (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Inventory, Policy | Inventory The Companys inventory is stated at the lower of cost or market. |
Note 3 - Summary of Significa16
Note 3 - Summary of Significant Accounting Policies: Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy | Allowance for doubtful accounts The Company will recognize an allowance for losses on accounts receivable in an amount equal to the estimated probable losses, net of recoveries. As of July 31, 2015, no allowance was necessary. |
Note 3 - Summary of Significa17
Note 3 - Summary of Significant Accounting Policies: Other Assets (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Other Assets | Other Assets The Companys other assets are related to prepaid rent $ 750 , and an advance of $ 45,100 on a purchase commitment for inventory. |
Note 3 - Summary of Significa18
Note 3 - Summary of Significant Accounting Policies: Commitments (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Commitments | Commitments On March 21, 2015, the Company entered into a lease for approximately 524 square feet. The lease expires on March 31, 2018. The annual rents are $ 7,016 for 2015, $ 9,207 for 2016, $ 9,483 for 2017 and $ 2,388 for 2018. |
Note 3 - Summary of Significa19
Note 3 - Summary of Significant Accounting Policies: Property and Equipment (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Depreciation is computed on the straight line method over their useful lives (5-7 years). |
Note 3 - Summary of Significa20
Note 3 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Companys financial instruments consist of cash and cash equivalents and accounts payable and accrued expenses. The carrying amounts of the Companys financial instruments approximate fair value because of the short term maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect those estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments. |
Note 3 - Summary of Significa21
Note 3 - Summary of Significant Accounting Policies: Income Taxes (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Income Taxes | Income Taxes In accordance with ASC 740, deferred income taxes and benefits will be provided for the results of operations of the Company. The tax effects of temporary differences and carry-forwards that give rise to significant portion of deferred tax assets and liabilities will be recognized as appropriate. |
Note 3 - Summary of Significa22
Note 3 - Summary of Significant Accounting Policies: Use of Estimates (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. |
Note 3 - Summary of Significa23
Note 3 - Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when (a) pervasive evidence of an arrangement exists (b) products are delivered or services have been rendered (c) the sales price is fixed or determinable, and (d) collection is reasonably assured. The Companys revenue recognition policies are in compliance with SAB 104. |
Note 3 - Summary of Significa24
Note 3 - Summary of Significant Accounting Policies: Stock Based Compensation (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Stock Based Compensation | Stock Based Compensation Stock based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Note 3 - Summary of Significa25
Note 3 - Summary of Significant Accounting Policies: Basic Income (loss) Per Share (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Basic Income (loss) Per Share | Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common stock by the weighted average number of shares during the period. Diluted earnings per share is calculated by dividing the Companys net income by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There has not been any dilutive debt since inception. |
Note 3 - Summary of Significa26
Note 3 - Summary of Significant Accounting Policies: Fair Value Measurements (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Fair Value Measurements | Fair Value Measurements The Company follows the provision of ASC 820, Fair Value Measurements And Disclosures. ASC 820 defines fair value, establishes a framework for measuring fair value under generally accepted principles, and enhances disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 Valuations based on quoted prices for identical assets and liabilities in active market. Level 2 Valuations based on observable inputs other than quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 Valuations based on unobservable inputs reflecting the Companys own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgement. As of July 31, 2015 and April 30, 2015 the Company did not have any assets or liabilities that were required to be measured at fair value on a recurring basis or on a non-recurring basis. |
Note 3 - Summary of Significa27
Note 3 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a material impact on the Companys financial statements. |
Note 3 - Summary of Significa28
Note 3 - Summary of Significant Accounting Policies: Other Assets (Details) | Jul. 31, 2015USD ($) |
Details | |
Prepaid Rent | $ 750 |
Advances on Inventory Purchases | $ 45,100 |
Note 3 - Summary of Significa29
Note 3 - Summary of Significant Accounting Policies: Commitments (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | ||||
Operating Leases, Rent Expense | $ 2,388 | $ 9,483 | $ 9,207 | $ 7,016 |
Note 4 - Stockholders' Equity30
Note 4 - Stockholders' Equity, Sales of Common Stock, and Contributed Capital Transactions (Details) - USD ($) | Jul. 31, 2015 | May. 14, 2015 | May. 05, 2015 | Apr. 30, 2015 | Apr. 14, 2015 | Mar. 24, 2015 |
Details | ||||||
Proceeds from Sale of Common Stock | $ 10,000 | $ 35,000 | $ 5,000 | $ 50,000 | ||
Sale of Common Stock Shares | 100,000 | 350,000 | 50,000 | 100,000 | ||
Common Stock, Par Value | $ 0.0001 | $ 0.10 | $ 0.10 | $ 0.0001 | $ 0.10 | $ 0.50 |
Note 6 - Income Taxes (Details)
Note 6 - Income Taxes (Details) - USD ($) | 1 Months Ended | |
Sep. 30, 2013 | Jul. 31, 2015 | |
Details | ||
Operating Income (Loss) | $ 15,616 | |
Operating Loss Carryforwards | $ 169,916 |