Ionix Technology (IINX) 10-Q 12 Feb 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Dec. 31, 2014	Feb. 11, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	CAMBRIDGE PROJECTS INC.
Entity Central Index Key	1528308
Current Fiscal Year End Date	-24
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		33,001,000

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Dec. 31, 2014	Jun. 30, 2014
CURRENT ASSETS
Cash	$775	$81
License fee receivable	73,000	48,000
Less: allowance for doubtful accounts	-18,000	-18,000
Total current assets	55,775	30,081
OTHER ASSET
Intangible asset - License	110,000	110,000
Less: Accumulated amortization	-16,436	-10,938
Less: Impairment	-25,000	-15,000
Total other assets	68,564	84,062
TOTAL ASSETS	124,339	114,143
CURRENT LIABILITIES
Accounts payable	31,520	32,291
Assessment payable	10,000
Royalty fees payable	3,500	3,500
Due to shareholder	123,294	108,981
Deferred revenue	60,000	30,000
Total current liabilities	228,314	174,772
COMMITMENT AND CONTINGENCIES - Note 2
SHAREHOLDERS' DEFICIT
Preferred stock, 5,000,000 shares authorized of $.0001 par value; none issued and outstanding
Common stock, 195,000 and 200,000,000 shares authorized, respectively of $.0001 par value; 33,001,000 issued and outstanding	3,300	3,300
Capital in excess of par value	10,261	10,261
Accumulated deficit	-117,536	-74,190
Total shareholders' deficit	-103,975	-60,629
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$124,339	$114,143

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Jun. 30, 2014
CONDENSED BALANCE SHEETS [Abstract]
Common stock, par value	$0.00	$0.00
Common stock, authorized shares	195,000,000	200,000,000
Common stock shares issued	33,001,000	33,001,000
Common stock shares outstanding	33,001,000	33,001,000
Preferred stock, authorized shares	5,000,000	5,000,000
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONDENSED_STATEMENTS_OF_OPERAT

CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
CONDENSED STATEMENTS OF OPERATIONS [Abstract]
Revenues		$9,375		$18,750
General and Administrative Expenses:
Professional fees	7,542	3,700	16,542	8,700
Extension fee		20,000		20,000
Impairment	5,000	5,000	10,000	5,000
Assessment	10,000		10,000
Amortization	2,749	999	5,498	1,998
Office and miscellaneous	542	591	1,306	1,188
Allowance for bad debt		4,000		4,000
Total expenses	25,833	34,290	43,346	40,886
Net loss	($25,833)	($24,915)	($43,346)	($22,136)
Net loss per common share - basic and diluted
Weighted average number of common shares outstanding	33,001,000	33,001,000	33,001,000	33,001,000

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	($43,346)	($22,136)
Charges not requiring outlay of cash:
Amortization	5,498	1,998
Impairment	10,000	5,000
Allowance for bad debt		4,000
Changes in assets and liabilities:
Increase in license fee receivable	-25,000	-8,000
Increases (decrease) in accounts payable	-771	3,090
Increase in penalty payable	10,000
Increase in deferred revenue	30,000	11,250
Net cash used for operating activities	-13,619	-4,798
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder loan	14,313	2,610
Net cash provided by financing activities	14,313	2,610
Net increase (decrease) in cash	694	-2,188
Cash, at beginning of period	81	2,825
Cash, at end of period	$775	$637

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Dec. 31, 2014
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 1- BASIS OF PRESENTATION
	The unaudited interim financial statements of Cambridge Projects, Inc. for the three and six month periods ended December 31, 2014 and 2013 have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of such comparable periods. The results of operations for the three and six month periods ended December 31, 2014 are not necessarily indicative of the results to be expected for the full fiscal year ending June 30, 2015.
	Certain information and disclosures normally included in the notes to financial statements have been condensed or omitted as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information presented not misleading. The accompanying unaudited financial statements should be read in conjunction with the financial statements for year ended June 30, 2014.
	Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Financial Statements and accompanying disclosures.

COMMITMENT_AND_CONTINGENCIES

COMMITMENT AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2014
COMMITMENT AND CONTINGENCIES [Abstract]
COMMITMENT AND CONTINGENCIES	NOTE 2 – COMMITMENT AND CONTINGENCIES
	The Company is obligated to purchase the QI System at a fixed price of $400,000 by December 31, 2016 under various extension agreements mentioned below.  There is reliance on a single project, and also a concentration in customer base and geographic area.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Dec. 31, 2014
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 3 - RELATED PARTY TRANSACTIONS
	During the quarter ended December 31, 2014, the Company President advanced a total of $ 14,313 to fund working capital needs.  The balance due to the President at December 31, 2014 was $ 123,294.  There is no interest bearing or stated terms of repayment for these advances.

LICENSE_AGREEMENTS

LICENSE AGREEMENTS	6 Months Ended
	Dec. 31, 2014
LICENSE AGREEMENTS [Abstract]
LICENSE AGREEMENTS	NOTE 4 - LICENSE AGREEMENTS
	The Company entered into a license agreement on February 8, 2012 with Quadra International Inc. ("Quadra") to license, market and operate a pyrolic waste disposal system (“Q1 System”) in the states of Johore and Selangor, Malaysia.  This license is for a period of twenty-five years and cost $40,000.  This was capitalized as an intangible asset and is being amortized by the straight line method over a 10 year period.  Under the terms of the licensing agreement, the Company is committed to purchase and install a QI System at a cost of $400,000 by December 31, 2016 under addendum agreements dated April 24, 2013, November 18, 2013 and April 7, 2014.  Consideration for such extensions has been paid in full.  The license agreement calls for royalty fees of 5% of the fees received from sub licensors and 3% of sales of by products generated from use of the system.
	The April 7, 2014 the addendum agreement with Quadra also amended terms to include the granting of additional territories to all states in Malaysia for consideration of $ 70,000, payable on or before April 30, 2014.  Full payment has been made.
	The Company entered into a sub-license agreement on February 15, 2012 with Zhunger Capital Partners Inc. ("Zhunger”), a licensee domiciled in Taiwan to operate the QI System in the territory of Johore.  The license rights were sold for $70,000 payable.  The Company has entered into an extension agreement with Zhunger dated April 26, 2013, November 19, 2013 and April 10, 2014 to extend the purchase date of the QI Pyrolic System until December 31, 2015 for compensation of $ 25,000, $ 30,000, and $ 30,000, respectively.
	The April 10, 2014 addendum agreement with Zhunger also amended the term to grant the Company the option of acquiring 50% of waste conversion operations derived from the QI System by investing $150,000. This option will expire on or before September 30, 2015.
	Impairment of License Value
	The Company has determined that it is more likely than not that the value of the license has diminished.  There is no open market for this type of asset and no comparables.  Therefore we have reduced the value of the asset by
	$ 25,000 to a net value of $ 68,564 based on probable future cash flows.

ACCOUNTS_RECEIVABLE

ACCOUNTS RECEIVABLE	6 Months Ended
	Dec. 31, 2014
ACCOUNTS RECEIVABLE [Abstract]
ACCOUNTS RECEIVABLE	NOTE 5 - ACCOUNTS RECEIVABLE
	Based on payment patterns the allowance for bad debts is $ 18,000. The reserve remains unchanged since June 30, 2014 as management has determined that there is substantial doubt as to the collectability of extension payments from Zhunger and will recognized revenue on extension agreements dated November 19, 2013 and April 10, 2014 based upon receipt as opposed to amortizing such amounts over the term of the agreement.

BUSINESS_CONCENTRATIONS

BUSINESS CONCENTRATIONS	6 Months Ended
	Dec. 31, 2014
BUSINESS CONCENTRATIONS [Abstract]
BUSINESS CONCENTRATIONS	NOTE 6 - BUSINESS CONCENTRATIONS
	The Company currently has concentrations in supplier, customer, product and geographic area.  As noted above the Company has an agreement allowing it to license the disposal technology.  It has entered into a sub-license agreement granting those rights to a single licensee.  The Company is not, however, limited to this activity.

INCOME_TAXES

INCOME TAXES	6 Months Ended
	Dec. 31, 2014
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 7 - INCOME TAXES
	The Company files federal income taxes on a cash basis.  There is a tax loss carryforward and a loss is anticipated for the current year, therefore, no tax is accrued.  No corresponding tax asset is recorded due to a valuation allowance.
	On August 11, 2014, the Company received a penalty assessment from the IRS in the amount of $ 10,000 for failure to provide information with respect to certain foreign owned US Corporations on Form 5472 - Information Return of a 25% Foreign Owned US Corporation for the tax period December 31, 2012.  The Company's fiscal year end is June 30 and for the fiscal years ended June 30, 2013 and 2012, the Company has filed in its tax returns Form 5472.   The Company is disputing this claim and has replied to the IRS in the required time frame stating these facts.  The Company has provided all information required to reverse the assessment and has accrued the $ 10,000 amount until the matter is fully resolved with the IRS. As of the report date, the matter is still pending.

COMMON_AND_PREFERRED_STOCK

COMMON AND PREFERRED STOCK	6 Months Ended
	Dec. 31, 2014
COMMON AND PREFERRED STOCK [Abstract]
COMMON AND PREFERRED STOCK	NOTE 8 – COMMON AND PREFERRED STOCK
	On August 7, 2014, the shareholders of the Company approved an amendment to the Articles of Incorporation and Bylaws to change the number of the authorized capital of common stock from Two Hundred Million (200,000,000) to One Hundred Ninety Five Million (195,000,000), par value of $ 0.0001.  Each common stock has one (1) vote. The shareholders also approved the establishment of a Preferred Stock class with an authorized capital of Five Million (5,000,000), par value of $ 0.0001. Each Preferred Stock has one hundred (100) votes.

COMMITMENT_AND_CONTINGENCIES_D

COMMITMENT AND CONTINGENCIES (Details) (USD $)	6 Months Ended
	Dec. 31, 2014
COMMITMENT AND CONTINGENCIES [Abstract]
Purchase obligation	$400,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
RELATED PARTY TRANSACTIONS [Abstract]
Proceeds from president advance	$14,313	$14,313	$2,610
Due to President	$123,294	$123,294		$108,981

LICENSE_AGREEMENTS_Details

LICENSE AGREEMENTS (Details) (USD $)	3 Months Ended		6 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Feb. 08, 2012	Apr. 07, 2014	Apr. 10, 2014	Nov. 19, 2013	Apr. 26, 2013	Feb. 15, 2012
License And Sublicense Agreements [Line Items]
Extension fee		$20,000		$20,000
Licensing Agreement Quadra International [Member]
License And Sublicense Agreements [Line Items]
Duration of license agreement					25 years
Cost of license					40,000
Purchase obligation					400,000
Amortization period					10 years
Percentage of royalty on sub licensors fees					5.00%
Percentage of royalty fee on gross sales					3.00%
Impairment of license value			25,000
License value, net	68,564		68,564
Addendum To License Agreement Quadra International [Member]
License And Sublicense Agreements [Line Items]
Extension fee payable						70,000
Sublicense Agreement Zhunger Capital Partners [Member]
License And Sublicense Agreements [Line Items]
Extension fee payable							30,000	30,000	25,000
License rights receivable										70,000
Extension fee owed to company under sub-license agreement							$150,000
Option to acquire waste conversion operations, percentage							50.00%

ACCOUNTS_RECEIVABLE_Details

ACCOUNTS RECEIVABLE (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
ACCOUNTS RECEIVABLE [Abstract]
Allowance for bad debts	$18,000	$18,000

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	Dec. 31, 2014
INCOME TAXES [Abstract]
Penalty assessment	$10,000

COMMON_AND_PREFERRED_STOCK_Det

COMMON AND PREFERRED STOCK (Details) (USD $)	6 Months Ended
	Dec. 31, 2014	Jun. 30, 2014
COMMON AND PREFERRED STOCK [Abstract]
Common stock, authorized shares	195,000,000	200,000,000
Common stock, par value	$0.00	$0.00
Common stock, votes per share	1
Preferred stock, authorized shares	5,000,000	5,000,000
Preferred stock, par value	$0.00	$0.00
Preferred stock, votes per share	100