Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'GLOBAL EQUITY INTERNATIONAL INC | ' | ' |
Entity Central Index Key | '0001533106 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-Known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $2,621,204 |
Entity Common Stock, Shares Outstanding | ' | 31,044,202 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash | $48,856 | $4,852 |
Accounts receivable | 2,520 | 145,020 |
Prepaids | 33,799 | 1,919 |
Other Current Assets | 452,201 | ' |
Loans receivable | 6,000 | ' |
Total current assets | 543,376 | 151,791 |
Investment, cost | 5,000 | 160,000 |
Fixed assets, net | 7,817 | 6,462 |
Total assets | 556,193 | 318,253 |
Current Liabilities | ' | ' |
Deferred revenue | 247,000 | ' |
Accounts payable and accrued liabilities | 38,989 | 126,059 |
Accounts payable - related parties | 192,053 | 421,500 |
Loans payable - related party | 57,194 | 48,075 |
Accrued interest | 120,918 | ' |
Notes payable - net of unamortized discount of $16,688 and $0, respectively | 996,531 | 10,000 |
Total current liabilities | 1,652,685 | 605,634 |
Long term liabilities | ' | ' |
Convertible loan payable - related party | 324,475 | ' |
Total long term liabilities | 324,475 | ' |
Redeemable Series A, Convertible Preferred Stock: 5,000,000 shares authorized and 1,983,332 and 5,000,000 shares issued and outstanding, respectively, $0.001 par value (redemption amount $480,000) (liquidation preference of $0) | 1,020,000 | 480,000 |
Stockholders' Deficit | ' | ' |
Common stock: 70,000,000 shares authorized; $0.001 par value 31,044,202 shares and 29,627,700 shares issued and outstanding, respectively. | 31,045 | 29,628 |
Additional paid in capital | 2,657,659 | 2,070,554 |
Stock payable | 82,850 | ' |
Accumulated deficit | -5,212,521 | -2,867,563 |
Total stockholders' deficit | -2,440,967 | -767,381 |
Total liabilities, redeemable preferred stock & stockholders' deficit | $556,193 | $318,253 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Notes payable, unamortized discount | $16,688 | $0 |
Redeemable Series A - Convertible Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Redeemable Series A - Convertible Preferred Stock, shares issued | 1,983,332 | 5,000,000 |
Redeemable Series A - Convertible Preferred Stock, shares outstanding | 1,983,332 | 5,000,000 |
Redeemable Series A - Convertible Preferred Stock, par value | $0.00 | $0.00 |
Redeemable Series A - Convertible Preferred Stock, redemption amount | 480,000 | 480,000 |
Redeemable Series A - Convertible Preferred Stock, liquidation preference value | $0 | $0 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 31,044,202 | 29,627,700 |
Common stock, shares outstanding | 31,044,202 | 29,627,700 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ' | ' |
Revenue | $174,349 | $609,000 |
General and administrative expenses | 467,939 | 394,059 |
Stock compensation | 540,000 | 1,333,330 |
Salaries | 550,283 | 499,999 |
Professional services | 646,179 | 183,735 |
Depreciation | 1,382 | 117 |
Impairment of financial assets | 160,000 | 975,000 |
Total operating expenses | 2,365,784 | 3,386,240 |
Net loss from operations | -2,191,435 | -2,777,240 |
Other income(expenses): | ' | ' |
Interest expense | -148,210 | -77,847 |
Foreign currency transaction loss | ' | -469 |
Amortization of debt discount | -23,513 | ' |
Gain on settlement of liabilities | 18,200 | ' |
Total expenses | -153,523 | -78,316 |
Net loss | -2,344,958 | -2,855,556 |
Weighted average number of common shares outstanding - basic | 30,474,948 | 29,149,498 |
Net loss per common share - basic | ($0.08) | ($0.10) |
Comprehensive Loss: | ' | ' |
Net loss | -2,344,958 | -2,855,556 |
Comprehensive Loss | ($2,344,958) | ($2,855,556) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities | ' | ' |
Net loss | ($2,344,958) | ($2,855,556) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Impairment loss on available for sale marketable securities | ' | 975,000 |
Consulting revenues received in marketable securities | -5,000 | -60,000 |
Non cash contributions for services | 540,000 | 1,333,330 |
Depreciation | 1,382 | 117 |
Gain on settlement of liabilities | -18,200 | ' |
Common stock issued for services | 491,311 | 87,500 |
Common stock issued in lieu of interest payable | ' | 500 |
Stock issued for interest payment | 3,900 | ' |
Stock payable for services | 82,850 | ' |
Issuance of options in connection with debt financing treated as interest expense | ' | 6,968 |
Amortization of debt discount | 23,513 | ' |
Changes in operating assets and liabilities: | ' | ' |
Prepaids, cash | -23,569 | -1,368 |
Accrued interest | 120,918 | ' |
Accounts payable and accrued liabilities | -68,871 | 98,868 |
Accounts payable - related parties | 170,028 | 275,972 |
Deferred revenue | 247,000 | ' |
Accounts receivable | 142,500 | -110,020 |
Other current assets | -452,200 | ' |
Impairment of financial assets | 160,000 | ' |
Net cash used in operating activities: | -929,502 | -178,689 |
Cash Flows used in investing activities: | ' | ' |
Office furniture and equiment, net | -2,737 | -6,579 |
Loans given to non-affiliate | -6,000 | ' |
Net cash used in investing activities | -8,737 | -6,579 |
Cash flows from financing activities: | ' | ' |
Proceeds from loans - related parties | 10,319 | 26,802 |
Repayments of loans - related parties | -1,200 | ' |
Proceeds for notes payable | 1,015,624 | 70,000 |
Repayments of loans - related parties | ' | -18,900 |
Repayment of notes payable | -52,500 | -30,000 |
Proceeds from issuance of common stock | 10,000 | 140,000 |
Net cash provided by financing activities | 982,243 | 187,902 |
Net increase in cash | 44,004 | 2,634 |
Effect of Exchange Rates on Cash | ' | ' |
Cash at Beginning of Period | 4,852 | 2,218 |
Cash at End of Period | 48,856 | 4,852 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | ' | ' |
Cash paid for income taxes | ' | ' |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Accounts payable settled in shares | 75,000 | 10,000 |
Prepaid expenses paid in stock | 8,311 | ' |
Conversion of notes payable into common stock | ' | 30,000 |
Conversion of balance in accounts payable - related party to loans payable | $324,475 | ' |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Deficit) (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Stock Payable [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at Dec. 31, 2011 | $28,781 | $393,103 | ' | ($12,007) | $615,000 | $1,024,877 |
Balance, shares at Dec. 31, 2011 | 28,780,700 | ' | ' | ' | ' | ' |
Issuance of warrants for interest on notes payable | ' | 6,968 | ' | ' | ' | 6,968 |
Issuance of common stock as debt discount on notes payable ($0.50/share) | 140 | 69,860 | ' | ' | ' | 70,000 |
Issuance of common stock as debt discount on notes payable ($0.50/share), shares | 140,000 | ' | ' | ' | ' | ' |
Common stock issued in settlement of accounts payable | 20 | 9,980 | ' | ' | ' | 10,000 |
Common stock issued in settlement of accounts payable, shares | 20,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.50 per share) | 25 | 12,475 | ' | ' | ' | 12,500 |
Common stock issued for services ($0.50 per share), shares | 25,000 | ' | ' | ' | ' | ' |
Common Stock issued for cash ($0.50/share) | 280 | 139,720 | ' | ' | ' | 140,000 |
Common Stock issued for cash ($0.50/share), shares | 280,000 | ' | ' | ' | ' | ' |
Common stock issued for settlement of debt ($0.50/share) | 40 | 19,960 | ' | ' | ' | 20,000 |
Common stock issued for settlement of debt ($0.50/share), shares | 40,000 | ' | ' | ' | ' | ' |
Common stock issued for settlement of debt ($0.25/share) | 40 | 9,960 | ' | ' | ' | 10,000 |
Common stock issued for settlement of debt ($0.25/share), shares | 40,000 | ' | ' | ' | ' | ' |
Common Stock Issued in lieu of interest payable ($0.25/share) | 2 | 498 | ' | ' | ' | 500 |
Common Stock Issued in lieu of interest payable ($0.25/share), shares | 2,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.25/share) | 300 | 74,700 | ' | ' | ' | 75,000 |
Common stock issued for services ($0.25/share), shares | 300,000 | ' | ' | ' | ' | ' |
Contributed capital | ' | 1,333,330 | ' | ' | ' | 1,333,330 |
Net loss | ' | ' | ' | -2,855,556 | ' | -2,855,556 |
Reclassification of other comprehensive losses due to the permanent impairment of available for sale marketable securities | ' | ' | ' | ' | -615,000 | -615,000 |
Balance at Dec. 31, 2012 | 29,628 | 2,070,554 | ' | -2,867,563 | ' | -767,381 |
Balance, shares at Dec. 31, 2012 | 29,627,700 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.50 per share) | ' | ' | ' | ' | ' | 491,311 |
Common Stock Issued in lieu of interest payable ($0.25/share) | ' | ' | ' | ' | ' | ' |
Common stock issued in lieu of interest payment ($0.12/share) | 20 | 2,380 | ' | ' | ' | 2,400 |
Common stock issued in lieu of interest payment ($0.12/share), shares | 20,000 | ' | ' | ' | ' | ' |
Common stock issued in lieu of interest payment ($0.15/share) | 10 | 1,490 | ' | ' | ' | 1,500 |
Common stock issued in lieu of interest payment ($0.15/share), shares | 10,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.25/share) | 500 | 124,500 | ' | ' | ' | 125,000 |
Common stock issued for services ($0.25/share), shares | 500,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.12/share) | 120 | 14,280 | ' | ' | ' | 14,400 |
Common stock issued for services ($0.12/share), shares | 120,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.15/share) | 20 | 2,980 | ' | ' | ' | 3,000 |
Common stock issued for services ($0.15/share), shares | 20,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.16/share) | 10 | 1,590 | ' | ' | ' | 1,600 |
Common stock issued for services ($0.16/share), shares | 10,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.17/share) | 140 | 23,632 | ' | ' | ' | 23,772 |
Common stock issued for services ($0.17/share), shares | 139,835 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.22/share) | 10 | 2,190 | ' | ' | ' | 2,200 |
Common stock issued for services ($0.22/share), shares | 10,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.27/share) | 20 | 5,380 | ' | ' | ' | 5,400 |
Common stock issued for services ($0.27/share), shares | 20,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.29/share) | 150 | 43,350 | ' | ' | ' | 43,500 |
Common stock issued for services ($0.29/share), shares | 150,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.45/share) | 10 | 4,490 | ' | ' | ' | 4,500 |
Common stock issued for services ($0.45/share), shares | 10,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.55/share) | 35 | 19,215 | ' | ' | ' | 19,250 |
Common stock issued for services ($0.55/share), shares | 35,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.70/share) | 10 | 6,990 | ' | ' | ' | 7,000 |
Common stock issued for services ($0.70/share), shares | 10,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.80/share) | 10 | 7,990 | ' | ' | ' | 8,000 |
Common stock issued for services ($0.80/share), shares | 10,000 | ' | ' | ' | ' | ' |
Common stock issued for services ($0.95/share) | 150 | 142,400 | ' | ' | ' | 142,550 |
Common stock issued for services ($0.95/share), shares | 150,000 | ' | ' | ' | ' | ' |
Common stock issued for services and payables ($0.80/share) | 100 | 79,900 | ' | ' | ' | 80,000 |
Common stock issued for services and payables ($0.80/share), shares | 100,000 | ' | ' | ' | ' | ' |
Common stock issued in settlement of debt ($1.10 per share) | 75 | 82,375 | ' | ' | ' | 82,450 |
Common stock issued in settlement of debt ($1.10 per share), shares | 75,000 | ' | ' | ' | ' | ' |
Common stock issued in settlement of debt ($1.20 per share) | 10 | 11,990 | ' | ' | ' | 12,000 |
Common stock issued in settlement of debt ($1.20 per share), shares | 10,000 | ' | ' | ' | ' | ' |
Common Stock issued for cash ($0.60/share) | 17 | 9,983 | ' | ' | ' | 10,000 |
Common Stock issued for cash ($0.60/share), shares | 16,667 | ' | ' | ' | ' | ' |
Common stock issuable under commission agreement | ' | ' | 82,850 | ' | ' | ' |
Net loss | ' | ' | ' | -2,344,958 | ' | -2,344,958 |
Balance at Dec. 31, 2013 | $31,045 | $2,657,659 | $82,850 | ($5,212,521) | ' | ($2,440,967) |
Balance, shares at Dec. 31, 2013 | 31,044,202 | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Stock issued for debt discount on notes payable, per share | ' | $0.50 |
Stock issued for cash price per share | $0.50 | $0.50 |
Stock issued for settlement of debt, per share | $1.10 | $0.50 |
Stock issued for settlement of debt, per share | $1.20 | $0.25 |
Stock issued in Lieu of Interest Payable, per share | $0.12 | $0.25 |
stock issued for services, per share | $0.12 | $0.25 |
Stock issued for services, per share | $0.15 | $0.50 |
Stock issued for services, per share | $0.15 | ' |
Stock issued for services, per share | $0.16 | ' |
Stock issued for services, per share | $0.22 | ' |
Stock issued for services and payable, per share | $0.17 | ' |
Stock issued for services, per share | $0.27 | ' |
Stock issued for services, per share | $0.25 | ' |
Stock issued for services, per share | $0.29 | ' |
Stock issued for services, per share | $0.45 | ' |
Stock issued for services, per share | $0.55 | ' |
Stock issued for services, per share | $0.70 | ' |
Stock issued for services, per share | $0.80 | ' |
Stock issued for services, per share | $0.95 | ' |
Stock issued for services, per share | $0.60 | ' |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations | ' |
Note 1 - Nature of Operations | |
Global Equity Partners, Plc. (“GEP”), a private company, was organized under the laws of the Republic of Seychelles on September 2, 2009. Global Equity International Inc. (the “Company” or “GEI”), a reporting company since June 21, 2012, was organized under the laws of the state of Nevada on October 1, 2010. On November 15, 2010, GEP executed a reverse recapitalization with GEI. | |
Revenue is generated from business consulting services, introduction fees, and equity participation. |
Going_Concern
Going Concern | 12 Months Ended |
Dec. 31, 2013 | |
Going Concern | ' |
Going Concern | ' |
Note 2 - Going Concern | |
As reflected in the accompanying financial statements, the Company had a loss of $2,344,958 for the year ended December 31, 2013, $160,000 of which is due to the permanent impairment financial assets; and net cash used in operations of $(929,502) for the year ended December 31, 2013; and a working capital deficit of $(1,109,309) and stockholders´ deficit of $2,440,966 for the year ended December 31, 2013. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
The ability of the Company to continue its operations is dependent on Management’s plans, which include the raising of capital through debt and/or equity markets, until such time that funds provided by operations are sufficient to fund working capital requirements. The Company may need to incur liabilities with certain related parties to sustain the Company’s existence. | |
The Company expects to use its working capital to implement a marketing program to increase awareness of its business model, which includes, but is not limited to, acquisition of private companies, with the intention of taking those companies public in the United States and possibly dual listing those entities abroad. In the event that operating cash flows are slowed or nonexistent, the Company plans to reduce its overhead wherever possible. | |
Depending upon market conditions, the Company may not be successful in raising sufficient additional capital to achieve its business objectives. In such event, the business, prospects, financial condition, and results of operations could be materially adversely affected hence there is certain doubt about the Company’s ability to continue as a going concern. | |
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
Note 3 - Summary of Significant Accounting Policies | |||||||||
Principles of Consolidation | |||||||||
Global Equity International Inc. is the parent company of its 100% subsidiary Global Equity Partners Plc. All significant inter-company accounts and transactions have been eliminated in consolidation. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. | |||||||||
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non confirming events. Accordingly, the actual results could differ from those estimates. | |||||||||
Risks and Uncertainties | |||||||||
The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. The risk of social and governmental factors is also a concern since the Company is headquartered in Dubai. | |||||||||
Cash | |||||||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At December 31, 2013 and at December 31, 2012 respectively; the Company had no cash equivalents. | |||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||
The Company recognizes accounts receivable in connection with the services provided. The Company recognizes an allowance for doubtful accounts based on an analysis of current receivables aging and expected future write-offs, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. | |||||||||
Marketable Securities | |||||||||
(A) Classification of Securities | |||||||||
At the time of the acquisition, a security is designated as held-to-maturity, available-for-sale or trading, which depends on the ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-maturity are reported at amortized cost. | |||||||||
All securities held at December 31, 2013 and December 31, 2012, respectively were designated as available for sale. Any un-realized gains and losses are reported as a component of other comprehensive income (loss). Realized gains (losses) will be computed on a specific identification basis and will be reflected in the statement of operations. | |||||||||
Cost Method Investment | |||||||||
At March 31, 2013, the Company had investment in securities of two different Companies, having a cost of $163,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 9.2% of the common stock in a private company in which the best evidence of value was the services rendered and a further 9.86% of the common stock in another private company in which the best evidence of value was the services rendered. | |||||||||
At June 30, 2013, there were identifiable events or changes in circumstances that had a significant adverse effect on the value of one of the investments: hence the Company impaired $160,000 of the investments. | |||||||||
Also at June 30, 2013, the Company received 2,000,000 shares from a private company and client having a cost of $2,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 8.55% of the common stock in a private company in which the best evidence of value was the services rendered. | |||||||||
Equity investment in companies is accounted for under the cost method as the equity investments do not have readily determinable fair values. As per ASC codification 320 “Certain Investments in Debt and Equity Securities”, non-marketable equity securities that do not have a readily determinable fair value are not required to be accounted for under the equity method and are typically carried at cost. | |||||||||
(B) Other than Temporary Impairment | |||||||||
The Company reviews its equity investment portfolio for any unrealized losses that would be deemed other-than-temporary and require the recognition of an impairment loss in income. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company’s intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. The Company recorded as permanent impairment loss on available for sale marketable securities of $160,000 and $975,000 as of December 31, 2013 and 2012, respectively. | |||||||||
Beneficial Conversion Feature | |||||||||
For conventional convertible debt where the rate of conversion is below market value, the Company records a “beneficial conversion feature” (“BCF”) and related debt discount. | |||||||||
When the Company records a BCF, the relative fair value of the BCF would be recorded as a debt discount against the face amount of the respective debt instrument. The discount would be amortized to interest expense over the life of the debt. | |||||||||
Debt issue costs and debt discount | |||||||||
The Company may pay debt issue costs, and record debt discounts in connection with raising funds through the issuance of convertible debt. These costs are amortized over the life of the debt to interest expense. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. | |||||||||
Original issue discount | |||||||||
For certain convertible debt issued, the Company provides the debt holder with an original issue discount. The original issue discount is recorded to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt. | |||||||||
Fixed Assets | |||||||||
Fixed Assets are to be stated at cost of acquisition less accumulated depreciation. Depreciation is provided based on estimated useful lives of the assets. Cost of improvements that substantially extend the useful lives of assets can be capitalized. Repairs and maintenance expenses are to be charged to expense when incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statement. | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Office equipment | $ | 9,316 | $ | 6,579 | |||||
Accumulated depreciation | $ | (1,499 | ) | $ | (117 | ) | |||
Net fixed assets | $ | 7,817 | $ | 6,462 | |||||
Revenue Recognition | |||||||||
We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. | |||||||||
The Company’s services do not include a provision for cancellation, termination, or refunds. | |||||||||
For the years ended December 31, 2013 and December 31, 2012 the Company received marketable securities and cash as consideration for services rendered. | |||||||||
At December 31, 2013 and December 31, 2012, the Company had the following concentrations of accounts receivables with customers: | |||||||||
Customer | 31-Dec-13 | 31-Dec-12 | |||||||
ACI | 100 | % | 0 | % | |||||
SPI | 0 | % | 99 | % | |||||
For the years ended December 31, 2013 and December 31, 2012, the Company had the following concentrations of revenues with customers: | |||||||||
Customer | 31-Dec-13 | 31-Dec-12 | |||||||
SAC | 14 | % | 0 | % | |||||
ANR | 14 | % | 0 | % | |||||
DSI | 63 | % | 20 | % | |||||
ACI | 8 | % | 10 | % | |||||
VOZ | 0 | % | 10 | % | |||||
REG | 0 | % | 25 | % | |||||
SPI | 0 | % | 30 | % | |||||
During the year ended December 31, 2013, the Company received $3,000 in equity securities in a private company in exchange for services performed. The valuation was based on 3,000,000 shares at $0.001 per share. The company also received $2,000 in equity securities in another private company in exchange for services to be performed. The valuation was based on 2,000,000 shares at $0.001 per share. | |||||||||
The company currently holds the following equity securities in private and also reporting companies: | |||||||||
Company | No. Shares | Status | |||||||
M1 Lux AG | 2,000,000 | Private Company | |||||||
Monkey Rock Group Inc. | 1,500,000 | Reporting Company – OTC | |||||||
Voz Mobile Cloud Limited | 3,200,000 | Private Company | |||||||
Arrow Cars International Inc. | 3,000,000 | Reporting Company – OTC | |||||||
Direct Security Integration Inc. | 2,000,000 | Private Company | |||||||
11,700,000 | |||||||||
Deferred Revenue | |||||||||
Deferred revenue represents fees that have been received by the Company for requested services that have not been substantially completed. During the year ended December 31, 2013 the Company received $307,000 from two clients for service to be rendered during the year 2013 and 2014. At December 31, 2013, the Company recognized $60,000 of this deferred revenue as revenue; leaving a deferred revenue balance of $247,000. | |||||||||
Share-based payments | |||||||||
The Company recognizes all forms of share-based payments, including stock option grants, warrants and restricted stock grants at their fair value on the grant date, which is based on the estimated number of awards that are ultimately expected to vest. | |||||||||
Share based payments, excluding restricted stock, are valued using a Black-Scholes pricing model. Share based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. | |||||||||
When computing fair value, the Company considered the following variables: | |||||||||
● | The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the share based payment in effect at the time of the grant. | ||||||||
● | The expected term was developed by management estimate. | ||||||||
● | The Company has not paid any dividends on common stock since inception and does not anticipate paying dividends on its common stock in the near future. | ||||||||
● | The expected volatility is based on management estimates regarding private company stock, where future trading of stock in a public market is expected to be highly volatile. | ||||||||
● | The forfeiture rate is based on historical experience. | ||||||||
Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry-forwards. Deferred income 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 income 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 provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized. | |||||||||
On November 15, 2010, the date of the reverse recapitalization, the Company became subject to federal and state income taxes. | |||||||||
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company will record interest and penalties related to unrecognized tax benefits in income tax expense. There were no penalties or interest for the years ended December 31, 2013 and 2012. | |||||||||
The Company may be subject to examination by the Internal Revenue Service (“IRS”) and state taxing authorities for 2013 and 2012 tax years. | |||||||||
The Company’s subsidiary, GEP, is incorporated under the laws of the Republic of Seychelles (“Seychelles”). A company is subject to Seychelles income tax if it does business in Seychelles. A company that is incorporated in Seychelles, but that does not do business in Seychelles, is not subject to income tax there. GEP did not do business in Seychelles for the years ended December 31, 2013 and December 31, 2012, and GEP does not intend to do business in Seychelles in the future. Accordingly, the Company is not subject to income tax in Seychelles for the years ended December 31, 2013 and December 31, 2012. All business activities were performed by GEP in Dubai for the years ended December 31, 2013 and December 31, 2012. Dubai does not have an income tax. | |||||||||
Earnings per Share | |||||||||
Basic earnings (loss) per share are computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. | |||||||||
The Company has no common stock equivalents, which, if exercisable, would be dilutive. A separate computation of diluted earnings (loss) per share is not presented. | |||||||||
Fair Value of Financial Assets and Liabilities | |||||||||
The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. | |||||||||
The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: | |||||||||
● | Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||
● | Level 2: Inputs reflect: quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||||
● | Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. | ||||||||
The carrying amounts reported in the balance sheet for prepaid expenses, accounts receivable, accounts payable, accounts payable to related parties and loans payable to related parties, approximate fair value based on the short-term nature of these instruments. | |||||||||
The Company has assets measured at fair market value on a recurring basis. Consequently, the Company had gains and losses reported in the statement of comprehensive income (loss), that were attributable to the change in unrealized gains or losses relating to those assets still held at December 31, 2013. | |||||||||
The Company permanently impaired 1,500,000 shares of Monkey Rock Group Inc. due to the fact that the company was demoted to the Pink sheets; there was no current financial information available on the company and no market to allow the Company to sell the stock. | |||||||||
The following is the Company’s assets measured at fair value on a recurring and nonrecurring basis at December 31, 2013 and December 31, 2012, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3): | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Level 1 – None | $ | - | $ | - | |||||
Level 2 – Marketable Securities | - | - | |||||||
Level 3 – Non-Marketable Securities | 5,000 | 160,000 | |||||||
Total | $ | 5,000 | $ | 160,000 | |||||
The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: | |||||||||
Marketable Securities — the Level 2 position consists of the Company’s investment in equity securities of stock held in publically traded companies. The valuation of these securities is based on significant inputs that are observable or can be derived from or corroborated by observable market data. These valuations are typically based on quoted prices in active markets. The Company´s investments in equity securities are in relatively inactive markets. | |||||||||
Non-Marketable Securities at Fair Value on a Nonrecurring Basis — certain assets are measured at fair value on a nonrecurring basis. The level 3 position consist of investments accounted for under the cost method. The Level 3 position consists of investment in an equity security held in a private company. | |||||||||
Management believes that an “other-than-temporary impairment” would not be justified, as according to ASC 320-10 an investment is considered impaired when the fair value of an investment is less than its amortized cost basis. The impairment is considered either temporary or other-than-temporary. The accounting literature does not define other-than-temporary. It does, however, state that other-than-temporary does not mean permanent; although, all permanent impairments are considered other-than-temporary. The literature does provide some examples of factors which may be indicative of an “other-than-temporary impairment”, such as: | |||||||||
● | the length of time and extent to which market value has been less than cost; | ||||||||
● | the financial condition and near-term prospects of the issuer; and | ||||||||
● | the intent and ability of the holder to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value. | ||||||||
Management believes that the fair value of its investment has been correctly measured, as the length of time that the stock has been less than cost is nominal. The financial condition and near-term prospects of the Company’s investment is expected to realize improved value due to a public reverse merger. | |||||||||
Changes in Level 3 assets measured at fair value for the years ended December 31, 2013 and 2012 were as follows: | |||||||||
Balance, December 31, 2011 | 100,000 | ||||||||
Realized and unrealized gains (losses) | - | ||||||||
Purchases, sales and settlements | 60,000 | ||||||||
Impairment loss | - | ||||||||
Balance, December 31, 2012 | 160,000 | ||||||||
Realized and unrealized gains (losses) | - | ||||||||
Purchases, sales and settlements | 5,000 | ||||||||
Impairment loss | (160,000 | ) | |||||||
Balance, December 31, 2013 | $ | 5,000 | |||||||
Loans to Third Parties | |||||||||
On March 22, 2013 the Company granted a loan to Dreamscapes Properties International Inc. The principal amount lent was $6,000, the agreed interest rate was 5% per annum and finally, the loan would have to be repaid no later than one year from the date that the loan was granted. This loan is currently in default, the Company plans to speak to Dreamscapes Properties International Inc. with a review to discuss a payment plan over the next 6 months. | |||||||||
Recent Accounting Pronouncements | |||||||||
There are no new accounting pronouncements that have any impact on the Company’s financial statements. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Note 4 - Debt | |||||||||
(A) Related Party – short term | |||||||||
The Company received loans from related parties. The loans are non-interest bearing, unsecured and due on demand. The following table represents the loans payable activity as of December 31, 2013 and as of December 31, 2012 respectively: | |||||||||
Loans payable – related party – December 31, 2012 | $ | 48,075 | |||||||
Proceeds from loans | 9,819 | ||||||||
Repayments | 700 | ||||||||
Loans payable – related party – December 31, 2013 | $ | 57,194 | |||||||
(B) Related party – long term | |||||||||
The Company has accrued salary to the officers and directors of the Company based on the terms of the employment agreements entered into with each officer. As at December 31, 2013, $209,475 was due to the Chief Executive Officer and $115,000 was due to the Chief Financial Officer. During the quarter ended March 31, 2013, the Company converted this amount to Convertible Loan Payable. This amount will be advanced for a term of two years and is repayable on demand and will accrue interest at 10% on the loan period. The agreement also gives an option to the officers of the Company to convert all or part of the debt that the Company maintains with them into restricted shares at $1.20 per share. The balance outstanding in the Loan Payable account as at December 31, 2013 is $324,475. The Company assessed if there is a beneficial conversion feature cost associated with this transaction, none was noted. | |||||||||
(C) Notes payable | |||||||||
In February and March 2012, the Company entered into two 90 day bridge loan agreements to raise a total of $70,000; $20,000 from “note holder A” and $50,000 from “note holder B”. The loans had interest rates ranging from 0% - 3%. The loans were unsecured. | |||||||||
In connection with these loans, the Company issued 140,000 shares of common stock, having a fair value of $70,000 ($0.50/share), based upon recent third party services rendered at that time, and 20,000 options to one lender having an exercise price of $1, expiring September 2013. The fair value of the options was $6,968. | |||||||||
The 140,000 shares of common stock issued in connection with the bridge loans were treated as a debt discount of $70,000. The remaining valuation of the options, $6,968, was recorded as interest expense. | |||||||||
Both note holder “A” and “B” were paid in full. | |||||||||
The Company applied fair value accounting for the options issued to the lender. The fair value of the options granted was estimated on the date of grant using the Black-Scholes pricing model. (Please refer to note 6 C Stock Options). | |||||||||
On June 25, 2012, $30,000 was repaid to “note holder B” and the remaining $10,000 was converted into 40,000 shares of common stock ($0.25/share) in September of 2012, thereby leaving an outstanding balance as of December 31, 2012 of $10,000. There was no gain or loss on conversion. During the quarter ended March 31, 2013 the Company repaid the balance of $10,000. | |||||||||
On July 5, 2012, “note holder A”, $20,000 was converted into 40,000 shares of common stock ($0.50/share). There was no gain or loss on conversion. | |||||||||
On November 16, 2012, the Company issued 2,000 common restricted shares ($0.25/share) to “note holder A” in lieu of $500 interest due. The balance outstanding for the interest payment of $500 is outstanding as at September 30, 2013. | |||||||||
On April 23, 2013, the Company secured a nine month convertible loan for $42,500 with an 8% interest rate due on January 29, 2014. The terms of the conversion will be a 42% discount to market based on an average price calculated on the 10 trading days prior to the conversion date. If the Company opts to pay the loan back on or before the 9 month period ends, hence not converting the debt into equity; borrower shall make payment to the holder of an amount in cash (the “Optional Prepayment Amount”) equal to 130% of total amount due inclusive of principal and interest accrued. On October 18, 2013, the Company exercised its option to prepay the loan it secured for $42,500. | |||||||||
On June 4, 2013, the Company secured a twelve month convertible loan for $50,000 with the understanding that the Company will issue 10,000 common restricted shares in lieu of interest, these shares are not issued as of September 30, 2013 and accounted for as Stock Payable. The terms of the conversion will be either a $0.50 conversion price or a 25% discount to market based on an average price calculated on the 10 trading days prior to the conversion date, whichever is the lowest. | |||||||||
On September 9, 2013, the Company secured a nine month convertible loan for $32,500 with an 8% interest rate due on June 11, 2014. The terms of the conversion will be a 42% discount to market based on an average price calculated on the 10 trading days prior to the conversion date. If the Company opts to pay the loan back on or before the 9 month period ends, hence not converting the debt into equity; borrower shall make payment to the holder of an amount in cash (the “Optional Prepayment Amount”) equal to 130% of total amount due inclusive of principal and interest accrued. | |||||||||
On October 9, 2013, the Company secured a two month loan for GBP 75,000 (equivalent to $120,420) with the understanding that the Company will issue 10,000 common restricted shares, issued to the lender on December 7, 2013, and also repay 35,000 GBP (equivalent to $56,196) in lieu of interest. As the principal and interest was not paid back to the lender on time. The Company compensated the lender with an additional 20,000 common restricted shares and for this the lender agreed to five month extension. This stock compensation as issued to the lender also on December 12, 2013. | |||||||||
On October 17, 2013, the Company secured a three month bridge loan for 200,000 GBP (equivalent to $319,598) with the agreement to repay the principle plus 5% per month interest on or before January 18, 2014. | |||||||||
On November 29, 2013, the Company received a loan in the amount of $450,000 from United Kingdom resident and subsequently the Company issued a Convertible Note due on November 25, 2014 (“Convertible Note”). The Convertible Note will bear interest at the rate of 10% per annum until maturity. The Convertible Note may be converted into shares of the issuer’s common stock at a conversion price of $.50 per share at the option of the holder of the Convertible Note. If the Convertible Note is not paid in full or converted into common stock of the Company prior to its maturity date, then the Convertible Note will accrue interest at the rate of 4.5% per annum from the maturity date until paid in full. This $450,000 loan was used as a guarantee for a loan amounting to $3,540,000 applied for to a United Kingdom financial institution on December 9, 2013. At December 31, 2013 the loan had still not been approved due to technical reasons solely related to the lender. | |||||||||
The amounts paid to acquire the debt financing have been treated as a debt discount hence at December 31, 2013, the Company recorded debt discount of $40,200. This will be amortized over the life of the respective loans. | |||||||||
During the year ended December 31, 2013 and December 31, 2012, the Company amortized $50,348 and $70,000. | |||||||||
(D) Accounts payable – related parties | |||||||||
The following table represents the accounts payable to related parties as of December 31, 2013 and December 31, 2012, respectively: | |||||||||
12/31/13 | 12/31/12 | ||||||||
Salaries | 182,080 | 414,034 | |||||||
Expenses | 9,973 | 7,466 | |||||||
$ | 192,053 | $ | 421,500 | ||||||
As discussed in note no. 4(B), the Company converted $324,475 of related party accounts payable into a convertible loan during the year ended December 31, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Note 5 - Income Taxes | |||||||||
The income tax provision differs from the amount of tax determined by applying the federal statutory rate approximately as follows: | |||||||||
2013 | 2012 | ||||||||
Income Tax provision at Statutory rate: | $ | (814,647 | ) | $ | (536,981 | ) | |||
Increase (decrease) in income tax due to: | |||||||||
Non-Taxable foreign earnings | 317,325 | 457,519 | |||||||
State taxes | - | - | |||||||
Change in valuation allowance | 497,322 | 79,462 | |||||||
Total | $ | - | $ | - | |||||
Net deferred tax assets and liabilities are comprised approximately of the following: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets (liabilities), current | $ | - | $ | - | |||||
Deferred tax assets (liabilities), non-current | |||||||||
Net operating loss | $ | 497,322 | $ | 79,462 | |||||
Valuation allowance | $ | (497,322 | ) | $ | (79,462 | ) | |||
$ | - | $ | - | ||||||
Net deferred tax assets (liabilities) | $ | - | $ | - | |||||
Non-current assets (liabilities) | $ | - | $ | - | |||||
$ | - | $ | - | ||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income taxes. | |||||||||
During the years ended December 31, 2013 and 2012, the Company generated net operating losses of approximately $497,322 and $79,462, respectively, for federal and Florida income tax purposes. These losses can be carried forward and used to offset taxable income in future years and will start expiring on December 31, 2032. | |||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As of December 31, 2013 and 2012, based upon the levels of historical taxable income and the limited experience of the Company, the Company believes that it is more-likely-than-not that it will not be able to realize the benefits of some or all of these deductible differences. Accordingly, a valuation allowance of approximately $497,322 and $79,462 has been provided in the accompanying financial statements as of December 31, 2013 and 2012, respectively. | |||||||||
For the year ended December 31, 2013 and December 31, 2012, GEP incurred a loss of approximately $2,344,958 and $2,855,556, respectively. | |||||||||
Therefore, GEP had negative earnings and profits and does not have any foreign earnings and profits to be distributed. Since GEP does not have any undistributed earnings, the Company has not recorded a deferred tax liability associated with the foreign earnings as of December 31, 2013 and 2012. | |||||||||
The Company is not subject to any foreign income taxes for the years ended December 31, 2013 and 2012. The Company may be subject to examination by the Internal Revenue Service (“IRS”) and state taxing authorities for 2013 and 2012 tax years. |
Temporary_Equity_and_Stockhold
Temporary Equity and Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Temporary Equity Disclosure [Abstract] | ' | ||||||||||||||||
Temporary Equity and Stockholders' Equity | ' | ||||||||||||||||
Note 6 - Temporary Equity and Stockholders’ Equity | |||||||||||||||||
(A) Preferred Stock | |||||||||||||||||
On November 30, 2011, the Company authorized and designated 5,000,000 Series “A” convertible preferred shares of stock, as a bonus to its Chief Executive Officer for services rendered, having a fair value of $480,000 ($0.096/share), based upon the fair value of the services rendered, which represented the best evidence of fair value. | |||||||||||||||||
On November 13, 2012, the Company’s board of directors approved an amendment to the Certificate of Designation; to amend the voting rights and conversion rights of the Company’s Series “A” preferred shares as follows: | |||||||||||||||||
● | Voting Rights: 10 votes per share (votes along with common stock); | ||||||||||||||||
● | Conversion Rights: Each share of Series “A” Preferred is convertible into ten (10) shares of common stock 1 day after the second anniversary of issuance; | ||||||||||||||||
● | Dividend Rights: None; | ||||||||||||||||
● | Liquidation Rights: None | ||||||||||||||||
The board of directors subsequently agreed that the Chief Executive Officer of the Company would retire to treasury 3,466,668 of these Series “A” preferred shares and retain, the balance, 1,533,332 shares. | |||||||||||||||||
On November 21, 2012 the Company’s CEO gave 533,332 of his Series “A” preferred shares to the Company’s CFO (400,000) and two other employees (133,332). As the 533,332 preferred shares will convert into 5,333,320 on December 1, 2014 and the price per common share on November 21, 2012 was $0.25, the contribution by the officer to the Company was calculated at $1,333,330. | |||||||||||||||||
On December 12, 2013 the Company issued 450,000 Series “A” preferred shares to the Company’s CFO (200,000), CEO (200,000) and one employee (50,000) having a fair value of $540,000 ($0.12 per share), based upon the fair value of the services rendered, which represented the best evidence of fair value. | |||||||||||||||||
The Company has determined that no beneficial conversion feature or derivative financial instruments exist in connection with the Series “A”, convertible preferred stock, as the conversion rate was fixed at an amount equal to the market price of the Company’s common stock. Additionally, there are a stated number of fixed shares. | |||||||||||||||||
Redeemable Preferred Stock | |||||||||||||||||
Under Regulation S-X, Rule 5-02-28, preferred stock must be classified outside of stockholders’ equity when the stock is: | |||||||||||||||||
● | Redeemable at a fixed or determinable price on a fixed or determinable date, | ||||||||||||||||
● | Redeemable at the option of the holder, or | ||||||||||||||||
● | Redeemable based on conditions outside the control of the issuer. | ||||||||||||||||
The Series “A”, convertible preferred stock is redeemable on December 1, 2014 and it is presented on the balance sheets as “Redeemable Preferred Stock” in a manner consistent with temporary equity. There are no other features associated with this class of redeemable preferred stock, which require disclosure. The carrying amount and redemption amount is $1,020,000. There are no redemption requirements. | |||||||||||||||||
(B) Common Stock | |||||||||||||||||
During the year ended December 31, 2013, the Company issued the following shares: | |||||||||||||||||
Date | Type | Shares | Valuation | Range of value | |||||||||||||
per share | |||||||||||||||||
2/15/13 | Stock issued for services and payables | 100,000 | $ | 80,000 | $ | 0.8 | |||||||||||
3/12/13 | Stock issued for settlement of debt | 75,000 | $ | 82,500 | $ | 1.1 | |||||||||||
4/5/13 | Stock issued for services | 150,000 | $ | 142,500 | $ | 0.95 | |||||||||||
4/5/13 | Stock issued for services | 500,000 | $ | 125,000 | $ | 0.25 | |||||||||||
4/15/13 | Stock issued for services | 25,000 | $ | 13,750 | $ | 0.55 | |||||||||||
4/24/13 | Stock issued for services | 150,000 | $ | 43,500 | $ | 0.29 | |||||||||||
5/3/13 | Stock issued for cash | 16,667 | $ | 10,000 | $ | 0.6 | |||||||||||
5/17/13 | Stock issued for services | 40,000 | $ | 6,800 | $ | 0.17 | |||||||||||
5/17/13 | Stock issued for services | 99,385 | $ | 16,972 | $ | 0.17 | |||||||||||
12/12/13 | Stock issued in lieu of interest | 30,000 | $ | 3,900 | $ | 0.13 | |||||||||||
Various | Stock issued for services | 120,000 | $ | 50,400 | $ | 0.42 | |||||||||||
12/12/13 | Stock issued for services | 10,000 | $ | 1,200 | $ | 0.12 | |||||||||||
12/18/13 | Stock issued for services | 100,000 | $ | 12,000 | $ | 0.12 | |||||||||||
(C) Stock options | |||||||||||||||||
The following is a summary of the Company’s options activity: | |||||||||||||||||
Number of options | Weighted Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Balance at December 31, 2012 | 20,000 | $ | 1 | ||||||||||||||
- Granted | - | $ | - | ||||||||||||||
- Exercised | - | $ | - | ||||||||||||||
- Forfeited | 20,000 | $ | 1,00 | ||||||||||||||
Balance at December 31, 2013 | - | $ | - | ||||||||||||||
This stock option expired on September 13, 2013. The fair value of each option granted is estimated on the date of grant using the Black-Scholes pricing model. | |||||||||||||||||
The Black Scholes assumptions used were as follows: | |||||||||||||||||
Exercise price | $ | 1 | |||||||||||||||
Expected dividends | 0 | % | |||||||||||||||
Expected volatility | 182 | % | |||||||||||||||
Risk fee interest rate | 0.3 | % | |||||||||||||||
Expected life | 1.5 years | ||||||||||||||||
Expected forfeitures | 0 | % | |||||||||||||||
(D) Stock payable | |||||||||||||||||
On April 24, 2013, the Company entered into a consulting agreement with Robert Sullivan. As per the agreement the Company will be issuing 150,000 restricted shares to the consultant. The agreement also stipulates a condition where the Company guarantees a minimal value of $100,000 at the time of legend removal and any shortfall will be taken care of by issuance of additional shares. As of the date of the agreement the shares are valued at $43,500. The value of shares as at December 31, 2013 were $22,650 hence the difference of $77,350 is recorded as stock payable. | |||||||||||||||||
On June 4, 2013, the Company received $50,000 from Direct Securities Integration, Inc in pursuance of a notes payable agreement. The agreement stipulates a condition for the payment of 10,000 shares in lieu of interest on the day of agreement. Such shares are not issued as of December 31, 2013, and are valued at $5,500. |
Commitments_and_contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and contingencies | ' |
Note 7 – Commitments and contingencies | |
On April 24, 2013, the Company entered into advertisement contract with Robert Sullivan. The Company is required to pay $30,000 in cash and issue 150,000 shares. During 2013 the Company paid $10,000 in cash, the balance of $20,000 was due within 60 days of the signing of the agreement; this amount is unpaid as at December 31, 2013, 2013. The Company has guaranteed a value of $100,000 for its shares at the time of legend removal. At December 31, 2013 the legend is still not removed, the Company has accrued for the shortfall of $77,350 as a stock payable. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Current Assets | ' | ||||||||
Note 8 – Other current assets | |||||||||
The following is a summary of the Company’s other current assets: | |||||||||
2013 | 2012 | ||||||||
Cash collateral paid to secure loan | $ | 450,000 | (1) | $ | - | ||||
Retainers paid to legal counsel | 2,201 | - | |||||||
$ | 452,201 | $ | - | ||||||
_______________________ | |||||||||
-1 | Please refer to Note 4(C) – Notes payable and Note 9 – Subsequent Events. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 9 – Subsequent events | |
On December 9, 2013, the Company signed a 10 year loan facility agreement with and Irish company called PPF Capital Source Lending Company 2 Limited domiciled in Dublin (Ireland), for $3,540,000 at 4.5% interest per annum. The interest will be paid on a basis monthly but only on the amounts drawn down on the loan. | |
The company had to guarantee the loan by way of a cash payment of $450,000 which it did by on December 12, 2013 (this amount is reflected on our balance sheet under “other current assets”). | |
The loan agreement was and still is contingent on PPF´s securing a minimum cash collateral of $10,000,000 collectively or individually from all borrowers / subscribers. To date, PPF has not reached this critical mass of $10,000,000 but we understand that PPF is not far off this amount hence drawdown can be estimated on or before April 30, 2014. | |
On February 4, 2014 we were engaged by a Dutch company called Medinas Holdings BV. The scope of our engagement was to source the company a Dubai sponsor for a subsequent listing of its stock on the Dubai NASDAQ. | |
On February 10, 2014 we were engaged by a Norwegian and UK based company called Your MD AS. The scope of our engagement was to source the company a Dubai sponsor for a subsequent listing of its stock on the Dubai NASDAQ. | |
On February 26, 2014 we were engaged by a United Kingdom and Africa based company called Iron ore of Africa Limited. The scope of our engagement was to source the company a Dubai sponsor for a subsequent listing of its stock on the Dubai NASDAQ. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Principles of Consolidation | ' | ||||||||
Principles of Consolidation | |||||||||
Global Equity International Inc. is the parent company of its 100% subsidiary Global Equity Partners Plc. All significant inter-company accounts and transactions have been eliminated in consolidation. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. | |||||||||
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future non confirming events. Accordingly, the actual results could differ from those estimates. | |||||||||
Risks and Uncertainties | ' | ||||||||
Risks and Uncertainties | |||||||||
The Company’s operations are subject to significant risk and uncertainties including financial, operational, competition and potential risk of business failure. The risk of social and governmental factors is also a concern since the Company is headquartered in Dubai. | |||||||||
Cash | ' | ||||||||
Cash | |||||||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At December 31, 2013 and at December 31, 2012 respectively; the Company had no cash equivalents. | |||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||
The Company recognizes accounts receivable in connection with the services provided. The Company recognizes an allowance for doubtful accounts based on an analysis of current receivables aging and expected future write-offs, as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. | |||||||||
Marketable Securities | ' | ||||||||
Marketable Securities | |||||||||
(A) Classification of Securities | |||||||||
At the time of the acquisition, a security is designated as held-to-maturity, available-for-sale or trading, which depends on the ability and intent to hold such security to maturity. Securities classified as trading and available-for-sale are reported at fair value, while securities classified as held-to-maturity are reported at amortized cost. | |||||||||
All securities held at December 31, 2013 and December 31, 2012, respectively were designated as available for sale. Any un-realized gains and losses are reported as a component of other comprehensive income (loss). Realized gains (losses) will be computed on a specific identification basis and will be reflected in the statement of operations. | |||||||||
Cost Method Investment | |||||||||
At March 31, 2013, the Company had investment in securities of two different Companies, having a cost of $163,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 9.2% of the common stock in a private company in which the best evidence of value was the services rendered and a further 9.86% of the common stock in another private company in which the best evidence of value was the services rendered. | |||||||||
At June 30, 2013, there were identifiable events or changes in circumstances that had a significant adverse effect on the value of one of the investments: hence the Company impaired $160,000 of the investments. | |||||||||
Also at June 30, 2013, the Company received 2,000,000 shares from a private company and client having a cost of $2,000 that is treated as a cost method investment. The value of the cost method investment pertains to the receipt of 8.55% of the common stock in a private company in which the best evidence of value was the services rendered. | |||||||||
Equity investment in companies is accounted for under the cost method as the equity investments do not have readily determinable fair values. As per ASC codification 320 “Certain Investments in Debt and Equity Securities”, non-marketable equity securities that do not have a readily determinable fair value are not required to be accounted for under the equity method and are typically carried at cost. | |||||||||
(B) Other than Temporary Impairment | |||||||||
The Company reviews its equity investment portfolio for any unrealized losses that would be deemed other-than-temporary and require the recognition of an impairment loss in income. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and the Company’s intent and ability to hold the investments. Management also considers the type of security, related-industry and sector performance, as well as published investment ratings and analyst reports, to evaluate its portfolio. Once a decline in fair value is determined to be other than temporary, an impairment charge is recorded and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. The Company recorded as permanent impairment loss on available for sale marketable securities of $160,000 and $975,000 as of December 31, 2013 and 2012, respectively. | |||||||||
Beneficial Conversion Feature | ' | ||||||||
Beneficial Conversion Feature | |||||||||
For conventional convertible debt where the rate of conversion is below market value, the Company records a “beneficial conversion feature” (“BCF”) and related debt discount. | |||||||||
When the Company records a BCF, the relative fair value of the BCF would be recorded as a debt discount against the face amount of the respective debt instrument. The discount would be amortized to interest expense over the life of the debt. | |||||||||
Debt Issue Costs and Debt Discount | ' | ||||||||
Debt issue costs and debt discount | |||||||||
The Company may pay debt issue costs, and record debt discounts in connection with raising funds through the issuance of convertible debt. These costs are amortized over the life of the debt to interest expense. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. | |||||||||
Original Issue Discount | ' | ||||||||
Original issue discount | |||||||||
For certain convertible debt issued, the Company provides the debt holder with an original issue discount. The original issue discount is recorded to debt discount, reducing the face amount of the note and is amortized to interest expense over the life of the debt. | |||||||||
Fixed Assets | ' | ||||||||
Fixed Assets | |||||||||
Fixed Assets are to be stated at cost of acquisition less accumulated depreciation. Depreciation is provided based on estimated useful lives of the assets. Cost of improvements that substantially extend the useful lives of assets can be capitalized. Repairs and maintenance expenses are to be charged to expense when incurred. In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statement. | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Office equipment | $ | 9,316 | $ | 6,579 | |||||
Accumulated depreciation | $ | (1,499 | ) | $ | (117 | ) | |||
Net fixed assets | $ | 7,817 | $ | 6,462 | |||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. | |||||||||
The Company’s services do not include a provision for cancellation, termination, or refunds. | |||||||||
For the years ended December 31, 2013 and December 31, 2012 the Company received marketable securities and cash as consideration for services rendered. | |||||||||
At December 31, 2013 and December 31, 2012, the Company had the following concentrations of accounts receivables with customers: | |||||||||
Customer | 31-Dec-13 | 31-Dec-12 | |||||||
ACI | 100 | % | 0 | % | |||||
SPI | 0 | % | 99 | % | |||||
For the years ended December 31, 2013 and December 31, 2012, the Company had the following concentrations of revenues with customers: | |||||||||
Customer | 31-Dec-13 | 31-Dec-12 | |||||||
SAC | 14 | % | 0 | % | |||||
ANR | 14 | % | 0 | % | |||||
DSI | 63 | % | 20 | % | |||||
ACI | 8 | % | 10 | % | |||||
VOZ | 0 | % | 10 | % | |||||
REG | 0 | % | 25 | % | |||||
SPI | 0 | % | 30 | % | |||||
During the year ended December 31, 2013, the Company received $3,000 in equity securities in a private company in exchange for services performed. The valuation was based on 3,000,000 shares at $0.001 per share. The company also received $2,000 in equity securities in another private company in exchange for services to be performed. The valuation was based on 2,000,000 shares at $0.001 per share. | |||||||||
The company currently holds the following equity securities in private and also reporting companies: | |||||||||
Company | No. Shares | Status | |||||||
M1 Lux AG | 2,000,000 | Private Company | |||||||
Monkey Rock Group Inc. | 1,500,000 | Reporting Company – OTC | |||||||
Voz Mobile Cloud Limited | 3,200,000 | Private Company | |||||||
Arrow Cars International Inc. | 3,000,000 | Reporting Company – OTC | |||||||
Direct Security Integration Inc. | 2,000,000 | Private Company | |||||||
11,700,000 | |||||||||
Deferred Revenue | ' | ||||||||
Deferred Revenue | |||||||||
Deferred revenue represents fees that have been received by the Company for requested services that have not been substantially completed. During the year ended December 31, 2013 the Company received $307,000 from two clients for service to be rendered during the year 2013 and 2014. At December 31, 2013, the Company recognized $60,000 of this deferred revenue as revenue; leaving a deferred revenue balance of $247,000. | |||||||||
Share-based Payments | ' | ||||||||
Share-based payments | |||||||||
The Company recognizes all forms of share-based payments, including stock option grants, warrants and restricted stock grants at their fair value on the grant date, which is based on the estimated number of awards that are ultimately expected to vest. | |||||||||
Share based payments, excluding restricted stock, are valued using a Black-Scholes pricing model. Share based payment awards issued to non-employees for services rendered are recorded at either the fair value of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. | |||||||||
When computing fair value, the Company considered the following variables: | |||||||||
● | The risk-free interest rate assumption is based on the U.S. Treasury yield for a period consistent with the expected term of the share based payment in effect at the time of the grant. | ||||||||
● | The expected term was developed by management estimate. | ||||||||
● | The Company has not paid any dividends on common stock since inception and does not anticipate paying dividends on its common stock in the near future. | ||||||||
● | The expected volatility is based on management estimates regarding private company stock, where future trading of stock in a public market is expected to be highly volatile. | ||||||||
● | The forfeiture rate is based on historical experience. | ||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry-forwards. Deferred income 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 income 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 provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized. | |||||||||
On November 15, 2010, the date of the reverse recapitalization, the Company became subject to federal and state income taxes. | |||||||||
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company will record interest and penalties related to unrecognized tax benefits in income tax expense. There were no penalties or interest for the years ended December 31, 2013 and 2012. | |||||||||
The Company may be subject to examination by the Internal Revenue Service (“IRS”) and state taxing authorities for 2013 and 2012 tax years. | |||||||||
The Company’s subsidiary, GEP, is incorporated under the laws of the Republic of Seychelles (“Seychelles”). A company is subject to Seychelles income tax if it does business in Seychelles. A company that is incorporated in Seychelles, but that does not do business in Seychelles, is not subject to income tax there. GEP did not do business in Seychelles for the years ended December 31, 2013 and December 31, 2012, and GEP does not intend to do business in Seychelles in the future. Accordingly, the Company is not subject to income tax in Seychelles for the years ended December 31, 2013 and December 31, 2012. All business activities were performed by GEP in Dubai for the years ended December 31, 2013 and December 31, 2012. Dubai does not have an income tax. | |||||||||
Earnings Per Share | ' | ||||||||
Earnings per Share | |||||||||
Basic earnings (loss) per share are computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. | |||||||||
The Company has no common stock equivalents, which, if exercisable, would be dilutive. A separate computation of diluted earnings (loss) per share is not presented. | |||||||||
Fair Value of Financial Assets and Liabilities | ' | ||||||||
Fair Value of Financial Assets and Liabilities | |||||||||
The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. | |||||||||
The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: | |||||||||
● | Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||
● | Level 2: Inputs reflect: quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||||
● | Level 3: Unobservable inputs reflecting the Company’s assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. | ||||||||
The carrying amounts reported in the balance sheet for prepaid expenses, accounts receivable, accounts payable, accounts payable to related parties and loans payable to related parties, approximate fair value based on the short-term nature of these instruments. | |||||||||
The Company has assets measured at fair market value on a recurring basis. Consequently, the Company had gains and losses reported in the statement of comprehensive income (loss), that were attributable to the change in unrealized gains or losses relating to those assets still held at December 31, 2013. | |||||||||
The Company permanently impaired 1,500,000 shares of Monkey Rock Group Inc. due to the fact that the company was demoted to the Pink sheets; there was no current financial information available on the company and no market to allow the Company to sell the stock. | |||||||||
The following is the Company’s assets measured at fair value on a recurring and nonrecurring basis at December 31, 2013 and December 31, 2012, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3): | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Level 1 – None | $ | - | $ | - | |||||
Level 2 – Marketable Securities | - | - | |||||||
Level 3 – Non-Marketable Securities | 5,000 | 160,000 | |||||||
Total | $ | 5,000 | $ | 160,000 | |||||
The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: | |||||||||
Marketable Securities — the Level 2 position consists of the Company’s investment in equity securities of stock held in publically traded companies. The valuation of these securities is based on significant inputs that are observable or can be derived from or corroborated by observable market data. These valuations are typically based on quoted prices in active markets. The Company´s investments in equity securities are in relatively inactive markets. | |||||||||
Non-Marketable Securities at Fair Value on a Nonrecurring Basis — certain assets are measured at fair value on a nonrecurring basis. The level 3 position consist of investments accounted for under the cost method. The Level 3 position consists of investment in an equity security held in a private company. | |||||||||
Management believes that an “other-than-temporary impairment” would not be justified, as according to ASC 320-10 an investment is considered impaired when the fair value of an investment is less than its amortized cost basis. The impairment is considered either temporary or other-than-temporary. The accounting literature does not define other-than-temporary. It does, however, state that other-than-temporary does not mean permanent; although, all permanent impairments are considered other-than-temporary. The literature does provide some examples of factors which may be indicative of an “other-than-temporary impairment”, such as: | |||||||||
● | the length of time and extent to which market value has been less than cost; | ||||||||
● | the financial condition and near-term prospects of the issuer; and | ||||||||
● | the intent and ability of the holder to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value. | ||||||||
Management believes that the fair value of its investment has been correctly measured, as the length of time that the stock has been less than cost is nominal. The financial condition and near-term prospects of the Company’s investment is expected to realize improved value due to a public reverse merger. | |||||||||
Changes in Level 3 assets measured at fair value for the years ended December 31, 2013 and 2012 were as follows: | |||||||||
Balance, December 31, 2011 | 100,000 | ||||||||
Realized and unrealized gains (losses) | - | ||||||||
Purchases, sales and settlements | 60,000 | ||||||||
Impairment loss | - | ||||||||
Balance, December 31, 2012 | 160,000 | ||||||||
Realized and unrealized gains (losses) | - | ||||||||
Purchases, sales and settlements | 5,000 | ||||||||
Impairment loss | (160,000 | ) | |||||||
Balance, December 31, 2013 | $ | 5,000 | |||||||
Loans to Third Parties | ' | ||||||||
Loans to Third Parties | |||||||||
On March 22, 2013 the Company granted a loan to Dreamscapes Properties International Inc. The principal amount lent was $6,000, the agreed interest rate was 5% per annum and finally, the loan would have to be repaid no later than one year from the date that the loan was granted. This loan is currently in default, the Company plans to speak to Dreamscapes Properties International Inc. with a review to discuss a payment plan over the next 6 months. | |||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
There are no new accounting pronouncements that have any impact on the Company’s financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Fixed Assets | ' | ||||||||
In case of sale or disposal of an asset, the cost and related accumulated depreciation are removed from the consolidated financial statement. | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Office equipment | $ | 9,316 | $ | 6,579 | |||||
Accumulated depreciation | $ | (1,499 | ) | $ | (117 | ) | |||
Net fixed assets | $ | 7,817 | $ | 6,462 | |||||
Schedule of Accounts Receivables with Major Customers | ' | ||||||||
At December 31, 2013 and December 31, 2012, the Company had the following concentrations of accounts receivables with customers: | |||||||||
Customer | 31-Dec-13 | 31-Dec-12 | |||||||
ACI | 100 | % | 0 | % | |||||
SPI | 0 | % | 99 | % | |||||
Schedule of Revenues from Major Customers | ' | ||||||||
For the years ended December 31, 2013 and December 31, 2012, the Company had the following concentrations of revenues with customers: | |||||||||
Customer | 31-Dec-13 | 31-Dec-12 | |||||||
SAC | 14 | % | 0 | % | |||||
ANR | 14 | % | 0 | % | |||||
DSI | 63 | % | 20 | % | |||||
ACI | 8 | % | 10 | % | |||||
VOZ | 0 | % | 10 | % | |||||
REG | 0 | % | 25 | % | |||||
SPI | 0 | % | 30 | % | |||||
Schedule of Equity Securities in Private Companies | ' | ||||||||
The company currently holds the following equity securities in private and also reporting companies: | |||||||||
Company | No. Shares | Status | |||||||
M1 Lux AG | 2,000,000 | Private Company | |||||||
Monkey Rock Group Inc. | 1,500,000 | Reporting Company – OTC | |||||||
Voz Mobile Cloud Limited | 3,200,000 | Private Company | |||||||
Arrow Cars International Inc. | 3,000,000 | Reporting Company – OTC | |||||||
Direct Security Integration Inc. | 2,000,000 | Private Company | |||||||
11,700,000 | |||||||||
Schedule of Fair Value of Assets Measured on Recurring and Non-recurring Basis | ' | ||||||||
The following is the Company’s assets measured at fair value on a recurring and nonrecurring basis at December 31, 2013 and December 31, 2012, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3): | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Level 1 – None | $ | - | $ | - | |||||
Level 2 – Marketable Securities | - | - | |||||||
Level 3 – Non-Marketable Securities | 5,000 | 160,000 | |||||||
Total | $ | 5,000 | $ | 160,000 | |||||
Schedule of Changes in Level 3 Assets Measured at Fair Value | ' | ||||||||
Changes in Level 3 assets measured at fair value for the years ended December 31, 2013 and 2012 were as follows: | |||||||||
Balance, December 31, 2011 | 100,000 | ||||||||
Realized and unrealized gains (losses) | - | ||||||||
Purchases, sales and settlements | 60,000 | ||||||||
Impairment loss | - | ||||||||
Balance, December 31, 2012 | 160,000 | ||||||||
Realized and unrealized gains (losses) | - | ||||||||
Purchases, sales and settlements | 5,000 | ||||||||
Impairment loss | (160,000 | ) | |||||||
Balance, December 31, 2013 | $ | 5,000 |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Loans Payable Activity | ' | ||||||||
The following table represents the loans payable activity as of December 31, 2013 and as of December 31, 2012 respectively: | |||||||||
Loans payable – related party – December 31, 2012 | $ | 48,075 | |||||||
Proceeds from loans | 9,819 | ||||||||
Repayments | 700 | ||||||||
Loans payable – related party – December 31, 2013 | $ | 57,194 | |||||||
Schedule of Accounts Payable to Related Parties | ' | ||||||||
The following table represents the accounts payable to related parties as of December 31, 2013 and December 31, 2012, respectively: | |||||||||
12/31/13 | 12/31/12 | ||||||||
Salaries | 182,080 | 414,034 | |||||||
Expenses | 9,973 | 7,466 | |||||||
$ | 192,053 | $ | 421,500 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Provision (Benefit) for Income Taxes | ' | ||||||||
The income tax provision differs from the amount of tax determined by applying the federal statutory rate approximately as follows: | |||||||||
2013 | 2012 | ||||||||
Income Tax provision at Statutory rate: | $ | (814,647 | ) | $ | (536,981 | ) | |||
Increase (decrease) in income tax due to: | |||||||||
Non-Taxable foreign earnings | 317,325 | 457,519 | |||||||
State taxes | - | - | |||||||
Change in valuation allowance | 497,322 | 79,462 | |||||||
Total | $ | - | $ | - | |||||
Schedule of Net Deferred Tax Assets and Liabilities | ' | ||||||||
Net deferred tax assets and liabilities are comprised approximately of the following: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets (liabilities), current | $ | - | $ | - | |||||
Deferred tax assets (liabilities), non-current | |||||||||
Net operating loss | $ | 497,322 | $ | 79,462 | |||||
Valuation allowance | $ | (497,322 | ) | $ | (79,462 | ) | |||
$ | - | $ | - | ||||||
Net deferred tax assets (liabilities) | $ | - | $ | - | |||||
Non-current assets (liabilities) | $ | - | $ | - | |||||
$ | - | $ | - |
Temporary_Equity_and_Stockhold1
Temporary Equity and Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Temporary Equity Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Issuance of Cash, Debt Discount and Services | ' | ||||||||||||||||
During the year ended December 31, 2013, the Company issued the following shares: | |||||||||||||||||
Date | Type | Shares | Valuation | Range of value | |||||||||||||
per share | |||||||||||||||||
2/15/13 | Stock issued for services and payables | 100,000 | $ | 80,000 | $ | 0.8 | |||||||||||
3/12/13 | Stock issued for settlement of debt | 75,000 | $ | 82,500 | $ | 1.1 | |||||||||||
4/5/13 | Stock issued for services | 150,000 | $ | 142,500 | $ | 0.95 | |||||||||||
4/5/13 | Stock issued for services | 500,000 | $ | 125,000 | $ | 0.25 | |||||||||||
4/15/13 | Stock issued for services | 25,000 | $ | 13,750 | $ | 0.55 | |||||||||||
4/24/13 | Stock issued for services | 150,000 | $ | 43,500 | $ | 0.29 | |||||||||||
5/3/13 | Stock issued for cash | 16,667 | $ | 10,000 | $ | 0.6 | |||||||||||
5/17/13 | Stock issued for services | 40,000 | $ | 6,800 | $ | 0.17 | |||||||||||
5/17/13 | Stock issued for services | 99,385 | $ | 16,972 | $ | 0.17 | |||||||||||
12/12/13 | Stock issued in lieu of interest | 30,000 | $ | 3,900 | $ | 0.13 | |||||||||||
Various | Stock issued for services | 120,000 | $ | 50,400 | $ | 0.42 | |||||||||||
12/12/13 | Stock issued for services | 10,000 | $ | 1,200 | $ | 0.12 | |||||||||||
12/18/13 | Stock issued for services | 100,000 | $ | 12,000 | $ | 0.12 | |||||||||||
Schedule of Options Activity | ' | ||||||||||||||||
The following is a summary of the Company’s options activity: | |||||||||||||||||
Number of options | Weighted Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Balance at December 31, 2012 | 20,000 | $ | 1 | ||||||||||||||
- Granted | - | $ | - | ||||||||||||||
- Exercised | - | $ | - | ||||||||||||||
- Forfeited | 20,000 | $ | 1,00 | ||||||||||||||
Balance at December 31, 2013 | - | $ | - | ||||||||||||||
Schedule of Options Granted Using the Black-Scholes Pricing Model | ' | ||||||||||||||||
The Black Scholes assumptions used were as follows: | |||||||||||||||||
Exercise price | $ | 1 | |||||||||||||||
Expected dividends | 0 | % | |||||||||||||||
Expected volatility | 182 | % | |||||||||||||||
Risk fee interest rate | 0.3 | % | |||||||||||||||
Expected life | 1.5 years | ||||||||||||||||
Expected forfeitures | 0 | % |
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Other Current Assets | ' | ||||||||
The following is a summary of the Company’s other current assets: | |||||||||
2013 | 2012 | ||||||||
Cash collateral paid to secure loan | $ | 450,000 | (1) | $ | - | ||||
Retainers paid to legal counsel | 2,201 | - | |||||||
$ | 452,201 | $ | - | ||||||
_______________________ | |||||||||
-1 | Please refer to Note 4(C) – Notes payable and Note 9 – Subsequent Events. |
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Going Concern | ' | ' | ' |
Net loss | $2,344,958 | $2,855,556 | ' |
Impairment of financial assets | 160,000 | 975,000 | ' |
Net cash used in operating activities | -929,502 | -178,689 | ' |
Working capital deficit | -1,109,308 | ' | ' |
Stockholders deficit | $2,440,967 | $767,381 | ($1,024,877) |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details Narrative) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Nov. 21, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 09, 2013 | Apr. 23, 2013 | Mar. 31, 2013 | Mar. 22, 2013 | |
Cash equivalents | ' | ' | $0 | $0 | ' | ' | ' | ' |
Fair value of cost method investment | ' | 2,000 | ' | ' | ' | ' | 163,000 | ' |
Value of cost method investment pertains to receipt of common stock in private company | ' | 8.55% | 9.20% | ' | ' | ' | ' | ' |
Value of cost method investment pertains to receipt of common stock in another private company | ' | ' | 9.86% | ' | ' | ' | ' | ' |
Impairment of investments | ' | 160,000 | ' | ' | ' | ' | ' | ' |
Number of shares received from private company, shares | ' | 2,000,000 | 11,700,000 | ' | ' | ' | ' | ' |
Permanent impairment loss on sale of marketable securities | ' | ' | 160,000 | 975,000 | ' | ' | ' | ' |
Shares issued per share | $0.25 | ' | $0.50 | $0.50 | ' | ' | ' | ' |
Revenue from services | ' | ' | 307,000 | ' | ' | ' | ' | ' |
Recognized deferred revenue | ' | ' | 60,000 | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | 247,000 | ' | ' | ' | ' | ' |
Maximum percentage of recognized income tax positions | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Unrecognized tax benefits, penalties or interest | ' | ' | 0 | 0 | ' | ' | ' | ' |
Principal amount lent | ' | ' | 6,000 | ' | ' | ' | ' | 6,000 |
Interest rate | ' | ' | ' | ' | 8.00% | 8.00% | ' | 5.00% |
Private Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares received from private company, shares | ' | ' | 3,000,000 | ' | ' | ' | ' | ' |
Equity securities received in exchange for services performed | ' | ' | 3,000 | ' | ' | ' | ' | ' |
Shares issued per share | ' | ' | $0.00 | ' | ' | ' | ' | ' |
Private Company 1 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares received from private company, shares | ' | ' | 2,000,000 | ' | ' | ' | ' | ' |
Equity securities received in exchange for services performed | ' | ' | $2,000 | ' | ' | ' | ' | ' |
Shares issued per share | ' | ' | $0.00 | ' | ' | ' | ' | ' |
Global Equity Partners Plc [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity ownership interest | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Monkey Rock Group Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares received from private company, shares | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Number of shares impaired | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Summary_of_Fixed_Assets_Detail
Summary of Fixed Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Office equipment | $9,316 | $6,579 |
Accumulated depreciation | -1,499 | -117 |
Net fixed assets | $7,817 | $6,462 |
Schedule_of_Accounts_Receivabl
Schedule of Accounts Receivables with Major Customers (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Customer ACI [Member] | ' | ' |
Percentage of account receivables from major customers | 100.00% | 0.00% |
Customer SPI [Member] | ' | ' |
Percentage of account receivables from major customers | 0.00% | 99.00% |
Schedule_of_Revenues_from_Majo
Schedule of Revenues from Major Customers (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Customer SAC [Member] | ' | ' |
Percentage of revenue from major customers | 14.00% | 0.00% |
Customer ANR [Member] | ' | ' |
Percentage of revenue from major customers | 14.00% | 0.00% |
Customer DSI [Member] | ' | ' |
Percentage of revenue from major customers | 63.00% | 20.00% |
Customer ACI [Member] | ' | ' |
Percentage of revenue from major customers | 8.00% | 10.00% |
Customer VOZ [Member] | ' | ' |
Percentage of revenue from major customers | 0.00% | 10.00% |
Customer REG [Member] | ' | ' |
Percentage of revenue from major customers | 0.00% | 25.00% |
Customer SPI [Member] | ' | ' |
Percentage of revenue from major customers | 0.00% | 30.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Equity Securities in Private Companies (Details) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2013 | |
No. Shares | 2,000,000 | 11,700,000 |
M1 Lux AG [Member] | ' | ' |
Company | ' | 'M1 Lux AG |
No. Shares | ' | 2,000,000 |
Status | ' | 'Private Company |
Monkey Rock Group Inc. [Member] | ' | ' |
Company | ' | 'Monkey Rock Group Inc. |
No. Shares | ' | 1,500,000 |
Status | ' | 'Reporting Company B OTC |
Voz Mobile Cloud Limited [Member] | ' | ' |
Company | ' | 'Voz Mobile Cloud Limited |
No. Shares | ' | 3,200,000 |
Status | ' | 'Private Company |
Arrow Cars International Inc. [Member] | ' | ' |
Company | ' | 'Arrow Cars International Inc. |
No. Shares | ' | 3,000,000 |
Status | ' | 'Reporting Company B OTC |
Direct Security Integration Inc. [Member] | ' | ' |
Company | ' | 'Direct Security Integration Inc. |
No. Shares | ' | 2,000,000 |
Status | ' | 'Private Company |
Significan_Accounting_Policies
Significan Accounting Policies - Schedule of Fair Value of Assets Measured on Recurring and Non-recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair value of assets recurring and non-recurring basis | $5,000 | $160,000 |
Level 1 B None [Member] | ' | ' |
Fair value of assets recurring and non-recurring basis | ' | ' |
Level 2 B Marketable Securities [Member] | ' | ' |
Fair value of assets recurring and non-recurring basis | ' | ' |
Level 3 B Non-Marketable Securities [Member] | ' | ' |
Fair value of assets recurring and non-recurring basis | $5,000 | $160,000 |
Significant_Accounting_Policie
Significant Accounting Policies - Schedule of Changes in Level 3 Assets Measured at Fair Value (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies - Schedule Of Changes In Level 3 Assets Measured At Fair Value Details | ' | ' |
Balance, beginning | $160,000 | $100,000 |
Realized and unrealized gains (losses) | ' | ' |
Purchases, sales and settlements | 5,000 | 60,000 |
Impairment loss | -160,000 | ' |
Balance, ending | $5,000 | $160,000 |
Debt_Details_Narrative
Debt (Details Narrative) (USD $) | 0 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | ||||||||||||||||||
Dec. 12, 2013 | Oct. 17, 2013 | Oct. 18, 2013 | Sep. 09, 2013 | Jun. 04, 2013 | Apr. 23, 2013 | Apr. 24, 2013 | Nov. 21, 2012 | Mar. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 29, 2013 | Oct. 09, 2013 | Mar. 22, 2013 | Oct. 09, 2013 | Oct. 17, 2013 | Mar. 31, 2012 | Mar. 31, 2012 | Nov. 16, 2012 | Jul. 05, 2012 | Mar. 31, 2012 | Jun. 25, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 09, 2013 | Nov. 29, 2013 | |
GBP [Member] | GBP [Member] | Minimum [Member] | Maximum [Member] | Note Holder A [Member] | Note Holder A [Member] | Note Holder A [Member] | Note Holder B [Member] | Note Holder B [Member] | Chief Executive Officer [Member] | Chief Financial Officer [Member] | United Kingdom Resident [Member] | United Kingdom Resident [Member] | ||||||||||||||||
Due to officers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $209,475 | $115,000 | ' | ' |
Percentage of debt instrument, accrued interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common restricted shares value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 324,475 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total notes and loans raised under bridge loan agreements | ' | ' | ' | ' | ' | ' | ' | ' | 70,000 | ' | 1,015,624 | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | 50,000 | ' | ' | ' | ' |
Loans payable, interest rate range minimum | ' | ' | ' | 8.00% | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 0.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in connection with loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued per share | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' | ' | $0.50 | $0.50 | ' | ' | ' | ' | ' | ' | ' | $0.25 | $0.50 | ' | $0.25 | ' | ' | ' | ' | ' |
Shares issued for consideration of debt | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 40,000 | ' | 40,000 | ' | ' | ' | ' | ' |
Stock exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option expiry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013-09-30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,968 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
loan maturity date | ' | ' | ' | 11-Jun-14 | ' | 29-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Nov-14 |
Repayments of notes payable | ' | ' | ' | ' | ' | 42,500 | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' |
Conversion of original debt into common stock | ' | ' | ' | 32,500 | 50,000 | 42,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 20,000 | ' | 10,000 | ' | ' | ' | ' | ' |
Outstanding balance of notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of warrants | ' | ' | 42,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt discount percentage | ' | ' | ' | 42.00% | 25.00% | 42.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt value include principal and interest, percentage | ' | ' | ' | 130.00% | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt discount recorded on notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,034 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,513 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible loan payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 324,475 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured loan | ' | 319,598 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,420 | ' | 75,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted shares | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share repay lieu of interest | ' | ' | ' | 56,196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted common stock additionally | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from loans - related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,319 | 26,802 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 |
Debt instrument, interest rate | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Guarantee loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,540,000 | ' |
Convertible loan payable - related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 324,475 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amoritzation of financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,348 | $70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Loans_Payable
Debt - Schedule of Loans Payable Activity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loans payable - related party - December 31, 2012 | $48,075 | ' |
Proceeds from loans | 10,319 | 26,802 |
Loans payable - related party - December 31, 2013 | 57,194 | 48,075 |
Related Party Shor tTerm [Member] | ' | ' |
Loans payable - related party - December 31, 2012 | 48,075 | ' |
Proceeds from loans | 9,819 | ' |
Repayments | 700 | ' |
Loans payable - related party - December 31, 2013 | $57,194 | ' |
Debt_Schedule_of_Accounts_Paya
Debt - Schedule of Accounts Payable To Related Parties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Salaries | $182,080 | $414,034 |
Expenses | 9,973 | 7,466 |
Accounts Payable -Related parties | $192,053 | $421,500 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating loss carryforwards | $497,322 | $79,462 |
Valuation allowance Amount | 497,322 | 79,462 |
Net loss | -2,344,958 | -2,855,556 |
Global Equity Partners Llc [Member] | ' | ' |
Net loss | $2,344,958 | $2,855,556 |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income Tax provision at Statutory rate: | ($536,981) | ($814,647) |
Non-Taxable foreign earnings | 457,519 | 317,325 |
State taxes | ' | ' |
Change in valuation allowance | 79,642 | 497,322 |
Total | ' | ' |
Income_Taxes_Schedule_of_Net_D
Income Taxes - Schedule of Net Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax assets (liabilities), current | ' | ' |
Net operating loss | 497,322 | 79,462 |
Valuation allowance | -497,322 | -79,462 |
Net deferred tax assets (liabilities) | ' | ' |
Non-current assets (liabilities) | ' | ' |
Temporary_Equity_and_Stockhold2
Temporary Equity and Stockholders' Equity (Details Narrative) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||
Apr. 24, 2013 | Nov. 21, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 04, 2013 | Dec. 12, 2013 | Dec. 31, 2013 | Nov. 30, 2011 | Dec. 12, 2013 | Nov. 21, 2012 | Dec. 12, 2013 | Dec. 12, 2013 | Nov. 21, 2012 | |
Direct Securities Integration, Inc [Member] | Convertible Series A Preferred Stock [Member] | Convertible Series A Preferred Stock [Member] | Convertible Series A Preferred Stock [Member] | Convertible Series A Preferred Stock [Member] | Convertible Series A Preferred Stock [Member] | Convertible Series A Preferred Stock [Member] | Convertible Series A Preferred Stock [Member] | Convertible Series A Preferred Stock [Member] | |||||
positiveinteger | Employee [Member] | Employee [Member] | Chief Financial Officer [Member] | Chief Executive Officer [Member] | Chief Financial Officer [Member] | ||||||||
Preferred stock, shares authorized | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Preferred stock, value | ' | ' | $1,020,000 | $480,000 | ' | ' | ' | $480,000 | ' | ' | ' | ' | ' |
Preferred stock, price per share | ' | ' | $0.00 | $0.00 | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' |
Number of voting rights for each preferred stock | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Conversion of Preferred stock into common stock | ' | 5,333,320 | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Series A Preferred shares returned by Chief Executive Officer | ' | ' | 3,466,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred stock retained balance | ' | ' | 1,533,332 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series A preferred stock transferred from Chief Executive Officer | ' | 533,332 | ' | ' | ' | ' | ' | ' | ' | 133,332 | ' | ' | 400,000 |
Shares issued per share | ' | $0.25 | $0.50 | $0.50 | ' | $0.12 | ' | ' | ' | ' | ' | ' | ' |
Contribution by Officer | ' | 1,333,330 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period for consideration of services, shares | 150,000 | ' | ' | ' | ' | 450,000 | ' | ' | 50,000 | ' | 200,000 | 200,000 | ' |
Stock issued during period for consideration of services | ' | ' | 491,311 | 87,500 | ' | 540,000 | ' | ' | ' | ' | ' | ' | ' |
Redeemable Series A - Preferred Stock, Redemption amount | ' | ' | 480,000 | 480,000 | ' | ' | 1,020,000 | ' | ' | ' | ' | ' | ' |
Issuance of common restricted shares | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair market value of shares due | 43,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimal value guarantee by company | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restrecticted shares | ' | ' | 22,650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of share recorded as stock payable | ' | ' | 77,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Direct Integration of notes payable agreement | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares in Lieu of Interest | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Value of restricted shares in Lieu of Interest | ' | ' | ' | ' | $5,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Issuance_of_Cash_D
Schedule of Issuance of Cash, Debt Discount and Services (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Temporary Equity Disclosure [Abstract] | ' |
Stock issued for services and payables | 100,000 |
Stock issued for settlement of debt | 75,000 |
Stock issued for services, shares | 150,000 |
Stock issued for services, shares | 500,000 |
Stock issued for services, shares | 25,000 |
Stock issued for services, shares | 150,000 |
Stock issued for cash, shares | 16,667 |
Stock issued for services, shares | 40,000 |
Stock issued for services, shares | 99,835 |
Stock issued in lieu of interest, shares | 30,000 |
Stock issued for services, shares | 120,000 |
Stock issued for services, shares | 10,000 |
Stock issued for services, shares | 100,000 |
Stock issued for services and payables, Valuation | $80,000 |
Stock issued for settlement of debt, Valuation | 82,500 |
Stock issued for services, Valuation | 142,500 |
Stock issued for services, Valuation | 125,000 |
Stock issued for services, Valuation | 13,750 |
Stock issued for services, Valuation | 43,500 |
Stock issued for cash, Valuation | 10,000 |
Stock issued for services, Valuation | 6,800 |
Stock issued for services, Valuation | 16,972 |
Stock issued in lieu of interest, Valuation | 3,900 |
Stock issued for services, Valuation | 50,400 |
Stock issued for services, Valuation | 1,200 |
Stock issued for services, Valuation | $12,000 |
Stock issued for services and payables | $0.80 |
Stock issued for settlement of debt | $1.10 |
Stock issued price per share, Services | $0.95 |
Stock issued price per share, Services | $0.25 |
Stock issued price per share, Services | $0.55 |
Stock issued price per share, Services | $0.29 |
Stock issued price per share, Cash | $0.60 |
Stock issued price per share, Services | $0.17 |
Stock issued price per share, Services | $0.17 |
Stock issued in lieu of interest, Services | $0.13 |
Stock issued price per share, Services | $0.42 |
Stock issued price per share, Services | $0.12 |
Stock issued price per share, Services | $0.12 |
Temporary_Equity_and_Stockhold3
Temporary Equity and Stockholders' Equity - Schedule of Options Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Temporary Equity Disclosure [Abstract] | ' |
Number of options Outstanding, Beginning Balance | 20,000 |
Number of options, Granted | ' |
Number of options, Exercised | ' |
Number of options, Forfeited | 20,000 |
Number of options,Outstanding, Ending Balance | ' |
Weighted Average Exercise Price, Beginning Balance | $1 |
Weighted Average Exercise Price, Granted | ' |
Weighted Average Exercise Price, Exercised | ' |
Weighted Average Exercise Price, Forfeited | $1 |
Weighted Average Exercise Price, Ending Balance | ' |
Valuation_Assumptions_of_Warra
Valuation Assumptions of Warrants Granted Estimated on Block-Scholes Pricing Model (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Temporary Equity Disclosure [Abstract] | ' |
Exercise price | $1 |
Expected dividends | 0.00% |
Expected volatility | 182.00% |
Risk fee interest rate | 0.30% |
Expected life | '1 year 6 months |
Expected forfeitures | 0.00% |
Commitments_and_contingencies_
Commitments and contingencies (Details Narrative) (USD $) | 0 Months Ended | 12 Months Ended |
Apr. 24, 2013 | Dec. 31, 2013 | |
Stock issued during the period for avertisemnt services, shares | 150,000 | ' |
Minimal value guarantee by the company | $100,000 | ' |
Value of share recorded as stock payable | ' | 77,350 |
Robert Sullivan [Member] | ' | ' |
Payment of cash for consideration of advertisement service | 30,000 | 10,000 |
Stock issued during the period for avertisemnt services, shares | 150,000 | ' |
Accrued advertising expense | ' | 20,000 |
Value of share recorded as stock payable | ' | $77,350 |
Other_Current_Assets_Schedule_
Other Current Assets - Schedule of Other Current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | |
Cash collateral paid to secureloan | $450,000 | [1] | ' |
Retainers paid to legal counsel | 2,201 | ' | |
Other Assets, Current | $452,201 | ' | |
[1] | Please refer to Note 4(C) - Notes payable and Note 9 - Subsequent Events. |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 12, 2013 | Oct. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 09, 2013 | Dec. 31, 2013 | |
Ppf Capital Source [Member] | Ppf Capital Source [Member] | |||||
Guarantee loan amount | ' | ' | ' | ' | $3,540,000 | ' |
Debt instruments interest per annum | ' | 5.00% | ' | ' | 4.50% | ' |
Repayament of loan amount | 450,000 | ' | 52,500 | 30,000 | ' | ' |
Securing a minimum cash collateral | ' | ' | ' | ' | ' | 10,000,000 |
Critical collateral mass amount | ' | ' | ' | ' | ' | $10,000,000 |