Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Eurocan Holdings Ltd. | ' |
Entity Central Index Key | '0001534708 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 32,910,000 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash | $17,478 | $618 |
Interest receivable | 354 | 0 |
Note receivable | 150,000 | 0 |
Total Current Assets | 167,832 | 618 |
Total Assets | 167,832 | 618 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ' | ' |
Accounts payable | 37,564 | 37,640 |
Accrued liabilities | 16,949 | 31,199 |
Deferred revenue | 16,670 | 730 |
Due to related party (Note 5) | 9,070 | 1,214 |
Notes payable (Note 4) | 218,230 | 7,150 |
Total Liabilities | 298,483 | 77,933 |
Contingencies and Commitment | ' | ' |
Stockholders' Deficit | ' | ' |
Preferred Stock, 100,000,000 shares authorized, par value $0.0001; None issued and outstanding | 0 | 0 |
Common Stock, 900,000,000 shares authorized, par value $0.0001; 32,910,000 and 32,910,000 shares issued and outstanding, respectively | 3,291 | 3,291 |
Additional Paid-In Capital | 246,691 | 246,691 |
Deficit | -380,633 | -327,297 |
Total Stockholders' Deficit | -130,651 | -77,315 |
Total Liabilities and Stockholders' Deficit | $167,832 | $618 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Stockholders' Deficit | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, Authorized | 100,000,000 | 100,000,000 |
Preferred stock, Issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, Authorized | 900,000,000 | 900,000,000 |
Common stock, Issued | 32,910,000 | 32,910,000 |
Common stock, outstanding | 32,910,000 | 32,910,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $7,139 | $16,023 | $8,139 | $49,363 |
Cost of sales | 0 | 4,434 | 215 | 6,127 |
Gross Margin | 7,139 | 11,589 | 7,924 | 43,236 |
Expenses | ' | ' | ' | ' |
Rent | 0 | 1,092 | 0 | 7,192 |
General and administrative | 5,650 | 10,147 | 8,564 | 23,308 |
Management fees (Note 5) | 0 | 0 | 0 | 11,200 |
Professional fees | 12,399 | 19,177 | 46,975 | 40,447 |
Total operating expenses | 18,049 | 30,416 | 55,539 | 82,147 |
Loss from Operations | -10,910 | -18,827 | -47,615 | -38,911 |
Other Income (Expense) | ' | ' | ' | ' |
Interest income | 354 | 0 | 354 | 0 |
Other income | 0 | 0 | 0 | 4,405 |
Interest and bank charges | -3,038 | -4,051 | -6,075 | -7,505 |
Total Other Income (Expense) | -2,684 | -4,051 | -5,721 | -3,100 |
Net Loss | ($13,594) | ($22,878) | ($53,336) | ($42,011) |
Net Loss Per Share - Basic and Diluted | $0 | $0 | $0 | $0 |
Weighted Average Shares Outstanding - Basic and Diluted | 32,910,000 | 12,710,000 | 32,910,000 | 12,710,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Activities | ' | ' |
Net loss for the period | ($53,336) | ($42,011) |
Adjustment to reconcile net loss to net cash used in operating activities: | ' | ' |
Interest receivable | -354 | 0 |
Gain on sale of property and equipment | 0 | -4,405 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 0 | -1,040 |
Accounts payable and accrued liabilities | -14,326 | 2,276 |
Deferred revenue | 15,940 | 0 |
Net Cash Used In Operating Activities | -52,076 | -45,180 |
Cash Flows From Investing Activities | ' | ' |
Note receivable | -150,000 | 0 |
Proceeds from sale of property and equipment | 0 | 4,405 |
Net Cash Provided By Investing Activities | -150,000 | 4,405 |
Financing Activities | ' | ' |
Principal payments on related party debt | 7,856 | 0 |
Proceeds from notes payable | 211,080 | 35,000 |
Net Cash Provided By Financing Activities | 218,936 | 35,000 |
Increase (decrease) in Cash | 16,860 | -5,775 |
Cash - Beginning of Period | 618 | 5,899 |
Cash - End of Period | 17,478 | 124 |
Supplemental Disclosures: | ' | ' |
Income taxes paid | 0 | 50 |
Interest paid | $4,808 | $4,576 |
1_Basis_of_Presentation
1. Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
1. Basis of Presentation | ' |
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the Company’s audited 2013 annual financial statements and notes thereto. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation of financial position, the results of operations and cash flow for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosures required in the Company’s 2013 annual financial statements have been omitted. |
2_Going_Concern
2. Going Concern | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
2. Going Concern | ' |
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since inception, the Company has incurred losses of $380,633 and negative working capital of $130,651. In addition, the Company generated negative cash flows from operations during the year ended December 31, 2013. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. | |
If necessary, the Company will pursue additional equity and/or debt financing while managing cash flows from operations in an effort to provide funds to meet its obligations on a timely basis and to support future business development. | |
The consolidated financial statements do not contain any adjustments to reflect the possible future effects on the classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. |
3_Note_Receivable
3. Note Receivable | 6 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
3. Note Receivable | ' |
On June 17, 2014, the Company loaned the sum of $150,000 to Eastside Distilling LLC, an Oregon corporation. The loan accrues interest daily at the rate of 5% per annum (computed on the basis of the actual number of days elapsed and a year of 360 days and compounded monthly) and is secured with any and all asset of the Eastside Distilling LLC from June 13, 2014. The loan matures on June 13, 2015, but it may be prepaid in whole or in part at any time prior to the maturity date. As at June 30, 2014, the entire principal amount of the loan and $354 in accrued interest remain outstanding. |
4_Notes_Payable
4. Notes Payable | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
4. Notes Payable | ' |
During October, 2013 the Company received advances totaling $7,150 and issued non-interest bearing promissory notes, unsecured and due on demand. As at June 30, 2014, the entire principal amount of the note remains outstanding. | |
During the six months ended June 30, 2014 the Company received advances totaling $211,080 and issued eleven promissory notes to non-related parties. These notes are non-interest bearing, unsecured and due on demand. As at June 30, 2014, the entire principal amount of the note remains outstanding. |
5_Related_Party_Transactions
5. Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
5. Related Party Transactions | ' |
During the six months ended June 30, 2013 a director of the Company received $11,200 as compensation for management services provided to the Company. | |
As of June 30, 2014 and December 31, 2013, the Company owed $9,070 and $1,214, respectively to the director of the Company. The amount is non-interest bearing, unsecured and due on demand. |
1_Basis_of_Presentation_Polici
1. Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Basis Of Presentation Policies | ' |
Basis of Presentation | ' |
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the Company’s audited 2013 annual financial statements and notes thereto. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation of financial position, the results of operations and cash flow for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosures required in the Company’s 2013 annual financial statements have been omitted. |
2_Going_Concern_Details_Narrat
2. Going Concern (Details Narrative) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Going Concern Details Narrative | ' | ' |
Losses Incurred From Opreration, since inception | ($380,633) | ($327,297) |
Working capital | ($130,651) | ' |
3_Note_Receivable_Details_Narr
3. Note Receivable (Details Narrative) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ' | ' |
Note receivable | $150,000 | $0 |
Accrued interest receivable | $354 | ' |
4_Notes_Payable_Details_Narrat
4. Notes Payable (Details Narrative) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Advance Received From Non Related Party | $211,080 | $35,000 |
5_Related_Party_Transactions_D
5. Related Party Transactions (Details Narrative) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ' | ' |
Due to a director | $9,070 | $1,214 |