Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 |
Notes | |
Note 2 - Significant Accounting Policies | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES |
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Basis of Presentation and Use of Estimates in the Financial Statements |
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Preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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Cash in Excess of FDIC Insured Limits |
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The Company maintains its cash in bank deposit accounts that, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to certain limits. At December 31, 2014, the Company's cash on deposit was not in excess of FDIC insured limits. The Company has not experienced any losses in such accounts. |
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No Items of Other Comprehensive Income or Loss |
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The Company has no items of other comprehensive income or loss for the period from November 14, 2013 (inception) to December 31, 2014. Therefore, the net loss as presented in the Company’s Statement of Operations equals comprehensive loss. |
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Income Taxes |
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Income taxes will be provided for the tax effects of transactions reported in the financial statements and will consist of taxes currently due plus deferred taxes resulting from temporary differences. Valuation allowances will be established when necessary to reduce deferred tax assets to the amount expected to be realized. |
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The Company adopted the provisions of FASB ASC 740 “Income Taxes” (ASC 740). A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there is no unrecognized tax benefit at December 31, 2014. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740. |
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Loss Per Share |
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Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding for the period. At December 31, 2014, the Company did not have any potentially dilutive common shares. |
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Fair Value of Financial instruments |
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The Company measures fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three tier hierarchy that prioritizes the inputs used to measure fair value, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3). At December 31, 2014, the Company's financial instruments are cash held on deposit, trade payables and the short term note payable which are Level 2 in the fair value hierarchy. The carrying amounts of the financial instruments are reasonable estimates of their fair values due to their short term nature. |
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Recent Accounting Pronouncements |
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On June 10, 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) – Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) in its entirety from current accounting guidance. The Company has elected early adoption of this new standard. |
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The Company has implemented all other new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |