| NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis
of Presentation The
accompanying unaudited condensed consolidated financial statements as of March 31, 2017 and for the three months ended March 31,
2017 and 2016 have been prepared by the Company pursuant to the rules and regulation of the Securities Exchange Commission, including
Form 10-Q and Regulation S-K. The information furnished herein reflects all adjustments (consisting of normal recurring accruals
and adjustments), which are in the opinion of management, necessary to fairly present the operating results for the respective
periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with
accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations.
The Company believes that the disclosures provided are adequate to make the information presented not misleading. The
results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for
the year ending December 31, 2017. These unaudited condensed financial statements should be read in conjunction with our audited
condensed financial statements and explanatory notes for the year ended December 31, 2016 as disclosed in the Company's Form 10-K
for that year as filed with the Securities and Exchange Commission on February 17, 2017. On
December 28, 2016, the Company, EPT Acquisition Corporation, a newly-formed Delaware corporation and a direct wholly-owned subsidiary
of the Company ( Merger Sub EPT Merger Agreement Pursuant
to the Merger Agreement, subject to and upon the terms and conditions of the Merger Agreement, Merger Sub shall be merged with
and into EPT (the Merger Immediately
following the Merger, the Company shall have approximately 52,000,000 shares issued and outstanding of which (a) 40,000,000 such
shares will be owned by the former EPT Stockholders, and (b) approximately 12,000,000 shares will be owned by the Companys
shareholders. Upon completion of the Merger, the individuals designated by EPT shall be our sole directors and officers and our
officer and director shall resign. The
Merger Agreement includes conditions, representations and warranties and covenants of the parties customary for a transaction
of this nature. The Merger Agreement may be terminated after May 31, 2017 if the Merger has not closed by that date. As
of March 31, 2017, the conditions precedent to complete the merger transaction had not been satisfied. Significant
accounting policies are as follows: Use
of Estimates The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting
period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. Income
Loss Per Share The
Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Cash The
Company presently maintains cash in an attorney trust account until such time that the Company establishes a bank account. Financial
Instruments ASC
820, Fair Value Measurements Recently
Issued Standards In
February 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-06, 'Plan Accounting: Defined Benefit Pension
Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit
Plan Master Trust Reporting. Among other things, the amendments require a plans interest in that master trust and
any change in that interest to be presented in separate line items in the statement of net assets available for benefits and in
the statement of changes in net assets available for benefits, respectively. The amendments also remove the requirement to disclose
the percentage interest in the master trust for plans with divided interests and require that all plans disclose the dollar amount
of their interest in each of those general types of investments. The amendments require all plans to disclose: (a) their master
trusts other asset and liability balances; and (b) the dollar amount of the plans interest in each of those balances.
Lastly, the amendments eliminate redundant investment disclosures (e.g., those required by Topics 815 and 820) relating to 401(h)
account assets. Effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The amendments should
be applied retrospectively to each period for which financial statements are presented. The Company does not anticipate the adoption
of ASU 2017-06 will have a material impact on its unaudited condensed consolidated financial statements. In
February 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-05, Other Income Gains and Losses
from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting
for Partial Sales of Nonfinancial Assets. The amendments clarify that a financial asset is within the scope of Subtopic
610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial
asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred
within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership
interests in a consolidated subsidiary. A contract that includes the transfer of ownership interests in one or more consolidated
subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to
the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each
distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty
obtains control of it. Effective at the same time as the amendments in Update 2014-09, Revenue from Contracts with Customers (Topic
606). Therefore, public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the
amendments in this Update to annual reporting periods beginning after December 15, 2017, including interim periods within that
reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including
interim reporting periods within that reporting period. All other entities should apply the amendments in this Update to annual
reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019.
All other entities may apply the guidance earlier as of annual reporting periods beginning after December 15, 2016, including
interim reporting periods within that reporting period. All other entities also may apply the guidance earlier as of annual reporting
periods beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after
the annual reporting period in which the entity first applies the guidance. An entity is required to apply the amendments in this
Update at the same time that it applies the amendments in Update 2014-09. The Company does not anticipate the adoption of ASU
2017-05 will have a material impact on its unaudited condensed consolidated financial statements. In
January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-04, Intangibles - Goodwill and Other (Topic
350): Simplifying the Test for Goodwill Impairment. These amendments eliminate Step 2 from the goodwill impairment test.
The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying
amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting units
fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition,
income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring
the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero
or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the
goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine
if the quantitative impairment test is necessary. Effective for public business entities that are a SEC filers for annual or any
interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or
annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 should be adopted on a prospective
basis. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its unaudited condensed consolidated
financial statements. In
January 2017, FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, in an effort
to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions
should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for fiscal
years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not expect the adoption
of this amendment to have a material effect on its financial condition and results of operations In
October 2016, the FASB issued ASU No 2016-16 - Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16
will require the tax effects of intercompany transactions, other than sales of inventory, to be recognized currently, eliminating
an exception under current GAAP in which the tax effects of intra-entity asset transfers are deferred until the transferred asset
is sold to a third party or otherwise recovered through use. The guidance will be effective for the first interim period of our
2019 fiscal year, with early adoption permitted. The Company does not expect the adoption of this amendment to have a material
effect on its financial condition and results of operations. In
August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and
Cash Payments, in an effort to reduce the diversity of how certain cash receipts and cash payments are presented and classified
in the statement of cash flows. The amendments of this ASU are effective for fiscal years beginning after December 15, 2017, and
interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this amendment
to have a material effect on its financial condition and results of operations. In
June 2016, the FASB Issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and
Practical Expedients and clarifies the objective of the collectability criterion, presentation of taxes collected from
customers, non-cash consideration, contract modifications at transition, completed contracts at transition and how guidance in
Topic 606 is retrospectively applied. The amendments do not change the core principle of the guidance in Topic 606. The effective
dates are the same as those for Topic 606. The Company does not expect the adoption of this amendment to have a material effect
on its financial condition and results of operations. In
April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations
and Licensing, which provides further guidance on identifying performance obligations and improves the operability and understandability
of licensing implementation guidance. The effective date for ASU 2016-10 is the same as the effective date of ASU 2014-09 as amended
by ASU 2015-14, for annual reporting periods beginning after December 15, 2017, including interim periods within those years.
The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of
operations. On
March 30, 2016, the FASB issued ASU No. 2016-09, Compensation- Stock Compensation Improvements to Employee Share-Based Payment
Accounting, which simplifies various aspects related to the accounting and presentation of share-based payments. The amendments
require entities to record all tax effects related to share-based payments at settlement or expiration through the income statement
and the windfall tax benefit to be recorded when it arises, subject to normal valuation allowance considerations. All tax-related
cash flows resulting from share-based payments are required to be reported as operating activities in the statement of cash flows.
The updates relating to the income tax effects of the share-based payments including the cash flow presentation must be adopted
either prospectively or retrospectively. Further, the amendments allow the entities to make an accounting policy election to either
estimate forfeitures or recognize forfeitures as they occur. If an election is made, the change to recognize forfeitures as they
occur must be adopted using a modified retrospective approach with a cumulative effect adjustment recorded to opening retained
earnings. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2016 and
interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this amendment
to have a material effect on its financial condition and results of operations. On
March 15, 2016, the FASB issued ASU No. 2016-07, InvestmentEquity Method and Joint ventures (Topic 323), To simplify the
accounting for equity method investments, the amendments in the Update eliminate the requirement in Topic 323 that an entity retroactively
adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the
level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the
additional interest in the investee to the current basis of the investors previously held interest and adopt the equity method
of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in this Update are
effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016.
The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree
of influence that result in the adoption of the equity method. Earlier application is permitted. The Company does not expect the
adoption of this amendment to have a material effect on its financial condition and results of operations. On
March 3, 2016, the FASB issued ASU No. 2016-04, Liabilities Extinguishments of Liabilities Subtopic 405-20): Recognition
of Breakage for Certain Prepaid Stored-Value Products, when an entity sells a prepaid stored-value product (such as gift cards,
telecommunication cards, and travelers checks), it recognizes a financial liability for its obligation to provide the product
holder with the ability to purchase goods or services at a third-party merchant. When a prepaid stored-value product goes unused
wholly or partially for an indefinite time period, the amount that remains on the product is referred to as breakage. There currently
is diversity in the methodology used to recognize breakage. Subtopic 405-20 includes derecognition guidance for both financial
liabilities and nonfinancial liabilities, and Topic 606, Revenue from Contracts with Customers, includes authoritative breakage
guidance but excludes financial liabilities. The amendments in this Update provide a narrow scope exception to the guidance in
Subtopic 405-20 to require that breakage be accounted for consistent with the breakage guidance in Topic 606. The amendments in
this Update are effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for
financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.
For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December
15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Earlier application is permitted, including
adoption in an interim period. The Company does not expect the adoption of this amendment to have a material effect on its financial
condition and results of operations. On
February 24, 2016, the FASB issued ASU No. 2016-02, Leases, requiring lessees to recognize a right-of-use asset and a lease liability
on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified
as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to
align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing or sales-type
leases. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018 and
interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective
transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The updated
standard is effective for us beginning in the first quarter of fiscal 2020. The Company does not expect the adoption of this amendment
to have a material effect on its financial condition and results of operations. In
January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose
is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful
information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited
provisions. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and
results of operations. In
November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This is part of FASB's simplification
initiative. The amendments in this ASU require that deferred tax liabilities and assets be classified as noncurrent in a classified
statement of financial position. This ASU is effective for the Company in the first quarter of 2017. Early adoption is permitted.
The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of
operations. In
September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments which allows entities
to recognize adjustments to provisional amounts in the period adjustment is identified rather than retrospectively. In-period
adjustments must be disclosed. This ASU is effective for the Company in the first quarter of 2016. The amendments should be applied
prospectively to adjustments to provisional amounts that occur after the effective date of this ASU. Early adoption is permitted
for financial statements that have not been issued. The Company does not expect the adoption of this amendment to have a material
effect on its financial condition and results of operations. In
August 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU")
2015-15, "Interest - Imputation of Interest (Subtopic 835-30)." ASU 2015-15 provides guidance as to the presentation
and subsequent measurement of debt issuance costs associated with line of credit arrangements. We do not expect the adoption of
ASU 2015-15 to have a material effect on our financial position, results of operations or cash flows. We do not expect the adoption
of ASU 2015-15 to have a material effect on our financial position, results of operations or cash flows. In
August 2015, the FASB issued ASU No. 2015-14, Revenue From Contracts With Customers (Topic 606)." The amendments in this
ASU defer the effective date of ASU 2014-09. Public business entities should apply the guidance in ASU 2014-09 to annual reporting
periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application
is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within
that reporting period. We do not expect adoption of ASU 2015-14 to have a material effect on our financial position, results of
operations or cash flows. In
July 2015, the FASB issued ASU No. 2015-11, "Simplifying the Measurement of Inventory (Topic 330)." ASU 2015-11 simplifies
the accounting for the valuation of all inventory not accounted for using the last-in, first-out ("LIFO") method by
prescribing that inventory be valued at the lower of cost and net realizable value. ASU 2015-11 is effective for financial statements
issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 on a prospective basis.
We do not expect the adoption of ASU 2015-11 to have a material effect on our financial position, results of operations or cash
flows. We do not expect adoption of ASU 2015-14 to have a material effect on our financial position, results of operations or
cash flows In
April 2015, the FASB issued ASU 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)."
ASU 2015-05 provides guidance regarding the accounting for a customer's fees paid in a cloud computing arrangement; specifically
about whether a cloud computing arrangement includes a software license, and if so, how to account for the software license. ASU
2015-05 is effective for public companies' annual periods, including interim periods within those fiscal years, beginning after
December 15, 2015 on either a prospective or retrospective basis. Early adoption is permitted. We do not expect the adoption of
ASU 2015-05 to have a material effect on our financial position, results of operations or cash flows. In
June 2014, the FASB issued ASU 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". The guidance eliminates
the definition of a development stage entity thereby removing the incremental financial reporting requirements from U.S. GAAP
for development or exploration stage entities, primarily presentation of inception to date financial information. The provisions
of the amendments are effective for annual reporting periods beginning after December 15, 2014, and the interim periods therein.
The Company has adopted this standard. In
August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements Going Concern (Topic 205-40)",
which requires management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern
for each annual and interim reporting period. If substantial doubt exists, additional disclosure is required. This new standard
will be effective for the Company for annual and interim periods beginning after December 15, 2016. Early adoption is permitted.
The Company has adopted this new standard as of the fiscal year ended December 31, 2014 and the Company will continue to assess
the impact on its financial statements. There are
various other updates recently issued, most of which represented technical corrections to the accounting literature or application
to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations
or cash flows. |
