Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'Redfield Ventures, Inc |
Entity Central Index Key | '0001554300 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 29,500,000 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $125 | $125 |
Prepaid Expenses | 29,561 | 29,561 |
Total Assets | 29,686 | 29,686 |
Current Liabilities | ' | ' |
Accrued expenses | 9,301 | 9,301 |
Accrued Interest payable | 1,509 | 1,509 |
Deposits received | 16,095 | 16,095 |
Notes payable - current | 24,306 | 24,306 |
Long-Term Liabilities | ' | ' |
Total Liabilities | 51,211 | 51,211 |
Stockholders' Deficit | ' | ' |
Common stock, par value $0.001; 200,000,000 shares authorized; 29,500,000 and 29,500,000 shares issued and outstanding, respectively | 29,500 | 29,500 |
Paid in Capital | 45,000 | 45,000 |
Deficit accumulated during the development stage | -96,025 | -96,025 |
Total Stockholders' Deficit | -21,525 | -21,525 |
Total Liabilities and Stockholders' Deficit | $29,686 | $29,686 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 29,500,000 | 29,500,000 |
Common stock, shares outstanding | 29,500,000 | 29,500,000 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 26 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Income Statement [Abstract] | ' | ' | ' |
Revenues | ' | ' | $5,500 |
Operating Expenses | ' | ' | ' |
Website expenses | ' | ' | 600 |
Consultancy fees | ' | ' | 29,140 |
General and administrative expenses | ' | 5,371 | 47,631 |
Professional fees | ' | 2,630 | 22,645 |
Total Operating Expenses | ' | 8,001 | 100,016 |
Net Loss from Operations before other Income (Expense) | ' | -8,001 | -94,516 |
Other Income (Expense) | ' | ' | ' |
Interest expense | ' | -168 | -1,509 |
Net Income (Loss) Before Provision for Income Taxes | ' | -8,169 | -96,025 |
Provision for Income Taxes | ' | ' | ' |
Net Loss | $0 | ($8,169) | ($96,025) |
Net Loss Per Share: Basic and Diluted | $0 | $0 | ' |
Weighted Average Number of Shares Outstanding: Basic and Diluted | 29,500,000 | 25,296,667 | ' |
Statement_of_Changes_in_Stockh
Statement of Changes in Stockholders' Equity (Unaudited) (USD $) | Common Stock | Additional Paid in Capital | Deficit Accumulated During Development Stage | Total |
Beginning balance, Amount at Jan. 26, 2012 | ' | ' | ' | ' |
Founders Shares issued January 27, 2012 as compensation for services, Amount | $24,140 | ' | ' | $24,140 |
Founders Shares issued January 27, 2012 as compensation for services, Shares | 24,140,000 | ' | ' | ' |
Shares issued for cash at $0.01 per share, Amount | 360 | ' | ' | 360 |
Shares issued for cash at $0.01 per share, Shares | 360,000 | ' | ' | ' |
Net loss for the period | ' | ' | -34,727 | -96,025 |
Balance, Amount at Dec. 31, 2012 | 24,500 | ' | -34,727 | -10,227 |
Balance, Shares at Dec. 31, 2012 | 24,500,000 | ' | ' | ' |
Shares issued for cash at $0.01 per share, Amount | 5,000 | 45,000 | ' | 50,000 |
Shares issued for cash at $0.01 per share, Shares | 5,000,000 | ' | ' | ' |
Net loss for the period | ' | ' | -61,298 | -61,298 |
Balance, Amount at Dec. 31, 2013 | $29,500 | $45,000 | ($96,025) | ($21,525) |
Balance, Shares at Dec. 31, 2013 | 29,500,000 | ' | ' | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 26 Months Ended |
Mar. 31, 2013 | Mar. 31, 2014 | |
Cash Flows from Operating Activities | ' | ' |
Net loss for the period | ($8,169) | ($96,025) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ' | ' |
Stock issued as compensation for services | ' | 24,140 |
Changes in assets and liabilities: | ' | ' |
(Increase) decrease in prepaid expenses | -4,000 | -29,561 |
Increase (decrease) in accrued expenses | -259 | 9,369 |
Increase (decrease) in deposits | ' | 16,095 |
Increase (decrease) in accrued interest payable | 168 | 1,441 |
Net Cash used in Operating Activities | -12,260 | -75,541 |
Cash flows from Investing Activities | ' | ' |
Payments for website development | ' | ' |
Net Cash Used in Investing Activities | ' | ' |
Cash flows from Financing Activities | ' | ' |
Proceeds from sale of common stock | 11,950 | 50,360 |
Notes payable | 70 | 24,306 |
Net Cash provided by Financing Activities | 12,020 | 74,666 |
Net Increase (Decrease) in Cash | -240 | 125 |
Cash and cash equivalents, beginning of period | 125 | ' |
Cash, end of period | 149 | 125 |
Supplemental Cash Flows Information: | ' | ' |
Interest paid | ' | ' |
Income taxes paid | ' | ' |
1_Organization_and_Summary_of_
1. Organization and Summary of Significant Accounting Principles | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||
Organization and summary of significant accounting principles | ' | ||||
Organization | |||||
Redfield Ventures, Inc (“REVE” or the “Company’) was incorporated under the laws of the State of Nevada on January 27, 2012. REVE has provided market research services throughout the United States and other countries. The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises (“SFAS No.7”) (ASC 915-10). | |||||
Accounting basis | |||||
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a December 31 fiscal year end. | |||||
Basis of Preparation | |||||
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. | |||||
Use of estimates and assumptions | |||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Election to be treated as an emerging growth company | |||||
In the second quarter of 2012, The Company has elected to use the extended transition period now available for complying with new or revised accounting standards under Section 102(b) (1). This election allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, the Company financial statements may not be comparable to companies that comply with public company effective dates. | |||||
Cash and cash equivalents | |||||
For the purpose of the statements of cash flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. | |||||
Fair value of financial instruments | |||||
The fair values of the Company’s assets and liabilities that qualify as financial instruments under FASB ASC Topic 825, “Financial Instruments,” approximate their carrying amounts presented in the accompanying balance sheet at March 31st, 2014. | |||||
Revenue recognition | |||||
Revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collectability is reasonably assured. | |||||
Basic Income (Loss) Per Share | |||||
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of March 31st, 2014. | |||||
(A) Net Loss | $ | 0 | |||
(B) Weighted Average Common Shares Outstanding – Basic | 29,500,000 | ||||
Basic income (loss) per share: (A)÷(B) | $ | (0.000 | ) | ||
Equivalents | |||||
Stock Options | – | ||||
Warrants | – | ||||
Convertible notes | – | ||||
Weighted Average Common Shares Outstanding – Diluted | 29,500,000 | ||||
The Company had no activity for the three months ended March 31st, 2014 and based on the Weighted Average Number of Shares Outstanding of 29,500,000 the Basic income (loss) per shares is $(0.000) as per computation above. | |||||
Impairment of Long-Lived Assets | |||||
The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. | |||||
Advertising Costs | |||||
The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the period ended March 31st, 2014 since inception. | |||||
Income Taxes | |||||
The Company accounts for income taxes in accordance with FASB ASC Topic 740 “Income Taxes,” which requires accounting for deferred income taxes under the asset and liability method. Deferred income tax asset and liabilities are computed for difference between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on the enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce the deferred income tax assets to the amount expected to be realized. | |||||
In accordance with GAAP, the Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. state and local jurisdictions. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net assets. This policy also provides guidance on thresholds, measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial statement comparability among different entities. It must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to stockholder’s equity as of July 1, 2009. | |||||
Based on its analysis, the Company has determined that the adoption of this policy did not have a material impact on the Company’s financial statements upon adoption. However, management’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. | |||||
Interest and Penalty Recognition on Unrecognized Tax Benefits | |||||
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. | |||||
Comprehensive Income | |||||
The Company complies with FASB ASC Topic 220, “Comprehensive Income,” which establishes rules for the reporting and display of comprehensive income (loss) and its components. FASB ASC Topic 220 requires the Company’ to reflect as a separate component of stockholders’ equity items of comprehensive income. | |||||
Stock-Based Compensation | |||||
The Company complies with FASB ASC Topic 718 “Compensation – Stock Compensation,” which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. FASB ASC Topic 718 requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award the requisite service period (usually the vesting period). No compensation costs are recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments will be estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. | |||||
Recently Adopted Accounting Pronouncements | |||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2011-11, an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented. | |||||
In September 2011, the FASB issued Accounting Standards Update (ASU) 2011-8 an amendment to the accounting guidance for goodwill in order to simplify how companies test goodwill for impairment. The amendment permits an entity to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. We elected not to early adopt. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented. | |||||
In June 2011, the FASB issued Accounting Standards Update (ASU) 2011-05, an amendment to the accounting guidance for presentation of comprehensive income. Under the amended guidance, an entity may present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. For public companies, the amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and shall be applied retrospectively. Early adoption is permitted. We elected not to early adopt. Other than a change in presentation, the implementation of this accounting pronouncement is not expected to have a material impact on our financial statements when implemented. | |||||
In May 2011, the FASB issued an amendment to the accounting guidance for fair value measurement and disclosure. Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholders’ equity. The guidance is effective for interim and annual periods beginning after December 15, 2011. We do not expect the adoption of the guidance to have a material impact on our financial statements when implemented. | |||||
There are no other new accounting pronouncements adopted or enacted during the three months ended March 31st, 2014 that had, or are expected to have, a material impact on our financial statements. | |||||
Concentration of Credit Risk | |||||
The Company maintains its cash and cash equivalents in bank deposit accounts, which, at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. Management believes the Company is not exposed to any significant credit risk related to cash and cash equivalents. | |||||
2_Going_Concern
2. Going Concern | 3 Months Ended |
Mar. 31, 2014 | |
Going Concern [Abstract] | ' |
Going Concern | ' |
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As noted above, the Company is in the development stage and, accordingly, has not yet generated significant revenues from operations. The Company has incurred losses since inception resulting in an accumulated deficit of $96,025 as of March 31st, 2014 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to recover the value of its assets or satisfy its liabilities. |
3_Income_Taxes
3. Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
As of March 31st, 2014, the Company had net operating loss carry forwards of approximately $96,025 that may be available to reduce future years’ taxable income in varying amounts through 2030. In accordance with FASB ASC740 “Income Taxes”. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. | |||||||||
The provision for Federal income tax consists of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Refundable Federal income tax attributable to: | |||||||||
Current Operations | $ | (33,609 | ) | $ | (33,609 | ) | |||
Change: valuation allowance | 33,609 | 33,609 | |||||||
Net provision for Federal income taxes | $ | 0 | $ | 0 | |||||
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Deferred tax asset attributable to: | |||||||||
Net operating loss carryover | $ | 96,025 | $ | 96,025 | |||||
Less: valuation allowance | (96,025 | ) | (96,025 | ) | |||||
Net deferred tax asset | $ | 0 | $ | 0 | |||||
Due to the change in ownership provisions of Section 382 of the Internal Revenue Code and Tax Reform Act of 1986, net operating loss carry forwards of $96,025 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occurs, the net operating loss carry forwards may be limited as to use in future years. |
4_Common_Stock
4. Common Stock | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Common Stock | ' |
The authorized capital of the Company is 200,000,000 common shares with a par value of $0.001 per share. | |
On January 27, 2012, the Company issued 24,140,000 shares of common stock at in exchange for fair market value of services rendered for total compensation of $24,140. | |
Additionally, on June 29, 2012 the Company issued 360,000 shares of common stock under Regulation D offering for total cash proceeds of $360. | |
During the period ended March 31, 2013 the Company sold 5,000,000 shares of common stock at $0.01 per share pursuant to the Initial Offering under the Form S-1 Registration Statement effective on December 19, 2012 and all of the proceeds from the offering have been received. | |
The Company has 29,500,000 shares of common stock issued and outstanding as of March 31st, 2014. |
5_Notes_Payable
5. Notes Payable | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Notes payable | ' | ||||||||
On the following dates, a shareholder provided loans secured by 10% per annum interest bearing promissory notes. If this loan remains unpaid for a period of one year after the repayment dates, the promissory notes shall be convertible into common voting stocks at a price of 50% discount of the average bid on the day of the conversion. | |||||||||
Date received loans | Amount | Repayment dates | |||||||
15-Jun-12 | 1,000.00 | 30-Jun-12 | |||||||
20-Jul-12 | 1,600.00 | 30-Jul-12 | |||||||
20-Aug-12 | 3,000.00 | 30-Aug-12 | |||||||
25-Oct-12 | 1,000.00 | 30-Oct-12 | |||||||
January 4, 2013 | 70 | 31-Jan-13 | |||||||
15-Apr-12 | 465 | 30-Apr-13 | |||||||
Date received loans | Amount | Repayment dates | |||||||
15-Jun-12 | 1,000.00 | 30-Jun-12 | |||||||
20-Jul-12 | 1,600.00 | 30-Jul-12 | |||||||
20-Aug-12 | 3,000.00 | 30-Aug-12 | |||||||
25-Oct-12 | 1,000.00 | 30-Oct-12 | |||||||
January 4, 2013 | 70 | 31-Jan-13 | |||||||
15-Apr-13 | 465 | 30-Apr-13 | |||||||
9-Jul-13 | 750 | 30-Jul-13 | |||||||
28-Aug-13 | 5,500.00 | March 31st, 2014 | |||||||
4-Sep-13 | 10,400.00 | March 31st, 2014 |
6_Related_Party_Transactions
6. Related Party Transactions | 3 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related party transactions | ' | |
The following shares were issued for founder services rendered for the Company and all these shares were arbitrarily valued at $0.001 par value on January 27, 2012: | ||
● | The Company issued 20,000,000 shares valued at $20,000.00 to Long Nguyen, CEO for services rendered at fair market value on January 27, 2012 | |
The following shares were issued for services rendered in the development of the business and its business plan and all these shares were arbitrarily valued at $0.001 par value on January 27, 2012:- | ||
● | The Company issued 1,140,000 shares valued at $1,140.00 to Lee Chee Thing for services rendered at fair market value on January 27, 2012 in reviewing the company’s business plan. This shareholder purchased additional 275,000 shares on February 15, 2013 at $0.01 per share pursuant to the Initial Offering under the Form S-1 Registration Statement effective on December 19, 2012. This shareholder is not an employee. | |
● | The Company issued 1,000,000 shares valued at $1,000.00 to Mazlan Masrun for services rendered at fair market value on January 27, 2012 in developing the company’s business plan. This shareholder purchased additional 375,000 shares on February 15, 2013 at $0.01 per share pursuant to the Initial Offering under the Form S-1 Registration Statement effective on December 19, 2012. This shareholder is not an employee. | |
● | The Company issued 1,000,000 shares valued at $1,000.00 to Tang Wai Mun for services rendered at fair market value on January 27, 2012 in developing the company’s business plan. This shareholder is not an employee. | |
● | The Company issued 1,000,000 shares valued at $1,000.00 to Yap Peck Yoong for services rendered at fair market value on January 27, 2012 in developing the company’s business plan. This shareholder is not an employee. | |
7_Warrants_and_Options
7. Warrants and Options | 3 Months Ended |
Mar. 31, 2014 | |
Warrants and Options [Abstract] | ' |
Warrants and options | ' |
There are no warrants or options outstanding to acquire any additional shares of common stock. |
8_Commitments_and_Contingent_L
8. Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and contingent liabilities | ' |
The Company is not a party to any ongoing or pending litigation. The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. |
9_Subsequent_Events
9. Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent events | ' |
On March 24th, 201 Innovestica LP purchased 20,000,000 shares of restricted stock of Redfield Ventures Inc. Corp., representing 68% of the shares in the Company to from Mr. Lee Chee Thing for $95,000.00 in cash. On March 25th, the shareholders of the Corporation elected Carlos G. Alarcon Ocampo, Mauricio Gonzalez and Carlos G. Alarcon Gonzalez as Directors of the Company. | |
In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to March 31st, 2014 to the date these financial statements were submitted to the Securities and Exchange Commission and has determined that it does not have any material subsequent events to disclose in these financial statements. | |
1_Organization_and_Summary_of_1
1. Organization and Summary of Significant Accounting Principles (Policies) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||
Organization | ' | ||||
Redfield Ventures, Inc (“REVE” or the “Company’) was incorporated under the laws of the State of Nevada on January 27, 2012. REVE has provided market research services throughout the United States and other countries. The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises (“SFAS No.7”) (ASC 915-10). | |||||
Accounting basis | ' | ||||
Redfield Ventures, Inc (“REVE” or the “Company’) was incorporated under the laws of the State of Nevada on January 27, 2012. REVE has provided market research services throughout the United States and other countries. The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises (“SFAS No.7”) (ASC 915-10). | |||||
Basis of Preparation | ' | ||||
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. | |||||
Use of estimates and assumptions | ' | ||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Election to be treated as an emerging growth company | ' | ||||
In the second quarter of 2012, The Company has elected to use the extended transition period now available for complying with new or revised accounting standards under Section 102(b) (1). This election allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, the Company financial statements may not be comparable to companies that comply with public company effective dates. | |||||
Cash and cash equivalents | ' | ||||
For the purpose of the statements of cash flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. | |||||
Fair value of financial instruments | ' | ||||
The fair values of the Company’s assets and liabilities that qualify as financial instruments under FASB ASC Topic 825, “Financial Instruments,” approximate their carrying amounts presented in the accompanying balance sheet at March 31st, 2014. | |||||
Revenue recognition | ' | ||||
Revenue is recognized on an accrual basis after services have been performed under contract terms, the service price to the client is fixed or determinable, and collectability is reasonably assured. | |||||
Basic Income (Loss) Per Share | ' | ||||
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of March 31st, 2014. | |||||
(A) Net Loss | $ | 0 | |||
(B) Weighted Average Common Shares Outstanding – Basic | 29,500,000 | ||||
Basic income (loss) per share: (A)÷(B) | $ | (0.000 | ) | ||
Equivalents | |||||
Stock Options | – | ||||
Warrants | – | ||||
Convertible notes | – | ||||
Weighted Average Common Shares Outstanding – Diluted | 29,500,000 | ||||
The Company had no activity for the three months ended March 31st, 2014 and based on the Weighted Average Number of Shares Outstanding of 29,500,000 the Basic income (loss) per shares is $(0.000) as per computation above. | |||||
Impairment of Long-Lived Assets | ' | ||||
The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. | |||||
Advertising Costs | ' | ||||
The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the period ended March 31st, 2014 since inception. | |||||
Income Taxes | ' | ||||
The Company accounts for income taxes in accordance with FASB ASC Topic 740 “Income Taxes,” which requires accounting for deferred income taxes under the asset and liability method. Deferred income tax asset and liabilities are computed for difference between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on the enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce the deferred income tax assets to the amount expected to be realized. | |||||
In accordance with GAAP, the Company is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. state and local jurisdictions. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized could result in the Company recording a tax liability that would reduce net assets. This policy also provides guidance on thresholds, measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial statement comparability among different entities. It must be applied to all existing tax positions upon initial adoption and the cumulative effect, if any, is to be reported as an adjustment to stockholder’s equity as of July 1, 2009. | |||||
Based on its analysis, the Company has determined that the adoption of this policy did not have a material impact on the Company’s financial statements upon adoption. However, management’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. | |||||
Interest and Penalty Recognition on Unrecognized Tax Benefits | |||||
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. | |||||
Comprehensive Income | ' | ||||
The Company complies with FASB ASC Topic 220, “Comprehensive Income,” which establishes rules for the reporting and display of comprehensive income (loss) and its components. FASB ASC Topic 220 requires the Company’ to reflect as a separate component of stockholders’ equity items of comprehensive income. | |||||
Stock-Based Compensation | ' | ||||
The Company complies with FASB ASC Topic 718 “Compensation – Stock Compensation,” which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. FASB ASC Topic 718 requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award the requisite service period (usually the vesting period). No compensation costs are recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments will be estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. | |||||
Recently Adopted Accounting Pronouncements | ' | ||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2011-11, an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented. | |||||
In September 2011, the FASB issued Accounting Standards Update (ASU) 2011-8 an amendment to the accounting guidance for goodwill in order to simplify how companies test goodwill for impairment. The amendment permits an entity to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. We elected not to early adopt. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented. | |||||
In June 2011, the FASB issued Accounting Standards Update (ASU) 2011-05, an amendment to the accounting guidance for presentation of comprehensive income. Under the amended guidance, an entity may present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. For public companies, the amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and shall be applied retrospectively. Early adoption is permitted. We elected not to early adopt. Other than a change in presentation, the implementation of this accounting pronouncement is not expected to have a material impact on our financial statements when implemented. | |||||
In May 2011, the FASB issued an amendment to the accounting guidance for fair value measurement and disclosure. Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholders’ equity. The guidance is effective for interim and annual periods beginning after December 15, 2011. We do not expect the adoption of the guidance to have a material impact on our financial statements when implemented. | |||||
There are no other new accounting pronouncements adopted or enacted during the three months ended March 31st, 2014 that had, or are expected to have, a material impact on our financial statements. | |||||
Concentration of Credit Risk | ' | ||||
The Company maintains its cash and cash equivalents in bank deposit accounts, which, at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. Management believes the Company is not exposed to any significant credit risk related to cash and cash equivalents. |
1_Organization_and_Summary_of_2
1. Organization and Summary of Significant Accounting Principles (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||
Summary of income (loss) per share | ' | ||||
(A) Net Loss | $ | 0 | |||
(B) Weighted Average Common Shares Outstanding – Basic | 29,500,000 | ||||
Basic income (loss) per share: (A)÷(B) | $ | (0.000 | ) | ||
Equivalents | |||||
Stock Options | – | ||||
Warrants | – | ||||
Convertible notes | – | ||||
Weighted Average Common Shares Outstanding – Diluted | 29,500,000 |
3_Income_Taxes_Tables
3. Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Components of provision for Federal income tax | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Refundable Federal income tax attributable to: | |||||||||
Current Operations | $ | (33,609 | ) | $ | (33,609 | ) | |||
Change: valuation allowance | 33,609 | 33,609 | |||||||
Net provision for Federal income taxes | $ | 0 | $ | 0 | |||||
Schedule of net deferred tax asset | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Deferred tax asset attributable to: | |||||||||
Net operating loss carryover | $ | 96,025 | $ | 96,025 | |||||
Less: valuation allowance | (96,025 | ) | (96,025 | ) | |||||
Net deferred tax asset | $ | 0 | $ | 0 |
5_Notes_Payable_Tables
5. Notes Payable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of notes payable | ' | ||||||||
Date received loans | Amount | Repayment dates | |||||||
15-Jun-12 | 1,000.00 | 30-Jun-12 | |||||||
20-Jul-12 | 1,600.00 | 30-Jul-12 | |||||||
20-Aug-12 | 3,000.00 | 30-Aug-12 | |||||||
25-Oct-12 | 1,000.00 | 30-Oct-12 | |||||||
January 4, 2013 | 70 | 31-Jan-13 | |||||||
15-Apr-12 | 465 | 30-Apr-13 | |||||||
Date received loans | Amount | Repayment dates | |||||||
15-Jun-12 | 1,000.00 | 30-Jun-12 | |||||||
20-Jul-12 | 1,600.00 | 30-Jul-12 | |||||||
20-Aug-12 | 3,000.00 | 30-Aug-12 | |||||||
25-Oct-12 | 1,000.00 | 30-Oct-12 | |||||||
January 4, 2013 | 70 | 31-Jan-13 | |||||||
15-Apr-13 | 465 | 30-Apr-13 | |||||||
9-Jul-13 | 750 | 30-Jul-13 | |||||||
28-Aug-13 | 5,500.00 | March 31st, 2014 | |||||||
4-Sep-13 | 10,400.00 | March 31st, 2014 | |||||||
1_Organization_and_Summary_of_3
1. Organization and Summary of Significant Accounting Principles (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Summary of income (loss) per share | ' |
Net Loss | $0 |
(B) Weighted Average Common Shares Outstanding - Basic | 29,500,000 |
Basic income (loss) per share: (A)/(B) | $0 |
Equivalents | ' |
Weighted Average Common Shares Outstanding - Diluted | 29,500,000 |
1_Organization_and_Summary_of_4
1. Organization and Summary of Significant Accounting Principles (Details Narrative) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Organization and Summary of Significant Accounting Principles (Textual) | ' |
Net Loss | $0 |
Weighted average number of shares outstanding | 29,500,000 |
Basic income (loss) per shares | $0 |
Advertising expense | $0 |
2_Going_Concern_Details_Narrat
2. Going Concern (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Going Concern (Textual) | ' | ' |
Deficit accumulated during the development stage | $96,025 | $96,025 |
3_Income_Taxes_Details
3. Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Refundable Federal income tax attributable to: | ' | ' |
Current Operations | ($33,609) | ($33,609) |
Change: valuation allowance | 33,609 | 33,609 |
Net provision for Federal income taxes | $0 | $0 |
3_Income_Taxes_Details_1
3. Income Taxes (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Deferred tax asset attributable to: | ' | ' |
Net operating loss carryover | $96,025 | $96,025 |
Less: valuation allowance | -96,025 | -96,025 |
Net deferred tax asset | $0 | $0 |
3_Income_Taxes_Details_Narrati
3. Income Taxes (Details Narrative) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes (Textual) | ' |
Net operating loss carry forwards | $96,025 |
Operating loss carryforwards, Expiration date | ' |
Varying amounts through 2030 | |
Expected income tax rate | 34.00% |
5_Notes_Payable_Details
5. Notes Payable (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Loan One [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 15-Jun-12 |
Amount | $100,000 |
Repayment dates | 30-Jun-12 |
Loan Two [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 20-Jul-12 |
Amount | 160,000 |
Repayment dates | 30-Jul-12 |
Loan Three [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 20-Aug-12 |
Amount | 300,000 |
Repayment dates | 30-Aug-12 |
Loan Four [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 25-Oct-12 |
Amount | 100,000 |
Repayment dates | 30-Oct-12 |
Loan Five [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 4-Jan-14 |
Amount | 7,000 |
Repayment dates | 31-Jan-13 |
Loan Six [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 15-Apr-13 |
Amount | 46,500 |
Repayment dates | 30-Apr-13 |
Loan Seven [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 9-Jul-13 |
Amount | 75,000 |
Repayment dates | 30-Jul-13 |
Loan Eight [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 28-Aug-13 |
Amount | 550,000 |
Repayment dates | 31-Mar-14 |
Loan Nine [Member] | ' |
Debt Instruments [Abstract] | ' |
Date received loans | 4-Sep-13 |
Amount | $1,040,000 |
Repayment dates | 31-Mar-14 |