Nexus Enterprise Solutions (NXES) 10-Q/A 19 Nov 13 2013 Q3 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 06, 2013
Document And Entity Information	'	'
Entity Registrant Name	'Nexus Enterprise Solutions, Inc.	'
Entity Central Index Key	'0001561781	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'true	'
Amendment Description	'The revenues and cost of sales are restated and Note 7 has been added	'
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	'	19,916,648
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
CURRENT ASSETS	'	'
Cash	$9,010	$62,214
Prepaid expense	20,795	'
Accounts receivable, net	483,408	116,807
Total Current Assets	513,213	179,021
Property and equipment, net	1,134	1,396
Intangible assets	275,000	125,000
TOTAL ASSETS	789,347	305,417
Accounts payable and accrued expenses	398,467	119,200
Accrued expenses to related parties	179,393	177,711
Notes payable	78,000	'
Notes payable to related parties	127,485	127,485
Total Current Liabilities	783,345	424,396
Notes payable, net of current portion	35,000	'
TOTAL LIABILITIES	818,345	424,396
Preferred stock, 10,000,000 shares authorized at no par value, no shares issued and outstanding.	'	'
Common stock, 500,000,000 shares authorized; $.001 par value; 19,916,648 and 19,186,648 shares issued and outstanding	19,917	19,187
Additional paid-in capital	1,796,294	1,584,421
Accumulated deficit	-1,845,209	-1,722,587
Total Stockholders' Deficit	-28,998	-118,979
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$789,347	$305,417

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0	$0
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	19,916,648	19,186,648
Common stock, shares outstanding	19,916,648	19,186,648

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]	'	'	'	'
REVENUES	$832,504	$145,504	$2,025,444	$494,885
COST OF SALES	614,907	8,712	1,398,964	231,412
GROSS PROFIT	217,597	136,792	626,480	263,473
General and administrative	35,508	82,639	132,468	247,147
Research and development	5,599	62,461	81,312	236,105
Consulting fees	307,862	82,560	533,640	853,394
Total Operating Expenses	348,969	227,660	747,420	1,336,646
LOSS FROM OPERATIONS	-131,372	-90,868	-120,940	-1,073,173
Interest expense	-560	-1,910	-1,682	-5,732
NET LOSS	($131,932)	($92,778)	($122,622)	($1,078,905)
BASIC AND DILUTED LOSS PER COMMON SHARE	($0.01)	($0.01)	($0.01)	($0.07)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	19,494,691	16,444,474	19,290,458	15,150,699

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Statement of Cash Flows [Abstract]	'	'
Net loss	($122,622)	($1,078,905)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Stock based compensation	212,603	539,810
Bad debt expense	32,307	'
Depreciation expense	262	261
Changes in operating assets and liabilities:	'	'
Accounts receivable	-398,907	-172,956
Employee advances	'	'
Accounts payable	279,266	128,185
Prepaid expenses	-20,795	'
Accounts payable to related parties	'	9,620
Accrued expenses to related parties	1,682	5,732
Net Cash Used in Operating Activities	-16,204	-568,253
FINANCING ACTIVITIES	'	'
Repayment of notes payable	-37,000	'
Common stock issued for cash	'	580,000
Net Cash (Used in) Provided by Financing Activities	-37,000	580,000
NET INCREASE (DECREASE) IN CASH	-53,204	11,747
CASH AT BEGINNING OF PERIOD	62,214	24,338
CASH AT END OF PERIOD	9,010	36,085
Interest	'	'
Income Taxes	'	'
NON CASH INVESTING AND FINANCING ACTIVITIES:	'	'
Shares issued for conversion of related party debt and interest	'	138,500
Reclassification of deposits to intangible asset	125,000	'
Debt issued for acquisition of intangible asset	$150,000	'

1_SUMMARY_OF_SIGNIFICANT_ACCOU

1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The unaudited interim financial statements of Nexus Enterprise Solutions, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information in accordance with Securities and Exchange Commission (SEC) Regulation S-X rule 8-03.  Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.  In the opinion of management, the unaudited interim financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations and cash flows for the interim periods presented herein. The financial data and other information disclosed in these notes to the interim financial statements related to the period are unaudited. The results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for any subsequent quarters or for the entire year ending December 31, 2013.  These financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2012.
	Intangible Assets with Indefinite Lives
	Indefinite-lived intangible assets are not amortized. The useful lives of the intangible assets are reassessed each reporting period and the indefinite lives may be adjusted to determinable lives if the assessment determines circumstances have changed. The intangible assets are evaluated for impairment annually or when indicators of a potential impairment are present. There was no evidence of impairment of our indefinite-lived intangible assets as of September 30, 2013.

2_GOING_CONCERN

2 GOING CONCERN	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
2 GOING CONCERN	'
	NOTE 2 - GOING CONCERN
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplate continuation of the Company as a going concern.  The Company has generated recurring net losses since inception and has a working capital deficit of $305,132 and an accumulated deficit of $1,845,209 as of September 30, 2013. The Company currently has limited liquidity and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
	Management anticipates that the Company will be dependent, for the near future, on additional investment capital, primarily from its shareholders, to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the private placement of its common stock. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

3_ACCRUED_EXPENSES_TO_RELATED_

3 ACCRUED EXPENSES TO RELATED PARTIES	9 Months Ended
	Sep. 30, 2013
Payables and Accruals [Abstract]	'
3 ACCRUED EXPENSES TO RELATED PARTIES	'
	NOTE 3 – ACCRUED EXPENSES TO RELATED PARTIES
	As of September 30, 2013 and December 31, 2012 the balance of accrued expenses to related parties, which consists of accrued interest and accrued payroll, was $179,393 and $177,711, respectively. At September 30, 2013 and December 31, 2012, the accrued interest on the outstanding notes payable to related parties was $61,393 and $59,711, respectively. The outstanding balance of accrued payroll to officers was $118,000 as of September 30, 2013 and December 31, 2012.

4_NOTES_PAYABLE_TO_RELATED_PAR

4 NOTES PAYABLE TO RELATED PARTIES	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
4 PAYABLES TO RELATED PARTIES	'
	NOTE 4 – NOTES PAYABLE TO RELATED PARTIES
	As of September 30, 2013 and December 31, 2012 the Company had outstanding notes payable to related parties of $127,485. These notes are unsecured, bear interest between 0% and 6% and are due on demand.

5_NOTES_PAYABLE

5 NOTES PAYABLE	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
6 NOTES PAYABLE	'
	NOTE 5 – NOTES PAYABLE
	In April 2013, the Company and a third party reached an agreement for Nexus to use certain intellectual property in its lead generation business into perpetuity in exchange for a $150,000 note and 500,000 common shares which were previously issued during February 2012 (the fair value of these shares of $125,000 was reclassified from deposits to intangible assets during the nine months ended September 30, 2013). The note will be repaid in 18 monthly installments, with the monthly payments varying based on the Company’s gross profit for that month. The monthly payments range from $5,000 to $25,000. The note does not bear interest unless a monthly payment is not made, at which time the note will bear interest at 12.5% until the non-payment is cured. As of May 10, 2014, if at least $100,000 of the note has not been paid, any remaining balance will bear interest at 6%.
	As of September 30, 2013 and December 31, 2012 the Company had outstanding notes payable of $113,000 and $0, respectively.

6_STOCKHOLDERS_EQUITY

6 STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
7 STOCKHOLDERS' EQUITY	'
	NOTE 6 – STOCKHOLDERS’ EQUITY
	Under an employment agreement with the Company’s President, John Limansky is awarded 200,000 common shares each year.  Mr. Limansky was granted 200,000 common shares on June 16, 2012 valued at $50,000. This award is being expensed over the service period through June 15, 2013. During the nine months ended September 30, 2013, $22,803 was expensed under this award. These 200,000 common shares were not issued and John Limansky forfeited them upon his resignation on September 13, 2013.
	During the nine months ended September 30, 2013, the Company issued an aggregate of 730,000 common shares for services valued at $189,800. The shares vested immediately upon grant.

7_RESTATEMENT

7 RESTATEMENT	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
7 RESTATEMENT	'
	NOTE 7 – RESTATEMENT
	On November 12, 2013, the Company determined that it needed to restate its recently filed unaudited financial statements for the nine months ended September 30, 2013, as contained in its Quarterly Report on Form 10Q. The Company determined that it had incorrectly classified certain transaction relating to revenues and cost of sales. As a result the Company determined that it had understated revenues and cost of sales by $315,484 for both the three and nine months ended September 30, 2013. The previously reported results of operations for the three and nine months ended September 30, 2013 have been restated herein to reflect the correction of this error.
	In the restated unaudited financial statements, the Company reported revenues of $2,025,444 and cost of sales of $1,398,964 for the nine months ended September 30, 2013, compared to the originally filed unaudited financials which reported revenues of $1,709,960 and cost of sales of $1,086,480 for the same period.
	In the restated unaudited financial statements, the Company reported revenues of $832,504 and cost of sales of $614,907 for the three months ended September 30, 2013, compared to the originally filed unaudited financials which reported revenues of $517,020 and cost of sales of $299,423 for the same period.
	Only revenues and cost of sales were affected as noted above, and all other figures remained the same as compared to the originally filed financials. The restatement had no impact on the balance sheet of the Company as of September 30, 2013 or the cash flows of the Company for the nine months ended September 30, 2013.

2_GOING_CONCERN_Details_Narrat

2 GOING CONCERN (Details Narrative) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'
Working capital deficit	($270,132)	'
Accumulated deficit	($1,845,209)	($1,722,587)

3_ACCRUED_EXPENSES_TO_RELATED_1

3 ACCRUED EXPENSES TO RELATED PARTIES (Details Narrative) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]	'	'
Accrued interest and accrued payroll	$179,393	$177,711
Accrued interest on the outstanding notes payable to related parties	61,393	59,711
Accrued payroll to officers	$118,000	$118,000

4_NOTES_PAYABLE_TO_RELATED_PAR1

4 NOTES PAYABLE TO RELATED PARTIES (Details Narrative) (USD $)	Sep. 30, 2013
Notes to Financial Statements	'
Outstanding notes payable related parties	$127,485

6_STOCKHOLDERS_EQUITY_Details_

6 STOCKHOLDERS EQUITY (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2013	Jun. 16, 2012
Equity [Abstract]	'	'
Shares granted under employment agreement	'	200,000
Value of shares granted under employment agreement	'	$50,000
Amount of issuance expensed during period	22,803	'
Aggregate common shares issued for services	730,000	'
Value of aggregate common shares issued for services	$189,800	'

7_RESTATEMENT_Details_Narrativ

7 RESTATEMENT (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Equity [Abstract]	'	'	'	'
Understatement of revenues in original filing	$315,484	'	'	'
Restated revenes	832,504	145,504	2,025,444	494,885
Restated cost of sales	614,907	8,712	1,398,964	231,412
Originally filed revenues	1,709,960	'	1,086,480	'
Originally filed cost of sales	$517,020	'	$299,423	'