Icon Vapor (ICNVQ) 10-Q/A 19 Jan 16 2015 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2015	May. 21, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ICON VAPOR, INC.
Entity Central Index Key	1,563,915
Amendment Flag	true
Amendment Description	On May 21, 2015, Icon Vapor, Inc. (the “Company”) filed its Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2015 (the “Original Form 10-Q”). This Form 10-Q/A Amendment No. 2 speaks as of the original filing date of the Original Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Original Form 10-Q, other than as noted above.
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		43,896,163

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Current Assets
Cash and Cash Equivalents	$ 199,925	$ 159,138
Inventory	$ 319,819
Prepaid Expenses		$ 3,710
Total Current Assets	$ 519,744	162,848
Fixed Assets-net	18,149	12,062
Other assets, Security Deposit	5,414	5,414
Total Assets	543,307	180,324
Current Liabilities:
Accounts Payable and Accrued Expenses	179,168	140,059
Convertible Notes Payable	173,329	80,000
Note Payable	257,066	8,066
Related Party Debt	145,141	146,641
Total Liabilities	$ 754,704	$ 374,766
Stockholders' Equity:
Preferred Stock, Par value $0.001, Authorized 10,000,000 shares Issued 0 shares at December 31, 2014 and 2013
Common Stock, Par value $0.001 Authorized 500,000,000 shares Issued 45,996,163 and 42,696,163 shares respectively	$ 45,996	$ 42,696
Additional Paid in Capital	2,240,538	1,795,708
Unearned Services	(268,412)	(233,333)
Retained Deficit	(2,229,519)	(1,799,513)
Total Stockholders' Equity	(211,397)	(194,442)
Total Liabilities and Stockholders' Equity	$ 543,307	$ 180,324

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	45,996,163	42,696,163

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenues	$ 51,177	$ 4,912
Costs of Goods	38,111	2,846
Gross Margin	13,066	2,066
Expenses:
Professional Fees	24,500	21,502
General and Administrative	274,621	139,049
Operating Expenses	299,121	160,551
Loss from operations	(286,055)	(158,485)
Interest	(26,306)	$ (10,534)
Loss on Inventory	(117,645)
Total Other Expense	(143,951)	$ (10,534)
Net Loss	$ (430,006)	$ (169,019)
Loss per Share	$ (0.01)	$ 0
Weighted Average Shares Outstanding	43,896,163	39,277,137

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss for the Period	$ (430,006)	$ (169,019)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of Debt Discount	3,329
Depreciation and Amortization	2,434	$ 3,160
Shares Issued for Services	138,051	36,760
Changes in Operating Assets and Liabilities:
Decrease (Increase) in Accounts Payable and Accrued Expenses	39,109	$ 4,751
(Increase) Decrease in Prepaids	3,710
(Increase) Decrease in Inventory	$ (319,819)	$ 3,166
(Decrease) Increase in Interest		11,872
Net Cash Used in Operating Activities	$ (563,192)	$ (109,310)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment	(8,521)
Net cash provided by Investing Activities	(8,521)
CASH FLOW FROM FINANCING ACTIVITIES:
Common Stock issued for Cash	275,000
Proceeds from Loans, net of debt of $13,000 in 2015	339,000	$ 110,000
Reduction of Debt	(1,500)	(5,000)
Net Cash Provided by Financing Activities	612,500	105,000
Net (Decrease) Increase in Cash	40,787	(4,310)
Cash at Beginning of Period	159,138	74,843
Cash at End of Period	$ 199,925	$ 70,533
Cash paid during the year for:
Interest
Franchise and Income Taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Increase in Unearned Services	$ 173,130

Statements of Cash Flows (Unau6

Statements of Cash Flows (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2015USD ($)
Statement of Cash Flows [Abstract]
Net of debt, Loans	$ 13,000

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization [Abstract]
ORGANIZATION	NOTE 1 – ORGANIZATION Icon Vapor, Inc. (“the Company) was originally incorporated under the laws of the state of Nevada. On April 3, 2006 the Company changed its name to Xero Mobile and then in April 2011 to MYEZSMOKES, INC. In February 2014 the name was changed to Icon Vapor, Inc. The Company specializes in the distribution of a smoke free cigarette. On November 3, 2014, The Company purchased all of the outstanding stock of Green Tree Syndicate, Inc. a private company incorporated under the laws of the state of California.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on its 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements for the year ended December 31, 2014, as reported in the Form 10-K, have been omitted.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2015
Notes Payable/Convertible Notes [Abstract]
NOTES PAYABLE	NOTE 3 – NOTES PAYABLE The Company has four notes payable totaling $257,066 the largest of which is for $249,000 due to an individual and maturing on July 19, 2015. This note is personally guaranteed by the Chief Executive officer as well as by the receivables of the Company. Payment terms are an interest only payment of $10,000 a month with a balloon principal payment due on July 16, 2015.

Convertible Notes

Convertible Notes	3 Months Ended
	Mar. 31, 2015
Notes Payable/Convertible Notes [Abstract]
CONVERTIBLE NOTES	NOTE 4 – CONVERTIBLE NOTES The Company at March 31, 2015 has four convertible notes payable in the amount of $217,000, of which $173,329 is net of deferred costs and bond amortization. At March 31, 2015 the derivative liability is $0.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2015
Going Concern [Abstract]
GOING CONCERN	NOTE 5 – GOING CONCERN As reflected in the accompanying financial statements, the Company had a significant retained deficit at March 31, 2015 and had a net loss for the three months ended March 31, 2015. Management intends to raise additional funds now that it has merged thru a private placement or thru the public process. Management believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going concern. While the Company believes in the viability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate funds The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 6 – STOCKHOLDERS’ EQUITY Common Stock For the Period from January 1, 2015 through March 31, 2015 On February 13, 2015, the Company issued 750,000 shares valued at market on that day of $0.1674 for services from January 15, 2015 to January 15, 2016 for a total cost of $125,550 prorated over the term of the agreement. On March 19, 2015, the Company issued 250,000 shares for cash of $25,000. On March 19, 2015, the Company issued 300,000 shares for services to be earned thru June of 2015 valued at market of $0.1586 for a total cost of $47,580, which is prorated over the term of the agreement. On March 27, 2015, the Company issued 2,000,000 shares for cash of $250,000. All shares issued above for this period were to non-related third party individuals.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that one material subsequent event existed. In April 2015 the Company received $50,000 in the form of a convertible note.

Restated Financial Statements

Restated Financial Statements	3 Months Ended
	Mar. 31, 2015
Restated Financial Statements [Abstract]
RESTATED FINANCIAL STATEMENTS	NOTE 8 – RESTATED FINANCIAL STATEMENTS The Company restated its December 31, 2014 balance sheet. The differences are as follows: ICON VAPOR, INC. BALANCE SHEETS December 31, 2014 Originally Restated Difference ASSETS Current Assets: Cash $ 79,867 $ 159,138 79,271 (1) Inventory 123,259 - (123,259 )(2) Other $ 4,197 $ 3,710 (487 )(2) Total current assets 207,323 162,848 (44,475 ) Equipment, Net 35,356 12,062 (23,294 )(2) Other 5,414 5,414 - Total Assets $ 248,093 $ 180,324 (67,769 ) LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Derivative Liability $ 579,583 $ - (579,583 )(3) Accrued Liabilities 19,700 140,059 120,359 (4) Convertible Notes Payable 90,000 80,000 (10,000 )(1) Notes Payable 64,707 8,066 (56,641 )(1) Notes Payable - Related Party - 146,641 146,641 (1) Customer Deposits $ 48,366 $ - (48,366 )(2) Total Current Liabilities 802,356 374,766 (427,590 ) Total Liabilities $ 802,356 $ 374,766 (427,590 ) STOCKHOLDERS' DEFICIT Preferred stock - - - Common stock 42,696 42,696 - Additional Paid in Capital 7,451,899 1,795,708 (5,656,191 )(5) Common Stock to be issued (33,000 ) - (33,000 )(5) Unearned Services (233,333 ) (233,333 ) - Retained deficit (7,848,525 ) (1,799,513 ) 6,049,012 (6) Total stockholders' deficit (554,263 ) (194,442 ) 359,821 Total liabilities and stockholders' deficit $ 248,093 $ 180,324 (67,769 ) The explanations of the changes noted above, respectively, are as follows: (1) The increase in cash is a result of the Company not properly recording proceeds of an $84,000 note payable (less $4,000 original issue discount) reduced by $1,214 of cash held by Green Tree Syndicate, Inc. (“Green Tree”). (2) The Green Tree acquisition was terminated and the assets and liabilities were removed from the financial statements. (3) The Company had computed derivative liabilities on the $146,641 related party debt; however, this debt was not convertible into common shares according to loan documents. The $84,000 convertible debt was only convertible after one hundred and eighty days (180) had passed, therefore at December 31, 2014 there was no derivative liability as the note was not convertible at that time. (4) The increase in accounts payable is the result of accrual of wages for an executive employee based on the terms of his employment agreement, offset by a reduction of $4,340 in liabilities related to Green Tree. (5) Reversal of value assigned to the 33,000,000 shares of common stock issued to owners of Green Tree upon termination of the Green Tree acquisition. (6) The following summarize the changes in retained deficit: Balance December 31, 2013 $ 1,185,919 Adjustments – Reversal of derivative Liability (170,870 ) Accrual of Wages 20,843 Adjusted Balance December 31, 2013 1,035,892 Net Loss as reported – 2014 6,662,606 Adjustments – Green Tree Loss (5,605,038 ) Change in Derivative Liability (405,199 ) Accrual of Expenses 111,252 Adjusted Net Loss 763,621 Adjusted Retained Deficit, December 31, 2014 $ 1,799,513 The March 31, 2015 financial statements have also been restated to reflect the elimination of the $923,159 derivative liability and the reduction in the derivative expense for the three months ended March 31, 2015 of $211,438, as the convertible notes were not convertible at March 31, 2015. The issuance of 33,000,000 common stock shares related to the Green Tree Syndicate, Inc. acquisition were also reversed.

Restated Financial Statements (

Restated Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2015
Restated Financial Statements [Abstract]
Schedule of restated financial statements	December 31, 2014 Originally Restated Difference ASSETS Current Assets: Cash $ 79,867 $ 159,138 79,271 (1) Inventory 123,259 - (123,259 )(2) Other $ 4,197 $ 3,710 (487 )(2) Total current assets 207,323 162,848 (44,475 ) Equipment, Net 35,356 12,062 (23,294 )(2) Other 5,414 5,414 - Total Assets $ 248,093 $ 180,324 (67,769 ) LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Derivative Liability $ 579,583 $ - (579,583 )(3) Accrued Liabilities 19,700 140,059 120,359 (4) Convertible Notes Payable 90,000 80,000 (10,000 )(1) Notes Payable 64,707 8,066 (56,641 )(1) Notes Payable - Related Party - 146,641 146,641 (1) Customer Deposits $ 48,366 $ - (48,366 )(2) Total Current Liabilities 802,356 374,766 (427,590 ) Total Liabilities $ 802,356 $ 374,766 (427,590 ) STOCKHOLDERS' DEFICIT Preferred stock - - - Common stock 42,696 42,696 - Additional Paid in Capital 7,451,899 1,795,708 (5,656,191 )(5) Common Stock to be issued (33,000 ) - (33,000 )(5) Unearned Services (233,333 ) (233,333 ) - Retained deficit (7,848,525 ) (1,799,513 ) 6,049,012 (6) Total stockholders' deficit (554,263 ) (194,442 ) 359,821 Total liabilities and stockholders' deficit $ 248,093 $ 180,324 (67,769 )

Notes Payable (Details)

Notes Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Notes Payable (Textual)
Note Payable	$ 257,066	$ 8,066
Notes payable July 19, 2015 [Member]
Notes Payable (Textual)
Note Payable	$ 249,000
Maturity date	Jul. 19, 2015
Notes payable July 16, 2015 [Member]
Notes Payable (Textual)
Maturity date	Jul. 16, 2015
Interest payment, per month	$ 10,000

Convertible Notes (Details)

Convertible Notes (Details)	3 Months Ended
	Mar. 31, 2015USD ($)Notes	Dec. 31, 2014USD ($)
Convertible Notes (Textual)
Number of convertible note | Notes	4
Convertible notes payable	$ 217,000
Net of deferred cost	173,329
Derivative liability	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Mar. 27, 2015	Mar. 19, 2015	Feb. 13, 2015
Stockholders' Equity (Textual)
Shares issued for cash, shares	2,000,000	250,000
Shares issued for cash	$ 250,000	$ 25,000
Shares issued for services, shares		300,000	750,000
Shares issued for services		$ 47,580	$ 125,550
Market price per share		$ 0.1586	$ 0.1674

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended
	Apr. 30, 2015USD ($)
Subsequent Event [Member]
Subsequent Events (Textual)
Company received amount in form of convertible note	$ 50,000

Restated Financial Statements20

Restated Financial Statements (Details) - USD ($)		Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Current Assets:
Cash		$ 199,925	$ 159,138	$ 70,533	$ 74,843
Inventory		319,819
Other			$ 3,710
Total current assets		519,744	162,848
Equipment, Net			12,062
Other		5,414	5,414
Total Assets		543,307	$ 180,324
CURRENT LIABILITIES:
Derivative liability		0
Accrued Liabilities			$ 140,059
Convertible Notes Payable		173,329	80,000
Note Payable		257,066	8,066
Notes Payable - Related Party			$ 146,641
Customer Deposits
Total Current Liabilities			$ 374,766
Total Liabilities		$ 754,704	$ 374,766
STOCKHOLDERS' DEFICIT
Preferred stock
Common stock		$ 45,996	$ 42,696
Additional Paid in Capital		2,240,538	$ 1,795,708
Common Stock to be issued
Unearned Services		(268,412)	$ (233,333)
Retained deficit		(2,229,519)	(1,799,513)		$ 1,185,919
Total stockholders' deficit		(211,397)	(194,442)
Total liabilities and stockholders' deficit		$ 543,307	180,324
Originally Reported [Member]
Current Assets:
Cash			79,867
Inventory			123,259
Other			4,197
Total current assets			207,323
Equipment, Net			35,356
Other			5,414
Total Assets			248,093
CURRENT LIABILITIES:
Derivative liability			579,583
Accrued Liabilities			19,700
Convertible Notes Payable			90,000
Note Payable			$ 64,707
Notes Payable - Related Party
Customer Deposits			$ 48,366
Total Current Liabilities			802,356
Total Liabilities			$ 802,356
STOCKHOLDERS' DEFICIT
Preferred stock
Common stock			$ 42,696
Additional Paid in Capital			7,451,899
Common Stock to be issued			(33,000)
Unearned Services			(233,333)
Retained deficit			(7,848,525)
Total stockholders' deficit			(554,263)
Total liabilities and stockholders' deficit			248,093
Difference [Member]
Current Assets:
Cash	[1]		79,271
Inventory	[2]		(123,259)
Other	[2]		(487)
Total current assets			(44,475)
Equipment, Net	[2]		$ (23,294)
Other
Total Assets			$ (67,769)
CURRENT LIABILITIES:
Derivative liability	[3]		(579,583)
Accrued Liabilities	[4]		120,359
Convertible Notes Payable	[1]		(10,000)
Note Payable	[1]		(56,641)
Notes Payable - Related Party	[1]		146,641
Customer Deposits	[2]		(48,366)
Total Current Liabilities			(427,590)
Total Liabilities			$ (427,590)
STOCKHOLDERS' DEFICIT
Preferred stock
Common stock
Additional Paid in Capital	[5]		$ (5,656,191)
Common Stock to be issued	[5]		$ (33,000)
Unearned Services
Retained deficit	[6]		$ 6,049,012
Total stockholders' deficit			359,821
Total liabilities and stockholders' deficit			$ (67,769)
[1]	The increase in cash is a result of the Company not properly recording proceeds of an $84,000 note payable (less $4,000 original issue discount) reduced by $1,214 of cash held by Green Tree Syndicate, Inc. ("Green Tree").
[2]	The Green Tree acquisition was terminated and the assets and liabilities were removed from the financial statements.
[3]	The Company had computed derivative liabilities on the $146,641 related party debt; however, this debt was not convertible into common shares according to loan documents. The $84,000 convertible debt was only convertible after one hundred and eighty days (180) had passed, therefore at December 31, 2014 there was no derivative liability as the note was not convertible at that time.
[4]	The increase in accounts payable is the result of accrual of wages for an executive employee based on the terms of his employment agreement, offset by a reduction of $4,340 in liabilities related to Green Tree.
[5]	Reversal of value assigned to the 33,000,000 shares of common stock issued to owners of Green Tree upon termination of the Green Tree acquisition.
[6]	The following summarize the changes in retained deficit:

Restated Financial Statements21

Restated Financial Statements (Details 1)	12 Months Ended
	Dec. 31, 2014USD ($)
Restated Financial Statements [Abstract]
Balance December 31, 2013	$ 1,185,919
Adjustments - Reversal of derivative Liability	(170,870)
Adjustments - Accrual of Wages	20,843
Adjusted Balance December 31, 2013	1,035,892
Adjustments - Green Tree Loss	(5,605,038)
Adjustments - Change in Derivative Liability	(405,199)
Adjustments - Accrual of Expenses	111,252
Adjusted Net Loss	763,621
Adjusted Retained Deficit, December 31, 2014	$ (1,799,513)

Restated Financial Statements22

Restated Financial Statements (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Restated Financial Statements Textual [Abstract]
Proceeds from notes payable		$ 84,000
Issuance of original discount amount		4,000
Reduction of cash held by subsidiary		1,214
Related party debt		146,641
Convertible notes payable	$ 173,329	$ 80,000
Derivative liability	$ 0
Reduction of liabilities related to subsidiary		$ 4,340
Shares issued during acquisition	33,000,000	33,000,000
Derivative liability	$ 923,159
Derivative expense	$ 211,438