Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 15, 2013 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Trading Symbol | 'gale | ' |
Entity Registrant Name | 'Galenfeha, Inc. | ' |
Entity Central Index Key | '0001574676 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 52,152,000 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_BALANCE_SHEET
CONDENSED BALANCE SHEET (USD $) | Sep. 30, 2013 |
CURRENT ASSETS | ' |
Cash | $109,267 |
Due from officer | 8,695 |
Total current assets | 117,962 |
FIXED ASSETS, net of $552 accumulated depreciation | 10,335 |
OTHER ASSETS | 250 |
TOTAL ASSETS | 128,547 |
CURRENT LIABILITIES | ' |
Accounts payable and accrued liabilities | 8,000 |
Total liabilities | 8,000 |
COMMITTMENTS AND CONTINGENCIES | 0 |
STOCKHOLDERS' EQUITY | ' |
Capital Stock Authorized: 500,000,000 common shares, $0.001 par value Issued and outstanding shares: 51,252,000 common shares | 51,252 |
Additional paid-in capital | 150,048 |
Deficit accumulated during the development stage | -80,753 |
Total stockholders' equity | 120,547 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $128,547 |
CONDENSED_BALANCE_SHEET_Parent
CONDENSED BALANCE SHEET (Parenthetical) (USD $) | Sep. 30, 2013 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $552 |
Common Stock, Shares Authorized | 500,000,000 |
Common Stock, Par Value Per Share | $0.00 |
Common Stock, Shares, Issued | 51,252,000 |
Common Stock, Shares, Outstanding | 51,252,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
REVENUES | $0 | $0 |
EXPENSES | ' | ' |
General and administrative | 33,790 | 52,512 |
Engineering research and development | 12,262 | 12,262 |
Professional fees | 2,979 | 15,979 |
Total Expenses | 49,031 | -80,753 |
Loss Before Income Taxes | -49,031 | -80,753 |
Provision for Income Taxes | 0 | 0 |
Net Loss | ($49,031) | ($80,753) |
PER SHARE DATA: | ' | ' |
Basic and diluted loss per common share | $0 | $0 |
Basic and diluted weighted average common shares outstanding | 50,699,826 | 47,563,192 |
CONDENSED_STATEMENT_OF_CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit accumulated during the development stage [Member] | Total |
Beginning Balance at Mar. 13, 2013 | ' | ' | ' | ' |
Common shares issued for cash and assets at $0.001 per share | $45,000 | ' | ' | $45,000 |
Common shares issued for cash and assets at $0.001 per share (Shares) | 45,000,000 | ' | ' | ' |
Common shares issued for cash at $0.025 per share | 6,252 | 150,048 | ' | 156,300 |
Common shares issued for cash at $0.025 per share (Shares) | 6,252,000 | ' | ' | ' |
Loss for the period from inception on March 14, 2013 to September 30, 2013 | ' | ' | -80,753 | -80,753 |
Ending Balance at Sep. 30, 2013 | $51,252 | $150,048 | ($80,753) | $120,547 |
Ending Balance (Shares) at Sep. 30, 2013 | 51,252,000 | ' | ' | ' |
CONDENSED_STATEMENT_OF_CASH_FL
CONDENSED STATEMENT OF CASH FLOWS (USD $) | 6 Months Ended |
Sep. 30, 2013 | |
OPERATING ACTIVITIES | ' |
Net loss | ($80,753) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' |
Depreciation and amortization | 552 |
Changes in Operating Assets and Liabilities: | ' |
Increase in other assets | -250 |
Increase in accounts payable and accrued liabilities | 8,000 |
Net cash used in operating activities | -72,451 |
INVESTING ACTIVITIES | ' |
Purchase of fixed assets | -8,387 |
Net cash used in financing activities | -8,387 |
FINANCING ACTIVITIES | ' |
Advance to officer | -8,695 |
Sale of capital stock | 198,800 |
Net cash provided by financing activities | 190,105 |
INCREASE IN CASH | 131,602 |
CASH AT BEGINNING OF PERIOD | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 109,267 |
SUPPLEMENTAL INFORMATION AND NON-MONETARY TRANSACTIONS | ' |
Assets contributed for common stock | 2,500 |
Cash paid for: | ' |
Interest expense | 0 |
Income taxes | $0 |
NATURE_OF_BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Sep. 30, 2013 | |
NATURE OF BUSINESS [Text Block] | ' |
NOTE 1 - NATURE OF BUSINESS | |
The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2013, and for all periods presented herein, have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s March 31, 2013 audited financial statements included in its registration statement deemed effective October 8, 2013. The results of operations for the period ended September 30, 2013 and the same period last year are not necessarily indicative of the operating results for the full years. | |
Galenfeha incorporated in the State of Nevada on March 14, 2013, as a for-profit company with a fiscal year end of December 31. Our business office is located at 2705 Brown Trail, Suite 100, Bedford, Texas 76021. We are an engineering company who will be providing engineering services and an alternative power product mainly to natural gas producers. Not only will we be providing contractual engineering services, we hope to implement our new and proprietary technology in new product, and provide this product to natural gas producers. | |
Our intended revenue stream will come from our contractual engineering services and products we develop and manufacture for natural gas producers, initially in the states of Texas and Louisiana. Our engineering services and product will reduce our customer’s cost associated with current energy production, including carbon footprint, hazardous waste, and other non-sustainable aspects of producing energy with current technologies. Since we are presently in the development stage of our business, we can provide no assurance that we will successfully develop and sell any product or services related to our planned activities. |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Sep. 30, 2013 | |
GOING CONCERN [Text Block] | ' |
NOTE 2 - GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the period ended September 30, 2013, the Company had no operations. As of September 30, 2013 the Company had not emerged from the development stage. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to begin operations and to achieve a level of profitability. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including term notes until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | ' |
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PRESENTATION | |
The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States (See Note 2 regarding the assumption that the Company is a “going concern”). | |
DEVELOPMENT STAGE COMPANY | |
The Company is a development stage company as defined by section 915-10-20 of the FASB Accounting Standards Codification. The Company is still devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Company’s development stage activities | |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. 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. | |
FINANCIAL INSTRUMENTS | |
The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. | |
FASB Accounting Standards Codification (ASC) topic, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities | |
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |
ASC Topic 820, in and of itself, does not require any fair value measurements. As at September 30, 2013 the Company did not have assets or liabilities subject to fair value measurement. | |
CASH AND CASH EQUIVALENTS | |
All cash, other than held in escrow, is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Temporary cash investments with an original maturity of three months or less are considered to be cash equivalents. Cash at September 30, 2013 was $109,267. | |
DEFERRED INCOME TAXES AND VALUATION ALLOWANCE | |
The Company accounts for income taxes under FASB ASC Topic “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets were recognized as of September 30, 2013. | |
NET INCOME (LOSS) PER COMMON SHARE | |
Net income (loss) per share is calculated in accordance with FASB ASC topic, “Earnings Per Share.” The weighted-average number of common shares outstanding during each period is used to compute basic earning or loss per share. Diluted earnings or loss per share is computed using the weighted average number of shares and diluted potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. | |
Basic net income (loss) per common share is based on the weighted average number of shares of common stock outstanding at September 30, 2013. As of September 30, 2013, the Company had no dilutive potential common shares. | |
SHARE-BASED EXPENSES | |
FASB ASC Topic “Compensation – Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. | |
Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC Topic, “Equity – Based Payments to Non-Employees.” Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |
There were no share-based expenses for the period ending September 30, 2013. | |
REVENUE RECOGNITION | |
The Company has no current source of revenue. The Company intends to recognize revenue as required by the Revenue Recognition Topic of the FASB Accounting Standards Codification. | |
ADVERTISING | |
Advertising costs are expensed as incurred. There has been no advertising cost incurred for the period March 14, 2013 (date of inception) through September 30, 2013. | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company’s present or future financial statements. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS EQUITY | 3 Months Ended |
Sep. 30, 2013 | |
SHAREHOLDERS EQUITY [Text Block] | ' |
NOTE 4 - SHAREHOLDERS’ EQUITY | |
COMMON STOCK | |
The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.001. | |
The Company issued 10,000,000 shares of our $0.001 par value common stock to James Ketner, our President/CEO and director, on March 31, 2013 for a cash contribution in the amount of $7,500, and assets he contributed to the company in the amount of $2,500 for a total cash value of $10,000. The company issued 10,000,000 shares of our $0.001 par value common stock to Mr. Richard Owston, a director, on March 31, 2013 for a cash contribution of $10,000. The company issued 10,000,000 shares of our $0.001 par value common stock to Mr. Trey Moore, a director, for a cash contribution of $10,000. In April, 2013, two additional directors joined the company, Ms. LaNell Armour, and Mr. Lucien Marioneaux. Ms. Armour purchased 5,000,000 shares of our $0.001 common stock for a cash contribution of $5,000. Mr. Marioneaux purchased 10,000,000 shares of our $0.001 common stock for a cash contribution of 10,000. | |
On April 17, 2013, the company filed with the Securities and Exchange Commission an exemption from registration offering on Form D. As of September 30, 2013, the company has sold 6,252,000 shares of our common stock to private investors at a fixed price of $0.025 for total proceeds of $156,300. | |
There are no warrants or options outstanding to acquire any additional shares of common stock of the Company. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2013 | |
RELATED PARTY TRANSACTIONS [Text Block] | ' |
NOTE 5 - RELATED PARTY TRANSACTIONS | |
On March 20, 2013, Mr. James Ketner contributed office and computer equipment to the company for a cash value of $2,500. Mr. Ketner paid for the incorporation cost of the company in the amount of $615 on March 14, 2013, and was reimbursed by the company in April 2013. As of September 30, 2013, the Company had advanced funds to Mr. Ketner of $8,695. No demand for repayment has been made. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | |||
Sep. 30, 2013 | ||||
COMMITMENTS AND CONTINGENCIES [Text Block] | ' | |||
NOTE 6 - COMMITMENTS AND CONTINGENCIES | ||||
The Company entered into a lease agreement for office and research facilities. The lease is for five years at $24,000 per year beginning September 20, 2013. The lease commitments for the facilities are: | ||||
Year | ||||
Ended | Amount | |||
2013 | $ | 6,250 | ||
2014 | 24,000 | |||
2015 | 24,000 | |||
2016 | 24,000 | |||
2017 | 24,000 | |||
2018 | 11,750 | |||
$ | 114,000 | |||
From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2013 | |
SUBSEQUENT EVENTS [Text Block] | ' |
NOTE 7 – SUBSEQUENT EVENTS | |
On October 16, the company sold 900,000 shares of its common stock to three investors for a total of $22,500.00. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
BASIS OF PRESENTATION [Policy Text Block] | ' |
BASIS OF PRESENTATION | |
The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States (See Note 2 regarding the assumption that the Company is a “going concern”). | |
DEVELOPMENT STAGE COMPANY [Policy Text Block] | ' |
DEVELOPMENT STAGE COMPANY | |
The Company is a development stage company as defined by section 915-10-20 of the FASB Accounting Standards Codification. The Company is still devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Company’s development stage activities | |
USE OF ESTIMATES [Policy Text Block] | ' |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. 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. | |
FINANCIAL INSTRUMENTS [Policy Text Block] | ' |
FINANCIAL INSTRUMENTS | |
The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. | |
FASB Accounting Standards Codification (ASC) topic, “Fair Value Measurements and Disclosures”, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities | |
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |
ASC Topic 820, in and of itself, does not require any fair value measurements. As at September 30, 2013 the Company did not have assets or liabilities subject to fair value measurement. | |
CASH AND CASH EQUIVALENTS [Policy Text Block] | ' |
CASH AND CASH EQUIVALENTS | |
All cash, other than held in escrow, is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Temporary cash investments with an original maturity of three months or less are considered to be cash equivalents. Cash at September 30, 2013 was $109,267. | |
DEFERRED INCOME TAXES AND VALUATION ALLOWANCE [Policy Text Block] | ' |
DEFERRED INCOME TAXES AND VALUATION ALLOWANCE | |
The Company accounts for income taxes under FASB ASC Topic “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets were recognized as of September 30, 2013. | |
NET INCOME (LOSS) PER COMMON SHARE [Policy Text Block] | ' |
NET INCOME (LOSS) PER COMMON SHARE | |
Net income (loss) per share is calculated in accordance with FASB ASC topic, “Earnings Per Share.” The weighted-average number of common shares outstanding during each period is used to compute basic earning or loss per share. Diluted earnings or loss per share is computed using the weighted average number of shares and diluted potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. | |
Basic net income (loss) per common share is based on the weighted average number of shares of common stock outstanding at September 30, 2013. As of September 30, 2013, the Company had no dilutive potential common shares. | |
SHARE-BASED EXPENSES [Policy Text Block] | ' |
SHARE-BASED EXPENSES | |
FASB ASC Topic “Compensation – Stock Compensation” prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. | |
Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of FASB ASC Topic, “Equity – Based Payments to Non-Employees.” Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |
There were no share-based expenses for the period ending September 30, 2013. | |
REVENUE RECOGNITION [Policy Text Block] | ' |
REVENUE RECOGNITION | |
The Company has no current source of revenue. The Company intends to recognize revenue as required by the Revenue Recognition Topic of the FASB Accounting Standards Codification. | |
ADVERTISING [Policy Text Block] | ' |
ADVERTISING | |
Advertising costs are expensed as incurred. There has been no advertising cost incurred for the period March 14, 2013 (date of inception) through September 30, 2013. | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS [Policy Text Block] | ' |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company’s present or future financial statements. |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | |||
Sep. 30, 2013 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
Year | ||||
Ended | Amount | |||
2013 | $ | 6,250 | ||
2014 | 24,000 | |||
2015 | 24,000 | |||
2016 | 24,000 | |||
2017 | 24,000 | |||
2018 | 11,750 | |||
$ | 114,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies 1 | $109,267 |
SHAREHOLDERS_EQUITY_Narrative_
SHAREHOLDERS EQUITY (Narrative) (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Shareholders Equity 1 | 500,000,000 |
Shareholders Equity 2 | $0.00 |
Shareholders Equity 3 | 10,000,000 |
Shareholders Equity 4 | 0.001 |
Shareholders Equity 5 | 7,500 |
Shareholders Equity 6 | 2,500 |
Shareholders Equity 7 | 10,000 |
Shareholders Equity 8 | 10,000,000 |
Shareholders Equity 9 | 0.001 |
Shareholders Equity 10 | 10,000 |
Shareholders Equity 11 | 10,000,000 |
Shareholders Equity 12 | 0.001 |
Shareholders Equity 13 | 10,000 |
Shareholders Equity 14 | 5,000,000 |
Shareholders Equity 15 | 0.001 |
Shareholders Equity 16 | 5,000 |
Shareholders Equity 17 | 10,000,000 |
Shareholders Equity 18 | 0.001 |
Shareholders Equity 19 | 10,000 |
Shareholders Equity 20 | 6,252,000 |
Shareholders Equity 21 | 0.025 |
Shareholders Equity 22 | $156,300 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions 1 | $2,500 |
Related Party Transactions 2 | 615 |
Related Party Transactions 3 | $8,695 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies 1 | 24,000 |
SUBSEQUENT_EVENTS_Narrative_De
SUBSEQUENT EVENTS (Narrative) (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Subsequent Events 1 | 900,000 |
Subsequent Events 2 | $22,500 |
Schedule_of_Future_Minimum_Ren
Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 1 | $6,250 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 2 | 24,000 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 3 | 24,000 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 4 | 24,000 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 5 | 24,000 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 6 | 11,750 |
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 7 | $114,000 |