Galenfeha (GLFH) 10-Q 15 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	14-May-14
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
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	'	75,812,000
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well Known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

BALANCE_SHEET

BALANCE SHEET (USD $)	Mar. 31, 2014	Dec. 31, 2013
CURRENT ASSETS	'	'
Cash	$31,306	$73,480
Due from officer	8,695	8,695
Total current assets	40,001	82,175
FIXED ASSETS, net of $1,100 and 827 accumulated depreciation	9,787	10,060
OTHER ASSETS	250	250
TOTAL ASSETS	50,038	92,485
CURRENT LIABILITIES	'	'
Accounts payable and accrued liabilities	22,660	5,180
Total liabilities	22,660	5,180
COMMITMENTS AND CONTINGENCIES	0	0
STOCKHOLDERS' EQUITY	'	'
Common stock subscribed	0	22,500
Capital Stock Authorized: 500,000,000 common shares, $0.001 par value Issued and outstanding shares: 52,652,000 shares at March 31, 2014 and 51,252,000 shares at December 31, 2013	52,652	51,252
Additional paid-in capital	181,148	150,048
Deficit accumulated during the development stage	-206,422	-136,495
Total stockholders' equity	27,378	87,305
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$50,038	$92,485

BALANCE_SHEET_Parenthetical

BALANCE SHEET (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1,100	$827
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Par Value Per Share	$0.00	$0.00
Common Stock, Shares, Issued	52,652,000	51,252,000
Common Stock, Shares, Outstanding	52,652,000	51,252,000

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
REVENUES	$0	$0	$0
EXPENSES	'	'	'
General and administrative	27,657	1,115	129,204
Engineering research and development	22,304	0	34,566
Professional fees	19,972	0	42,698
Total Expenses	69,933	1,115	206,468
Net Operating Loss	-69,933	-1,115	-206,468
Interest income	6	0	46
Income Before Income Taxes	-69,927	-1,115	-206,422
Provision for Income Taxes	0	0	0
Net Loss	($69,927)	($1,115)	($206,422)
PER SHARE DATA	'	'	'
Basic and diluted loss per common share	$0	$0	'
Basic and diluted weighted average common shares outstanding	51,373,111	1,666,667	'

STATEMENT_OF_CHANGES_IN_STOCKH

STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY/DEFICIT (USD $)	Common Stock [Member]	Common Stock Subscribed [Member]	Additional Paid-in Capital [Member]	Deficit accumulated during the development stage [Member]	Total
Beginning Balance at Mar. 14, 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	'	'	'	'
Common shares subscribed	'	22,500	'	'	22,500
Loss for the period from inception on March 14, 2013 to December 31, 2013	'	'	'	-136,495	-136,495
Ending Balance at Dec. 31, 2013	51,252	22,500	150,048	-136,495	87,305
Ending Balance (Shares) at Dec. 31, 2013	51,252,000	'	'	'	'
Common shares issued for cash at $0.020 per share	500	'	9,500	'	10,000
Common shares issued for cash at $0.020 per share (Shares)	500,000	'	'	'	'
Issuance of subscribed shares	900	-22,500	21,600	'	'
Issuance of subscribed shares (Shares)	900,000	'	'	'	'
Loss for the period from inception on March 14, 2013 to December 31, 2013	'	'	'	-69,927	-69,927
Ending Balance at Mar. 31, 2014	$52,652	'	$181,148	($206,422)	$27,378
Ending Balance (Shares) at Mar. 31, 2014	52,652,000	'	'	'	'

STATEMENT_OF_CASH_FLOWS

STATEMENT OF CASH FLOWS (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
OPERATING ACTIVITIES	'	'	'
Net loss	($69,927)	($1,115)	($206,422)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'	'
Depreciation and amortization	273	0	1,100
Changes in Operating Assets and Liabilities:	'	'	'
Increase in other assets	0	0	-250
Increase in accounts payable and accrued liabilities	17,480	615	22,660
Net cash used in operating activities	-52,174	-500	-182,912
INVESTING ACTIVITIES	'	'	'
Purchase of fixed assets	0	0	-10,887
Net cash used in financing activities	0	0	-10,887
FINANCING ACTIVITIES	'	'	'
Advance to officer	0	0	-8,695
Sale of capital stock	10,000	27,500	233,800
Net cash provided by financing activities	10,000	27,500	225,105
(DECREASE) INCREASE IN CASH	-42,174	27,000	31,306
CASH AT BEGINNING OF PERIOD	73,480	0	0
CASH AND CASH EQUIVALENTS AT END OF PERIOD	31,306	27,000	31,306
SUPPLEMENTAL INFORMATION AND NON- MONETARY TRANSACTIONS	'	'	'
Assets contributed for common stock	2,500	2,500	2,500
Cash paid for:	'	'	'
Interest expense	0	0	0
Income taxes	$0	$0	$0

NATURE_OF_BUSINESS

NATURE OF BUSINESS	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014, 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 December 31, 2013 audited financial statements included in its Form 10-K filed with the Securities and Exchange Commission. The results of operations for the period ended March 31, 2014 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 a 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
	Mar. 31, 2014
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 March 31, 2014, the Company had no operations. As of March 31, 2014 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
	Mar. 31, 2014
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”).
	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.
	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 March 31, 2014 was $31, 306.
	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 March 31, 2014. As of March 31, 2014, the Company had no dilutive potential common shares.
	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
	Mar. 31, 2014
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.
	On March 11, 2014, the Company sold 500,000 shares at the fixed price of $0.02 to a consultant to the Company.
	On April 17, 2013, the company filed with the Securities and Exchange Commission an exemption from registration offering on Form D. As of March 31, 2014, the Company issued 900,000 shares that were subscribed in 2013. As of March 31, 2014, the company has sold 7,052,000 shares of our common stock to private investors at a fixed price of $0.025 for total proceeds of $178,800.
	There are no warrants or options outstanding to acquire any additional shares of common stock of the Company.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2014
COMMITMENTS AND CONTINGENCIES [Text Block]	'
	NOTE 5 - COMMITMENTS AND CONTINGENCIES
	The Company entered into a lease agreement for office and research facilities in Texas. 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
	2014	$	18,000
	2015		24,000
	2016		24,000
	2017		24,000
	2018		11,750
		$	101,750
	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
	Mar. 31, 2014
SUBSEQUENT EVENTS [Text Block]	'
	NOTE 6 – SUBSEQUENT EVENTS
	During April 2014, the Company sold 23,160,000 shares of its common stock to seventy-four investors for a total of $579,000.
	In April 2014, the Company leased space in Louisiana, prepaying $6,800 rent for the lease term.
	On April 30, 2014, the Company acquired a vehicle for $12,512.
	During April, the Company acquired $318,338 in inventory to begin the manufacturing of its products.

Recovered_Sheet1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
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”).
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.
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 March 31, 2014 was $31, 306.
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 March 31, 2014. As of March 31, 2014, the Company had no dilutive potential common shares.
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
	Mar. 31, 2014
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	Year
	Ended		Amount
	2014	$	18,000
	2015		24,000
	2016		24,000
	2017		24,000
	2018		11,750
		$	101,750

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Summary Of Significant Accounting Policies 1	$31

SHAREHOLDERS_EQUITY_Narrative_

SHAREHOLDERS EQUITY (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Shareholders Equity 1	500,000,000
Shareholders Equity 2	$0.00
Shareholders Equity 3	500,000
Shareholders Equity 4	0.02
Shareholders Equity 5	900,000
Shareholders Equity 6	7,052,000
Shareholders Equity 7	0.025
Shareholders Equity 8	$178,800

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	3 Months Ended
	Mar. 31, 2014
Commitments And Contingencies 1	24,000

SUBSEQUENT_EVENTS_Narrative_De

SUBSEQUENT EVENTS (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Subsequent Events 1	23,160,000
Subsequent Events 2	$579,000
Subsequent Events 3	6,800
Subsequent Events 4	12,512
Subsequent Events 5	$318,338

Schedule_of_Future_Minimum_Ren

Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 1	$18,000
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	11,750
Commitments And Contingencies Schedule Of Future Minimum Rental Payments For Operating Leases 6	$101,750