| Document and Entity Information - USD ($) | 6 Months Ended | |
| Jun. 30, 2015 | Aug. 17, 2015 | |
| Document And Entity Information | ||
| Entity Registrant Name | Vapetek Inc. | |
| Entity Central Index Key | 1,580,485 | |
| Document Type | 10-Q | |
| Document Period End Date | Jun. 30, 2015 | |
| Amendment Flag | false | |
| 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 Public Float Shares | $ 505 | |
| Entity Common Stock, Shares Outstanding | 52,250,000 | |
| Document Fiscal Period Focus | Q2 | |
| Document Fiscal Year Focus | 2,015 |
| Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
| Current assets: | ||
| Cash | $ 1,365 | $ 4,905 |
| Prepaid | 5,200 | |
| Inventory | 4,601 | $ 1,871 |
| Total current assets | 11,166 | 6,776 |
| Computer, net | 642 | 825 |
| Total assets | 11,808 | 7,601 |
| Current liabilities | ||
| Accounts payable and accrued liabilities | 5,478 | 1,181 |
| Due to related parties | 48,158 | 23,158 |
| Accrued rent - related party | 11,860 | 5,635 |
| Deferred revenue | 5,500 | 2,225 |
| Total current liabilities | 70,996 | 32,199 |
| Total liabilities | $ 70,996 | $ 32,199 |
| Stockholders' deficit: | ||
| Preferred Stock | ||
| Common Stock | $ 5,225 | $ 625 |
| Additional paid-in capital | 4,875 | 4,875 |
| Accumulated deficit | (69,288) | (30,098) |
| Total stockholders' deficit | (59,188) | (24,598) |
| Total liabilities and stockholders' deficit | $ 11,808 | $ 7,601 |
| Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
| Statement of Financial Position [Abstract] | ||
| Common stock, par value | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized | 100,000,000 | 100,000,000 |
| Common stock, shares issued and outstanding | 52,250,000 | 6,250,000 |
| Preferred stock, par value | $ 0.0001 | $ 0.0001 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, issued and outstanding | 0 | 0 |
| Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
| Income Statement [Abstract] | ||||
| Sales | $ 385 | $ 2,610 | ||
| Sales - related party | 17,525 | $ 9,350 | 26,670 | $ 9,350 |
| Total sales | 17,910 | 9,350 | 29,280 | 9,350 |
| Cost of sales | 13,719 | 8,500 | 21,629 | 8,500 |
| Gross Margin | 4,191 | $ 850 | 7,651 | $ 850 |
| Operating expenses: | ||||
| Professional fees | 15,738 | 32,138 | ||
| General and Administrative Expenses | 11,318 | $ 2,739 | 14,703 | $ 7,956 |
| Total operating expenses | 27,056 | 2,739 | 46,841 | 7,956 |
| Net loss | $ (22,865) | $ (1,889) | $ (39,190) | $ (7,106) |
| Basic loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
| Basic weighted average common shares outstanding | 47,836,813 | 6,250,000 | 27,158,287 | 4,343,923 |
| Statements of Cash Flows - USD ($) | 6 Months Ended | |
| Jun. 30, 2015 | Jun. 30, 2014 | |
| Operating activities: | ||
| Net Loss | $ (39,190) | $ (7,106) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 183 | 92 |
| Stock-based compensation - related party | 4,470 | $ 4,000 |
| Changes in operating assets and liabilities: | ||
| Increase in prepaid | (5,200) | |
| Increase in inventory | (2,730) | $ (10,057) |
| Increase / (decrease) in accounts payable and accrued liabilities | 4,297 | $ (472) |
| Increase in accrued rent – related party | 6,225 | |
| Decrease in deferred revenue | 3,275 | |
| Net cash used in operating activities | (28,670) | $ (13,543) |
| Financing activities: | ||
| Loans from related party | 25,000 | $ 17,558 |
| Proceeds from the sale of common stock | 130 | |
| Net cash provided by financing activities | 25,130 | $ 17,558 |
| Net change in cash | (3,540) | 4,015 |
| Cash, beginning of period | 4,905 | |
| Cash, end of period | $ 1,365 | $ 4,015 |
| NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
| Jun. 30, 2015 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS VAPETEK Inc., f/k/a, ALPINE 2 Inc. (the Company), was incorporated under the laws of the State of Delaware on June 18, 2013. VAPETEK Inc. designs, markets, and distributes electronic cigarettes, vaporizers, e-liquids, and accessories. The Companys products are designed to look like traditional cigarettes, are battery-powered products that enable users to inhale nicotine vapor without smoke, tar, ash, or carbon monoxide. On March 6, 2014, the Board of Directors and majority stockholder of the Company approved an amendment to the Companys Certificate of Incorporation to change the name of the Company from ALPINE 2 Inc. to VAPETEK Inc. On that date, the Company filed a Certificate of Amendment with the State of Delaware. On April 1, 2014, the Company entered into a product distribution agreement with West Coast Vape Supply Inc. to supply electronic cigarettes, vaporizers, e-liquids, and accessories, and other third party products. West Coast Vape Supply Inc. is a related party and owned 100% by the management of Vapetek Inc. West Coast Vape Supply Inc. made several loans to the Company during the second and third quarters of 2014, in aggregate, $18,158. Additionally, PennyGrab Inc., a related party owned 100% by our Chairman, loaned the Company $5,000 in the second quarter 2014. These loans were made under the Loan Agreement (Loan Agreement) and provided capital to purchase inventory and begin our operations. On September 23, 2014, the Company filed its Form 8-K (Super 8-K) outlining its discussion on its asset acquisition license with PennyGrab Inc., its entry into a product distribution agreement with West Coast Vape Supply Inc. to supply products of electronic cigarettes, vaporizers, e-liquids, and accessories, and other third party products, the development of its corporate website and sales from its line of products that it now offers. As a fully-operating entity, the Super 8-K disclosed that it had exited its shell company status pursuant to Item 5.06, Change in Shell Company Status. On August 11, 2014, the Company entered into a Licensing Agreement (the Agreement) with PennyGrab Inc. (PennyGrab).PennyGrab, a company owned 100% by our Chairman, Alham Benyameen, is the owner of technology, including software code, relating a website designed for wholesale, retail, and online auction compatible products a PHP website script that is 100% customizable and is SEO friendly that improves site search engines rankings. Pursuant to the Agreement, PennyGrab granted to the Company an exclusive, transferable (including sublicensable) worldwide perpetual license of the Licensed Technology, to make, use, lease, and sell products incorporating the Licensed Technology. The Company is required to pay to PennyGrab royalty payments equal to $100 (One Hundred Dollars) per year. The term of the Agreement is ongoing and effective as of August 11, 2014. |
| NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
| Jun. 30, 2015 | |
| Accounting Policies [Abstract] | |
| NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Companys unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). 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. Actual results could differ from those estimates. These financial statements should be read in conjunction with the audited financial statements and footnotes for the year ended December 31, 2014 included on the Companys Form 10-K/A filed on July 9, 2015. The results of the six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. Cash Equivalents Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. The carrying value of those investments approximates fair value. There were no cash equivalents as of June 30, 2015 and December 31, 2014. Reclassifications Certain reclassifications have been made to the prior year financial information to conform to the presentation used in the financial statements for the three and six months ended June 30, 2015. Inventory The Company inventories a variety of electronic cigarettes, known as e-cigs, e-cig attachments, customizable devices, and e-liquid cartridges is stated at the lower of cost (first in, first out method) or market. As of June 30, 2015 and December 31, 2014, the Company has $4,601 and $1,871 of finished goods inventory on hand, respectively. Property and equipment Property and equipment are stated at the lower of cost or fair value. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, as follows: Computer equipment: Estimated life of 3 years The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations such as contractual life. Future events, such as property expansions, property developments, new competition, or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets. Revenue Recognition Revenue is only recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the price to the buyer is fixed or determinable, and (4) collectability is reasonably assured. The Company recognized $26,670 and $9,350 in revenue from West Coast Vape Supply, a related party, for the six months ended June 30, 2015 and 2014, respectively. This revenue consisted of approximately 91% of the Companys total sales in the second quarter. Sales made to West Coast Vape Supply are not recognized unless they are then sold on to a third party in an arms length transaction. On occasion the Company may receive payment for a sale in advance of shipping the product. When this occurs the funds received are considered to not yet be earned and are reported as a liability on the financial statements as deferred revenue. Returns, Repairs and Exchange Policy It is the policy of the Company to issue no refunds once an order has been shipped unless due to product defects or Company error. The default warranty for all products is 14 days unless otherwise specified. Eligibility for refunds, repairs or exchanges are limited to products determined to have manufacturing defects or premature failure. Products that are damaged through misuse, negligence, and abuse or modified or repaired by anyone other than Vapetek, Inc. are not eligible for exchange. Shipping fees are non-refundable. The Company accounts for shipping costs in accordance with ASC 605-45 Principle Agent Consideration. Accordingly, the shipping costs is shown in the financial statements to be included with general and administrative expense. Shipping costs for the six months ended June 30, 2015 and 2014 was $469 and $10, respectively. Due to personal tastes and preferences the Company does not offer returns, refunds or exchanges for e-liquid products. All e-liquid purchases are final. If fulfillment errors occur, requests to correct mistakes that are made by the Company resulting in a customers receipt of incorrect or missing items in the order will be accepted for 14 days after the receipt of the order. Requests for missing or incorrect items will not be accepted after 14 days from the date the order has been received. Fulfillment errors are minimal and not considered to have a material impact to the financial statements. Basic Earnings (Loss) per Share Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. There were no potentially dilutive securities outstanding during the periods presented. Stock-based compensation The Company accounts for equity based transactions with non-employees under the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees (Topic No. 505-50). Topic No. 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to non-employees in accordance with ASC Topic 505, Equity, whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instrument is complete. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, the Company recognizes an asset or expense in the same manner as if it was to pay cash for the goods or services instead of paying with or using the equity instrument. The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation - Stock Compensation Fair Value of Financial Instruments The carrying amount of cash, accounts payable and accrued liabilities, as applicable, approximates fair value due to the short-term nature of these items. The fair value of the related party notes payable cannot be determined because of the Company's affiliation with the parties with whom the agreements exist. The use of different assumptions or methodologies may have a material effect on the estimates of fair values. ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · Level 1: Observable inputs such as quoted prices in active markets; · Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Impact of New Accounting Standards In July 2015 the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory applies to all inventory except that which is measured using last-in, first-out (LIFO) or the retail inventory method. Inventory measured using first-in, first-out (FIFO) or average cost is included in the new amendments. The amendments will take effect for public business entities for fiscal years beginning after Dec. 15, 2016, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of adoption on the Companys financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. Income Taxes Income taxes are computed using the asset and liability method of accounting. Under the asset and liability method, a deferred tax asset or liability is recognized for estimated future tax effects attributable to temporary differences and carry-forwards. The measurement of deferred income tax assets is adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence; it is more likely than not such benefits will be realized. The Companys deferred tax assets were fully reserved at June 30, 2015. The Company accounts for its income taxes using the Income Tax topic of the FASB ASC 740, which requires the recognition of deferred tax liabilities and assets for expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. |
| NOTE 3. RELATED PARTY TRANSACTIONS | 6 Months Ended |
| Jun. 30, 2015 | |
| Related Party Transactions [Abstract] | |
| NOTE 3. RELATED PARTY TRANSACTIONS | NOTE 3. RELATED PARTY TRANSACTIONS On April 16, 2014, the Company executed a Loan Agreement for $5,000 with PennyGrab, Inc., a company owned 100% by our Chairman, Alham Benyameen. This loan was made under the Loan Agreement (Loan Agreement) and provided capital to purchase inventory and begin our operations. then the bid price of its common stock on the closing day of conversion. The loan agreement has been amended on April 1, 2015 to eliminate the conversion clause. All other terms remain the same. As of June 30, 2015, this loan is still outstanding. On June 1, 2015, the Company entered into a Lease Agreement (Lease) with West Coast Vape Supply, Inc. (West Coast) a company owned 100% by the Companys management. The term of the lease is one year commencing June 1, 2015 and ending March 31, 2017. The Company shall pay West Coast rent of $26,400 per year in equal monthly installments of $2,200 payable in advance on the 1 st On June 1, 2014, the Company entered into a Lease Agreement (Lease) with MEWE World, Inc. (MEWE), a company owned 100% by our Chairman, Alham Benyameen. The term of the lease is one year commencing June 1, 2014 and ending May 30, 2015. The Company shall pay MEWE rent of $9,660 per year in equal monthly installments of $805 payable in advance on the 1st of every month. As of June 30, 2015 and December 31, 2014, the Company has a payable to MEWE in the amount of $9,660 and $5,635, respectively. On June 2, 2014, the Company executed a Consolidated Loan Agreement for $13,658 to West Coast Vape Supply Inc., a company owned 100% by the Companys management. The note is non-interest bearing, payable on demand and is due no later than June 2, 2019. The note also contains a conversion feature that allows West Coast Vape Supply to convert into shares of restricted common stock at any time after the first years anniversary of the date of the Loan Agreement, at the price based upon either: a) the price of its most recent private placement offering, closest to the time of conversion, b) if publicly -traded, then the bid price of its common stock on the closing day of conversion. The loan agreement has been amended on April 1, 2015 to eliminate the conversion clause. All other terms remain the same. As of June 30, 2015, this loan is still outstanding. On July 2, 2014, the Company executed another Consolidated Loan Agreement for $4,500 to West Coast Vape Supply Inc., The note is non-interest bearing, payable on demand and is due no later than July 2, 2019. The note also contains a conversion feature that allows West Coast Vape Supply, Inc. to convert into shares of restricted common stock at any time after the first years anniversary of the date of the Loan Agreement, at the price based upon either: a) the price of its most recent private placement offering, closest to the time of conversion, b) if publicly -traded, then the bid price of its common stock on the closing day of conversion at. The loan agreement has been amended on April 1, 2015 to eliminate the conversion clause. All other terms remain the same. As of June 30, 2015, this loan is still outstanding. On March 10, 2015, the Company executed another Consolidated Loan Agreement for $20,000 to West Coast Vape Supply Inc., The note is non-interest bearing, payable on demand and is due no later than March 10, 2020. The note also contains a conversion feature that allows West Coast Vape Supply, Inc. to convert into shares of restricted common stock at any time after the first years anniversary of the date of the Loan Agreement, at the price based upon either: a) the price of its most recent private placement offering, closest to the time of conversion, b) if publicly -traded, then the bid price of its common stock on the closing day of conversion at. This loan agreement has been amended on April 1, 2015 to eliminate the conversion clause. All other terms remain the same. As of June 30, 2015, this loan is still outstanding. On April 17, 2015, West Coast Vape Supply loaned the Company $5,000 for general operating expenses. The loan is unsecured, non-interest bearing, payable on demand, and due no later than April 17, 2020. As of June 30, 2015, this loan is still outstanding. The Company recognized $17,525 and $26,670 in revenue from West Coast Vape Supply, a related party for the three and six months ended June 30, 2015, respectively. For the three and six months period ended June 30, 2014, the revenue from West Coast Vape Supply were $9,350 and $9,350, respectively. This revenue consisted of approximately 91% and 100% of the Companys total sales for the quarter ended June 30, 2015 and 2014, respectively. |
| NOTE 4. SHAREHOLDER'S EQUITY | 6 Months Ended |
| Jun. 30, 2015 | |
| Equity [Abstract] | |
| NOTE 4 SHAREHOLDER'S EQUITY | NOTE 4. SHAREHOLDER’S EQUITY The Company is authorized to issue 100,000,000 shares of $.0001 par value common stock. As of June 30, 2015 and December 31, 2014, 52,250,000 and 6,250,000 shares were issued and outstanding, respectively. The Company is authorized to issue 5,000,000 shares of $.0001 par value preferred stock. No shares of preferred stock have been issued. On April 6, 2015, the Company completed a reverse stock split in which every eight shares of common stock became one share of common stock. All shares throughout these financial statements and Form 10-Q have been retroactively restated for the reverse split. On April 7, 2015, Alham Benyameen and Andy Michael Ibrahim were each issued 20,650,000 shares of restricted common stock for services rendered to the Company. The shares were issued at par value for total non-cash expense of $4,130. On April 8, 2015 the Company issued ETN Services, LLC 100,000 shares of restricted common stock for services rendered relating to SEC filing services. The shares were issued at par value for total non-cash expense of $10. Between April 22, 2015 and April 25, 2015, the Company sold 1,300,000 restricted shares of common stock at par value to seven individuals for total proceeds of $130. The private placements from the sale of shares were exempt from registration under Regulation D of the Securities Act of 1933. On April 24, 2015 we the Company issued Mitchell A. Stewart and Michail Selwanes 100,000 shares of restricted common stock each for services relating to upkeep and development of the Companys website. The shares were issued at par value for total non-cash expense of $20. On April 24, 2015 the Company issued to thirteen individuals related to the Companys Officers/Directors a total of 3,100,000 shares of restricted common stock for total non-cash expense of $310. The shares were issued in exchange for advice and suggestions on how to further develop the Company. |
| NOTE 5. COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
| Jun. 30, 2015 | |
| Accounting Policies [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | NOTE 5. COMMITMENTS AND CONTINGENCIES On June 1, 2015, the Company entered into a Lease Agreement (Lease) with West Coast Vape Supply, Inc. (West Coast) a company owned 100% by the Companys management. The term of the lease begins June 1, 2015 and ending March 31, 2017. The Company shall pay West Coast rent of $26,400 per year in equal monthly installments of $2,200 payable in advance on the 1 st Years Ending December 31, 2015: $15,400 2016: $26,400 2017: $6,600 Total: $48,400 |
| NOTE 6. GOING CONCERN | 6 Months Ended |
| Jun. 30, 2015 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| NOTE 5 GOING CONCERN | NOTE 6. GOING CONCERN T he accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses since inception and has an accumulated a deficit of $69,288 as of June 30, 2015. The Company requires capital for its contemplated operational and marketing activities. The Companys ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Companys contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Companys ability to continue as a going concern. The unaudited condensed financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. |
| NOTE 7. SUBSEQUENT EVENTS | 6 Months Ended |
| Jun. 30, 2015 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| NOTE 6. SUBSEQUENT EVENTS | NOTE 7. SUBSEQUENT EVENTS On July 17, 2015. West Coast Vape Supply loaned the Company $5,000. The loan is unsecured, non-interest bearing and due on demand. |
| NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
| Jun. 30, 2015 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The Companys unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). 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. Actual results could differ from those estimates. These financial statements should be read in conjunction with the audited financial statements and footnotes for the year ended December 31, 2014 included on the Companys Form 10-K/A filed on July 9, 2015. The results of the six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015. |
| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
| Cash | Cash Equivalents Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. The carrying value of those investments approximates fair value. There were no cash equivalents as of June 30, 2015 and December 31, 2014. |
| Reclassifications | Reclassifications Certain reclassifications have been made to the prior year financial information to conform to the presentation used in the financial statements for the three and six months ended June 30, 2015. |
| Inventory | Inventory The Company inventories a variety of electronic cigarettes, known as e-cigs, e-cig attachments, customizable devices, and e-liquid cartridges is stated at the lower of cost (first in, first out method) or market. As of June 30, 2015 and December 31, 2014, the Company has $4,601 and $1,871 of finished goods inventory on hand, respectively. |
| Property and Equipment | Property and equipment Property and equipment are stated at the lower of cost or fair value. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, as follows: Description: Computer equipment; Estimated Life 3 Years The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations such as contractual life. Future events, such as property expansions, property developments, new competition, or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets. |
| Revenue Recognition | Revenue Recognition Revenue is only recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the price to the buyer is fixed or determinable, and (4) collectability is reasonably assured. The Company recognized $26,670 and $9,350 in revenue from West Coast Vape Supply, a related party, for the six months ended June 30, 2015 and 2014, respectively. This revenue consisted of approximately 91% of the Companys total sales in the second quarter. Sales made to West Coast Vape Supply are not recognized unless they are then sold on to a third party in an arms length transaction. On occasion the Company may receive payment for a sale in advance of shipping the product. When this occurs the funds received are considered to not yet be earned and are reported as a liability on the financial statements as deferred revenue. |
| Returns, Repairs and Exchange Policy | Returns, Repairs and Exchange Policy It is the policy of the Company to issue no refunds once an order has been shipped unless due to product defects or Company error. The default warranty for all products is 14 days unless otherwise specified. Eligibility for refunds, repairs or exchanges are limited to products determined to have manufacturing defects or premature failure. Products that are damaged through misuse, negligence, and abuse or modified or repaired by anyone other than Vapetek, Inc. are not eligible for exchange. Shipping fees are non-refundable. The Company accounts for shipping costs in accordance with ASC 605-45 Principle Agent Consideration. Accordingly, the shipping costs is shown in the financial statements to be included with general and administrative expense. Shipping costs for the six months ended June 30, 2015 and 2014 was $469 and $10, respectively. Due to personal tastes and preferences the Company does not offer returns, refunds or exchanges for e-liquid products. All e-liquid purchases are final. If fulfillment errors occur, requests to correct mistakes that are made by the Company resulting in a customers receipt of incorrect or missing items in the order will be accepted for 14 days after the receipt of the order. Requests for missing or incorrect items will not be accepted after 14 days from the date the order has been received. Fulfillment errors are minimal and not considered to have a material impact to the financial statements. |
| Basic Earnings (Loss) per Share | Basic Earnings (Loss) per Share Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. There were no potentially dilutive securities outstanding during the periods presented. |
| Stock-based compensation | Stock-based compensation The Company accounts for equity based transactions with non-employees under the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees (Topic No. 505-50). Topic No. 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to non-employees in accordance with ASC Topic 505, Equity, whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instrument is complete. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, the Company recognizes an asset or expense in the same manner as if it was to pay cash for the goods or services instead of paying with or using the equity instrument. The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, Compensation - Stock Compensation |
| Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amount of cash, accounts payable and accrued liabilities, as applicable, approximates fair value due to the short-term nature of these items. The fair value of the related party notes payable cannot be determined because of the Company's affiliation with the parties with whom the agreements exist. The use of different assumptions or methodologies may have a material effect on the estimates of fair values. ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · Level 1: Observable inputs such as quoted prices in active markets; · Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
| Impact of New Accounting Standards | Impact of New Accounting Standards In July 2015 the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory applies to all inventory except that which is measured using last-in, first-out (LIFO) or the retail inventory method. Inventory measured using first-in, first-out (FIFO) or average cost is included in the new amendments. The amendments will take effect for public business entities for fiscal years beginning after Dec. 15, 2016, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of adoption on the Companys financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
| Income Taxes | Income Taxes Income taxes are computed using the asset and liability method of accounting. Under the asset and liability method, a deferred tax asset or liability is recognized for estimated future tax effects attributable to temporary differences and carry-forwards. The measurement of deferred income tax assets is adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence; it is more likely than not such benefits will be realized. The Companys deferred tax assets were fully reserved at June 30, 2015. The Company accounts for its income taxes using the Income Tax topic of the FASB ASC 740, which requires the recognition of deferred tax liabilities and assets for expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. |
| NOTE 4 SHAREHOLDER'S EQUITY (Details Narrative) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
| Note 5. Shareholders Equity Details Narrative | ||
| Common stock, par value | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized | 100,000,000 | 100,000,000 |
| Common stock, shares issued | 52,250,000 | 6,250,000 |
| Common stock, shares outstanding | 52,250,000 | 6,250,000 |
| Preferred stock, par value | $ 0.0001 | $ 0.0001 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, issued | 0 | 0 |
| Preferred stock, outstanding | 0 | 0 |
| Label | Element | Value |
| Cash and Cash Equivalents, at Carrying Value | us-gaap_CashAndCashEquivalentsAtCarryingValue | $ 1,470 |
