Leet Technology (LTES) 10-Q 19 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 15, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Blow & Drive Interlock Corporation	'
Entity Central Index Key	'0001586495	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	14,565,000
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

Balance_Sheets

Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash	$89,283	$2,000
Prepaid expenses	3,182	'
Total current assets	92,465	2,000
Other assets	'	'
Deposit	48,000	'
Total assets	140,465	2,000
Current liabilities	'	'
Accrued interest - related party	3,077	'
Accrued liabilities	15,500	1,200
Note payable - related party	28,676	'
Total current liabilities	47,253	1,200
Note payable - related party, net of current portion	129,117	'
Total liabilities	176,370	1,200
Stockholders' equity (deficit)	'	'
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none outstanding	'	'
Common stock, $0.0001 par value, 100,000,000 shares authorized; 14,565,000 and 20,000,000 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively	1,457	2,000
Stock subscription receivable	-457	'
Additional paid-in capital	75,700	700
Deficit accumulated during the development stage	-112,605	-1,900
Total stockholders' equity (deficit)	-35,905	800
Total Liabilities and Stockholders' Equity	$140,465	$2,000

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares outstanding	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,565,000	20,000,000
Common stock, shares outstanding	14,565,000	20,000,000

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
Income Statement [Abstract]	'	'	'
Sales	'	'	'
Cost of sales	'	'	'
Gross Profit	0	0	0
Operating expenses	'	'	'
Professional fees	29,587	79,032	79,032
General and administrative	18,005	26,798	27,898
Total operating expenses	47,592	105,830	106,930
Loss from operations	-47,592	-105,830	-106,930
Other income (expense)	'	'	'
Interest expense	3,077	4,075	4,075
Income (loss) before income taxes	-50,669	-109,905	-111,005
Income taxes	800	800	1,600
Net (loss)	($51,469)	($110,705)	($112,605)
Loss per common share-basic and diluted	$0	($0.01)	($0.01)
Weighted average number of common shares outstanding-basic and diluted	14,565,000	14,272,293	17,151,882

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Cash Flows From Operating Activities	'	'
Net loss	($110,705)	($112,605)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities	'	'
Common stock issued for services	970	970
Changes in:	'	'
Prepaid expenses	-3,182	-3,182
Deposits	-48,000	-48,000
Accrued liabilities	17,377	18,577
Net cash used in operating activities	-143,540	-144,240
Cash Flows From Financing Activities	'	'
Proceeds from issuance of common stock	'	2,000
Repayments of notes payable - related party	-2,207	-2,207
Repurchase of common shares	-1,970	-1,970
Proceeds from note payable - related party	160,000	160,000
Shareholder contributions	75,000	75,700
Net cash provided by financing activities	230,823	233,523
Net increase in cash	87,283	89,283
Cash at beginning of period	2,000	'
Cash at end of period	89,283	89,283
Cash paid for:	'	'
Interest	998	998
Taxes	800	800
Non-cash transactions:	'	'
Common stock issued for subscription receivable	457	457
Common stock issued for services	$970	$970

Statement_of_Changes_in_Stockh

Statement of Changes in Stockholders' Equity (USD $)	Common Stock [Member]	Additional Paid-In Capital [Member]	Stock Subscription Receivable [Member]	Accumulated Deficit [Member]	Total
Balance at Jul. 01, 2013	'	'	'	'	$0
Balance, shares at Jul. 01, 2013	'	'	'	'	'
Issuance of common stock for cash	2,000	'	'	'	2,000
Issuance of common stock for cash, Shares	20,000,000	'	'	'	'
Additional paid-in capital	'	700	'	'	700
Net loss	'	'	'	-1,900	-1,900
Balance at Dec. 31, 2013	2,000	700	'	-1,900	800
Balance, shares at Dec. 31, 2013	20,000,000	'	'	'	'
Issuance of common stock for services	970	'	'	'	970
Issuance of common stock for services, Shares	9,700,000	'	'	'	'
Issuance of common shares for subscription receivable	457	'	-457	'	'
Issuance of common shares for subscription receivable, Shares	4,565,000	'	'	'	'
Repurchase of common stock	-1,970	'	'	'	-1,970
Repurchase of common stock, Shares	-19,700,000	'	'	'	'
Additional paid-in capital	'	75,000	'	'	75,000
Net loss	'	'	'	-110,705	-110,705
Balance at Jun. 30, 2014	$1,457	$75,700	($457)	($112,605)	($35,905)
Balance, shares at Jun. 30, 2014	14,565,000	'	'	'	'

Nature_of_Operations_and_Summa

Nature of Operations and Summary of Significant Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Nature of Operations and Summary of Significant Policies	'
	Note 1: Nature of Operations and Summary of Significant Policies
	The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month and six-month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the full fiscal year. For further information, refer to the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
	Nature of Operations
	Blow& Drive Interlock (“the Company”) was incorporated on July 2, 2013 under the laws of the State of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company is a development-stage SEC reporting company that intends to market and lease alcohol ignition interlock devices to DUI/DWI offenders as part of their mandatory court or motor vehicle department programs.
	On February 6, 2014, James Cassidy and James McKillop, both directors of the Company and the then president and vice president, respectively, resigned such directorships and all offices of the Company. Messrs. Cassidy and McKillop each beneficially retain 150,000 shares of the Company’s common stock.
	On February 6, 2014, Laurence Wainer was named as the sole director of the Company and serves as its President and sole officer.
	On January 25, 2014, the Company entered into an agreement with Tiber Creek Corporation to effect transactions intended to combine the Company with a United States reporting company. As consideration, the Company paid Tiber Creek Corporation $40,000 upon execution of the agreement. An additional $10,000 was due thirty days thereafter, and $5,000 per month is due thereafter until paid in full, for a total of $85,000. As of June 30, 2014, a total of $65,000 had been paid to Tiber Creek. Management estimated that approximately 73% of the agreement had been satisfied by Tiber Creek as of June 30, 2014, and has therefore recorded $61,818 in professional fees and $3,182 in prepaid expenses in the accompanying Balance Sheet as of June 30, 2014.
	Basis of Presentation
	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP 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 periods. Actual results could differ from those estimates.
	Concentration of Risk
	Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. From time to time, the Company maintains cash balances at certain institutions in excess of the Federal Deposit Insurance Corporation limit.
	Income Taxes
	Under ASC 740, “Income Taxes”, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized.
	Loss per Common Share
	The Company has adopted ASC 260 “Earnings Per Share”. Basic loss per common shares excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of June 30, 2014 and December 31, 2013, there are no outstanding dilutive securities.
	Fair Value of Financial Instruments
	FASB ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which priorities the inputs in measuring fair value. The hierarchy priorities the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
	These tiers include:
	Level 1: defined as observable inputs such as quoted prices in active markets;
	Level 2: defined as inputs other than quoted prices in active markets that is either directly or indirectly observable; and
	Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
	The carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments.
	Revenue
	The Company has no revenue as of June 30, 2014.
	Share-Based Compensation
	The Company follows the provisions of ASC 718, Share-Based Payment, which requires all share-based payments to employees and non-employees to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of share-based compensation.

Going_Concern

Going Concern	6 Months Ended
	Jun. 30, 2014
Going Concern	'
Going Concern	'
	Note 2: Going Concern
	The Company has sustained a cumulative net loss and accumulated deficit of $112,605, since inception of the Company on July 2, 2013. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, and / or obtain additional financing from its stockholders and/or other third parties. These factors created initial doubt about the Company’s ability to continue as a going concern. However, during the six-months ended June 30, 2014, the Company raised $160,000 from its largest shareholder (see Note 8). Also during the quarter ended June 30, 2014 the Company raised an additional $75,000 from this same shareholder and management believes that after these cash infusions, the Company has adequate working capital to operate at least through December 31, 2014 based on anticipated cash needs.
	Management’s plans also include selling its equity securities and obtaining debt financing to fund its capital requirement and on-going operations; however, there can be no assurance the Company will be successful in these efforts.
	There is no assurance that the Company will ever be profitable. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
Recent Accounting Pronouncements	'
	Note 3: Recent Accounting Pronouncements
	On April 22, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-07, “Presentation of Financial Statements (Topic 205): Liquation Basis of Accounting” which is effective for reporting periods beginning after December 15, 2013.
	The amendments in the Update require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments require financial statements prepared using the liquidation basis of accounting to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any items it had not previously recognized under U.S. GAAP but that it expects to either sell in liquidation or use in settling liabilities (for example, trademarks).
	Management does not expect the adoption of ASU No. 2013-07 to have a significant impact on the Company’s results of operations, financial position or cash flow.
	In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. For public business entities, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. The Company will be adopting this standard in future filings.
	Management does not expect the adoption of other recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Stock_Issuance

Stock Issuance	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity Note [Abstract]	'
Stock Issuance	'
	Note 4: Stock Issuance
	On February 6, 2014, the Company redeemed an aggregate of 19,700,000 of the then 20,000,000 shares of outstanding stock at a redemption price of $.0001 per share for an aggregate redemption price of $1,970.
	On February 7, 2014, the Company issued 9,700,000 shares of its common stock at par representing 97% of the then total outstanding 10,000,000 shares of common stock.
	During the six months ended June 30, 2014, the Company issued 4,565,000 shares at par value of $0.0001 for a total of $457 in exchange for stock subscription receivable agreements.

Warrant_and_Option_Issuances

Warrant and Option Issuances	6 Months Ended
	Jun. 30, 2014
Warrant And Option Issuances	'
Warrants and Options Issuances	'
	Note 5: Warrant and Option Issuances
	There was no warrant or option issuances during the three months ended June 30, 2014, nor are there any options or warrants outstanding at June 30, 2014.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Note 6: Related Party Transactions
	The Company entered into a five year lease agreement with a related party to lease office space, effective February 1, 2014. The lease requires monthly payments of $4,500. The lease is subject to renewal upon expiration. In accordance with the lease terms, the Company made a security deposit that totaled $18,000.

Deposits

Deposits	6 Months Ended
	Jun. 30, 2014
Deposits [Abstract]	'
Deposits	'
	Note 7: Deposits
	The Company entered into a five year lease agreement with a related party to lease office space, effective February 1, 2014. The lease requires monthly payments of $4,500. The lease is subject to renewal upon expiration. In accordance with the lease terms, the Company made a security deposit that totaled $18,000.
	The Company also entered into an agreement with Well Electric, a Chinese company with experience in design and manufacture of ignition interlock devices, paying $30,000 to design and manufacture the prototype ignition interlock device for the Company. Well Electric has designed and manufactured such a device for another company which markets and sell the interlock devices in Australia and the United States. The design specifications provide for these prototypes to be equipped with wireless capabilities, GPS, video and infrared technologies. Well Electric will produce six prototype devices for the Company. The Company expects the delivery of the initial six prototypes in the late summer or early fall of 2014.

Notes_Payable

Notes Payable	6 Months Ended
	Jun. 30, 2014
Notes Payable [Abstract]	'
Notes Payable	'
	Note 8: Notes Payable
	On February 16, 2014, the Company entered into a note payable agreement with Laurence Wainer, the director, President and sole officer of the Company. The note has a principal balance of $160,000 and bears interest at 7.75% per annum. Principal and interest payments are due in 60 equal monthly installments beginning in March 2014 of $3,205. The Company and Laurence Weiner entered into an additional agreement effective April 2014 suspending loan repayments until January 2015.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments And Contingencies	'
Commitments and Contingencies	'
	Note 9: Commitments and Contingencies
	Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. As of June 30, 2014, the Company has no contingent liability that is required to be recorded.
	On January 25, 2014, the Company entered into an agreement with Tiber Creek Corporation to effect transactions intended to combine the Company with a United States reporting company. As consideration, the Company paid Tiber Creek Corporation $40,000 upon execution of the agreement. An additional $10,000 was due thirty days thereafter, and $5,000 per month is due thereafter until paid in full, for a total of $85,000. Through June 30, 2014 $65,000 has been paid to Tiber Creek Corporation.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 10: Subsequent Events
	As of August 15, 2014, there are no subsequent events.