Leet Technology (LTES) 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 12, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Blow & Drive Interlock Corp
Entity Central Index Key	1,586,495
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	BDIC
Entity Common Stock, Shares Outstanding		15,004,000

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current Assets
Cash	$ 76,254	$ 272,692
Total current assets	76,254	272,692
Other assets
Prepaid expenses	924	0
Deposit	6,225	0
Property and equipment	4,558	2,400
Total assets	87,961	275,092
Current liabilities
Accrued interest - related party	0	9,412
Accrued expenses	17,250	24,400
Accrued payroll liabilities	1,235	0
Taxes payable	2,800	2,000
Note payable - related party	56,549	48,994
Total current liabilities	77,834	84,806
Note payable - related party, net of current portion	97,470	108,799
Total liabilities	175,304	193,605
Stockholders’ equity
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none outstanding	0	0
Common stock, $0.0001 par value, 100,000,000 shares authorized; 15,004,000 and 14,852,500 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	1,500	1,485
Additional paid-in capital	390,656	305,671
Deficit accumulated during the development stage	(479,499)	(225,669)
Total stockholders' equity	(87,343)	81,487
Total Liabilities and Stockholders' Equity	$ 87,961	$ 275,092

Balance Sheets _Parenthetical_

Balance Sheets [Parenthetical] - Class of Stock [Domain] - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	15,004,000	14,852,500
Common Stock, Shares, Outstanding	15,004,000	14,852,500

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Sales	$ 0	$ 0	$ 0	$ 0
Cost of sales	0	0	0	0
Gross Profit	0	0	0	0
Operating expenses
Payroll	40,318	0	92,494	0
Professional fees	22,138	29,587	47,000	79,032
General and administrative	30,438	18,005	49,862	26,798
Research development	45,130	0	57,630	0
Total operating expenses	138,024	47,592	246,986	105,830
Loss from operations	(138,024)	(47,592)	(246,986)	(105,830)
Other income (expense)
Interest expense	3,001	3,077	6,044	4,075
Income (loss) before income taxes	(141,025)	(50,669)	(253,030)	(109,905)
Income taxes	800	800	800	800
Net (loss)	$ (141,825)	$ (51,469)	$ (253,830)	$ (110,705)
Loss per common share-basic and diluted (in dollars per share)	$ 0	$ 0	$ 0	$ (0.01)
Weighted average number of common shares outstanding-basic and diluted (in shares)	14,978,198	14,565,000	14,932,453	14,722,293

Statement of Changes in Stockho

Statement of Changes in Stockholders' Equity - Class of Stock [Domain] - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Stock Subscription Receivable [Member]	Deficit accumulated during the development stages [Member]
Balance at Dec. 31, 2013	$ 800	$ 2,000	$ 700	$ 0	$ (1,900)
Balance (in shares) at Dec. 31, 2013		20,000,000
Issuance of common stock for services	970	$ 970	0	0	0
Issuance of common stock for services (in shares)		9,700,000
Issuance of common shares for subscription receivable	230,456	$ 485	229,971	0	0
Issuance of common shares for subscription receivable (in shares)		4,852,500
Repurchase of common stock	(1,970)	$ (1,970)	0	0	0
Repurchase of common stock (in shares)		(19,700,000)
Additional paid-in capital	75,000	$ 0	75,000	0	0
Net loss	(223,769)	0	0	0	(223,769)
Balance at Dec. 31, 2014	81,487	$ 1,485	305,671	0	(225,669)
Balance (in shares) at Dec. 31, 2014		14,852,500
Issuance of common stock for cash	85,000	$ 15	84,985	0	0
Issuance of common stock for cash (in shares)		151,500
Net loss	(253,830)	$ 0	0	0	(253,830)
Balance at Jun. 30, 2015	$ (87,343)	$ 1,500	$ 390,656	$ 0	$ (479,499)
Balance (in shares) at Jun. 30, 2015		15,004,000

Statements of Cash Flows

Statements of Cash Flows - Class of Stock [Domain] - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities
Net loss	$ (253,830)	$ (110,705)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Common stock issued for services	0	970
Depreciation	240	0
Changes in:
Prepaid expenses	(924)	(3,182)
Deposits	(6,225)	(48,000)
Accrued interest - related party	(9,412)	0
Accrued liabilities	(7,150)	17,377
Accrued payroll liabilities	1,235	0
Taxes payable	800	0
Net cash used in operating activities	(275,266)	(143,540)
Cash Flows From Investing Activities
Purchase of fixed assets	(2,398)	0
Net cash (used) in investing activities	(2,398)	0
Cash Flows From Financing Activities
Proceeds from issuance of common stock	85,000	0
Repayments of notes payable - related party	(3,719)	(2,207)
Repurchase of common shares	0	(1,970)
Proceeds from note payable - related party	0	160,000
Shareholder contributions	0	75,000
Net cash provided by financing activities	81,281	230,823
Net increase in cash	(196,383)	87,283
Cash at beginning of period	272,692	2,000
Cash at end of period	76,254	89,283
Supplemental disclosure of cash flow information
Cash paid for: Interest	15,308	998
Cash paid for: Taxes	0	800
Non-cash transactions:
Common stock issued for subscription receivable	0	457
Common stock issued for services	$ 0	$ 970

Nature of Operations and Summar

Nature of Operations and Summary of Significant Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	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, 2015 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, 2014. 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. 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, 2015 and June 30, 2014, 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, 2015. 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. As of June 30, 2015 the Company has not issued any options or warrants.

Going Concern

Going Concern	6 Months Ended
	Jun. 30, 2015
Going Concern [Abstract]
Going Concern [Text Block]	Note 2: Going Concern The Company has sustained a cumulative net loss and accumulated deficit of $479,499, 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. During, 2014, the Company raised approximately $230,000 from stock sales and $85,000 in the first six months of 2015. Management believes that after these cash infusions, the Company has adequate working capital to operate through December 31, 2015 based on these infusions and the ability of the Company to control and manage variable expenses and cash outflow. 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 Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 3: Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-10, "Development Stage Entities (Topic 915)” which is in effect for reporting periods beginning after December 15, 2014, however early adoption is permitted and the Company has adopted this update for the year ended December 31, 2014. The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.

Stock Issuance

Stock Issuance	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 4: Stock Issuance During the six months ended June 30, 2015 the Company issued 151,500 0.0001 85,000

Warrant and Option Issuances

Warrant and Option Issuances	6 Months Ended
	Jun. 30, 2015
Warrant And Option Issuances [Abstract]
Warrant And Option Issuances [Text Block]	Note 5: Warrant and Option Issuances There were no warrant or option issuances during the three or six months ended June 30, 2015, nor are there any options or warrants outstanding at June 30, 2015.

Deposits

Deposits	6 Months Ended
	Jun. 30, 2015
Banking and Thrift [Abstract]
Deposit Liabilities Disclosures [Text Block]	Note 6: Deposits On January 21, 2015, we and Mr. Wainer entered into a two-year lease with Marsel Plaza LLC for a storefront location at 1080 South La Cienega Boulevard, Suite 304, Los Angeles, California 90035. Our base rent under the lease is $ 1,450

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 7: 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 7.75 60 3,205

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 8: 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 March 31, 2015, the Company has no contingent liability that is required to be recorded. On January 21, 2015, we and Mr. Wainer entered into a two-year lease with Marsel Plaza LLC for a storefront location at 1080 South La Cienega Boulevard, Suite 304, Los Angeles, California 90035. Our base rent under the lease is $ 1,450

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 9: Subsequent Events On August 4, 2015 the Company signed its first retail customer and executed production orders for the delivery of 125 units within the current month.

Nature of Operations and Summ16

Nature of Operations and Summary of Significant Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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, Policy [Policy Text Block]	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 Risk, Credit Risk, Policy [Policy Text Block]	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 Tax, Policy [Policy Text Block]	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.
Earnings Per Share, Policy [Policy Text Block]	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, 2015 and June 30, 2014, there are no outstanding dilutive securities.
Fair Value of Financial Instruments, Policy [Policy Text Block]	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 Recognition, Policy [Policy Text Block]	Revenue The Company has no revenue as of June 30, 2015.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	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. As of June 30, 2015 the Company has not issued any options or warrants.

Nature of Operations and Summ17

Nature of Operations and Summary of Significant Policies (Details Textual) - shares	Jun. 30, 2015	Dec. 31, 2014	Feb. 06, 2014
Common Stock, Shares, Outstanding	15,004,000	14,852,500
James Mckillop [Member]
Common Stock, Shares, Outstanding			150,000
James Cassidy [Member]
Common Stock, Shares, Outstanding			150,000

Going Concern (Details Textual)

Going Concern (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jul. 02, 2013
Going Concern [Line Items]
Development Stages Enterprise Deficit Accumulated During Development Stage	$ 479,499		$ 225,669	$ 479,499
Proceeds from Issuance or Sale of Equity, Total	$ 85,000	$ 230,000

Stock Issuance (Details Textual

Stock Issuance (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001
Proceeds from Issuance of Common Stock	$ 85,000	$ 0
Common Stock [Member]
Stock Issued During Period, Shares, New Issues	151,500
Common Stock, Par or Stated Value Per Share	$ 0.0001
Proceeds from Issuance of Common Stock	$ 85,000

Deposits (Details Textual)

Deposits (Details Textual) - Jan. 21, 2015 - USD ($)	Total
Lease And Rental Expense Per Month	$ 1,450
Lease Agreement Term	2 years

Notes Payable (Details Textual)

Notes Payable (Details Textual) - Feb. 16, 2014 - Laurence Wainer [Member] - USD ($)	Total
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 160,000
Debt Instrument, Interest Rate, Stated Percentage	7.75%
Debt Instrument, Periodic Payment, Total	$ 3,205
Debt Instrument, Term	60 months

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($)	Jun. 30, 2015	Jan. 21, 2015
Loss Contingencies [Line Items]
Loss Contingency Accrual, Beginning Balance	$ 0
Lease And Rental Expense Per Month		$ 1,450