Document_and_Entity_Informatio
Document and Entity Information | 18 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information | ' |
Entity Registrant Name | 'Regen BioPharma Inc |
Entity Central Index Key | '0001589150 |
Document Type | 'S-1 |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'true |
Amendment Description | 'The document has been amended and updated |
Current Fiscal Year End Date | '--09-30 |
Is Entity a Well-known Seasoned Issuer? | 'No |
Is Entity a Voluntary Filer? | 'No |
Is Entity's Reporting Status Current? | 'No |
Entity Filer Category | 'Smaller Reporting Company |
Document Fiscal Year Focus | '2013 |
BALANCE_SHEET_Unaudited
BALANCE SHEET (Unaudited) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
CURRENT ASSETS | ' | ' |
Cash | $115,922 | $923 |
Total Current Assets | 115,922 | 923 |
TOTAL ASSETS | 115,922 | 923 |
LIABILITIES AND STOCKHOLDERS EQUITY | ' | ' |
Total Current Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
STOCKHOLDERS EQUITY (DEFICIT) | ' | ' |
Common Stock ($.0001 par value) 500,000,000 shares authorized; 51,610,000 issued and outstanding as of September 30, 2013 and 10,000 shares authorized and outstanding September 30, 2012 ($0.001 par value) | 5,161 | 10 |
Preferred Stock($.0001 par value) 5,000,000 shares authorized 0 shares issued and outstanding as of September 30, 2013 and September 30, 2012 | 0 | 0 |
Additional Paid in capital | 185,127 | 80 |
Contributed Capital | 447,858 | 168,023 |
Retained Earnings (Deficit) accumulated during the development stage | -522,224 | -167,190 |
Total Stockholders' Equity (Deficit) | 115,922 | 923 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $115,922 | $923 |
BALANCE_SHEET_Parenthetical
BALANCE SHEET (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 51,610,000 | 10,000 |
Common stock, shares outstanding | 51,610,000 | 10,000 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
STATEMENT_OF_OPERATIONS_Unaudi
STATEMENT OF OPERATIONS (Unaudited) (USD $) | 5 Months Ended | 12 Months Ended | 18 Months Ended |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
REVENUES | $0 | $0 | $0 |
COST AND EXPENSES | ' | ' | ' |
Research and Development | 17,715 | 8,394 | 26,109 |
General and Administrative | 137,185 | 262,879 | 400,064 |
Consulting and Professional Fees | 12,290 | 48,563 | 60,853 |
Total Costs and Expenses | 167,190 | 319,836 | 487,026 |
OPERATING LOSS | -167,190 | -319,836 | -487,026 |
OTHER INCOME & (EXPENSES) | ' | ' | ' |
Refunds of amounts previously paid | 0 | 35,000 | 35,000 |
Capital contribution to parent | 0 | -70,198 | -70,198 |
TOTAL OTHER INCOME (EXPENSE) | 0 | -35,198 | -35,198 |
NET INCOME (LOSS) | ($167,190) | ($355,034) | ($522,224) |
BASIC AND FULLY DILUTED EARNINGS (LOSS) PER SHARE | ($16.72) | ($0.02) | ' |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 10,000 | 18,950,000 | ' |
Statement_of_shareholders_equi
Statement of shareholder's equity (USD $) | Common Stock | Additional Paid-in Capital | Retained Earnings | Contributed Capital | Total |
Beginning Balance, Amount at Apr. 23, 2012 | ' | ' | ' | ' | ' |
Shares issued to Parent, Shares | 10,000 | ' | ' | ' | ' |
Shares issued to Parent, Amount | $10 | $80 | ' | ' | $90 |
Contributed Capital | ' | ' | ' | 168,023 | 168,023 |
Common Stock issued for Cash, Amount | ' | ' | ' | ' | 90 |
Net Loss | ' | ' | -167,190 | ' | -167,190 |
Ending Balance, Amount at Sep. 30, 2012 | 10 | 80 | -167,190 | 168,023 | 923 |
Ending Balance, Shares at Sep. 30, 2012 | 10,000 | ' | ' | ' | ' |
Contributed Capital | ' | ' | ' | 91,549 | 91,549 |
Net Loss | ' | ' | -91,839 | ' | -91,839 |
Ending Balance, Amount at Dec. 31, 2012 | 10 | 80 | -259,029 | 259,572 | 633 |
Ending Balance, Shares at Dec. 31, 2012 | 10,000 | ' | ' | ' | ' |
Contributed Capital | ' | ' | ' | 70,500 | 70,500 |
Net Loss | ' | ' | -70,505 | ' | -70,505 |
Ending Balance, Amount at Mar. 31, 2013 | 10 | 80 | -329,534 | 330,072 | 628 |
Beginning Balance, Shares at Mar. 31, 2013 | 10,000 | ' | ' | ' | ' |
Shares issued to Parent, Shares | ' | ' | ' | ' | 50,000,000 |
Shares issued to Parent, Amount | ' | ' | ' | ' | 20,000 |
Contributed Capital | ' | ' | ' | 57,854 | 57,854 |
Change in par value, common stock | -9 | 9 | ' | ' | 0 |
Common Stock issued for Cash, Shares | 50,000,000 | ' | ' | ' | ' |
Common Stock issued for Cash, Amount | 5,000 | 15,000 | ' | ' | 20,000 |
Net Loss | ' | ' | -74,829 | ' | ' |
Ending Balance, Amount at Jun. 30, 2013 | 5,001 | 15,089 | -404,363 | 387,926 | 3,653 |
Ending Balance, Shares at Jun. 30, 2013 | 50,010,000 | ' | ' | ' | ' |
Shares issued to Parent, Shares | 1,500,000 | ' | ' | ' | 100,000 |
Shares issued to Parent, Amount | 150 | 70,048 | ' | ' | 100,000 |
Contributed Capital | ' | ' | ' | 59,932 | 59,932 |
Common Stock issued for Cash, Shares | 100,000 | ' | ' | ' | ' |
Common Stock issued for Cash, Amount | 10 | 99,990 | ' | ' | 100,000 |
Net Loss | ' | ' | -117,861 | ' | -117,861 |
Ending Balance, Amount at Sep. 30, 2013 | $5,161 | $185,127 | ($522,224) | $447,858 | $115,922 |
Ending Balance, Shares at Sep. 30, 2013 | 51,610,000 | ' | ' | ' | ' |
STATEMENT_OF_CASH_FLOWS_Unaudi
STATEMENT OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | 5 Months Ended | 12 Months Ended | 18 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' | ' | ' |
Net Income (loss) | ' | ' | ($167,190) | ($355,034) | ($522,224) |
Adjustments to reconcile net Income to net cash Increase (Decrease) in Accounts Payable | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | 70,198 | 70,198 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' | ' |
Common Stock issued for Cash | 100,000 | ' | 90 | 120,000 | 120,090 |
Increase in Contributed Capital | 59,932 | 91,549 | 168,023 | 279,835 | 447,858 |
Net Cash Provided by (Used in) Financing Activities | ' | ' | 168,113 | 399,835 | 567,948 |
Net Increase (Decrease) in Cash | ' | ' | 923 | 114,999 | 115,922 |
Cash at Beginning of Period | ' | 923 | 0 | 923 | 0 |
Cash at End of Period | $115,922 | ' | $923 | $115,922 | $115,922 |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Regen Biopharma , Inc. (“Company”) was organized April 24, 2012 under the laws of the State of Nevada. The Company is a wholly owned subsidiary of Bio Matrix Scientific Group, Inc, a Delaware corporation. | |
The Company intends to engage primarily in the development of regenerative medical applications which we intend to license from other entities up to the point of successful completion of Phase I and or Phase II clinical trials after which we would either attempt to sell or license those developed applications or, alternatively, advance the application further to Phase III clinical trials | |
A. BASIS OF ACCOUNTING | |
The financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has adopted a September 30 year-end. | |
B. USE OF ESTIMATES | |
The preparation of financial statements in conformity with generally accepted accounting principles 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. | |
C. DEVELOPMENT STAGE | |
The Company is a development stage company devoting substantially all of its efforts to establish a new business. | |
D. CASH EQUIVALENTS | |
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |
E. PROPERTY AND EQUIPMENT | |
Property and equipment are recorded at cost. Maintenance and repairs are expensed in the year in which they are incurred. Expenditures that enhance the value of property and equipment are capitalized. | |
F. FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Fair value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: | |
Level 1: Quoted prices in active markets for identical assets or liabilities | |
Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | |
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
G. INCOME TAXES | |
The Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. | |
The Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of December 31 2012 the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. | |
The Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been established. | |
Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. | |
H. BASIC EARNINGS (LOSS) PER SHARE | |
The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, "Earnings Per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted the provisions of ASC 260 effective from inception. | |
Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. | |
I. ADVERTISING | |
Costs associated with advertising are charged to expense as incurred. Advertising expenses were $0 for the twelve months ended September 30 , 2013 and $0 for the twelve months ended September 30 , 2012. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 2 . RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." The amendments in this update generally represent clarifications of Topic 820, but also include some instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This update results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. The amendments in this update are to be applied prospectively. The amendments are effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. The Company does not expect this guidance to have a significant impact on its consolidated financial position, results of operations or cash flows. | |
In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income." This update was amended in December 2011 by ASU No. 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This update defers only those changes in update 2011-05 that relate to the presentation of reclassification adjustments. All other requirements in update 2011-05 are not affected by this update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. ASU No. 2011-05 and 2011-12 are effective for fiscal years (including interim periods) beginning after December 15, 2011. The Company does not expect this guidance to have a significant impact on its consolidated financial position, results of operations or cash flows. | |
In December 2011, the FASB issued ASU No. 2011-11, "Disclosures about Offsetting Assets and Liabilities." The amendments in this update require enhanced disclosures around financial instruments and derivative instruments that are either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either ASC 210-20-45 or ASC 815-10-45. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The amendments are effective during interim and annual periods beginning on or after January 1, 2013. The Company does not expect this guidance to have any impact on its consolidated financial position, results of operations or cash flows. | |
ASU 2011-08, Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment is applicable to fiscal years beginning after December 15, 2011. Early application is permitted. The Company does not expect this ASU has a material impact on its financial position or carrying value of its intangible assets at this time. | |
A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, the Company’s management has not determined whether implementation of such standards would be material to its financial statements. |
GOING_CONCERN
GOING CONCERN | 12 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
GOING CONCERN | ' |
NOTE 3. GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. the Company generated net losses of $ 522,224 during the period from April 24, 2012 (inception) through September 30, 2013. This condition raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
Management plans to raise additional funds by offering securities for cash. Management has yet to decide what type of offering the Company will use or how much capital the Company will raise. There is no guarantee that the Company will be able to raise any capital through any type of offerings. | |
On September 30, 2013 the Company sold 100,000 of its common shares for consideration consisting of $100,000. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
INCOME TAXES | ' | ||||
NOTE 4. INCOME TAXES | |||||
As of September 30, 2013 | |||||
Deferred tax assets: | |||||
Net operating tax carry forwards | $ | 175,556 | |||
Other | -0- | ||||
Gross deferred tax assets | 175,556 | ||||
Valuation allowance | -175,556 | ) | |||
Net deferred tax assets | $ | -0- | |||
As of September 30 , 2013 the Company has a Deferred Tax Asset of $175,556 completely attributable to net operating loss carry forwards of approximately $ 522,224 ( which expire 20 years from the date the loss was incurred) . | |||||
Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry forwards are expected to be available to reduce taxable income. The achievement of required future taxable income is uncertain. As a result, the Company has the Company recorded a valuation allowance reducing all deferred tax assets to 0. | |||||
Income tax is calculated at the 34% Federal Corporate Rate. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 5. RELATED PARTY TRANSACTIONS | |
As of September 30, 2013 the Company has received capital contributions from its parent totaling $447,858 and has issued 50,010, 000 common shares to its parent fro aggregate consideration of $20,090. The Company also utilizes approximately 2,300 square feet of office space at 4700 Spring Street, Suite 304, La Mesa California, 91941provided to the Company by Entest BioMedical, Inc. on a month to month basis free of charge. The Chief Executive Officer of Entest Biomedical Inc. is David R. Koos who also serves as the Chief Executive Officer of the Company’s parent. | |
On August 20, 2013 the Company issued 1,500,000 common shares to the holder of one of its parent’s convertible notes (“Parent Convertible Note Holder”) in satisfaction of $70,198 owed by the Company’s parent to the Parent Convertible Note Holder. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE6. STOCKHOLDERS' EQUITY | |
The stockholders' equity section of the Company contains the following classes of capital stock as September 30, 2013: | |
Common stock, $ 0.0001 par value; 500,000 ,000 shares authorized: 51,610,000 shares issued and outstanding. | |
With respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Common Stock shall be entitled to cast that number of votes which is equivalent to the number of shares of Common Stock owned by such holder times one (1). | |
On any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Common Stock shall receive, out of assets legally available for distribution to the Company's stockholders, a ratable share in the assets of the Corporation. | |
Preferred Stock, ,$0.0001 par value, 5,000,000 shares authorized: 0 shares issued and outstanding | |
The abovementioned shares authorized pursuant to the Company’s certificate of incorporation may be issued from time to time without prior approval of the shareholders. The Board of Directors of the Company shall have the full authority permitted by law to establish one or more series and the number of shares constituting each such series and to fix by resolution full or limited, multiple or fractional, or no voting rights, and such designations, preferences, qualifications, restrictions, options, conversion rights and other special or relative rights of any series of the Stock that may be desired. |
STOCK_TRANSACTIONS
STOCK TRANSACTIONS | 12 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
STOCK TRANSACTIONS | ' |
NOTE 7. STOCK TRANSACTIONS | |
During the year ended September 30, 2012 the Company issues 10,000 common shares to its parent for consideration of $90 | |
During the quarter ended June 30, 2013 the Company issued 50,000,000 Common Shares to its parent for consideration of $20,000. | |
During the quarter ended September 30, 2013 the Company issued 1,500,000 common shares to the holder of one of its parent’s convertible notes (“Parent Convertible Note Holder”) in satisfaction of $70,198 owed by the Company’s parent to the Parent Convertible Note Holder. | |
During the quarter ended September 30, 2013 the Company issued 100,000 of its common shares for consideration consisting of $100,000. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 8. SUBSEQUENT EVENTS | |
On October 14, 2013 the Company issued 100,000 of its common shares for consideration consisting of $100,000. | |
On November 15, 2013 the Company issued 100,000 of its common shares for consideration consisting of $100,000. | |
On December 12, 2013 the Company issued 100,000 of its common shares for consideration consisting of $100,000. | |
On December 12, 2013 the Company’s parent issued 30,000,000 of its common shares to a vendor in settlement of a dispute over fees owed between the vendor and the Company |
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
BASIS OF ACCOUNTING | ' |
A. BASIS OF ACCOUNTING | |
The financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has adopted a September 30 year-end. | |
USE OF ESTIMATES | ' |
B. USE OF ESTIMATES | |
The preparation of financial statements in conformity with generally accepted accounting principles 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. | |
DEVELOPMENT STAGE | ' |
C. DEVELOPMENT STAGE | |
The Company is a development stage company devoting substantially all of its efforts to establish a new business. | |
CASH EQUIVALENTS | ' |
D. CASH EQUIVALENTS | |
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |
PROPERTY AND EQUIPMENT | ' |
E. PROPERTY AND EQUIPMENT | |
Property and equipment are recorded at cost. Maintenance and repairs are expensed in the year in which they are incurred. Expenditures that enhance the value of property and equipment are capitalized. | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' |
F. FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Fair value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: | |
Level 1: Quoted prices in active markets for identical assets or liabilities | |
Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | |
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
INCOME TAXES | ' |
G. INCOME TAXES | |
The Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. | |
The Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of December 31 2012 the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. | |
The Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been established. | |
Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. | |
BASIC EARNINGS (LOSS) PER SHARE | ' |
H. BASIC EARNINGS (LOSS) PER SHARE | |
The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, "Earnings Per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted the provisions of ASC 260 effective from inception. | |
Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. | |
ADVERTISING | ' |
I. ADVERTISING | |
Costs associated with advertising are charged to expense as incurred. Advertising expenses were $0 for the twelve months ended September 30 , 2013 and $0 for the twelve months ended September 30 , 2012. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Deferred tax assets | ' | ||||
Deferred tax assets: | |||||
Net operating tax carry forwards | $ | 175,556 | |||
Other | -0- | ||||
Gross deferred tax assets | 175,556 | ||||
Valuation allowance | -175,556 | ) | |||
Net deferred tax assets | $ | -0- |
ORGANIZATION_AND_SUMMARY_OF_SI2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Valuation allowance | 100.00% |
Incurred advertising expenses | $0 |
GOING_CONCERN_Details_Narrativ
GOING CONCERN (Details Narrative) (USD $) | 3 Months Ended | 5 Months Ended | 12 Months Ended | 18 Months Ended | ||
Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' |
Net losses | ($117,861) | ($70,505) | ($91,839) | ($167,190) | ($355,034) | ($522,224) |
Common shares sold for consideration | ' | ' | ' | ' | ' | 100,000 |
Common shares sold for consideration, value | ' | ' | ' | ' | ' | $100,000 |
INCOME_TAXES_Deferred_tax_asse
INCOME TAXES - Deferred tax assets (Details) (USD $) | Sep. 30, 2013 |
Deferred tax assets: | ' |
Net operating tax carry forwards | $175,556 |
Other | 0 |
Gross deferred tax assets | 175,556 |
Valuation allowance | -175,556 |
Net deferred tax assets | $0 |
INCOME_TAXES_Details_Narrative
INCOME TAXES (Details Narrative) (USD $) | 18 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Deferred tax asset | $175,556 |
Net loss carryforwards | 522,224 |
Deferred tax assets, net valuation allowance | $0 |
Income tax, Federal rate | 34.00% |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 2 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | |
Aug. 20, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' |
Contributions from parent | ' | ' | ' | ' | $447,858 |
Shares issued to Parent for aggregate consideration | 1,500,000 | 100,000 | 50,000,000 | ' | 10,000 |
Shares issued to Parent for aggregate consideration, Amount | $70,198 | $100,000 | $20,000 | $90 | $90 |
STOCKHOLDERS_EQUITY_Details_Na
STOCKHOLDERS' EQUITY (Details Narrative) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 51,610,000 | 10,000 |
Common stock, shares outstanding | 51,610,000 | 10,000 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
STOCK_TRANSACTIONS_Details_Nar
STOCK TRANSACTIONS (Details Narrative) (USD $) | 2 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | |
Aug. 20, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' | ' |
Shares issued to Parent for aggregate consideration | 1,500,000 | 100,000 | 50,000,000 | ' | 10,000 |
Shares issued to Parent for aggregate consideration, Amount | $70,198 | $100,000 | $20,000 | $90 | $90 |
SUBSEQUENT_EVENTS_Details_Narr
SUBSEQUENT EVENTS (Details Narrative) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended |
Oct. 14, 2013 | Nov. 15, 2013 | Dec. 12, 2013 | |
Subsequent Events [Abstract] | ' | ' | ' |
Common shares sold for consideration | 100,000 | 100,000 | 100,000 |
Common shares issued for consideration | $100,000 | $100,000 | $100,000 |
Parent issued common shares in settlement | ' | ' | 30,000,000 |