Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 19-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | TRIUMPH VENTURES CORP | |
Entity Central Index Key | 1600774 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
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 Common Stock, Shares Outstanding | 50,000,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $1,167 | $48,872 |
Prepaid expenses | 15,167 | 6,000 |
Total current assets | 16,334 | 54,872 |
Total Assets | 16,334 | 54,872 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 3,500 | 2,000 |
Loans payable - related parties | 3,600 | 30,779 |
Total current liabilities | 7,100 | 32,779 |
Total liabilities | 7,100 | 32,779 |
Stockholders' Equity (Deficit): | ||
Common stock, par value $.0001 per share, 200,000,000 shares authorized; 36,750,000 and 50,000,000 shares issued and outstanding, respectively | 3,675 | 5,000 |
Additional paid in capital | 89,325 | 88,000 |
Accumulated (deficit) | -83,766 | -70,907 |
Total stockholders' equity (deficit) | 9,234 | 22,093 |
Total Liabilities and Stockholders' Equity (Deficit) | $16,334 | $54,872 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 36,750,000 | 50,000,000 |
Common stock, shares outstanding | 36,750,000 | 50,000,000 |
Statements_Of_Operations_Unaud
Statements Of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Revenues | ||
Expenses: | ||
Professional fees | 6,480 | 8,630 |
OTC fees | 3,333 | |
Franchise tax | 1,200 | 1,000 |
Bank Fees | 125 | |
Supplies | 1,721 | 500 |
Total expenses | 12,859 | 10,130 |
(Loss) from Operations | -12,859 | -10,130 |
Other Income (Expense) | ||
Provision for income taxes | ||
Net (Loss) | ($12,859) | ($10,130) |
(Loss) Per Common Share: | ||
(Loss) per common share - Basic and Diluted | $0 | $0 |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 39,050,000 | 30,000,000 |
Statement_Of_Stockholders_Equi
Statement Of Stockholders' Equity (Unaudited) (USD $) | Common Stock | Additional Paid in Capital | Accumulated (Deficit) | Total |
Balance, value at Dec. 31, 2013 | $3,000 | ($19,950) | $16,950 | |
Balance, shares at Dec. 31, 2013 | 30,000,000 | |||
Common stock issued for cash ($0.0001 per share) net of offering expenses of $10,000, shares | 20,000,000 | |||
Common stock issued for cash ($0.0001 per share) net of offering expenses of $10,000, value | 2,000 | 88,000 | 90,000 | |
Net (loss) for the year | -50,957 | -50,957 | ||
Balance, value at Dec. 31, 2014 | 5,000 | 88,000 | -70,907 | 22,093 |
Balance, shares at Dec. 31, 2014 | 50,000,000 | 50,000,000 | ||
Common stock returned to treasury, shares | -13,250,000 | |||
Common stock returned to treasury, value | -1,325 | 1,325 | ||
Net (loss) for the year | -12,859 | -12,859 | ||
Balance, value at Mar. 31, 2015 | $3,675 | $89,325 | ($83,766) | $9,234 |
Balance, shares at Mar. 31, 2015 | 36,750,000 | 36,750,000 |
Statement_Of_Stockholders_Equi1
Statement Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |
Common stock issued for cash, price per share | $0.00 |
Offering costs | $10,000 |
Statements_Of_Cash_Flows_Unaud
Statements Of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Activities: | ||
Net (loss) | ($12,859) | ($10,130) |
Changes in net assets and liabilities- | ||
Increase in prepaid expenses | 9,167 | |
Increase (decrease) in accounts payable and accrued liabilities | 1,500 | -11,551 |
Net Cash Used in Operating Activities | -20,526 | -21,681 |
Net Cash Used in Investing Activities | ||
Financing Activities: | ||
Proceeds from loans from related parties | 21,681 | |
Repayments of loans from related parties | 27,179 | |
Net Cash Provided by Financing Activities | -27,179 | 21,681 |
Net (Decrease) Increase in Cash | -47,705 | |
Cash - Beginning of Period | 48,872 | |
Cash - End of Period | 1,167 | |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid during the period for: Interest | ||
Cash paid during the period for: Income taxes |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Summary Of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Basis of Presentation and Organization |
Triumph Ventures corp. (“Triumph Ventures” or the “Company”) is a Delaware corporation in the development stage and has not commenced operations. The Company was incorporated under the laws of the State of Delaware on February 13, 2012. The business plan of the Company is to develop a commercial application of the design in a patent, “Protective combination plate and removable cover with lower cord access for receptacle and electric plugs connected thereto”. The Company also intends to seek third party entities interested in licensing the rights to manufacture and market the device. | |
In 2012 the Company purchased a patent. The Company also is in the process of raising additional equity capital to support the completion of its development activities. | |
The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s current technology and to properly execute the company’s business plan. | |
The accompanying financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting. | |
Unaudited Interim Financial Statements | |
The interim financial statements of the Company as of March 31, 2015, and for the period then ended are unaudited. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2015, and the results of its operations and its cash flows for the period ended March 31, 2015. These results are not necessarily indicative of the results expected for the calendar year ending December 31, 2015. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States. Refer to the Company’s audited financial statements as of December 31, 2014, filed with the SEC, for additional information, including significant accounting policies. | |
Cash and Cash Equivalents | |
For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. | |
Revenue Recognition | |
The Company is in the development stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. | |
Loss per Common Share | |
Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Due to the net losses for the periods ended March 31, 2015 and 2014, basic and diluted loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive. | |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. | |
The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws. | |
Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. | |
Fair Value of Financial Instruments | |
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) a reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |
The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of March 31, 2015 and December 31, 2014, the carrying value of accounts payable, accrued liabilities, and loans approximated fair value due to the short-term nature and maturity of these instruments. | |
Deferred Offering Costs | |
The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated. | |
Impairment of Long-Lived Assets | |
The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives when events or circumstances lead management to believe that the carrying value of an asset may not be recoverable. For the period ended March 31, 2015, no events or circumstances occurred for which an evaluation of the recoverability of long-lived assets was required. | |
Common Stock Registration Expenses | |
The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are expensed as incurred. | |
Estimates | |
The financial statements are prepared on the basis of accounting principles generally accepted in the United States. 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 as of March 31, 2015 and December 31, 2014, and expenses for the periods ended March 31, 2015 and 2014. Actual results could differ from those estimates made by management. | |
Fiscal Year End | |
The Company has adopted a fiscal year end of December 31. | |
Recent Accounting Pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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. |
Development_Stage_Activities_A
Development Stage Activities And Going Concern | 3 Months Ended |
Mar. 31, 2015 | |
Development Stage Activities And Going Concern | |
Development Stage Activities and Going Concern | (2) Development Stage Activities and Going Concern |
The Company is currently in the development stage, and has no operations. The business plan of the Company is to develop a commercial application of the design in a patent, “Protective combination plate and removable cover with lower cord access for receptacle and electric plugs connected thereto”. The Company also intends to seek third party entities interested in licensing the rights to manufacture and market the device. The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan. | |
On March 9, 2012, the Company entered into a Patent Transfer and Sale Agreement whereby the Company acquired all of the right, title and interest in the patent known as the “Protective combination plate and removable cover with lower cord access for receptacle and electric plugs connected thereto” for consideration of $8,000. The United States Patent number is 502687. | |
The Company has commenced a capital formation activity by filing a Registration Statement on Form S-1 to the SEC to register and sell in a self-directed offering 20,000,000 shares of newly issued common stock at an offering price of $0.005 per share for proceeds of up to $100,000. As of December 31, 2014, the Company has received $100,000 from subscriptions to issue 20,000,000 shares of common stock. The subscription proceeds are presented in the financial statements net of $10,000 offering costs related to this capital formation activity. | |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not established any source of revenue to cover its operating costs, and as such, has incurred an operating loss since inception. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Patent
Patent | 3 Months Ended |
Mar. 31, 2015 | |
Patent | |
Patent | (3) Patent |
On March 9, 2012, the Company entered into a Patent Transfer and Sale Agreement whereby the Company acquired all of the right, title and interest in the patent known as the “Protective combination plate and removable cover with lower cord access for receptacle and electric plugs connected thereto” for consideration of $8,000. The United States Patent number is 502687. Under the terms of the Patent Transfer and Sale Agreement, the Company was assigned rights to the patent free of any liens, claims, royalties, licenses, security interests or other encumbrances. The cost of obtaining the patent was expensed. |
Loans_Payable_Related_Parties
Loans Payable - Related Parties | 3 Months Ended |
Mar. 31, 2015 | |
Loans Payable - Related Parties | |
Loans Payable - Related Parties | (4) Loans Payable - Related Parties |
As of March 31, 2015, loans from related parties amounted to $3,600 and represented working capital advances from Directors who are also stockholders of the Company. The loans are unsecured, non-interest bearing, and due on demand. |
Common_Stock
Common Stock | 3 Months Ended |
Mar. 31, 2015 | |
DisclosureCommonStockAbstract | |
Common Stock | (5) Common Stock |
On February 20, 2012, the Company issued 30,000,000 shares of its common stock to individuals who are directors and officers of the company for a $3,000 stock subscription. The stock subscription was paid in 2013 through a reduction of loans that were payable to the shareholders. | |
The Company has commenced a capital formation activity by filing a Registration Statement on Form S-1 to the SEC to register and sell in a self-directed offering 20,000,000 shares of newly issued common stock at an offering price of $0.005 per share for proceeds of up to $100,000. As of December 31, 2014, the Company has received $100,000 from subscriptions to issue 20,000,000 shares of common stock. The subscription proceeds are presented in the financial statements net of $10,000 offering costs related to this capital formation activity. | |
On January 18, 2015, the Company's Board of Directors accepted the resignation of Julius Klein, as Chief Executive Officer and a Director of the Company. On January 28, 2015, pursuant to a settlement agreement with the Company, Mr. Klein cancelled and returned to treasury 13,250,000 shares of restricted common stock. |
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Taxes | |||||||||
Income Taxes | (6) Income Taxes | ||||||||
The provision (benefit) for income taxes for the periods ended March 31, 2015 and 2014 was as follows (assuming a 34% effective tax rate): | |||||||||
2015 | 2014 | ||||||||
Current Tax Provision: | |||||||||
Federal- | |||||||||
Taxable income | $ | — | $ | — | |||||
Total current tax provision | $ | — | $ | — | |||||
Deferred Tax Provision: | |||||||||
Federal- | |||||||||
Loss carryforwards | $ | 4,372 | $ | 3,444 | |||||
Change in valuation allowance | (4,372 | ) | (3,444 | ) | |||||
Total deferred tax provision | $ | — | $ | — | |||||
The Company had deferred income tax assets as of March 31, 2015 and December 31, 2014, as follows: | |||||||||
2015 | 2014 | ||||||||
Loss carryforwards | $ | 28,480 | $ | 24,108 | |||||
Less - Valuation allowance | (28,480 | ) | (24,108 | ) | |||||
Total net deferred tax assets | $ | — | $ | — | |||||
The Company provided a valuation allowance equal to the deferred income tax assets for the periods ended March 31, 2015 and 2014, because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards. | |||||||||
As of March 31, 2015, the Company had approximately $92,933 in tax loss carryforwards that can be utilized in future periods to reduce taxable income, and expire by the year 2035. | |||||||||
The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. | |||||||||
The Company files income tax returns in the United States. All tax years are closed by expiration of the statute of limitations. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions | |
Related Party Transactions | (7) Related Party Transactions |
As described in Note 4, as of March 31, 2015, the Company owed $3,600 to Directors, officers, and principal stockholders of the Company for working capital loans. | |
As described in Note 5, on February 20, 2012, the Company issued 30,000,000 shares of its common stock to Directors and officers for $3,000. | |
On January 18, 2015, the Company's Board of Directors accepted the resignation of Julius Klein, as Chief Executive Officer and a Director of the Company. On January 28, 2015, pursuant to a settlement agreement with the Company, Mr. Klein cancelled and returned to treasury 13,250,000 shares of restricted common stock. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation and Organization | Basis of Presentation and Organization |
Triumph Ventures corp. (“Triumph Ventures” or the “Company”) is a Delaware corporation in the development stage and has not commenced operations. The Company was incorporated under the laws of the State of Delaware on February 13, 2012. The business plan of the Company is to develop a commercial application of the design in a patent, “Protective combination plate and removable cover with lower cord access for receptacle and electric plugs connected thereto”. The Company also intends to seek third party entities interested in licensing the rights to manufacture and market the device. | |
In 2012 the Company purchased a patent. The Company also is in the process of raising additional equity capital to support the completion of its development activities. | |
The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s current technology and to properly execute the company’s business plan. | |
The accompanying financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting. | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements |
The interim financial statements of the Company as of March 31, 2015, and for the period then ended are unaudited. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2015, and the results of its operations and its cash flows for the period ended March 31, 2015. These results are not necessarily indicative of the results expected for the calendar year ending December 31, 2015. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States. Refer to the Company’s audited financial statements as of December 31, 2014, filed with the SEC, for additional information, including significant accounting policies. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. | |
Revenue Recognition | Revenue Recognition |
The Company is in the development stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. | |
Loss Per Common Share | Loss per Common Share |
Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Due to the net losses for the periods ended March 31, 2015 and 2014, basic and diluted loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive. | |
Income Taxes | Income Taxes |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. | |
The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws. | |
Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) a reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |
The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of March 31, 2015 and December 31, 2014, the carrying value of accounts payable, accrued liabilities, and loans approximated fair value due to the short-term nature and maturity of these instruments. | |
Deferred Offering Costs | Deferred Offering Costs |
The Company defers as other assets the direct incremental costs of raising capital until such time as the offering is completed. At the time of the completion of the offering, the costs are charged against the capital raised. Should the offering be terminated, deferred offering costs are charged to operations during the period in which the offering is terminated. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
The Company evaluates the recoverability of long-lived assets and the related estimated remaining lives when events or circumstances lead management to believe that the carrying value of an asset may not be recoverable. For the period ended March 31, 2015, no events or circumstances occurred for which an evaluation of the recoverability of long-lived assets was required. | |
Common Stock Registration Expenses | Common Stock Registration Expenses |
The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are expensed as incurred. | |
Estimates | Estimates |
The financial statements are prepared on the basis of accounting principles generally accepted in the United States. 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 as of March 31, 2015 and December 31, 2014, and expenses for the periods ended March 31, 2015 and 2014. Actual results could differ from those estimates made by management. | |
Fiscal Year End | Fiscal Year End |
The Company has adopted a fiscal year end of December 31. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Taxes Tables | |||||||||
Schedule of Income Tax Expense Benefit | The provision (benefit) for income taxes for the periods ended March 31, 2015 and 2014 was as follows (assuming a 34% effective tax rate): | ||||||||
2015 | 2014 | ||||||||
Current Tax Provision: | |||||||||
Federal- | |||||||||
Taxable income | $ | — | $ | — | |||||
Total current tax provision | $ | — | $ | — | |||||
Deferred Tax Provision: | |||||||||
Federal- | |||||||||
Loss carryforwards | $ | 4,372 | $ | 3,444 | |||||
Change in valuation allowance | (4,372 | ) | (3,444 | ) | |||||
Total deferred tax provision | $ | — | $ | — | |||||
Schedule of Deferred Tax Assets | The Company had deferred income tax assets as of March 31, 2015 and December 31, 2014, as follows: | ||||||||
2015 | 2014 | ||||||||
Loss carryforwards | $ | 28,480 | $ | 24,108 | |||||
Less - Valuation allowance | (28,480 | ) | (24,108 | ) | |||||
Total net deferred tax assets | $ | — | $ | — | |||||
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense Benefit) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Federal - | ||
Taxable income | ||
Total current tax provision | ||
Federal - | ||
Loss carryforwards | 4,372 | 3,444 |
Change in valuation allowance | -4,372 | -3,444 |
Total deferred tax provision |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Income Taxes Schedule Of Deferred Tax Assets Details | ||
Loss carryforwards | $28,480 | $24,108 |
Less - Valuation allowance | 28,480 | 24,108 |
Total net deferred tax assets |
Patent_Narrative_Details
Patent (Narrative) (Details) (Patents - 502687, USD $) | 0 Months Ended |
Mar. 09, 2012 | |
Patents - 502687 | |
Consideration paid for the patent acquired | $8,000 |
Loans_Payable_Related_Parties_
Loans Payable - Related Parties (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Loans payable | $3,600 | $30,779 |
Loan Payable | Directors, Officers and Principal Shareholders | ||
Loans payable | $3,600 | |
Debt instrument term | The loans are unsecured, non-interest bearing, and due on demand. |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Feb. 20, 2012 | Jan. 28, 2015 | |
Stock price per share | $0.00 | |||
Common Stock | ||||
Common stock issued for cash, shares | 20,000,000 | |||
Proceeds from common stock subscriptions | $100,000 | |||
Stock price per share | $0.01 | |||
Offering costs | 10,000 | |||
Common stock cancelled and returned to treasury | -13,250,000 | |||
Common Stock | Directors, Officers and Principal Shareholders | ||||
Common stock issued for cash, shares | 30,000,000 | |||
Common stock subscriptions | $3,000 | |||
Common Stock | Former CEO And Director - Julius Klein | ||||
Common stock cancelled and returned to treasury | 13,250,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes Narrative Details | |
Effective tax rate | 34.00% |
Net loss carryforward | $70,907 |
Loss carryforward limitations on use | Expire by the year 2034. |