| Summary of Significant Accounting Policies | Basis
of presentation The Company’s
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America
(“U.S. GAAP”). Use
of estimates The preparation
of financial statements in conformity with U.S. 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 period. Accordingly, actual results could differ from those
estimates. Such estimates include management’s assessments of the carrying value of certain assets, useful lives of assets,
and related depreciation and amortization methods applied. Cash
equivalents The Company
considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
At December 31, 2016 and 2015, the Company had no cash equivalents. Fair
value of financial instruments The Company
adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”)
which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair
value measurements. The Fair
Value Topic 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. It requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable
inputs. It also establishes a fair value hierarchy, which prioritizes the valuation inputs into three broad levels. The carrying
amount of the Company’s financial assets and liabilities, such as cash, accounts payable, accrued expenses, and deferred
revenue approximate their fair value because of the short maturity of those instruments. The Company’s note payable approximates
the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the
Company for similar financial arrangements at December 31, 2016 and 2015. The Company
had no assets and/or liabilities measured at fair value on a recurring basis for as of December 31, 2016 and 2015, respectively,
using the market and income approaches. Property
and equipment Property
and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs
are charged to operations as incurred. Depreciation is computed by the straight-line method over the assets estimated useful life
of three (3) years for equipment, five (5) years for automobile, and seven (7) years for furniture and fixtures. Upon sale or
retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain
or loss is reflected in statements of operations. Commitments
and contingencies The Company
follows subtopic 450-20 of the FASB ASC to report accounting for 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 of the assessment can be reasonably estimated. Revenue
recognition The Company
follows paragraph 605-10-S99-1 of the FASB ASC for revenue recognition. The Company will recognize revenue when it is realized
or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are
met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to
the customer, (iii) the sales price is fixed or determinable and (iv) collectability is reasonably assured. In addition, the Company
records allowances for accounts receivable that are estimated to not be collected. The primary
source of revenue will be from the rental of advertising space on custom designed Teardrop Trailers. The length of the rental
agreements will vary from one to thirty days. Customers will pay in advance and revenue will be recognized based on the number
of days of each contract that have expired. For the years ended December 31, 2016 and 2015, the Company recognized revenue from
the rental of trailers of $6,010 and $0, respectively. Income
taxes The Company
follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred
tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities
using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled.
Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the
assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date. The Company
adopted section 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section
740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded
in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position
only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on
the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured
based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.
Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting
in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities
for unrecognized income tax benefits according to the provisions of Section 740-10-25. Stock-based
compensation In December
2004, the FASB issued FASB ASC No. 718, Compensation – Stock Compensation Equity instruments
(“instruments”) issued to other than employees are recorded on the basis of the fair value of the instruments, as
required by ASC No. 718. FASB ASC No. 505, Equity Based Payments to Non-Employees Net
income (loss) per share The Company
computes basic and diluted earnings per share amounts pursuant to ASC 260-10-45. Basic earnings per share is computed by dividing
net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during
the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net
income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period The diluted
weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the
year for any potentially diluted debt or equity. There were
no potentially dilutive shares outstanding as of December 31, 2016, and December 31, 2015, respectively. Subsequent
events The Company
follows the guidance in ASC 855-10-50 for the disclosure of subsequent events. The Company will evaluate subsequent events through
the date when the financial statements were issued. Reclassifications Certain balance
sheet reclassifications have been made to prior period balances to reflect the current period’s presentation format; such
reclassifications had no impact on the Company’s statements of operations or statements of cash flows and had no material
impact on the Company’s balance sheets. Recently
issued accounting pronouncements In
August 2014, the FASB issued ASU 2014-15 “Presentation of Financial Statements – Going Concern (Subtopic 205-40):
Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”).
By incorporating and expanding upon certain principles that are currently in U.S. auditing standards, ASU 2014-15 requires management
to assess whether there is substantial doubt about the entity’s ability to continue as a going concern. Specifically, ASU
2014-15 (1) provides a definition of the term substantial doubt, (2) requires an evaluation every reporting period including interim
periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures
when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement
and other disclosures when substantial doubt is not alleviated, and (6) requires an assessment for a period of one year after
the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period
ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company
has not elected to early adopt the provisions of ASU 2014-15, and accordingly, the requirements of ASU 2014-15 will apply beginning
with the year ended December 31, 2017. The Company is currently evaluating the effects, if any, that the application of ASU 2014-15
will have on disclosures associated with its financial statements. In
May 2014, the FASB issued ASU 2014-9 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-9 ”),
which provides a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the
transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for
those goods or services. This guidance is effective for annual reporting and interim periods beginning after December 15, 2016
and allows for either full retrospective or modified retrospective application, with early adoption not permitted. Accordingly,
the standard becomes effective for the Company on January 1, 2017. The Company is currently evaluating the adoption method it
will apply and the impact that this guidance will have on its financial statements and related disclosures. In
March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation —Stock Compensation (Topic 718): Improvements
to Employee Share-Based Payment Accounting. The amendments are intended to improve the accounting for employee share-based payments
and affect all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based
payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity
or liabilities; and (c) classification on the statement of cash flows. For public companies, the amendments are effective for
annual periods beginning after December 15, 2016, and interim periods within those annual periods. For private companies, the
amendments are effective for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning
after December 15, 2018. Early adoption is permitted for any organization in any interim or annual period. The Company is currently
evaluating the effects, if any, that the application of ASU 2016-09 will have on disclosures associated with its financial statements. In
April 2016, the FASB issued Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying
Performance Obligations and Licensing. The amendments clarify the following two aspects of Topic 606: (a) identifying performance
obligations; and (b) the licensing implementation guidance. The amendments do not change the core principle of the guidance in
Topic 606. The Company is currently evaluating the effects, if any, that the application of ASU 2016-10 will have on disclosures
associated with its financial statements. |
