Optileaf (OPLF) 10-K 14 Apr 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	OPTILEAF, INC.
Entity Central Index Key	1,628,228
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding	20,210,419

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current Assets:
Cash	$ 194,778	$ 504,971
Prepaid expenses		1,144
Total current assets	194,778	506,115
Computer equipment, net	2,660	6,165
Other Assets:
Security deposit	1,144	1,144
Total other assets	1,144	1,144
Total assets	198,582	513,424
Liabilities:
Accounts payable and accrued expenses	20,908	10,997
Total current liabilities	20,908	10,997
Commitments
Stockholders' Equity:
Common stock, no par value; 100,000,000 shares authorized, 20,210,419 shares issued, 20,210,419 and 20,210,419 outstanding at December 31, 2016 and 2015, respectively	711,000	711,000
Treasury stock, at cost, 1,000,000 and 0 shares at December 31, 2016 and 2015, respectively	(40,000)
Accumulated deficit	(493,326)	(208,573)
Total stockholders' equity	177,674	502,427
Total liabilities and stockholders' equity	$ 198,582	$ 513,424

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	20,210,419	20,210,419
Common stock, shares outstanding	20,210,419	20,210,419
Treasury stock, shares	1,000,000	0

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Sales
Expenses:
Professional fees	46,225	27,667
Payroll	173,905	99,769
Rent	13,728	13,728
Supplies	3,377	2,808
Travel	2,741	1,530
Research and Development	24,952	11,417
Other	20,026	11,965
Total Expenses	284,954	168,884
Net loss before other income and provision for income taxes	(284,954)	(168,884)
Other income
Interest income	201	490
Net loss before provision for income taxes	(284,753)	(168,394)
Provision for income taxes
Net loss	$ (284,753)	$ (168,394)
Basic and diluted loss per share	$ (0.01)	$ (0.01)
Basic and diluted weighted average number of shares outstanding	19,930,967	20,210,419

Statement of Changes in Stockho

Statement of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Treasury Stock	Subscriptions Receivable	Deficit Accumulated
Begining balance at Dec. 31, 2014	$ 664,821	$ 711,000		$ (6,000)	$ (40,179)
Begining balance, shares at Dec. 31, 2014		20,210,419
Collection of subscriptions receivable	6,000			6,000
Net loss	(168,394)				(168,394)
Ending balance at Dec. 31, 2015	502,427	$ 711,000			(208,573)
Ending balance, shares at Dec. 31, 2015		20,210,419
Purchase of shares	(40,000)		$ (40,000)
Purchase of shares, shares			1,000,000
Net loss	(284,753)				(284,753)
Ending balance at Dec. 31, 2016	$ 177,674	$ 711,000	$ (40,000)		$ (493,326)
Ending balance, shares at Dec. 31, 2016		20,210,419	1,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (284,753)	$ (168,394)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	3,505	4,306
Decrease (increase) in:
Prepaid expenses	1,144
Security deposits		(1,144)
Increase in:
Accounts payable and accrued expenses	9,911	10,266
Net cash used in operating activities	(270,193)	(154,966)
Cash flows from investing activities
Cash flows from financing activities:
Settlement of stock subscription receivable		6,000
Treasury stock purchase	(40,000)
Net cash (used in) provided by financing activities	(40,000)	6,000
Net decrease in cash	(310,193)	(148,966)
Cash at beginning of year	504,971	653,937
Cash at end of year	194,778	504,971
Cash paid during the year for:
Interest
Income taxes

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization OptiLeaf Incorporated ("OptiLeaf" or the "Company") was incorporated in Florida in August 2014. The Company has been in the development stage since inception and has not generated any sales to date. The Company plans to develop, market and sell integrated software and hardware to the agriculture industry for the seamless tracking and management of growth, task automation and sale of their clients' products. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents consisted of money market funds. At December 31, 2016, the Company had no cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Property and Equipment Property and equipment are stated at cost. Depreciation is provided over the estimated useful lives (3 years) of the related assets using the straight line depreciation method. Maintenance and repairs are charged to operations when incurred. Betterments and improvements are capitalized. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are reduced, and any gain or loss is included in operations. Capitalized Software Development Costs Software development costs are expensed as incurred until technological feasibility of the product is established. Development costs incurred subsequent to technological feasibility will be capitalized and amortized on a straight-line basis over the estimated economic life of the product. Capitalization of computer software costs will be discontinued when the computer software product is available to be sold, leased, or otherwise marketed. Amortization will begin when the product is available for release to customers. Management has determined as of December 31, 2016 that the software has not yet reached the stage of technogical feasibility. Revenue Recognition In general, the Company will record revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company: Revenue will be recognized at the time the product is delivered or services are performed. Provision for sales returns will be estimated based on the Company's historical return experience. Revenue will be presented net of returns. Research and Development The cost of research and development is charged to expense when incurred. Net Loss Per Common Share Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at December 31, 2016 and 2015. Income Taxes Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities. ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority. The Federal and state income tax returns of the Company for 2015 and 2014 are subject to examination by the internal Revenue Service and state taxing authorities for three (3) years from the date filed. Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. Fair Value of Financial Instruments Pursuant to ASC No. 820, "Fair Value Measurement and Disclosures", the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of December 31, 2016 and December 31, 2015. The Company's financial instruments consist of accounts payable and accrued expenses. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to the short-term nature of these financial instruments. Recent Pronouncements In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which requires lessees to recognize most lease liabilities on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The update states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The update is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The impact of this guidance will result in the recognition of assets and liabilities for leases that the Company enters into in the future. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2016
Going Concern [Abstract]
GOING CONCERN	Note 2. GOING CONCERN The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has experienced a loss from operations during its development stage as a result of its investment necessary to achieve its operating plan, which is long-range in nature. For the period from August 11, 2014 (inception) to December 31, 2016, the Company incurred a net loss of approximately $493,000. In addition, the Company has no revenue generating operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. The ability of the Company to continue as a going concern is in doubt and dependent upon achieving a profitable level of operations or on the ability of the Company to obtain necessary financing to fund ongoing operations. Management believes that its current and future plans enable it to continue as a going concern for the next twelve months. To meet these objectives, the Company continues to seek other sources of financing in order to support existing operations and expand the range and scope of its business. However, there are no assurances that any such financing can be obtained on acceptable terms and timely manner, if at all. The failure to obtain the necessary working capital would have a material adverse effect on the business prospects and, depending upon the shortfall, the Company may have to curtail or cease its operations. The accompanying consolidated financial statements do not include any adjustment to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.

Computer Equipment (Net)

Computer Equipment (Net)	12 Months Ended
	Dec. 31, 2016
Computer Equipment (Net) [Abstract]
COMPUTER EQUIPMENT (NET)	Note 3. COMPUTER EQUIPMENT (NET) Equipment is recorded at cost and consisted of the following at December 31, 2016 and 2015: 2016 2015 Computer equipment $ 10,514 $ 10,514 Less: accumulated depreciation (7,854 ) (4,349 ) $ 2,660 $ 6,165 Depreciation expense was $3,505 and $4,306 for the years ended December 31, 2016 and 2015, respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	Note 4. STOCKHOLDERS' EQUITY Common stock The Company has authorized 100,000,000 shares of no par value common stock. At December 31, 2016, the number of shares of common stock issued was 20,210,419. Treasury stock On September 20, 2016, the Board of Directors authorized the Company to repurchase one million shares of common stock for $40,000. These treasury stock shares may at anytime be canceled upon the Board of Directors approval. The Board has not made such election.

Concentration Credit Risk

Concentration Credit Risk	12 Months Ended
	Dec. 31, 2016
Concentration Credit Risk [Abstract]
CONCENTRATION CREDIT RISK	Note 5. CONCENTRATION CREDIT RISK The Company maintains its cash balances in a local financial institution which at times may exceed the $250,000 amount insured by the Federal Deposit Insurance Corporation (FDIC).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 6. COMMITMENTS AND CONTINGENCIES The Company leases its offices in a month to month arrangement. The monthly minimum lease payments are $1,144 plus its pro rata share of operating expenses.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
INCOME TAXES	Note 7. INCOME TAXES The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows: Income tax provision at the federal statutory rate 15 % Effect of operating losses (15 )% 0 % At December 31, 2016, the Company has a net operating loss carryforward of approximately $493,326 for Federal and state purposes. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2034. The deferred tax asset relating to the operating loss carryforward has been fully reserved at December 31, 2016 and 2015. The principal difference between the operating loss for income tax purposes and reporting purposes is disallowed meals and entertainment and a temporary difference in depreciation expense.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Organization	Organization OptiLeaf Incorporated ("OptiLeaf" or the "Company") was incorporated in Florida in August 2014. The Company has been in the development stage since inception and has not generated any sales to date. The Company plans to develop, market and sell integrated software and hardware to the agriculture industry for the seamless tracking and management of growth, task automation and sale of their clients' products.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents consisted of money market funds. At December 31, 2016, the Company had no cash equivalents.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation is provided over the estimated useful lives (3 years) of the related assets using the straight line depreciation method. Maintenance and repairs are charged to operations when incurred. Betterments and improvements are capitalized. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are reduced, and any gain or loss is included in operations.
Capitalized Software Development Costs	Capitalized Software Development Costs Software development costs are expensed as incurred until technological feasibility of the product is established. Development costs incurred subsequent to technological feasibility will be capitalized and amortized on a straight-line basis over the estimated economic life of the product. Capitalization of computer software costs will be discontinued when the computer software product is available to be sold, leased, or otherwise marketed. Amortization will begin when the product is available for release to customers. Management has determined as of December 31, 2016 that the software has not yet reached the stage of technogical feasibility.
Revenue Recognition	Revenue Recognition In general, the Company will record revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company: Revenue will be recognized at the time the product is delivered or services are performed. Provision for sales returns will be estimated based on the Company's historical return experience. Revenue will be presented net of returns.
Research and Development	Research and Development The cost of research and development is charged to expense when incurred.
Net Loss Per Common Share	Net Loss Per Common Share Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at December 31, 2016 and 2015.
Income Taxes	Income Taxes Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities. ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority. The Federal and state income tax returns of the Company for 2015 and 2014 are subject to examination by the internal Revenue Service and state taxing authorities for three (3) years from the date filed.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Pursuant to ASC No. 820, "Fair Value Measurement and Disclosures", the Company is required to estimate the fair value of all financial instruments included on its balance sheet as of December 31, 2016 and December 31, 2015. The Company's financial instruments consist of accounts payable and accrued expenses. The Company considers the carrying value of such amounts in the financial statements to approximate their fair value due to the short-term nature of these financial instruments.
Recent Pronouncements	Recent Pronouncements In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which requires lessees to recognize most lease liabilities on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. The update states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The update is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. The impact of this guidance will result in the recognition of assets and liabilities for leases that the Company enters into in the future. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements.

Computer Equipment (Net) (Table

Computer Equipment (Net) (Tables)	12 Months Ended
	Dec. 31, 2016
Computer Equipment (Net) [Abstract]
Schedule of computer equipment, net	2016 2015 Computer equipment $ 10,514 $ 10,514 Less: accumulated depreciation (7,854 ) (4,349 ) $ 2,660 $ 6,165

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Schedule of reconciliation between statutory tax rate and effective tax rate	Income tax provision at the federal statutory rate 15 % Effect of operating losses (15 )% 0 %

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Summary of Significant Accounting Policies (Textual)
Property and equipment, Estimated useful lives	3 years
Income tax examination, Description	The Federal and state income tax returns of the Company for 2015 and 2014 are subject to examination by the internal Revenue Service and state taxing authorities for three (3) years from the date filed.
Cash and equivalents

Going Concern (Details)

Going Concern (Details) - USD ($)	12 Months Ended		29 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Going Concern (Textual)
Net loss	$ (284,753)	$ (168,394)	$ 493,000

Computer Equipment (Net) (Detai

Computer Equipment (Net) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Schedule of computer equipment, net
Computer equipment	$ 10,514	$ 10,514
Less: accumulated depreciation	(7,854)	(4,349)
Computer Equipment (Net)	$ 2,660	$ 6,165

Computer Equipment (Net) (Det20

Computer Equipment (Net) (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Computer Equipment (Net) (Textual)
Depreciation expense	$ 3,505	$ 4,306

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	1 Months Ended
	Sep. 20, 2016	Dec. 31, 2016	Dec. 31, 2015
Stockholders' Equity (Textual)
Common stock, shares authorized		100,000,000	100,000,000
Common stock, par value
Common stock, shares issued		20,210,419	20,210,419
Common stock repurchase, shares	1,000,000
Payments for repurchase of common stock	$ 40,000

Concentration Credit Risk (Deta

Concentration Credit Risk (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Concentration Credit Risk (Textual)
Federal Deposit Insurance Corporation insured amount	$ 250,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Commitments and Contingencies (Textual)
Monthly minimum lease payments	$ 1,144

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Dec. 31, 2016
Schedule of reconciliation between statutory tax rate and effective tax rate
Income tax provision at the federal statutory rate	15.00%
Effect of operating losses	(15.00%)
Effective tax rate	0.00%

Income Taxes (Details Textual)

Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2016USD ($)
Income Taxes (Textual)
Net operating loss carryforward	$ 493,326
Operating loss carryforwards, Expiration	Dec. 31, 2034