Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | GLOBAL TECHNOLOGIES CORP | |
Entity Central Index Key | 1,630,212 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
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 | 6,000,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 1,000 | |
Deferred offering costs | 6,500 | |
Total current assets | 7,500 | |
Total Assets | 7,500 | $ 0 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 3,500 | |
Loans from related parties - Directors and stockholders | 18,700 | $ 2,900 |
Total current liabilities | 22,200 | 2,900 |
Total liabilities | $ 22,200 | $ 2,900 |
Stockholders' (Deficit): | ||
Preferred stock, par value $.0001 per share, shares 10,000,000 shares authorized | ||
Common stock, par value $.0001 per share, 490,000,000 shares authorized; 6,000,000 shares issued and outstanding | $ 600 | $ 600 |
Accumulated deficit | (15,300) | (3,500) |
Total stockholders' (deficit) | (14,700) | (2,900) |
Total Liabilities and Stockholders' (Deficit) | $ 7,500 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares issued | 6,000,000 | 6,000,000 |
Common stock, shares outstanding | 6,000,000 | 6,000,000 |
Statements Of Operations (Unaud
Statements Of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | ||||
General and Administrative Expenses | $ 4,750 | $ 11,800 | ||
Total expenses | 4,750 | 11,800 | ||
(Loss) from Operations | $ (4,750) | $ (11,800) | ||
Other Income (Expense) | ||||
Provision for income taxes | ||||
Net (Loss) | $ (4,750) | $ (11,800) | ||
(Loss) Per Common Share: | ||||
(Loss) per common share - Basic and Diluted | $ 0 | $ 0 | ||
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 6,000,000 | 6,000,000 |
Statement Of Changes In Stockho
Statement Of Changes In Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Accumulated (Deficit) [Member] | Total |
Balance, shares at Jul. 27, 2014 | |||
Balance, value at Jul. 27, 2014 | |||
Common stock issued for forgiveness of debt ($0.0001 per share), shares | 6,000,000 | ||
Common stock issued for forgiveness of debt ($0.0001 per share), value | $ 600 | $ 600 | |
Net (loss) for the period | $ (3,500) | $ (3,500) | |
Balance, shares at Dec. 31, 2014 | 6,000,000 | 6,000,000 | |
Balance, value at Dec. 31, 2014 | $ 600 | (3,500) | $ (2,900) |
Net (loss) for the period | (11,800) | $ (11,800) | |
Balance, shares at Jun. 30, 2015 | 6,000,000 | 6,000,000 | |
Balance, value at Jun. 30, 2015 | $ 600 | $ (15,300) | $ (14,700) |
Statement Of Changes In Stockh6
Statement Of Changes In Stockholders' Equity (Unaudited) (Parenthetical) | Dec. 01, 2014$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Stock issued for forgiveness of debt, price per share | $ 0.0001 |
Statements Of Cash Flows (Unaud
Statements Of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities: | ||
Net (loss) | $ (11,800) | |
Changes in net assets and liabilities- | ||
Accounts payable and accrued liabilities | 3,500 | |
Net Cash Used in Operating Activities | $ (8,300) | |
Investing Activities: | ||
Net Cash Used in Investing Activities | ||
Financing Activities: | ||
Deferred offering costs | $ 6,500 | |
Loans from related parties - directors and stockholders | 15,800 | |
Net Cash Provided by Financing Activities | 9,300 | |
Net (Decrease) Increase in Cash | $ 1,000 | |
Cash - Beginning of Period | ||
Cash - End of Period | $ 1,000 | |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid during the period for: Interest | ||
Cash paid during the period for: Income taxes |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Basis of Presentation and Organization Global Technologies Corp. (“Global Technologies” or the “Company”) is a Delaware corporation in the development stage and has commenced limited operations. The Company was incorporated under the laws of the State of Delaware on July 28, 2014. The company has developed a business plan for a software solution that will connect via Bluetooth or similar technology to a Tablet or iPad that is connected to the cash register at a retail outlet. The Company is in the process of raising additional equity capital to support 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 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 June 30, 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 June 30, 2015, and the results of its operations and its cash flows for the period ended June 30, 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 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. There were no dilutive financial instruments issued or outstanding for the period ended June 30, 2015. 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 June 30, 2015, the carrying value of 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 periods ended June 30, 2015 and December 31, 2014, 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 June 30, 2015 and December 31, 2014, and expenses for the periods ended June 30, 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 In June 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, “Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. This ASU does the following among other things: a) eliminates the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders’ equity, b) eliminates the need to label the financial statements as those of a development stage entity, c) eliminates the need to disclose a description of the development stage activities in which the entity is engaged, and d) amends FASB ASC 275, Risks and Uncertainties, to clarify that information on risks and uncertainties for entities that have not commenced planned principal operations is required. The amendments in ASU No. 2014-10 related to the elimination of Topic 915 disclosures and the additional disclosure for Topic 275 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact the adoption of ASU 2014-15 will have on its financial statements. There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Development Stage Activities An
Development Stage Activities And Going Concern | 6 Months Ended |
Jun. 30, 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 limited operations. The company has developed a business plan for a software solution that will connect via Bluetooth or similar technology to a Tablet or iPad that is connected to the cash register at a retail outlet. 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. 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. Further, as of June 30, 2015, the cash resources of the Company were insufficient to meet its current business plan, and the Company had negative working capital. 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. |
Loans From Related Parties - Di
Loans From Related Parties - Directors And Stockholders | 6 Months Ended |
Jun. 30, 2015 | |
Loans From Related Parties - Directors And Stockholders | |
Loans from Related Parties - Directors and Stockholders | (3) Loans from Related Parties - Directors and Stockholders As of June 30, 2015 and December 31, 2014, loans from related parties amounted to $18,700 and $2,900, respectively. The loans represent working capital advances from Directors who are also stockholders of the Company. The loans are unsecured, non-interest bearing, and due on demand. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity | |
Equity | (4) Equity The Company is authorized to issue 490,000,000 common shares and 10,000,000 preferred shares with a par value of $0.0001. On December 1, 2014, the Company issued 6,000,000 shares of its common stock to its Director for a forgiveness of a loan of $600. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes | |
Income Taxes | (5) Income Taxes The provision (benefit) for income taxes for the three months ended June 30, 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 $ 1,615 $ Change in valuation allowance (1,615 ) Total deferred tax provision $ $ The Company had deferred income tax assets as of June 30, 2015 and December 31, 2014, as follows: 2015 2014 Loss carryforwards $ 5,202 $ 1,190 Less - Valuation allowance (5,202 ) (1,190 ) Total net deferred tax assets $ $ The Company provided a valuation allowance equal to the deferred income tax assets for the periods ended June 30, 2015 and December 31, 2014, because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards. As of June 30, 2015, the Company had approximately $15,300 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 | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions | |
Related Party Transactions | (6) Related Party Transactions As described in Note 4, as of June 30, 2015, the Company owed $18,700 to Directors, officers, and principal stockholders of the Company for working capital loans. As described in Note 4, on December 1, 2014, the Company issued 6,000,000 shares of its common stock to its Director for a forgiveness of a loan of $600. |
Summary Of Significant Accoun14
Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation and Organization | Basis of Presentation and Organization Global Technologies Corp. (“Global Technologies” or the “Company”) is a Delaware corporation in the development stage and has commenced limited operations. The Company was incorporated under the laws of the State of Delaware on July 28, 2014. The company has developed a business plan for a software solution that will connect via Bluetooth or similar technology to a Tablet or iPad that is connected to the cash register at a retail outlet. The Company is in the process of raising additional equity capital to support 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 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 June 30, 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 June 30, 2015, and the results of its operations and its cash flows for the period ended June 30, 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 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. There were no dilutive financial instruments issued or outstanding for the period ended June 30, 2015. |
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 June 30, 2015, the carrying value of 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 periods ended June 30, 2015 and December 31, 2014, 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 June 30, 2015 and December 31, 2014, and expenses for the periods ended June 30, 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 In June 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, “Development Stage Entities (Topic 915) Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. This ASU does the following among other things: a) eliminates the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders’ equity, b) eliminates the need to label the financial statements as those of a development stage entity, c) eliminates the need to disclose a description of the development stage activities in which the entity is engaged, and d) amends FASB ASC 275, Risks and Uncertainties, to clarify that information on risks and uncertainties for entities that have not commenced planned principal operations is required. The amendments in ASU No. 2014-10 related to the elimination of Topic 915 disclosures and the additional disclosure for Topic 275 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact the adoption of ASU 2014-15 will have on its financial statements. There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes Tables | |
Schedule of Income Tax Expense Benefit | The provision (benefit) for income taxes for the three months ended June 30, 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 $ 1,615 $ Change in valuation allowance (1,615 ) Total deferred tax provision $ $ |
Schedule of Deferred Tax Assets | The Company had deferred income tax assets as of June 30, 2015 and December 31, 2014, as follows: 2015 2014 Loss carryforwards $ 5,202 $ 1,190 Less - Valuation allowance (5,202 ) (1,190 ) Total net deferred tax assets $ $ |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense Benefit) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Federal- | ||
Taxable income | ||
Total current tax provision | ||
Federal- | ||
Loss carryforwards | $ 1,615 | |
Change in valuation allowance | $ (1,615) | |
Total deferred tax provision |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Income Taxes Schedule Of Deferred Tax Assets Details | ||
Loss carryforwards | $ 5,202 | $ 1,190 |
Less - Valuation allowance | $ 5,202 | $ 1,190 |
Total net deferred tax assets |
Loans From Related Parties - 18
Loans From Related Parties - Directors And Stockholders (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Loans payable | $ 18,700 | $ 2,900 |
Loan Payable [Member] | Directors [Member] | ||
Short-term Debt [Line Items] | ||
Loans payable | $ 18,700 | $ 2,900 |
Debt instrument term | The loans are unsecured, non-interest bearing, and due on demand. |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - Dec. 01, 2014 - Common Stock [Member] - Directors [Member] - USD ($) | Total |
Shares issued for forgiveness of loan | 6,000,000 |
Loan amount forgiven | $ 600 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - Jun. 30, 2015 - USD ($) | Total |
Income Taxes Narrative Details | |
Effective tax rate | 34.00% |
Net loss carryforward | $ 15,300 |
Loss carryforward limitations on use | Expire by the year 2035. |