Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | NextGlass Technologies Corp. | |
Entity Central Index Key | 1,634,408 | |
Current Fiscal Year End Date | --12-31 | |
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 | |
Trading Symbol | CIK0001634408 | |
Entity Common Stock, Shares Outstanding | 10,000,000 |
BALANCE SHEET
BALANCE SHEET | Dec. 31, 2015USD ($) |
Current assets | |
Cash at bank | $ 57,219 |
Total current assets | 57,219 |
Current liabilities | |
Deposit for stock to be issued | 61,000 |
Total current liabilities | 61,000 |
Stockholders' deficit | |
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none issued and outstanding as of December 31, 2015 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 10,000,000 shares issued and outstanding as of December 31, 2015 | 1,000 |
Discount on common stock | (500) |
Additional paid in capital | 3,212 |
Accumulated deficit | (7,493) |
Total stockholders' deficit | (3,781) |
Total liabilities and stockholders' deficit | $ 57,219 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) | Dec. 31, 2015$ / sharesshares |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 |
Preferred Stock, Shares Authorized | 20,000,000 |
Preferred Stock, Shares Issued | 0 |
Preferred Stock, Shares Outstanding | 0 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 |
Common Stock, Shares Authorized | 200,000,000 |
Common Stock, Shares, Issued | 10,000,000 |
Common Stock, Shares, Outstanding | 10,000,000 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Revenue | $ 0 |
Cost of revenue | 0 |
Gross profit | 0 |
G&A expenses | 7,493 |
Income (loss) from Operating | (7,493) |
Income tax expense | 0 |
Net income (loss) | $ (7,493) |
Loss per share - basic and diluted | $ / shares | $ 0 |
Weighted average shares - basic and diluted | shares | 12,549,315 |
STATEMENT OF STOCKHOLDERS' DEFI
STATEMENT OF STOCKHOLDERS' DEFICIT - 12 months ended Dec. 31, 2015 - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Discount on Common Stock [Member] | Receivables from Stockholder [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
BALANCES BEGINING at Jan. 11, 2015 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
BALANCES BEGINING (in shares) at Jan. 11, 2015 | 0 | 0 | |||||
Common stock outstanding | 500 | $ 0 | $ 1,000 | (500) | 0 | 0 | 0 |
Common stock outstanding (in shares) | 0 | 10,000,000 | |||||
Expenses paid for by shareholder and contributed as capital | 3,212 | $ 0 | $ 0 | 0 | 0 | 3,212 | 0 |
Net Income | (7,493) | 0 | 0 | 0 | 0 | 0 | (7,493) |
BALANCES ENDING at Dec. 31, 2015 | $ (3,781) | $ 0 | $ 1,000 | $ (500) | $ 0 | $ 3,212 | $ (7,493) |
BALANCES ENDING (in shares) at Dec. 31, 2015 | 0 | 10,000,000 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2015USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net income (loss) | $ (7,493) |
Non-cash adjustments to reconcile net loss to net cash: | |
Expenses paid for by stockholder and contributed as capital | 3,212 |
CASH USED BY OPERATING ACTIVITIES | (4,281) |
CASH FLOWS FROM INVESTING ACTIVITIES | |
CASH FLOWS FROM INVESTING ACTIVITIES | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Proceeds from shareholder's contribution | 500 |
Deposit for stock to be issued | 61,000 |
CASH PROVIDED BY FINANCING ACTIVITIES | 61,500 |
Net increase in cash | 57,219 |
Cash, beginning of year | 0 |
Cash, end of year | 57,219 |
Supplemental cash flow information: | |
Interest paid | 0 |
Income tax paid | $ 0 |
ORGANIZATION AND BUSINESS DESCR
ORGANIZATION AND BUSINESS DESCRIPTION | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NextGlass Technologies Corporation (formerly “Black Grotto Acquisition Corporation”) (“NextGlass” or “the Company”) was incorporated on January 12, 2015 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company’s operations to date have been limited to issuing shares to its original shareholders and effecting a change in control. On June 1, 2015, the Company effected a change in control by the redemption of 19,500,000 20,000,000 4,500,000 5,000,000 500 The Company anticipates that it will effect its business plan through company development or through executing a business combination with an existing company. The Company intends to manufacture smart glass using patented technologies and to market such smart glass on a global basis. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements have been prepared on a historical cost basis to reflect the financial position and results of operations of the Company in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”). Use of Estimates The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the related disclosures of contingent assets and liabilities. Management makes its estimates based on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash on hand, demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities of three months or less and are readily convertible to known amounts of cash. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740-10”) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. This method also requires the recognition of future tax benefits such as net operating loss and tax credit carryforwards, to the extent that realization of such benefits is more likely than not. A valuation allowance is recorded when the realization of future tax benefits is uncertain. Earnings (Loss) Per Share Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method and if converted method. Effect of Recent Accounting Pronouncements On June 12, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2015-10 Technical Corrections and Improvements |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2015 | |
Going Concern [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | NOTE 3 GOING CONCERN The Company has not yet generated any revenue since inception to date and has sustained operating loss of $7,493 from inception (January 12, 2015) to December 31, 2015. The Company had a negative working capital of $3,781 and an accumulated deficit of $7,493 as of December 31, 2015. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 4 STOCKHOLDERS’ EQUITY On January 22, 2015, the Company issued 20,000,000 founders common stock to two directors and officers of which 19,500,000 were redeemed at par on June 1, 2015. On June 2, 2015, the Company issued 4,500,000 shares of its common stock to nine investors to effect change in control. On June 30, 2015, a further 5,000,000 shares of common stock were issued at a purchase consideration of $500. As of December 31, 2015, 10,000,000 shares of common stock and no preferred stock were issued and outstanding. |
DEPOSIT FOR STOCK TO BE ISSUED
DEPOSIT FOR STOCK TO BE ISSUED | 12 Months Ended |
Dec. 31, 2015 | |
Deposits For Stock To Be Issued [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | NOTE 5 DEPOSIT FOR STOCK TO BE ISSUED During the period from inception (January 12, 2015) to December 31, 2015, the Company received $61,000 as funds designated for issuing of common stock. As of December 31, 2015, no agreement has been signed; thus, the price per share and the number of shares have not been decided yet. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 6 SUBSEQUENT EVENT The Company has evaluated all transactions from December 31, 2015 through the financial statement issuance date for subsequent event disclosure consideration and noted no significant subsequent event that needs to be disclosed. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The financial statements have been prepared on a historical cost basis to reflect the financial position and results of operations of the Company in accordance with the accounting principles generally accepted in the United States of America (“US GAAP”). |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the related disclosures of contingent assets and liabilities. Management makes its estimates based on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents represent cash on hand, demand deposits, and other short-term highly liquid investments placed with banks, which have original maturities of three months or less and are readily convertible to known amounts of cash. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740-10”) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. This method also requires the recognition of future tax benefits such as net operating loss and tax credit carryforwards, to the extent that realization of such benefits is more likely than not. A valuation allowance is recorded when the realization of future tax benefits is uncertain. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method and if converted method. |
New Accounting Pronouncements, Policy [Policy Text Block] | Effect of Recent Accounting Pronouncements On June 12, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2015-10 Technical Corrections and Improvements |
ORGANIZATION AND BUSINESS DES14
ORGANIZATION AND BUSINESS DESCRIPTION (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2015 | |
Organization And Business Description [Line Items] | |||
Common Stock, Shares, Outstanding | 10,000,000 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 500 | ||
Common Stock [Member] | |||
Organization And Business Description [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 10,000,000 | ||
Stock Issued During Period, Shares, Acquisitions | 5,000,000 | ||
Low Koon Poh [Member] | Common Stock [Member] | |||
Organization And Business Description [Line Items] | |||
Stock Redeemed or Called During Period, Shares | 19,500,000 | ||
Two Directors And Officers [Member] | Common Stock [Member] | |||
Organization And Business Description [Line Items] | |||
Common Stock, Shares, Outstanding | 20,000,000 | ||
Stock Issued During Period, Shares, New Issues | 20,000,000 | ||
Nine Investors [Member] | Common Stock [Member] | |||
Organization And Business Description [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 4,500,000 |
GOING CONCERN (Details Textual)
GOING CONCERN (Details Textual) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Going Concern [Line Items] | |
Operating Loss | $ 7,493 |
Working Capital Deficit | 3,781 |
Accumulated deficit | $ 7,493 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 500 | ||
Common Stock, Shares, Issued | 10,000,000 | ||
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 10,000,000 | ||
Stock Issued During Period, Shares, Acquisitions | 5,000,000 | ||
Two Directors And Officers [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 20,000,000 | ||
Low Koon Poh [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Stock Redeemed or Called During Period, Shares | 19,500,000 | ||
Nine Investors [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 4,500,000 |
DEPOSIT FOR STOCK TO BE ISSUED
DEPOSIT FOR STOCK TO BE ISSUED (Details Textual) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Deposit For Stock To Be Issued [Line Items] | |
Proceeds From Deposit For Stock To Be Issued | $ 61,000 |