Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | NextGlass Technologies Corp. |
Entity Central Index Key | 1,634,408 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 10,000,000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash at bank | $ 50,172 | $ 57,219 |
Interest receivable | 153 | 0 |
Total current assets | 50,325 | 57,219 |
Related party receivable | 90,000 | 0 |
Total assets | 140,325 | 57,219 |
Current liabilities | ||
Accrued interest | 479 | 0 |
Deposit for stock to be issued | 61,000 | 61,000 |
Total current liabilities | 61,479 | 61,000 |
Note payable | 150,000 | 0 |
Total liabilities | 211,479 | 61,000 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none issued and outstanding as of December 31, 2015 and March 31, 2016, respectively | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 10,000,000 shares issued and outstanding as of December 31, 2015 and March 31, 2016, respectively | 1,000 | 1,000 |
Discount on common stock | (500) | (500) |
Additional paid in capital | 7,912 | 3,212 |
Accumulated deficit | (79,566) | (7,493) |
Total stockholders' deficit | (71,154) | (3,781) |
Total liabilities and stockholders' deficit | $ 140,325 | $ 57,219 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 10,000,000 | 10,000,000 |
Common Stock, Shares, Outstanding | 10,000,000 | 10,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | $ 0 | $ 0 |
Cost of revenue | 0 | 0 |
Gross profit | 0 | 0 |
G&A expenses | 71,747 | 712 |
Income (loss) from Operating | (71,747) | (712) |
Other income (expense) | (326) | 0 |
Income tax expense | 0 | 0 |
Net income (loss) | $ (72,073) | $ (712) |
Loss per share - basic and diluted (in dollars per share) | $ (0.01) | $ 0 |
Weighted average shares - basic and diluted (in shares) | 10,000,000 | 20,000,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (72,073) | $ (712) |
Non-cash adjustments to reconcile net loss to net cash: | ||
Expenses paid by stockholder and contributed as capital | 4,700 | 712 |
Changes in operating assets and liabilities: | ||
Interest receivable | (153) | 0 |
Accrued interest | 479 | 0 |
CASH USED IN OPERATING ACTIVITIES | (67,047) | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Related party receivable | (90,000) | 0 |
CASH USED IN INVESTING ACTIVITIES | (90,000) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from note payable | 150,000 | 0 |
CASH PROVIDED BY FINANCING ACTIVITIES | 150,000 | 0 |
Net decrease in cash | (7,047) | 0 |
Cash, beginning of period | 57,219 | 0 |
Cash, end of period | 50,172 | 0 |
Supplemental cash flow information: | ||
Interest paid | 0 | 0 |
Income tax paid | $ 0 | $ 0 |
ORGANIZATION AND BUSINESS DESCR
ORGANIZATION AND BUSINESS DESCRIPTION | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 ORGANIZATION AND BUSINESS DESCRIPTION General NextGlass Technologies Corporation (the “Company”) is an early-stage company planning to produce and distribute glass products (which the Company calls “smart glass” solutions). The Company intends to make these products based on technology that is covered by patents that it licenses from another company. The Company was incorporated in the State of Delaware in January 2015, and was formerly known as Black Grotto Acquisition Corporation (“Black Grotto” or “Black Grotto Acquisition”). In June 2015, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors. In connection with the change of control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from Black Grotto Acquisition Corporation to NextGlass Technologies Corporation in May 2015. On July 1, 2015, the Company (as the Licensee) entered into a Commercialization Agreement with respect to certain assets (the “License Agreement”) with NextGlass Co., Ltd., a company incorporated in Korea (the “Licensor”). As the Licensee under the License Agreement, the Company is permitted full rights to the patents of the Licensor to commercialize products, including building the plant and facilities for such commercialization. The patents covered by the License Agreement consist of 9 patents held by the Licensor. Eight of these patents are registered in Korea, and one patent is registered in Taiwan. Pursuant to the License Agreement, in exchange for the rights granted by Licensor to Licensee thereunder, both parties agree that Licensee is obligated to share 50% of the profits with the Licensor. For purposes of the License Agreement, the term “profits” means the audited profits before taxation figures. The profits due to the Licensor per the foregoing are required to be paid in full by the Company (as the Licensee) within 30 days from the date of audited accounts of Licensee. The Company is located at 9454 Wilshire Boulevard, Suite 610, Beverly Hills, California 90210. The Company’s main phone number is 011-601-2391-1706. Our Business The Company plans to produce and distribute glass products (which the Company calls “smart glass” solutions). The Company intends to make these products based on technology that is covered by patents that it licenses from another company. The Company plans to make smart glass solutions for many types of applications, including car windows, car sunroofs and airplane windows. The Company’s smart glass solutions are expected to include adhesive film inside the smart glass, bullet-proofing, non-scattering effects, noise reduction, ITO-coated film, PDLC-coated Film and functional glass. The Company’s smart glass solutions are intended to help users of the products control room temperature and change the color and the amount of light passing through the smart glass product. In the future, the Company plans to raise additional funds in order to build its own factory and purchase machineries to manufacture the smart glass internally using the patented technologies licensed under the License Agreement. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
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 | 3 Months Ended |
Mar. 31, 2016 | |
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 net loss of $ 72,073 11,154 79,566 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. |
RELATED PARTY RECEIVABLE
RELATED PARTY RECEIVABLE | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 4 RELATED PARTY RECEIVABLE During the three months ended March 31, 2016, the Company advanced $90,000 to a related party through holding a promissory notes bearing interest at 4% per annum. The note and relative interest shall be due and receivable on March 3, 2018. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5 STOCKHOLDERS’ EQUITY On January 22, 2015, the Company issued 20,000,000 19,500,000 4,500,000 5,000,000 500 10,000,000 |
DEPOSIT FOR STOCK TO BE ISSUED
DEPOSIT FOR STOCK TO BE ISSUED | 3 Months Ended |
Mar. 31, 2016 | |
Deposits For Stock To Be Issued [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | NOTE 6 DEPOSIT FOR STOCK TO BE ISSUED The Company received $ 61,000 |
CONVERTIBLE PROMISSORY NOTES
CONVERTIBLE PROMISSORY NOTES | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 7 CONVERTIBLE PROMISSORY NOTES During the three months ended March 31, 2016, the Company received $150,000 of cash proceeds through the issuance of convertible promissory notes bearing interest at 5% per annum over the term from the issuance date through maturity date on March 7, 2019. Interest on the notes shall be payable quarterly in arrears on January 1, April 1, July 1, and October 1 of each year. During the term of the notes, each lender has the right to convert the notes into common shares at $5.00 per share. As of March 31, 2016, no conversion has happened yet. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 8 SUBSEQUENT EVENT On January 16, 2016, the Company entered a common stock purchase agreement with a related party. The Company agrees to purchase total of 100,000 common shares from the related party by issuing total of 1,000,000 shares of common stock of the Company. The transaction was closed on April 27, 2016. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 DES15
ORGANIZATION AND BUSINESS DESCRIPTION (Details Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Organization And Business Description [Line Items] | |
License Agreement Percentage of License Fee | 50.00% |
GOING CONCERN (Details Textual)
GOING CONCERN (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Going Concern [Line Items] | |||
Working Capital Deficit | $ 11,154 | ||
Accumulated deficit | 79,566 | $ 7,493 | |
Net Income (Loss) Attributable to Parent, Total | $ (72,073) | $ (712) |
RELATED PARTY RECEIVABLE (Detai
RELATED PARTY RECEIVABLE (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Origination of Notes Receivable from Related Parties | $ 90,000 | $ 0 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
Debt Instrument, Maturity Date | Mar. 3, 2018 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 1 Months Ended | ||||
Jan. 31, 2016 | Jun. 30, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 500 | ||||
Common Stock, Shares, Issued | 10,000,000 | 10,000,000 | |||
Common Stock, Shares, Outstanding | 10,000,000 | 10,000,000 | |||
Preferred Stock, Shares Issued | 0 | 0 | |||
Preferred Stock, Shares Outstanding | 0 | 0 | |||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
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 |
CONVERTIBLE PROMISSORY NOTES (D
CONVERTIBLE PROMISSORY NOTES (Details Textual) | 3 Months Ended |
Mar. 31, 2016USD ($)$ / shares | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
Debt Instrument, Maturity Date | Mar. 3, 2018 |
Convertible Promissory Note [Member] | |
Proceeds from Convertible Debt | $ | $ 150,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% |
Debt Instrument, Maturity Date | Mar. 7, 2019 |
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 5 |
SUBSEQUENT EVENT (Details Textu
SUBSEQUENT EVENT (Details Textual) | 1 Months Ended |
Jan. 31, 2016shares | |
Stock Repurchased During Period, Shares | 100,000 |
Stock Issued During Period, Shares, New Issues | 1,000,000 |