Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 07, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | DD's Deluxe Rod Holder, Inc. | ||
Entity Central Index Key | 1,643,194 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
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 Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 4,000,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash | $ 10,892 | |
TOTAL CURRENT ASSETS | 10,892 | |
INTANGIBLE ASSETS | 1,860 | |
TOTAL ASSETS | 12,752 | 0 |
CURRENT LIABILITIES: | ||
Line of credit | 30,449 | |
Legal fees payable | 37,403 | 17,606 |
Accrued interest payable | 2,021 | |
Advances payable | 0 | 19,988 |
TOTAL CURRENT LIABILITIES | 69,873 | 37,594 |
TOTAL LIABILITIES | $ 69,873 | $ 37,594 |
STOCKHOLDERS’ DEFICIT | ||
Preferred Stock, $.001 par value; 20,000,000 shares authorized, none issued and outstanding | $ 0 | |
Common Stock, $.001 par value; 100,000,000 shares authorized; 4,000,000 and 1,000,000 shares issued and outstanding, respectively | $ 4,000 | $ 1,000 |
Additional paid-in capital | $ 36,000 | $ 9,000 |
Accumulated deficit | (97,121) | (47,594) |
TOTAL STOCKHOLDERS’ DEFICIT | (57,121) | (37,594) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 12,752 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, $.001 par value, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, $.001 par value, shares issued and outstanding | 0 | 0 |
Common Stock, $.001 par value, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, $.001 par value, shares issued and outstanding | 4,000,000 | 1,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING EXPENSE | ||
Legal and professional fees | $ 25,965 | $ 19,980 |
Accounting and audit | 16,600 | 18,270 |
Transfer agent and public company expense | 4,053 | 700 |
General and administrative | 888 | 403 |
TOTAL OPERATING EXPENSE | 47,506 | 39,353 |
LOSS FROM OPERATIONS | (47,506) | (39,353) |
OTHER EXPENSE | ||
Interest expense | 2,021 | |
TOTAL OTHER EXPENSE | 2,021 | |
NET LOSS | $ (49,527) | $ (39,353) |
NET LOSS PER SHARE - BASIC AND DILUTED | $ (0.01) | $ (0.04) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 3,672,131 | 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 | $ (49,527) | $ (39,353) |
Changes in operating assets and liabilities | ||
Legal fees payable | 19,797 | 11,841 |
Accrued interest payable | 2,021 | |
Advances payable | 8,298 | 19,988 |
Net cash used in operating activities | (19,411) | (7,524) |
Additions to intangible assets | (1,860) | |
Net cash used in investing activities | (1,860) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under line of credit | 2,163 | |
Proceeds from sale of common stock | 30,000 | |
Net cash provided by financing activities | 32,163 | |
NET INCREASE (DECREASE) IN CASH | 10,892 | (7,524) |
CASH AT BEGINNING OF YEAR | 0 | 7,524 |
CASH AT END OF YEAR | 10,892 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Advances payable paid by line of credit | $ 28,286 |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Net loss | $ 0 | $ 0 | $ (39,953) | $ (39,953) |
Balance | $ 1,000 | 9,000 | (47,594) | 37,594 |
Balance, in shares at Dec. 31, 2015 | 1,000,000 | |||
Common stock issued for cash | $ 3,000 | 27,000 | 0 | 30,000 |
Common stock issued for cash, in shares | 3,000,000 | |||
Net loss | $ 0 | 0 | (49,527) | (49,527) |
Balance | $ 4,000 | $ 36,000 | $ (97,121) | $ (57,121) |
Balance, in shares at Dec. 31, 2016 | 4,000,000 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NOTE 1 - NATURE OF OPERATIONS DD’s Deluxe Rod Holder, Inc. (“Deluxe” or the “Company”) was incorporated on September 26, 2014 under the laws of the State of Nevada. The business purpose of the Company is to sell, through its website, Deluxerodholder.com, a fishing rod holder primarily for use in the sport of ice fishing. The Company has selected December 31 as its fiscal year end. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of December 31, 2016, the Company has no financial resources with which to achieve its objectives and obtain profitability and positive cash flows. As shown in the accompanying balance sheets and statements of operations, the Company has an accumulated deficit of $97,121 and stockholders’ deficit of $57,121. The Company's working capital deficit is a $58,981. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, and generate revenue from current and planned business operations, and control costs. The Company is in the development stage and has generated no operating income. The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders. However there is no assurance that the Company will be able to achieve these objectives, therefore substantial doubt about its ability to continue as a going concern exists. The financial statements do not include adjustments relating to the recoverability of recorded assets nor the implications of associated bankruptcy costs should the Company be unable to continue as a going concern. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to valuation of deferred tax. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations. New Accounting Pronouncement In August 2014, the FASB issued ASU No. 2014-15—Presentation of Financial Statements—Going Concern. The guidance requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). If conditions or events exist that raise substantial doubt about an entity’s ability to continue as a going concern, the guidance requires disclosure in the financial statements. The guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company adopted the standard in the current year. Cash and Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents. Intangible Assets Intangible assets with definite lives are subject to amortization. At December 31, 2016, such intangible assets consist of fees paid to the United States Patent and Trademark Office on the filing of a non-provisional patent application which will be amortized on a straight-line basis over the patent life of 20 years, once approved. Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. These conditions may include an economic downturn, regulations, or a change in the assessment of future operations Start-up Costs In accordance with ASC 720-15-20, “Start-up Activities,” Office Space and Labor The Company’s sole Officer and Director will provide the labor required to execute the business plan and supply the necessary office space and facilities for the initial period of operations. The Company will recognize the fair value of services and office space provided by our sole Officer and Director as contributed capital in accordance with ASC 225-10-S99-4. From inception through December 31, 2016, the fair value of services and office space provided was estimated to be nil. Fair Value Measures ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. At December 31, 2016, the Company had no assets or liabilities accounted for at fair value on a recurring basis. Loss Per Share Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants. The Company has no potentially dilutive securities such as options, warrants, or convertible bonds currently issued and outstanding. Consequently, basic and diluted earnings per share are the same, as shown in the Statement of Operations. Income Taxes The Company recognizes provision for income tax using the liability method. Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Line of Credit | NOTE 3 – LINE OF CREDIT On March 1, 2016, the Company entered into a short term line of credit agreement with Crest Business Solutions, LLC (“Crest”). The agreement provides that Crest will provide the Company with up to $50,000 via the line of credit. All amounts borrowed by the Company pursuant to the line of credit will be due and payable (with accrued interest thereon) in one balloon payment on February 28, 2017. The Company had the option to extend the term of the line of credit for an additional year to February 28, 2018 which was exercised. Interest accrues on the principal amount borrowed pursuant to the line of credit at the rate of five percent per annum. Crest previously had made advances to the Company. As of March 1, 2016, advances payable of $28,286 were transferred into the line of credit. As of December, 31, 2016, the balance of the Line of Credit was $30,449 with accrued interest payable of $2,021. For the year ended December 31, 2016, the Company recognized interest expense of $2,021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 4 - INCOME TAXES There was no income tax expense for the periods ended December 31, 2016 and 2015 due to the Company’s net losses. The components of the Company's net deferred tax asset is as follows: December 31, 2016 December 31, 2015 Deferred tax asset Federal net operating loss carryforward $ 33,992 $ 16,658 Total deferred tax assets 33,992 16,658 Deferred tax liability - - Net deferred tax asset 33,992 16,658 Valuation allowance (33,992) (16,658) DEFERRED TAX ASSET $ - $ - Deferred income taxes arise from timing differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. A deferred tax asset valuation allowance is recorded when it is more likely than not that deferred tax assets will not be realized. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to 100% of the net deferred tax asset has been recorded at December 31, 2016 and 2015. A reconciliation between the statutory federal income tax rate and the Company's tax provision is as follows: December 31, 2016 2015 Expected income tax benefit $ (17,334) (35%) $ (13,774) (35%) Non-recognition due to increase in valuation account 17,334 35% 13,774 35% Total income tax benefit $ - -% $ - -% At December 31, 2016, the Company had cumulative federal and state net operating loss carry forwards of approximately $17,334 which will expire in fiscal years ending December 31, 2029 through December 31, 2031. The Company does not have an accrual for uncertain tax positions as December 31, 2016 or 2015. If interest and penalties were to be assessed, the Company would charge interest to interest expense and penalties to other operating expense. It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of the reporting date. Fiscal years starting December 31, 2014 through December 31, 2016 are open to examination by federal and state taxing agencies. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Deficit | NOTE 5 – STOCKHOLDERS’ DEFICIT Common Stock As of December 31, 2016, the Company has 100,000,000 shares of common stock authorized with a par value of $0.001 per share. Founder’s shares of 1,000,000 were issued during 2014 at a price of $0.01 per share for $10,000 which was used for organizational costs and other working capital requirements. On February 9, 2016, the Company issued 3,000,000 shares of its common stock for cash at $0.01 per share for a total of $30,000. As of December 31, 2016, the Company had 4,000,000 shares of common stock issued and outstanding with a par value of $0.001 per share. Preferred Stock As of December 31, 2016, the Company has 20,000,000 shares of preferred stock authorized with a par value of $0.001 per share. No preferred shares are issued and outstanding. |
Significant Accounting Polici12
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. |
Going Concern | Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of December 31, 2016, the Company has no financial resources with which to achieve its objectives and obtain profitability and positive cash flows. As shown in the accompanying balance sheets and statements of operations, the Company has an accumulated deficit of $97,121 and stockholders’ deficit of $57,121. The Company's working capital deficit is a $58,981. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, and generate revenue from current and planned business operations, and control costs. The Company is in the development stage and has generated no operating income. The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders. However there is no assurance that the Company will be able to achieve these objectives, therefore substantial doubt about its ability to continue as a going concern exists. The financial statements do not include adjustments relating to the recoverability of recorded assets nor the implications of associated bankruptcy costs should the Company be unable to continue as a going concern. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to valuation of deferred tax. Actual results could differ from these estimates and assumptions and could have a material effect on the Company’s reported financial position and results of operations. |
New Accounting Pronouncement | New Accounting Pronouncement In August 2014, the FASB issued ASU No. 2014-15—Presentation of Financial Statements—Going Concern. The guidance requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). If conditions or events exist that raise substantial doubt about an entity’s ability to continue as a going concern, the guidance requires disclosure in the financial statements. The guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company adopted the standard in the current year. |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents. |
Intangible Assets | Intangible Assets Intangible assets with definite lives are subject to amortization. At December 31, 2016, such intangible assets consist of fees paid to the United States Patent and Trademark Office on the filing of a non-provisional patent application which will be amortized on a straight-line basis over the patent life of 20 years, once approved. Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. These conditions may include an economic downturn, regulations, or a change in the assessment of future operations |
Start-up Costs | Start-up Costs In accordance with ASC 720-15-20, “Start-up Activities,” |
Office Space and Labor | Office Space and Labor The Company’s sole Officer and Director will provide the labor required to execute the business plan and supply the necessary office space and facilities for the initial period of operations. The Company will recognize the fair value of services and office space provided by our sole Officer and Director as contributed capital in accordance with ASC 225-10-S99-4. From inception through December 31, 2016, the fair value of services and office space provided was estimated to be nil. |
Fair Value Measures | Fair Value Measures ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. At December 31, 2016, the Company had no assets or liabilities accounted for at fair value on a recurring basis. |
Loss Per Share | Loss Per Share Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants. The Company has no potentially dilutive securities such as options, warrants, or convertible bonds currently issued and outstanding. Consequently, basic and diluted earnings per share are the same, as shown in the Statement of Operations. |
Income Taxes | Income Taxes The Company recognizes provision for income tax using the liability method. Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets | December 31, 2016 December 31, 2015 Deferred tax asset Federal net operating loss carryforward $ 33,992 $ 16,658 Total deferred tax assets 33,992 16,658 Deferred tax liability - - Net deferred tax asset 33,992 16,658 Valuation allowance (33,992) (16,658) DEFERRED TAX ASSET $ - $ - |
Reconciliation of Income Tax Rates | December 31, 2016 2015 Expected income tax benefit $ (17,334) (35%) $ (13,774) (35%) Non-recognition due to increase in valuation account 17,334 35% 13,774 35% Total income tax benefit $ - -% $ - -% |
Uncategorized Items - dddr-2016
Label | Element | Value |
Common stock issued for cash | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 0 |
Balance | us-gaap_StockholdersEquityOther | $ 1,759 |
Common stock issued for cash, in shares | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | $ 0 |
Additional Paid-In Capital | ||
Common stock issued for cash | us-gaap_StockIssuedDuringPeriodValueNewIssues | 0 |
Balance | us-gaap_StockholdersEquityOther | $ 9,000 |
Common stock issued for cash, in shares | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | $ 0 |
Retained Earnings / Accumulated Deficit | ||
Common stock issued for cash | us-gaap_StockIssuedDuringPeriodValueNewIssues | 0 |
Balance | us-gaap_StockholdersEquityOther | $ (8,241) |
Common stock issued for cash, in shares | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | $ 0 |
Common Stock | ||
Common stock issued for cash | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 0 |
Shares, Issued | us-gaap_SharesIssued | 1,000,000 |
Balance | us-gaap_StockholdersEquityOther | $ 1,000 |
Common stock issued for cash, in shares | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax | $ 0 |