| Nature of Operations and Summary of Significant Accounting Policies | NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES NATURE OF OPERATIONS Digital Donations
Technologies, Inc. (formerly Fishing Ridge Acquisition Corporation) ("DDTI") was incorporated on May 21, 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. DDTI has been in the developmental stage since inception and its operations to date have been limited to issuing
shares to its original shareholders, filing a registration statement on Form 10 and effecting a change in control. On January 7, 2016,
DDTI effected a change in control by effecting the following transactions: DDTI redeemed an
aggregate of 19,500,000 of the then 20,000,000 shares of outstanding common. James M. Cassidy resigned as DDTI's president,
secretary and director and James McKillop resigned as DDTI's vice president and director. Keith Orlean and
Jeffrey Marder were named directors of DDTI and Mr. Orlean was appointed Chief Executive Officer and Treasurer of DDTI and Mr.
Marder was appointed President of DDTI. On January 8, 2016
DDTI issued an aggregate of 5,000,000 shares of its common stock as follows:
2,500,000 shares Keith Orlean
2,500,000 shares Jeffrey Marder RECAPITALIZATION On October 17, 2016,
DDTI entered into a merger with Digital Donations, Inc. (the “Company” and post-merger, the “Company” represents
the combined entity), which has resulted in the combination of the Company with DDTI through the issuance of 79,084,807 shares
of DDTI common stock to the shareholders of the Company on a one-for-one basis in exchange for 100% of the then issued and outstanding
shares of the Company’s common stock, and at which time the Company became a wholly owned subsidiary of DDTI. The Company
has accounted for this merger as a recapitalization, as DDTI at the time of the merger was a public shell company, with only nominal
assets and no operations of its own. The financial statements presented herein are that of Digital Donations, Inc. from its inception
through the date of the merger, at which point the net assets of DDTI were included and the equity section restated to that of
the DDTI. From the date of the merger through December 31, 2016, these financial statements represent the financial position and
results of operations of the consolidated entity. The Company intends
to develop and distribute creative and innovative fund raising technology and provide payment processing solutions connecting charities
and foundations with the consumer and corporate America. The Company anticipates developing fund raising solutions that will expand
and enhance the way charities and foundations reach donors. The Company perceives that through the process of integrating a donation
request as part of a financial transaction, retailers, e-tailers, ATM owners and service providers will have the ability to create
new, or enhance existing, cause marketing programs. BASIS OF PRESENTATION AND CONSOLIDATION The accompanying
consolidated financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles
generally accepted in the United States of America (“U.S. GAAP”). The accompany consolidated
financial statements include the accounts of Digital Donations Technologies, Inc. and its wholly owned subsidiary, Digital Donations,
Inc. All material intercompany accounts, transactions and profits have been eliminated in consolidation. GOING CONCERN The Company has
incurred operating losses since inception as it has sought to develop alternative payments and fundraising solutions to its target
market. As of December 31, 2016, the Company had an accumulated deficit of $982,103 and a cash balance of $23,620. During the year
ended December 31, 2016, the Company incurred a net loss of $551,299, negative cash flows from operating activities of $360,332
and had shareholders’ equity (deficit) of $(74,773). These factors raise substantial doubt about the Company’s ability
to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability
to fund future operations through additional financing from investors and/or lenders, and through May 12, 2017, had raised $177,000
(see Note 5). However, there can be no assurance that the Company will be successful in raising the additional funds needed. The
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. REVENUE RECOGNITION The
Company recognizes revenue from the sale of products and services in accordance with ASC 605,"Revenue Recognition." The
Company recognizes revenue from services only when all of the following criteria have been met:
i) Persuasive evidence for an agreement exists;
ii) Service has been provided;
iii) The fee is fixed or determinable; and,
iv) Collection is reasonably assured. In 2016, the Company’s
revenue was predominantly derived from the brokerage of customer accounts to transaction processors in the credit card point of
sale and ATM industry. Because of this, the Company does not report revenue gross with costs associated with those revenues in
its operating expenses, but combines those costs and reports its revenue net of those costs, because the Company does not actually
perform the services underlying the processing of those transactions. USE OF ESTIMATES The preparation
of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. Although these estimates are based upon management’s
best knowledge of current events and actions that the Company may undertake in the future, actual results could differ from those
estimates. CASH AND CASH EQUIVALENTS Cash and cash equivalents
include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities
of 90 days or less. CONCENTRATION OF CREDIT RISK Financial instruments,
which potentially subject the Company to concentrations of credit risks, consist principally of cash and trade accounts receivable.
The Company’s cash and cash equivalents are held at one U.S. commercial bank. The Company has not experienced any losses
to date related to its cash and cash equivalents. PROPERTY AND EQUIPMENT Property and equipment
are recorded at cost. Depreciation is generally computed using the straight-line method over the estimated useful lives of the
related assets. As of December 31, 2016, our assets lives are three to five years for office equipment, including POS terminals.
Maintenance, repairs and minor renewals are expensed as incurred; improvements are capitalized. On a continuing basis, the Company
reviews the carrying value of property and equipment for impairment. If events or changes in circumstances were to indicate that
an asset carrying value may not be recoverable, a write-down of the asset would be recorded through a charge to operations. Depreciation
expense for the years ended December 2016 and 2015 was $2,378 and $0, respectively. SHARE BASED COMPENSATION The
Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC
505-50, "Equity – Based Payments to Non-Employees." Measurement of share-based payment transactions with non-employees
is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments
issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date
or performance completion date. INCOME TAXES From its inception
through the date of the merger, Digital Donations, Inc. was taxed as an S Corporation under the Internal Revenue Code of the United
States. As such, its income or losses were passed through to its shareholders and therefore the benefits of losses or the liability
for any taxes due from income was the responsibility of the Company’s shareholders and not the Company. Upon completion of
the merger, the status of the Company automatically changed to that of a C Corporation and thus from that day forward, the Company
is responsible for all tax liabilities incurred or benefits obtained. Under ASC 740, "Income
Taxes," deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences
between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that
some or all of the deferred tax assets will not be realized. As of December 31, 2016 100% of the net deferred tax assets recorded
were fully allowed for due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. LOSS PER COMMON SHARE Basic loss per common
share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during
the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue
common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the
loss of the entity. As of December 31, 2016, there were no outstanding dilutive securities. ADVERTISING AND PROMOTIONAL COSTS Advertising and
promotional costs are expensed as incurred. Advertising and promotional costs totaled $97,941 and $1,832 for the years ended December
31, 2016 and 2015, respectively. SOFTWARE DEVELOPMENT COSTS Software development
costs are expensed as incurred until a product’s technological feasibility has been established. Any cost incurred after
establishment of the products technological feasibility until its general release are capitalized if the Company obtains the committed
funding necessary to see the project through completion. As such, there are no capitalized software development costs on the accompanying
balance sheets, as the Company has not yet received the committed funding necessary to see its software projections through to
their completion. FAIR VALUE OF FINANCIAL INSTRUMENTS ASC Topic 820 ,
Fair Value Measurements and Disclosures
· Level 1:
· Level 2:
· Level 3: The carrying amounts
of the Company’s financial instruments, which include cash and cash equivalents, accounts payable and note payable approximate
their fair values at December 31, 2016 and 2015 due to their short-term nature and management’s belief that their carrying
amounts approximate the amount for which the assets could be sold or the liabilities could be settled. PRO FORMA FINANCIAL INFORMATION As discussed above,
the Company filed to be taxed as a Subchapter S Company with the Internal Revenue Service. Upon closing of the merger, its tax
status will change to that of a corporation. The change will result in the post-merger company becoming obligated for the tax liabilities
for the portion of income generated subsequent to the date of the merger, whereas the previous income and associated liability
was passed through to the Company shareholders. Pursuant to Securities
and Exchange Commission Staff Accounting Bulletin Number 1B.2 “Pro Forma Financial Statements and Earnings per Share”
(“SAB 1B.2”), pro forma information on the face of the income statement has been presented which reflects the pro forma
impact as if the Company had changed its tax status and capital structure at the inception of the Company. This presentation reflects
the Company generating current deferred tax asset for losses during the period. RECENT ACCOUNTING PRONOUNCEMENTS In January 2017,
the FASB issued Accounting Standards Update 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill
Impairment. This ASU was issued to simplify goodwill impairment by removing the second step of the goodwill impairment test. This
standard is required to be adopted by the Company as of March 1, 2020. The Company does not expect adoption of this guidance will
have a material impact on the Company's consolidated financial statements. In January 2017,
the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business.
This ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating
whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance will be effective
for the Company as of March 1, 2018. The Company does not expect adoption of this guidance will have a material impact on the Company's
consolidated financial statements. In November 2016,
the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that
a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described
as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash
equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total
amounts shown on the statement of cash flows. This guidance will be effective for the Company as of March 1, 2018, and requires
a retrospective transition method. The Company does not expect adoption of this guidance will have a material impact on the Company's
consolidated financial statements. In April 2016, the
Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-10, Revenue
from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In February 2016,
the FASB issued ASU 2016-02, Leases (Topic 842) |
