Ondas (ONDS) 10-Q 10 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 10, 2018
Document And Entity Information
Entity Registrant Name	ZEV VENTURES INC.
Entity Central Index Key	1,646,188
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,760,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash	$ 2,460	$ 3,410
Account receivable		649
Inventory	739	4,068
Total current assets	3,199	8,127
Total assets	3,199	8,127
Current liabilities:
Accounts payable	20,355	2,500
Accrued expenses	680	6,000
Loan from related party		77,133
Total current liabilities	21,035	85,633
Total liabilities	21,035	85,633
Stockholders' deficit:
Common stock, $0.0001 par value; 75,000,000 shares authorized; 5,760,000 shares issued and outstanding at June 30, 2018 and December 31, 2017	576	576
Additional paid in capital	111,357	21,724
Accumulated deficit	(129,769)	(99,806)
Total stockholders' Deficit	(17,836)	(77,506)
Total liabilities and stockholders' deficit	$ 3,199	$ 8,127

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	5,760,000	5,760,000
Common stock, outstanding	5,760,000	5,760,000

STATEMENT OF OPERATIONS (Unaudi

STATEMENT OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenue	$ 1,928	$ 1,355	$ 2,178	$ 1,656
Cost of revenue	3,546	3,301	3,719	4,490
Gross profit	(1,618)	(1,946)	(1,541)	(2,834)
General and administrative:-
Professional fees	8,680	2,000	12,553	7,500
Filing fees	13,218	892	14,805	1,767
Other	410		1,064	141
Total operating expenses	22,308	2,892	28,422	9,408
Operating loss	(23,926)	(4,838)	(29,963)	(12,242)
Net loss	$ (23,926)	$ (4,838)	$ (29,963)	$ (12,242)
Net loss per share attributable to common shareholders, basic and diluted (in dollars per share)	$ 0	$ 0	$ (0.01)	$ 0
Weighted average number of common shares outstanding, basic and diluted (in shares)	5,760,000	3,038,461	5,760,000	3,019,337

STATEMENT OF CASH FLOWS (Unaudi

STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities
Net loss	$ (29,963)	$ (12,242)
Changes in operating assets and liabilities
Account receivable	649	1,818
Inventory	3,329	(1,849)
Account payable	17,855	3,000
Accrued expenses	(5,320)
Net cash used in operating activities	(13,450)	(9,273)
Cash Flows from Investing Activities
Net cash from investing activities
Cash Flows from Financing Activities
Proceeds from issuance of common stock		21,000
Loan from related party	12,500	7,550
Net cash provided by financing activities	12,500	28,550
Net increase (decrease) in cash	(950)	19,277
Cash and cash equivalents at beginning of the period	3,410	2,382
Cash and cash equivalents at end of the period	2,460	21,659
Supplemental Cash Flow Information:
Income taxes paid
Interest paid
Non-cash Inventory and Financing Activities:
Forgiveness of loans from related party	$ 89,633

BASIS OF PRESENTATION AND RECEN

BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	NOTE 1 – BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Interim Financial Statements The Company’s unaudited interim financial statements included herein have been prepared in accordance with Article 8 of Regulation S-X and the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed balance sheet at December 31, 2017 was derived from audited financial statements but certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In management’s opinion, the accompanying statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for the periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the footnotes. The interim financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2017. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 affect the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business, As of June 30, 2018 the Company had an accumulated deficit of $129,769 and has not earned sufficient revenues to cover operating costs and has a working capital deficit of $17,836. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2018. The ability of the Company to continue as a going concern is dependent upon, among other things, obtaining additional financing to continue operations and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Revenue Recognition On January 1, 2018, we adopted Topic 606, using the modified retrospective transition method. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with our historic accounting under Topic 605. The impact of adopting the new revenue standard was not material to our condensed financial statements and there was no adjustment to beginning retained earnings on January 1, 2018. ASC 606 requires us to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, we satisfy the performance obligation. Earnings Per Share We calculate earnings per share (“EPS”) in accordance with GAAP, which requires the computation and disclosure of two EPS amounts, basic and diluted. Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potential dilutive common shares, which is comprised of options granted, warrants, issued and convertible debt. As of June 30, 2018, the Company had no potentially dilutive shares. Recently Issued and Newly Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Statement of Cash Flows (Topic 230) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In July 2017, the FASB issued ASU 2017-11 , Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its financial position or operating results. Aside from the change noted in Revenue Recognition NOTE 2

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
INVENTORY	NOTE 2 – INVENTORY Inventory consists of sporting event tickets. Inventories are presented at the lower of cost or net realizable value and are expensed through cost of sales when sold.

LOAN FROM RELATED PARTY

LOAN FROM RELATED PARTY	6 Months Ended
	Jun. 30, 2018
Loan From Related Party
LOAN FROM RELATED PARTY	NOTE 3 – LOAN FROM RELATED PARTY On June 27, 2018, Zev Turetsky, our former sole officer and director, forgave loans made to the Company in 2017 and during the six months ended June 30, 2018 in the amount of $89,633. The amount forgiven was recorded as additional paid in capital on the accompanying condensed financial statements.

STOCKHOLDER'S DEFICIT

STOCKHOLDER'S DEFICIT	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
STOCKHOLDER'S DEFICIT	NOTE 4 – STOCKHOLDERS’ EQUITY We have 75,000,000 shares of common stock, with a $0.0001 par value, authorized, of which 5,760,000 shares of common stock were issued and outstanding at June 30, 2018 and December 31, 2017.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 5 – INCOME TAXES Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We do not expect to pay any significant federal or state income tax for 2018 as a result of the losses recorded during the six months ended June 30, 2018 and the additional losses expected for the remainder of 2018 and net operating loss carry forwards from prior years. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is “more likely than not” that some component or all of the benefits of deferred tax assets will not be realized. As of June 30, 2018, we maintained a full valuation allowance for all deferred tax assets. Based on these requirements, no provision or benefit for income taxes has been recorded. There were no recorded unrecognized tax benefits at the end of the reporting period. The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017. Among its numerous changes to the Internal Revenue Code, the Act reduces U.S. corporate rates from 35% to 21%. Additionally, the Act limits the use of net operating loss carry backs, however any future net operating losses will instead be carried forward indefinitely. Net operating losses generated from January 1, 2018 are limited to offset 80% of current income, with the remainder of the net operating loss continuing to carry forward indefinitely. Net operating losses incurred before January 1, 2018 are not subject to the 80% limitations and will begin to expire in 2029.

BASIS OF PRESENTATION AND REC11

BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	Interim Financial Statements The Company’s unaudited interim financial statements included herein have been prepared in accordance with Article 8 of Regulation S-X and the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed balance sheet at December 31, 2017 was derived from audited financial statements but certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In management’s opinion, the accompanying statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for the periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the footnotes. The interim financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2017. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 affect the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.
Going Concern	Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business, As of June 30, 2018 the Company had an accumulated deficit of $129,769 and has not earned sufficient revenues to cover operating costs and has a working capital deficit of $17,836. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2018. The ability of the Company to continue as a going concern is dependent upon, among other things, obtaining additional financing to continue operations and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Revenue Recognition	Revenue Recognition On January 1, 2018, we adopted Topic 606, using the modified retrospective transition method. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with our historic accounting under Topic 605. The impact of adopting the new revenue standard was not material to our condensed financial statements and there was no adjustment to beginning retained earnings on January 1, 2018. ASC 606 requires us to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, we satisfy the performance obligation.
Earnings Per Share	Earnings Per Share We calculate earnings per share (“EPS”) in accordance with GAAP, which requires the computation and disclosure of two EPS amounts, basic and diluted. Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potential dilutive common shares, which is comprised of options granted, warrants, issued and convertible debt. As of June 30, 2018, the Company had no potentially dilutive shares.
Recently Issued and Newly Adopted Accounting Pronouncements	Recently Issued and Newly Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Statement of Cash Flows (Topic 230) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In July 2017, the FASB issued ASU 2017-11 , Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of these accounting pronouncements has had or will have a material impact on its financial position or operating results. Aside from the change noted in Revenue Recognition NOTE 2
Reclassification	Reclassification Certain 2017 amounts have been reclassified to conform to current year presentation.

BASIS OF PRESENTATION AND REC12

BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Accumulated deficit	$ (129,769)	$ (99,806)
Working capital deficit	$ (17,836)

LOAN FROM RELATED PARTY (Detail

LOAN FROM RELATED PARTY (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Loan From Related Party
Forgiveness of loans from related party	$ 89,633

STOCKHOLDER'S DEFICIT (Details

STOCKHOLDER'S DEFICIT (Details Narrative) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	5,760,000	5,760,000
Common stock, outstanding	5,760,000	5,760,000

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
U.S. corporate tax rate	21.00%
Tax loss carryforwards, expire period	Dec. 31, 2029