EVO Transportation & Energy Services (EVOA) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 12, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MINN SHARES INC
Entity Central Index Key	728,447
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Filer Category	Smaller Reporting Company
Entity Common Stock Shares Outstanding		1,191,348

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash	$ 851	$ 11,966
Prepaid expenses	0	708
TOTAL ASSETS	851	12,674
CURRENT LIABILITIES:
Payables and accrued expenses	3,327	3,327
Due to Globe Resources Group	112,276	108,428
Due to related parties	240,931	219,806
Total Current Liabilities	$ 356,534	$ 331,561
SHAREHOLDERS' DEFICIT:
Preferred stock, $.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $.0001 par value; 100,000,000 shares authorized; 1,191,348 shares issued and outstanding	$ 119	$ 119
Additional paid-in-capital	594,022	594,022
Accumulated deficit	(949,824)	(913,028)
Total Shareholders' Deficit	(355,683)	(318,887)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 851	$ 12,674

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Balance Sheets [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	1,191,348	1,191,348
Common stock, shares outstanding	1,191,348	1,191,348

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Operations [Abstract]
OPERATING EXPENSES	$ 3,034	$ 5,995	$ 25,840	$ 32,513
OPERATING LOSS	(3,034)	(5,995)	(25,840)	(32,513)
INTEREST EXPENSE	3,716	3,475	10,956	9,729
NET LOSS	$ (6,750)	$ (9,470)	$ (36,796)	$ (42,242)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted	1,191,348	1,191,348	1,191,348	1,191,348
NET LOSS PER COMMON SHARE:
Basic and diluted	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.04)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (36,796)	$ (42,242)
Adjustment to reconcile net loss to net cash used by operating activities:
Interest added due to Globe Resources Group	3,848	2,722
Interest added to due to related parties	7,107	7,007
Changes in operating assets and liabilities:
Prepaid expenses	$ 708	(2,007)
Payables and accrued expenses		(150)
Net cash used by operating activities	$ (25,133)	(34,670)
CASH FLOWS FROM FINANCING ACTIVITIES:
Due to Globe Resources Group		43,018
Due to related parties	$ 14,018	57
Net cash provided by financing activities	14,018	43,075
NET (DECREASE) INCREASE IN CASH	(11,115)	8,404
Cash - beginning of period	11,966	7,477
Cash - end of period	$ 851	$ 15,882

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited financial statements have been prepared according to the instructions to Form 10-Q and Section 210.8-03(b) of Regulation S-X of the Securities and Exchange Commission (SEC) and, therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2015 and 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the Financial Statements and footnotes thereto included in our Form 10-K as of and for the year ended December 31, 2014. The balance sheet at December 31, 2014, has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP.

Organization and Significant Ac

Organization and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Organization and Significant Accounting Policies [Abstract]
Organization and Significant Accounting Policies	2. Organization and Significant Accounting Policies Organization Minn Shares Inc., a Delaware corporation (the Company) was incorporated in the State of Delaware on October 22, 2010 to effect the reincorporation of Minn Shares Inc., a Minnesota corporation (Minn Shares Minnesota) in the State of Delaware. The current business purpose of the Company is to seek the acquisition of or merger with an existing company. Use of Estimates 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 may affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Income Taxes Deferred income taxes are provided for temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of the enactment. In evaluating the ultimate realization of deferred income tax assets, management considers whether it is more likely than not that the deferred income tax assets will be realized. Management establishes a valuation allowance if it is more likely than not that all or a portion of the deferred income tax assets will not be utilized. The ultimate realization of deferred income tax assets is dependent on the generation of future taxable income, which must occur prior to the expiration of the net operating loss carryforwards. Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding. Diluted loss per common share is computed by dividing net loss by weighted average number of common shares outstanding and common share equivalents when dilutive. There are no common share equivalents outstanding. Fair Value of Financial Instruments The carrying value of current financial assets and liabilities approximate their fair values due to their short term nature.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2015
Going Concern [Abstract]
Going Concern	3. Going Concern The Company is a shell company, has not earned any revenues from operations since 2001, suffered recurring losses from operations, and has a shareholders’ deficit. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company’s ability to continue as a going concern is also dependent on its ability to locate a suitable target company and ultimately enter into a possible reverse merger with such company. Management’s plan includes obtaining additional funds by equity financing through a reverse merger transaction and/or related party advances, however, there is no assurance of additional funding being available.

Due to Globe Resources Group

Due to Globe Resources Group	9 Months Ended
	Sep. 30, 2015
Due to Globe Resources Group [Absract]
Due to Globe Resources Group	4 Due to Globe Resources Group On May 16, 2013, the Company entered into an agreement (the “Option Agreement”) with The Globe Resources Group, LLC (“Globe”), pursuant to which Globe acquired the right to purchase, at any time through the date that is twelve (12) months from the date of the Option Agreement, controlling shares of the Company’s common stock. Specific details of the Option Agreement are set forth in the Company’s Form 8-K filed with the SEC on May 22, 2013. Upon execution of the Option Agreement, Globe delivered an advance of $59,593 to the Company to cover its expenses during the Option Period, as further described in the Option Agreement. On May 13, 2014, the Company entered into an agreement to extend the option expiration date an additional 30 days. In connection with the extension, and again on August 7, 2014, Globe delivered advances of $15,000 and $28,018, respectively, to the Company to cover specific current payables and legal and administrative expenses related to the extension. On June 5, 2014, the Company received notification that Globe had elected not to exercise its option to purchase shares of the Company under the Option Agreement. Accordingly, the Option Agreement expired on June 15, 2014. Due to Globe consisted of advances and interest payable to Globe. At September 30, 2015 and December 31, 2014, $112,276 and $108,428, including $9,665 and $5,817, respectively of accrued interest, was owed to Globe. Prior to expiration, the loan bore annual interest at 5%. Interest expense was $1,282 and $1,138 for the three month and $3,848 and $2,722 for the nine month periods ended September 30, 2015 and 2014, respectively . As required by the Option Agreement, the Company will seek to find a third party purchaser. If sold, any consideration received will be used first to pay off related selling costs, and then repay related party payables (see Note 5). Remaining proceeds, if any, shall be used to repay advances made by Globe. In the event the Company does not consummate a sale with a third party purchaser, no amounts under the loan are payable to Globe.

Due to Related Parties

Due to Related Parties	9 Months Ended
	Sep. 30, 2015
Due to Related Parties [Abstract]
Due to Related Parties	5. Due to Related Parties Due to related parties consisted of advances and expenses paid on behalf of the Company by Paramount Trading, Ltd. (“Paramount”), a company owned by the Company’s current majority shareholder, and the Company’s President and director. At September 30, 2015 and December 31, 2014, $240,931 and $219,806, including $39,920 and $32,809, respectively of accrued interest, is owed to these related parties. The loans bear annual interest at 5% and are due on demand. Interest expense was $2,433 and $2,337 for the three month and $7,107 and $7,007 for the nine month periods ended September 30, 2015 and 2014, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	6. Income Taxes At September 30, 2015 the Company had federal net operating loss carry forwards of approximately $679,000 for income tax purposes that expire starting in 2018. The Company’s state net operating carry forwards started expiring in 2015 and the Company estimated $78,000 of state net operating loss will expire at the end of 2015. As of September 30, 2015, there is approximately $553,000 of state net operating loss carryforwards. The Company established a valuation allowance for the full amount of net deferred tax asset at September 30, 2015 because it cannot demonstrate that it is more likely than not that it will realize the benefit of that asset. In addition, future utilization of the available net operating loss carryforward may be limited under Internal Revenue Code Section 382 as a result of changes in ownership. It is the Company’s practice to recognize penalties and/or interest related to income tax matters in the interest and penalties expense. There are no interest and penalties recognized in the statements of operations or accrued on the balance sheets. The Company is subject to U.S. federal, state, or local income tax examination by tax authorities for all years for which a loss carryforward is utilized in subsequent periods.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	7. Recent Accounting Pronouncements The Company’s management has reviewed and considered all recent accounting pronouncements and believe there are none that could potentially have a material impact on the Company’s financial condition, results or disclosures.

Organization and Significant 13

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Organization and Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates 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 may affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Income Taxes	Income Taxes Deferred income taxes are provided for temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of the enactment. In evaluating the ultimate realization of deferred income tax assets, management considers whether it is more likely than not that the deferred income tax assets will be realized. Management establishes a valuation allowance if it is more likely than not that all or a portion of the deferred income tax assets will not be utilized. The ultimate realization of deferred income tax assets is dependent on the generation of future taxable income, which must occur prior to the expiration of the net operating loss carryforwards.
Loss Per Common Share	Loss Per Common Share Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding. Diluted loss per common share is computed by dividing net loss by weighted average number of common shares outstanding and common share equivalents when dilutive. There are no common share equivalents outstanding.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying value of current financial assets and liabilities approximate their fair values due to their short term nature.

Due to Globe Resources Group (D

Due to Globe Resources Group (Details) - USD ($)	Jun. 05, 2014	May. 13, 2014	May. 16, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Due to Globe Resources Group (Textual)
Description of option agreement			On May 16, 2013, the Company entered into an agreement (the ''Option Agreement'') with The Globe Resources Group, LLC (''Globe''), pursuant to which Globe acquired the right to purchase, at any time through the date that is twelve (12) months from the date of the Option Agreement, controlling shares of the Company's common stock.
Amount due to globe		$ 15,000	$ 59,593
Legal and administrative expenses		$ 28,018
Advances due to Globe				$ 112,276		$ 112,276		$ 108,428
Accrued interest due to Globe				9,665		9,665		$ 5,817
Option agreement expired	Jun. 15, 2014
Interest added to due to Globe Resources Group				$ 1,282	$ 1,138	$ 3,848	$ 2,722
Capitalized Globe				5.00%		5.00%

Due to Related Parties (Details

Due to Related Parties (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Due to Related Parties (Textual)
Amounts due to related parties	$ 240,931		$ 240,931		$ 219,806
Accrued interest due to related parties	39,920		$ 39,920		$ 32,809
Interest rate on advances with related parties			5.00%
Interest expense on due to related parties	$ 2,433	$ 2,337	$ 7,107	$ 7,007

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Income Taxes (Textual)
Net operating loss carryforwards	$ 78,000
Federal [Member]
Income Taxes (Textual)
Net operating loss carryforwards	$ 679,000
Net operating loss carryforwards expiration dates	Dec. 31, 2018
State [Member]
Income Taxes (Textual)
Net operating loss carryforwards	$ 553,000
Net operating loss carryforwards expiration dates	Sep. 30, 2015