EVO Transportation & Energy Services (EVOA) 10-K 28 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 08, 2016	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 57,035
Entity Common Stock Shares Outstanding		1,191,348

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash	$ 17	$ 11,966
Prepaid expenses	0	708
TOTAL ASSETS	17	12,674
CURRENT LIABILITIES:
Payables and accrued expenses	8,527	3,327
Due to Globe Resources Group	113,559	108,428
Due to related parties	245,961	219,806
Total Current Liabilities	$ 368,047	$ 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	(962,171)	(913,028)
Total Shareholders' Deficit	(368,030)	(318,887)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 17	$ 12,674

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Statement of Operations [Abstract]
OPERATING EXPENSES	$ 34,375	$ 38,584
OPERATING LOSS	(34,375)	(38,584)
INTEREST EXPENSE	14,768	13,349
NET LOSS	$ (49,143)	$ (51,933)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted	1,191,348	1,191,348
NET LOSS PER COMMON SHARE:
Basic and diluted	$ (0.04)	$ (0.04)

Statements of Shareholders' Def

Statements of Shareholders' Deficit - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Begining balance at Dec. 31, 2013	$ (266,954)	$ 119	$ 594,022	$ (861,095)
Begining balance, shares at Dec. 31, 2013		1,191,348
Net loss	(51,933)			(51,933)
Ending balance at Dec. 31, 2014	(318,887)	$ 119	$ 594,022	(913,028)
Ending balance, shares at Dec. 31, 2014		1,191,348
Net loss	(49,143)			(49,143)
Ending balance at Dec. 31, 2015	$ (368,030)	$ 119	$ 594,022	$ (962,171)
Ending balance, shares at Dec. 31, 2015		1,191,348

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (49,143)	$ (51,933)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest added to due to Globe Resources Group	5,131	4,005
Interest added to due to related parties	9,637	9,344
Changes in operating assets and liabilities:
Prepaid Expenses	708	117
Payables and accrued expenses	5,200	(150)
Net cash used in operating activities	(28,467)	(38,617)
Cash flows from financing activities:
Due to Globe Resources Group	0	43,018
Due to related parties	16,518	88
Net cash provided by financing activities	16,518	43,106
Net increase (decrease) in cash	(11,949)	4,489
Cash beginning of year	11,966	7,477
Cash end of year	$ 17	$ 11,966

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Organization and Significant Accounting Policies [Abstract]
Organization and Significant Accounting Policies	1. 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 (“GAAP”) 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 Investments The carrying value of current financial assets and liabilities approximates their fair values due to their short term nature.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2015
Going Concern [Abstract]
Going Concern	2. 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	12 Months Ended
	Dec. 31, 2015
Due to Globe Resources Group [Absract]
Due to Globe Resources Group	3 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 for an additional 30 days. 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. 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. Due to Globe consisted of advances and interest payable to Globe. At December 31, 2015 and December 31, 2014, $113,559 and $108,428, including $10,948 and $5,817, respectively of accrued interest, was owed to Globe. The loan bore annual interest at 5%. Interest expense was $5,131 and $4,005 for the years ended December 31, 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 4). 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	12 Months Ended
	Dec. 31, 2015
Due to Related Parties [Abstract]
Due to Related Parties	4. 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 one of the Company’s current shareholders, and the Company’s President and director. At December 31, 2015 and 2014, $245,961 and $219,806, including $42,446 and $32,809, respectively of accrued interest, is owed to these related parties. The advances bear annual interest at 5% and are due on demand. Interest expense to related parties was $9,637 and $9,344 for 2015 and 2014, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	5. Income Taxes A reconciliation between the expected federal income tax rate and the actual tax rate is as follows: Year Ended December 31, 2015 2014 Statutory income tax rate 34.0 % 34.0 % State income tax, net of federal benefit 6.5 6.5 Valuation of deferred tax assets (40.5 ) (40.5 ) - % - % A summary of deferred tax assets and liabilities are as follows: December 31, 2015 2014 Deferred tax assets: Operating loss carryforwards $ 264,138 $ 260,156 Capital loss carryforwards 0 42,548 Total deferred tax assets 264,138 302,704 Valuation allowance (264,138 ) (302,704 ) Net deferred taxes $ - $ - Deferred income tax assets have been reduced by a valuation allowance as it is more likely than not that they will not be realized. The valuation allowance decreased by $38,566 for the year ended December 31, 2015 and increased $20,947 the year ended December 31, 2014. At December 31, 2015 the Company had federal net operating loss carryforwards of approximately $692,000 for income tax purposes that expire starting in 2018. Part of the Company’s state net operating loss carry forwards are in the process of expiring. As of December 31 2015, there is approximately $449,000 of state net operating loss carryforwards. The Company established a valuation allowance for the full amount of net deferred tax asset at December 31, 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	12 Months Ended
	Dec. 31, 2015
Recent Accounting Pronouncement [Abstract]
Recent Accounting Pronouncement	6. Recent Accounting Pronouncement 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)	12 Months Ended
	Dec. 31, 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 (“GAAP”) 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 Investments	Fair Value of Financial Investments The carrying value of current financial assets and liabilities approximates their fair values due to their short term nature.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Summary of reconciliation between the expected federal income tax rate and the actual tax rate	Year Ended December 31, 2015 2014 Statutory income tax rate 34.0 % 34.0 % State income tax, net of federal benefit 6.5 6.5 Valuation of deferred tax assets (40.5 ) (40.5 ) - % - %
Summary of deferred tax assets and liabilities	December 31, 2015 2014 Deferred tax assets: Operating loss carryforwards $ 264,138 $ 260,156 Capital loss carryforwards 0 42,548 Total deferred tax assets 264,138 302,704 Valuation allowance (264,138 ) (302,704 ) Net deferred taxes $ - $ -

Due to Globe Resources Group (D

Due to Globe Resources Group (Details) - USD ($)	Aug. 07, 2014	Jun. 05, 2014	May. 16, 2013	Dec. 31, 2015	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				$ 113,559	$ 108,428
Accrued interest due to Globe				10,948	5,817
Option agreement expired		Jun. 15, 2014
Interest expense on due to Globe				$ 5,131	$ 4,005
Interest rate on advances with Globe				5.00%

Due to Related Parties (Details

Due to Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Due to Related Parties (Textual)
Amounts due to related parties	$ 245,961	$ 219,806
Accrued interest due to related parties	$ 42,446	32,809
Interest rate on advances with related parties	5.00%
Interest expense on due to related parties	$ 9,637	$ 9,344

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary of reconciliation between the expected federal income tax rate and the actual tax rate
Statutory income tax rate	34.00%	34.00%
State income tax, net of federal benefit	6.50%	6.50%
Valuation of deferred tax assets	(40.50%)	(40.50%)
Total tax

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Operating loss carryforwards	$ 264,138	$ 260,156
Capital loss carryforwards	0	42,548
Total deferred tax assets	264,138	302,704
Valuation allowance	$ (264,138)	$ (302,704)
Net deferred taxes

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes (Textual)
Valuation allowance increase (decrease)	$ (38,566)	$ 20,947
Federal [Member]
Income Taxes (Textual)
Net operating loss carryforwards	$ 692,000
Net operating loss carryforwards expiration dates	Dec. 31, 2018
State [Member]
Income Taxes (Textual)
Net operating loss carryforwards	$ 449,000
Net operating loss carryforwards expiration dates	Dec. 31, 2015