Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Sep. 30, 2014 | |
Document and Entity Information | ' |
Entity Registrant Name | 'RECEIVABLE ACQUISITION & MANAGEMENT CORP |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Amendment Flag | 'false |
Entity Central Index Key | '0000733337 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 199,488,959 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
BALANCE_SHEET
BALANCE SHEET (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash | $131,000 | $347,877 |
Accounts receivable | 303,873 | 203,445 |
Prepaid expenses and deposits | 70,205 | 69,319 |
Total current assets | 505,078 | 620,641 |
Intangible asset - license agreement | 233,209 | 242,509 |
TOTAL ASSETS | 738,287 | 863,150 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 387,483 | 573,053 |
Due to Licensor | 187,000 | 187,000 |
Advances Payable | ' | 17,833 |
Total current liabilities | 574,483 | 777,886 |
TOTAL LIABILITIES | 574,483 | 777,886 |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock value | 199,489 | 196,514 |
Additional paid-in capital | 256,237 | 96,550 |
Retained earnings (deficit) and adjustments | -291,923 | -207,800 |
Total stockholders' equity | 163,803 | 85,264 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $738,287 | $863,150 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Balance Sheet | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 325,000,000 | 325,000,000 |
Common stock, shares issued | 199,488,959 | 196,513,959 |
Common stock, shares outstanding | 199,488,959 | 196,513,959 |
STATEMENT_OF_OPERATIONS
STATEMENT OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
INCOME | ' | ' | ' | ' |
Project management | $254,946 | $260,150 | $772,773 | $730,775 |
Total income | 254,946 | 260,150 | 772,773 | 730,775 |
EXPENSES | ' | ' | ' | ' |
Consulting fees | 191,682 | 231,633 | 625,235 | 591,207 |
General and administrative | 27,797 | 26,414 | 92,588 | 41,869 |
Legal and other professional fees | 16,952 | 104,650 | 139,073 | 195,598 |
Total expenses | 236,431 | 362,697 | 856,896 | 828,674 |
NET INCOME (LOSS) | $18,515 | ($102,547) | ($84,123) | ($97,899) |
NET INCOME (LOSS) PER COMMON SHARE | $0 | $0 | $0 | $0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 197,488,959 | 196,200,772 | 197,289,094 | 186,331,047 |
STATEMENT_OF_STOCKHOLDERS_EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Total Stockholders' Equity |
Beginning Balance, amount at Dec. 31, 2013 | $196,514 | $96,550 | ($207,800) | $85,264 |
Beginning Balance, shares at Dec. 31, 2013 | 196,513,959 | ' | ' | ' |
Shares issued in in exchange for consulting services, shares | 975,000 | ' | ' | ' |
Shares issued in in exchange for consulting services, value | 975 | 30,775 | ' | 31,750 |
Shares issued in in exchange for invested capital, shares | 2,000,000 | ' | ' | ' |
Shares issued in in exchange for invested capital, value | 2,000 | 98,000 | ' | 100,000 |
Contributed capital | ' | 30,912 | ' | 30,912 |
Net income for the period | ' | ' | -84,123 | -84,123 |
Ending Balance, amount at Sep. 30, 2014 | $199,489 | $256,237 | ($291,923) | $163,803 |
Ending Balance, shares at Sep. 30, 2014 | 199,488,959 | ' | ' | ' |
STATEMENT_OF_CASH_FLOWS
STATEMENT OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($84,123) | ($97,899) |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Shares issued for consulting services | 31,750 | 95,000 |
Amortization - license agreement | 9,300 | 3,100 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -100,429 | -98,488 |
Accounts payable and accrued expenses | -185,568 | 288,356 |
Prepaid expenses | -886 | -20,819 |
License agreement payments | ' | -13,000 |
Total adjustments | -245,883 | 221,372 |
Net cash provided (used) by operating activities | -329,956 | 123,473 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Cash received from reverse merger acquisition | ' | 53,929 |
Security deposit | ' | 1,000 |
License agreement payments | ' | 248,709 |
Net cash provided (used) by investing activities | ' | -195,780 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Distributions | ' | 174,969 |
Advances payable | 12,250 | ' |
Contributed capital | 100,829 | ' |
Net cash provided (used) by financing activities | 113,079 | -174,969 |
NET INCREASE (DECREASE) IN CASH | -216,877 | 2,433 |
CASH, BEGINNING OF PERIOD | 347,877 | 3,415 |
CASH, END OF PERIOD | 131,000 | 5,848 |
NON CASH INVESTING ACTIVITY | ' | ' |
Advances payable converted to equity | 30,083 | ' |
Shares issued for license agreement | ' | $48,709 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 3 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Organization and Nature of Business | ' |
1. Organization and Nature of Business | |
Receivable Acquisition and Management Corporation (the “Company” or “RAMCO”), a Delaware corporation, was in the business to purchase, manage and collect defaulted consumer receivables. RAMCO ceased investments in distressed consumer credit portfolios in September 2007 and since then was in the process of running off existing portfolios. | |
On March 29, 2013, RAMCO entered into a definitive reverse merger agreement (the “Merger”) with Cornerstone Program Advisors LLC, (“Cornerstone”), a Delaware limited liability company, and Sustainable Energy Industries, Inc. (“Sustainable”), a New York corporation, which closed on May 15, 2013. Sustainable was involved in developing and improving the efficiency of energy infrastructure using a combination of traditional and advanced technologies and Cornerstone was an energy infrastructure project management company focused on healthcare and higher learning institutions. As a result of the Merger, approximately 90% of RAMCO’s common stock was issued to the members and shareholders of Cornerstone and Sustainable and in exchange, RAMCO acquired the entire membership interest in Cornerstone and all the issued and outstanding shares of Sustainable. | |
Following the Merger, the Company adopted a business plan to build on the business of Cornerstone and Sustainable in energy infrastructure and alternative energy, and the management of Cornerstone and Sustainable became the executive officers of the Company. | |
The Company believes that funds generated from operations, together with existing cash and cash infusions by major stockholders, will be sufficient to finance its operations for the next twelve months, but are likely to be insufficient to fund its contractual obligation (see Note 4) and to fund growth. The Company expects to seek additional capital to cover any working capital needs and its contractual obligation discussed below, and to fund growth initiatives in its identified markets. However, there can be no assurance that any new debt or equity financing arrangement will be available to the Company when needed on acceptable terms, if at all. The continued operations of the Company are dependent on its ability to collect its receivables and increase revenues. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Significant Accounting Policies | ' |
2. Significant Accounting Policies | |
Basis of Presentation and Use of Estimates | |
The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required to be made by management include recognition of income for work completed and unbilled to customers and the allowance for doubtful accounts. Actual results could differ from those estimates. | |
Unaudited Financial Statements | |
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. The unaudited financial statements should be read in conjunction with those financial statements included in the Company’s Form 8-K/A filed with the SEC on August 5, 2013, and its Form 10-K for the year ended December 31, 2013. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
Cash | |
The Company continually monitors its positions with, and the credit quality of, the financial institutions it invests with. From time to time, however briefly, the Company maintains balances in operating accounts in excess of federally insured limits. | |
Accounts Receivable | |
Receivables are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. At September 30, 2014, no allowance for doubtful accounts has been provided. | |
Income Recognition | |
The Company recognizes income for the sale of services and products when persuasive evidence of an arrangement exists, services have been rendered or delivery has occurred, the fee is fixed or determinable and the collectability of the related income is reasonably assured. | |
The Company principally derives income from fees for services generated on a project-by-project basis. Prior to the commencement of a project, the Company reaches agreement with the client on rates for services based upon the scope of the project, staffing requirements and the level of client involvement. It is the Company’s policy to obtain written agreements from new clients prior to performing services. In these agreements, the clients acknowledge that they will pay based upon the amount of time spent on the project or an agreed upon fee structure. Income for services rendered is recognized on a time and materials basis or on a fixed-fee or capped-fee basis in accordance with accounting and disclosure requirements for income recognition. | |
Fees for services that have been performed, but for which the Company has not invoiced the customers are recorded as unbilled receivables. | |
Income for time and materials contracts are recognized based on the number of hours worked by the Company’s subcontractors at an agreed upon rate per hour, and are recognized in the period in which services are performed. Income for time and materials contracts is billed monthly or in accordance with the specific contractual terms of each project. | |
License Agreement | |
The cost of the license agreement (see Note 4) is being amortized on a straight-line basis over 20 years. The license agreement is reflected in the accompanying September 30, 2014 balance sheet net of accumulated amortization of $15,500. | |
Income Taxes | |
The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by the tax authorities. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2010 - 2013). | |
Basic and Diluted Net Income (Loss) per Share | |
The Company computes income (loss) per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted income (loss) per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential common shares if their effect is anti-dilutive. | |
The Company has no potential dilutive instruments and accordingly basic income (loss) and diluted income per share are the same. | |
The weighted average number of shares used in computing the income per share in 2013 has been adjusted to give effect to the reverse merger described in Note 1. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09: “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company will adopt ASU 2014-09 during the first quarter of fiscal 2017. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2014-09 will have on the Company's financial position or results of operations. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15: “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should 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). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. | |
All other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. | |
Subsequent Events | |
Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Related Party Transactions | ' |
3. Related Party Transactions | |
Consulting Fees | |
Certain stockholders of the Company and entities affiliated with management perform services to customers and were compensated at various rates. Total consulting expenses incurred by these entities amounted to $583,977 and $570,327 for the nine months ended September 30, 2014 and 2013, respectively. | |
Advances Payable | |
Advances payable were due to officers of the Company with no specified repayment terms. Previously outstanding advances were cleared in the previous quarter by contributions of capital by these officers. |
License_Agreement_Note
License Agreement, Note | 3 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
License Agreement, Note | ' |
4. License Agreement | |
On November 15, 2012, Sustainable LLC entered into a renewable 20-year engine technology license agreement (the “Technology Agreement”) with a third party licensor (the “Licensor”) that developed engines capable of converting low grade heat into other forms of energy. Under the terms of the Technology Agreement, Sustainable LLC obtained certain exclusive license rights in the engines developed by the Licensor which would permit Sustainable LLC to develop, manufacture and integrate such engines into its projects. | |
The exclusive market rights of the Technology Agreement provide that Sustainable LLC make a cash payment of $200,000 and issue common stock in Sustainable representing a small minority ownership position in the Company (see Note 1), along with periodic quarterly payments of $25,000 commencing six months after the initial $200,000 payment. These payments reset to $50,000 per quarter after three payments, and are subject to further resets to up to $100,000 depending on engine sales volume. Under certain circumstances, engine royalty fees and referral fees can increase the quarterly payment from time to time. In the event of non-payment, Sustainable retains a non-exclusive license subject to royalty fees. | |
On May 15, 2013, in connection with the Merger (see Note 1), the Company, after acquiring 100% ownership interest in Sustainable, issued 2,435,430 shares to the Licensor which represents a small minority position in the Company as required under the terms of the Technology Agreement. At the time of issuance, these shares were valued at $48,709 representing the fair value of the RAMCO shares. | |
In addition, during the fiscal year ended December 31, 2013, the Company made payments of $13,000 that were applied against the required initial $200,000 cash payment as stated under the terms of the Technology Agreement. | |
In connection with a November 5, 2013, proceeding commenced by the Securities Division of the Arizona Corporation Commission (the “ACC”) the Company learned that the Licensor had been classified as dissolved by the Delaware Division of Corporations after March 1, 2010 for failure to pay franchise taxes to the State of Delaware, and similarly classified by the ACC as of approximately the same time. | |
In performing due diligence in regard to the status of the Licensor, the Company subsequently learned also that two United States patents that were licensed to the Company under the Technology Agreement have been classified as expired due to the Licensor’s failure to pay maintenance fees thereon. The Company has confirmed that Licensor is taking steps to have the corporate charters of each, as well as the patents, reinstated, but may not be successful in such reinstatements, and is in discussions with the Licensor regarding these matters. | |
To the best of the Company’s knowledge at present, none of these issues presents a near-term hindrance to the Company’s continued focus on establishing and growing its engine technology business. | |
Pursuant to the Technology Agreement, the Company has obtained previously described rights to all forms of intellectual property covering certain engine technology that is the subject of the Technology Agreement and is not relying on the two U.S. patents to be reinstated in order to maintain the ability and knowhow to use such technology. At this time, there can be no assurance that the foregoing matters will not have a material adverse effect on the Company’s operations. | |
The accompanying September 30, 2014 balance sheet presents the carrying value of the license fee at $233,209, consisting of the $200,000 required payments under the Technology Agreement and $48,709, representing the fair value of shares issues to the Licensor, net of $15,500 in accumulated amortization. In addition, the accompanying balance reflects $187,000 due to the Licensor, representing the remaining liability from the initial $200,000 required payment. | |
The Company periodically performs an analysis of its contractual rights and arrangements and establishes asset value based on that analysis. |
Concentrations_Note
Concentrations, Note | 3 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Concentrations, Note | ' |
5. Concentrations | |
The Company grants credit in the normal course of business to its customers. The Company periodically performs credit analysis and monitors the financial condition of its customers to reduce credit risk. | |
Two customers accounted for 63.3% and 36.7% during the nine months ended September 30, 2014, and the same two customers accounted for 62.7% and 37.3% during the nine months ended September 30, 2013, respectively, of total project management income. | |
These two customers accounted for 65.4% and 34.6%, respectively, of total accounts receivable at September 30, 2014. |
Stock_Issuance_Note
Stock Issuance, Note | 3 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Stock Issuance, Note | ' |
6. Stock Issuance | |
In February 2014, the Company issued 375,000 shares of common stock to the former chief executive officer and 50,000 shares to a lawyer as compensation for services provided to the Company. | |
In February 2014, the Company issued 300,000 shares of common stock to a law firm as partial compensation for certain services provided to the Company. | |
In March 2014, the Company issued 250,000 shares of common stock to an industry consultant as partial compensation for services being rendered. | |
In August 2014, the Company entered into a binding contract to issue 2,000,000 shares of common stock to an individual investor in return for a capital infusion. |
Significant_Accounting_Policie1
Significant Accounting Policies: Basis of Presentation and Use of Estimates (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Basis of Presentation and Use of Estimates | ' |
Basis of Presentation and Use of Estimates | |
The Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required to be made by management include recognition of income for work completed and unbilled to customers and the allowance for doubtful accounts. Actual results could differ from those estimates. |
Significant_Accounting_Policie2
Significant Accounting Policies: Unaudited Financial Statements (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Unaudited Financial Statements | ' |
Unaudited Financial Statements | |
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. The unaudited financial statements should be read in conjunction with those financial statements included in the Company’s Form 8-K/A filed with the SEC on August 5, 2013, and its Form 10-K for the year ended December 31, 2013. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. |
Significant_Accounting_Policie3
Significant Accounting Policies: Cash, Policy (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Cash, Policy | ' |
Cash | |
The Company continually monitors its positions with, and the credit quality of, the financial institutions it invests with. From time to time, however briefly, the Company maintains balances in operating accounts in excess of federally insured limits. |
Significant_Accounting_Policie4
Significant Accounting Policies: Accounts Receivable, Policy (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Accounts Receivable, Policy | ' |
Accounts Receivable | |
Receivables are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on its assessment of the current status of individual accounts. At September 30, 2014, no allowance for doubtful accounts has been provided. |
Significant_Accounting_Policie5
Significant Accounting Policies: Income Recognition, Policy (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Income Recognition, Policy | ' |
Income Recognition | |
The Company recognizes income for the sale of services and products when persuasive evidence of an arrangement exists, services have been rendered or delivery has occurred, the fee is fixed or determinable and the collectability of the related income is reasonably assured. | |
The Company principally derives income from fees for services generated on a project-by-project basis. Prior to the commencement of a project, the Company reaches agreement with the client on rates for services based upon the scope of the project, staffing requirements and the level of client involvement. It is the Company’s policy to obtain written agreements from new clients prior to performing services. In these agreements, the clients acknowledge that they will pay based upon the amount of time spent on the project or an agreed upon fee structure. Income for services rendered is recognized on a time and materials basis or on a fixed-fee or capped-fee basis in accordance with accounting and disclosure requirements for income recognition. | |
Fees for services that have been performed, but for which the Company has not invoiced the customers are recorded as unbilled receivables. | |
Income for time and materials contracts are recognized based on the number of hours worked by the Company’s subcontractors at an agreed upon rate per hour, and are recognized in the period in which services are performed. Income for time and materials contracts is billed monthly or in accordance with the specific contractual terms of each project. |
Significant_Accounting_Policie6
Significant Accounting Policies: License Agreement, Policy (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
License Agreement, Policy | ' |
License Agreement | |
The cost of the license agreement (see Note 4) is being amortized on a straight-line basis over 20 years. The license agreement is reflected in the accompanying September 30, 2014 balance sheet net of accumulated amortization of $15,500. |
Significant_Accounting_Policie7
Significant Accounting Policies: Income Taxes, Policy (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Income Taxes, Policy | ' |
Income Taxes | |
The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by the tax authorities. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2010 - 2013). |
Significant_Accounting_Policie8
Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share, Policy (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Basic and Diluted Net Income (loss) Per Share, Policy | ' |
Basic and Diluted Net Income (Loss) per Share | |
The Company computes income (loss) per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted income (loss) per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential common shares if their effect is anti-dilutive. | |
The Company has no potential dilutive instruments and accordingly basic income (loss) and diluted income per share are the same. | |
The weighted average number of shares used in computing the income per share in 2013 has been adjusted to give effect to the reverse merger described in Note 1. |
Significant_Accounting_Policie9
Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09: “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company will adopt ASU 2014-09 during the first quarter of fiscal 2017. Management is evaluating the provisions of this statement and has not determined what impact the adoption of ASU 2014-09 will have on the Company's financial position or results of operations. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15: “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should 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). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). The term probable is used consistently with its use in Topic 450, Contingencies. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. | |
All other accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Recovered_Sheet1
Significant Accounting Policies: Subsequent Events, Policy (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Subsequent Events, Policy | ' |
Subsequent Events | |
Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued. |
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Details) | Mar. 29, 2013 |
Details | ' |
Reverse merger, shares percentage exchanged | 90.00% |
Recovered_Sheet2
Significant Accounting Policies: License Agreement, Policy (Details) (USD $) | Sep. 30, 2014 |
Details | ' |
Accumulated amortization | $15,500 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Details | ' | ' |
Consulting expenses | $583,977 | $570,327 |
License_Agreement_Note_Details
License Agreement, Note (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
15-May-13 | Dec. 31, 2013 | Sep. 30, 2014 | |
Value of license agreement | ' | $242,509 | $233,209 |
Accumulated amortization | ' | ' | 15,500 |
Engine Technology License Agreement | ' | ' | ' |
Number of shares issued for acquisition | 2,435,430 | ' | ' |
Value of shares | 48,709 | ' | ' |
Payments made | ' | 13,000 | ' |
Value of license agreement | ' | ' | 233,209 |
Due to the Licensor | ' | ' | $200,000 |
Concentrations_Note_Details
Concentrations, Note (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Details | ' | ' |
Volumn of income generated with particular customer | 'Two customers accounted for 63.3% and 36.7% | 'two customers accounted for 62.7% and 37.3% |
Volumn of accounts receivable with particular customer | 'two customers accounted for 65.4% and 34.6% | ' |
Stock_Issuance_Note_Details
Stock Issuance, Note (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Former CEO | ' |
Common stock issued as compensation for services | 375,000 |
Lawyer | ' |
Common stock issued as compensation for services | 50,000 |
Law firm | ' |
Common stock issued as compensation for services | 300,000 |
Industry consultant | ' |
Common stock issued as compensation for services | 250,000 |
Binding contract to issue shares in return for capital | ' |
Common stock issued for cash proceeds | 2,000,000 |