Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 14, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | PwrCor, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Entity Central Index Key | 733,337 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 207,662,722 | |
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 | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | pwco |
BALANCE SHEET
BALANCE SHEET - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 82,995 | $ 114,217 |
Accounts receivable | 304,190 | 215,993 |
Prepaid expenses and deposits | 55,450 | 54,667 |
Total current assets | 442,635 | 384,877 |
Intangible asset - license agreement | 91,125 | 94,500 |
Fixed asset - engines | 24,690 | 22,154 |
TOTAL ASSETS | 558,450 | 501,531 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 549,515 | 441,950 |
Total current liabilities | 549,515 | 441,950 |
TOTAL LIABILITIES | 549,515 | 441,950 |
STOCKHOLDERS' EQUITY | ||
Common stock value | 207,662 | 207,662 |
Additional paid-in capital | 960,224 | 960,224 |
Retained earnings (deficit) and adjustments | (1,158,951) | (1,108,305) |
Total stockholders' equity | 8,935 | 59,581 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 558,450 | $ 501,531 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Balance Sheet | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 325,000,000 | 325,000,000 |
Common stock, shares issued | 207,662,722 | 207,662,722 |
Common stock, shares outstanding | 207,662,722 | 207,662,722 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
INCOME | ||
Project management | $ 276,761 | $ 231,602 |
Heat conversion technology | 47,852 | 30,442 |
Total income | 324,613 | 262,044 |
EXPENSES | ||
Consulting fees | 208,820 | 167,717 |
Engine production | 41,247 | 42,193 |
General and administrative | 59,740 | 44,576 |
Legal and other professional fees | 65,452 | 77,050 |
Total expenses | 375,259 | 331,536 |
NET INCOME (LOSS) | $ (50,646) | $ (69,492) |
NET INCOME (LOSS) PER COMMON SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 207,662,722 | 200,739,432 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings (Deficit) | Total Stockholders' Equity |
Beginning Balance, shares at Dec. 31, 2017 | 207,662,722 | |||
Beginning Balance, amount at Dec. 31, 2017 | $ 207,662 | $ 960,224 | $ (1,108,305) | $ 59,581 |
Net income (loss) for the period | (50,646) | (50,646) | ||
Ending Balance, shares at Mar. 31, 2018 | 207,662,722 | |||
Ending Balance, amount at Mar. 31, 2018 | $ 207,662 | $ 960,224 | $ (1,158,951) | $ 8,935 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET INCOME (LOSS) | $ (50,646) | $ (69,492) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,322 | 1,710 |
Provision for uncollectable receivables | 58,704 | |
Changes in assets and liabilities: | ||
Decrease (increase) in accounts receivable | (146,901) | 25,436 |
Increase (decrease) in accounts payable and accrued expenses | 118,350 | 44,508 |
Decrease (increase) in prepaid expenses and deposits | (783) | (966) |
Decrease (increase) in contract liabilities | (30,442) | |
Increase (decrease) in accrued engine development expense | (10,786) | |
Total adjustments | 23,907 | 40,246 |
Net cash provided (used) by operating activities | (26,739) | (29,246) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of fixed assets | 4,483 | |
Net cash provided (used) by investing activities | (4,483) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
NET INCREASE (DECREASE) IN CASH | (31,222) | (29,246) |
CASH, BEGINNING OF PERIOD | 114,217 | 90,764 |
CASH, END OF PERIOD | $ 82,995 | $ 61,518 |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Organization and Nature of Business | 1. Organization and Nature of Business PwrCor, Inc. (the Company or PwrCor) was until the first quarter of 2017 named Receivable Acquisition & Management Corporation (RAMCO) and doing business as Cornerstone Sustainable Energy. RAMCO, a public reporting entity, was in the business to purchase, manage and collect defaulted consumer receivables. Cornerstone Program Advisors LLC (Cornerstone), a Delaware limited liability company, is an energy infrastructure project management company focused on healthcare and higher learning institutions. Sustainable Energy Industries, Inc. (Sustainable) is a New York corporation involved in developing and improving the efficiency of energy infrastructure using advanced proprietary technologies. As a result of a reverse merger acquisition (the Merger) between RAMCO, Cornerstone, and Sustainable during 2013, the Company adopted a business plan to build on the business of Cornerstone and Sustainable in energy infrastructure and alternative energy. In January 2017, the Companys shareholders approved a name change to PwrCor, Inc., which became effective on March 3, 2017. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Significant Accounting Policies | Note 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 revenue for work completed and unbilled to customers, the allowance for doubtful accounts. Actual results could differ from those estimates. 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 significant growth. The Company raised $665,000 in gross capital during the second half of 2017 and, over time, expects to seek additional capital to cover any working capital needs, 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 raise funds, collect accounts receivable, and generate revenue. 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 Companys Form 10-K for the year ended December 31, 2017. 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 months ended March 31, 2018, are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. 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 March 31, 2018, and December 31, 2017, an allowance for doubtful accounts was made totaling $58,704 and $63,270, respectively, to provide for the possibility of a revenue shortfall from the project in Modoc County, and is reflected in the accounts receivable balance on the balance sheet in the accompanying financial statements. Revenue Recognition The Companys revenue is recognized when the Company satisfies its performance obligation(s) under the contract (either implicit or explicit) by transferring the promised product or service to its customer either when (or as) its customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contracts transaction price is allocated to each distinct performance obligation. The majority of the Companys contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. The Companys performance obligations under its engine business are generally satisfied as over time. Revenue from products or services transferred to its customer over time accounted for approximately 14.7% and 11.6% of revenue for the three months ended March 31, 2018 and 2017, respectively. Revenue under this contract is generally recognized over time using an input measure based upon the proportion of actual costs incurred to estimated total project costs, which is a method used to best depict the Companys performance to date under the terms of the contract. Accounting for over time contracts involves the use of various techniques to estimate total revenue and costs. The Company estimates profit on such contracts as the difference between total estimated revenue and expected costs to complete a contract and recognizes that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, among other things, labor productivity, costs and availability of materials. The nature of these long-term agreements may give rise to several types of variable consideration, such as claims, awards and incentive fees. These amounts of variable consideration are not expected to be significant. Additionally, contract estimates may include additional revenue for submitted contract modifications if there exists and enforceable right to the modification, the amount can be reasonably estimated and its realization is probable. These estimates are based on historical collection experience, anticipated performance, and the Companys best judgment at the time. These amounts are generally included in the contracts transaction price and are allocated over the remaining performance obligations. Changes in judgments on these above estimates could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated income. The Company may receive payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. In the event a contract loss becomes known, the entire amount of the estimated loss is recognized in the Statement of Operations. The majority of the Companys revenue is from products and services transferred to customers at a point in time and was approximately 85.3% and 88.4% of revenue for the three months ended March 31, 2018 and 2017, respectively. The Company recognizes revenue at the point in time in which the customer obtains control of the product or service, which is generally when product title passes to the customer upon shipment. The timing of revenue recognition, billings and cash collections results in billed receivables, costs in excess of billings (contract assets), and billings in excess of costs (contract liabilities, previously deferred revenue) on the Balance Sheet. Contract liabilities additionally include customer advances or prepayments. Costs in excess of billings and billings in excess of costs associated with over time contracts were not significant at March 31, 2018 or 2017. Revenue recognized during the three months ended March 31, 2018 and 2017 that was included in contract liabilities at the beginning of the period was $0 and $34,587, respectively. On March 31, 2018, the Company had no remaining performance obligations. Fixed Assets Fixed assets are being depreciated on the straight line basis over a period of five years. 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 Companys 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 (2013 - 2016). 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 Companys outstanding warrants are anti-dilutive, and accordingly basic (loss) and diluted (loss) per share are the same. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue, cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted the provisions of ASU 2014-09 on January 1, 2018, using the modified retrospective approach. Revenue from the Companys sale of services are generally recognized either when services are performed (i.e. point in time) or under engine sales contracts, as the Company transfers control of the product or service to its customers (i.e. over time), which approximates the previously used percentage-of-completion method of accounting. As such, the adoption of ASU 2014-09 had no material impact to the Companys financial position or results of operations; however, the Company has now presented the disclosures required by this new standard herein. 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
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 for the three months ended March 31, 2018 and 2017 amounted to $143,454 and $132,795, respectively. Amounts payable to these stockholders and entities at March 31, 2018 and 2017 totaled $144,875 and $133,548, respectively. |
License Agreement Disclosure
License Agreement Disclosure | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
License Agreement Disclosure | 4. License Agreement At the time of the Merger, Sustainable had a series of agreements including an exclusive, renewable 20-year engine technology license agreement (the Agreement) with a third party licensor that had developed engines capable of converting heat into other forms of energy. The agreements were assigned to the Company. Under the terms of the Agreement, it could be cancelled by the Company during the term once the patents upon which it was based expired. The newer of two patents expired in August of 2017, and the Company elected at that time to exercise its right to cancel the Agreement. The third party licensor had been classified in 2010 as dissolved by the Delaware Division of Corporations, and similarly by the Arizona Corporation Commission, and has not reinstated its charters. Despite this status, during July, 2017, the Company received a demand letter from the principal of that firm claiming that an aggregate total of $1,104,367 was due the firm under the Agreement, and to the principal for consulting work. The Company and its counsel believe that the claims are without merit and would vigorously defend any potential lawsuit. The Company believes it has no outstanding obligation to either party, and took the remaining unamortized asset value of the Agreement, $20,307, as a charge against earnings in the third quarter of 2017. Subsequently, in December, 2017, the Company entered into an intellectual property license agreement with Thermal Tech Holdings, LLC, a Delaware limited liability company (TTH). TTH is an entity owned equally by two entities affiliated, respectively, with two directors of the Company, who also serve in management positions with TTH. TTH is the owner of certain patent applications as well as the inventions relating to the Companys proprietary engine technology (the Licensed Patents and Technical Information). The Licensed Patents and Technical Information were developed by an independent non-profit research institute (the Contractor). All work done by the Contractor was paid for by TTH in order that TTH, rather than the Company, would be at risk if the research, development, engineering and design work were of little or no value. Furthermore, the work performed by the Contractor for TTH was confidential for competitive business reasons. The Patent License grants the Company a worldwide non-exclusive license to use the Technical Information to make, use or sell any products and/or services which would be covered by these specific Licensed Patents. However, TTH may not license any Licensed Patents and Technical Information to any competitive entity, or to any other entity without the prior written consent of the Company. The agreement calls for the Company to pay TTH a royalty equal to five percent (5%) of the Net Revenue (as defined) of all Licensed Products covered by a Licensed Patent sold by the Company and its affiliates, as well as an initial license fee of $135,000. The Patent License will terminate upon the expiration of all Licensed Patents. The Company may terminate the agreement on ninety (90) days prior written notice. TTH may terminate the agreement on ninety (90) days prior written notice for uncured defaults (as defined). The accompanying March 31, 2018 balance sheet presents the carrying value of the license fee at $91,125, which is net of an unpaid balance of $40,500 and $3,375 in accumulated amortization. The cost of the license agreement is being amortized over ten years. |
Concentrations Disclosure
Concentrations Disclosure | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Concentrations Disclosure | 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 92.9% and 7.1%, respectively, of total project management revenue during the three months ended March 31, 2018, and two customers accounted for 90.1% and 9.9%, respectively, during the three months ended March 31, 2017. Two project management customers accounted for 93.1% and 6.9%, respectively, of total project management accounts receivable at March 31, 2018, and for 90.1% and 9.9%, respectively, at March 31, 2017. Project management accounts receivable constituted 94.2% of receivables at March 31, 2018, but all of receivables as of March 31, 2017. All of the revenue from the Companys heat conversion technology was from the same customer in the quarters ended March 31, 2018 and March 31, 2017. |
Stock Issuance, Disclosure
Stock Issuance, Disclosure | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Stock Issuance, Disclosure | 6. Stock Issuance In September and October 2017, the Company issued 6,650,000 shares of common stock at a per share price of $0.10 to thirteen individual investors in return for a capital infusion of $665,000. Each share issued was accompanied by a warrant for one-half share of common stock; the warrants are exercisable at a price of $0.30 per share. The Company claims an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder. No commissions were paid and no underwriter or placement agent was involved in this transaction. The proceeds of this transaction were used for the Companys working capital and general corporate purposes. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Subsequent Events | 7. 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. |
Significant Accounting Polici14
Significant Accounting Policies: Basis of Presentation and Use of Estimates (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 revenue for work completed and unbilled to customers, the allowance for doubtful accounts. Actual results could differ from those estimates. 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 significant growth. The Company raised $665,000 in gross capital during the second half of 2017 and, over time, expects to seek additional capital to cover any working capital needs, 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 raise funds, collect accounts receivable, and generate revenue. |
Significant Accounting Polici15
Significant Accounting Policies: Cash Policy (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 Polici16
Significant Accounting Policies: Accounts Receivable Policy (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018, and December 31, 2017, an allowance for doubtful accounts was made totaling $58,704 and $63,270, respectively, to provide for the possibility of a revenue shortfall from the project in Modoc County, and is reflected in the accounts receivable balance on the balance sheet in the accompanying financial statements. |
Significant Accounting Polici17
Significant Accounting Policies: Revenue Recognition Policy (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Policies | |
Revenue Recognition Policy | Revenue Recognition The Companys revenue is recognized when the Company satisfies its performance obligation(s) under the contract (either implicit or explicit) by transferring the promised product or service to its customer either when (or as) its customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contracts transaction price is allocated to each distinct performance obligation. The majority of the Companys contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. The Companys performance obligations under its engine business are generally satisfied as over time. Revenue from products or services transferred to its customer over time accounted for approximately 14.7% and 11.6% of revenue for the three months ended March 31, 2018 and 2017, respectively. Revenue under this contract is generally recognized over time using an input measure based upon the proportion of actual costs incurred to estimated total project costs, which is a method used to best depict the Companys performance to date under the terms of the contract. Accounting for over time contracts involves the use of various techniques to estimate total revenue and costs. The Company estimates profit on such contracts as the difference between total estimated revenue and expected costs to complete a contract and recognizes that profit over the life of the contract. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, among other things, labor productivity, costs and availability of materials. The nature of these long-term agreements may give rise to several types of variable consideration, such as claims, awards and incentive fees. These amounts of variable consideration are not expected to be significant. Additionally, contract estimates may include additional revenue for submitted contract modifications if there exists and enforceable right to the modification, the amount can be reasonably estimated and its realization is probable. These estimates are based on historical collection experience, anticipated performance, and the Companys best judgment at the time. These amounts are generally included in the contracts transaction price and are allocated over the remaining performance obligations. Changes in judgments on these above estimates could impact the timing and amount of revenue recognized with a resulting impact on the timing and amount of associated income. The Company may receive payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. In the event a contract loss becomes known, the entire amount of the estimated loss is recognized in the Statement of Operations. The majority of the Companys revenue is from products and services transferred to customers at a point in time and was approximately 85.3% and 88.4% of revenue for the three months ended March 31, 2018 and 2017, respectively. The Company recognizes revenue at the point in time in which the customer obtains control of the product or service, which is generally when product title passes to the customer upon shipment. The timing of revenue recognition, billings and cash collections results in billed receivables, costs in excess of billings (contract assets), and billings in excess of costs (contract liabilities, previously deferred revenue) on the Balance Sheet. Contract liabilities additionally include customer advances or prepayments. Costs in excess of billings and billings in excess of costs associated with over time contracts were not significant at March 31, 2018 or 2017. Revenue recognized during the three months ended March 31, 2018 and 2017 that was included in contract liabilities at the beginning of the period was $0 and $34,587, respectively. On March 31, 2018, the Company had no remaining performance obligations. |
Significant Accounting Polici18
Significant Accounting Policies: Fixed Assets Policy (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Policies | |
Fixed Assets Policy | Fixed Assets Fixed assets are being depreciated on the straight line basis over a period of five years. |
Significant Accounting Polici19
Significant Accounting Policies: Income Taxes Policy (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 Companys 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 (2013 - 2016). |
Significant Accounting Polici20
Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share Policy (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 Companys outstanding warrants are anti-dilutive, and accordingly basic (loss) and diluted (loss) per share are the same. |
Significant Accounting Polici21
Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue, cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted the provisions of ASU 2014-09 on January 1, 2018, using the modified retrospective approach. Revenue from the Companys sale of services are generally recognized either when services are performed (i.e. point in time) or under engine sales contracts, as the Company transfers control of the product or service to its customers (i.e. over time), which approximates the previously used percentage-of-completion method of accounting. As such, the adoption of ASU 2014-09 had no material impact to the Companys financial position or results of operations; however, the Company has now presented the disclosures required by this new standard herein. 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. |
Significant Accounting Polici22
Significant Accounting Policies: Accounts Receivable Policy (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Details | ||
Allowance for doubtful accounts | $ 58,704 | $ 63,270 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Details | ||
Consulting expenses with related parties | $ 143,454 | $ 132,795 |
Amounts payable to related parties | $ 144,875 | $ 133,548 |
License Agreement Disclosure (D
License Agreement Disclosure (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Details | ||
Intangible asset - license agreement | $ 91,125 | $ 94,500 |
Concentrations Disclosure (Deta
Concentrations Disclosure (Details) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Two customers | ||
Project management revenue concentrations | 92.9% and 7.1% | 90.1% and 9.9% |
Two project management customers | ||
Project management accounts receivable | 93.1% and 6.9% | 90.1% and 9.9% |
Total project management accounts | ||
Project management accounts receivable | 94.2% |
Stock Issuance, Disclosure (Det
Stock Issuance, Disclosure (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Details | |
Common stock issued for cash | shares | 6,650,000 |
Price per share sold | $ / shares | $ 0.10 |
Proceeds from common stock issued for cash | $ | $ 665,000 |