Prestige Capital (PGEC) 10-K 30 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 15, 2017	Jun. 30, 2016
Document And Entity Information
Entity Registrant Name	Prestige Capital Corp.
Entity Central Index Key	790,179
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		2,532,200
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current Assets
Cash	$ 1,168	$ 349
Total Current Assets	1,168	349
Total Assets	1,168	349
Current Liabilities
Accounts Payable
Accounts Payable - related party	58,100	51,200
Accrued Interest	75,494	63,310
Loans Payable - related party	129,462	129,462
Loans Payable - other	26,400	17,900
Total Current Liabilities	289,456	261,872
Total Liabilities	289,456	261,872
Stockholders' Deficit
Preferred stock - 10,000,000 shares authorized - None issued and outstanding
Common Stock, 100,000,000 shares authorized having a par value of $0.001 per share, 2,532,200 shares issued and outstanding at December 31, 2016 and 2015	2,532	2,532
Additional Paid in Capital	547,677	547,677
Accumulated Deficit	(838,497)	(811,732)
Total Stockholders' Deficit	(288,288)	(261,523)
Total Liabilities and Stockholders' Deficit	$ 1,168	$ 349

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,532,200	2,532,200
Common stock, shares outstanding	2,532,200	2,532,200

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues
Operating Expenses
General and administrative	14,581	15,851
Loss from Operations	(14,581)	(15,851)
Other Expenses
Related party interest expense	(10,356)	(10,356)
Other interest expense	(1,828)	(1,254)
Total other expense	(12,184)	(11,610)
Net Loss before income taxes	(26,765)	(27,461)
Income taxes
Net Loss	$ (26,765)	$ (27,461)
Basic and Diluted Loss Per Share	$ (0.01)	$ (0.01)
Basic and Diluted Weighted Average Number of Common Shares Outstanding	2,532,200	2,532,200

Statements of Stockholders' Def

Statements of Stockholders' Deficit - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance, shares at Dec. 31, 2014	2,532,200
Beginning balance, amount at Dec. 31, 2014	$ 2,532	$ 547,677	$ (784,271)
Net (loss) for the year			(27,461)
Ending balance, shares at Dec. 31, 2015	2,532,200
Ending balance, amount at Dec. 31, 2015	$ 2,532	547,677	(811,732)
Net (loss) for the year			(26,765)
Ending balance, shares at Dec. 31, 2016	2,532,200
Ending balance, amount at Dec. 31, 2016	$ 2,532	$ 547,677	$ 838,497

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (26,765)	$ (27,461)
Changes in assets and liabilities
Increase in accounts payable	6,900	8,200
Increase in accrued interest	12,184	11,610
Net cash provided by (used in) Operating Activities	(7,681)	(7,651)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from other loans	8,500	7,400
Net Cash provided by Financing Activities	8,500	7,400
Net Increase (Decrease) in Cash	819	(251)
Beginning Cash Balance	349	600
Ending Cash Balance	1,168	349
Supplemental Disclosures
Cash paid for interest expense
Cash paid for income taxes

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 – ORGANIZATION Prestige Capital Corporation (the “Company”) was organized under the laws of the State of Utah on February 7, 1986 under the name of Hood Ventures, Inc. On December 31, 1998, the name was changed to Prestige Capital Corporation. On December 31, 1998, Hood Ventures, Inc. of Utah merged with Prestige Capital Corporation, a Nevada Corporation, leaving the Nevada Corporation as the surviving company. After a period of dormancy, the Company experienced a significant change in shareholder ownership on June 21, 2006 and is considered to be reactivated as of that date and is currently seeking business opportunities or potential business acquisitions. The Company currently has no revenue-generating activities. The Company does not intend to pay dividends in the foreseeable future.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 2 – GOING CONCERN The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. The Company has realized net losses since reactivation on June 21, 2006 totaling $454,748. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. Our cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company does not maintain amounts on deposit with a financial institution that are in excess of the federally insured limit of $250,000. The Company had $0 of cash balances in excess of federally insured limits at December 31, 2016 and 2015. Fair Value of Financial Instruments The carrying amounts reported on the balance sheets for accounts payable and accrued interest approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for notes payable approximate fair value because the underlying instruments are at interest rates, which approximate current market rates. Stock-Based Compensation The Company follows the provisions of ASC 718 which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of stock based compensation. Equity instruments issued to non-employees for goods or services are accounted for at fair value and are marked to market until service is completed or a performance commitment date is reached, whichever is earlier. Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In July, 2006, the FASB issued ASC 740, Accounting for Uncertainty in Income Taxes, which clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a return. ASC 740 provides guidance on the measurement, recognition, classification and disclosure of tax positions, along with accounting for the related interest and penalties. ASC 740 became effective as of January 1, 2007 and had no impact on the Company’s financial statements. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Basic and Diluted Net income (Loss) per Share The Company computes net income (loss) per share in accordance with ASC 260 which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the years ended December 31, 2016 and 2015, all of the Company’s potentially dilutive securities (warrants, options, and convertible preferred stock) were excluded from the computation of diluted earnings per share as they were anti-dilutive.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS Shareholder Loans – A shareholder and prior officer of the Company has covered corporate expenses and loaned cash to the Company to $93,962 as of December 31, 2016 and December 31, 2015. These loans were sold to third parties in 2011. No amounts were repaid to the note holders. As of December 31, 2016 and December 31, 2015, the amount due to the shareholders for accrued interest was $57,700 and $50,183. The interest expense on the loans for the year ended December 31, 2016 was $7,517. The above-mentioned shareholder loans are due on demand and had interest imputed at an annual rate of 8%. In prior years the Company borrowed $35,500 from a related party. The notes are unsecured, due on demand, and bear interest at 8% per annum. Accrued interest through December 31, 2016 and December 31, 2015 was $13,752 and $10,912, respectively. No payments on principle or interest have been made to date. Interest expense for the year ended December 31, 2016 was $2,840. As of the year ended December 31, 2016 and 2015, the Company incurred $6,900 and $8,200, respectively in professional expenses to a related party.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
EQUITY	NOTE 5 – EQUITY On March 4, 2011, the Company issued 30,000 shares of common stock valued at $15,600 to three board members for services provided. The shares were valued based on the market price of the stock on the date of issuance. On August 5, 2011, the Company issued 100,000 shares of common stock valued at $20,000 as payment to an unrelated party for investment banking services rendered. The shares were valued based on the market price of the stock on the date of issuance. On August 15, 2011, the Company issued 100,000 shares of common stock valued at $20,000 as payment to an unrelated party for investor relations and management services rendered. The shares were valued based on the market price of the stock on the date of issuance.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 6 – INCOME TAXES At December 31, 2016, the Company has available unused net operating loss carryforwards of approximately $299,148, which may be applied against future taxable income and which expire in various years from 2023 through 2035. Due to a substantial change in the Company’s ownership during June 2006, there will be an annual limitation on the amount of previous net operating loss carryforwards that can be utilized. The amount of and ultimate realization of the benefits from the net operating loss carryforwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company, and other future events, the effects of which cannot be determined. Because of the uncertainty surrounding the realization of the net operating loss carryforwards, the Company has established a valuation allowance equal to the tax effect of the net operating loss carryforwards and, therefore, no deferred tax asset has been recognized for the net operating loss carryforwards. The net deferred tax assets are approximately $44,782 and $40,857 as of December 31, 2016 and 2015, respectively, with an offsetting valuation allowance of the same amount resulting in a change in the valuation allowance of approximately $4,015 during the year ended December 31, 2016. Reconciliation between income taxes at the statutory rate and the actual income tax provision for continuing operations is as follows: 2016 2015 Statutory rate (expense) (15%) (15%) Tax effects of: Valuation allowance 15% 15% Reported provision for income taxes 0% 0%

RECENT PRONOUNCEMENT

RECENT PRONOUNCEMENT	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
RECENT PRONOUNCEMENT	NOTE 7 – RECENT PRONOUNCEMENT On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 8 – FAIR VALUE OF FINANCIAL INSTRUMENTS On January 1, 2008 the Company adopted FASB ASC 820-10-50, “Fair Value Measurements” Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 9 – SUBSEQUENT EVENTS The Company has evaluated events occurring after the date of the accompanying balance sheets through the date the financial statements were available to be issued and did not identify any material subsequent events requiring adjustment to the accompanying financial statements.

SUMMARY OF SIGNIFICANT ACCOUN16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash. Our cash balances are maintained in accounts held by major banks and financial institutions located in the United States. The Company does not maintain amounts on deposit with a financial institution that are in excess of the federally insured limit of $250,000. The Company had $0 of cash balances in excess of federally insured limits at December 31, 2016 and 2015.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts reported on the balance sheets for accounts payable and accrued interest approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for notes payable approximate fair value because the underlying instruments are at interest rates, which approximate current market rates.
Stock-Based Compensation	Stock-Based Compensation The Company follows the provisions of ASC 718 which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. The Company uses the Black-Scholes pricing model for determining the fair value of stock based compensation. Equity instruments issued to non-employees for goods or services are accounted for at fair value and are marked to market until service is completed or a performance commitment date is reached, whichever is earlier.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. In July, 2006, the FASB issued ASC 740, Accounting for Uncertainty in Income Taxes, which clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a return. ASC 740 provides guidance on the measurement, recognition, classification and disclosure of tax positions, along with accounting for the related interest and penalties. ASC 740 became effective as of January 1, 2007 and had no impact on the Company’s financial statements. The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Basic and Diluted Net income (Loss) per Share	Basic and Diluted Net income (Loss) per Share The Company computes net income (loss) per share in accordance with ASC 260 which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the years ended December 31, 2016 and 2015, all of the Company’s potentially dilutive securities (warrants, options, and convertible preferred stock) were excluded from the computation of diluted earnings per share as they were anti-dilutive.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation	2016 2015 Statutory rate (expense) (15%) (15%) Tax effects of: Valuation allowance 15% 15% Reported provision for income taxes 0% 0%

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative)	126 Months Ended
	Dec. 31, 2016USD ($)
Going Concern Details Narrative
Net losses since reactivation	$ (454,748)

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Summary Of Significant Accounting Policies Details Narrative
FDIC maximum deposit account amount	$ 250,000	$ 250,000
Cash balances in excess of federally insured limits	$ 0	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Incurred professional expenses to a related party	$ 6,900	$ 8,200
Loans sold by shareholder and prioer officer to third parties
Loans borrowed	93,962	93,962
Accrued interest on loans	57,700	50,183
Interest expense on loans	$ 7,517
Interest rate on loans	8.00%
Loans borrowed from a related party
Loans borrowed		35,500
Accrued interest on loans	$ 13,752	$ 10,912
Interest expense on loans	$ 2,840
Interest rate on loans	8.00%

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	Aug. 15, 2011	Aug. 05, 2011	Mar. 04, 2011
Shares issued to three board members for services
Stock issued during period for services, shares			30,000
Stock issued during period for services, value			$ 15,600
Shares issued to unrelated party for investment banking services
Stock issued during period for services, shares		100,000
Stock issued during period for services, value		$ 20,000
Shares issued to unrelated party for investor relations and management services
Stock issued during period for services, shares	100,000
Stock issued during period for services, value	$ 20,000

INCOME TAXES - Effective income

INCOME TAXES - Effective income tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Statutory rate (expense)	(15.00%)	(15.00%)
Tax effects of valuation allowance	15.00%	15.00%
Reported provision for income taxes	0.00%	0.00%

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net operating loss carry-forwards	$ 299,148
Net deferred tax assets	44,782	$ 40,857
Change in valuation allowance	$ 4,015