Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 24, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'RDGA | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,260,773 | ' |
Entity Registrant Name | 'RIDGEFIELD ACQUISITION CORP | ' | ' |
Entity Central Index Key | '0000812152 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $177,022 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $4,405 | $22,357 |
TOTAL ASSETS | 4,405 | 22,357 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Accounts payable and accrued expenses | 15,417 | 16,545 |
Related party note and interest payable | 16,532 | 0 |
TOTAL CURRENT LIABILITIES | 31,949 | 16,545 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Preferred stock, $.01 par value; authorized - 5,000,000 shares Issued - none | 0 | 0 |
Common stock, $.001 par value; authorized - 30,000,000 shares Issued and outstanding - 1,260,773 on December 31, 2013 and December 31, 2012 | 1,261 | 1,261 |
Additional paid in capital | 1,516,419 | 1,516,419 |
Accumulated deficit | -1,545,224 | -1,511,868 |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | -27,544 | 5,812 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $4,405 | $22,357 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 1,260,773 | 1,260,773 |
Common stock, shares outstanding | 1,260,773 | 1,260,773 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
REVENUES | $0 | $0 |
General and administrative expenses | 33,031 | 34,305 |
Total Expenses | 33,031 | 34,305 |
OTHER INCOME (EXPENSE) | ' | ' |
Interest | -325 | 48 |
Total Other Income (Expense) | -325 | 48 |
NET INCOME/(LOSS) | ($33,356) | ($34,257) |
NET INCOME (LOSS)PER COMMON SHARE | ' | ' |
Basic | ($0.03) | ($0.03) |
Dilutive | ($0.03) | ($0.03) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - | ' | ' |
Basic | 1,260,773 | 1,260,773 |
Dilutive | 1,260,773 | 1,260,773 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid in Capital | Accumulated Deficit |
Balance at Dec. 31, 2011 | $40,069 | $1,261 | $1,516,419 | ($1,477,611) |
Balance (in shares) at Dec. 31, 2011 | ' | 1,260,773 | ' | ' |
Net loss | -34,257 | 0 | 0 | -34,257 |
Balance at Dec. 31, 2012 | 5,812 | 1,261 | 1,516,419 | -1,511,868 |
Balance (in shares) at Dec. 31, 2012 | ' | 1,260,773 | ' | ' |
Net loss | -33,356 | 0 | 0 | -33,356 |
Balance at Dec. 31, 2013 | ($27,544) | $1,261 | $1,516,419 | ($1,545,224) |
Balance (in shares) at Dec. 31, 2013 | ' | 1,260,773 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITES | ' | ' |
Net income/(loss) | ($33,356) | ($34,257) |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Prepaid tax | 0 | 12,674 |
(Decrease) increase in accounts payable and accrued expenses | -796 | -400 |
Net cash used in operating activities | -34,152 | -21,983 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from related party note payable | 16,200 | 0 |
Net cash provided by financing activities | 16,200 | 0 |
NET DECREASE IN CASH AND CASH EQIVALENTS | -17,952 | -21,893 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 22,357 | 44,340 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 4,405 | 22,357 |
SUPPLEMENTAL SCHEDUL OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
ORGANIZATION AND NATURE OF OPERATIONS | |
Ridgefield Acquisition Corp. (the "Company") was incorporated under the laws of the State of Colorado on October 13, 1983. Effective June 23, 2006, the Company was reincorporated under the laws of the State of Nevada through the merger of the Company with a wholly-owned subsidiary of the Company. Since July 2000, the Company has suspended all operations, except for necessary administrative matters. | |
The Company has no principal operations or revenue producing activities. The Company is now pursuing an acquisition strategy whereby it is seeking to arrange for a merger, acquisition or other business combination with a viable operating entity. | |
GOING CONCERN AND LIQUIDITY | |
At December 31, 2013, the Company had a working capital deficit of approximately $28,000 and an accumulated deficit of approximately $1.55 million. The Company has continued to sustain losses from operations. In addition, the Company has not generated positive cash flow from operations since inception. Management is aware that its current cash resources are not adequate to fund its operations for the following year. The Company cannot provide any assurances as to if and when it will be able to attain profitability. These conditions, among others, raise substantial doubt about the Company's ability to continue operations as a going concern. No adjustment has been made in the consolidated financial statements to the amounts and classification of assets and liabilities, which could result, should the Company be unable to continue as a going concern. | |
PRINCIPLES OF CONSOLIDATION | |
The accompanying financial statements include the accounts of the Company and its wholly owned subsidiary. All inter-company transactions have been eliminated in consolidation. | |
INCOME TAXES | |
Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due. Deferred taxes relate to differences between the basis of assets and liabilities for financial and income tax reporting and will be either taxable or deductible when the assets or liabilities are recovered or settled. The Company does not have any uncertain tax positions. | |
INCOME PER COMMON SHARE | |
Basic income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted income per common share is calculated by adjusting outstanding shares, assuming conversion of all potentially dilutive convertible equity instruments consisting of options. There is no difference in the calculation of basic and diluted income per share for 2013 and 2012, respectively. | |
CASH EQUIVALENTS | |
The Company considers as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. At December 31, 2013, and 2012, the Company had no cash equivalents. | |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
NEW ACCOUNTING STANDARDS | |
There are no new accounting standards that are expected to have a significant impact on the Company. | |
DUE_TO_RELATED_PARTY
DUE TO RELATED PARTY | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transaction | ' |
NOTE 2 - DUE TO RELATED PARTY | |
Since August 5, 2013,the Company's president and principal executive officer has loaned the Company money to fund working capital needs to pay operating expenses. The loans are repayable upon demand and accrue interest at the rate of 10% per annum. As of December 31, 2013, the aggregate principal loan balance amounted to $16,200 and such loans have accrued interest of $332 through December 31, 2013. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
NOTE 3 - INCOME TAXES | ||||||||
At December 31, 2013, the Company has a federal net operating loss carry-forward of approximately $864,000 available to offset future taxable income. The Company’s remaining net operating loss carry-forward will expire between 2017 and 2032. Utilization of future net operating losses may be limited due to ownership changes under Section 382 of the Internal Revenue Code. | ||||||||
The valuation allowance at December 31, 2013 was $302,000 an increase of $12,000 from $290,000 at December 31, 2012. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2013. | ||||||||
The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2012 and 2011 are as follows: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Net operating loss carry forward | $ | 302,000 | $ | 290,000 | ||||
Valuation allowance | -302,000 | -290,000 | ||||||
Net deferred tax asset | $ | — | $ | — | ||||
There was no Federal income tax expense for the years ended December 31, 2013 and 2012 due to the Company's net losses. For the years ended December 31, 2013 and 2012 state income tax expense was zero. | ||||||||
The Company's tax expense differs from the "expected" tax expense for the years ended December 31, 2013 and 2012, (computed by applying the Federal Corporate tax rate of 35% to income before taxes and 5.5% for State Corporate taxes, the blended rate used was 38.67%), as follows: | ||||||||
2013 | 2012 | |||||||
Current federal tax expense (benefit) | -12,000 | -12,000 | ||||||
State tax rate difference, net of federal benefit | -1,000 | -1,000 | ||||||
Change in valuation allowance | 13,000 | 13,000 | ||||||
Income tax expense(benefit) | — | — | ||||||
The Company includes interest and penalties arising from the underpayment of income taxes in the consolidated statements of operations in general and administrative expenses. | ||||||||
The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2013, 2012 and 2011. | ||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
ORGANIZATION AND NATURE OF OPERATIONS | ' |
ORGANIZATION AND NATURE OF OPERATIONS | |
Ridgefield Acquisition Corp. (the "Company") was incorporated under the laws of the State of Colorado on October 13, 1983. Effective June 23, 2006, the Company was reincorporated under the laws of the State of Nevada through the merger of the Company with a wholly-owned subsidiary of the Company. Since July 2000, the Company has suspended all operations, except for necessary administrative matters. | |
The Company has no principal operations or revenue producing activities. The Company is now pursuing an acquisition strategy whereby it is seeking to arrange for a merger, acquisition or other business combination with a viable operating entity. | |
GOING CONCERN AND LIQUIDITY | ' |
GOING CONCERN AND LIQUIDITY | |
At December 31, 2013, the Company had a working capital deficit of approximately $28,000 and an accumulated deficit of approximately $1.55 million. The Company has continued to sustain losses from operations. In addition, the Company has not generated positive cash flow from operations since inception. Management is aware that its current cash resources are not adequate to fund its operations for the following year. The Company cannot provide any assurances as to if and when it will be able to attain profitability. These conditions, among others, raise substantial doubt about the Company's ability to continue operations as a going concern. No adjustment has been made in the consolidated financial statements to the amounts and classification of assets and liabilities, which could result, should the Company be unable to continue as a going concern. | |
PRINCIPLES OF CONSOLIDATION | ' |
PRINCIPLES OF CONSOLIDATION | |
The accompanying financial statements include the accounts of the Company and its wholly owned subsidiary. All inter-company transactions have been eliminated in consolidation. | |
INCOME TAXES | ' |
INCOME TAXES | |
Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due. Deferred taxes relate to differences between the basis of assets and liabilities for financial and income tax reporting and will be either taxable or deductible when the assets or liabilities are recovered or settled. The Company does not have any uncertain tax positions. | |
INCOME PER COMMON SHARE | ' |
INCOME PER COMMON SHARE | |
Basic income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted income per common share is calculated by adjusting outstanding shares, assuming conversion of all potentially dilutive convertible equity instruments consisting of options. There is no difference in the calculation of basic and diluted income per share for 2013 and 2012, respectively. | |
CASH EQUIVALENTS | ' |
CASH EQUIVALENTS | |
The Company considers as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. At December 31, 2013, and 2012, the Company had no cash equivalents. | |
USE OF ESTIMATES | ' |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
NEW ACCOUNTING STANDARDS | ' |
NEW ACCOUNTING STANDARDS | |
There are no new accounting standards that are expected to have a significant impact on the Company. | |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||
The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2012 and 2011 are as follows: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Net operating loss carry forward | $ | 302,000 | $ | 290,000 | ||||
Valuation allowance | -302,000 | -290,000 | ||||||
Net deferred tax asset | $ | — | $ | — | ||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||
The Company's tax expense differs from the "expected" tax expense for the years ended December 31, 2013 and 2012, (computed by applying the Federal Corporate tax rate of 35% to income before taxes and 5.5% for State Corporate taxes, the blended rate used was 38.67%), as follows: | ||||||||
2013 | 2012 | |||||||
Current federal tax expense (benefit) | -12,000 | -12,000 | ||||||
State tax rate difference, net of federal benefit | -1,000 | -1,000 | ||||||
Change in valuation allowance | 13,000 | 13,000 | ||||||
Income tax expense(benefit) | — | — | ||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | Dec. 31, 2013 |
Working Capital | $28,000 |
Accumulated Deficit | $1,550,000 |
DUE_TO_RELATED_PARTY_Details_T
DUE TO RELATED PARTY (Details Textual) (USD $) | Dec. 31, 2013 |
Notes Payable Related Parties Interest Rate Stated Percentage | 10.00% |
Notes Payable Related Parties Principal Amount Current | $16,200 |
Interest Payable, Current | $332 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Net operating loss carry forward | $302,000 | $290,000 |
Valuation allowance | -302,000 | -290,000 |
Net deferred tax asset | $0 | $0 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Current federal tax expense (benefit) | ($12,000) | ($12,000) |
State tax rate difference, net of federal benefit | -1,000 | -1,000 |
Change in valuation allowance | 13,000 | 13,000 |
Income tax expense(benefit) | $0 | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards | $864,000 | ' |
Operating Loss Carryforwards Expiration Date | 'The Companys remaining net operating loss carry-forward will expire between 2017 and 2032. | ' |
Valuation allowance | 302,000 | 290,000 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 12,000 | ' |
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 |
Deferred State and Local Income Tax Expense (Benefit) | $0 | $0 |
Effective Income Tax Rate Reconciliation, Tax Settlements, Domestic | 35.00% | ' |
Effective Income Tax Rate Reconciliation, Tax Settlements, State and Local | 5.50% | ' |
Effective Income Tax Rate Reconciliation, Tax Settlements, Blended Rate | 38.67% | ' |