Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 24, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | RIDGEFIELD ACQUISITION CORP | ||
Entity Central Index Key | 812,152 | ||
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 | $ 155,827 | ||
Trading Symbol | RDGA | ||
Entity Common Stock, Shares Outstanding | 1,260,773 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 768 | $ 827 |
TOTAL ASSETS | 768 | 827 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 7,464 | 14,214 |
Related party note and interest payable | 86,723 | 47,500 |
TOTAL CURRENT LIABILITIES | 94,187 | 61,714 |
COMMITMENTS AND CONTINGENCIES | 0 | 0 |
STOCKHOLDERS' 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, 2015 and December 31, 2014 | 1,261 | 1,261 |
Additional paid in capital | 1,516,419 | 1,516,419 |
Accumulated deficit | (1,611,099) | (1,578,567) |
TOTAL STOCKHOLDERS' DEFICIT | (93,419) | (60,887) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 768 | $ 827 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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) | $ 0.001 | $ 0.001 |
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 OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | $ 0 | $ 0 |
General and administrative expenses | 27,116 | 30,275 |
Total Expenses | 27,116 | 30,275 |
OTHER INCOME (EXPENSE) | ||
Other income | 957 | 0 |
Interest | (6,373) | (2,968) |
Total Other Income (Expense) | (5,416) | (2,968) |
NET LOSS | $ (32,532) | $ (33,243) |
NET 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 STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Total | Common Stock | Additional Paid in Capital | Accumulated Deficit |
Balance at Dec. 31, 2013 | $ (27,644) | $ 1,261 | $ 1,516,419 | $ (1,545,324) |
Balance (in shares) at Dec. 31, 2013 | 1,260,773 | |||
Net loss | (33,243) | $ 0 | 0 | (33,243) |
Balance at Dec. 31, 2014 | (60,887) | $ 1,261 | 1,516,419 | (1,578,567) |
Balance (in shares) at Dec. 31, 2014 | 1,260,773 | |||
Net loss | (32,532) | $ 0 | 0 | (32,532) |
Balance at Dec. 31, 2015 | $ (93,419) | $ 1,261 | $ 1,516,419 | $ (1,611,099) |
Balance (in shares) at Dec. 31, 2015 | 1,260,773 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | ||
Net loss | $ (32,532) | $ (33,243) |
Changes in assets and liabilities | ||
Decrease in accounts payable and accrued expenses | (377) | (1,303) |
Net cash used in operating activities | (32,909) | (34,546) |
FINANCING ACTIVITIES | ||
Proceeds from related party note payable | 32,850 | 30,968 |
Net cash provided by financing activities | 32,850 | 30,968 |
NET DECREASE IN CASH AND CASH EQIVALENTS | (59) | (3,578) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 827 | 4,405 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 768 | 827 |
SUPPLEMENTAL SCHEDUL OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 At December 31, 2015, the Company had a working capital deficit of $ 93,419 1.61 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 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 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 2015 and 2014, respectively 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, 2015, and 2014, the Company had no cash equivalents 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 In August 2014, the FASB issued ASU No. 2014-15 ("ASU 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 requires a Company's management to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on its consolidated financial statements. In February 2015, amended GAAP guidance ASU 2015-02 was issued affecting current consolidation guidance. The guidance changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance must be applied using one of two retrospective application methods and will be effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact, if any, of the adoption of this newly issued guidance to our consolidated financial statements |
DUE TO RELATED PARTY
DUE TO RELATED PARTY | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY | NOTE 2 - DUE TO RELATED PARTY 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 77,050 9,673 During the years ended December 31, 2015 and 2014, the Company occupied a portion of the offices occupied by BKF Capital Group, Inc., on a month to month basis for a fee of $ 100 1,200 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 3 - INCOME TAXES At December 31, 2015, the Company has a federal net operating loss carry-forward of approximately $897,000 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, 2015 was $325,000, an increase of $11,000 from $314,000 at December 31, 2014. 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, 2015. The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2015 and 2014 are as follows: December 31, December 31, 2015 2014 Net operating loss carry forward $ 325,000 $ 314,000 Valuation allowance (325,000) (314,000) Net deferred tax asset $ $ There was no Federal income tax expense for the years ended December 31, 2015 and 2014 due to the Company's net losses. For the years ended December 31, 2015 and 2014 state income tax expense was zero. The Company's tax expense differs from the "expected" tax expense for the years ended December 31, 2015 and 2014, (computed by applying the Federal Corporate tax rate of 35% to income before taxes and 5.5% for Florida State Corporate taxes, the blended rate used was 38.67%), as follows: 2015 2014 Current federal tax expense (benefit) (11,000) (12,000) State tax rate difference, net of federal benefit (1,000) (1,000) Change in valuation allowance 12,000 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, 2015, 2014 and 2013. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 4 - SUBSEQUENT EVENT No subsequent events were noted. |
SUMMARY OF SIGNIFICANT ACCOUN11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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, 2015, the Company had a working capital deficit of $ 93,419 1.61 |
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 2015 and 2014, respectively |
CASH AND 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, 2015, and 2014, 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 | In August 2014, the FASB issued ASU No. 2014-15 ("ASU 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 requires a Company's management to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on its consolidated financial statements. In February 2015, amended GAAP guidance ASU 2015-02 was issued affecting current consolidation guidance. The guidance changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance must be applied using one of two retrospective application methods and will be effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact, if any, of the adoption of this newly issued guidance to our consolidated financial statements |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 are as follows: December 31, December 31, 2015 2014 Net operating loss carry forward $ 325,000 $ 314,000 Valuation allowance (325,000) (314,000) 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, 2015 and 2014, (computed by applying the Federal Corporate tax rate of 35% to income before taxes and 5.5% for Florida State Corporate taxes, the blended rate used was 38.67%), as follows: 2015 2014 Current federal tax expense (benefit) (11,000) (12,000) State tax rate difference, net of federal benefit (1,000) (1,000) Change in valuation allowance 12,000 13,000 Income tax expense(benefit) |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Working Capital | $ 93,419 | |
Accumulated Deficit | $ (1,611,099) | $ (1,578,567) |
DUE TO RELATED PARTY (Details T
DUE TO RELATED PARTY (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Notes Payable Related Parties Principal Amount Current | $ 77,050 | |
Interest Payable, Current | $ 9,673 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
BKF Capital Group, Inc. [Member] | ||
Operating Leases, Rent Expense | $ 100 | $ 100 |
Payments for Rent | $ 1,200 | $ 1,200 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Net operating loss carry forward | $ 325,000 | $ 314,000 |
Valuation allowance | (325,000) | (314,000) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current federal tax expense (benefit) | $ (11,000) | $ (12,000) |
State tax rate difference, net of federal benefit | (1,000) | (1,000) |
Change in valuation allowance | 12,000 | 13,000 |
Income tax expense(benefit) | $ 0 | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards | $ 897,000 | |
Operating Loss Carryforwards Expiration Date | The Company’s remaining net operating loss carry-forward will expire between 2017 and 2032. | |
Valuation allowance | $ 325,000 | $ 314,000 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 11,000 | |
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% |