Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 30, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | RIDGEFIELD ACQUISITION CORP | |
Entity Central Index Key | 812,152 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | RDGA | |
Entity Common Stock, Shares Outstanding | 1,260,773 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 2,366 | $ 609 |
TOTAL ASSETS | 2,366 | 609 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 5,465 | 3,450 |
Related party note and interest payable | 202,956 | 156,960 |
TOTAL CURRENT LIABILITIES | 208,421 | 160,410 |
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 September 30, 2018 and December 31, 2017 | 1,261 | 1,261 |
Additional paid in capital | 1,516,419 | 1,516,419 |
Accumulated deficit | (1,723,735) | (1,677,481) |
TOTAL STOCKHOLDERS' DEFICIT | (206,055) | (159,801) |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 2,366 | $ 609 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
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 Expe
Consolidated Statements of Expenses - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
OPERATING EXPENSES | ||||
General and administrative expenses | $ (9,288) | $ (6,673) | $ (31,755) | $ (14,476) |
Total Operating Expenses | (9,288) | (6,673) | (31,755) | (14,476) |
OPERATING LOSS | (9,288) | (6,673) | (31,755) | (14,476) |
OTHER EXPENSE | ||||
Other expense | (605) | (18) | (3,503) | (5,293) |
Interest expense | (4,006) | (3,033) | (10,996) | (8,512) |
Total Other Expense | (4,611) | (3,051) | (14,499) | (13,805) |
NET LOSS | $ (13,899) | $ (9,724) | $ (46,254) | $ (28,281) |
NET LOSS PER COMMON SHARE | ||||
Basic | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.02) |
Dilutive | $ (0.01) | $ (0.01) | $ (0.04) | $ (0.02) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - | ||||
Basic | 1,260,773 | 1,260,773 | 1,260,773 | 1,260,773 |
Dilutive | 1,260,773 | 1,260,773 | 1,260,773 | 1,260,773 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
OPERATING ACTIVITIES | ||
Net loss | $ (46,254) | $ (28,281) |
Changes in assets and liabilities: | ||
Increase in accrued interest to related party | 10,996 | 8,512 |
Increase (decrease) in accounts payable and accrued expenses | 2,015 | (551) |
Net cash used in operating activities | (33,243) | (20,320) |
FINANCING ACTIVITIES | ||
Proceeds from related party note payable | 35,000 | 17,500 |
Net cash provided by financing activities | 35,000 | 17,500 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,757 | (2,820) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 609 | 2,894 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 2,366 | 74 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
THE COMPANY AND SUMMARY OF SIGN
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION AND NATURE OF OPERATIONS Ridgefield Acquisition Corp. (“we”, “us”, “our”, “Ridgefield” or 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 September 30, 2018, the Company had a working capital deficit and an accumulated deficit. The Company has continued to sustain losses from operations. In addition, the Company has not generated positive cash flow from operations. 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. The Company will be dependent upon the raising of additional capital through debt or the placement of our common stock in order to implement its business plan or merge with an operating company. The officers and directors have committed to advancing certain operating costs of the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. BASIS OF PRESENTATION The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for the presentation of interim financial information, but do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying financial statements should be read in conjunction with the December 31, 2017 consolidated financial statements that were filed in our annual report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine month period ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018. RECLASSIFICATION Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 2 – RELATED PARTY TRANSACTIONS Steven N. Bronson, the Company's Chairman, President, CEO, and majority shareholder 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 and are unsecured. During the nine months ended September 30, 2018 and September 30, 2017, the Company borrowed the following amounts under the Note: Principal Interest Balance January 1, 2018 $ 126,950 $ 30,010 Additions 35,000 10,996 Cash Payments - - Balance September 30, 2018 $ 161,950 $ 41,006 Balance January 1, 2017 $ 106,950 $ 18,307 Additions 17,500 8,512 Cash Payments - - Balance September 30, 2017 $ 124,450 $ 26,819 During the nine months ended September 30, 2018 and 2017, the Company occupied a portion of the offices occupied by BKF Capital Group, Inc., on a month to month basis for a rental fee of $50 per month, intended to cover administrative costs. Steven N. Bronson, the Company's Chairman, CEO, and majority shareholder, is also the Chairman, CEO and majority shareholder of BKF Capital Group, Inc. At September 30, 2018 and December 31, 2017, we owed BKF $2,300 and $1,900, respectively. |
THE COMPANY AND SUMMARY OF SI_2
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | ORGANIZATION AND NATURE OF OPERATIONS Ridgefield Acquisition Corp. (“we”, “us”, “our”, “Ridgefield” or 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 September 30, 2018, the Company had a working capital deficit and an accumulated deficit. The Company has continued to sustain losses from operations. In addition, the Company has not generated positive cash flow from operations. 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. The Company will be dependent upon the raising of additional capital through debt or the placement of our common stock in order to implement its business plan or merge with an operating company. The officers and directors have committed to advancing certain operating costs of the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for the presentation of interim financial information, but do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying financial statements should be read in conjunction with the December 31, 2017 consolidated financial statements that were filed in our annual report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine month period ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018. |
RECLASSIFICATION | RECLASSIFICATION Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | During the nine months ended September 30, 2018 and September 30, 2017, the Company borrowed the following amounts under the Note: Principal Interest Balance January 1, 2018 $ 126,950 $ 30,010 Additions 35,000 10,996 Cash Payments - - Balance September 30, 2018 $ 161,950 $ 41,006 Balance January 1, 2017 $ 106,950 $ 18,307 Additions 17,500 8,512 Cash Payments - - Balance September 30, 2017 $ 124,450 $ 26,819 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Management [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Principal Amount [Member] | ||
Balance | $ 126,950 | $ 106,950 |
Additions | 35,000 | 17,500 |
Cash Payments | 0 | 0 |
Balance | 161,950 | 124,450 |
Interest Accrued [Member] | ||
Balance | 30,010 | 18,307 |
Additions | 10,996 | 8,512 |
Cash Payments | 0 | 0 |
Balance | $ 41,006 | $ 26,819 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||
Due to Related Parties, Current | $ 202,956 | $ 156,960 | |
BKF Capital Group, Inc. [Member] | |||
Operating Leases, Rent Expense | 50 | $ 50 | |
Due to Related Parties, Current | $ 2,300 | $ 1,900 |