Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | 14-May-14 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'SMARTDATA CORP | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000827876 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 5,578,305 |
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 | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
BALANCE_SHEETS_UNAUDITED
BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Current assets | ' | ' |
Cash | $2,770 | $270 |
Total current assets | 2,770 | 270 |
Fixed Assets | 580,973 | 0 |
Intangible assets | 44,635 | 0 |
Total assets | 628,378 | 270 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 157,425 | 10,750 |
Deferred Revenue | 750 | 0 |
Convertible notes payable | 0 | 15,500 |
Payable to shareholder | 0 | 79,318 |
Due to related parties | 2,740 | 0 |
Total current liabilities | 160,915 | 105,568 |
Notes payable | 50,000 | 0 |
Total liabilities | 210,915 | 105,568 |
Stockholders' equity (deficit) | ' | ' |
Common stock; $0.001 par value; 100,000,000 shares authorized; 5,543,305 and 950,687 shares issued and outstanding as of March 31, 2014 and September 30, 2013, respectively | 5,543 | 951 |
Additional paid-in capital | 836,825 | 257,881 |
Accumulated earnings (deficit) | -424,905 | -364,130 |
Total stockholders' equity (deficit) | 417,463 | -105,298 |
Total liabilities and stockholders' equity (deficit) | $628,378 | $270 |
BALANCE_SHEETS_PARENTHETICALS
BALANCE SHEETS PARENTHETICALS (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Parentheticals | ' | ' |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 5,543,305 | 950,687 |
Common Stock, shares outstanding | 5,543,305 | 950,687 |
STATEMENTS_OF_OPERATIONS_UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 6 Months Ended | 270 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Revenues: | ' | ' | ' | ' | ' |
Revenues: | $0 | $0 | $0 | $0 | $0 |
Cost of revenues | 0 | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 | 0 |
Operating expenses | ' | ' | ' | ' | ' |
General and administrative expenses | 3,474 | 4,410 | 3,504 | 12,586 | 352,258 |
Professional fees | 4,049 | 0 | 12,306 | 0 | 12,306 |
Total operating expenses | 7,523 | 4,410 | 15,810 | 12,586 | 364,564 |
Loss from operations | -7,523 | -4,410 | -15,810 | -12,586 | -364,564 |
Other expense | ' | ' | ' | ' | ' |
Gain on forgiveness of debt | 0 | 0 | 0 | 0 | 2,353 |
Interest expense | -43,037 | -1,645 | -44,965 | -3,213 | -62,694 |
Total other expense | -43,037 | -1,645 | -44,965 | -3,213 | -60,341 |
Net income (loss) | ($50,560) | ($6,055) | ($60,775) | ($15,799) | ($424,905) |
Basic income (loss) per common share | ($0.02) | ($0.01) | ($0.04) | ($0.02) | ' |
Basic weighted average common shares outstanding | 2,081,218 | 950,687 | 1,509,741 | 950,687 | ' |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 6 Months Ended | 270 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Cash Flows from Operating Activities | ' | ' | ' |
Net loss | ($60,775) | ($15,799) | ($424,905) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Gain on forgiveness of debt | 0 | 0 | -2,353 |
Amortization of debt discount | 40,000 | 0 | 40,000 |
Shares issued for services | 3,796 | 0 | 26,246 |
Changes in assets and liabilities | ' | ' | ' |
Decrease in prepaid expense | 0 | 182 | 0 |
Increase (decrease) in accounts payable | -10,225 | 3,787 | 2,878 |
Increase in deferred revenue | 750 | 0 | 750 |
Net Cash from Operating Activities | -21,490 | -8,617 | -335,251 |
Cash Flows from investing | ' | ' | ' |
Purchase of intangible assets | -2,250 | 0 | -2,250 |
Net cash used in investing activities | -2,250 | 0 | -2,250 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from issuance of Common stock | 0 | 9,000 | 200,000 |
Proceeds from Related Party Debt | 2,740 | 0 | 101,121 |
Payments on Related Party Debt | 0 | 0 | 0 |
Proceeds from Convertible Notes/ Loans Payable | 59,190 | 0 | 59,190 |
Payments on Convertible Notes/ Loans Payable | -35,690 | 0 | -35,690 |
Payments on Convertible Notes/ Loans Payable- RP | 0 | 0 | -500 |
Proceeds on Convertible Notes/ Loans Payable- RP | 0 | 0 | 16,150 |
Net Cash from Financing Activities | 26,240 | 9,000 | 340,271 |
Net Increase (Decrease) in Cash | 2,500 | 383 | 2,770 |
Beginning Cash Balance | 270 | 413 | 0 |
Ending Cash Balance | 2,770 | 796 | 2,770 |
Supplemental Disclosure of cash flow information | ' | ' | ' |
Cash paid for interest | 0 | 0 | 0 |
Cash paid for tax | 0 | 0 | 0 |
Non-Cash investing and financing transactions | ' | ' | ' |
Common Stock Issued for Debt | 40,000 | 0 | 59,213 |
Shares issued to acquire fixed assets, net of liabilities assumed | 424,073 | 0 | 424,073 |
Shares issued to acquire intangible assets | $42,385 | $0 | $42,385 |
DESCRIPTION_AND_HISTORY_OF_BUS
DESCRIPTION AND HISTORY OF BUSINESS AND HISTORY | 6 Months Ended |
Mar. 31, 2014 | |
DESCRIPTION AND HISTORY OF BUSINESS AND HISTORY | ' |
DESCRIPTION AND HISTORY OF BUSINESS AND HISTORY | ' |
1. DESCRIPTION AND HISTORY OF BUSINESS AND HISTORY | |
Description and History of Business – SmartData Corporation (the "Company" was incorporated in State of Nevada on October 15, 1987. The original ongoing business of SmartData was the distribution and sale of computer hardware and software. SmartData provided small businesses a framework to measure productivity, and offered additional services such as staff leasing, insurance benefits, and retirement planning. SmartData conducted a 504 public offering in the State of Nevada in December 1987. Smart Data began trading publicly in January 1988. Due to a series of unfortunate events, including the untimely death of the founding CEO, Mr. Paul Gambles, SmartData discontinued active business operations in 1992. | |
On March 25, 2014, SmartData Corporation, entered into an Asset and Intellectual Property Purchase Agreement ("Purchase Agreement"). Pursuant to which the Company acquired: (i) all Intellectual Property rights, title and interest in Patent # 8,105,401 'Parallel Path, Downdraft Gasifier Apparatus and Method' (ii) all Intellectual Property rights, title and interest in Patent # 8,518,133 'Parallel Path, Downdraft Gasifier Apparatus and Method' (iii) all of the Property rights, title and interest in a 32 inch Downdraft Gasifier ("Gasifier"). Pursuant to the Purchase Agreement the Company agreed to issue 715,320 shares of "SMARTDATA" $0.001 par value common stock and assume of $156,900 in liabilities to Petersen Incorporated for the engineering and construction of the Gasifier. | |
Upon execution of the Asset Purchase agreement the Company ceased to be a shell Company as defined in Rule 12b-2 under the Exchange Act. The Company intends to pursue the development of operations through the acquisition and development of green energy technologies. | |
SmartData Corporation is in the business of acquiring, licensing and marketing patents and technology to create renewable energy from solid waste. We plan to turn today’s landfill dilemma into today’s energy solution. | |
SmartData Corporation's technology converts any organic material into SynGas. SynGas can be used as clean, renewable, environmentally friendly, warming fuel for power plants, motor vehicles, and as feedstock for the generation of DME (Di-Methyl Ether). DME is the premier energy carrier and offers a range of important benefits: | |
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Simple and low cost of production | |
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An environmentally-benign propellant and coolant | |
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Clean-burning and high energy efficiency | |
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Lower transportation and distribution costs | |
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Easily converted into other fuels and chemicals | |
The Stratean Gasifier converts the following materials into clean, reusable, renewable, and affordable energy: | |
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Municipal Solid Waste (MSW) | |
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Municipal sewage sludge | |
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Food and cooking waste | |
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Petroleum sludge and oily wastes | |
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Animal manures | |
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Cellulosic and non-cellulosic biomass | |
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Energy crops | |
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Scrap tires | |
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Coal | |
The process involves the grinding, drying, separating, mixing, and then pelletizing of solid waste. These pellets constitute the feedstock for the Gasifier. Gasifying the pellets produces SynGas. SynGas can be converted into multiple forms of energy including motor vehicle and jet fuels. The SynGas produced is so clean that it generally does not require hot-gas cleanup. SynGas is mostly hydrogen and carbon monoxide. Hydrogen and carbon monoxide are primary building blocks for fuels and chemicals. SynGas is a clean burning fuel suitable for use in duel-fuel diesel engines, gas turbines, and steam boilers. | |
The SmartData Stratean process has turned the world’s waste problem into an abundant, renewable resource of energy. The Stratean production can be adapted to the specific energy requirements of a given area. Communities benefit from the countless options created including inexpensive green electric power for homes, clean-burning fuel for garbage trucks, street maintenance equipment, or for resale to other municipalities. Because of the modular nature of the components intrinsic to the process, the plant could provide one energy source, then be converted to provide a different energy product. A Stratean facility could produce additional electric power during the peak demand part of the day and produce fuels during the rest of the day. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
2. SUMMARY OF SIGNIFICANT POLICIES | |
This summary of significant accounting policies of SmartData Corporation is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. | |
Going concern – The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred cumulative net losses of $(424,905) since its inception and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. | |
Basis of Presentation – The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. All references to Generally Accepted Accounting Principles (“GAAP”) are in accordance with The FASB Accounting Standards Codification (“ASC”) and the Hierarchy of Generally Accepted Accounting Principles. | |
The unaudited condensed interim financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2013 included in Annual Report on Form 10-K. The results of the six month period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year ending September 30, 2014. | |
Use of estimates – The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. | |
Cash and cash equivalents – For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. There was $2,770 and $270 in cash and cash equivalents as of March 31, 2014 and March 31, 2013, respectively. | |
Fair Value of Financial Instruments – The carrying amounts reflected in the balance sheets for cash, accounts payable and accrued expenses approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. | |
As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |
The three levels of the fair value hierarchy are described below: | |
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | |
Revenue recognition – The Company recognizes revenue on arrangements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” and No. 104, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the periods ended March 31, 2014 and 2013 the Company reported revenues of $0 and $0, respectively. | |
Accounts Receivable – Accounts receivable is comprised of uncollateralized customer obligations due under normal trade terms requiring payment within 60 days from the invoice date. The carrying amount of accounts receivable is reviewed periodically for collectability. If management determines that collection is unlikely, an allowance that reflects management’s best estimate of the amounts that will not be collected is recorded. Management reviews each accounts receivable balance that exceeds 60 days from the invoice date and, based on an assessment of creditworthiness, estimates the portion, if any, of the balance that will not be collected. As of March 31, 2014, the Company had not recorded a reserve for doubtful accounts. | |
Long-lived Assets – In accordance with the Financial Accounting Standards Board ("FASB") Accounts Standard Codification (ASC) ASC 360-10, "Property, Plant and Equipment," the carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. | |
Income taxes – The Company accounts for its income taxes in accordance with FASB Codification Topic ASC 740-10, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Stock-based compensation – The Company follows the guidelines in FASB Codification Topic ASC 718-10 “Compensation-Stock Compensation”, which provides investors and other users of financial statements with more complete and neutral financial information, by requiring that the compensation cost relating to share-based payment transactions be recognized in the financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. ASC 718-10 covers a wide range of share-based compensation arrangements, including share options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As of March 31, 2014, the Company has not implemented an employee stock based compensation plan. | |
Non-Employee Stock Based Compensation – The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in ASC 505-50. The Company may issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. | |
Earnings (loss) per share – The Company reports earnings (loss) per share in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 “Earnings Per Share”, which provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. | |
Recent Accounting Pronouncements – The Company has evaluated the recent accounting pronouncements through ASU 2014-05 and believes that none of them will have a material effect on the Company’s financial statements. |
FIXED_ASSETS
FIXED ASSETS | 6 Months Ended |
Mar. 31, 2014 | |
FIXED ASSETS | ' |
FIXED ASSETS | ' |
3. FIXED ASSETS | |
On March 25, 2014, SmartData Corporation, entered into an Asset and Intellectual Property Purchase Agreement ("Purchase Agreement"). Pursuant to which the Company acquired all of the Property rights, title and interest in a 32 inch Downdraft Gasifier ("Gasifier"). Pursuant to the Purchase Agreement the Company agreed to issue 646,041 shares of "SMARTDATA" $0.001 par value common stock and assume of $156,900 in liabilities to Petersen Incorporated for the engineering and construction of the Gasifier. | |
Fixed assets are capitalized at their historical cost and are depreciated over their estimated useful lives. As of March 31, 2014, our fixed asset had not been placed into service and no depreciation expense had been recorded. Depreciation of our assets will begin upon being placed into service. |
INTANGIBLE_AND_OTHER_ASSETS
INTANGIBLE AND OTHER ASSETS | 6 Months Ended |
Mar. 31, 2014 | |
INTANGIBLE AND OTHER ASSETS | ' |
INTANGIBLE AND OTHER ASSETS | ' |
4. INTANGIBLE AND OTHER ASSETS | |
On March 25, 2014, SmartData Corporation, entered into an Asset and Intellectual Property Purchase Agreement ("Purchase Agreement"). Pursuant to which the Company acquired: (i) all Intellectual Property rights, title and interest in Patent # 8,105,401 'Parallel Path, Downdraft Gasifier Apparatus and Method' (ii) all Intellectual Property rights, title and interest in Patent # 8,518,133 'Parallel Path, Downdraft Gasifier Apparatus and Method'. Pursuant to the Purchase Agreement the Company agreed to issue 45,477 shares of "SMARTDATA" $0.001 par value common stock a for these intellectual property rights. | |
Patents, intellectual property and trademarks are capitalized at their historical cost and are amortized over their estimated useful lives. As of March 31, 2014, patents and trademarks total $47,727, net of $3,092 of accumulated amortization. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Mar. 31, 2014 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
5. RELATED PARTY TRANSACTIONS | |
We utilize office space at the residence(s) of our Officers to conduct our activities at no charge. | |
From October 1, 2009 through February 23, 2014, the Company received $81,158 in advances from Burkeley J. Priest, a former sole director and officer of the Company under convertible promissory notes. The notes bear no interest and are convertible into shares of the Company’s common stock at a rate of $0.039 per share. Although the notes bear no interest, the Company imputed interest at a rate of 8% and recognized $6,727 and $5,421 in interest expense for the periods September 30, 2013 and September 30, 2012 respectively. | |
On February 24, 2014, the Company entered into a Debt Settlement Agreement with Burkeley J. Priest, former sole director and officer of the Company, to settle all outstanding convertible debts which consists of advances provided to the Company of $81,158. Pursuant to the Debt Settlement Agreement, a cash payment of $19,500 and a $33,341 non-interest bearing promissory note due on February 24, 2016 has been issued to Mr. Priest as full consideration for all outstanding convertible debts. Approximately $28,318 of contributed capital will be recognized as a result of the Settlement Agreement. | |
On February 24, 2014, the Company entered into a Debt Settlement Agreement with Munson Family Limited Partnership, an entity controlled by Gerard Rice, a former director and officer of the Company, to settle all outstanding convertible debts which consists of advances provided to the Company of $16,659. Pursuant to the Debt Settlement Agreement, a $16,659 non-interest bearing promissory note due on February 24, 2016 has been issued to Munson Family Limited Partnership as full consideration for all outstanding convertible debts. | |
On February 23, 2014, Bruce L. Lybbert was appointed as the sole officer and director for the company. As consideration for his appointment Mr. Lybbert received 1,500,000 shares of the Company's common stock valued at $0.001 per share. The shares received represented 61.2% of the Company's issued and outstanding shares of common stock at the time of issuance. | |
On March 6, 2014, Mr. Zachary Bradford was appointed to serve as the Chief Financial Officer, Secretary, Treasurer and as a Director of Smartdata Corporation. Mr. Bradford received 530,760 shares of the Company's common stock valued at $0.001 per share for his appointment as the Chief Financial Officer, Secretary, Treasurer and Director of the Company. | |
On March 13, 2014, Mr. Schultz was appointed to serve as the Chief Executive Officer and as a director of Smartdata Corporation. Mr. Schultz received 1,500,000 shares of the Company's common stock valued at $0.001 per share for his appointment as the Chief Executive Officer and Director of the Company. | |
On March 13, 2014, Mr. Barrett was appointed to serve as the Chief Operating Officer of Smartdata Corporation. Mr. Barrett received 265,380 shares of the Company's common stock valued at $0.001 per share for his appointment as the Chief Operating Officer of the Company. | |
On March 25, 2014, SMS Management Services, LLC("SMS") an entity approximately 66% controlled by S. Matthew Schultz the Company's Chief Executive Officer and Bruce Lybbert a Director of the Company and SmartData Corporation, (the "Company") entered into an Asset and Intellectual Property Purchase Agreement ("Purchase Agreement"). Pursuant to which SMS sold to the Company: (i) all Intellectual Property rights, title and interest in Patent # 8,105,401 'Parallel Path, Downdraft Gasifier Apparatus and Method' (ii) all Intellectual Property rights, title and interest in Patent # 8,518,133 'Parallel Path, Downdraft Gasifier Apparatus and Method' (iii) all of the Property rights, title and interest in a 32 inch Downdraft Gasifier ("Gasifier"). | |
Pursuant to the Purchase Agreement the Company agreed to issue 715,320 shares of "SMARTDATA" $0.001 par value common stock to SMS or it's designees and assume $156,900 in liabilities due to Petersen Incorporated for the engineering and construction of the Gasifier. (See Note 3. Intangible and other assets for additional details) |
CURRENT_AND_LONG_TERM_NOTES_PA
CURRENT AND LONG TERM NOTES PAYABLE | 6 Months Ended |
Mar. 31, 2014 | |
CURRENT AND LONG TERM NOTES PAYABLE | ' |
CURRENT AND LONG TERM NOTES PAYABLE | ' |
6. CURRENT AND LONG TERM NOTES PAYABLE | |
On February 12, 2014, the Company entered into a Convertible Promissory Note with an investor (“Holder”) in the original principle amount of $40,000 bearing a 12% annual interest rate and maturing December 31, 2015. This convertible note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated as 50% of the market price which means the average market price of the twenty trading prices immediately prior to the conversion date. On March 28, 2014, the Holder converted 81,159 shares of common stock of the Company for $40,000 and $579 in principal and interest, respectively and the Convertible Promissory Note was paid in full. | |
On February 24, 2014, the Company entered into a Debt Settlement Agreement with Burkeley J. Priest, former sole director and officer of the Company, to settle all outstanding convertible debts which consists of advances provided to the Company of $81,158. Pursuant to the Debt Settlement Agreement, a cash payment of $19,500 and a $33,341 non-interest bearing promissory note due on February 24, 2016 has been issued to Mr. Priest as full consideration for all outstanding convertible debts. Approximately $28,318 of contributed capital will be recognized as a result of the Settlement Agreement. | |
On February 24, 2014, the Company entered into a Debt Settlement Agreement with Munson Family Limited Partnership, an entity controlled by Gerard Rice, a former director and officer of the Company, to settle all outstanding convertible debts which consists of advances provided to the Company of $16,659. Pursuant to the Debt Settlement Agreement, a $16,659 non-interest bearing promissory note due on February 24, 2016 has been issued to Munson Family Limited Partnership as full consideration for all outstanding convertible debts. |
STOCKHOLDERS_EQUITY_DEFICIT
STOCKHOLDERS' EQUITY (DEFICIT) | 6 Months Ended |
Mar. 31, 2014 | |
STOCKHOLDERS' EQUITY (DEFICIT) | ' |
STOCKHOLDERS' EQUITY (DEFICIT) | ' |
7. STOCKHOLDERS’ EQUITY (DEFICIT) | |
On February 23, 2014, Bruce L. Lybbert was appointed as the sole officer and director for the company. As consideration for his appointment Mr. Lybbert received 1,500,000 shares of the Company's common stock valued at $0.001 per share. The shares received represented 61.2% of the Company's issued and outstanding shares of common stock at the time of issuance. | |
On March 6, 2014, Mr. Zachary Bradford was appointed to serve as the Chief Financial Officer, Secretary, Treasurer and as a Director of Smartdata Corporation. Mr. Bradford received 530,760 shares of the Company's common stock valued at $0.001 per share for his appointment as the Chief Financial Officer, Secretary, Treasurer and Director of the Company. | |
On March 13, 2014, Mr. Schultz was appointed to serve as the Chief Executive Officer and as a director of Smartdata Corporation. Mr. Schultz received 1,500,000 shares of the Company's common stock valued at $0.001 per share for his appointment as the Chief Executive Officer and Director of the Company. | |
On March 13, 2014, Mr. Barrett was appointed to serve as the Chief Operating Officer of Smartdata Corporation. Mr. Barrett received 265,380 shares of the Company's common stock valued at $0.001 per share for his appointment as the Chief Operating Officer of the Company. | |
On March 25, 2014, SMS Management Services, LLC("SMS") an entity approximately 66% controlled by S. Matthew Schultz the Company's Chief Executive Officer and Bruce Lybbert a Director of the Company and SmartData Corporation, (the "Company") entered into an Asset and Intellectual Property Purchase Agreement ("Purchase Agreement"). Pursuant to which SMS sold to the Company: (i) all Intellectual Property rights, title and interest in Patent # 8,105,401 'Parallel Path, Downdraft Gasifier Apparatus and Method' (ii) all Intellectual Property rights, title and interest in Patent # 8,518,133 'Parallel Path, Downdraft Gasifier Apparatus and Method' (iii) all of the Property rights, title and interest in a 32 inch Downdraft Gasifier ("Gasifier"). | |
Pursuant to the Purchase Agreement the Company agreed to issue 715,320 shares of "SMARTDATA" $0.001 par value common stock to SMS or its designees and assume $156,900 in liabilities due to Petersen Incorporated for the engineering and construction of the Gasifier. (See Note 3. Intangible and other assets for additional details) |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2014 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
8. SUBSEQUENT EVENTS | |
On May 5, 2014, the Company received $40,000 pursuant to a private placement agreement with an investor. 40,000 shares of SmartData Corporation $0.001 par value common stock and 4,000 warrants at a purchase price equal to $1.00 per share of common stock and Warrants. The warrants allow the holder to purchase shares of the Company's $0.001 par value common stock at 10% over the per share price purchase of the common stock or $1.10. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2014 | |
Accounting Policies (Policies) | ' |
Going concern | ' |
Going concern – The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred cumulative net losses of $(424,905) since its inception and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties. | |
Basis of Presentation | ' |
Basis of Presentation – The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. All references to Generally Accepted Accounting Principles (“GAAP”) are in accordance with The FASB Accounting Standards Codification (“ASC”) and the Hierarchy of Generally Accepted Accounting Principles. | |
The unaudited condensed interim financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2013 included in Annual Report on Form 10-K. The results of the six month period ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year ending September 30, 2014. | |
Use of estimates | ' |
Use of estimates – The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. | |
Cash and cash equivalents | ' |
Cash and cash equivalents – For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. There was $2,770 and $270 in cash and cash equivalents as of March 31, 2014 and March 31, 2013, respectively. | |
Accounts Receivable | ' |
Accounts Receivable – Accounts receivable is comprised of uncollateralized customer obligations due under normal trade terms requiring payment within 60 days from the invoice date. The carrying amount of accounts receivable is reviewed periodically for collectability. If management determines that collection is unlikely, an allowance that reflects management’s best estimate of the amounts that will not be collected is recorded. Management reviews each accounts receivable balance that exceeds 60 days from the invoice date and, based on an assessment of creditworthiness, estimates the portion, if any, of the balance that will not be collected. As of March 31, 2014, the Company had not recorded a reserve for doubtful accounts. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments – The carrying amounts reflected in the balance sheets for cash, accounts payable and accrued expenses approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. | |
As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |
The three levels of the fair value hierarchy are described below: | |
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | |
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | |
Long-lived Assets | ' |
Long-lived Assets – In accordance with the Financial Accounting Standards Board ("FASB") Accounts Standard Codification (ASC) ASC 360-10, "Property, Plant and Equipment," the carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. | |
Revenue recognition | ' |
Revenue recognition – The Company recognizes revenue on arrangements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” and No. 104, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the periods ended March 31, 2014 and 2013 the Company reported revenues of $0 and $0, respectively. | |
Income Taxes | ' |
Income taxes – The Company accounts for its income taxes in accordance with FASB Codification Topic ASC 740-10, “Income Taxes”, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Stock-based compensation | ' |
Stock-based compensation – The Company follows the guidelines in FASB Codification Topic ASC 718-10 “Compensation-Stock Compensation”, which provides investors and other users of financial statements with more complete and neutral financial information, by requiring that the compensation cost relating to share-based payment transactions be recognized in the financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. ASC 718-10 covers a wide range of share-based compensation arrangements, including share options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As of March 31, 2014, the Company has not implemented an employee stock based compensation plan. | |
Non-Employee Stock Based Compensation Policy | ' |
Non-Employee Stock Based Compensation – The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in ASC 505-50. The Company may issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. | |
Earnings (loss) per share | ' |
Earnings (loss) per share – The Company reports earnings (loss) per share in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 “Earnings Per Share”, which provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements – The Company has evaluated the recent accounting pronouncements through ASU 2014-05 and believes that none of them will have a material effect on the Company’s financial statements. |
FIXED_ASSETS_Details
FIXED ASSETS (Details) (USD $) | Mar. 31, 2014 |
FIXED ASSETS AS FOLLOWS | ' |
Purchase Agreement to issue shares | 646,041 |
Issued shares par value | $0.00 |
Assume of in liabilities to Petersen | $156,900 |
INTANGIBLE_AND_OTHER_ASSETS_De
INTANGIBLE AND OTHER ASSETS (Details) (USD $) | Mar. 31, 2014 | Mar. 25, 2014 |
INTANGIBLE AND OTHER ASSETS AS FOLLOWS | ' | ' |
Purchase Agreement the Company agreed to issue shares | 45,477 | 45,477 |
Purchase Agreement the Company agreed to issue shares par value | $0.00 | $0.00 |
Patents and trademarks total | 47,727 | 47,727 |
Accumulated amortization | $3,092 | $3,092 |
RELATED_PARTY_TRANSACTIONS_AS_
RELATED PARTY TRANSACTIONS AS FOLLOWS (Details) (USD $) | Mar. 31, 2014 | Mar. 25, 2014 | Mar. 13, 2014 | Mar. 06, 2014 | Feb. 24, 2014 | Feb. 23, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
RELATED PARTY TRANSACTIONS AS FOLLOWS | ' | ' | ' | ' | ' | ' | ' | ' |
Received advances from Burkeley J. Priest | $81,158 | ' | ' | ' | ' | ' | ' | ' |
Convertible into shares of the Company's common stock at a rate per share | $0.04 | ' | ' | ' | ' | ' | ' | ' |
Imputed interest at a rate | 8.00% | ' | ' | ' | ' | ' | ' | ' |
Interest Expense | ' | ' | ' | ' | ' | ' | 6,727 | 5,421 |
Advances provided to the Company | ' | ' | ' | ' | 81,158 | ' | ' | ' |
Cash payment | ' | ' | ' | ' | 19,500 | ' | ' | ' |
Non-interest bearing promissory note due on February 24, 2016 | ' | ' | ' | ' | 33,341 | ' | ' | ' |
Contributed capital | ' | ' | ' | ' | 28,318 | ' | ' | ' |
Debt Settlement Agreement with Munson Family Limited Partnership advances provided to the Company | ' | ' | ' | ' | 16,659 | ' | ' | ' |
Non-interest bearing promissory note due on February 24, 2016 | ' | ' | ' | ' | 16,659 | ' | ' | ' |
Mr.Lybbert received shares | ' | ' | ' | ' | 1,500,000 | ' | ' | ' |
Shares received represented Company's issued and outstanding shares of common stock | ' | ' | ' | ' | ' | 61.20% | ' | ' |
Mr. Bradford received shares | ' | ' | ' | 530,760 | ' | ' | ' | ' |
Common stock valued per share | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' |
Mr. Schultz received shares | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Mr. Barrett received shares | ' | ' | 265,380 | ' | ' | ' | ' | ' |
Pursuant to the Purchase Agreement the Company agreed to issue shares | ' | 715,320 | ' | ' | ' | ' | ' | ' |
Issue shares per share | ' | $0.00 | ' | ' | ' | ' | ' | ' |
Assume in liabilities due to Petersen Incorporated for the engineering | ' | $156,900 | ' | ' | ' | ' | ' | ' |
CURRENT_AND_LONG_TERM_NOTES_PA1
CURRENT AND LONG TERM NOTES PAYABLE (Details) (USD $) | Mar. 28, 2014 | Feb. 12, 2014 |
CURRENT AND LONG TERM NOTES PAYABLE AS FOLLOWS: | ' | ' |
Convertible Promissory Note with an investor ("Holder") in the original principle amount | ' | $40,000 |
Annual interest rate | ' | 12.00% |
Variable conversion price calculated | ' | 50.00% |
Holder converted shares | 81,159 | ' |
Holder converted shares valued | 40,000 | ' |
Principal and interest | $579 | ' |
CAPITAL_STOCK_TRANSACTIONS_Det
CAPITAL STOCK TRANSACTIONS (Details) (USD $) | Mar. 13, 2014 | Feb. 23, 2014 |
CAPITAL STOCK TRANSACTIONS: | ' | ' |
Mr. Lybbert received 1,500,000 shares of the Company's common stock valued per share | ' | $0.00 |
Shares received represented in percent | ' | 61.20% |
Mr. Barrett received 265,380 shares of the Company's common stock valued per share | $0.00 | ' |
SUBSEQUENT_EVENTS_TRANSACTIONS
SUBSEQUENT EVENTS TRANSACTIONS (Details) (USD $) | 5-May-14 |
SUBSEQUENT EVENTS TRANSACTIONS | ' |
Received pursuant to a private placement agreement with an investor | $40,000 |
Shares of SmartData Corporation | 40,000 |
Shares of SmartData Corporation par value | $0.00 |
Warrants | 4,000 |
Warrants at a purchase price per share | $1 |
Common stock at 10% over the per share price purchase of the common stock | $1.10 |