Fomo Worldwide (IGOT) 10-K 28 Feb 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 28, 2014	Feb. 26, 2014
Document And Entity Information	'	'	'
Entity Registrant Name	'ZEGARELLI GROUP INTERNATIONAL INC	'	'
Entity Central Index Key	'0000867028	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filer	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Public Float	'	'	$1,572,724
Entity Common Stock, Shares Outstanding	'	22,248,337	'
Document Fiscal Period Focus	'FY	'	'
Document Fiscal Year Focus	'2013	'	'

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
ASSETS	$0	$0
LIABILITIES AND STOCKHOLDERS' DEFICIT	'	'
Advance from majority stockholder	41,486	17,228
Accrued expenses	3,657	1,625
Convertible note payable	47,199	47,199
TOTAL CURRENT LIABILITIES	92,342	66,052
STOCKHOLDERS' DEFICIT	'	'
Preferred stock - $.01 par value, 1,000,000 shares authorized, 0 shares issued and outstanding	'	'
Common stock, no par value, 25,000,000 shares authorized, 22,248,337 shares issued and outstanding	7,436,101	7,436,101
Contributed capital	918,231	918,231
Accumulated deficit	-8,446,674	-8,420,384
TOTAL STOCKHOLDERS' DEFICIT	-92,342	-66,052
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$0	$0

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	'	'
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	22,248,337	22,248,337
Common stock, shares outstanding	22,248,337	22,248,337

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]	'	'
REVENUES	'	'
EXPENSES	'	'
Administrative	3,908	728
Professional fees	18,750	16,975
TOTAL EXPENSES	22,658	17,703
OTHER INCOME (EXPENSE):	'	'
Gain from write off of accrued expenses	'	54,147
Interest expenses	-2,832	-825
INCOME (LOSS) BEFORE TAXES	-25,490	35,619
INCOME TAX PROVISION	800	800
NET INCOME (LOSS)	($26,290)	$34,819
NET INCOME (LOSS) PER COMMON SHARE	'	'
Basic and diluted	$0	$0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	22,248,337	22,248,337

Statement_of_Stockholders_Defi

Statement of Stockholders' Deficit (USD $)	Common Stock [Member]	Contributed Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2011	$7,436,101	$918,231	($8,455,203)	($100,871)
Balance, shares at Dec. 31, 2011	22,248,337	'	'	'
Net Income (Loss)	'	'	34,819	34,819
Balance at Dec. 31, 2012	7,436,101	918,231	-8,420,384	-66,052
Balance, shares at Dec. 31, 2012	22,248,337	'	'	'
Net Income (Loss)	'	'	-26,290	-26,290
Balance at Dec. 31, 2013	$7,436,101	$918,231	($8,446,674)	($92,342)
Balance, shares at Dec. 31, 2013	22,248,337	'	'	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income (loss)	($26,290)	$34,819
Adjustments to reconcile net income (loss) to net cash provided by operations:	'	'
Write off of accrued expenses	'	-54,147
Changes in liabilities:	'	'
Increase in accrued expenses	2,032	825
Net cash used in operating activities	-24,258	-18,503
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Advances from stockholder	24,258	18,503
Net cash provided by financing activities	24,258	18,503
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	0	0
Cash and cash equivalents at beginning of period	0	'
Cash and cash equivalents at end of period	0	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	'	'
Income taxes paid	800	800
Interest paid	'	'

Operations_and_Ability_to_Cont

Operations and Ability to Continue as a Going Concern	12 Months Ended
	Dec. 31, 2013
Operations And Ability To Continue As Going Concern	'
Operations and Ability to Continue as a Going Concern	'
	1. OPERATIONS AND ABILITY TO CONTINUE AS A GOING CONCERN
	Zegarelli Group International, Inc. (the “Company”) was incorporated on February 27, 1990. The Company manufactured cosmetic products for private label distributions throughout the United States. The Company ceased operations and has been inactive since 2002. The Company was publicly-traded company listed on the OTC Bulletin Board (“pink-sheets”). On November 9, 1998, the Company filed a Form 15 with the Securities and Exchange Commission (“SEC”) terminating its registration under Section 12(g) of the Securities Act of 1934, which relieved the Company of its requirement to file reports with the SEC. Even though the Company has not made any further filings with the SEC since 1998, the Company has had some minimal stock trading activity.
	The Company’s board is now considering merging with another entity that has viable operations. As such, the existing company is not going to continue as a going concern after any merger. The financial statements do not contain any adjustments that would be necessary should the Company not continue as a going concern.

Going_Concern

Going Concern	12 Months Ended
	Dec. 31, 2013
Going Concern	'
Going Concern	'
	2. GOING CONCERN
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) that contemplate continuation of the Company as a going concern. During the years ended December 31, 2013 and 2012, the Company incurred a net loss and income of $(26,290) and $34,819, respectively. In addition, the Company had an accumulated deficit of $8,446,674 and $8,420,384, as of December 31, 2013 and 2012, respectively. The Company has not earned any significant revenues since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
	The Company’s ability to continue in existence is dependent on its ability to develop additional sources of capital, and/or achieve profitable operations and positive cash flows. Management’s plan is to aggressively pursue its present business plan. Since inception the Company has funded its operations through the issuance of common stock and related party loans and advances, and will seek additional debt or equity financing as required. However, there can be no assurance that the Company will be successful in raising such additional funds. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	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 the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
	Cash and Cash Equivalents – Cash equivalents consist of highly liquid investments with original maturities of three months or less.
	Revenue Recognition – The Company recognizes revenue upon concluding that all of the fundamental criteria for revenue recognition have been met. The criteria are usually met at the time products are shipped. The Company performs ongoing credit evaluations of its customers’ financial condition and records a reserve for sales returns and allowances based on the historical rate of returns on its products.
	Research and Development Costs – The Company expenses research and development costs as incurred, which is presented as a separate line of the statement of operations.
	Advertising Costs – Costs incurred for producing and communicating advertising are expensed when incurred and included in selling general and administrative expenses. Advertising expense amounted to $0 in 2013 and 2012 respectively.
	Property and Equipment – Property and equipment are stated at cost. Major renewals and improvements are charged to the asset accounts while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets are expensed. At the time property and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to income. Property and equipment are depreciated over the useful lives of the asset using the straight line method.
	Earnings Per Share – Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. During 2013 and 2012, the Company has incurred losses; therefore the effect of any Common Stock equivalent would be anti-dilutive during those periods.
	Stock Option Plan – During the years ended December 31, 2013 and 2012, the Company has not had any stock option plan, nor any outstanding options or warrants.
	Impairment of Long-Lived Assets and Assets – The Company reviews long-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected future undiscounted cash flows is less that the carrying amount of the asset, an impairment loss is recorded. No impairment losses were recognized for the year ended December 31, 2013 and 2012.
	Income Taxes – The Company accounts for income taxes in accordance with FASB Codification, “Accounting for Income Taxes.” This statement requires an asset and liability approach for accounting for income taxes. The accounting principles generally accepted in the United States of America provides accounting and disclosure guidance about positions taken by an entity in its tax returns that might be uncertain.
	Reclassification – Certain reclassifications have been made to the prior year’s amounts to conform to the current years presentation.
	Fair Value of Financial Instruments – The carrying values of cash equivalents, accounts receivable, accounts payable, short-term debt to a related party and accrued liabilities and those potentially subject to valuation risk at December 31, 2013 and December 31, 2012 approximated fair value due to their short maturity or nature.
	Concentration of Credit Risk – Financial instruments, which potentially subject the company to concentrations of credit risk, consist principally of cash and cash equivalents. At December 31, 2013 and 2012 the Company had no cash and cash equivalents.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	4. RELATED PARTY TRANSACTIONS
	The majority stockholder has advanced the Company funds to bring it into compliance with various regulations and tax laws. During the years ended December 31, 2013 and 2012, this stockholder advanced $24,258 and $18,503, respectively. The advances are due upon demand and bear no interest.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	5. INCOME TAXES
	The Company files a both Federal and California income tax returns. Income tax expense for the years ended December 31, 2013 and 2012 consisted of the following:
		2013		2012
	State franchise tax	$	800	$	800
	Federal taxes		-		-
	Total	$	800	$	800
	Income tax expense for the years ended December 31, 2013 and 2012 differed from the amounts computed by applying the U.S. federal income tax rate of 34 percent to loss before income taxes primarily due to the generation of additional net operating loss carry forwards for which no net tax benefit has been provided (full vacation allowance).
	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at December 31, 2013 is composed primarily of the net loss carry forwards. The net change in the total valuation allowance for the year ended December 31, 2013 was insignificant. 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 tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable losses, management believes it is more likely than not the Company will not realize the benefits of these deductible differences and has established valuation allowance to fully reserve the deferred tax assets at December 31, 2013 and 2012. Additionally, the ultimate realizability of net operating losses may be limited by change of control provisions under Section 382 of the Internal Revenue Code.
	At December 31, 2013, the Company had net operating loss carry forwards for Federal income tax purposes of approximately $3,539,725 which are available to offset future Federal taxable income, if any, expiring through 2032.
	The accounting principles generally accepted in the United States of America provides accounting and disclosure guidance about positions taken by an organization in its tax returns that might be uncertain. Management has considered its tax positions and believes that all of the positions taken by the Company in its Federal and State tax returns are more likely than not to be sustained upon examination. The Company files income tax returns in the U.S. and various state jurisdictions. The Company is subject to examinations by U.S. Federal and State tax authorities from 2010 to the present, generally for three years after they are filed.

Convertible_Note_Payable

Convertible Note Payable	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Convertible Note Payable	'
	6. CONVERTIBLE NOTE PAYABLE
	On September 14, 2012, the Company acknowledged and formalized monies advanced to the Company over the past three years by entering into a 6% convertible promissory note in favor of Alfred Booth, Jr. in the principal amount of $47,199, which was the outstanding balance owed to Mr. Booth as of June 30, 2012. The entire note balance plus accrued interest of $3,657 was outstanding as of December 31, 2013.

Subsequent_Event

Subsequent Event	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Event	'
	7. SUBSEQUENT EVENT
	On January 30, 2014, the Company entered into an acquisition agreement with 2050 Motors, Inc. (“2050 Motors”) and certain shareholders of 2050 Motors (collectively the “2050 Motors Shareholders”) wherein the Company has agreed to acquire all of the outstanding shares of common stock of 2050 Motors. In exchange for the 2050 Motors shares, the Company will issue to the 2050 Motors Shareholders up to 24,993,665 shares of the Company’s common stock, post-split. As part of the Agreement, the Company will affect a 4 for 1 reverse stock split, increase the authorized common stock, change the name to 2050 Motors, Inc. and file certain reports with the Security and Exchange Commission. After the closing of the Share Exchange, 2050 Motors will become Company’s wholly-owned subsidiary, and the 2050 Motors Shareholders will own approximately 90% of Company’s common stock, on an as converted, fully diluted basis. The Closing of the Share Exchange is expected to occur in March 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
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 the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents – Cash equivalents consist of highly liquid investments with original maturities of three months or less.
Revenue Recognition	'
	Revenue Recognition – The Company recognizes revenue upon concluding that all of the fundamental criteria for revenue recognition have been met. The criteria are usually met at the time products are shipped. The Company performs ongoing credit evaluations of its customers’ financial condition and records a reserve for sales returns and allowances based on the historical rate of returns on its products.
Research and Development Costs	'
	Research and Development Costs – The Company expenses research and development costs as incurred, which is presented as a separate line of the statement of operations.
Advertising Costs	'
	Advertising Costs – Costs incurred for producing and communicating advertising are expensed when incurred and included in selling general and administrative expenses. Advertising expense amounted to $0 in 2013 and 2012 respectively.
Property and Equipment	'
	Property and Equipment – Property and equipment are stated at cost. Major renewals and improvements are charged to the asset accounts while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets are expensed. At the time property and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation accounts are relieved of the applicable amounts. Gains or losses from retirements or sales are credited or charged to income. Property and equipment are depreciated over the useful lives of the asset using the straight line method.
Earnings Per Share	'
	Earnings Per Share – Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. During 2013 and 2012, the Company has incurred losses; therefore the effect of any Common Stock equivalent would be anti-dilutive during those periods.
Stock Option Plan	'
	Stock Option Plan – During the years ended December 31, 2013 and 2012, the Company has not had any stock option plan, nor any outstanding options or warrants.
Impairment of Long-Lived Assets and Assets	'
	Impairment of Long-Lived Assets and Assets – The Company reviews long-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected future undiscounted cash flows is less that the carrying amount of the asset, an impairment loss is recorded. No impairment losses were recognized for the year ended December 31, 2013 and 2012.
Income Taxes	'
	Income Taxes – The Company accounts for income taxes in accordance with FASB Codification, “Accounting for Income Taxes.” This statement requires an asset and liability approach for accounting for income taxes. The accounting principles generally accepted in the United States of America provides accounting and disclosure guidance about positions taken by an entity in its tax returns that might be uncertain.
Reclassification	'
	Reclassification – Certain reclassifications have been made to the prior year’s amounts to conform to the current years presentation.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments – The carrying values of cash equivalents, accounts receivable, accounts payable, short-term debt to a related party and accrued liabilities and those potentially subject to valuation risk at December 31, 2013 and December 31, 2012 approximated fair value due to their short maturity or nature.
Concentration of Credit Risk	'
	Concentration of Credit Risk – Financial instruments, which potentially subject the company to concentrations of credit risk, consist principally of cash and cash equivalents. At December 31, 2013 and 2012 the Company had no cash and cash equivalents.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes Tables	'
Schedule of Income Tax Expense	'
	The Company files a both Federal and California income tax returns. Income tax expense for the years ended December 31, 2013 and 2012 consisted of the following:
		2013		2012
	State franchise tax	$	800	$	800
	Federal taxes		-		-
	Total	$	800	$	800

Going_Concern_Details_Narrativ

Going Concern (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Going Concern	'	'
Net loss	($26,290)	$34,819
Accumulated deficit	$8,446,674	$8,420,384

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounting Policies [Abstract]	'	'	'
Research and development costs	$0	$0	'
Advertising expense	0	0	'
Asset impairment loss	0	0	'
Cash and cash equivalents	$0	$0	'

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Related Party Transactions [Abstract]	'	'
Advance from stockholders	$24,258	$18,503

Income_Taxes_Details_Narrative

Income Taxes (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]	'	'
U.S. federal income tax rate	34.00%	34.00%
Operating loss carry forward	$3,539,725	'
Operating loss carry forward expiration date	31-Dec-32	'

Income_Taxes_Schedule_of_Incom

Income Taxes - Schedule of Income Tax Expense (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]	'	'
State franchise tax	$800	$800
Federal taxes	'	'
Total	$800	$800

Convertible_Note_Payable_Detai

Convertible Note Payable (Details Narrative) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Sep. 14, 2012	Jun. 30, 2012
			Alfred Booth [Member]	Alfred Booth [Member]
Convertible promissory note interest rate	'	'	6.00%	'
Convertible note payable principal amount outstanding	$47,199	$47,199	'	$47,199
Accrued interest expenses	$3,657	$1,625	'	'

Subsequent_Event_Details_Narra

Subsequent Event (Details Narrative) (2050 Motors, Inc [Member], Subsequent Event [Member])	0 Months Ended
	Jan. 30, 2014
2050 Motors, Inc [Member] | Subsequent Event [Member]	'
Isuuance of stock split	24,993,665
Reverse stock split	'
	4 for 1
Percentage of common stock converted diluted basis	90.00%
Expiration of share exchage agreement	'2014-03