Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates |
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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 |
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Cash equivalents consist of highly liquid investments with original maturities of three months or less. |
Revenue Recognition | ' |
Revenue Recognition |
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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. For the six month periods ended June 30, 2014 and 2013, the Company had not recognized any revenue. |
Research and Development Costs | ' |
Research and Development Costs |
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The Company expenses research and development costs as incurred. Research and development cost amounted to $0 for the three and six months ended June 30, 2014 and 2013 and the period from November 1, 2012 (date of inception) to June 30, 2014, respectively. |
Advertising Costs | ' |
Advertising Costs |
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Costs incurred for producing and communicating advertising are expensed when incurred and included in selling general and administrative expenses. Advertising expense amounted to $0 for the three and six months ended June 30, 2014 and 2013 and the period from November 1, 2012 (date of inception) to June 30, 2014, respectively. |
Property and Equipment | ' |
Property and Equipment |
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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. |
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Depreciation for the three and six month periods ended June 30, 2014 totaled $2,347 and $0, respectively. No depreciation expenses were recognized for the three and six month periods ended June 30, 2013. |
Earnings Per Share | ' |
Earnings Per Share |
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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. For the three and six months ended June 30, 2014, the period from November 1, 2012 (date of inception) to June 30, 2014, the Company has incurred losses; therefore the effect of any Common Stock equivalent would be anti-dilutive during those periods. There were no warrants, options, or other stock equity outstanding as of June 30, 2014. |
Impairment of Long-Lived Assets and Assets | ' |
Impairment of Long-Lived Assets and Assets |
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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 les s than the carrying amount of the asset, an impairment loss is recorded. No impairment losses were recognized for the three and six month ended June 30, 2014. |
Concentration of Credit Risk | ' |
Concentration of Credit Risk |
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Cash and cash equivalents are mainly maintained by one highly qualified institution in the United States. At various times such amounts are in excess of federally insured limits. |
Income Taxes | ' |
Income Taxes |
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The Company accounts for income taxes in accordance with ASC 740, 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. |
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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 2012 (inception) to the present, generally for three years after they are filed. |
Foreign Currency Risk | ' |
Foreign Currency Risk |
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Any significant changes in foreign currency exchange rates may have significant impact on Company’s future financial statements upon fulfilling certain purchase commitments in accordance to the license agreement disclosed in Note 7. |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncement |
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On January 1, 2013, the Company adopted the new accounting standard that requires disclosures about off setting and related arrangements for derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The adoption of this accounting standard did not have any impact on the Company’s financial statements. |
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On January 1, 2013, the Company adopted the new accounting standard that provides the option to evaluate qualitative factors to determine whether a calculated impairment test for indefinite-lived intangible assets is necessary. The adoption of this accounting standard did not have any impact on the Company’s financial statements. |
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In February 2013, the FASB issued a new accounting standard that provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. This new accounting standard is effective as of January 1, 2014. The adoption of this accounting standard did not have any impact on the Company’s financial statements. |
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In July 2013, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard that requires an unrecognized tax benefit to be presented as a decrease in a deferred tax asset where a net operating loss, a similar tax loss, or a tax credit carryforward exists and certain criteria are met. The new accounting standard is effective as of January 1, 2014 and is consistent with the Company’s present practice. |