Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Apr. 04, 2016 | Apr. 04, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | 2050 MOTORS, INC. | ||
Entity Central Index Key | 867,028 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 1,446,900 | ||
Entity Common Stock, Shares Outstanding | 33,748,599 | ||
Trading Symbol | ETFM | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 81,984 | $ 756,675 |
Prepaid rent | 17,286 | |
Other prepaid expenses | $ 25,000 | 975 |
Total current assets | 106,984 | 774,936 |
Property and equipment, net | 105,382 | 60,309 |
Other assets: | ||
Vehicle deposits | 24,405 | 86,000 |
Other deposits | 7,400 | 4,600 |
License | 50,000 | 50,000 |
Total other assets | 81,805 | 140,600 |
Total assets | 294,171 | 975,845 |
Liabilities | ||
Accounts payable | 3,515 | 1,074 |
Accrued interest on loans payable to related parties | 4,980 | 3,550 |
Loans payable to related parties | 66,500 | 100,763 |
Deferred rent | 978 | 1,711 |
Total current liabilities | 75,973 | 107,098 |
Stockholders' equity | ||
Common stock; no par value Authorized: 100,000,000 shares at December 31, 2015 and December 31, 2014 Issued and outstanding: 33,748,599 at December 31, 2015 and 33,437,886 at December 31, 2014 | 1,993,996 | 1,915,621 |
Accumulated deficit | (1,775,798) | (1,046,874) |
Total stockholders' equity | 218,198 | 868,747 |
Total liabilities and stockholders' equity | $ 294,171 | $ 975,845 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, no par value | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 33,748,599 | 33,437,886 |
Common stock, shares outstanding | 33,748,599 | 33,437,886 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Operating revenue | ||
Operating expenses: | ||
R&D | $ 97,734 | |
Interest expense | 11,438 | $ 3,961 |
General & administrative | 622,352 | 542,111 |
Total operating expenses | 731,524 | 546,072 |
Net loss from operations | (731,524) | $ (546,072) |
Other income, net | 2,600 | |
Loss before income taxes | $ (728,924) | $ (546,072) |
Provision for income taxes | ||
Net loss | $ (728,924) | $ (546,072) |
Net loss per share, basic and diluted | $ (0.02) | $ (0.02) |
Weighted average common equivalent shares outstanding, basic and diluted | 33,553,057 | 31,589,646 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2013 | $ 908,450 | $ (500,802) | $ 407,648 |
Balance, shares at Dec. 31, 2013 | 30,634,670 | ||
Shares issued for cash | $ 955,400 | 955,400 | |
Shares issued for cash, shares | 2,741,146 | ||
Shares issued for services | $ 51,771 | 51,771 | |
Shares issued for services, shares | 62,070 | ||
Net loss | $ (546,072) | (546,072) | |
Balance at Dec. 31, 2014 | $ 1,915,621 | $ (1,046,874) | 868,747 |
Balance, shares at Dec. 31, 2014 | 33,437,886 | ||
Shares issued for cash | $ 30,000 | 30,000 | |
Shares issued for cash, shares | 85,173 | ||
Shares issued for services | $ 48,375 | 48,375 | |
Shares issued for services, shares | 225,000 | ||
Net loss | $ (728,924) | (728,924) | |
Balance at Dec. 31, 2015 | $ 1,993,996 | $ (1,775,798) | $ 218,198 |
Balance, shares at Dec. 31, 2015 | 33,748,599 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows provided by (used for) operating activities: | ||
Net loss | $ (728,924) | $ (546,072) |
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||
Depreciation | 21,628 | 8,016 |
Issuance of common stock for services | 48,375 | 51,771 |
Changes in assets and liabilities - Increase (decrease) in assets and liabilities: | ||
Deposits | 58,796 | (2,200) |
Prepaid rent | 17,286 | (8,186) |
Other prepaid expenses | (24,025) | (975) |
Accounts payable | 2,441 | 1,074 |
Accrued interest on loans payable to related parties | 1,430 | 3,550 |
Deferred rent | (733) | 1,711 |
Net cash used for operating activities | (603,726) | (491,311) |
Cash flows provided by (used for) investing activities: | ||
Purchase of property and equipment | (66,702) | (68,325) |
Net cash used for investing activities | $ (66,702) | (68,325) |
Cash flows provided by (used for) financing activities: | ||
Proceeds from related party advances | 150,000 | |
Payments made on related party advances | $ (34,263) | (51,000) |
Proceeds from issuance of common stock | 30,000 | 955,400 |
Net cash provided by (used for) financing activities | (4,263) | 1,054,400 |
Net increase (decrease) in cash | (674,691) | 494,764 |
Cash, beginning of year | 756,675 | 261,911 |
Cash, end of period | $ 81,984 | $ 756,675 |
Supplemental disclosure of cash flow information - | ||
Income tax payment | ||
Interest payment | $ 10,008 | $ 411 |
Business
Business | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business | 1. BUSINESS 2050 Motors, |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2015 | |
Going Concern | |
Going Concern | 2. GOING CONCERN The Companys ability |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation Cash Cash consists of deposits in one large national bank. Advertising and Marketing Costs Costs incurred Property and Equipment Property and Depreciation is calculated using straight-line method over the assets estimated useful lives as follows: Furniture and fixtures Leasehold 7 years improvements Vehicles and parts Lessor of lease term or life of related assets Tools and equipment 3 years 5 years Depreciation expense Impairment of Long-Lived Assets and Assets The Company n g Earnings Per Share Basic earnings Concentration of Credit Risk Cash is Recent Accounting Pronouncement In February 2013, In July In May 2014, In June a) Presentation of inception-to-date information in b) Labeling the financial statements as those of a development stage entity. c) Description of the development stage activities in which the entity is engaged. In August Income Taxes The Company accounts The accounting Foreign Currency Risk Any significant changes in |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. PROPERTY AND EQUIPMENT Property and equipment consist of the following as of December 31, 2015 and 2014: 2015 2014 Furniture and fixtures $ 14,303 $ 14,303 Leasehold improvements 18,184 14,082 Vehicles and parts 80,045 18,450 Tools and equipment 22,494 21,490 135,026 68,325 Less: accumulated depreciation (29,644 ) (8,016 ) Property and equipment, net $ 105,382 $ 60,309 |
Vehicle Deposits
Vehicle Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Vehicle Deposits | 5. VEHICLE DEPOSITS 2050 Motors The total |
License Agreement
License Agreement | 12 Months Ended |
Dec. 31, 2015 | |
License Agreement | |
License Agreement | 6. LICENSE AGREEMENT In 2012 |
Short-Term Advances
Short-Term Advances | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Advances | 7. SHORT-TERM ADVANCES On June On August until December 31, 2016. During the |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES In Effective September Effective March In November 2014, Rent expense amounted to $93,103 and $68,711 for the years ended December 31, 2015 and 2014, respectively. The minimum aggregate payments due under these leases are as follows : Years ending December: 2016 44,800 2017 8,800 $ 53,600 According to First year 2,000 Second year 6,000 Third year 12,000 Fourth year 24,000 Fifth year 48,000 92,000 As part related The Company , |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES The Company did not for years 2012 that it not impact because the Based on that net deferred assets at December carry Deferred tax assets consist of the following components: December 31, 2015 December 31, 2014 Net loss carryforward $ 500,000 $ 290,000 Valuation allowance (500,000 ) (290,000 ) Total deferred tax assets $ - $ - |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity | 10. EQUITY During the During the issued |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation |
Cash | Cash Cash consists of deposits in one large national bank. |
Advertising and Marketing Costs | Advertising and Marketing Costs Costs incurred |
Property and Equipment | Property and Equipment Property and Depreciation is calculated using straight-line method over the assets estimated useful lives as follows: Furniture and fixtures Leasehold 7 years improvements Vehicles and parts Lessor of lease term or life of related assets Tools and equipment 3 years 5 years Depreciation expense |
Impairment of Long-Lived Assets and Assets | Impairment of Long-Lived Assets and Assets The Company n g |
Earnings Per Share | Earnings Per Share Basic earnings |
Concentration of Credit Risk | Concentration of Credit Risk Cash is |
Recent Accounting Pronouncement | Recent Accounting Pronouncement In February 2013, In July In May 2014, In June a) Presentation of inception-to-date information in b) Labeling the financial statements as those of a development stage entity. c) Description of the development stage activities in which the entity is engaged. In August |
Income Taxes | Income Taxes The Company accounts The accounting |
Foreign Currency Risk | Foreign Currency Risk Any significant changes in |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment Estimated Useful Life | Depreciation is calculated using straight-line method over the assets estimated useful lives as follows: Furniture and fixtures Leasehold 7 years improvements Vehicles and parts Lessor of lease term or life of related assets Tools and equipment 3 years 5 years |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following as of December 31, 2015 and 2014: 2015 2014 Furniture and fixtures $ 14,303 $ 14,303 Leasehold improvements 18,184 14,082 Vehicles and parts 80,045 18,450 Tools and equipment 22,494 21,490 135,026 68,325 Less: accumulated depreciation (29,644 ) (8,016 ) Property and equipment, net $ 105,382 $ 60,309 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases | The minimum aggregate payments due under these leases are as follows : Years ending December: 2016 44,800 2017 8,800 $ 53,600 |
Schedule of Amount of Vehicles per Year | The First year 2,000 Second year 6,000 Third year 12,000 Fourth year 24,000 Fifth year 48,000 92,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | Deferred tax assets consist of the following components: December 31, 2015 December 31, 2014 Net loss carryforward $ 500,000 $ 290,000 Valuation allowance (500,000 ) (290,000 ) Total deferred tax assets $ - $ - |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Advertising and Marketing expenses | $ 16,764 | $ 720 |
Depreciation | $ 21,628 | $ 8,016 |
Impairment losses | ||
Number of warrants outstanding | ||
Number of options outstanding |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Property and Equipment Estimated Useful Life | 5 years |
Furniture and Fixtures Leasehold [Memebr] | |
Property and Equipment Estimated Useful Life | 7 years |
Improvements Vehicles and Parts [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | Lessor of lease term or life of related assets |
Tools and equipment [Member] | |
Property and Equipment Estimated Useful Life | 3 years |
Property And Equipment - Schedu
Property And Equipment - Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property and equipment, gross | $ 135,026 | $ 68,325 |
Less: accumulated depreciation | (29,644) | (8,016) |
Property and equipment, net | 105,382 | 60,309 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 14,303 | 14,303 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 18,184 | 14,082 |
Vehicles and parts [Member] | ||
Property and equipment, gross | 80,045 | 18,450 |
Tools and equipment [Member] | ||
Property and equipment, gross | $ 22,494 | $ 21,490 |
Vehicle Deposits (Details Narra
Vehicle Deposits (Details Narrative) | Dec. 04, 2013USD ($) | Aug. 20, 2013USD ($) | Dec. 31, 2015USD ($)Integer |
Number of prototype test models | Integer | 3 | ||
Vehicle deposits | $ 60,200 | $ 25,800 | |
Three Vehicles [Member] | |||
Vehicle deposits | $ 86,000 |
License Agreement (Details Narr
License Agreement (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
License Agreement | ||
Total Payment Incurred for License Agreement | $ 50,000 | $ 50,000 |
Short-Term Advances (Details Na
Short-Term Advances (Details Narrative) - USD ($) | Sep. 30, 2014 | Aug. 29, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 |
Short term borrowing from third party | $ 50,000 | |||||
Loan bears interest rate | 12.00% | |||||
Short term borrowing maturity date | Jul. 25, 2014 | |||||
Unpaid principal balance of the loans | $ 100,763 | $ 66,500 | ||||
Accrued interest | 3,550 | 4,980 | ||||
Advance received from third parties | $ 40,067 | |||||
Due to third party | 763 | $ 0 | ||||
Two Loans [Member] | ||||||
Short term borrowing from third party | $ 100,000 | |||||
Loan bears interest rate | 12.00% | |||||
Short term borrowing maturity date | Dec. 31, 2016 | |||||
Loan One [Member] | ||||||
Short term borrowing maturity date | Feb. 28, 2015 | |||||
Loan Two [Member] | ||||||
Short term borrowing maturity date | Mar. 30, 2015 |
Commitments and Contingencies28
Commitments and Contingencies (Details Narrative) - USD ($) | Mar. 01, 2014 | Sep. 16, 2015 | Nov. 30, 2014 | Nov. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Lease term expiration date | Apr. 30, 2017 | Sep. 15, 2016 | Nov. 11, 2015 | Dec. 31, 2015 | ||
Lease monthly payment | $ 2,200 | $ 2,300 | $ 2,400 | |||
Prepaid entire lease shares | 10,000 | |||||
Prepaid entire lease Value | $ 13,000 | |||||
Lease agreement period | 3 years | 1 year | ||||
Rent expenses | $ 93,103 | $ 68,711 | ||||
Cost of airbag | 500,000 | |||||
Maximum cost of airbag | $ 2,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments for Capital Leases (Details) | Dec. 31, 2015USD ($) |
Commitments And Contingencies - Schedule Of Future Minimum Lease Payments For Capital Leases Details | |
2,016 | $ 44,800 |
2,017 | 8,800 |
Total | $ 53,600 |
Commitments and Contingencies30
Commitments and Contingencies - Schedule of Amount of Vehicles per Year (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Sale of vehicles per year | $ 92,000 |
First Year [Member] | |
Sale of vehicles per year | 2,000 |
Second Year [Member] | |
Sale of vehicles per year | 6,000 |
Third Year [Member] | |
Sale of vehicles per year | 12,000 |
Fourth Year [Member] | |
Sale of vehicles per year | 24,000 |
Fifth Year [Member] | |
Sale of vehicles per year | $ 48,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Federal net operating loss carry-forwards | $ 1,775,000 | $ 1,047,000 |
Operating loss carry forward expiration date | Expiring beginning in 2032 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes - Schedule Of Deferred Tax Assets Details | ||
Net loss carryforward | $ 500,000 | $ 290,000 |
Valuation allowance | $ (500,000) | $ (290,000) |
Total deferred tax assets |
Equity (Details Narrative)
Equity (Details Narrative) | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Common Stock Issuance One [Member] | |
Shares issued for cash | $ | $ 30,000 |
Shares issued for cash, shares | shares | 85,713 |
Stock issued, per share | $ / shares | $ 0.35 |
Common Stock Issuance Two [Member] | |
Shares issued for cash | $ | $ 48,375 |
Shares issued for cash, shares | shares | 225,000 |
Stock issued, per share | $ / shares | $ 0.215 |