Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 18, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Redify Group, Inc. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000876134 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 3,512,286 |
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 | 'Q3 | ' |
REDIFY_GROUP_INC_AND_SUBSIDIAR
REDIFY GROUP INC. AND SUBSIDIARY (A Development Stage Company) CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash | $3,143 | $8,372 |
Prepaid expenses | 1,400 | 500 |
Media rights | 1,000 | 0 |
Total Current Assets | 5,543 | 8,872 |
Total Assets | 5,543 | 8,872 |
Current Liabilities: | ' | ' |
Accounts payable | 20,248 | 13,235 |
Accrued expenses | 20,060 | 15,268 |
Stock compensation payable | 1,100 | 0 |
Convertible notes payable | 79,000 | 79,000 |
Total Current Liabilities | 120,408 | 107,503 |
Stockholders' Deficit: | ' | ' |
Preferred stock ($0.01 par value) 1,000,000 shares authorized, 50,400 shares issued and outstanding | 504 | 504 |
Common stock ($0.01 par value) 50,000,000 shares authorized, 3,512,286 and 2,942,286 issued and outstanding | 35,123 | 29,423 |
Additional paid-in-capital | 4,336,269 | 4,269,569 |
Retained deficit prior to development stage | -1,077,063 | -1,077,063 |
Retained deficit during development stage | -3,409,698 | -3,321,064 |
Total Stockholders' Deficit | -114,865 | -98,631 |
Total Liabilities and Stockholders' Deficit | $5,543 | $8,872 |
REDIFY_GROUP_INC_Balance_Sheet
REDIFY GROUP INC. Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position | ' | ' |
Preferred stock authorized | 1,000,000 | 1,000,000 |
Preferred stock par value | $0.01 | $0.01 |
Preferred stock outstanding | 50,400 | 50,400 |
Preferred stock issued | 50,400 | 50,400 |
Common stock authorized | 50,000,000 | 50,000,000 |
Common stock par value | $0.01 | $0.01 |
Common stock outstanding | 3,512,286 | 2,942,286 |
Common stock issued | 3,512,286 | 2,942,286 |
REDIFY_GROUP_INC_AND_SUBSIDIAR1
REDIFY GROUP INC. AND SUBSIDIARY (A Development Stage Company) CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 138 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Income Statement | ' | ' | ' | ' | ' |
Revenues | $0 | $0 | $0 | $0 | $356 |
Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 | 356 |
Expenses | ' | ' | ' | ' | ' |
Research and development | 0 | 0 | 0 | -255,771 | 0 |
Payroll and related | 8,125 | 8,000 | 24,600 | 33,500 | 2,052,619 |
Selling, General and Administrative | 2,477 | 7,636 | 8,943 | 17,743 | 934,845 |
Legal and Professional | 24,887 | 4,443 | 55,101 | 20,483 | 547,699 |
Amortization | 0 | 0 | 0 | 0 | 12,000 |
Total operating Expense | 35,489 | 20,079 | 88,644 | -184,045 | 3,547,163 |
Operating Income (Loss) | -35,489 | -20,079 | -88,644 | 184,045 | -3,546,807 |
Other Income | ' | ' | ' | ' | ' |
Interest Income | 3 | 10 | 10 | 29 | 137,109 |
Total other income | 3 | 10 | 10 | 29 | 137,109 |
Net Income (Loss) | ($35,486) | ($20,069) | ($88,634) | $184,074 | ($3,409,698) |
Basic (loss) per share | ($0.01) | ($0.01) | ($0.03) | $0.08 | ' |
Weighted Average Number of shares outstanding - Basic | 3,512,286 | 2,332,105 | 3,253,389 | 2,332,105 | ' |
Diluted Income (loss) per share | ($0.01) | ($0.01) | ($0.02) | $0.06 | ' |
Weighted Average Number of shares outstanding - Diluted | 4,047,286 | 2,867,105 | 3,788,389 | 2,867,105 | ' |
REDIFY_GROUP_INC_AND_SUBSIDIAR2
REDIFY GROUP INC. AND SUBSIDIARY (A Development Stage Company) CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | 138 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) | ($88,634) | $184,074 | ($3,409,698) |
Amortization of deferred compensation | 0 | 0 | 13,751 |
Amortization of software | 0 | 0 | 12,000 |
Compensation costs of common stock issued or payable to employees and consultants | 3,400 | 4,000 | 178,755 |
Cost of donated services | 14,000 | 31,000 | 197,000 |
Cost of common stock issued to shareholders | 0 | 0 | 16,500 |
Common stock payable | 1,100 | -255,771 | 1,100 |
Decrease (increase) in Media rights | -1,000 | 0 | -1,000 |
Decrease (increase) in accounts receivable | 0 | 0 | 31,250 |
Decrease (increase) in prepaid expenses | -900 | -1,500 | 13,352 |
(Decrease) increase in accounts payable and accrued expenses | 11,805 | 121 | -187,185 |
Net cash used in operating activities | -60,229 | -38,076 | -3,134,175 |
Net cash provided by investing activities | 0 | 0 | 0 |
Cash Flows from Financing activities: | ' | ' | ' |
Convertible notes payable | 0 | 5,000 | 79,000 |
Common stock | 55,000 | 50,000 | 105,000 |
Net cash provided by financing activities | 55,000 | 55,000 | 184,000 |
Net Increase (Decrease) in cash and cash equivalents | -5,229 | 16,924 | -2,950,175 |
Cash and Cash Equivalents, beginning of period | 8,372 | 370 | 2,953,318 |
Cash and Cash Equivalents, end of period | 3,143 | 17,294 | 3,143 |
Cash paid during the period for: | ' | ' | ' |
Income taxes | 0 | 0 | 12,609 |
Interest | 0 | 0 | 0 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ' | ' | ' |
Common stock issued for accrued liabilities | 0 | 0 | 51,230 |
Common stock issued to prior shareholders | 0 | 0 | 16,500 |
Conversion of preferred stock | 0 | 0 | 2 |
Cost of donated services | 14,000 | 31,000 | 197,000 |
Common Stock options issued for software purchase | 0 | 0 | 5,114 |
Software acquired with common stock options | $0 | $0 | $12,000 |
The_Company_and_Condensed_Cons
The Company and Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
The Company and Condensed Consolidated Financial Statements | ' |
NOTE 1: THE COMPANY AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
The Company | |
The Company consists of Redify Group, Inc. (“RGI”, non-operating parent corporation) and its sole and wholly-owned operating subsidiary, TradinGear.Com, Incorporated (“Tradingear,” combined, the "Company"). The company changed its name to Redify Group, Inc. from TGFIN Holdings, Inc. (“TGFN”) on October 2, 2013. The Company reactivated its previously inactive operating subsidiary, Tradingear in order to resume its previous business of developing software, under a new d/b/a: iDEV3. | |
On April 15, 2013 the company filed a Definitive 14C for the purpose of changing the Company’s name and effectuating a ten (10)to one (1) reverse split of the Company’s common stock. These corporate actions were approved by the Financial Industry Regulatory Authority (“FINRA”) on February 28, 2014, and became effective with the OTCQB at the opening of trading on February 28, 2014 under the symbol “TGFND”. The “D” appeared on the Company’s ticker symbol for the following 20 business days. Thereafter, the Company’s ticker symbol became RDFY. | |
Redify Group, Inc. was incorporated under the laws of Delaware in March 1985 as Mark, Inc. From March 1992 to September 12, 2002 Redify Group, Inc. was known as Digitran Systems, Incorporated ("DSI"), and from September 12, 2002 to October 2, 2013 it was known as TGFIN Holdings, Inc. during which time, TradinGear.com, Incorporated (incorporated under the laws of the State of Delaware on July 7, 1999) became the operating subsidiary of Redify Group, Inc. Redify Group, Inc., then known as TGFIN Holdings, Inc. sold the assets of Tradingear.com Incorporated effective March 31, 2003. | |
TradinGear currently produces software applications (“Apps”) for telephones and other hand-held devices. | |
Condensed financial statements | |
The accompanying consolidated financial statements have been prepared by the Company without audit. They include information of Redify and TradinGear. In the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at September 30, 2014, the results of operations for the three and nine month periods ended September 30, 2014 and 2013, and the cash flows for the nine month periods ended September 30, 2014 and 2013, have been made. | |
Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's December 31, 2013 audited financial statements. The results of operations for the three and nine month periods ended September 30, 2014 and 2013 are not necessarily indicative of the operating results for the respective full years. | |
Revenue recognition | |
The company sells its current software at the Online Apple Store, which records all sales made on a daily basis. The company recognizes its portion of the sales as revenue as of the date of the sale. | |
Pending Accounting Pronouncements | |
In June 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. This ASU removes the definition of a development stage entity and all incremental financial reporting requirements from U.S. GAAP for development stage entities. Topic 915 Development Stage Entities will be removed from the FASB Accounting Standards Codification The elimination of the development stage entity financial reporting requirements is effective for annual reporting periods beginning after December 15, 2014. A public business entity may adopt this guidance early for any annual reporting period or interim period for which financial statements have not been issued. All other entities may adopt this guidance early for financial statements that have not yet been made available for issue. The Company has not yet adopted this pronouncement but will for the December 31, 2014 audit. Adopting this pronouncement will only have a material impact on the presentation of the financial statements. | |
NOTE 3: GOING CONCERN QUALIFICATION | |
The Company has been a Development Stage Company since April 1, 2003. It has continuously sought an acceptable merger or acquisition candidate during that period and has incurred operating losses in virtually every year. At September 30, 2014 the company had a Retained Deficit of $$4,486,761. The company’s cash reserves of $3,143 as of September 30, 2014 are not adequate to fund all of the anticipated expenses for the year ending December 31, 2014. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty. | |
The company plans to merge with, acquire existing Apps or companies, and continue to operate during the year ending December 31, 2014. Should the acquired or merged operating entity not have sufficient resources of its own to fund the combined entity’s operations, the Company will issue stock to raise sufficient operating capital if sufficient capital is not raised from operations. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Commitments and Contingencies | ' |
NOTE 2: COMMITMENTS AND CONTINGENCIES | |
Litigation | |
In the normal course of business, there may be various legal actions and proceedings pending which seek damages against the Company. As of September 30, 2014 there were no claims asserted or threatened against the Company. |
Convertible_Notes_Payable
Convertible Notes Payable | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Notes | ' | |||||
Convertible Notes Payable | ' | |||||
NOTE 4: CONVERTIBLE NOTES PAYABLE | ||||||
30-Sep-14 | December 31, 2013 | |||||
Convertible notes payable | $ | 79,000 | $ | 79,000 | ||
Total Notes payable | $ | 79,000 | $ | 79,000 | ||
The Convertible 8% Notes Payable were originated on various dates in 2010, 2011, 2012, and 2013. The Notes originated in 2010 are convertible into Class A Common Stock of RGI at $.30 per share at any time at the holder’s option. The Notes originated in 2011 are convertible into common stock of RGI at $.15 per share at any time at the holder’s option. The Notes originated in 2012 and 2013 are convertible into common stock of RGI at $.10 per share at any time at the holder’s option. Accrued interest related to these notes as of September 30, 2014 was $$20,060. As of September 30, 2014 the Convertible Notes Payable were convertible into 535,000 shares of RGI Class A Common Stock. On October 14, 2014 the company received an additional $5,000 loan under the existing Convertible 8% Note Payable Agreement, convertible into common stock of RGI at $.10 per share. |
Stock_Options_and_Warrants
Stock Options and Warrants | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Notes | ' | |||||||||
Stock Options and Warrants | ' | |||||||||
NOTE 5: STOCK OPTIONS AND WARRANTS | ||||||||||
A summary of the status of the Company's outstanding stock options and warrants (all of which were exercisable) as of September 30, 2014 and December 31, 2013 and changes during the periods then ended, is presented below: | ||||||||||
Nine months ending September 30, 2014 | Year ending December 31, 2013 | |||||||||
Warrants | Weighted Average Exercise Price | Warrants | Weighted Average Exercise Price | |||||||
Outstanding, beginning balance | - | $ | - | 60,000 | $ | 0.3 | ||||
Granted | 550,000 | $ | 0.5 | - | $ | - | ||||
Expired/Cancelled | - | $ | - | -60,000 | $ | 0.3 | ||||
Exercised | - | $ | - | - | $ | - | ||||
Outstanding ending balance | 550,000 | $ | 0.5 | - | $ | - | ||||
Exercisable | 550,000 | $ | 0.5 | - | $ | - | ||||
On May 9, 2014 the company issued 550,000 warrants to purchase shares of Class A Common stock at $.50 a share in conjunction with investment terms (offered to and accepted by) two directors. The Investment warrants expire on May 9, 2024. | ||||||||||
NOTE 6: CAPITAL STOCK | ||||||||||
Common stock | ||||||||||
The authorized capital stock of the Company consists of 50,000,000 shares of common stock, par value $0.01 per share, of which 3,512,286 were outstanding at September 30, 2014. | ||||||||||
On January 1 and April 1, 2014 the Company awarded 10,000 shares of common stock to each Director and the Chairman in accordance with a Board Resolution. The shares were valued at the market price at the date of issuance of $.17 and $.11, respectively, per share resulting in compensation expense of $4,500, of which $1,125 and $3,600 was recognized in the three and nine months ended September 30, 2014. As of the date of this report, 10,000 of the shares have not been issued, so the Company recognized stock compensation payable of $1,100 as of September 30, 2014. | ||||||||||
On May 9, 2014 the company sold 550,000 shares of its common stock for $55,000 or $.10 per share to two investors. | ||||||||||
On January 1 and April 1, 2013 the Company awarded 10,000 shares of common stock to each Director and the Chairman in accordance with a Board Resolution. The shares were valued at the market price at the date of issuance of $ .10 and $.20, respectively, per share resulting in compensation expense of $4,000, of which $1,000 was recognized in the quarter ended September 30, 2013. | ||||||||||
On March 12, and April 22, 2013 the company sold 250,000 shares of its common stock for $50,000 or $0.20 per share to two investors. | ||||||||||
Preferred stock | ||||||||||
The Series 1 Class A 8% Cumulative Convertible Preferred Stock has a par value of $0.01 per share. As of September 30, 2014 there were 50,400 shares outstanding. Holders of preferred shares are entitled to cumulative dividends of 8% per annum on the stated value of the stock, designated at $7 per share. Dividends are payable semi-annually on September 15 and March 15. No dividends have been paid since March 15, 1993, resulting in dividends in arrears at September 30, 2014 of approximately $606,816 or $12.04 per share. Dividends are not payable on any other class of stock ranking junior to the preferred stock until the full cumulative dividend requirements of the preferred stock have been satisfied. The preferred stock carries a liquidation preference equal to its stated value plus any unpaid dividends. Holders of the preferred stock are entitled to one-tenth of a vote for each share of preferred stock held. The Company may, at its option, redeem at any time all shares of the preferred stock or some of them upon notice to each preferred stockholder at a per share price equal to the stated value ($7.00) plus all accrued and unpaid dividends thereon (whether or not declared) to the date fixed for redemption, subject to certain other provisions and requirements. Preferred Shares may be converted into Common Shares on a one share of Preferred Stock for two shares of Common Stock basis. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
Subsequent Events | ' |
NOTE 7: SUBSEQUENT EVENTS | |
On October 14, 2014 the company received a $5,000 loan under its existing Convertible 8% Note Payable Agreement, convertible at any time at the holder’s option, into common stock of RGI at $.10 per share. | |
The Company has evaluated subsequent events pursuant to ASC Topic 855 and has determined that there are no additional events to disclose. |
The_Company_and_Condensed_Cons1
The Company and Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Business Description | ' |
NOTE 1: THE COMPANY AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
The Company | |
The Company consists of Redify Group, Inc. (“RGI”, non-operating parent corporation) and its sole and wholly-owned operating subsidiary, TradinGear.Com, Incorporated (“Tradingear,” combined, the "Company"). The company changed its name to Redify Group, Inc. from TGFIN Holdings, Inc. (“TGFN”) on October 2, 2013. The Company reactivated its previously inactive operating subsidiary, Tradingear in order to resume its previous business of developing software, under a new d/b/a: iDEV3. | |
On April 15, 2013 the company filed a Definitive 14C for the purpose of changing the Company’s name and effectuating a ten (10)to one (1) reverse split of the Company’s common stock. These corporate actions were approved by the Financial Industry Regulatory Authority (“FINRA”) on February 28, 2014, and became effective with the OTCQB at the opening of trading on February 28, 2014 under the symbol “TGFND”. The “D” appeared on the Company’s ticker symbol for the following 20 business days. Thereafter, the Company’s ticker symbol became RDFY. | |
Redify Group, Inc. was incorporated under the laws of Delaware in March 1985 as Mark, Inc. From March 1992 to September 12, 2002 Redify Group, Inc. was known as Digitran Systems, Incorporated ("DSI"), and from September 12, 2002 to October 2, 2013 it was known as TGFIN Holdings, Inc. during which time, TradinGear.com, Incorporated (incorporated under the laws of the State of Delaware on July 7, 1999) became the operating subsidiary of Redify Group, Inc. Redify Group, Inc., then known as TGFIN Holdings, Inc. sold the assets of Tradingear.com Incorporated effective March 31, 2003. | |
TradinGear currently produces software applications (“Apps”) for telephones and other hand-held devices. | |
Condensed financial statements | |
The accompanying consolidated financial statements have been prepared by the Company without audit. They include information of Redify and TradinGear. In the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at September 30, 2014, the results of operations for the three and nine month periods ended September 30, 2014 and 2013, and the cash flows for the nine month periods ended September 30, 2014 and 2013, have been made. | |
Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's December 31, 2013 audited financial statements. The results of operations for the three and nine month periods ended September 30, 2014 and 2013 are not necessarily indicative of the operating results for the respective full years. | |
Revenue Recognition | ' |
Revenue recognition | |
The company sells its current software at the Online Apple Store, which records all sales made on a daily basis. The company recognizes its portion of the sales as revenue as of the date of the sale. | |
Pending Accounting Pronouncements | ' |
Pending Accounting Pronouncements | |
In June 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. This ASU removes the definition of a development stage entity and all incremental financial reporting requirements from U.S. GAAP for development stage entities. Topic 915 Development Stage Entities will be removed from the FASB Accounting Standards Codification The elimination of the development stage entity financial reporting requirements is effective for annual reporting periods beginning after December 15, 2014. A public business entity may adopt this guidance early for any annual reporting period or interim period for which financial statements have not been issued. All other entities may adopt this guidance early for financial statements that have not yet been made available for issue. The Company has not yet adopted this pronouncement but will for the December 31, 2014 audit. Adopting this pronouncement will only have a material impact on the presentation of the financial statements. | |
Going Concern Qualification | ' |
NOTE 3: GOING CONCERN QUALIFICATION | |
The Company has been a Development Stage Company since April 1, 2003. It has continuously sought an acceptable merger or acquisition candidate during that period and has incurred operating losses in virtually every year. At September 30, 2014 the company had a Retained Deficit of $$4,486,761. The company’s cash reserves of $3,143 as of September 30, 2014 are not adequate to fund all of the anticipated expenses for the year ending December 31, 2014. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty. | |
The company plans to merge with, acquire existing Apps or companies, and continue to operate during the year ending December 31, 2014. Should the acquired or merged operating entity not have sufficient resources of its own to fund the combined entity’s operations, the Company will issue stock to raise sufficient operating capital if sufficient capital is not raised from operations. | |
Convertible_Notes_Payable_Tabl
Convertible Notes Payable (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Tables/Schedules | ' | |||||
Schedule of Convertible Notes Payable | ' | |||||
30-Sep-14 | December 31, 2013 | |||||
Convertible notes payable | $ | 79,000 | $ | 79,000 | ||
Total Notes payable | $ | 79,000 | $ | 79,000 |
Stock_Options_and_Warrants_Tab
Stock Options and Warrants (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Tables/Schedules | ' | |||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights | ' | |||||||||
Nine months ending September 30, 2014 | Year ending December 31, 2013 | |||||||||
Warrants | Weighted Average Exercise Price | Warrants | Weighted Average Exercise Price | |||||||
Outstanding, beginning balance | - | $ | - | 60,000 | $ | 0.3 | ||||
Granted | 550,000 | $ | 0.5 | - | $ | - | ||||
Expired/Cancelled | - | $ | - | -60,000 | $ | 0.3 | ||||
Exercised | - | $ | - | - | $ | - | ||||
Outstanding ending balance | 550,000 | $ | 0.5 | - | $ | - | ||||
Exercisable | 550,000 | $ | 0.5 | - | $ | - |
The_Company_and_Condensed_Cons2
The Company and Condensed Consolidated Financial Statements (Details) (USD $) | 9 Months Ended | ||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2003 | |
Details | ' | ' | ' | ' | ' |
Stockholders' Equity, Reverse Stock Split | 'On April 15, 2013 the company filed a Definitive 14C for the purpose of changing the Company’s name and effectuating a ten (10)to one (1) reverse split of the Company’s common stock | ' | ' | ' | ' |
Retained Deficit | $4,486,761 | ' | ' | ' | ' |
Cash | $3,143 | $8,372 | $17,294 | $370 | $2,953,318 |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Details) (USD $) | Oct. 14, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' | ' |
Convertible notes payable | $5,000 | $79,000 | $79,000 |
2010 Conversion Price Per Share | ' | $0.30 | ' |
2011 Conversion Price Per Share | ' | $0.15 | ' |
2012 and 2013 Conversion Price Per Share | ' | $0.10 | ' |
Accrued Interest Note Related | ' | $20,060 | ' |
shares received from convertible promissory notes | ' | 535,000 | ' |
Stock_Options_and_Warrants_Det
Stock Options and Warrants (Details) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | 138 Months Ended | ||||
Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | 9-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 20, 2014 | |
Details | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants outstanding | 550,000 | ' | ' | ' | 550,000 | ' | 60,000 | 550,000 | ' |
Weighted average exercise price of warrants outstanding | $0.50 | ' | ' | ' | $0.50 | ' | $0.30 | $0.50 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | ' | ' | 550,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | $0.50 | $0.50 | ' | ' | ' | ' |
Number of warrants expired | ' | ' | ' | ' | ' | ' | -60,000 | ' | ' |
Weighted average exercise price of warrants expired | ' | ' | ' | ' | ' | ' | $0.30 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 550,000 | ' | ' | ' | 550,000 | ' | ' | 550,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $0.50 | ' | ' | ' | $0.50 | ' | ' | $0.50 | ' |
Warrants issued | ' | ' | ' | 550,000 | ' | ' | ' | ' | ' |
Common stock authorized | 50,000,000 | ' | ' | 50,000,000 | 50,000,000 | ' | 50,000,000 | 50,000,000 | ' |
Common stock par value | $0.01 | ' | ' | $0.01 | $0.01 | ' | $0.01 | $0.01 | ' |
Common stock outstanding | 3,512,286 | ' | ' | 3,512,286 | 3,512,286 | ' | 2,942,286 | 3,512,286 | ' |
common stock shares awarded | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' |
award values per share | ' | $0.17 | $0.20 | ' | ' | ' | ' | ' | ' |
award values per share 2nd Tranche | ' | $0.11 | ' | ' | ' | ' | ' | ' | ' |
Compensation Expense for Award Shares | $1,125 | $4,500 | ' | ' | $3,600 | ' | ' | ' | ' |
common stock shares awarded still to be issued | 10,000 | ' | ' | ' | 10,000 | ' | ' | 10,000 | ' |
Stock compensation payable | 1,100 | ' | ' | ' | 1,100 | ' | 0 | 1,100 | ' |
Development Stage Entities, Stock Issued, Shares, Issued for Cash | ' | ' | 250,000 | ' | 550,000 | ' | ' | ' | ' |
Common stock | ' | ' | ' | ' | 55,000 | 50,000 | ' | 105,000 | ' |
Sale of Stock, Price Per Share | $0.10 | ' | ' | ' | $0.10 | ' | ' | $0.10 | ' |
common stock shares second group awarded | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' |
award values per share second group | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' |
award values per share second group 2nd Tranche | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' |
Award Shares Compensation Expense Second Group | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' |
recognized share based compensation second group | 1,000 | ' | ' | ' | 1,000 | ' | ' | 1,000 | ' |
Development Stage Entities, Stock Issued, Value, Issued for Cash | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' |
Preferred stock par value | $0.01 | ' | ' | ' | $0.01 | ' | $0.01 | $0.01 | $0.01 |
Preferred stock outstanding | 50,400 | ' | ' | ' | 50,400 | ' | 50,400 | 50,400 | 50,400 |
Preferred Stock, Dividend Payment Terms | ' | ' | ' | ' | 'Holders of preferred shares are entitled to cumulative dividends of 8% per annum on the stated value of the stock, designated at $7 per share. Dividends are payable semi-annually on September 15 and March 15. No dividends have been paid since March 15, 1993, resulting in dividends in arrears at September 30, 2014 of approximately $606,816 or $12.04 per share. Dividends are not payable on any other class of stock ranking junior to the preferred stock until the full cumulative dividend requirements of the preferred stock have been satisfied. The preferred stock carries a liquidation preference equal to its stated value plus any unpaid dividends. Holders of the preferred stock are entitled to one-tenth of a vote for each share of preferred stock held. The Company may, at its option, redeem at any time all shares of the preferred stock or some of them upon notice to each preferred stockholder at a per share price equal to the stated value ($7.00) plus all accrued and unpaid dividends thereon (whether or not declared) to the date fixed for redemption, subject to certain other provisions and requirements. Preferred Shares may be converted into Common Shares on a one share of Preferred Stock for two shares of Common Stock basis. | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Oct. 14, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' | ' |
Convertible notes payable | $5,000 | $79,000 | $79,000 |
2012 and 2013 Conversion Price Per Share | ' | $0.10 | ' |