Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information | ' |
Entity Registrant Name | 'SPATIALIZER AUDIO LABORATORIES INC |
Entity Central Index Key | '0000890821 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Is Entity a Well-known Seasoned Issuer? | 'No |
Is Entity a Voluntary Filer? | 'No |
Is Entity's Reporting Status Current? | 'Yes |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 12,142,000 |
Document Fiscal Period Focus | 'Q3 |
Document Fiscal Year Focus | '2013 |
CONDENSED_BALANCE_SHEETS_unaud
CONDENSED BALANCE SHEETS (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and Cash Equivalents | $684 | $1,381 |
Other Current Assets | 4,219 | 4,219 |
Total Current Assets | 4,903 | 5,600 |
Total Assets | 4,903 | 5,600 |
Current Liabilities: | ' | ' |
Accounts Payable and Accrued Liabilities | 9,616 | 17,666 |
Loans from Stockholders | 28,500 | 8,000 |
Total Current Liabilities | 38,116 | 25,666 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity (Deficit): | ' | ' |
Preferred shares, $.01 par value, 1,000,000 shares authorized, none issued and outstanding | ' | ' |
Common shares, $.01 par value, 300,000,000 shares authorized, 12,142,000 shares issued and outstanding | 121,420 | 121,420 |
Additional Paid-In Capital | 47,250,887 | 47,250,887 |
Accumulated Deficit | -47,405,520 | -47,392,373 |
Total Stockholders' Equity (Deficit) | -33,213 | -20,066 |
Total Liabilities and Stockholders' Equity (Deficit) | $4,903 | $5,600 |
CONDENSED_BALANCE_SHEETS_unaud1
CONDENSED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Stockholders' Equity (Deficit): | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized shares | 1,000,000 | 1,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 300,000,000 | 300,000,000 |
Common stock, issued shares | 12,142,000 | 12,142,000 |
Common stock, outstanding shares | 12,142,000 | 12,142,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Expenses : | ' | ' | ' | ' |
General and Administrative | $4,557 | $4,566 | $13,147 | $12,693 |
Operating Loss | -4,557 | -4,566 | -13,147 | -12,693 |
Loss Before Income Taxes | -4,557 | -4,566 | -13,147 | -12,693 |
Income Taxes | 0 | -300 | 0 | -300 |
Net Loss | ($4,557) | ($4,866) | ($13,147) | ($12,993) |
Basic and Diluted Earnings (Loss) Per Share | $0 | $0 | $0 | $0 |
Weighted Average Shares Outstanding | 12,142,000 | 12,142,000 | 12,142,000 | 12,142,000 |
CONDENSED_STATEMENT_OF_CASH_FL
CONDENSED STATEMENT OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash Flows from Operating Activities: | ' | ' |
Net Loss | ($13,147) | ($12,993) |
Net Change in Assets and Liabilities: | ' | ' |
Accounts Payable and Accrued Liabilities | -8,050 | -8,089 |
Net Cash Used In Operating Activities | -21,197 | -21,082 |
Cash Flows from Financing Activities: | ' | ' |
Loans from Officers | 20,500 | 5,000 |
Net Cash Provided by Financing Activities | 20,500 | 5,000 |
Decrease in Cash and Cash Equivalents | -697 | -16,082 |
Cash and Cash Equivalents, Beginning of Period | 1,381 | 18,231 |
Cash and Cash Equivalents, End of Period | 684 | 2,149 |
Cash paid during the period for: | ' | ' |
Income Taxes | $0 | $300 |
Ability_to_Continue_as_a_Going
Ability to Continue as a Going Concern | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
Note 1 - Ability to Continue as a Going Concern | ' |
Spatializer was a developer, licensor and marketer of next generation technologies for the consumer electronics, personal computing, entertainment and cellular telephone markets. Our technology was incorporated into products offered by our licensees and customers on various economic and business terms. We were incorporated in the State of Delaware in February 1994 and are the successor company in a Plan of Arrangement pursuant to which the outstanding shares of Spatializer Audio Laboratories, Inc., a publicly held Yukon, Canada corporation, were exchanged for an equal number of shares of our common stock. Our corporate office is located at 410 Park Avenue - 15th Floor, New York, NY 91362. | |
The foregoing interim financial information is unaudited and has been prepared from the books and records of the Company. The financial information reflects all adjustments necessary for a fair presentation of the financial condition, results of operations and cash flows of the Company in conformity with generally accepted accounting principles. All such adjustments were of a normal recurring nature for interim financial reporting. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. Accordingly, your attention is directed to footnote disclosures found in the December 31, 2012 Annual Report and particularly to Note 2 thereof, which includes a summary of significant accounting policies. | |
The foregoing financial information has been prepared assuming that the Company will continue as a going concern. The Company’s current circumstances, including significant operating losses, raise substantial doubt about the likelihood that the Company will continue as a going concern. The foregoing financial information does not include any adjustments that might result from the outcome of this uncertainty. | |
We are quoted on the OTCQB of the OTC Marketplace under the symbol “SPZR”. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
Note 2 - Significant Accounting Policies | ' |
Cash and Cash Equivalents — Cash equivalents consist of highly liquid investments with original maturities of three months or less. | |
Earnings Per Share — Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Since the Company generated net losses in each of the periods presented, outstanding stock options would have been anti-dilutive and were not considered in these calculations. | |
Income Taxes — Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss 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. | |
Use of Estimates — Management of the Company has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. | |
Fair Value of Financial Instruments — The carrying values of the Company’s current assets and liabilities approximate fair value due to their short maturity or nature. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
Note 3 - Income Taxes | ' |
At September 30, 2013, we had net operating loss carry-forwards for Federal income tax purposes of approximately $9,600,000 which were available to offset future Federal taxable income, if any, through 2031. These net operating loss carry forwards are subject to an annual limitation of approximately $1,000,000. Utilization of these loss carryforwards is subject to further limitation as a result of change in ownership of the Company, as defined by Federal tax law. | |
The Company’s income tax returns remain subject to examination for the years 2009 through 2012 for federal and state purposes. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
Note 4 - Subsequent Events | ' |
No material subsequent events have occurred since September 30, 2013 that require recognition or disclosure in the financial statements. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies Policies | ' |
Cash and Cash Equivalents | ' |
Cash equivalents consist of highly liquid investments with original maturities of three months or less. | |
Earnings Per Share | ' |
Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Since the Company generated net losses in each of the periods presented, outstanding stock options would have been anti-dilutive and were not considered in these calculations. | |
Income Taxes | ' |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss 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. | |
Use of Estimates | ' |
Management of the Company has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates. | |
Fair Value of Financial Instruments | ' |
The carrying values of the Company’s current assets and liabilities approximate fair value due to their short maturity or nature. |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes Details Narrative | ' |
Operating Loss Carry Forward | $9,600,000 |
Operating loss carry forward annual limitation | 'Annual limitation of approximately $1,000,000 |
Federal future taxable income offset | '2031 |