Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 26, 2017 | Jun. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | Pacific Webworks Inc | ||
Document Type | 10-Q | ||
Document Period End Date | Jun. 30, 2017 | ||
Trading Symbol | pacw | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,086,303 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 149,713,895 | ||
Entity Public Float | $ 490,713 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q2 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 0 | |
Assets, Current | 0 | |
Assets, Noncurrent | ||
Assets | 0 | |
Liabilities, Current | ||
AccountsPayableAndAccruedLiabilities | 0 | |
Common Stock, Value, Issued | 49,714 | $ 49,714 |
AdditionalPaidInCapital | 18,069,715 | 18,069,715 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (18,119,429) | $ (18,119,429) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |
Liabilities and Equity | $ 0 |
Statement of Financial Positio3
Statement of Financial Position - Parenthetical - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Balance Sheets | ||
Common Stock, Par Value | $ 0.0010 | $ 0.0010 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares Issued | 149,713,895 | 49,713,895 |
Common Stock, Shares Outstanding | 149,713,895 | 49,713,895 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and Debt Expense | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 54,148 | $ (143,369) | ||
Net Income (Loss) Attributable to Parent | $ 54,148 | $ (143,369) | ||
Earnings Per Share | ||||
Earnings Per Share, Basic | $ 0 | $ 0 | ||
Weighted Average Number of Shares Outstanding, Basic | 60,702,906 | 49,713,895 | 55,238,757 | 60,702,906 |
Earnings Per Share, Diluted | $ 0 | $ 0 | ||
Weighted Average Number of Shares Outstanding, Diluted | 60,702,906 | 49,713,895 | 55,238,757 |
Statement of Cash Flows
Statement of Cash Flows | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | |
Net Cash Provided by (Used in) Operating Activities | $ (114,747) |
Net Cash Provided by (Used in) Investing Activities | |
Net Cash Provided by (Used in) Investing Activities | 158,099 |
Net Cash Provided by (Used in) Financing Activities | |
Net Cash Provided by (Used in) Financing Activities | (29,564) |
Cash and Cash Equivalents, Period Increase (Decrease) | 13,788 |
Cash and Cash Equivalents, at Carrying Value | 178,187 |
Cash and Cash Equivalents, at Carrying Value | $ 191,975 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 THE COMPANY Pacific WebWorks, Inc. (the Company) was incorporated in the state of Nevada on May 18, 1987, as Asphalt Associates, Inc. and changed its name to Pacific WebWorks, Inc. in January 1999. From 1999 to 2016 the Company engaged in the development and distribution of web tools software, electronic business storefront hosting, and Internet payment systems for individuals and small to mid-sized businesses. On February 23, 2016 the Company filed a voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the District of Utah, and soon afterwards ceased its business activities. On August 19, 2016 the Company proposed a Plan of Liquidation and on November 28, 2016 the Court entered an order confirming the Plan of Liquidation and establishing a Liquidating Trust. On December 28, 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. All assets, liabilities, and operations have been presented as discontinued operations prior to the December 28, 2016 transfer (see Note 4). The Company currently has no business operations. NOTE 2 BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U. S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Companys December 31, 2016 audited financial statements and notes thereto. |
Substantial Doubt about Going C
Substantial Doubt about Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Substantial Doubt about Going Concern | NOTE 3 GOING CONCERN The Companys consolidated financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. The Company filed bankruptcy in February 2016 and in December of 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. Furthermore, the Company has an accumulated deficit of $18,119,429 as of June 30, 2017. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. Managements plans to continue as a going concern include seeking a merger or an acquisition with a larger, better capitalized entity that will benefit current shareholders, however, as of the date hereof, we have not identified any potential merger or acquisition partner. Because the Company has no capital with which to pay current expenses the Companys sole officer and director has agreed to pay these charges with his personal funds, as interest free loans to the Company or as capital contributions. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Disposal Groups, Including Disc
Disposal Groups, Including Discontinued Operations, Disclosure | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Disposal Groups, Including Discontinued Operations, Disclosure | NOTE 4 DISCONTINUED OPERATIONS On February 23, 2016 the Company filed a voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the District of Utah, and soon afterwards ceased its business activities. On August 19, 2016 the Company proposed a Plan of Liquidation and on November 28, 2016 the Court entered an order confirming the Plan of Liquidation and establishing a Liquidating Trust. On December 28, 2016 all assets and liabilities of the Company were transferred to the Liquidating Trust. The Company has recognized the cessation of its business operations in accordance with Accounting Standards Codification (ASC) 205-20, Discontinued Operations. As such, the historical results of the Company have been classified as discontinued operations. Results of the discontinued operations for the three and six months ended June 30, 2016 are as follows: For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2016 Revenues Hosting, gateway and maintenance fees $ 35,790 $ 159,475 Product sales 5,889 28,737 41,679 188,212 Cost of sales 17,504 69,821 Gross profit 24,175 118,390 Selling expenses 8,804 32,966 Research and development 15,182 51,659 General and administrative 103,744 326,852 Total operating expenses 127,729 411,477 Loss from operations (103,554) (293,087) Other income (expense) Interest income (expense), net (397) (1,011) Gain on sale of assets 158,099 150,728 Total other income (expense) 157,702 149,717 Net income (loss) from discontinued operations $ 54,148 $ (143,369) Revenues three months six months Hosting, gateway and Maintenance fees 35,790 159,475 Product Sales 5,889 28,737 Total Revenues 41,679 188,212 Cost of Sales 17,504 69,821 Gross Profit 24,175 118,391 Selling Expenses 8,804 32,966 Research and development 15,182 51,659 General and administrative 103,744 326,852 Total operating expenses 127,730 411,477 loss from operations (103,555) (293,086) Other Income (expenses) Interest Income (expenses) (397) (1,011) Gain on sale of assets 158,099 150,728 Total other Income (expense) 157,702 149,717 Net loss from discontinued operations 54,148 (143,369) Cash flow from discontinued operations for the six months ended June 30, 2016 are as follows: Cash Flows From Operating Activities Net loss $ (143,369) Adjustments to reconcile net loss to net cash used for operating activities: Gain on sale of assets (150,728) Changes in assets and liabilities: Deposits 4,825 Receivables 77,196 Restricted cash 62,840 Prepaid expenses and other assets 61,952 Inventory 18,942 Accounts payable and accrued liabilities (12,094) Deferred revenue (34,311) Net cash used for discontinued operating activities $ (114,747) Cash Flows From Investing Activities Proceeds from sale of property and equipment $ 158,099 Net cash provided by discontinued investing activities $ 158,099 Cash Flows From Financing Activities Cash paid on notes payable $ (29,564) Net cash used for discontinued financing activities $ (29,564) |
Stockholders' Equity Note Discl
Stockholders' Equity Note Disclosure | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Stockholders' Equity Note Disclosure | NOTE 5 EQUITY On June 19, 2017 the Company amended its Articles of Incorporation to increase its authorized common shares from 50,000,000 to 150,000,000. On June 20, 2017 control was purchased from the bankruptcy trustee for $25,000 and the Company issued 100,000,000 shares of its common stock to its President. No proceeds were received by the Company for the issuance of shares, therefore the shares were valued at par value. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Notes | |
Subsequent Events | NOTE 6 SUBSEQUENT EVENTS On November 1, 2017 the Bankruptcy Court for the District of Utah issued a final decree ending the bankruptcy case filed by the Company in February 2016. The Company had been separated from this case on December 28, 2016 when all assets and liabilities were transferred to a liquidating trust. The Company has evaluated subsequent events in accordance with the provisions of ASC 855 and has identified that there are no additional subsequent events that require disclosure. |
Organization, Consolidation a11
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Basis of Accounting, Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Policies | |
Basis of Accounting, Policy | NOTE 2 BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U. S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented adequately ensure that the information is not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Companys December 31, 2016 audited financial statements and notes thereto. |
Disposal Groups, Including Di12
Disposal Groups, Including Discontinued Operations, Disclosure: Disposal Groups, Including Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Disposal Groups, Including Discontinued Operations | Revenues |
Disposal Groups, Including Di13
Disposal Groups, Including Discontinued Operations, Disclosure: Disposal Groups, Including Discontinued Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Revenues | ||
Hosting | $ 35,790 | $ 159,475 |
Product Sales | 5,889 | 28,737 |
Revenues | 41,679 | 188,212 |
Cost of Goods Sold | 17,504 | 69,821 |
Gross Profit | 24,175 | 118,391 |
Selling Expense | 8,804 | 32,966 |
Research and Development Expense | 15,182 | 51,659 |
General and Administrative Expense | 103,744 | 326,852 |
Operating Expenses | 127,730 | 411,477 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (103,555) | (293,086) |
Other Noncash Income (Expense) | ||
Interest Income (Expense), Net | (397) | (1,011) |
Gain (Loss) on Disposition of Assets for Financial Service Operations | 158,099 | 150,728 |
Other Noncash Income (Expense) | 157,702 | 149,717 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 54,148 | $ (143,369) |