Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 24, 2018 | Jun. 30, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | Pacific Webworks Inc | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 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 | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
Statement of Financial Position
Statement of Financial Position - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 0 | |
Assets, Current | 0 | |
Assets, Noncurrent | ||
Assets | 0 | |
Liabilities, Current | ||
AccountsPayableAndAccruedLiabilities | 12,813 | |
AccountsPayableRelatedPartiesCurrent | 41,300 | |
Liabilities, Current | 54,113 | |
Liabilities | 54,113 | |
Common Stock, Value, Issued | 149,714 | $ 49,714 |
AdditionalPaidInCapital | 17,969,715 | 18,069,715 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (18,173,542) | $ (18,119,429) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (54,113) | |
Liabilities and Equity | $ 0 |
Statement of Financial Positio3
Statement of Financial Position - Parenthetical - $ / shares | Dec. 31, 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 ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Expenses | ||
General and Administrative Expense | $ 54,113 | |
Operating Expenses | 54,113 | |
Operating Income (Loss) | (54,113) | |
Interest and Debt Expense | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (54,113) | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (54,113) | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (158,506) | |
Net Income (Loss) Attributable to Parent | $ (54,113) | $ (158,506) |
Earnings Per Share | ||
Earnings Per Share, Basic | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic | 102,864,580 | 49,713,895 |
Earnings Per Share, Diluted | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Diluted | 102,864,580 | 49,713,895 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2015 | $ 49,714 | $ 18,069,715 | $ (17,960,923) | $ (1,227,343) |
Shares, Outstanding at Dec. 31, 2015 | 49,713,895 | 49,713,895 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (158,506) | $ (158,506) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2016 | $ 49,714 | 18,069,715 | (18,119,429) | |
Shares, Outstanding at Dec. 31, 2016 | 49,713,895 | 49,713,895 | ||
Stock Issued During Period, Value, New Issues | $ 100,000 | (100,000) | ||
Stock Issued During Period, Shares, New Issues | 100,000,000 | 100,000,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (54,113) | $ (54,113) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2017 | $ 149,714 | $ 17,969,715 | $ (18,173,542) | $ (54,113) |
Shares, Outstanding at Dec. 31, 2017 | 149,713,895 | 149,713,895 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (54,113) | $ (158,506) |
Net Income (Loss) Attributable to Parent | (54,113) | (158,506) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 12,813 | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 12,813 | |
Net Cash Provided by (Used in) Operating Activities | (41,300) | (308,030) |
Net Cash Provided by (Used in) Investing Activities | ||
Net Cash Provided by (Used in) Investing Activities | 179,105 | |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from (Repayments of) Related Party Debt | 41,300 | |
Net Cash Provided by (Used in) Financing Activities | $ 41,300 | (49,262) |
Cash and Cash Equivalents, Period Increase (Decrease) | (178,187) | |
Cash and Cash Equivalents, at Carrying Value | $ 178,187 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES 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 incurred prior to December 28, 2016 have been presented as discontinued operations (see Note 3). The Company currently has no business operations and its only activity since December 28, 2016 has been the preparation and filing of periodic reports as required under the Securities Exchange Act of 1934. Basis of Presentation The accompanying consolidated financial statements include the accounts of Pacific WebWorks, Inc. and its wholly owned subsidiaries, through December 28, 2016, the date all assets and liabilities of the Company were transferred to the Liquidating Trust. Prior to December 28, 2016 the Companys wholly owned subsidiaries included Intellipay, Inc., TradeWorks Marketing, Inc., FundWorks, Inc., PWI, LLC, World Commerce Network, LLC, Promontory Marketing, Inc., Thrifty Seeker, LLC, Headlamp Ventures, LLC and Dynamic WebTools, LLC. All significant intercompany accounts and transactions were eliminated in consolidation. Us e of Estimates 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 amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities. Cash Equivalents The Company considers all highly liquid instruments maturing in three months or less when purchased to be cash equivalents. Concentrations Financial instruments that potentially subject the Company to concentrations of credit risks consist of cash and cash equivalents, accounts receivable and accounts payable. The Company places its cash and cash equivalents at well-known quality financial institutions. At times, such cash and investments may be in excess of the FDIC insurance limit. The Company had no amounts in excess of federally insured limits as of December 31, 2017 and 2016. Restricted Cash Restricted cash includes cash maintained in a reserve account with the Companys merchant banks in connection with the Companys acceptance of credit card payments for its services. Fair Value Measurements We adopted ASC Topic 820 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Fair Value of Financial Instruments The fair value of the Companys cash and cash equivalents, receivables, accounts payable, accrued liabilities and capital lease obligations approximate carrying value based on their effective interest rates compared to current market prices. Revenue Recognition The Company recognizes revenue in accordance with the Securities and Exchange Commission, Staff Accounting Bulletin (SAB) No. 101, Revenue Recognition in Financial Statements and its revisions in SAB No. 104. SAB 101 and 104 clarify application of generally accepted accounting principles related to revenue transactions. In 2016 we received revenue for hosting, gateway, and maintenance fees, software access and licensing fees and product sales. Revenues from up-front fees are deferred and recognized over the period in which services are performed, ranging from one month to one year. Fees for the set-up of merchant accounts are deferred and recognized as services are completed (which is generally two months). Revenues from monthly hosting, maintenance, transaction and processing fees are recorded when earned. Operating lease revenues for merchant accounts and software are recorded when earned. Revenues for product sales are recorded when order fulfillment is complete. The Company recognizes revenues when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectibility is reasonably assured. Cost of sales Sales and marketing costs Research and development costs General and administrative costs Income Taxes The Company utilizes the liability method of accounting for income taxes. Under the liability method, deferred income tax assets and liabilities are provided based on the difference between the financial statement and tax bases of assets and liabilities measured by the currently enacted tax rates in effect for the years in which these differences are expected to reverse. Deferred tax expense or benefit is the result of changes in deferred tax assets and liabilities. Capital Structure The Company currently has 150,000,000 shares authorized of $0.001 par value voting common stock, with 149,713,895 shares issued and outstanding as of December 31, 2017 and 49,713,895 shares issued and outstanding as of December 31, 2016. In June of 2017 the Company amended their Articles of Incorporation to increase their authorized common shares from 50,000,000 to 150,000,000. Earnings (loss) per share The computation of net earnings (loss) per share of common stock is based on the weighted average number of shares outstanding during each period presented. The Company utilizes the treasury stock method to calculate diluted earnings (loss) per share, which considers potentially issuable shares on common stock equivalents. In accordance with FASB ASC 260-10 common stock options have a dilutive effect when the average market price of the common stock during the period exceeds the exercise price of the options. Year ended December 31, 2017 2016 Statement of Operations Summary Information: Numerator: Net loss $ (54,113) $ (158,506) Denominator: Weighted-average common shares outstanding basic and diluted 102,864,580 49,713,895 Net loss per share, basic and diluted $ (0.00) $ (0.00) |
Substantial Doubt about Going C
Substantial Doubt about Going Concern | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Substantial Doubt about Going Concern | NOTE 2 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 $18,173,542 as of December 31, 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 | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Disposal Groups, Including Discontinued Operations, Disclosure | NOTE 3 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 as of December 31, 2016 are as follows: Year ended December 31, 2016 Revenues Hosting, gateway and maintenance fees $ 159,475 Product sales 28,737 188,212 Cost of sales 69,961 Gross profit 118,251 Selling expenses 32,966 Research and development 54,198 General and administrative 318,987 Total operating expenses 406,151 Loss from operations (287,900) Other income (expense) Interest income (expense), net (1,011) Gain on sale of assets 154,833 Loss on transfer of assets and liabilities (24,428) Total other income (expense) 129,394 Net loss from discontinued operations $ (158,506) Cash flow from discontinued operations as of December 31, 2016 are as follows: Year ended December 31, 2016 Cash Flows From Operating Activities Net loss $ (158,506) Adjustments to reconcile net loss to net cash used in operating activities Gain on sale of assets (154,833) Loss on transfer of assets 24,428 Changes in assets and liabilities Deposits 4,825 Receivables 77,196 Restricted cash 62,840 Inventory 2,041 Prepaid expenses and other assets 77,172 Accounts payable and accrued liabilities (208,882) Deferred revenue (34,311) Net cash used for discontinued operating activities $ (308,030) Cash Flows From Investing Activities Proceeds from sale of property and equipment $ 179,105 Net cash provided by discontinued investing activities $ 179,105 Cash Flows From Financing Activities Cash paid on notes payable $ (49,262) Net cash used for discontinued financing activities $ (49,262) |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Commitments and Contingencies Disclosure | NOTE 4 COMMITMENTS & CONTINGENCIES During the year ended December 31, 2013, the Company entered into a lease agreement for commercial office space. The lease was to run through May 31, 2018 and provided for monthly payments of $4,300 in year one, $4,425 in year two, $4,550 in year three, $4,700 in year four and $4,825 in year five. A security deposit in the amount of $4,825 was required upon lease execution. During the year ended December 31, 2016, in conjunction with the Companys bankruptcy proceedings, the Company terminated their lease. |
Income Tax Disclosure
Income Tax Disclosure | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Income Tax Disclosure | NOTE 5 INCOME TAXES Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in the tax laws and rates on the date of the enactment. Net deferred tax assets and liabilities consist of the following components as of December 31, 2017 and 2016: 2017 2016 Deferred Tax Assets Deferred Tax Asset $ 3,719,100 $ 5,557,500 Deferred Tax Liabilities Valuation Allowance (3,719,100) (5,557,500) Net Deferred Tax Asset $ - $ - The income tax expense differs from the amount of income tax determined by applying the U.S. federal and state income tax rates to pretax income from continuing operations for the years ended December 31, 2017 and 2016 due to the following: 2017 2016 Book Loss $ (14,100) $ (61,800) Related Party Payable 10,700 - Depreciation - (300) Express Tax Gain on Disposal - 2,600 Impairment Loss - (982,600) Capital Loss - (49,600) Valuation Allowance 3,400 1,094,300 $ - $ - As of December 31, 2017, the Company had Net Operating Loss (NOL) carryforwards of approximately $14,255,000 that may be offset against future taxable income from the year 2018 through 2037. No tax benefit has been reported in the December 31, 2017 consolidated financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. Due to the change in ownership provisions of the Tax Reform Act of 1986, Net Operating Loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Because a change in ownership occurred, net operating loss carryforwards may be limited as to use in future years. The Company classifies income tax penalties and interest, if any, as part of other general and administrative expenses in the accompanying consolidated statements of operations. During the years ended December 31, 2017 and 2016, no penalties or interest were incurred. Below is a table representing the tax years currently open for review. Jurisdiction Open Tax Years Federal 2014 - 2016 Utah State 2014 - 2016 |
Segment Reporting Disclosure
Segment Reporting Disclosure | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Segment Reporting Disclosure | NOTE 6 SEGMENT REPORTING Segment reporting by business unit follows: The year ended December 31, 2016 a Business Unit Revenues, net Net income (loss) Assets Pacific WebWorks $ - $ (349,419) $ 5,301,798 Headlamp Ventures 28,737 (18,290) (453,949) IntelliPay 124,064 108,796 1,924,282 Thrifty Seeker - (87) (15,067) TradeWorks 1,100 1,064 (5,782,727) FundWorks - - - PWI - - - Promontory Marketing - (45) (1,323) Dynamic WebTools 34,311 4,353 (252,891) World Commerce Network - 95,122 (720,123) Total $ 188,212 $ (158,506) $ - a for consolidation. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Related Party Transactions Disclosure | NOTE 7 RELATED PARTY TRANSACTIONS During the year ended December 31, 2017, the Companys President paid $41,300 on behalf of the Company to vendors for accounting, auditing, and SEC filing services required to complete the annual and quarterly reports of the Company which had been delayed because of the Companys bankruptcy. As such, a related party payable was recorded in the amount of $41,300 as of December 31, 2017 which is non-interest bearing and due on demand. |
Stockholders' Equity Note Discl
Stockholders' Equity Note Disclosure | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Stockholders' Equity Note Disclosure | NOTE 8 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 | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
Subsequent Events | NOTE 9 SUBSEQUENT EVENTS The Company has evaluated subsequent events in accordance with the provisions of ASC 855 and has determined that there are no subsequent events that require disclosure. |
Organization, Consolidation a16
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Nature of Operations (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Nature of Operations | 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 incurred prior to December 28, 2016 have been presented as discontinued operations (see Note 3). The Company currently has no business operations and its only activity since December 28, 2016 has been the preparation and filing of periodic reports as required under the Securities Exchange Act of 1934. |
Organization, Consolidation a17
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Basis of Accounting, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Basis of Accounting, Policy | Basis of Presentation The accompanying consolidated financial statements include the accounts of Pacific WebWorks, Inc. and its wholly owned subsidiaries, through December 28, 2016, the date all assets and liabilities of the Company were transferred to the Liquidating Trust. Prior to December 28, 2016 the Companys wholly owned subsidiaries included Intellipay, Inc., TradeWorks Marketing, Inc., FundWorks, Inc., PWI, LLC, World Commerce Network, LLC, Promontory Marketing, Inc., Thrifty Seeker, LLC, Headlamp Ventures, LLC and Dynamic WebTools, LLC. All significant intercompany accounts and transactions were eliminated in consolidation. |
Organization, Consolidation a18
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Use of Estimates, Policy | Us e of Estimates 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 amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant estimates include the allowance for doubtful accounts, impairment assessments of goodwill, valuation of deferred tax assets, rebilling collections and certain accrued liabilities such as contingent liabilities. |
Organization, Consolidation a19
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Cash and Cash Equivalents, Policy | Cash Equivalents The Company considers all highly liquid instruments maturing in three months or less when purchased to be cash equivalents. |
Organization, Consolidation a20
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Concentration Risk, Credit Risk, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Concentration Risk, Credit Risk, Policy | Concentrations Financial instruments that potentially subject the Company to concentrations of credit risks consist of cash and cash equivalents, accounts receivable and accounts payable. The Company places its cash and cash equivalents at well-known quality financial institutions. At times, such cash and investments may be in excess of the FDIC insurance limit. The Company had no amounts in excess of federally insured limits as of December 31, 2017 and 2016. |
Organization, Consolidation a21
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy | Restricted Cash Restricted cash includes cash maintained in a reserve account with the Companys merchant banks in connection with the Companys acceptance of credit card payments for its services. |
Organization, Consolidation a22
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Fair Value Measurement, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Fair Value Measurement, Policy | Fair Value Measurements We adopted ASC Topic 820 for financial instruments measured at fair value on a recurring basis. ASC Topic 820 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Fair Value of Financial Instruments The fair value of the Companys cash and cash equivalents, receivables, accounts payable, accrued liabilities and capital lease obligations approximate carrying value based on their effective interest rates compared to current market prices. |
Organization, Consolidation a23
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Revenue Recognition, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Revenue Recognition, Policy | Revenue Recognition The Company recognizes revenue in accordance with the Securities and Exchange Commission, Staff Accounting Bulletin (SAB) No. 101, Revenue Recognition in Financial Statements and its revisions in SAB No. 104. SAB 101 and 104 clarify application of generally accepted accounting principles related to revenue transactions. In 2016 we received revenue for hosting, gateway, and maintenance fees, software access and licensing fees and product sales. Revenues from up-front fees are deferred and recognized over the period in which services are performed, ranging from one month to one year. Fees for the set-up of merchant accounts are deferred and recognized as services are completed (which is generally two months). Revenues from monthly hosting, maintenance, transaction and processing fees are recorded when earned. Operating lease revenues for merchant accounts and software are recorded when earned. Revenues for product sales are recorded when order fulfillment is complete. The Company recognizes revenues when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectibility is reasonably assured. |
Organization, Consolidation a24
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Cost of Sales, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Cost of Sales, Policy | Cost of sales |
Organization, Consolidation a25
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Advertising Costs, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Advertising Costs, Policy | Sales and marketing costs |
Organization, Consolidation a26
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Research, Development, and Computer Software, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Research, Development, and Computer Software, Policy | Research and development costs |
Organization, Consolidation a27
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Selling, General and Administrative Expenses, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Selling, General and Administrative Expenses, Policy | General and administrative costs |
Organization, Consolidation a28
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Income Tax, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Income Tax, Policy | Income Taxes The Company utilizes the liability method of accounting for income taxes. Under the liability method, deferred income tax assets and liabilities are provided based on the difference between the financial statement and tax bases of assets and liabilities measured by the currently enacted tax rates in effect for the years in which these differences are expected to reverse. Deferred tax expense or benefit is the result of changes in deferred tax assets and liabilities. |
Organization, Consolidation a29
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Stockholders' Equity, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Stockholders' Equity, Policy | Capital Structure The Company currently has 150,000,000 shares authorized of $0.001 par value voting common stock, with 149,713,895 shares issued and outstanding as of December 31, 2017 and 49,713,895 shares issued and outstanding as of December 31, 2016. In June of 2017 the Company amended their Articles of Incorporation to increase their authorized common shares from 50,000,000 to 150,000,000. |
Organization, Consolidation a30
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Earnings Per Share, Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Earnings Per Share, Policy | Earnings (loss) per share The computation of net earnings (loss) per share of common stock is based on the weighted average number of shares outstanding during each period presented. The Company utilizes the treasury stock method to calculate diluted earnings (loss) per share, which considers potentially issuable shares on common stock equivalents. In accordance with FASB ASC 260-10 common stock options have a dilutive effect when the average market price of the common stock during the period exceeds the exercise price of the options. Year ended December 31, 2017 2016 Statement of Operations Summary Information: Numerator: Net loss $ (54,113) $ (158,506) Denominator: Weighted-average common shares outstanding basic and diluted 102,864,580 49,713,895 Net loss per share, basic and diluted $ (0.00) $ (0.00) |
Disposal Groups, Including Di31
Disposal Groups, Including Discontinued Operations, Disclosure: Disposal Groups, Including Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Disposal Groups, Including Discontinued Operations | Results of the discontinued operations as of December 31, 2016 are as follows: Year ended December 31, 2016 Revenues Hosting, gateway and maintenance fees $ 159,475 Product sales 28,737 188,212 Cost of sales 69,961 Gross profit 118,251 Selling expenses 32,966 Research and development 54,198 General and administrative 318,987 Total operating expenses 406,151 Loss from operations (287,900) Other income (expense) Interest income (expense), net (1,011) Gain on sale of assets 154,833 Loss on transfer of assets and liabilities (24,428) Total other income (expense) 129,394 Net loss from discontinued operations $ (158,506) Cash flow from discontinued operations as of December 31, 2016 are as follows: Year ended December 31, 2016 Cash Flows From Operating Activities Net loss $ (158,506) Adjustments to reconcile net loss to net cash used in operating activities Gain on sale of assets (154,833) Loss on transfer of assets 24,428 Changes in assets and liabilities Deposits 4,825 Receivables 77,196 Restricted cash 62,840 Inventory 2,041 Prepaid expenses and other assets 77,172 Accounts payable and accrued liabilities (208,882) Deferred revenue (34,311) Net cash used for discontinued operating activities $ (308,030) Cash Flows From Investing Activities Proceeds from sale of property and equipment $ 179,105 Net cash provided by discontinued investing activities $ 179,105 Cash Flows From Financing Activities Cash paid on notes payable $ (49,262) Net cash used for discontinued financing activities $ (49,262) |
Income Tax Disclosure_ Schedule
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2017 2016 Deferred Tax Assets Deferred Tax Asset $ 3,719,100 $ 5,557,500 Deferred Tax Liabilities Valuation Allowance (3,719,100) (5,557,500) Net Deferred Tax Asset $ - $ - |
Segment Reporting Disclosure_ S
Segment Reporting Disclosure: Schedule of Revenue by Major Customers by Reporting Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Revenue by Major Customers by Reporting Segments | The year ended December 31, 2016 a Business Unit Revenues, net Net income (loss) Assets Pacific WebWorks $ - $ (349,419) $ 5,301,798 Headlamp Ventures 28,737 (18,290) (453,949) IntelliPay 124,064 108,796 1,924,282 Thrifty Seeker - (87) (15,067) TradeWorks 1,100 1,064 (5,782,727) FundWorks - - - PWI - - - Promontory Marketing - (45) (1,323) Dynamic WebTools 34,311 4,353 (252,891) World Commerce Network - 95,122 (720,123) Total $ 188,212 $ (158,506) $ - |
Income Tax Disclosure_ Schedu34
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Components of Deferred Tax Assets | ||
Deferred Tax Assets, Gross | $ 3,719,100 | $ 5,557,500 |
Valuation Allowance | $ (3,719,100) | $ (5,557,500) |