Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 29-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DALE JARRETT RACING ADVENTURE INC | |
Entity Central Index Key | 1094032 | |
Trading Symbol | djrt | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 37,438,852 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $119,946 | $190,362 |
Accounts receivable | 10,529 | 12,482 |
Spare parts and supplies | 141,121 | 148,548 |
Prepaid expenses and other current assets | 57,740 | 51,226 |
Race car held for sale | 112,674 | |
Total current assets | 329,336 | 515,292 |
Property and equipment, at cost, net | 159,433 | 172,703 |
Total Assets | 488,769 | 687,995 |
Current liabilities: | ||
Current portion of long-term debt | 5,363 | 100,127 |
Accounts payable | 42,990 | 58,709 |
Accrued expenses | 179,211 | 161,548 |
Deferred revenue | 938,505 | 869,621 |
Advance from shareholder | 103,480 | 110,110 |
Total current liabilities | 1,269,549 | 1,300,115 |
Stockholders' deficit: | ||
Preferred stock, $.0001 par value, 5,000,000 shares authorized | ||
Common stock, $.0001 par value, 200,000,000 shares authorized, 38,110,502 and 28,110,502 shares issued, and 37,438,852 and 27,438,852 shares outstanding at March 31, 2015 and December 31, 2014, respectively | 3,811 | 2,811 |
Additional paid-in capital | 6,638,431 | 6,639,431 |
Treasury stock, 671,650 shares, at cost | -39,009 | -39,009 |
Accumulated deficit | -7,384,013 | -7,215,353 |
Total stockholders' deficit | -780,780 | -612,120 |
Total Liabilities and Stockholders' Deficit | $488,769 | $687,995 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 38,110,502 | 28,110,502 |
Common stock, shares outstanding | 37,438,852 | 27,438,852 |
Treasury stock, shares | 671,650 | 671,650 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | ||
Sales | $261,344 | $538,266 |
Cost of sales and services | 153,172 | 276,209 |
Gross profit | 108,172 | 262,057 |
General and administrative expenses | 267,634 | 298,408 |
Loss from operations | -159,462 | -36,351 |
Other income and (expense): | ||
Interest income | 26 | 667 |
Interest expense | -3,624 | -4,204 |
Loss on disposal of assets | -5,600 | -842 |
Other expense, net | -9,198 | -4,379 |
Net loss | ($168,660) | ($40,730) |
Per share information: | ||
Basic and diluted loss per share (in dollars per share) | ($0.01) | $0 |
Weighted average shares outstanding (in shares) | 37,438,852 | 26,338,852 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement Of Cash Flows [Abstract] | ||
Net cash used in operating activities | ($72,352) | ($139,152) |
Cash provided by investing activities - | ||
Proceeds from disposal of race car held for sale | 106,700 | |
Cash used in financing activities - | ||
Repayment of long-term debt | -104,764 | -7,201 |
Decrease in cash and cash equivalents | -70,416 | -146,353 |
Cash and cash equivalents, beginning of period | 190,362 | 388,886 |
Cash and cash equivalents, end of period | 119,946 | 242,533 |
Supplemental cash flow information: | ||
Cash paid for interest | 254 | 3,081 |
Cash paid for income taxes |
Basis_of_Presentation_and_Liqu
Basis of Presentation and Liquidity | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Presentation And Liquidity [Abstract] | |
Basis of Presentation and Going Concern | -1 |
Basis of Presentation and Going Concern | |
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and Rule 8.03 of Regulation SX. As such, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal, recurring adjustments) considered necessary for a fair presentation have been included. | |
In addition, such financial statements contemplate the realization of assets and liquidation of liabilities in the normal course of business. We have suffered recurring losses from operations and have stockholder and working capital deficits, as well as minimal cash at March 31, 2015. As such, and although a portion of our liabilities (i.e. the shareholder advance, and approximately one half of our deferred revenues) are not expected to result in the outlay of cash in the next year, we will need to generate capital, either through positive results of operations and/or equity or debt infusions, to meet our obligations during such period. We have reduced our general and administrative expenses significantly and plan to continue to closely monitor such expenses. We are also investigating the possibility of investing in an alternative business model and/or seeking to raise capital from existing shareholders. However, there is no assurance that we will be successful in any such endeavors which would most likely result in us having difficulty continuing as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern | |
The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. For further information, refer to the financial statements of the Company as of and for the year ended December 31, 2014, including notes, filed with the Company’s Form 10-K. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements |
There are no new accounting pronouncements for which adoption is expected to have a material effect on our financial statements in future accounting periods. |
Basic_and_Diluted_Income_Loss_
Basic and Diluted Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Income (Loss) Per Share | (3) Basic and Diluted Income (Loss) Per Share |
The Company calculates basic and diluted income (loss) per share as required by the FASB Accounting Standards Codification. Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods when we report a net loss, anti-dilutive common stock equivalents are not considered in the computation. We did not have any dilutive common stock equivalents during either of the three month periods ended March 31, 2015 and 2014. |
Spare_Parts_and_Supplies
Spare Parts and Supplies | 3 Months Ended |
Mar. 31, 2015 | |
Spare Parts And Supplies [Abstract] | |
Spare Parts and Supplies | (4) Spare Parts and Supplies |
Spare parts and supplies include engine parts, tires, and other supplies used in the racecar operations and are recorded at the lower of cost or market, on a first-in, first-out basis. |
Property_and_Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (5) Property and Equipment |
Property and equipment are recorded at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 3 to 10 years. Major additions are capitalized, while minor additions and maintenance and repairs, which do not extend the useful life of an asset, are expensed as incurred. Depreciation expense approximated $13,000 and $23,000, during the respective three month periods ended March 31, 2015 and 2014. |
Stockholders_Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |
Stockholders' Deficit | -6 |
Stockholders’ Deficit | |
In December 2014, we agreed to grant 10,000,000 shares of our stock to the brother in law of our President and CEO as consideration for his assistance with the development of a new business opportunity. Because the shares vested immediately, we recognized $300,000 of stock based compensation in December 2014, which amount represented the fair market value of such shares on the grant date. The shares were issued in January 2015. |
Race_Car_Held_for_Sale
Race Car Held for Sale | 3 Months Ended |
Mar. 31, 2015 | |
Race Car Held For Sale [Abstract] | |
Race Car Held for Sale | -7 |
Race Car Held for Sale | |
In January 2015, we sold the race car held for sale as of December 31, 2014, and paid the remaining balance of the long-term debt related to such vehicle. The sale resulted in a loss of approximately $5,600. |
Property_and_Equipment_Detail_
Property and Equipment (Detail Textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation method | Straight-line method | |
Estimated useful lives of property and equipment | 3 to 10 years | |
Depreciation expense | $13,000 | $23,000 |
Stockholders_Deficit_Detail_Te
Stockholders' Deficit (Detail Textuals) (USD $) | 1 Months Ended |
Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |
Number of shares grated to brother in law of President and CEO | 10,000,000 |
Stock based compensation | $300,000 |
Race_Car_Held_for_Sale_Detail_
Race Car Held for Sale (Detail Textuals) (USD $) | 1 Months Ended |
Jan. 31, 2015 | |
Race Car Held For Sale [Abstract] | |
Loss on sold race car held for sale | $5,600 |