Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 17, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | DALE JARRETT RACING ADVENTURE INC | |
Entity Central Index Key | 1,094,032 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
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 | 37,438,852 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 13,986 | $ 190,362 |
Accounts receivable | 6,115 | 12,482 |
Spare parts and supplies | 108,019 | 148,548 |
Prepaid expenses and other current assets | $ 61,016 | 51,226 |
Race car held for sale | 112,674 | |
Total current assets | $ 189,136 | 515,292 |
Property and equipment, at cost, net | 132,893 | 172,703 |
Total Assets | $ 322,029 | 687,995 |
Current liabilities: | ||
Current portion of long-term debt | 100,127 | |
Accounts payable | $ 184,791 | 58,709 |
Accrued expenses | 166,871 | 161,548 |
Deferred revenue | 720,738 | 869,621 |
Advance from shareholder | 110,220 | 110,110 |
Total current liabilities | $ 1,182,620 | $ 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 September 30, 2015 and 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 | (7,463,824) | (7,215,353) |
Total Stockholders' Deficit | (860,591) | (612,120) |
Total Liabilities and Stockholders' Deficit | $ 322,029 | $ 687,995 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
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 Operati
Condensed Statements Of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Sales | $ 390,591 | $ 622,655 | $ 1,150,192 | $ 1,897,044 |
Cost of sales and services | 246,125 | 297,831 | 585,874 | 908,996 |
Gross profit | 144,466 | 324,824 | 564,318 | 988,048 |
General and admin expenses | 267,103 | 313,693 | 796,822 | 938,571 |
Income (loss) from operations | (122,637) | 11,131 | (232,504) | 49,477 |
Other income (expense): | ||||
Interest income | $ 1 | 13 | $ 35 | 702 |
Other income | 411 | 411 | ||
Interest expense | $ 3,370 | $ 3,047 | $ 10,401 | $ 12,631 |
Loss on disposal of property | (5,600) | |||
Total other expense, net | $ (3,369) | $ (2,623) | (15,966) | $ (11,518) |
Net income (loss) | $ (126,006) | $ 8,508 | $ (248,470) | $ 37,959 |
Per share information: | ||||
Basic and diluted income (loss) per share | $ 0 | $ 0 | $ 0.01 | $ 0 |
Weighted average shares outstanding | 37,438,852 | 26,338,852 | 37,438,852 | 26,338,852 |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net cash used in operating activities | $ (172,949) | $ (295,808) |
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 | 110,127 | $ 20,761 |
Decrease in cash and cash equivalents | (176,376) | (316,569) |
Cash and cash equivalents, beginning of period | 190,362 | 388,886 |
Cash and cash equivalents, end of period | 13,986 | 72,317 |
Supplemental cash flow information: | ||
Cash paid for interest | $ 292 | $ 9,261 |
Cash paid for income taxes |
Basis Of Presentation And Going
Basis Of Presentation And Going Concern (Including Subsequent Events) | 9 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation And Going Concern Including Subsequent Events | |
Basis of Presentation and Going Concern (Including Subsequent Events) | (1) Basis of Presentation and Going Concern (including Subsequent Events) 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 declining revenues and recurring losses from operations, and have stockholder and working capital deficits, as well as minimal cash, at September 30, 2015. Because of this, and because we do not anticipate being able to reverse the downward trend with respect to revenues, we filed a proxy statement with the SEC to put forward shareholder votes to (i) allow our President and CEO to acquire substantially all of our assets, and assume substantially all of our liabilities in exchange for a note receivable of $200,000 and (ii) to change the name of our company to 24/7 Kid Doc, Inc. In connection therewith, on November 9, 2015, our shareholders voted to approve both of these proposals, and we anticipate that such transaction will be consummated prior to December 31, 2015. Notwithstanding such transaction, and assuming we meet the criteria for extinguishment of our liabilities in accordance with GAAP (for which there can be no assurance), we could remain contingently liable for any liabilities existing as of the date of the transaction that are not satisfied by the acquirer. Pursuant to a consulting agreement we entered with Dr. Norberto Benitez in January 2015, he will be providing his expertise in establishing our new business plan. The new business plan is to create a franchise that will deliver pediatric services to children 24 hours a day, 7 days a week. In addition, we will be looking to provide these same services via the Internet to people throughout the world, especially in places where it is difficult to have available pediatric doctors. Subsequent to the consummation of the sale, we will no longer draw any revenues from the racing operations nor will we provide any capital to support its operations. While we do not anticipate having significant cash outlays until we implement our business plan, there can be no assurance that such model will result in profitable operations, and/or that we will be able to obtain the debt or equity financing necessary to pay our expenses. Either of these factors could 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 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 Companys Form 10-K. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements With the exception of the potential for accounting treatment accorded to discontinued operations, 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 | 9 Months Ended |
Sep. 30, 2015 | |
Per share information: | |
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 any of the three or nine month periods ended September 30, 2015 and 2014. |
Spare Parts And Supplies
Spare Parts And Supplies | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 $40,000 and $68,000 during the respective nine month periods ended September 30, 2015 and 2014, and $13,500 and $23,000 during the respective three month periods ended September 30, 2015 and 2014. |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Sep. 30, 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 (see Basis of Presentation and Going Concern above). The shares were issued in January 2015. |
Sale of Race Car
Sale of Race Car | 9 Months Ended |
Sep. 30, 2015 | |
Sale Of Race Car | |
Sale of Race Car | (7) Sale of Race Car In January 2015 we sold a race car for approximately $106,700 and used substantially all of the proceeds to satisfy approximately $100,000 of indebtedness related to such race car. |
Basis Of Presentation And Goi13
Basis Of Presentation And Going Concern (Including Subsequent Events) (Narrative) (Details) | Nov. 09, 2015 |
Subsequent Event [Member] | President And CEO [Member] | Notes Receivable [Member] | |
Approved sale term of business to president and CEO | In addition, such financial statements contemplate the realization of assets and liquidation of liabilities in the normal course of business. We have suffered declining revenues and recurring losses from operations, and have stockholder and working capital deficits, as well as minimal cash, at September 30, 2015. Because of this, and because we do not anticipate being able to reverse the downward trend with respect to revenues, we filed a proxy statement with the SEC to put forward shareholder votes to (i) allow our President and CEO to acquire substantially all of our assets, and assume substantially all of our liabilities in exchange for a note receivable of $200,000 and (ii) to change the name of our company to 24/7 Kid Doc, Inc. In connection therewith, on November 9, 2015, our shareholders voted to approve both of these proposals, and we anticipate that such transaction will be consummated prior to December 31, 2015. |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 13,500 | $ 23,000 | $ 40,000 | $ 68,000 |
Property And Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation method | Straight-line method | |||
Property And Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property and equipment | 3 years | |||
Property And Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives of property and equipment | 10 years |
Stockholders' Deficit (Narrativ
Stockholders' Deficit (Narrative) (Details) - Common Stock [Member] - Brother In Law of CEO [Member] - shares | 1 Months Ended | |
Jan. 31, 2015 | Dec. 31, 2014 | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Number of shares granted to be issued for development of new business opportunity | 10,000,000 | |
Number of shares issued for development of new business opportunity | 10,000,000 |
Sale of Race Car (Narrative) (D
Sale of Race Car (Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Jan. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Proceeds from sale of race car | $ 106,700 | ||
Repayment of indebtedness | $ 100,000 | $ 110,127 | $ 20,761 |
Race Car | |||
Proceeds from sale of race car | $ 106,700 |