Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Nov. 03, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Start Scientific, Inc. | ' |
Entity Central Index Key | '0001368761 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
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? | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 125,665,000 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $282 | $8,799 |
Total Current Assets | 282 | 8,799 |
TOTAL ASSETS | 282 | 8,799 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 10,907 | 10,940 |
Accrued expenses | 616,909 | 626,656 |
Accounts payable and accrued liabilities - related parties | 459,018 | 382,600 |
Notes payable | 547,860 | 547,860 |
Notes payable - related parties | 101,730 | 98,486 |
Total Current Liabilities | 1,736,424 | 1,666,542 |
TOTAL LIABILITIES | 1,736,424 | 1,666,542 |
STOCKHOLDERS' DEFICIT | ' | ' |
Preferred stock, $0.0001 par value; 100 shares authorized, 100 and -0- issued and outstanding, respectively | 0 | 0 |
Common stock, $0.0001 par value; 500,000,000 shares authorized, 110,665,000 and 109,165,000 shares issued and outstanding, respectively | 11,067 | 10,917 |
Additional paid-in-capital | 7,071,397 | 6,106,547 |
Deficit accumulated during exploration stage | -8,240,696 | -7,197,297 |
Accumulated deficit | -577,910 | -577,910 |
Total Stockholders' Deficit | -1,736,142 | -1,657,743 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $282 | $8,799 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 100 | 100 |
Preferred stock, shares issued | 100 | 0 |
Preferred stock, shares outstanding | 100 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 110,665,000 | 109,165,000 |
Common stock, shares outstanding | 110,665,000 | 109,165,000 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 24 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Income Statement [Abstract] | ' | ' | ' |
NET REVENUES | $0 | $0 | $0 |
OPERATING EXPENSES | ' | ' | ' |
Salaries and consulting | 977,500 | 87,500 | 7,383,427 |
Professional fees | 47,588 | 49,555 | 410,920 |
Development costs | 0 | 0 | 205,000 |
Selling, general and administrative | 70 | 130 | 42,939 |
Total Operating Expenses | 1,025,158 | 137,185 | 8,042,286 |
LOSS FROM OPERATIONS | -1,025,158 | -137,185 | -8,042,286 |
OTHER INCOME (EXPENSES) | ' | ' | ' |
Interest expense | -18,241 | -18,243 | -198,410 |
Total Other Income (Expenses) | -18,241 | -18,243 | -198,410 |
LOSS BEFORE INCOME TAXES | -1,043,399 | -155,428 | -8,240,696 |
INCOME TAX EXPENSE | 0 | 0 | 0 |
NET LOSS | ($1,043,399) | ($155,428) | ($8,240,696) |
BASIC AND DILUTED: | ' | ' | ' |
Net loss per common share | ($0.01) | $0 | ' |
Weighted average shares outstanding | 109,876,111 | 109,165,000 | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 24 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($1,043,399) | ($155,428) | ($8,240,696) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' | ' |
Stock based compensation | 965,000 | 0 | 6,707,464 |
Expense paid by related party | 2,694 | 0 | 2,694 |
Debt issue costs | 0 | 0 | 57,540 |
Amortization of debt discount | 0 | 0 | 4,960 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 0 | 0 | 1,800 |
Prepaid expenses | 0 | 0 | 50,000 |
Accounts payable and accrued liabilities - related parties | 76,418 | 155,366 | 459,018 |
Accounts payable and accrued expenses | -9,780 | 0 | 537,368 |
Net Cash Used by Operating Activities | -19,067 | -62 | -419,852 |
CASH FLOWS FROM INVESTING ACTIVITIES: | 0 | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from notes payable | 0 | 0 | 400,000 |
Proceeds from notes payable - related parties | 550 | 600 | 13,963 |
Payments on notes payable - related parties | 0 | 0 | -2,000 |
Net Cash Provided by Financing Activities | 550 | 600 | 411,963 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -8,517 | 538 | -7,889 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 8,799 | 90 | 8,171 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 282 | 628 | 282 |
Interest | 2,390 | 8,361 | 220,668 |
Income taxes | 0 | 0 | 0 |
Common stock issued for services | $965,000 | $0 | $6,707,464 |
NOTE_1_BASIS_OF_FINANCIAL_STAT
NOTE 1. BASIS OF FINANCIAL STATEMENT PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NOTE 1. BASIS OF FINANCIAL STATEMENT PRESENTATION | ' |
NOTE 1 BASIS OF FINANCIAL STATEMENT PRESENTATION | |
The accompanying unaudited financial statements have been prepared by Start Scientific, Inc. (the "Company") pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim 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 are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2013. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014. |
NOTE_2_GOING_CONCERN_CONSIDERA
NOTE 2. GOING CONCERN CONSIDERATIONS | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NOTE 2. GOING CONCERN CONSIDERATIONS | ' |
NOTE 2 GOING CONCERN CONSIDERATIONS | |
The accompanying condensed financial statements have been prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As reported in its Annual Report on Form 10-K for the year ended December 31, 2013, the Company has incurred operating losses of $7,775,207 from inception of the Company through December 31, 2013. The Company’s stockholders’ deficit at March 31, 2014 was $1,736,142 and had a working capital deficit, continued losses, and negative cash flows from operations. These factors combined, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to address and alleviate these concerns are as follows: | |
The Company’s management continues to develop a strategy of exploring all options available to it so that it can develop successful operations and have sufficient funds, therefore, as to be able to operate over the next twelve months. The Company is attempting to improve these conditions by way of financial assistance through issuances of additional equity and by generating revenues through sales of products and services. No assurance can be given that funds will be available, or, if available, that it will be on terms deemed satisfactory to management. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually attain profitable operations. The accompanying condensed financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of these uncertainties. |
NOTE_3_STOCK_BASED_COMPENSATIO
NOTE 3 STOCK BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
NOTE 3 STOCK BASED COMPENSATION | ' |
NOTE 3 STOCK BASED COMPENSATION | |
During the three months ended March 31, 2014, the Company issued a total of 1,500,000 shares of common stock for consulting services rendered to the Company. The stock was valued at the market price on the date of issuance which totaled $965,000. This amount is included in salaries and consulting expenses on the statement of operations. |
NOTE_4_RELATED_PARTY_TRANSACTI
NOTE 4. RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
NOTE 4. RELATED PARTY TRANSACTIONS | ' |
NOTE 4 RELATED PARTY TRANSACTIONS | |
During the three months ended March 31, 2014, the Company received loans from related parties in the amount of $550.00. Related parties also paid $2,694 in expenses on behalf of the Company. |
NOTE_5_SUBSEQUENT_EVENTS
NOTE 5. SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
NOTE 5. SUBSEQUENT EVENTS | ' |
NOTE 3 SUBSEQUENT EVENTS | |
On July 25, 2014, the board of directors cancelled all of the vested and unvested options that it had granted pursuant to the Company's 2012 Equity Incentive Plan. 10,500,000 options were granted on May 4, 2012 to certain directors, and cancelled on July 25, 2014. Each grantee of active options consented to this cancellation. As of the date of this report, the company has no outstanding options. In addition, no options have ever been exercised by any option holder of the company. Shares vested prior to cancellation remain expensed amounting to $1,054,038 and $1,702,676 during the years ended December 31, 2013 and 2012, respectively. | |
On July 28, 2014, pursuant to the Company’s 2012 Equity Incentive Plan, the Board approved the issuance of an aggregate of 15,000,000 shares of the Company’s common stock to certain officers and directors of the Company. | |
The Company has evaluated subsequent events for the period of March 31, 2014 through the date the financial statements were issued, and concluded there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
NOTE_2_GOING_CONCERN_CONSIDERA1
NOTE 2. GOING CONCERN CONSIDERATIONS (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Operating Losses | ($1,025,158) | ($137,185) | $7,775,207 | ($8,042,286) |
Stockholders' deficit | ($1,736,142) | ' | ($1,657,743) | ($1,736,142) |
NOTE_3_STOCK_BASED_COMPENSATIO1
NOTE 3 STOCK BASED COMPENSATION (Details Narrative) (USD $) | 3 Months Ended | 24 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Equity [Abstract] | ' | ' | ' | ' |
Common stock issued for services, shares | 1,500,000 | ' | ' | ' |
Common stock issued for services, value | $965,000 | $965,000 | $0 | $6,707,464 |
NOTE_4_RELATED_PARTY_TRANSACTI1
NOTE 4. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 3 Months Ended | 24 Months Ended | ||
Mar. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Proceeds from notes payable - related party | $550 | $0 | $0 | ($2,000) |
Expenses paid by related party | $2,694 | $2,694 | $0 | $2,694 |
NOTE_5_SUBSEQUENT_EVENTS_Detai
NOTE 5. SUBSEQUENT EVENTS (Details Narrative) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
31-May-12 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 28, 2014 | Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' | ' | ' | ' | ' | ' |
Options granted | 10,500,000 | ' | ' | ' | ' | ' |
Options cancelled | ' | 10,500,000 | ' | ' | ' | ' |
Shares vested | ' | ' | $1,054,038 | $1,702,676 | ' | ' |
Common stock shares issued | ' | ' | 109,165,000 | ' | 15,000,000 | 110,665,000 |