Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | ZETA ACQUISITION CORP I |
Entity Central Index Key | 0001422141 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2020 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | true |
Entity Ex Transition Period | false |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding | 5,000,000 |
Entity File Number | 000-53056 |
Entity Incorporation State Country Code | DE |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 24,667 | $ 29,617 |
Total assets | 24,667 | 29,617 |
Current liabilities: | ||
Accounts payable | 8,895 | |
Accrued interest | 84,703 | 80,627 |
Accrued expenses | 1,600 | 8,950 |
Notes payable, stockholders | 272,500 | 272,500 |
Total liabilities | 367,698 | 362,077 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,000,000 shares issued and outstanding | 500 | 500 |
Additional paid-in capital | 49,500 | 49,500 |
Accumulated deficit | (393,031) | (382,460) |
Total stockholders' deficit | (343,031) | (332,460) |
Total liabilities and stockholders' deficit | $ 24,667 | $ 29,617 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,000,000 | 5,000,000 |
Common stock, shares outstanding | 5,000,000 | 5,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
General and administrative | $ 6,495 | $ 4,895 |
Operating loss | (6,495) | (4,895) |
Interest expense | 4,076 | 3,403 |
Net loss | $ (10,571) | $ (8,298) |
Net loss per basic and diluted common share | $ 0 | $ 0 |
Weighted-average number of common shares outstanding | 5,000,000 | 5,000,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | ||
Net loss | $ (10,571) | $ (8,298) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Increase in accounts payable | 8,895 | 3,295 |
Increase in accrued interest | 4,076 | 3,403 |
Decrease in accrued expenses | (7,350) | (2,250) |
Net cash used in operating activities | (4,950) | (3,850) |
Financing activities | ||
Proceeds from notes payable, stockholders | 25,000 | |
Net cash provided by financing activities | 25,000 | |
Net increase (decrease) in cash | (4,950) | 21,150 |
Cash at beginning of period | 29,617 | 899 |
Cash at end of period | $ 24,667 | $ 22,049 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2018 | $ 500 | $ 49,500 | $ (340,639) | $ (290,639) |
Balance, Shares at Dec. 31, 2018 | 5,000,000 | |||
Net loss | (8,298) | (8,298) | ||
Balance at Mar. 31, 2019 | $ 500 | 49,500 | (348,937) | (298,937) |
Balance, Shares at Mar. 31, 2019 | 5,000,000 | |||
Balance at Dec. 31, 2019 | $ 500 | 49,500 | (382,460) | (332,460) |
Balance, Shares at Dec. 31, 2019 | 5,000,000 | |||
Net loss | (10,571) | (10,571) | ||
Balance at Mar. 31, 2020 | $ 500 | $ 49,500 | $ (393,031) | $ (343,031) |
Balance, Shares at Mar. 31, 2020 | 5,000,000 |
Nature of Operations and Signif
Nature of Operations and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Significant Accounting Policies | 1. Nature of Operations and Significant Accounting Policies Nature of Operations Zeta Acquisition Corp. I (the "Company") was incorporated under the laws of the State of Delaware on November 16, 2007. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company's principal business objective for the next twelve (12) months and beyond will be to achieve long-term growth potential through a combination with a business. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business. Liquidity and Going Concern At March 31, 2020, our cash position and history of losses required management to asses our ability to continue operating as a going concern, according to FASB Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern Management believes that its existing cash, along with certain related parties' commitments to provide continued funding and capital resources, will be sufficient to fund the Company's operations for at least the next twelve (12) months. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. As of March 31, 2020, the impact of the outbreak of COVID-19 continues to unfold. As a result, our estimates and assumptions, including projects towards finding potential acquisition candidates, required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change in future periods. Cash Cash consists of a bank checking account. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Fair Value of Financial Instruments The Company considers the carrying value of cash, accounts payable, accrued expenses, accrued interest, and notes payable to stockholders to approximate fair value due to their short maturities. Net Loss Per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. The Company currently has no dilutive securities and as such, basic and diluted loss per share are the same for all periods presented. Interim Financial Statements The unaudited interim financial information included in this report reflects normal recurring adjustments that management believes are necessary for a fair statement of the results of operations, financial position, and cash flows for the periods presented. This interim information should be read in conjunction with the financial statements and accompanying notes contained in the Company′s Form 10-K filed March 30, 2020. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for other interim periods or the full year. Recently Effective and Upcoming Accounting Pronouncements Management does not believe that any recently issued and effective accounting standards have a material effect on the Company's financial statements. Additionally, management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect. |
Notes Payable, Stockholders
Notes Payable, Stockholders | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Notes Payable, Stockholders | 2. Notes Payable, Stockholders During 2019, various stockholders loaned the Company $55,000 and were issued unsecured promissory notes which bear interest of 6% and are due on demand. Similar stockholder loans amounted to $25,000 during 2018, $20,000 during 2017, $22,500 during 2016, $35,000 during 2015 (along with note reductions of $10,000), $15,000 during 2014, $25,000 during 2013, $25,000 during 2012, $35,000 during 2010, and $25,000 during 2009. Interest of $84,703 was accrued and unpaid at March 31, 2020. |
Preferred Stock
Preferred Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Preferred Stock | 3. Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Common Stock | 4. Common Stock The Company is authorized to issue 100,000,000 shares of common stock with such designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. During December 2007, the Company issued 5,000,000 shares of its common stock pursuant to a private placement for $50,000. |
Commitment
Commitment | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment | 5. Commitment The Company utilizes the office space and equipment of an officer and director at no cost on a month-to-month basis. Management estimates such amounts to be di minimis. |
Nature of Operations and Sign_2
Nature of Operations and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Zeta Acquisition Corp. I (the "Company") was incorporated under the laws of the State of Delaware on November 16, 2007. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company's principal business objective for the next twelve (12) months and beyond will be to achieve long-term growth potential through a combination with a business. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business. |
Liquidity and Going Concern | Liquidity and Going Concern At March 31, 2020, our cash position and history of losses required management to asses our ability to continue operating as a going concern, according to FASB Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern Management believes that its existing cash, along with certain related parties' commitments to provide continued funding and capital resources, will be sufficient to fund the Company's operations for at least the next twelve (12) months. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. As of March 31, 2020, the impact of the outbreak of COVID-19 continues to unfold. As a result, our estimates and assumptions, including projects towards finding potential acquisition candidates, required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change in future periods. |
Cash | Cash Cash consists of a bank checking account. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company considers the carrying value of cash, accounts payable, accrued expenses, accrued interest, and notes payable to stockholders to approximate fair value due to their short maturities. |
Net Loss Per Share | Net Loss Per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. The Company currently has no dilutive securities and as such, basic and diluted loss per share are the same for all periods presented. |
Interim Financial Statements | Interim Financial Statements The unaudited interim financial information included in this report reflects normal recurring adjustments that management believes are necessary for a fair statement of the results of operations, financial position, and cash flows for the periods presented. This interim information should be read in conjunction with the financial statements and accompanying notes contained in the Company′s Form 10-K filed March 30, 2020. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for other interim periods or the full year. |
Recently Effective and Upcoming Accounting Pronouncements | Recently Effective and Upcoming Accounting Pronouncements Management does not believe that any recently issued and effective accounting standards have a material effect on the Company's financial statements. Additionally, management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect. |
Notes Payable, Stockholders (De
Notes Payable, Stockholders (Details) - USD ($) | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | Mar. 31, 2020 | Dec. 31, 2019 | |
Notes Payable, Stockholders (Textual) | |||||||||||
Proceeds from issuance of unsecured promissory notes | $ 25,000 | $ 20,000 | $ 22,500 | $ 35,000 | $ 15,000 | $ 25,000 | $ 25,000 | $ 35,000 | $ 25,000 | ||
Accrued and unpaid interest | $ 84,703 | $ 80,627 | |||||||||
Notes reductions | $ 10,000 | ||||||||||
Promissory notes [Member] | |||||||||||
Notes Payable, Stockholders (Textual) | |||||||||||
Proceeds from issuance of unsecured promissory notes | $ 55,000 | ||||||||||
Interest rate on unsecured promissory note | 6.00% |
Preferred Stock (Details)
Preferred Stock (Details) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred Stock (Textual) | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 1 Months Ended | ||
Dec. 31, 2007 | Mar. 31, 2020 | Dec. 31, 2019 | |
Common Stock (Textual) | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common Stock [Member] | |||
Common Stock (Textual) | |||
Common stock issued pursuant to a private placement | 5,000,000 | ||
Proceeds from issuance of common stock to private placement | $ 50,000 |