Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - USD ($) | Total |
Document and Entity Information: | |
Entity Registrant Name | Sears Oil & Gas |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2015 |
Amendment Flag | false |
Entity Central Index Key | 1,434,737 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 181,005 |
Entity Public Float | $ 181,005 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 662 | $ 376 |
TOTAL ASSETS | 662 | 376 |
CURRENT LIABILITIES | ||
Accounts payable | 7,760 | 7,050 |
Accrued interest | 35,258 | 30,214 |
Accrued interest - related parties | 9,427 | 5,541 |
Loans payable - related parties | 44,123 | 22,441 |
Notes payable | 15,000 | 15,000 |
Notes payable - related parties | 55,000 | 55,000 |
Total Current Liabilities | 166,568 | 135,246 |
TOTAL LIABILITIES | 166,568 | 135,246 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, $0.001 par value; 100,000,000 shares authorized, 181,005 shares issued and outstanding | 181 | 181 |
Additional paid-in capital | 101,819 | 101,819 |
Accumulated deficit | (267,906) | (236,870) |
Total Stockholders' Equity (Deficit) | (165,906) | (134,870) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 662 | $ 376 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING EXPENSES | ||||
Selling, general and administrative | $ 19,005 | $ 6,207 | $ 20,902 | $ 13,434 |
Total Operating Expenses | 19,005 | 6,207 | 20,902 | 13,434 |
LOSS FROM OPERATIONS | (19,005) | (6,207) | (20,902) | (13,434) |
OTHER INCOME (EXPENSES) | ||||
Interest expense - related parties | (5,459) | (3,831) | (10,134) | (9,259) |
Total Other Income (Expenses) | (5,459) | (3,831) | (10,134) | (9,259) |
LOSS BEFORE INCOME TAXES | (24,464) | (10,038) | (31,036) | (22,693) |
NET INCOME (LOSS) | $ (24,464) | $ (10,038) | $ (31,036) | $ (22,693) |
BASIC NET LOSS PER SHARE | $ (0.14) | $ (0.06) | $ (0.17) | $ (0.13) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 181,005 | 181,005 | 181,005 | 181,005 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (31,036) | $ (22,693) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 5,754 | 7,234 |
Accrued interest - related parties | 3,886 | |
Net Cash Used by Operating Activities | (21,396) | (15,459) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from loans payable - related parties | 22,478 | 55,500 |
Payments on loans payable - related parties | (796) | |
Advances from related party | 795 | |
Payments on advances from related party | (40,500) | |
Net Cash Provided by Financing Activities | 21,682 | 15,795 |
INCREASE IN CASH AND CASH EQUIVALENTS | 286 | 336 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 376 | 18 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 662 | $ 354 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash paid for interest | $ 1,204 |
Note 1 - Condensed Financial St
Note 1 - Condensed Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 1 - Condensed Financial Statements | NOTE 1 - CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at June 30, 2015 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2014 audited financial statements. The results of operations for the period ended June 30, 2015 are not necessarily indicative of the operating results for the full year. |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 2 - Going Concern | NOTE 2 - GOING CONCERN The Companys financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has had no revenues and has generated losses from operations. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. 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 secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Note 3 - Loans Payable - Relate
Note 3 - Loans Payable - Related Parties | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 3 - Loans Payable - Related Parties | NOTE 3 LOANS PAYABLE RELATED PARTIES During the six months ended June 30, 2015, the Company received loans in the amount of $22,478 from related parties of the Company. These loans accrue interest at the rate of 12% per annum, are due on demand and are not convertible into common stock of the Company. The balance due on loans payable to related parties was $44,123 as of June 30, 2015. |
Note 4 - Issuance of Convertibl
Note 4 - Issuance of Convertible Promissory Notes | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 4 - Issuance of Convertible Promissory Notes | NOTE 4 ISSUANCE OF CONVERTIBLE PROMISSORY NOTES During the three months ended March 31, 2014, the Company issued a $40,000 convertible promissory note to the sole officer and director of the Company and a $15,000 convertible promissory note to another affiliated shareholder(the Convertible Notes). The Convertible Notes have a term of one year and accrue interest at the rate of 12% per annum. The holders of the Convertible Notes, may, at their option, convert all or any portion of the outstanding principal balance of, and all accrued interest on the Convertible Notes into shares of the Companys common stock, par value $0.001 per share, at a conversion rate of $1.00 per share. Proceeds from the Convertible Notes were partially used to pay $38,410 of advances from a related party. The Company believes the offer and sale of the securities described above were exempt from the registration requirements of the Securities Act of 1933, as amended (the Act), for the private placement of these securities pursuant to Section 4(2) of the Act and/or Regulation D thereunder because the securities were sold in a transaction not involving a public offering. |
Note 6 - Subsequent Events
Note 6 - Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 6 - Subsequent Events | NOTE 6 SUBSEQUENT EVENTS The Company has evaluated subsequent events for the period of June 30, 2015 through the date the financial statements were issued, and concluded there were no other events or transactions occurring during this period that required recognition or disclosure in its financial statements. |