Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 30, 2016 | Jun. 30, 2015 | |
Document and Entity Information: | |||
Entity Registrant Name | GROTE MOLEN INC | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Trading Symbol | grote | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,456,212 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 22,200,000 | ||
Entity Public Float | $ 210,000 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Nevada | ||
Entity Incorporation, Date of Incorporation | Mar. 15, 2004 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 9,251 | $ 60,808 |
Accounts receivable | 27,565 | 45,217 |
Accounts receivable - related parties | 11,365 | 13,141 |
Inventories | 708,893 | 328,160 |
Deposits | 64,685 | 382,295 |
Prepaid Expenses | 356 | 6,935 |
Total Current Assets | 822,115 | 836,556 |
Property and Equipment, net | 139,688 | 156,652 |
Intangible Assets, net | 63,068 | 64,120 |
Total Assets | 1,024,871 | 1,057,328 |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 74,970 | 51,021 |
Accrued Interest Payable - Related Parties | 53,507 | 44,936 |
Accrued Interest Payable | 22,686 | 14,195 |
Current Portion of Long-Term Debt - Related Party | 2,943 | 45,774 |
Notes Payable - Related Parties | 130,127 | 154,627 |
Notes Payable | 136,100 | 91,600 |
Total Current Liabilities | 420,333 | 402,153 |
Long-term debt: | ||
Note payable | 145,139 | 136,753 |
Long-term debt - related party | 6,903 | |
Total long-term debt | 145,139 | 143,656 |
Total Liabilities | $ 565,472 | $ 545,809 |
Stockholders' Equity: | ||
Preferred Stock, $.001 Par Value, 5,000,000 Shares Authorized, No Shares Issued and Outstanding | ||
Common Stock, $.001 Par Value, 100,000,000 Shares Authorized, 22,200,000 shares issued and outstanding | $ 22,200 | $ 22,200 |
Additional Paid-In Capital | 147,800 | 147,800 |
Retained Earnings | 289,399 | 341,519 |
Total Stockholders' Equity | 459,399 | 511,519 |
Total Liabilities and Stockholders' Equity | $ 1,024,871 | $ 1,057,328 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICAL - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS PARENTHETICAL | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | ||
Preferred stock shares outstanding | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock shares issued | 22,200,000 | 22,200,000 |
Common stock shares outstanding | 22,200,000 | 22,200,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | ||
Sales | $ 1,446,128 | $ 1,334,858 |
Sales to related parties | 81,062 | 68,277 |
Total revenues | 1,527,190 | 1,403,135 |
Cost of revenues: | ||
Cost of sales | 1,052,429 | 947,159 |
Cost of related party sales | 58,993 | 48,446 |
Total cost of revenues | 1,111,422 | 995,605 |
Gross Profit | 415,768 | 407,530 |
Operating Costs and Expenses: | ||
Selling, General and Administrative | 304,095 | 276,371 |
Management fees to related parties | 151,800 | 133,800 |
Depreciation and Amortization | 18,016 | 6,763 |
Total Operating Costs and Expenses | 473,911 | 416,934 |
Loss from operations | (58,143) | (9,404) |
Other Expense: | ||
Interest Expense - Related Parties | 10,628 | 14,679 |
Interest Expense | 15,009 | 12,597 |
Total Other Expense | 25,637 | 27,276 |
Loss before income taxes | (83,780) | (36,680) |
Income tax (provision) benefit | 31,660 | (5,896) |
Net loss | $ (52,120) | $ (42,576) |
Net loss per common share - Basic and Diluted | $ 0 | $ 0 |
Weighted average common shares outstanding - Basic and Diluted | 22,200,000 | 21,868,494 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings | Total |
Balance at Dec. 31, 2013 | $ 21,000 | $ 89,000 | $ 384,095 | $ 494,095 |
Balance - Shares at Dec. 31, 2013 | 21,000,000 | |||
Issuance of common shares for cash | $ 1,200 | 58,800 | 60,000 | |
Issuance of common shares for cash (Shares) | 1,200,000 | |||
Net loss | (42,576) | (42,576) | ||
Balance at Dec. 31, 2014 | $ 22,200 | 147,800 | 341,519 | 511,519 |
Balance - Shares at Dec. 31, 2014 | 22,200,000 | |||
Net loss | (52,120) | (52,120) | ||
Balance at Dec. 31, 2015 | $ 22,200 | $ 147,800 | $ 289,399 | $ 459,399 |
Balance - Shares at Dec. 31, 2015 | 22,200,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net loss | $ (52,120) | $ (42,576) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and Amortization | 18,016 | 6,763 |
Interest added to note payable principal | 2,531 | |
(Increase) Decrease in Accounts receivable | 17,652 | (1,172) |
(Increase) Decrease in Accounts receivable - related parties | 1,776 | (3,294) |
(Increase) Decrease in Inventories | (380,733) | (39,641) |
(Increase) Decrease in Deposits | 317,610 | (178,660) |
(Increase) Decrease in Prepaid Expenses | 6,579 | 38,198 |
Increase (Decrease) in Accounts Payable and Accrued Expenses | 23,949 | (20,263) |
Increase (Decrease) in Accrued Interest Payable - Related Parties | 8,571 | 9,382 |
Increase (Decrease) in Accrued Interest Payable | 8,491 | 5,774 |
Net cash used in operating activities | (30,209) | (222,958) |
Cash Flows from Investing Activities: | ||
Acquisition of Property and Equipment | (1,423) | |
Net Cash Used in Investing Activities | (1,423) | |
Cash Flows from Financing Activities: | ||
Proceeds from long-term note payable | 28,700 | 151,930 |
Proceeds from Issuance of Notes Payable - Related Parties | 50,000 | |
Proceeds from Issuance of Notes Payable | 44,500 | 19,600 |
Proceeds from issuance of common stock | 60,000 | |
Repayment of notes payable - related parties | (24,500) | (15,000) |
Repayment of long-term note payable | (20,314) | (17,708) |
Repayment of Long-Term Debt - Related Party | (49,734) | (42,702) |
Net cash provided by (used in) financing activities | (21,348) | 206,120 |
Net Decrease in Cash | (51,557) | (18,261) |
Cash, Beginning of Year | 60,808 | 79,069 |
Cash, End of Year | $ 9,251 | $ 60,808 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Signicant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 1 - Organization and Summary of Signicant Accounting Policies | NOTE 1 ORGANIZATION AND SUMMARY OF SIGNICANT ACCOUNTING POLICIES Organization Grote Molen, Inc. (Grote Molen) was incorporated under the laws of the State of Nevada on March 15, 2004. BrownWick, LLC (BrownWick), a wholly owned subsidiary, was formed in the State of Idaho on June 5, 2005. The principal business of Grote Molen and BrownWick (collectively the Company) is to distribute grain mills and related accessories for home use. Principles of Consolidation The consolidated financial statements include the accounts of Grote Molen and BrownWick. All significant inter-company balances and transactions have been eliminated. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, we consider all highly liquid investments with an original maturity date of three months or less to be cash equivalents. Since inception, the Company has not held any short-term investments considered to be cash equivalents. Accounts Receivable Trade accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts. We determine the allowance for doubtful accounts by identifying potential troubled accounts and by using historical experience and future expectations applied to an aging of accounts. Trade accounts receivable are written off when deemed uncollectible. Recoveries of trade accounts receivable previously written off are recorded as income when received. We determined that no allowance for doubtful accounts was required at December 31, 2015 and 2014. Inventories I Deposits Generally, we are required to pay advanced deposits toward the purchase of inventories from our principal suppliers. Such advanced payments are recorded as deposits, a current asset in the accompanying consolidated financial statements. Property and Equipment Property and equipment are carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of the assets as follows: office equipment 3 to 5 years; warehouse equipment 5 to 10 years; website development 3 years; and molds 10 years. Depreciation expense was $16,964 and $5,711 for the years ended December 31, 2015 and 2014, respectively. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized in operations for the period. The cost of maintenance and repairs is charged to operations as incurred. Significant renewals and betterments are capitalized. Intangible Assets Intangible assets Our indefinite lived intangible asset includes the cost to acquire from a German manufacturer in 2012 the license to produce a 110-volt mixer. The license agreement stipulates that as long as the Company meets the terms of the agreement, the Company will have an exclusive license to the mixer indefinitely. No specific legal life or term to the license is otherwise stated in the agreement. We have concluded that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of this intangible asset. We therefore have classified the license as indefinite, and are not amortizing its carrying value. Impairment of Long-Lived Assets We periodically review our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. No events or changes in circumstances have occurred to indicate that the carrying amount of our long-lived assets may not be recoverable. Therefore, no impairment loss was recognized during the years ended December 31, 2015 and 2014. Revenue Recognition We record revenue from the sales of grain mills and accessories in accordance with the underlying sales agreements when the products are shipped, the selling price is fixed and determinable, and collection is reasonably assured. Warranties We provide limited warranties to our customers for certain of our products sold. We perform warranty work at our service center in Pocatello, Idaho or at other authorized service locations. Warranty expenses have not been material to our consolidated financial statements. Research and Development Costs Research and development costs are expensed as incurred in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 730, Research and Development Advertising Advertising costs are non-direct in nature, and are expensed over the periods in which the advertising takes place. Advertising expense totaled $58,894 and $33,290 for the years ended December 31, 2015 and 2014, respectively. Shipping and Handling The Company recognizes shipping and handling fees in accordance with ASC 605, Shipping and Handling Fees and Costs. Foreign Currency Transactions All transactions with our foreign suppliers and customers are delineated in United States Dollars. Therefore, there are no effects of foreign currency transactions and translations in our consolidated financial statements. Concentration of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and trade receivables. In the normal course of business, we provide credit terms to our customers. Accordingly, we perform ongoing credit evaluations of our customers and maintain allowances for possible losses as appropriate. We maintain our cash in bank deposit accounts, which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on cash. Income Taxes We account for income taxes in accordance with FASB ASC Topic 740, Income Taxes Earnings Per Share The computation of basic earnings per common share is based on the weighted average number of shares outstanding during the period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period. Common stock equivalents are not included in the diluted earnings per share calculation when their effect is anti-dilutive. We have not granted any stock options or warrants since inception of the Company. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Comprehensive Income (Loss) Comprehensive income (loss) is the same as net income (loss). |
Note 2 - Detail of Certain Bala
Note 2 - Detail of Certain Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 2 - Detail of Certain Balance Sheet Accounts | NOTE 2 DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS Accounts receivable 2015 2014 Trade accounts receivable related parties $ 6,365 $ 8,141 Employee advances 5,000 5,000 Total accounts receivable related parties 11,365 13,141 Trade accounts receivable 27,565 45,217 $ 38,930 $ 58,358 Property and equipment consist of the following at December 31: 2015 2014 Office equipment $ 4,335 $ 4,335 Warehouse equipment 16,927 16,927 Website development 2,000 2,000 Molds 150,615 150,615 173,877 173,877 Accumulated depreciation (34,189) (17,225) $ 139,688 $ 156,652 Intangible assets consist of the following at December 31: 2015 2014 License definite lived $ 10,500 $ 10,500 License indefinite lived 62,720 62,720 Patent 100 100 73,320 73,320 Accumulated amortization (10,252) (9,200) $ 63,068 $ 64,120 |
Note 3 - Related Party Debt
Note 3 - Related Party Debt | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 3 - Related Party Debt | NOTE 3 RELATED PARTY DEBT Notes payable related parties are unsecured and are comprised of the following at December 31: 2015 2014 Note $ 30,000 $ 30,000 Note payable to a stockholder, due on demand, with interest at 6% per annum 3,500 3,500 Note 38,000 38,000 Note 10,000 10,000 Note 5,000 5,000 Note 9,000 9,000 Note payable to a stockholder, due on demand, with interest at 8% per annum 15,000 15,000 Note 10,500 35,000 Non-interest bearing advances from stockholders, with no formal repayment terms 9,127 9,127 Total $ 130,127 $ 154,627 Long-term debt related party is comprised of the following at December 31: 2015 2014 Note due $ 2,943 $ 52,677 Less current portion (2,943) (45,774) Long-term portion $ - $ 6,903 Interest expense on this related party debt was $10,628 and $14,679 for the years ended December 31, 2015 and 2014, respectively. Accrued interest payable to related parties was $53,507 and $44,936 at December 31, 2015 and 2014, respectively. |
Note 4 - Notes Payable
Note 4 - Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 4 - Notes Payable | NOTE 4 NOTES PAYABLE Notes payable to non-related parties are unsecured and are comprised of the following at December 31: 2015 2014 Note $ 15,000 $ 15,000 Note 20,000 20,000 Note 5,000 5,000 Note 7,000 7,000 Note 15,000 15,000 Note 10,000 10,000 Note 4,000 4,000 Note 5,600 5,600 Note 10,000 10,000 Note 10,000 - Note 10,000 - Note 10,000 - Note 2,500 - Note 9,000 - Note 3,000 - Total $ 136,100 $ 91,600 We had a long-term note payable to a bank with a principal balance of 145,139 and $136,753 at December 31, 2015 and 2014, respectively. The long-term note payable is a line of credit promissory note bearing interest at an indexed rate plus 2% (4.50% at December 31, 2015), requiring monthly interest payments only, and maturing on May 16, 2021. The note payable has an available line of credit of $150,000, and is secured by a deed of trust on certain real estate owned by one of the principal stockholders of the Company and by the Companys inventories, property and equipment, and intangible assets. Accrued interest payable on the notes payable was $22,686 and $14,195 at December 31, 2015 and December 31, 2014, respectively. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 5 - Income Taxes | NOTE 5 INCOME TAXES The income tax benefit for the year ended December 31, 2015 of $31,660 resulted primarily from refunds of prior federal income taxes paid. The reconciliation of the income tax (provision) benefit computed at the U.S. federal statutory tax rate to the Companys effective tax rate is as follows for the years ended December 31: 2015 2014 Federal benefit at statutory rate $ 28,485 $ 12,471 State income tax, net of federal benefit 4,655 2,583 Other 8,410 (6,969) Redetermination of prior year taxes - (8,017) Change in valuation allowance (9,890) (5,964) Income tax (provision) benefit $ 31,660 $ (5,896) Deferred tax assets (liabilities) are comprised of the following at December 31: 2015 2014 Current assets: Related party interest expense $ 22,259 $ 15,279 Charitable contributions 3,817 2,907 Net operating loss carryforward 27,695 - Long-term liability depreciation and amortization (26,782) (1,087) 26,989 17,099 Valuation allowance (26,989) (17,099) $ - $ - In recording the valuation allowances, we were unable to conclude that it is more likely than not that all or a portion of a net deferred tax asset will be realized. As of December 31, 2015, we had net operating loss carryforwards of approximately $67,000 available to offset future taxable income through 2025. FASB ASC Topic 740, Income Taxes, We include interest and penalties arising from the underpayment of income taxes, if any, in our consolidated statements of operations in general and administrative expenses. As of December 31, 2015 and 2014, we had no accrued interest or penalties related to uncertain tax positions. We file income tax returns in the U.S. federal jurisdiction and in the state of Idaho. All U.S. federal and Idaho state income tax returns from 2008 through the year ended December 31, 2015 are subject to examination. |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 6 - Related Party Transactions | NOTE 6 RELATED PARTY TRANSACTIONS Pursuant to an agreement effective in February 2011, we pay a monthly management fee to a company owned by one of the major stockholders of the Company to manage our day-to-day business activities and to provide business space. Historically we have paid monthly management fees in varying amounts to this related party pursuant to prior agreements approved by the stockholders of the Company. The agreement is on a month-to-month basis and can be cancelled at any time by the vote of management. The agreement was amended and restated on October 31, 2014 to increase the fee to $12,500 effective November 1, 2014. Also included in management fees are monthly payments of $150 to another major stockholder of the Company for expense reimbursement. Management fees to related parties totaled $151,800 and $133,800 for the years ended December 31, 2015 and 2014, respectively. Each of the two principal stockholders of the Company own companies that are our customers. Sales to these related parties totaled $81,062 and $68,277 for the years ended December 31, 2015 and 2014, respectively, or approximately 5% for each year. Accounts receivable from these related parties totaled $6,365 and $8,141 at December 31, 2015 and 2014, respectively. See Note 3 for discussion of related party debt and interest expense. |
Note 7 - Capital Stock
Note 7 - Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 7 - Capital Stock | NOTE 7 CAPITAL STOCK The Companys preferred stock may have such rights, preferences and designations and may be issued in such series as determined by our Board of Directors. No preferred shares were issued and outstanding at December 31, 2014 and 2013. During the year ended December 31, 2014, we sold 1,200,000 shares of our common stock to accredited investors in a private placement offering at an offering price of $0.05 per share for total proceeds of $60,000. |
Note 8 - Supplemental Statement
Note 8 - Supplemental Statement of Cash Flows Information | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 8 - Supplemental Statement of Cash Flows Information | NOTE 8 SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION During the years ended December 31, 2015 and 2014, we had no non-cash financing and investing activities. We paid cash for income taxes of $34 and $30 for the years ended December 31, 2015 and 2014, respectively. We paid cash for interest of $7,709 and $12,120 for the years ended December 31, 2015 and 2014, respectively. |
Note 9 - Fair Value Disclosures
Note 9 - Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 9 - Fair Value Disclosures | NOTE 9 FAIR VALUE OF FINANCIAL INSTRUMENTS Our financial instruments consist of cash, accounts receivable, accounts payable and notes payable. The carrying amount of cash, accounts receivable and accounts payable approximates fair value because of the short-term nature of these items. The carrying amount of the notes payable approximates fair value because the interest rates on the notes approximate market rates of interest. |
Note 10 - Significant Concentra
Note 10 - Significant Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 10 - Significant Concentrations | NOTE 10 SIGNIFICANT CONCENTRATIONS In addition to the sales to related parties discussed in Note 6, we had sales to one customer that accounted for approximately 7% of total sales for each of the years ended December 31, 2015 and 2014. We purchase substantially all inventories from two foreign suppliers, and have been dependent on those suppliers for substantially all inventory purchases since we commenced operations. |
Note 11 - Recently Issued Accou
Note 11 - Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 11 - Recently Issued Accounting Pronouncements | NOTE 11 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In July 2015, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory. An entity is required to measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory within the scope of this Update, there are no other substantive changes to the guidance on measurement of inventory. For public companies, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this Update are to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We are currently unable to determine the impact on our consolidated financial statements of the adoption of this new accounting pronouncement. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016; however, in July 2015, the FASB agreed to delay the effective date by one year. The proposed deferral may permit early adoption, but would not allow adoption any earlier than the original effective date of the standard. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the impact the adoption of ASU 2014-09, including possible transition alternatives, will have on our consolidated financial statements. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 12 - Subsequent Events | NOTE 12 SUBSEQUENT EVENTS We have evaluated events occurring after the date of our accompanying balance sheets through the date the financial statements were issued. We have identified the following subsequent event that we believe requires disclosure. In March 2016, we received proceeds of $20,000 from a promissory note that is payable on demand and bears interest at an annual rate of 6%. |
Note 1 - Organization and Sum19
Note 1 - Organization and Summary of Signicant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Grote Molen and BrownWick. All significant inter-company balances and transactions have been eliminated. |
Note 1 - Organization and Sum20
Note 1 - Organization and Summary of Signicant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, we consider all highly liquid investments with an original maturity date of three months or less to be cash equivalents. Since inception, the Company has not held any short-term investments considered to be cash equivalents. |
Note 1 - Organization and Sum21
Note 1 - Organization and Summary of Signicant Accounting Policies: Accounts Receivable (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Accounts Receivable | Accounts Receivable Trade accounts receivable are carried at original invoice amount less an estimate made for doubtful accounts. We determine the allowance for doubtful accounts by identifying potential troubled accounts and by using historical experience and future expectations applied to an aging of accounts. Trade accounts receivable are written off when deemed uncollectible. Recoveries of trade accounts receivable previously written off are recorded as income when received. We determined that no allowance for doubtful accounts was required at December 31, 2015 and 2014. |
Note 1 - Organization and Sum22
Note 1 - Organization and Summary of Signicant Accounting Policies: Inventories (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Inventories | Inventories I |
Note 1 - Organization and Sum23
Note 1 - Organization and Summary of Signicant Accounting Policies: Property and Equipment (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Property and Equipment | Property and Equipment Property and equipment are carried at cost, less accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of the assets as follows: office equipment 3 to 5 years; warehouse equipment 5 to 10 years; website development 3 years; and molds 10 years. Depreciation expense was $16,964 and $5,711 for the years ended December 31, 2015 and 2014, respectively. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized in operations for the period. The cost of maintenance and repairs is charged to operations as incurred. Significant renewals and betterments are capitalized. |
Note 1 - Organization and Sum24
Note 1 - Organization and Summary of Signicant Accounting Policies: Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Intangible Assets | Intangible Assets Intangible assets Our indefinite lived intangible asset includes the cost to acquire from a German manufacturer in 2012 the license to produce a 110-volt mixer. The license agreement stipulates that as long as the Company meets the terms of the agreement, the Company will have an exclusive license to the mixer indefinitely. No specific legal life or term to the license is otherwise stated in the agreement. We have concluded that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of this intangible asset. We therefore have classified the license as indefinite, and are not amortizing its carrying value. |
Note 1 - Organization and Sum25
Note 1 - Organization and Summary of Signicant Accounting Policies: Impairment of Long-lived Assets (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Impairment of Long-lived Assets | Impairment of Long-Lived Assets We periodically review our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. No events or changes in circumstances have occurred to indicate that the carrying amount of our long-lived assets may not be recoverable. Therefore, no impairment loss was recognized during the years ended December 31, 2015 and 2014. |
Note 1 - Organization and Sum26
Note 1 - Organization and Summary of Signicant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Revenue Recognition | Revenue Recognition We record revenue from the sales of grain mills and accessories in accordance with the underlying sales agreements when the products are shipped, the selling price is fixed and determinable, and collection is reasonably assured. |
Note 1 - Organization and Sum27
Note 1 - Organization and Summary of Signicant Accounting Policies: Warranties (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Warranties | Warranties We provide limited warranties to our customers for certain of our products sold. We perform warranty work at our service center in Pocatello, Idaho or at other authorized service locations. Warranty expenses have not been material to our consolidated financial statements. |
Note 1 - Organization and Sum28
Note 1 - Organization and Summary of Signicant Accounting Policies: Research and Development Costs (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 730, Research and Development |
Note 1 - Organization and Sum29
Note 1 - Organization and Summary of Signicant Accounting Policies: Advertising (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Advertising | Advertising Advertising costs are non-direct in nature, and are expensed over the periods in which the advertising takes place. Advertising expense totaled $58,894 and $33,290 for the years ended December 31, 2015 and 2014, respectively. |
Note 1 - Organization and Sum30
Note 1 - Organization and Summary of Signicant Accounting Policies: Shipping and Handling (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Shipping and Handling | Shipping and Handling The Company recognizes shipping and handling fees in accordance with ASC 605, Shipping and Handling Fees and Costs. |
Note 1 - Organization and Sum31
Note 1 - Organization and Summary of Signicant Accounting Policies: Foreign Currency Transactions (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Foreign Currency Transactions | Foreign Currency Transactions All transactions with our foreign suppliers and customers are delineated in United States Dollars. Therefore, there are no effects of foreign currency transactions and translations in our consolidated financial statements. |
Note 1 - Organization and Sum32
Note 1 - Organization and Summary of Signicant Accounting Policies: Concentration of Credit Risk (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and trade receivables. In the normal course of business, we provide credit terms to our customers. Accordingly, we perform ongoing credit evaluations of our customers and maintain allowances for possible losses as appropriate. We maintain our cash in bank deposit accounts, which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on cash. |
Note 1 - Organization and Sum33
Note 1 - Organization and Summary of Signicant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Income Taxes | Income Taxes We account for income taxes in accordance with FASB ASC Topic 740, Income Taxes |
Note 1 - Organization and Sum34
Note 1 - Organization and Summary of Signicant Accounting Policies: Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Earnings Per Share | Earnings Per Share The computation of basic earnings per common share is based on the weighted average number of shares outstanding during the period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents which would arise from the exercise of stock options and warrants outstanding using the treasury stock method and the average market price per share during the period. Common stock equivalents are not included in the diluted earnings per share calculation when their effect is anti-dilutive. We have not granted any stock options or warrants since inception of the Company. |
Note 1 - Organization and Sum35
Note 1 - Organization and Summary of Signicant Accounting Policies: Use of Estimates in The Preparation of Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Use of Estimates in The Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note 1 - Organization and Sum36
Note 1 - Organization and Summary of Signicant Accounting Policies: Comprehensive Income (loss) (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Policies | |
Comprehensive Income (loss) | Comprehensive Income (Loss) Comprehensive income (loss) is the same as net income (loss). |
Note 2 - Detail of Certain Ba37
Note 2 - Detail of Certain Balance Sheet Accounts: Accounts Receivable Consist of The Following At December 31 (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Accounts Receivable Consist of The Following At December 31: | 2015 2014 Trade accounts receivable related parties $ 6,365 $ 8,141 Employee advances 5,000 5,000 Total accounts receivable related parties 11,365 13,141 Trade accounts receivable 27,565 45,217 $ 38,930 $ 58,358 |
Note 2 - Detail of Certain Ba38
Note 2 - Detail of Certain Balance Sheet Accounts: Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Property, Plant and Equipment | 2015 2014 Office equipment $ 4,335 $ 4,335 Warehouse equipment 16,927 16,927 Website development 2,000 2,000 Molds 150,615 150,615 173,877 173,877 Accumulated depreciation (34,189) (17,225) $ 139,688 $ 156,652 |
Note 2 - Detail of Certain Ba39
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Intangible Assets and Goodwill | 2015 2014 License definite lived $ 10,500 $ 10,500 License indefinite lived 62,720 62,720 Patent 100 100 73,320 73,320 Accumulated amortization (10,252) (9,200) $ 63,068 $ 64,120 |
Note 3 - Related Party Debt_ Sc
Note 3 - Related Party Debt: Schedule Of Notes Payable To Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule Of Notes Payable To Related Parties | 2015 2014 Note $ 30,000 $ 30,000 Note payable to a stockholder, due on demand, with interest at 6% per annum 3,500 3,500 Note 38,000 38,000 Note 10,000 10,000 Note 5,000 5,000 Note 9,000 9,000 Note payable to a stockholder, due on demand, with interest at 8% per annum 15,000 15,000 Note 10,500 35,000 Non-interest bearing advances from stockholders, with no formal repayment terms 9,127 9,127 Total $ 130,127 $ 154,627 |
Note 3 - Related Party Debt_ 41
Note 3 - Related Party Debt: Schedule Of Long Term Debt Related Party (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule Of Long Term Debt Related Party | 2015 2014 Note due $ 2,943 $ 52,677 Less current portion (2,943) (45,774) Long-term portion $ - $ 6,903 |
Note 4 - Notes Payable_ Schedul
Note 4 - Notes Payable: Schedule of Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Debt | 2015 2014 Note $ 15,000 $ 15,000 Note 20,000 20,000 Note 5,000 5,000 Note 7,000 7,000 Note 15,000 15,000 Note 10,000 10,000 Note 4,000 4,000 Note 5,600 5,600 Note 10,000 10,000 Note 10,000 - Note 10,000 - Note 10,000 - Note 2,500 - Note 9,000 - Note 3,000 - Total $ 136,100 $ 91,600 |
Note 5 - Income Taxes_ Schedule
Note 5 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2015 2014 Federal benefit at statutory rate $ 28,485 $ 12,471 State income tax, net of federal benefit 4,655 2,583 Other 8,410 (6,969) Redetermination of prior year taxes - (8,017) Change in valuation allowance (9,890) (5,964) Income tax (provision) benefit $ 31,660 $ (5,896) |
Note 5 - Income Taxes_ Schedu44
Note 5 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2015 2014 Current assets: Related party interest expense $ 22,259 $ 15,279 Charitable contributions 3,817 2,907 Net operating loss carryforward 27,695 - Long-term liability depreciation and amortization (26,782) (1,087) 26,989 17,099 Valuation allowance (26,989) (17,099) $ - $ - |
Note 1 - Organization and Sum45
Note 1 - Organization and Summary of Signicant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Mar. 15, 2004 |
Note 1 - Organization and Sum46
Note 1 - Organization and Summary of Signicant Accounting Policies: Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Depreciation | $ 16,964 | $ 5,711 |
Note 1 - Organization and Sum47
Note 1 - Organization and Summary of Signicant Accounting Policies: Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Amortization of Intangible Assets | $ 1,052 | $ 1,052 |
Note 1 - Organization and Sum48
Note 1 - Organization and Summary of Signicant Accounting Policies: Advertising (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Advertising Expense | $ 58,894 | $ 33,290 |
Note 1 - Organization and Sum49
Note 1 - Organization and Summary of Signicant Accounting Policies: Shipping and Handling (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Shipping, Handling and Transportation Costs | $ 33,084 | $ 36,479 |
Note 2 - Detail of Certain Ba50
Note 2 - Detail of Certain Balance Sheet Accounts: Accounts Receivable Consist of The Following At December 31 (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Trade accounts receivable - related parties | $ 6,365 | $ 8,141 |
Employee advances | 5,000 | 5,000 |
Accounts receivable - related parties | 11,365 | 13,141 |
Accounts receivable | 27,565 | 45,217 |
Accounts Receivable, Net | $ 38,930 | $ 58,358 |
Note 2 - Detail of Certain Ba51
Note 2 - Detail of Certain Balance Sheet Accounts: Property, Plant and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment, Gross | $ 173,877 | $ 173,877 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (34,189) | (17,225) |
Property and Equipment, net | 139,688 | 156,652 |
Office Equipment | ||
Property, Plant and Equipment, Gross | 4,335 | 4,335 |
Equipment | ||
Property, Plant and Equipment, Gross | 16,927 | 16,927 |
Software Development | ||
Property, Plant and Equipment, Gross | 2,000 | 2,000 |
Tools, Dies and Molds | ||
Property, Plant and Equipment, Gross | $ 150,615 | $ 150,615 |
Note 2 - Detail of Certain Ba52
Note 2 - Detail of Certain Balance Sheet Accounts: Schedule of Intangible Assets and Goodwill (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
License - definitive life | $ 10,500 | $ 10,500 |
License - indefinitive life | 62,720 | 62,720 |
Finite-Lived Patents, Gross | 100 | 100 |
Finite-Lived Intangible Assets, Gross | 73,320 | 73,320 |
Finite-Lived Intangible Assets, Accumulated Amortization | (10,252) | (9,200) |
Intangible Assets, net | $ 63,068 | $ 64,120 |
Note 3 - Related Party Debt_ 53
Note 3 - Related Party Debt: Schedule Of Notes Payable To Related Parties (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Notes Payable - Related Parties | $ 130,127 | $ 154,627 |
Note 1 | ||
Notes Payable - Related Parties | 30,000 | 30,000 |
Note 2 | ||
Notes Payable - Related Parties | 3,500 | 3,500 |
Note 3 | ||
Notes Payable - Related Parties | 38,000 | 38,000 |
Note 4 | ||
Notes Payable - Related Parties | 10,000 | 10,000 |
Note 5 | ||
Notes Payable - Related Parties | 5,000 | 5,000 |
Note 6 | ||
Notes Payable - Related Parties | 9,000 | 9,000 |
Note 7 | ||
Notes Payable - Related Parties | 15,000 | 15,000 |
Note 8 | ||
Notes Payable - Related Parties | 10,500 | 35,000 |
Note 9 | ||
Notes Payable - Related Parties | $ 9,127 | $ 9,127 |
Note 3 - Related Party Debt_ 54
Note 3 - Related Party Debt: Schedule Of Long Term Debt Related Party (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Details | |||
Due to Other Related Parties | [1] | $ 2,943 | $ 52,677 |
Current Portion of Long-Term Debt - Related Party | $ (2,943) | (45,774) | |
Long-term debt - related party | $ 6,903 | ||
[1] | Due in monthly installments of $4,000 through February 2016, with interest at 6.97 % per annum |
Note 3 - Related Party Debt (De
Note 3 - Related Party Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Interest Expense - Related Parties | $ 10,628 | $ 14,679 |
Accrued Interest Payable - Related Parties | $ 53,507 | $ 44,936 |
Note 4 - Notes Payable_ Sched56
Note 4 - Notes Payable: Schedule of Debt (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Notes Payable | $ 136,100 | $ 91,600 |
Note 10 | ||
Notes Payable | 15,000 | 15,000 |
Note 11 | ||
Notes Payable | 20,000 | 20,000 |
Note 12 | ||
Notes Payable | 5,000 | 5,000 |
Note 13 | ||
Notes Payable | 7,000 | 7,000 |
Note 14 | ||
Notes Payable | 15,000 | 15,000 |
Note 15 | ||
Notes Payable | 10,000 | 10,000 |
Note 16 | ||
Notes Payable | 4,000 | 4,000 |
Note 17 | ||
Notes Payable | 5,600 | 5,600 |
Note 18 | ||
Notes Payable | 10,000 | $ 10,000 |
Note 19 | ||
Notes Payable | 10,000 | |
Note 20 | ||
Notes Payable | 10,000 | |
Note 21 | ||
Notes Payable | 10,000 | |
Note 22 | ||
Notes Payable | 2,500 | |
Note 23 | ||
Notes Payable | 9,000 | |
Note 24 | ||
Notes Payable | $ 3,000 |
Note 4 - Notes Payable (Details
Note 4 - Notes Payable (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Note payable | $ 145,139 | $ 136,753 |
Accrued Interest Payable | $ 22,686 | $ 14,195 |
Note 5 - Income Taxes_ Schedu58
Note 5 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $ 28,485 | $ 12,471 |
Income Tax Reconciliation, State and Local Income Taxes | 4,655 | 2,583 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 8,410 | (6,969) |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | (8,017) | |
Income Tax Reconciliation, Change in Valuation Allowance | (9,890) | (5,964) |
Income tax (provision) benefit | $ 31,660 | $ (5,896) |
Note 5 - Income Taxes_ Schedu59
Note 5 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Details | ||
Deferred Tax Assets, Gross, Current | $ 22,259 | $ 15,279 |
Deferred Tax Assets, Charitable Contribution Carryforwards | 3,817 | 2,907 |
Deferred Tax Assets, Operating Loss Carryforwards | 27,695 | |
Deferred Tax Liabilities, Gross, Noncurrent | (26,782) | (1,087) |
Deferred Tax Assets, Gross | 26,989 | 17,099 |
Deferred Tax Assets, Valuation Allowance | $ (26,989) | $ (17,099) |
Note 5 - Income Taxes (Details)
Note 5 - Income Taxes (Details) | Dec. 31, 2015USD ($) |
Details | |
Operating Loss Carryforwards | $ 67,000 |
Note 6 - Related Party Transa61
Note 6 - Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Nov. 01, 2014 | |
Details | |||
Monthly management fee related party | $ 12,500 | ||
Expense reimbursement to stockholder | $ 150 | ||
Management fees to related parties | $ 151,800 | $ 133,800 | |
Sales to related parties | $ 81,062 | $ 68,277 | |
Percent of sales to related parties | 5.00% | 5.00% | |
Trade accounts receivable - related parties | $ 6,365 | $ 8,141 |
Note 7 - Capital Stock (Details
Note 7 - Capital Stock (Details) - USD ($) | 12 Months Ended | 24 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Issuance of common shares for cash | $ 60,000 | $ 60,000 |
Common Stock | ||
Issuance of common shares for cash (Shares) | 1,200,000 | 1,200,000 |
Issuance of common shares for cash | $ 1,200 |
Note 8 - Supplemental Stateme63
Note 8 - Supplemental Statement of Cash Flows Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Income Taxes Paid | $ 34 | $ 30 |
Interest Paid | $ 7,709 | $ 12,120 |
Note 10 - Significant Concent64
Note 10 - Significant Concentrations (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Details | ||
Concentration Risk, Customer | 7% | 7% |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details) | 1 Months Ended |
Feb. 28, 2015USD ($) | |
Details | |
Proceeds from Secured Notes Payable | $ 20,000 |