Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Nov. 30, 2013 | Feb. 21, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Daniels Corporate Advisory Company, Inc. | ' |
Entity Central Index Key | '0001498291 | ' |
Document Type | '10-K | ' |
Document Period End Date | 30-Nov-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-30 | ' |
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 Public Float | ' | $9,831 |
Entity Common Stock, Shares Outstanding | ' | 9,831,319 |
Document Fiscal Period Focus | 'FY | ' |
Document Fiscal Year Focus | '2012 | ' |
Balance_Sheets
Balance Sheets (USD $) | Dec. 30, 2013 | Dec. 30, 2012 |
Current Assets | ' | ' |
Cash and equivalents | $2,809 | $82 |
Accounts receivable | 61,443 | 0 |
Prepaid expenses | 6,240 | 0 |
Deferred taxes | 133,738 | 0 |
Investments | 10,200 | 118,000 |
Total Current Assets | 214,430 | 118,082 |
Current liabilities | ' | ' |
Accounts payable and accrued expenses | 1,140,486 | 1,129,369 |
Total Current Liabilities | 1,140,486 | 1,129,369 |
Stockholder loans | 0 | 4,495 |
Total Liabilities | 1,140,486 | 1,133,864 |
Daniels Corporate Advisory Company, Inc.(""DCAC"") Shareholders' Deficit | ' | ' |
Preferred Stock, $.001 par value; 50,000,000 shares authorized 100,000 and 50,000 issued and outstanding 11/30/2013 and 11/30/2012 | 100 | 50 |
Common Stock, $001 par value; 750,000,000 shares authorized, 9,891,319 and 10,000 issued and outstanding 11/30/2013 and 11/30/2012 | 9,891 | 10 |
Additional paid-in-capital | 3,951,824 | 3,873,726 |
Accumulated deficit | -4,848,909 | -4,843,606 |
Accumulated other comprehensive (loss) | -38,962 | -45,962 |
Total Equity(Deficit) | -926,056 | -1,015,782 |
Total liabilities and equity(Deficit) | $214,430 | $118,082 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 30, 2013 | Dec. 30, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, shares issued | 100,000 | 100,000 |
Preferred Stock, shares outstanding | $50,000 | $50,000 |
Common Stock, par value | $1 | $1 |
Common Stock, shares authorized | 750,000,000 | 750,000,000 |
Common Stock, shares issued | 9,891,319 | 9,891,319 |
Common Stock, shares outstanding | 10,000 | 10,000 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Income Statement [Abstract] | ' | ' |
Revenues | $131,360 | $114,000 |
Cost of Sales | 28,664 | 0 |
Gross Profit | 102,696 | 114,000 |
Operating Expenses | 212,643 | 249,198 |
Net Income(Loss) from Operations | -109,947 | -135,198 |
Other Income (Expense): | ' | ' |
Debt forgiveness | 78,426 | 0 |
Investment Impairment | 107,800 | 0 |
Loss on sale of assets | -1,678 | 0 |
Provision for Income Taxes | -136,999 | -135,198 |
Provision for income taxes | -131,696 | 0 |
Net Income(Loss) | ($5,303) | ($135,198) |
Basic and Diluted Loss Per Share | $0 | ($13.52) |
Weighted average number of shares outstanding | 3,303,773 | 10,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($5,303) | ($135,198) |
Common stock issued for expenses | 88,029 | 0 |
Realized loss on securities | -1,678 | -9,536 |
(Increase)decrease in deferred taxes | -133,738 | 0 |
(Increase)decrease in other assets | -6,240 | -104,400 |
(Increase)decrease in accounts receivable | -61,443 | 0 |
Increase(decrease) in accounts payable and accrued expenses | 10,473 | 248,713 |
Net cash used in operating activities | -109,900 | -421 |
Cash flows from investing activities: | ' | ' |
Purchase of property, plant and equipment | 0 | 0 |
Net cash provided(used) by investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of assets | 9,322 | 0 |
Impairment of investment | 107,800 | 0 |
Payments to Stockholder Loans | -4,495 | 330 |
Net cash provided(used) by financing activities | 112,627 | 330 |
Increase in cash and equivalents | 2,727 | -91 |
Cash and cash equivalents at beginning of period | 82 | 173 |
Cash and cash equivalents at end of period | 2,809 | 82 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Interest | 0 | 0 |
Income taxes | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Common stock issued for compensation | 88,029 | 0 |
Common stock exchanged for capital on spin-off | 4,791 | 0 |
Unrealized gain (loss) on securities | 0 | -9,536 |
Debt Forgiveness | $78,426 | $0 |
Comprehensive_Income_Loss
Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Statement of Cash Flows [Abstract] | ' | ' |
Net loss | ($5,303) | ($135,198) |
Other comprehensive income (loss) | 0 | 0 |
Unrealized gains(losses) arising during the period | 0 | -9,536 |
Comprehensive income (loss) | ($5,303) | ($144,734) |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock Shares | Commom Stock Amount | Contributed Capital in Excess of PAR Value | Comprehensive Items | Accumulated Deficit | Total |
Balances November 30, 2011 at Nov. 29, 2011 | 10,000 | 10 | 3,873,726 | -36,426 | -4,708,408 | -871,048 |
Net loss FYE 11/30/12 | ' | ' | ' | ($9,536) | ($135,198) | ($144,734) |
Balances November 30, 2012 | 10,000 | 10 | 3,873,726 | -45,962 | -4,843,606 | -1,015,782 |
Issuance of spin off shares | 4,791,069 | 4,791 | -4,791 | ' | ' | 0 |
Shares issued as compensation | 5,090,250 | 5,090 | 82,889 | ' | ' | 88,029 |
Realization of prior losses | ' | ' | ' | 7,000 | ' | 7,000 |
Net loss FYE 11/30/13 | ' | ' | ' | $0 | ($5,303) | ($5,303) |
Balances November 30, 2013 at Nov. 30, 2013 | 9,891,319 | 9,891 | 3,951,824 | -38,962 | -4,848,909 | -926,056 |
ORGANIZATION_AND_BASIS_OF_PRES
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Nov. 30, 2013 | |
Accounting Policies [Abstract] | ' |
ORGANIZATION AND BASIS OF PRESENTATION | ' |
NOTE 1- ORGANIZATION AND BASIS OF PRESENTATION | |
Daniels Corporate Advisory Company, Inc.(The company) was incorporated in the State of Nevada on May 2, 2002. The Company was organized to offer: (a) corporate financial consulting and (b) merchant banking services for public and private client companies interested in implementing Daniels developed, agreed upon, accelerated growth strategies; including MBO/LBO, Roll-up Transactions. Merchant banking includes equity funding of the growth of client and service companies, as well as funding equity of small public companies. The business became a subsidiary in late 2003 as a result of INfe Human Resources, Inc. (a publicly quoted Nevada Company) acquiring the common stock of Daniels Corporate Advisory Company, Inc. During August 24010, INfe Human Resources, Inc. underwent a name change to Rhino Human Resources, Inc., but is still public and trades under the same (original) stock symbol: “IFHR.” | |
The company has a growth goal of providing advisory services to business services as well as non-business services client companies. The company works with companies seeking to create and/or acquire adjunct service businesses, whose services will initially provide better lifestyles for its existing workforce, and ultimately will be packaged, on an additional profit center basis, for sale to other small companies for the retention of their employees. The profits generated from all the financial consulting assignments will be available for venture investment in public or private client companies, as well as other quality business concept/operating companies, both public and private; through the Daniels’ Merchant Bank Division. | |
The Daniels Merchant Bank has an in-house equity funding program, whereby Daniels will participate in consulting client potential growth by helping finance the growth of public and private client, business service companies, as well as non-business service companies. The Merchant Bank will also participate in non-client potential growth by the purchase of equity in attractive small public companies whose growth strategies are in line with a philosophy of growth through leveraged acquisitions. | |
The Company formed on October 11, 2013 Daniel's Logistics Inc. a wholly owned operating subsidiary in the field of logistics was incorporated in the state of Nevada to take advantage of niche operating opportunities and possible acquisitions in the logistics field. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Basis of Presentation: | |||||||||
We have prepared the accompanying audited condensed consolidated financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) including the instructions to Form S-1 and Rule 10-01 of Regulation S-X. Such rules and regulations allow us to condense and omit certain information and footnote disclosures normally included in audited financial statements prepared in accordance with accounting principles generally accepted in the United States of America. We believe these audited condensed consolidated financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of our consolidated financial position and consolidated results of operations for the periods presented. The information included in this Form S-1 should be read in conjunction with the consolidated financial statements and notes thereto included in our Form S-1 for the years ended November 30, 2011 and 2010. The audited consolidated financial information contained in this filing is not necessarily indicative of the results to be expected for any other interim period, or for the full year. | |||||||||
FASB Codification: | |||||||||
In June 2009, the FASB issued ASC 105, Generally Accepted Accounting Principles, (“Codification”) effective for interim and annual reporting periods ending after September 15, 2009. This statement establishes the Codification as the source of authoritative accounting principles used in the preparation of financial statements in conformity with generally accepted accounting principles. The Codification does not replace or affect guidance issued by the SEC or its staff. As a result of the Codification, the references to authoritative accounting pronouncements included herein in this Annual Report now refer to the Codification topic section rather than a specific accounting rule as was past practice. | |||||||||
Principles of Consolidation: | |||||||||
The financial statements include only the accounts of Daniels Corporate Advisory Company, Inc. The intercompany transactions have not been eliminated with the parent company INfe Human Resources, Inc .nor any of her subsidiaries in order to provide the standalone entity Daniels. There are no intercompany transactions included that provide any income or expense generating items between any of the inter related companies. | |||||||||
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 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. | |||||||||
Risk and Uncertainties: | |||||||||
Our future results of operations and financial condition will be impacted by the following factors, among others: our lack of capital resources, dependence on third-party management to operate the companies in which we invest and dependence on the successful development and marketing of any new products in new and existing markets. Generally, we are unable to predict the future status of these areas of risk and uncertainty. However, negative trends or conditions in these areas could have an adverse affect on our business. | |||||||||
Cash and Cash Equivalents: | |||||||||
For financial statement presentation purposes, short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company maintains its cash accounts at several financial institutions, which at times may exceed the insurable FDIC limit, but management believes that there is little risk of loss. | |||||||||
Fair Value of Financial Instruments: | |||||||||
In September 2006, the Financial Accounting Standards Board (FASB) introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities. The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification (ASC) 820 “ Fair Value Measurements and Disclosures ” (ASC 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||
● | Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||
● | Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability; either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||||
● | Level 3—Inputs that are both significant to the fair value measurement and unobservable. | ||||||||
The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include investments in available-for-sale securities and accounts payable and accrued expenses. The Company has also applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements. | |||||||||
Investments: | |||||||||
Our investments consist of common stock of publicly quoted companies and are valued based on the closing stock price. We account for our investments in accordance with ASC Topic 320, Investments. We have designated our investments at November 30, 2013 as available-for-sale and reported these investments at fair value, with unrealized gains and losses recorded in other comprehensive income (loss). We determined the fair value of these investments based on the closing quoted stock price on November 30, 2013 or the lowest bid price should a closing quote be unavailable. We base the cost of the investment sold on the specific identification method using market rates. | |||||||||
Comprehensive Income: | |||||||||
ASC Topic 220 (SFAS No. 130) establishes standards for reporting comprehensive income and its components. Comprehensive income is defined as the change in equity during a period from transactions and other events from non-owner sources. Per the consolidated financial statements, the Company has purchased available-for-sale securities that are subject to this reporting. | |||||||||
Other-Than-Temporary Impairment: | |||||||||
All of our non-marketable and other investments are subject to a periodic impairment review. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. | |||||||||
When events or changes in circumstances indicate that long-lived assets other than goodwill may be impaired, an evaluation is performed to determine if a write-down to fair value is required. When an asset is classified as held for sale, the asset's book value is evaluated and adjusted to the lower of its carrying amount or fair value less cost to sell. In addition, depreciation and amortization ceases while it is classified as held for sale. | |||||||||
The indicators that we use to identify those events and circumstances include: | |||||||||
the investee’s revenue and earnings trends relative to predefined milestones and overall business prospects; | |||||||||
the general market conditions in the investee’s industry or geographic area, including regulatory or economic changes; | |||||||||
factors related to the investee’s ability to remain in business, such as the investee’s liquidity, debt ratios, and the rate at which the investee is using its cash; and | |||||||||
the investee’s receipt of additional funding at a lower valuation. If an investee obtains additional funding at a valuation lower than our carrying amount or a new round of equity funding is required for the investee to remain in business, and the new round of equity does not appear imminent, it is presumed that the investment is other than temporarily impaired, unless specific facts and circumstances indicate otherwise. | |||||||||
Recently Issued Accounting Pronouncements: | |||||||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2011-11, an amendment to the accounting guidance for disclosure of offsetting assets and liabilities and related arrangements. The amendment expands the disclosure requirements in that entities will be required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The amendment is effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013, and shall be applied retrospectively. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented. | |||||||||
In September 2011, the FASB issued Accounting Standards Update (ASU) 2011-8an amendment to the accounting guidance for goodwill in order to simplify how companies test goodwill for impairment. The amendment permits an entity to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. We elected not to early adopt. We do not expect the adoption of this accounting pronouncement to have a material effect on our financial statements when implemented. | |||||||||
In June 2011, the FASB issued Accounting Standards Update (ASU) 2011-05, an amendment to the accounting guidance for presentation of comprehensive income. Under the amended guidance, an entity may present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either case, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. For public companies, the amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, and shall be applied retrospectively. Early adoption is permitted. We elected not to early adopt. Other than a change in presentation, the implementation of this accounting pronouncement is not expected to have a material impact on our financial statements when implemented. | |||||||||
In May 2011, the FASB issued an amendment to the accounting guidance for fair value measurement and disclosure. Among other things, the guidance expands the disclosure requirements around fair value measurements categorized in Level 3 of the fair value hierarchy and requires disclosure of the level in the fair value hierarchy of items that are not measured at fair value in the statement of financial position but whose fair value must be disclosed. It also clarifies and expands upon existing requirements for measurement of the fair value of financial assets and liabilities as well as instruments classified in shareholders’ equity. The guidance is effective for interim and annual periods beginning after December 15, 2011. We do not expect the adoption of the guidance to have a material impact on our financial statements when implemented. | |||||||||
There are no other new accounting pronouncements adopted or enacted during the six months ended November 30, 2013 that had, or are expected to have, a material impact on our financial statements. | |||||||||
Election to be treated as an emerging growth company: | |||||||||
In the first quarter of 2012, Daniels has elected to use the extended transition period now available for complying with new or revised accounting standards under Section 102(b) (1). This election allows Daniels to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, the Daniels financial statements may not be comparable to companies that comply with public company effective dates. | |||||||||
Revenue and Cost Recognition: | |||||||||
The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. | |||||||||
Daniels Corporate Advisory Company, Inc., (Daniels) has revenues as a result of corporate financial consulting services which are recognized as services are performed. Daniels also operates the merchant banking division, which did not have any revenues to recognize. | |||||||||
Fixed Assets: | |||||||||
Fixed assets acquired would be reported at cost less accumulated depreciation, which is generally provided on the straight-line method over the estimated useful lives of the assets. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized. | |||||||||
Financing Fees: | |||||||||
Financing fees were being amortized over the life of the related liability on the straight-line method which is not materially different than using the effective interest method. All amortization has been expensed since the ongoing staffing operations have discontinued from which the finance fees were originally accrued. | |||||||||
Net Income (Loss) Per Share | |||||||||
The Company reports basic and diluted earnings per share (EPS) according to the provisions of ASC Topic 260, which requires the presentation of basic EPS and, for companies with complex capital structures, diluted EPS. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income (loss) available to common stockholders, adjusted by other changes in income or loss that would result from the assumed conversion of those potential common shares, by the weighted number of common shares and common share equivalents (unless their effect is anti-dilutive) outstanding. Common stock equivalents are not included in the computation of diluted earnings per share when the Company reports a loss because to do so would be anti-dilutive. Thus, these equivalents are not included in the calculation of diluted loss per share, resulting in basic and diluted loss per share being equal. The following is a reconciliation of the computation for basic and diluted EPS for the years ended November 30, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Net (Loss) | $ | (5,303 | ) | $ | (135,198 | ) | |||
Weighted-average common shares outstanding basic | |||||||||
Weighted-average common stock | 3,303,773 | 10,000 | |||||||
Equivalents | |||||||||
Stock options | — | — | |||||||
Warrants | — | — | |||||||
Convertible Notes | — | — | |||||||
Weighted-average common shares outstanding- basic and diluted | 3,303,773 | 10,000 | |||||||
Income Taxes: | |||||||||
The Company, a C-corporation, accounts for income taxes under ASC Topic 740 (SFAS No. 109). Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The company adopted a policy of evaluating the valuation allowance for the proceeding next twelve months against current historical income trends for possible adjustments on a year to year basis. | |||||||||
The Company adopted the provisions of FASB ASC 740-10 “ Uncertainty in Income Taxes ” (ASC 740-10), on January 1, 2007. The Company has not recognized a liability as a result of the implementation of ASC 740-10. A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there is no unrecognized benefit since the date of adoption. The Company has not recognized interest expense or penalties as a result of the implementation of ASC 740- 10. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. | |||||||||
Currently the Daniels has projected $4,848,909 as of November 30, 2013 in Net Loss Operating Loss carry-forwards available. The benefits of the potential tax savings will be recognized in the financial statements upon the acquisition or development of revenue source to apply against these losses. The company recognizes that the Internal Revenue Service has the final determination of the NOL available going forward and that amount may be significantly different from that recorded to date. | |||||||||
NOTES_PAYABLE_SHAREHOLDER_LOAN
NOTES PAYABLE SHAREHOLDER LOANS | 12 Months Ended |
Nov. 30, 2013 | |
Notes to Financial Statements | ' |
NOTES PAYABLE SHAREHOLDER LOANS | ' |
NOTE 3 - NOTES PAYABLE SHAREHOLDER LOANS | |
As of November 30, 2012 the balance was $0 and as of November 30, 2012 the balance of $4,495 represented loans from Arthur Viola, shareholder, all of which was used for the company’s working capital requirements. Those loans were unsecured, non-interest bearing, and had no specific repayment terms. | |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Nov. 30, 2013 | |
Notes to Financial Statements | ' |
INVESTMENTS | ' |
NOTE 4 - INVESTMENTS | |
Cash Equivalents are Investments consist of a portfolio of common stocks trading on the OTC: BB that are not being held long term for strategic reasons. The fair market values of the investments were $78 and $82 at November 30, 2013 and November 30, 2012, respectively. Due to their immaterial amounts and that they are liquid they have been classified as cash equivalents. Unrealized losses for cash equivalents and investments for the year ended November 30, 2013 were $0 and unrealized gains were $9,536 for the year ended November 30, 2012. | |
Investments are Marketable securities are classified as available-for-sale. During the period ended November 30, 2013 we realized a loss of $1,678 and we had zero gains or losses for the year ended November 30, 2012. The Company also recorded an impairment on another investment for the year ended November 30, 2013 of $103,800 based upon the lack of any trading market in the stock and the year end market bid price of those securities. For purpose of determining gross realized gains, the cost of securities when sold is based on the FIFO method of valuation. Net unrealized holding gains (losses) on available-for-sale securities in the amount of $(38,962) and $(45,962), respectively, for November 30, 2013 and November 30, 2012 and have been included in accumulated other comprehensive income. | |
GOING_CONCERN
GOING CONCERN | 12 Months Ended |
Nov. 30, 2013 | |
Notes to Financial Statements | ' |
GOING CONCERN | ' |
NOTE 5 - GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Currently, the Company has incurred operating losses, and as of November 30, 2013 the Company had a working capital deficit of $926,056 and an accumulated deficit of $4,848,909. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that the Company’s capital requirements will depend on many factors including the success of the Company’s development efforts and its efforts to raise capital. Management also believes the Company needs to raise additional capital for working capital purposes. There is no assurance that such financing will be available in the future. The conditions described above raise substantial doubt about our ability to continue as a going concern. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Nov. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 6 - COMMITMENTS AND CONTINGENCIES | |
Commitments: | |
The Company currently has no long term commitments. | |
Contingencies: | |
None | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
NOTE 7 - INCOME TAXES | |||||||||
As of November 30, 2013, the Company had approximately $4,848,909 in net operating loss carry forwards for federal income tax purposes which expire between 2014 and 2029. Generally, these can be carried forward and applied against future taxable income at the tax rate applicable at that time. We are currently using a 35% effective tax rate for our projected available net operating loss carry-forward. However, as a result of potential stock offerings and stock issuance in connection with potential acquisitions, as well as the possibility of the Company not realizing its business plan objectives and having future taxable income to offset, the Company’s use of these NOLs may be limited under the provisions of Section 382 of the Internal Revenue Code of 1986, as amended. The Company is in the process of evaluating the implications of Section 382 on its ability to utilize some or all of its NOLs and has recorded $133,738 of deferred taxes for the coming year based upon our projection of NOL use for the coming twelve months.. | |||||||||
Components of deferred tax assets and (liabilities) are as follows: | |||||||||
30-Nov-13 | 30-Nov-12 | ||||||||
Net operating loss carry forwards valuation available | $ | 1,584,475 | $ | 1,582,618 | |||||
Valuation Allowances | (1,450,737 | ) | (1,582,618 | ) | |||||
Deferred Tax Asset | $ | 133,738 | $ | 0 | |||||
In accordance with FASB ASC 740 “Income Taxes”, valuation allowances are provided against deferred tax assets, if based on the weight of available evidence, some or all of the deferred tax assets may or will not be realized. The Company has evaluated its ability to realize some or all of the deferred tax assets on its balance sheet for the coming year and has established a valuation allowance in the amount of S1,450,737 at November 30, 2013 and $1,582,618 at November 30, 2012. During the years ended November 30, 2013 and November 30, 2012 the company did not utilize any of its NOL. | |||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Notes to Financial Statements | ' | ||||||||
SEGMENT INFORMATION | ' | ||||||||
Note 8 – SEGMENT INFORMATION | |||||||||
The accounting standards for reporting information about operating segments define operating segments as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company is organized by line of business. While the Chief Executive Officer evaluates results in a number of different ways, the line of business management structure is the primary basis for which the allocation of resources and financial results are assessed. Under the aforementioned criteria, the Company operates in two operating and reporting segments: corporate consulting and logistics. Our parent Daniels Corporate Advisory Company, Inc. is one segment of the Company that derives its corporate consulting. Our other business segment is our wholly owned subsidiary Daniels Logistics, Inc., which provides niche logistic services. | |||||||||
The information provided below is obtained from internal information that is provided to the Company’s chief operating decision maker for the purpose of corporate management. The Company uses operating income (loss) to measure segment performance. The Company does not allocate corporate interest income and expense, income taxes, other income and expenses related to corporate activity or corporate expense for management and administrative services that benefit both segments. In addition, the Company does not allocate restructuring charges to the segment operating income (loss) because management does not include this information in its measurement of the performance of the operating segments. Because of this unallocated income and expense, the operating income (loss) of each reporting segment does not reflect the operating income (loss) the reporting segment would report as a stand-alone business and therefore we do not present indirect operating expenses. | |||||||||
The table below illustrates the Company’s results by reporting segment for the years ended November 30, 2013 and 2012: | |||||||||
Segment Information | |||||||||
11/30/13 | 11/30/12 | ||||||||
Revenue | |||||||||
Consulting | $ | 69,917 | $ | 114,000 | |||||
Logistics | 61,443 | 0 | |||||||
Total Revenue | $ | 131,360 | $ | 114,000 | |||||
11/30/13 | 11/30/12 | ||||||||
Cost of Sales | |||||||||
Consulting | $ | 0 | $ | 0 | |||||
Logistics | 28,664 | 0 | |||||||
Total Product Cost | $ | 28,664 | $ | 0 | |||||
11/30/13 | 11/30/12 | ||||||||
Net Operating Income | |||||||||
Consulting | $ | (136,540 | ) | $ | (135,198 | ) | |||
Logistics | 26,593 | 0 | |||||||
Total Net Operating Income(Loss) | $ | -109,947 | $ | -135,198 | |||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Nov. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE - 9 RELATED PARTY TRANSACTIONS | |
Starting in December of 2013, the company will rent space from our CEO on a month to month basis for $2,080 per month with no additional commitments space for business operations and corporate headquarters from its president and CEO. | |
The company paid off officer loans of $4,495 during the year ended November 30, 2013. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Nov. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE - 10 SUBSEQUENT EVENTS | |
The company is currently in the process of registering 2,600,000 shares additional shares through an S-1 registration. When completed this can lead to an increase of our outstanding shares to 12,491,319 shares of common stock outstanding. | |