Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Document and Entity Information: | ||
Entity Registrant Name | Bnet Media Group, Inc. | |
Document Type | 10-K | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1501268 | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 16,208,000 | |
Entity Public Float | $16,208,000 | |
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 | 2014 | |
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||
Cash | $596 | $529 |
Total Current Assets | 596 | 529 |
Other Assets | 18,866 | |
TOTAL ASSETS | 19,462 | 529 |
Accounts payable | 73,550 | 48,667 |
Accounts payable-related parties | 48,268 | 39,132 |
Total Current Liabilities | 121,818 | 87,799 |
Total Liabilities | 121,818 | 87,799 |
Preferred stock series A: $0.001 par value, 20,000,000 shares authorized, 7,787,000 and no shares, respectively | 7,787 | 7,787 |
Preferred stock series B: $0.001 par value, 20,000,000 shares authorized, 8,021,796 shares issued and outstanding | 8,022 | |
Common stock: $0.001 par value, 800,000,000 shares authorized, 16,208,000 and 16,208,000 shares issued and outstanding, respectively | 16,208 | 16,208 |
Additional paid-in capital | 118,636 | 107,792 |
Accumulated deficit | -253,009 | -219,057 |
Total Stockholders' Equity (Deficit) | -102,356 | -87,270 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $19,462 | $529 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES | ||
Professional fees | $33,711 | $59,406 |
General and administrative | 241 | 4,175 |
Total Operating Expenses | 33,952 | 63,581 |
LOSS FROM OPERATIONS | -33,952 | -63,581 |
PROFIT (LOSS) | ($33,952) | ($63,581) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $0 | $0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 16,208,000 | 72,189,063 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (USD $) | Common stock | Preferred Stock - A | Preferred Stock - B | Additional Paid In Capital | Accumulated Deficit | Total |
Stockholders' Equity, beginning balance at Dec. 31, 2012 | $140,800 | ($16,800) | ($155,476) | ($31,476) | ||
Balance common shares, beginning balance at Dec. 31, 2012 | 140,800,000 | 140,800,000 | ||||
Preferred stock issued for settlement of debt, value | 7,787 | 7,787 | ||||
Preferred stock issued for settlement of debt, shares | 7,787,000 | 7,787,000 | ||||
Common stock cancelled, value | -124,592 | 124,592 | ||||
Common stock cancelled, shares | -124,592,000 | -124,592,000 | ||||
NET LOSS | -63,581 | -63,581 | ||||
Stockholders' Equity, ending balance at Dec. 31, 2013 | 16,208 | 7,787 | 107,792 | -219,057 | -87,270 | |
Balance preferred shares, ending balance at Dec. 31, 2013 | 7,787,000 | 7,787,000 | ||||
Balance common shares, ending balance at Dec. 31, 2013 | 16,208,000 | 16,208,000 | ||||
Preferred stock issued for assets, value | 8,022 | 10,844 | 18,866 | |||
Preferred stock issued for assets, shares | 8,021,795 | 8,021,795 | ||||
NET LOSS | -33,952 | -33,952 | ||||
Stockholders' Equity, ending balance at Dec. 31, 2014 | $16,208 | $7,787 | $8,022 | $118,636 | ($253,009) | ($102,356) |
Balance preferred shares, ending balance at Dec. 31, 2014 | 7,787,000 | 8,021,795 | 15,808,795 | |||
Balance common shares, ending balance at Dec. 31, 2014 | 16,208,000 | 16,208,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | ($33,952) | ($63,581) |
Change in Accounts payable | 24,883 | 16,657 |
Net Cash Used in Operating Activities | -9,069 | -46,924 |
Change in Related Party Payable | 9,136 | 46,919 |
Net Cash Provided by Financing Activities | 9,136 | 46,919 |
NET INCREASE (DECREASE) IN CASH | 67 | -5 |
CASH AT BEGINNING OF PERIOD | 529 | 534 |
CASH AT END OF PERIOD | 596 | 529 |
Preferred stock issued to acquire assets | 18,866 | |
Cancellation of common stock | 124,592 | |
Issuance of preferred stock for settlement of related party accounts payable | $7,787 |
Note_1_Organization_and_Busine
Note 1 - Organization and Business Operations | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 1 - Organization and Business Operations | NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS |
Nature of Business | |
Bnet Media Group, Inc., (the “Company”), was incorporated in the state of Nevada on December 29, 2008 for the purpose of providing marketing services to companies and individuals. The Company is a development stage enterprise and has not yet realized any revenues from operations. The Company’s efforts, to date, have focused primarily on the development and implementation of our business plan. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Notes | ||||
Note 2 - Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Basis of Presentation | ||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. | ||||
Principles of Consolidation | ||||
The accompanying consolidated financial statements for the years ended December 31, 2014 and 2013 include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||
Use of Estimates | ||||
The preparation of the consolidated financial statements in conformity with 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. | ||||
Fair Value of Financial Instruments | ||||
Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates. | ||||
Advertising Costs | ||||
The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $-0- and $-0- during the years ended December 31, 2014 and 2013, respectively. | ||||
Provision for Taxes | ||||
The Company applies ASC 740, which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the consolidated financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered. | ||||
The Company adopted ASC 740, at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s consolidated financial statements. | ||||
Loss per Common Share | ||||
Basic earnings (loss) per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share include the dilutive effect, if any, from the potential exercise of stock options using the treasury stock method. At December 31, 2014 and 2013, the Company had no dilutive common equivalent shares. | ||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||
For the Year ended | For the Year ended | |||
December 31, | December 31, | |||
2014 | 2013 | |||
Loss (numerator) | $ (33,952) | $ (63,581) | ||
Shares (denominator) | 16,208,000 | 72,189,000 | ||
Per share amount | $ (0.00) | $ (0.00) | ||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. At December 31, 2014 and 2013, cash and cash equivalents include cash on hand and cash in the bank. | ||||
Concentration of Credit Risk | ||||
The Company maintains its operating cash balances in a commercial bank. The Federal Depository Insurance Corporation (FDIC) insures accounts at each institution up to $250,000. | ||||
Stock-based compensation. | ||||
The Company has adopted ASC 718 effective January 1, 2006 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 718. | ||||
Recent Accounting Pronouncements | ||||
In the period ended December 31, 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915):Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage | ||||
We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow. |
Note_3_Going_Concern
Note 3 - Going Concern | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 3 - Going Concern | NOTE 3 - GOING CONCERN |
The Company's consolidated 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 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. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
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_4_Stockholders_Equity
Note 4 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 4 - Stockholders' Equity | NOTE 4 – STOCKHOLDERS’ EQUITY |
On June 6, 2013, the Company completed a 1-for-16 forward split of the outstanding common stock so that for every 1 share of common stock held beneficially or of record by a Stockholder, that Stockholder is entitled to receive 15 additional shares of Common Stock as a deemed dividend. | |
On June 6, 2013, the Company, by unanimous written consent of the Directors and the consent of the Stockholders holding a majority of the issued and outstanding shares of Common Stock, approved the creation of the Class of Series A Preferred Stock (the “Series A Preferred”). The key rights and preferences associated with the Series A Preferred Stock are summarized below: | |
Number in Series. The Series A Preferred consist of 20,000,000 shares, $0.001 par value per share. | |
Conversion Rights. The Series A Preferred do not have conversion rights. | |
Dividend Rights. In each calendar year, the holders of the then outstanding Series A Preferred Stock shall be entitled to receive, when, as and if declared by the Board, out of any funds and assets of the Company legally available therefore, noncumulative dividends in an amount equal to any dividends or other Distribution on the Common Stock in such calendar year (other than a Common Stock Dividend). | |
Participation Rights. Dividends shall be declared pro rata on the Common Stock and the Series A Preferred Stock on a pari passu basis according to the number of votes per share entitled to be voted by such holders at the time of such dividend. | |
Non Cash Dividends. Whenever a dividend or Distribution shall be payable in property other than cash (other than a Common Stock Dividend), the value of such dividend or Distribution shall be deemed to be the fair market value of such property as determined in good faith by the Board. | |
Liquidation Rights. In the event of any liquidation, dissolution or winding up of the Company; whether voluntary or involuntary, the funds and assets of the Company that may be legally distributed to the Company’s shareholders, first to the holders of each share of Series A Preferred Stock then outstanding and prior and in preference to any payment or distribution (or any setting a part of any payment or distribution) of any available funds and assets on any shares of Common Stock or subsequent series of preferred stock. | |
Redemption. The Company shall not have any redemption rights relating to the Series A Preferred Stock. | |
Voting Provisions. Each share of Series A Preferred Stock shall be entitled to sixteen (16) votes on any matter properly brought before the Company’s shareholders for a vote. | |
On June 19, 2013, the Company’s board of directors authorized the Company to reserve up to 10,500,000 shares of its common stock, par value $0.001 per share, for issuance pursuant to the terms and conditions set forth in the Company’s 2013 Non-Qualified Stock Option and Award Plan (the “Plan”), under which options to acquire stock of the Company or bonus stock may be granted from time to time to employees, including of officers and directors of the Company and/or its subsidiaries. In addition, at the discretion of the board of directors or other administrator of the Plan, options to acquire stock of the Company or bonus stock may from time to time be granted under the Plan to other individuals who contribute to the success of the Company or its subsidiaries but who are not employees of the Company. All options to acquire stock issued under the Plan are exercisable at $0.10 share. The Plan became effective immediately on adoption by the board of directors. However, the Plan will be submitted for approval by those shareholders of the Company who are entitled to vote on such matters at a duly held shareholders' meeting or approved by the unanimous written consent of the holders of the issued and outstanding Stock of the Company. If the Plan is presented at a shareholders' meeting, it shall be approved by the affirmative vote of the holders of a majority of the issued and outstanding voting stock in attendance, in person or by proxy, at such meeting. Notwithstanding the foregoing, the Plan may be approved by the shareholders in any other manner not inconsistent with the Company's articles of incorporation and bylaws, the applicable provisions of state corporate laws, and the applicable provisions of the Code and regulations adopted thereunder. | |
NOTE 4 – STOCKHOLDERS’ EQUITY (CONTINUED) | |
On August 28, 2013, the Company created a class of Series B, C and D Preferred Stock (the “Series A Preferred”). At December 31, 2014, we had 8,021,796 shares of Series B Preferred Stock outstanding and there were no Series C and D Preferred Stock outstanding. Except as otherwise specified, the key rights and preferences associated with the Series B, C, and D Preferred Stock are summarized below: | |
Number in Series. The Series B, C and D Preferred each consist of 20,000,000 shares, $0.001 par value per share. | |
Dividend Rights. In each calendar year, the holders of the then outstanding Series B, C, and D Preferred Stock shall be entitled to receive, when, as and if declared by the Board, out of any funds and assets of the Company legally available therefore, noncumulative dividends in an amount equal to any dividends or other Distribution on the Common Stock in such calendar year (other than a Common Stock Dividend). The Series B Preferred Stock is entitled to receive a two percent (2%) Annual Interest, beginning from the date of issuance but may not be paid until twelve months (12) from the date on which our Common Stock begins trading on a recognized securities exchange, or until such time as the Series B Preferred Stock is either converted or redeemed. Interest may be paid, at our option, in cash or restricted shares of our Common Stock. Interest will be paid by the issuance of our Common Stock, and the value of our Common Stock will be determined based on the “20-day volume-weighted average” of the bid price as quoted on a recognized securities exchange. | |
Conversion Rights. The shares of the Series B, C, and D Preferred Stock, when issued, are convertible into any other securities of the Company. Each share of 8,021,796 Series B Convertible Preferred Stock outstanding at December 31, 2014, can be converted to shares of Common Stock at the conversion price of $40.00 per share. | |
Liquidation Rights. In the event of any voluntary or involuntary liquidation (whether complete or partial), dissolution, or winding up of the Corporation, the holders of the 2013 Series B, C, and D Preferred Stock shall be entitled to be paid out of the assets of the Corporation available for distribution to its shareholders, whether from capital, surplus, or earnings, dollar value invested per share plus all unpaid dividends previously accrued thereon, to the date of final distribution. No distribution shall be made on any common stock or other series of preferred stock of the Corporation by reason of any voluntary or involuntary liquidation (whether complete or partial), dissolution, or winding up of the Corporation unless each holder of any Series B, C or D Preferred Stock shall have received all amounts to which such holder shall be entitled. | |
Redemption. Subject to the requirements and limitations of the corporation laws of the state of Nevada, the Company shall have the voluntary right to redeem up to 100 percent (100%) of the shares of the Series B, C, and D Preferred Stock outstanding at any time from the date of issuance pursuant to written notice of redemption given to the holders thereof on not less than 30 days, or at any time agreed upon specifying the date. Series B, C, and D Preferred Stock shall be redeemed (the "Redemption Date"). The redemption price for each share of Series B, C, and D Preferred Stock outstanding shall be at the invested amount per share plus any unpaid dividends, if applicable, on such share as of the Redemption Date (the "Redemption Price"). The Redemption Price shall be paid in cash. | |
Voting Provisions. The holders of the 2013 Series B, C, and D Preferred Stock shall be entitled to one (1) vote per shares of the Series B, C, and D Preferred Stock and to vote with the Common Stock of the Corporation on all matters submitted to a vote of Common Stockholders for all purposes. Except as otherwise provided herein or by the laws of the State of Nevada, the holders of the Series B, C, and D Preferred Stock and Common Stockholders shall vote together as one class on all matters submitted to shareholder vote of the Corporation. So long as all or any shares of the Series B, C, and D Preferred Stock remain outstanding, without the approval of at least fifty-one percent (51%) of all outstanding shares of the Preferred Stock, voting separately as a single class, the Corporation shall not (i) authorize or issue any shares, or securities convertible into shares having preference over the 2013 Series A Preferred Stock with respect to the payment of dividends or rights upon dissolution, liquidation, winding up of the Corporation, or distribution of assets; (ii) sell, lease or convey (other than by mortgage) all or substantially all of the property or business of the Corporation, (iii) enter into any debenture, note or other debt instrument that would take priority to the liquidation preference of the Preferred Series A Preferred Stock or otherwise encumber the Company's fixed assets and/or intellectual property, other than in the ordinary course of business (e.g., receivables | |
NOTE 4 – STOCKHOLDERS’ EQUITY (CONTINUED) | |
financing, equipment leases, revolving line of credit, etc), and (iv) increase the number of shares of authorized Preferred Stock nor amend, alter, or repeal any of the provisions of its Certificate of Incorporation in any manner which materially adversely affects the preferences, privileges, restrictions or other rights of the Series A Preferred Stock. | |
The Company has 800,000,000 common shares authorized at par value of $0.001 and 16,208,000 shares issued and outstanding at December 31, 2014. The following is a list of all issuances of the Company’s common stock: | |
On June 13, 2013, we entered into a Share Exchange Agreement with related parties, both of whom are officers and directors of the Company and also the beneficial owners of approximately 86% of the Company’s common stock Common Stock. Under the terms of the Share Exchange Agreement, the Shareholders exchange 124,592,000 shares of the Company’s Common Stock in consider for 7,787,000 shares of the Company’s Series A Preferred Stock, par value $0.001 per share (the “Series A Preferred”) and the cancellation of $7,747 in accounts payable due the related parties. On closing of the transaction under the Share Exchange Agreement, the related parties beneficially owned no shares of the Company’s Common Stock. | |
Issuance of Series B Convertible Preferred Stock to Acquire Certain Assets | |
Effective April 8, 2014, the Company entered into an Asset Purchase Agreements (the “Agreement”) with a non-affiliate to issue 8,021,796 shares of the Company’s Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) in exchange for certain precious stones known as the “Ruby Art Carvings” (the “Assets”). The Series B Convertible Preferred Stock is convertible into an equivalent number of shares of the Company’s common stock at a conversion price of $40.00 per share. Currently, there is no trading market for the Series B Convertible | |
Preferred Stock for purposes of valuing the securities issued in exchange for the Assets. Nor is there a trading market for the Company’s common stock that would be issued in the event of conversion of the Series B Convertible Preferred Stock. For purposes of financial statement presentation, the Company has established the fair value of the Series B Convertible Preferred Stock issued in exchange for the Assets using an enterprise valuation of $350,000 at September 30, 2014. Using this value, the Company assigned a value of $18,866 to the Assets. These Assets will be carried at the lower of cost ($18,866) or fair market value. | |
The Company made the offer and sale of the securities described above pursuant to an exempt from the registration requirements of the Securities Act of 1933, as amended, for the private placement of these securities pursuant to Section 4(2) of thereunder. |
Note_5_Income_Taxes
Note 5 - Income Taxes | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 5 - Income Taxes | NOTE 5 – INCOME TAXES | ||
Net deferred tax assets consist of the following components as of December 31, 2014 and 2013: | |||
31-Dec-14 | 31-Dec-13 | ||
Net operating loss carryover | $ 58,646 | $ 47,103 | |
Stock issued for services | - | - | |
Impairment expense | - | - | |
Valuation allowance | -58,646 | -47,103 | |
Net deferred tax asset | $ -) | $ -) | |
The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 34% to pretax income from continuing operations for the periods ended December 31, 2014 and 2013. | |||
At December 31, 2014, the Company had net operating loss carry forwards of approximately $172,488 that may be offset against future taxable income through 2032. No tax benefit has been reported in the December 31, 2014, financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. | |||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for federal income tax reporting purposes are subject to annual limitations. A change in ownership may limit net operating loss carry forwards in future years. |
Note_6_Related_Party_Transacti
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 6 - Related Party Transactions | NOTE 6 – RELATED PARTY TRANSACTIONS |
As of December 31, 2014, the Company is indebted to a related party for the amount of $48,268. This amount is unsecured, non-interest bearing, and due on demand. | |
On April 8, 2014, Company purchased 'ruby art carvings' for consideration of 8,021,500 Class “B” Preferred share from Soren Søholt Christensen. The Ruby Art Carvings are stored on the Company’s behalf by a business partner of Soren Sohold Christensen, a director of the Company. The Ruby Art Carvings are kept in aluminum cases that are held in a vault located at Bregenz Bank in the city of Bregenz, Austria. The Company’s board of directors has full access to the cases that hold the Ruby Art Carvings. |
Note_1_Organization_and_Busine1
Note 1 - Organization and Business Operations: Nature of Business (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Nature of Business | Nature of Business |
Bnet Media Group, Inc., (the “Company”), was incorporated in the state of Nevada on December 29, 2008 for the purpose of providing marketing services to companies and individuals. The Company is a development stage enterprise and has not yet realized any revenues from operations. The Company’s efforts, to date, have focused primarily on the development and implementation of our business plan. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Basis of Presentation | Basis of Presentation |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Principles of Consolidation | Principles of Consolidation |
The accompanying consolidated financial statements for the years ended December 31, 2014 and 2013 include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Use of Estimates | Use of Estimates |
The preparation of the consolidated financial statements in conformity with 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_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates. |
Note_2_Summary_of_Significant_5
Note 2 - Summary of Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Advertising Costs | Advertising Costs |
The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $-0- and $-0- during the years ended December 31, 2014 and 2013, respectively. |
Note_2_Summary_of_Significant_6
Note 2 - Summary of Significant Accounting Policies: Provision For Taxes (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Provision For Taxes | Provision for Taxes |
The Company applies ASC 740, which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the consolidated financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered. | |
The Company adopted ASC 740, at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s consolidated financial statements. |
Note_2_Summary_of_Significant_7
Note 2 - Summary of Significant Accounting Policies: Loss Per Common Share (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Loss Per Common Share | Loss per Common Share |
Basic earnings (loss) per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share include the dilutive effect, if any, from the potential exercise of stock options using the treasury stock method. At December 31, 2014 and 2013, the Company had no dilutive common equivalent shares. |
Note_2_Summary_of_Significant_8
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid investment with an original maturity of three months or less to be cash equivalents. At December 31, 2014 and 2013, cash and cash equivalents include cash on hand and cash in the bank. |
Note_2_Summary_of_Significant_9
Note 2 - Summary of Significant Accounting Policies: Concentration of Credit Risk (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Concentration of Credit Risk | Concentration of Credit Risk |
The Company maintains its operating cash balances in a commercial bank. The Federal Depository Insurance Corporation (FDIC) insures accounts at each institution up to $250,000. |
Recovered_Sheet1
Note 2 - Summary of Significant Accounting Policies: Stock-based Compensation. (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Stock-based Compensation. | Stock-based compensation. |
The Company has adopted ASC 718 effective January 1, 2006 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 718. |
Recovered_Sheet2
Note 2 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In the period ended December 31, 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915):Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage | |
We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow. |