Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 10, 2014 | Sep. 30, 2013 | |
Document and Entity Information: | ' | ' | ' |
Entity Registrant Name | 'BROADLEAF CAPITAL PARTNERS INC, | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000748268 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 167,097,874 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Current Reporting Status | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Public Float | ' | ' | $751,940 |
Consolidated_Balance_Sheets_Au
Consolidated Balance Sheets (Audited) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash | $7,045 | $94,642 |
Notes receivable current portion | 135,000 | 0 |
TOTAL CURRENT ASSETS | 142,045 | 94,642 |
OTHER ASSETS - Note Receivable | 165,000 | 125,000 |
TOTAL ASSETS | 307,045 | 219,642 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 14,951 | 51,821 |
Accrued interest | 0 | 16,488 |
Notes payable - current portion | 12,750 | 30,383 |
TOTAL CURRENT LIABILITIES | 27,701 | 98,692 |
LONG-TERM DEBT - None | 0 | 0 |
TOTAL LIABILITIES | 27,701 | 98,692 |
BROADLEAF CAPITAL PARTNERS, INC.( BDLF) SHAREHOLERS' EQUITY | ' | ' |
Preferred Stock 100,000,000 authorized at $0.001 par value; shares issued and outstanding December 31, 2013 and 2012 were 0. | 0 | 0 |
Common Stock 250,000,000 authorized at $0.001 par value; shares issued and outstanding December 31, 2013 and 2012 were 167,097,874. | 167,098 | 167,098 |
Additional paid-in capital | 14,141,507 | 14,141,507 |
Accumulated deficit | -14,029,261 | -14,187,655 |
TOTAL EQUITY | 279,344 | 120,950 |
TOTAL LIABILITIES AND EQUITY | $307,045 | $219,642 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position | ' | ' |
Common Stock, par or stated value | $0.00 | $0.00 |
Common Stock, shares authorized | 250,000,000 | 250,000,000 |
Common Stock, shares issued | 167,097,874 | 167,097,874 |
Common Stock, shares outstanding | 167,097,874 | 167,097,874 |
Preferred Stock, par or stated value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Audited) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement | ' | ' |
REVENUES | $8,467 | $633 |
OPERATING EXPENSES | 36,543 | 130,836 |
NET INCOME(LOSS) FROM OPERATIONS | -28,076 | -130,203 |
OTHER INCOME (EXPENSE) | ' | ' |
Realized Gain on Sale of Investment | 139,050 | 927,318 |
Debt Forgiveness | 46,871 | 138,238 |
Interest income | 10,000 | 0 |
Interest expense | 0 | -9,490 |
TOTAL OTHER INCOME (EXPENSE) | 195,921 | 1,056,066 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 167,845 | 925,863 |
Income taxes | -9,451 | -1,654 |
NET INCOME (LOSS) | $158,394 | $924,209 |
Basic Income (Loss) Per Share | $0.00 | $0.01 |
BASIC & DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 167,097,874 | 163,318,216 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Audited) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income (loss) from continuing operations | $158,394 | $924,209 |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' |
Common stock issued for services | 0 | 42,000 |
Gain on sale of investment | 0 | -927,318 |
Increase (decrease) in accounts payable /accrued expenses | -36,870 | -117,466 |
Increase (decrease) in accrued interest | -16,488 | -196,461 |
Increase (decrease) in judgments' payable | 0 | -39,372 |
NET CASH USED IN OPERATING ACTIVITIES | 105,036 | -314,408 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Proceeds from sale of investment | 0 | 952,285 |
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES | 0 | 952,285 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Payments on notes payable | 0 | -430,192 |
Extinguishment of debt | -30,383 | 0 |
Issuance of notes payable | 12,750 | 0 |
Issuance of note receivable | -175,000 | -125,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | -192,633 | -555,192 |
NET DECREASE IN CASH | -87,597 | 82,685 |
CASH, BEGINNING OF PERIOD | 94,642 | 11,957 |
CASH, END OF PERIOD | 7,045 | 94,642 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Interest paid | 0 | 2,459 |
Income taxes paid | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES | ' | ' |
Common stock issued in conversion of debts and accrued interest and judgements | 0 | 180,964 |
Common stock issued for services | 0 | 42,000 |
Foregiveness of debts included as income | 46,871 | 138,238 |
Common stock issued for judgement settlements | $837 | $19,262 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Deficit) For the years ended December 31, 2013 and 2012 (Audited) (USD $) | Common Stock | Additional Paid in Capital | Accumulated Deficit | Total |
Shareholders' Equity, beginning of period, Value at Dec. 31, 2011 | $142,420 | $13,913,959 | ($15,111,864) | ($1,045,485) |
Shareholders' Equity, beginning of period, Shares at Dec. 31, 2011 | 142,419,925 | ' | ' | ' |
Common Stock Issued for services, Value | 4,500 | 37,500 | ' | 42,000 |
Common Stock Issued for services, Shares | 4,500,000 | ' | ' | ' |
Common Stock Issued for Debt Settlements, Value | 18,178 | 182,048 | ' | 200,226 |
Common Stock Issued for Debt Settlements, Shares | 18,177,949 | ' | ' | ' |
Net income | ' | ' | 924,209 | 924,209 |
Shareholders' Equity, end of period, Value at Dec. 31, 2012 | 165,098 | 14,133,507 | -14,187,655 | 120,950 |
Shareholders' Equity, end of period, Shares at Dec. 31, 2012 | 165,097,874 | ' | ' | ' |
Net income | ' | ' | 158,394 | 158,394 |
Shareholders' Equity, end of period, Value at Dec. 31, 2013 | $165,098 | $14,133,507 | ($14,029,261) | $279,344 |
Shareholders' Equity, end of period, Shares at Dec. 31, 2013 | 165,097,874 | ' | ' | ' |
Note_1_Recent_Company_Backgrou
Note 1 - Recent Company Background | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 1 - Recent Company Background | ' |
NOTE 1 - RECENT COMPANY BACKGROUND | |
Broadleaf Capital Partners, Inc. (the Company), is a Nevada company. In November of 2013 the Company formed a wholly owned subsidiary Sustained Release, Inc. Although a private placement memorandum was done in December 2013, no funds were raised during the reporting period. On December 30, 2013 the Company sold a wholly owned subsidiary Pipeline Nutrition U.S.A. Inc. to a related party. Our financial statements presented here have been restated to reflect this event for both periods presented. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Notes | ' | |
Note 2 - Significant Accounting Policies | ' | |
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | ||
This summary of significant account policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and the notes are the representation of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to U.S. generally accepted accounting principles (“US GAAP”) and have been consistently applied in the preparation of the financial statements. | ||
Basis of Presentation | ||
The Consolidated Financial Statements include the accounts of the Company and its majority-owned and wholly-owned subsidiaries. All significant intercompany account balances, transactions, profits and losses have been eliminated. | ||
Principles of Consolidation | ||
The financial statements include the accounts of Broadleaf Capital Partners, Inc. and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments through which we exercise significant influence over but do not control the investee and are not the primary beneficiary of the investee’s activities are accounted for using the equity method where applicable. Investments through which we are not able to exercise significant influence over the investee and which do not have readily determinable fair values are accounted for under the cost method where applicable. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, 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 | ||
For certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, and accounts payable, the carrying amounts approximate fair value due to their short maturities. | ||
Revenue Recognition | ||
The Company ASC No. 605 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 sales price is fixed or determinable, and (iii) collectability is reasonably assured. | ||
Cash and Cash Equivalents | ||
Cash comprise cash in hand and cash held on demand with banks. The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents are carried at cost, which approximates market value. Cash and cash equivalents comprise of the non-interest bearing checking accounts in US Dollars. | ||
Accounts Receivables, Net | ||
Accounts receivable represent amounts due from customers on product and other sales. These accounts receivable, which are reduced by an allowance for doubtful accounts, are recorded at the invoiced amount and do not bear interest. The Company evaluates the collectability of its accounts receivable based on a combination of factors, including whether sales were made pursuant to letters of credit. In cases where management is aware of circumstances that may impair a specific customer’s ability to meet its financial obligations, management records a specific allowance against amounts due, and reduces the net recognized receivable to the amount the Company believes will be collected. For all other customers, the Company maintains an allowance that considers the total receivables outstanding, historical collection rates and economic trends. Accounts are written off when all efforts to collect have been exhausted. | ||
Stock Based Compensation | ||
When applicable, the Company will account for stock-based payments to employees in accordance with ASC 718, “Stock Compensation” (“ASC 718”). Stock-based payments to employees include grants of stock, grants of stock options and issuance of warrants that are recognized in the consolidated statement of operations based on their fair values at the date of grant. | ||
The Company accounts for stock-based payments to non-employees in accordance with ASC 505-50, “Equity-Based Payments to Non-Employees.” Stock-based payments to non-employees include grants of stock, grants of stock options and issuances of warrants that are recognized in the consolidated statement of operations based on the value of the vested portion of the award over the requisite service period as measured at its then-current fair value as of each financial reporting date. | ||
The Company calculates the fair value of option grants and warrant issuances utilizing the Binomial pricing model. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. ASC 718 requires forfeitures to be estimated at the time stock options are granted and warrants are issued to employees and non-employees, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered stock option or warrant. The Company estimates forfeiture rates for all unvested awards when calculating the expense for the period. In estimating the forfeiture rate, the Company monitors both stock option and warrant exercises as well as employee termination patterns. The resulting stock-based compensation expense for both employee and non-employee awards is generally recognized on a straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and improvements are capitalized. As property and equipment are sold or retired, the applicable cost and accumulated depreciation are removed from the accounts and any resulting gain or loss thereon is recognized as operating expenses. | ||
Depreciation is calculated using the straight-line method over the estimated useful lives or, in the case of leasehold improvements, the term of the related lease, including renewal periods, if shorter. Estimated useful lives are as follows: | ||
Buildings | 40 years | |
Equipment | 5-15 years | |
The Company reviews property, plant and equipment and all amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. Recoverability is based on estimated undiscounted cash flows. Measurement of the impairment loss, if any, is based on the difference between the carrying value and fair value. | ||
Impairment of Long-Lived Assets and Amortizable Intangible Assets | ||
The Company follows ASC 360-10, “Property, Plant, and Equipment,” which established a “primary asset” approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | ||
Intangible Assets - Goodwill | ||
The excess of the purchase price over net tangible and identifiable intangible assets of business acquired is carried as Goodwill on the balance sheet. Goodwill is not amortized, but instead is assessed for impairment at least annually and upon the occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value of goodwill may be impaired. | ||
Measurement of the impairment loss, if any, is based on the difference between the carrying value and fair value of reporting unit. The goodwill impairment test follows a two-step process. In the first step, the fair value of a reporting unit is compared to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the second step of the impairment test is performed for purposes of measuring the impairment. In the second step, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of goodwill, an impairment loss will be recognized in an amount equal to that excess. There were no material impairments to the carrying value of long-lived assets and intangible assets subject to amortization during the years ended December 31, 2013, and 2012. | ||
Business segments | ||
ASC 280, “Segment Reporting” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company determined it has one operating segment as of December 31, 2013 and December 31, 2012. | ||
Acquisitions | ||
The Company recognizes the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date, measured at their fair values as of that date. Contingent purchase consideration is recorded at fair value at the date of acquisition. Any excess purchase price over the fair value of the net assets acquired is recorded as goodwill. Within one year from the date of acquisition, the Company may update the value allocated to the assets acquired and liabilities assumed and the resulting goodwill balances as a result of information received regarding the valuation of such assets and liabilities that was not available at the time of purchase. Measuring assets and liabilities at fair value requires the Company to determine the price that would be paid by a third party market participant based on the highest and best use of the assets or interests acquired. Acquisition costs are expensed as incurred. | ||
Fair Value Measurements | ||
For certain financial instruments, including accounts receivable, accounts payable, interest payable, advances payable and notes payable, the carrying amounts approximate fair value due to their relatively short maturities. | ||
On January 1, 2008, the Company adopted ASC 820-10, “Fair Value Measurements and Disclosures.” ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: | ||
Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. | ||
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||
The Company did not identify any non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with ASC 815. | ||
In February 2007, the FASB issued ASC 825-10 “Financial Instruments.”ASC 825-10 permits entities to choose to measure many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. ASC 825-10 is effective as of the beginning of an entity’s first fiscal year that begins after November 15, 2007. The Company adopted ASC 825-10 on January 1, 2008. The Company chose not to elect the option to measure the fair value of eligible financial assets and liabilities. | ||
Income Taxes | ||
Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. | ||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | ||
Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations. | ||
Borrowings | ||
Borrowings are recognized initially at cost which is the fair value of the proceeds received, net of transaction costs incurred. In subsequent periods, borrowings are stated at amortized cost using the effective yield method; any difference between fair value of the proceeds (net of transaction costs) and the redemption amount is recognized as interest expense over the period of the borrowings. | ||
Provisions | ||
Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Company expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. | ||
The Company recognizes the estimated liability to repair or replace products sold still under warranty at the balance sheet date. This provision is calculated based on past history of the level of repairs and replacements. | ||
Legal Matters | ||
The Company currently and from time to time is involved in litigation incidental to the conduct of the business. The damages claimed in some of this litigation are substantial. Based on an internal review, the Company accrues reserves using management’s best estimate of the probable and reasonably estimable contingent liabilities. The management does not currently believe that any of these legal claims incidental to the conduct of the business, individually or in the aggregate, will result in liabilities material to the combined financial position, results of operations or cash flows. However, if such estimates related to these contingent liabilities are incorrect, the future results of operations for year could be materially adversely affected. | ||
Special Purpose Entities | ||
The Company does not have any off-balance sheet financing activities. | ||
Net Income per Share | ||
The Company computes net income (loss) per share in accordance with ASC 260-10, “Earnings Per Share.” The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per share gives effect to all dilutive potential common shares outstanding during the period using the “as if converted” basis. For the years months ended December 31, 2013, and 2012 there were no potential dilutive securities. | ||
Common Stock | ||
There is currently only one class of common stock. Each share common stock is entitled to one vote. The authorized number of common stock of Broadleaf Capital Partners, Inc. at December 31, 2013 was 250,000,000 thousand shares with a par value per share of $0.001. Authorized shares that have been issued and fully paid amounted to 167,097,874 as of December 31, 2013 and 2012. | ||
Preferred Stock | ||
On November 16, 2013, the Company’s Board of Directors authorized the issuance of Preferred stock of 100,000,000 with a par value of $0.001 per share. The terms of these shares will be determined upon issuance. The Company has not issued any shares as of December 31, 2013. | ||
Reclassifications | ||
Certain reclassifications have been made to prior year balances to conform to the current year presentation. | ||
Comprehensive Income | ||
Comprehensive income represents net income plus the change in equity of a business enterprise resulting from transactions and circumstances from non-owner sources. The Company’s comprehensive income equal net income for the years ended December 31, 2013, and 2012. | ||
Recent Accounting Pronouncements | ||
No. 2013-01, January 2013, Balance Sheet(Topic 210): The amendments in this Update affect entities that have derivatives accounted for in accordance with Topic 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement also are affected because these amendments make them no longer subject to the disclosure requirements in Update 2011-11. |
Note_3_Going_Concern
Note 3 - Going Concern | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 3 - Going Concern | ' |
NOTE 3 - GOING CONCERN | |
As reported in the consolidated financial statements, the Company has an accumulated deficit of $14,029,261 as of December 31, 2013 and has cash flow constraints with a current revenue stream. These trends have been consistent for the past few years, respectively. | |
These factors create uncertainty about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital it could be forced to cease operations. | |
In order to continue as a going concern, develop and generate revenues and achieve a profitable level of operations, the Company will need, among other things, additional capital resources. Management's plans to obtain such resources for the Company include raising additional capital through sales of common stock, and entering into acquisition agreements with profitable entities with significant operations. In addition, management is continually seeking to streamline its operations and expand the business through a variety of industries, including real estate and financial management. 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 consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Note_4_Earnings_Per_Share
Note 4 - Earnings Per Share | 12 Months Ended | ||
Dec. 31, 2013 | |||
Notes | ' | ||
Note 4 - Earnings Per Share | ' | ||
NOTE 4 - EARNINGS PER SHARE | |||
The following table sets forth the information used to compute basic and diluted net income per share attributable to BDLF for the years ended December 31: | |||
12/31/13 | 12/31/12 | ||
Net Income (Loss) | $158,394 | $924,209 | |
Weighted-average common shares outstanding basic: | |||
Weighted-average common stock | 167,097,874 | 163,318,216 | |
Equivalents | |||
Stock options | - | - | |
Warrants | - | - | |
Convertible Notes | - | - | |
Weighted-average common shares outstanding- Basic & Diluted | 167,097,874 | 163,318,216 | |
Note_5_Fixed_Assets
Note 5 - Fixed Assets | 12 Months Ended | ||
Dec. 31, 2013 | |||
Notes | ' | ||
Note 5 - Fixed Assets | ' | ||
NOTE 5 - FIXED ASSETS | |||
Fixed assets consist of the following: | |||
For the Periods Ended, | 12/31/13 | 12/31/12 | |
Furniture and fixtures | $0 | $0 | |
Computers and software | 3,500 | 3,500 | |
Other equipment | 400 | 400 | |
3,900 | 3,900 | ||
Accumulated depreciation | 3,900 | 3,900 | |
Current depreciation expense | 0 | 0 | |
3,900 | 3,900 | ||
Net fixed assets | $0 | $0 | |
Note_6_Related_Party_Transacti
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 6 - Related Party Transactions | ' |
NOTE 6 - RELATED PARTY TRANSACTIONS | |
The Company occasionally pays for operating expenses of the partnerships and is reimbursed as funds become available to the company. Additionally, the Company uses 500 square feet of office space from its Interim President rent free. There are no commitments attached to this space. | |
During December of this year the Company sold its working wholly owned subsidiary Pipeline Nutrition U.S.A. Inc. which has had consecutive net loss years to its current CFO and the management of Pipeline. The Company will realize a gain of $139,050 on the transaction in addition receiving potential royalties from the company after the note receivable is paid based on a pre determined formula. | |
Pipeline currently owes the Company $325,000 from this transaction after an initial $5,000 payment. | |
The company agreed to set up short term notes payable to the board for unpaid fees during 2013. A short term note was issued to Donna Steward for $3,000 and Charles Snipe for $750 with a state 8% interest rate. In addition the Company agreed to set a short term note payable to President Mike King for his 2013 salary of $9,000 under the same terms. |
Note_7_Notes_Payable
Note 7 - Notes Payable | 12 Months Ended | ||
Dec. 31, 2013 | |||
Notes | ' | ||
Note 7 - Notes Payable | ' | ||
NOTE 7 – NOTES PAYABLE | |||
Notes payable consist of the following for the periods ended; | 12/31/13 | 12/31/12 | |
Promissory note from a related party dated December 30, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014. | $9,000 | $0 | |
Debentures at 10%, unsecured, were to be convertible into common shares at the option of the holder, all debentures are currently in default. This loan was written off in 2013. | 0 | 10,383 | |
Promissory note from a related party dated December 30, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014. | 3000 | 0 | |
Short term unsecured working capital demand notes, with stated interest rate of 10%. Reclassified back into notes payable after the Company confirmed status during the last fiscal audit of the 2010 year-end. This loan was written off in 2013. | 0 | 20,000 | |
Promissory note from a related party dated December 31, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014. | 750 | 0 | |
Total Notes Payable | 12,750 | 30,383 | |
Less Current Portion | 12,750 | 30,383 | |
Long Term Notes Payable | $0 | $0 | |
The aggregate principal maturities of notes payable are as follows. All are classified as short term by the Company. During these periods, the Company was in default on two notes payable. The note holders have not taken any legal action against the Company as permitted by the agreements. | |||
Accrued interest on these notes totaled: | $0 | $16,488 | |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 8 - Commitments and Contingencies | ' |
NOTE 8 - COMMITMENTS AND CONTINGENCIES | |
The company current has no commitments or contingencies that require reporting. |
Note_9_Subsequent_Events
Note 9 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 9 - Subsequent Events | ' |
NOTE 9 – SUBSEQUENT EVENTS | |
None. |
Note_10_Notes_Receivable
Note 10 - Notes Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Notes | ' |
Note 10 - Notes Receivable | ' |
NOTE 10 - NOTES RECEIVABLE | |
During 2013 the company sold its working subsidiary Pipeline Nutrition U.S.A. Inc. to a related party and delayed the collection of a note receivable from December 31, 2013 until December 31, 2014 in exchange for increasing the note to $135,000. In addition to delaying on the collection of their note the Company will receive $165,000 in total, $5,000 in February 2014 and the balance of $160,000 at March 1, 2015. This note has an 8% stated interest rate payable upon maturity of the note. Additionally the Company will receive royalties from all future Pipeline sales at an agreed upon formula after payments of the note. |
Note_11_Income_Taxes
Note 11 - Income Taxes | 12 Months Ended | ||
Dec. 31, 2013 | |||
Notes | ' | ||
Note 11 - Income Taxes | ' | ||
NOTE 11 – 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 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 Company has projected $14,029,261 as of December 31, 2013 in Net Loss Operating Loss carryforwards 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. | |||
The net operating loss carry forwards for federal income tax purposes will 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 carryforward. 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. | |||
Components of Net Operating Loss and Valuation allowance are as follows: | |||
Net deferred tax assets consist of the following components as of | |||
12/31/13 | 12/31/12 | ||
Deferred tax assets: | |||
Beginning NOL Carryover | 14,029,261 | 14,187,655 | |
Adjusted Taxable Income(loss) | 851,928 | 851,928 | |
Valuation allowance | 0 | 0 | |
Ending NOL Carryover | 13,177,333 | 13,335,727 | |
Tax Benefit Carryforward | 4,480,293 | 4,534,147 | |
Valuation allowance | -4,480,293 | -4,534,147 | |
Net deferred tax asset | 0 | 0 | |
Net Valuation Allowance | -4,480,293 | -4,534,147 | |
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 and has established a valuation allowance in the amount of $4,480,293 at December 31, 2013 and $4,534,147 at December 31, 2012. The allowance is calculated as equal to the full potential tax benefit of the December 31, 2013 NOL value of $14,029,261. |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Policies | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation | ||
The financial statements include the accounts of Broadleaf Capital Partners, Inc. and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments through which we exercise significant influence over but do not control the investee and are not the primary beneficiary of the investee’s activities are accounted for using the equity method where applicable. Investments through which we are not able to exercise significant influence over the investee and which do not have readily determinable fair values are accounted for under the cost method where applicable. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, 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 | ' | |
Fair Value of Financial Instruments | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
The Company ASC No. 605 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 sales price is fixed or determinable, and (iii) collectability is reasonably assured. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash comprise cash in hand and cash held on demand with banks. The Company considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents are carried at cost, which approximates market value. Cash and cash equivalents comprise of the non-interest bearing checking accounts in US Dollars. | ||
Accounts Receivables, Net | ' | |
Accounts Receivables, Net | ||
Accounts receivable represent amounts due from customers on product and other sales. These accounts receivable, which are reduced by an allowance for doubtful accounts, are recorded at the invoiced amount and do not bear interest. The Company evaluates the collectability of its accounts receivable based on a combination of factors, including whether sales were made pursuant to letters of credit. In cases where management is aware of circumstances that may impair a specific customer’s ability to meet its financial obligations, management records a specific allowance against amounts due, and reduces the net recognized receivable to the amount the Company believes will be collected. For all other customers, the Company maintains an allowance that considers the total receivables outstanding, historical collection rates and economic trends. Accounts are written off when all efforts to collect have been exhausted. | ||
Stock Based Compensation | ' | |
Stock Based Compensation | ||
When applicable, the Company will account for stock-based payments to employees in accordance with ASC 718, “Stock Compensation” (“ASC 718”). Stock-based payments to employees include grants of stock, grants of stock options and issuance of warrants that are recognized in the consolidated statement of operations based on their fair values at the date of grant. | ||
The Company accounts for stock-based payments to non-employees in accordance with ASC 505-50, “Equity-Based Payments to Non-Employees.” Stock-based payments to non-employees include grants of stock, grants of stock options and issuances of warrants that are recognized in the consolidated statement of operations based on the value of the vested portion of the award over the requisite service period as measured at its then-current fair value as of each financial reporting date. | ||
The Company calculates the fair value of option grants and warrant issuances utilizing the Binomial pricing model. The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. ASC 718 requires forfeitures to be estimated at the time stock options are granted and warrants are issued to employees and non-employees, and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The term “forfeitures” is distinct from “cancellations” or “expirations” and represents only the unvested portion of the surrendered stock option or warrant. The Company estimates forfeiture rates for all unvested awards when calculating the expense for the period. In estimating the forfeiture rate, the Company monitors both stock option and warrant exercises as well as employee termination patterns. The resulting stock-based compensation expense for both employee and non-employee awards is generally recognized on a straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. | ||
Property, Plant and Equipment | ' | |
Property, Plant and Equipment | ||
Property, plant and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and improvements are capitalized. As property and equipment are sold or retired, the applicable cost and accumulated depreciation are removed from the accounts and any resulting gain or loss thereon is recognized as operating expenses. | ||
Depreciation is calculated using the straight-line method over the estimated useful lives or, in the case of leasehold improvements, the term of the related lease, including renewal periods, if shorter. Estimated useful lives are as follows: | ||
Buildings | 40 years | |
Equipment | 5-15 years | |
The Company reviews property, plant and equipment and all amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. Recoverability is based on estimated undiscounted cash flows. Measurement of the impairment loss, if any, is based on the difference between the carrying value and fair value. | ||
Impairment of Long-lived Assets and Amortizable Intangible Assets | ' | |
Impairment of Long-Lived Assets and Amortizable Intangible Assets | ||
The Company follows ASC 360-10, “Property, Plant, and Equipment,” which established a “primary asset” approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | ||
Intangible Assets - Goodwill | ' | |
Intangible Assets - Goodwill | ||
The excess of the purchase price over net tangible and identifiable intangible assets of business acquired is carried as Goodwill on the balance sheet. Goodwill is not amortized, but instead is assessed for impairment at least annually and upon the occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value of goodwill may be impaired. | ||
Measurement of the impairment loss, if any, is based on the difference between the carrying value and fair value of reporting unit. The goodwill impairment test follows a two-step process. In the first step, the fair value of a reporting unit is compared to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the second step of the impairment test is performed for purposes of measuring the impairment. In the second step, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit to determine an implied goodwill value. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of goodwill, an impairment loss will be recognized in an amount equal to that excess. There were no material impairments to the carrying value of long-lived assets and intangible assets subject to amortization during the years ended December 31, 2013, and 2012. | ||
Business Segments | ' | |
Business segments | ||
ASC 280, “Segment Reporting” requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. The Company determined it has one operating segment as of December 31, 2013 and December 31, 2012. | ||
Acquisitions | ' | |
Acquisitions | ||
The Company recognizes the assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at the acquisition date, measured at their fair values as of that date. Contingent purchase consideration is recorded at fair value at the date of acquisition. Any excess purchase price over the fair value of the net assets acquired is recorded as goodwill. Within one year from the date of acquisition, the Company may update the value allocated to the assets acquired and liabilities assumed and the resulting goodwill balances as a result of information received regarding the valuation of such assets and liabilities that was not available at the time of purchase. Measuring assets and liabilities at fair value requires the Company to determine the price that would be paid by a third party market participant based on the highest and best use of the assets or interests acquired. Acquisition costs are expensed as incurred. | ||
Fair Value Measurements | ' | |
Fair Value Measurements | ||
For certain financial instruments, including accounts receivable, accounts payable, interest payable, advances payable and notes payable, the carrying amounts approximate fair value due to their relatively short maturities. | ||
On January 1, 2008, the Company adopted ASC 820-10, “Fair Value Measurements and Disclosures.” ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: | ||
Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. | ||
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||
The Company did not identify any non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with ASC 815. | ||
In February 2007, the FASB issued ASC 825-10 “Financial Instruments.”ASC 825-10 permits entities to choose to measure many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. ASC 825-10 is effective as of the beginning of an entity’s first fiscal year that begins after November 15, 2007. The Company adopted ASC 825-10 on January 1, 2008. The Company chose not to elect the option to measure the fair value of eligible financial assets and liabilities. | ||
Income Taxes | ' | |
Income Taxes | ||
Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. | ||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | ||
Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations. | ||
Borrowings | ' | |
Borrowings | ||
Borrowings are recognized initially at cost which is the fair value of the proceeds received, net of transaction costs incurred. In subsequent periods, borrowings are stated at amortized cost using the effective yield method; any difference between fair value of the proceeds (net of transaction costs) and the redemption amount is recognized as interest expense over the period of the borrowings. | ||
Provisions | ' | |
Provisions | ||
Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Company expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. | ||
The Company recognizes the estimated liability to repair or replace products sold still under warranty at the balance sheet date. This provision is calculated based on past history of the level of repairs and replacements. | ||
Legal Matters | ' | |
Legal Matters | ||
The Company currently and from time to time is involved in litigation incidental to the conduct of the business. The damages claimed in some of this litigation are substantial. Based on an internal review, the Company accrues reserves using management’s best estimate of the probable and reasonably estimable contingent liabilities. The management does not currently believe that any of these legal claims incidental to the conduct of the business, individually or in the aggregate, will result in liabilities material to the combined financial position, results of operations or cash flows. However, if such estimates related to these contingent liabilities are incorrect, the future results of operations for year could be materially adversely affected. | ||
Net Income Per Share | ' | |
Net Income per Share | ||
The Company computes net income (loss) per share in accordance with ASC 260-10, “Earnings Per Share.” The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per share gives effect to all dilutive potential common shares outstanding during the period using the “as if converted” basis. For the years months ended December 31, 2013, and 2012 there were no potential dilutive securities. | ||
Common Stock and Preferred Stock | ' | |
Common Stock | ||
There is currently only one class of common stock. Each share common stock is entitled to one vote. The authorized number of common stock of Broadleaf Capital Partners, Inc. at December 31, 2013 was 250,000,000 thousand shares with a par value per share of $0.001. Authorized shares that have been issued and fully paid amounted to 167,097,874 as of December 31, 2013 and 2012. | ||
Preferred Stock | ||
On November 16, 2013, the Company’s Board of Directors authorized the issuance of Preferred stock of 100,000,000 with a par value of $0.001 per share. The terms of these shares will be determined upon issuance. The Company has not issued any shares as of December 31, 2013. | ||
Reclassifications | ' | |
Reclassifications | ||
Certain reclassifications have been made to prior year balances to conform to the current year presentation. | ||
Comprehensive Income | ' | |
Comprehensive Income | ||
Comprehensive income represents net income plus the change in equity of a business enterprise resulting from transactions and circumstances from non-owner sources. The Company’s comprehensive income equal net income for the years ended December 31, 2013, and 2012. | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
No. 2013-01, January 2013, Balance Sheet(Topic 210): The amendments in this Update affect entities that have derivatives accounted for in accordance with Topic 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement also are affected because these amendments make them no longer subject to the disclosure requirements in Update 2011-11. |
Note_2_Significant_Accounting_2
Note 2 - Significant Accounting Policies: Property, Plant and Equipment: Schedule of Property, Plant, and Equipment Estimated Useful Lives (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Tables/Schedules | ' | |
Schedule of Property, Plant, and Equipment Estimated Useful Lives | ' | |
Buildings | 40 years | |
Equipment | 5-15 years |
Note_4_Earnings_Per_Share_Sche
Note 4 - Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Tables/Schedules | ' | ||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||
12/31/13 | 12/31/12 | ||
Net Income (Loss) | $158,394 | $924,209 | |
Weighted-average common shares outstanding basic: | |||
Weighted-average common stock | 167,097,874 | 163,318,216 | |
Equivalents | |||
Stock options | - | - | |
Warrants | - | - | |
Convertible Notes | - | - | |
Weighted-average common shares outstanding- Basic & Diluted | 167,097,874 | 163,318,216 |
Note_5_Fixed_Assets_Property_P
Note 5 - Fixed Assets: Property, Plant and Equipment (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Tables/Schedules | ' | ||
Property, Plant and Equipment | ' | ||
Fixed assets consist of the following: | |||
For the Periods Ended, | 12/31/13 | 12/31/12 | |
Furniture and fixtures | $0 | $0 | |
Computers and software | 3,500 | 3,500 | |
Other equipment | 400 | 400 | |
3,900 | 3,900 | ||
Accumulated depreciation | 3,900 | 3,900 | |
Current depreciation expense | 0 | 0 | |
3,900 | 3,900 | ||
Net fixed assets | $0 | $0 | |
Note_7_Notes_Payable_Notes_Pay
Note 7 - Notes Payable: Notes Payable (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Tables/Schedules | ' | ||
Notes Payable | ' | ||
Notes payable consist of the following for the periods ended; | 12/31/13 | 12/31/12 | |
Promissory note from a related party dated December 30, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014. | $9,000 | $0 | |
Debentures at 10%, unsecured, were to be convertible into common shares at the option of the holder, all debentures are currently in default. This loan was written off in 2013. | 0 | 10,383 | |
Promissory note from a related party dated December 30, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014. | 3000 | 0 | |
Short term unsecured working capital demand notes, with stated interest rate of 10%. Reclassified back into notes payable after the Company confirmed status during the last fiscal audit of the 2010 year-end. This loan was written off in 2013. | 0 | 20,000 | |
Promissory note from a related party dated December 31, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014. | 750 | 0 | |
Total Notes Payable | 12,750 | 30,383 | |
Less Current Portion | 12,750 | 30,383 | |
Long Term Notes Payable | $0 | $0 | |
The aggregate principal maturities of notes payable are as follows. All are classified as short term by the Company. During these periods, the Company was in default on two notes payable. The note holders have not taken any legal action against the Company as permitted by the agreements. | |||
Accrued interest on these notes totaled: | $0 | $16,488 |
Note_11_Income_Taxes_Schedule_
Note 11 - Income Taxes: Schedule of Deferred Tax Assets (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Tables/Schedules | ' | ||
Schedule of Deferred Tax Assets | ' | ||
Net deferred tax assets consist of the following components as of | |||
12/31/13 | 12/31/12 | ||
Deferred tax assets: | |||
Beginning NOL Carryover | 14,029,261 | 14,187,655 | |
Adjusted Taxable Income(loss) | 851,928 | 851,928 | |
Valuation allowance | 0 | 0 | |
Ending NOL Carryover | 13,177,333 | 13,335,727 | |
Tax Benefit Carryforward | 4,480,293 | 4,534,147 | |
Valuation allowance | -4,480,293 | -4,534,147 | |
Net deferred tax asset | 0 | 0 | |
Net Valuation Allowance | -4,480,293 | -4,534,147 | |
Note_2_Significant_Accounting_3
Note 2 - Significant Accounting Policies: Property, Plant and Equipment: Schedule of Property, Plant, and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Building | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Equipment | Minimum | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Equipment | Maximum | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Note_2_Significant_Accounting_4
Note 2 - Significant Accounting Policies: Business Segments (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Details | ' | ' |
Number of Operating Segments | 1 | 1 |
Note_2_Significant_Accounting_5
Note 2 - Significant Accounting Policies: Net Income Per Share (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Details | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 |
Note_2_Significant_Accounting_6
Note 2 - Significant Accounting Policies: Common Stock and Preferred Stock (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Details | ' | ' |
Common Stock, shares authorized | 250,000,000 | 250,000,000 |
Common Stock, par or stated value | $0.00 | $0.00 |
Common Stock, shares issued | 167,097,874 | 167,097,874 |
Preferred Stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred Stock, par or stated value | $0.00 | $0.00 |
Note_3_Going_Concern_Details
Note 3 - Going Concern (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Details | ' | ' |
Accumulated deficit | ($14,029,261) | ($14,187,655) |
Note_4_Earnings_Per_Share_Sche1
Note 4 - Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net Income (Loss) | $158,394 | $924,209 |
Weighted Average Number of Shares Issued, Basic | 167,097,874 | 163,318,216 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | ' |
BASIC & DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 167,097,874 | 163,318,216 |
Note_5_Fixed_Assets_Property_P1
Note 5 - Fixed Assets: Property, Plant and Equipment (Details) (USD $) | 0 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Details | ' | ' |
Furniture and Fixtures, Gross | $0 | $0 |
Computers and Software | 3,500 | 3,500 |
Property, Plant and Equipment, Other, Gross | 400 | 400 |
Accumulated Depreciation | 3,900 | 3,900 |
Current Depreciation Expense | 0 | 0 |
Net Fixed assets | $0 | $0 |
Note_6_Related_Party_Transacti1
Note 6 - Related Party Transactions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Pipeline Nutrition, Inc. | Donna Steward | Donna Steward | Charles Snipe | Charles Snipe | Mike King | Mike King | ||
Gain (Loss) on Sale of Other Investments | ' | $139,050 | ' | ' | ' | ' | ' | ' |
Due from Related Parties | ' | 325,000 | ' | ' | ' | ' | ' | ' |
Proceeds from Related Party Debt | ' | 5,000 | ' | ' | ' | ' | ' | ' |
Notes Payable, Related Parties, Current | ' | ' | $3,000 | $0 | $750 | $0 | $9,000 | $0 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ' | 8.00% | ' | 8.00% | ' | 8.00% | ' |
Note_7_Notes_Payable_Notes_Pay1
Note 7 - Notes Payable: Notes Payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ' |
Notes payable - current portion | $12,750 | $30,383 |
Total Notes Payable | 12,750 | 30,383 |
Less Current Portion | 12,750 | 30,383 |
Long Term Notes Payable | 0 | 0 |
Accrued Interest on the notes totaled | 0 | 16,488 |
Debentures | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ' |
Notes payable - current portion | 0 | 10,383 |
Less Current Portion | 0 | 10,383 |
Working capital demand notes | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ' |
Notes payable - current portion | 0 | 20,000 |
Less Current Portion | 0 | 20,000 |
Mike King | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ' |
Debt Instrument, Maturity Date | 30-Dec-14 | ' |
Notes Payable, Related Parties, Current | 9,000 | 0 |
Donna Steward | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ' |
Debt Instrument, Maturity Date | 30-Dec-14 | ' |
Notes Payable, Related Parties, Current | 3,000 | 0 |
Charles Snipe | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ' |
Debt Instrument, Maturity Date | 30-Dec-14 | ' |
Notes Payable, Related Parties, Current | $750 | $0 |
Note_10_Notes_Receivable_Detai
Note 10 - Notes Receivable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Notes receivable current portion | $135,000 | $0 |
OTHER ASSETS - Note Receivable | $165,000 | $125,000 |
Notes Receivable, Future Payments | '$5,000 in February 2014 and the balance of $160,000 at March 1, 2015 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ' |
Notes Receivable | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ' |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Details | ' | ' |
Beginning NOL Carryover | $14,029,261 | $14,187,655 |
Effective Income Tax Rate Reconciliation, Percent | 35.00% | ' |
Note_11_Income_Taxes_Schedule_1
Note 11 - Income Taxes: Schedule of Deferred Tax Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Details | ' | ' |
Beginning NOL Carryover | $14,029,261 | $14,187,655 |
Adjusted Taxable Income (loss) | 851,928 | 851,928 |
Operating Loss Carryforwards, Valuation Allowance | 0 | 0 |
Ending NOL Carryover | 13,177,333 | 13,335,727 |
Tax Benefit Carryforward | 4,480,293 | 4,534,147 |
Valuation Allowance | -4,480,293 | -4,534,147 |
Net deferred tax asset | $0 | $0 |