Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 16, 2015 | Mar. 31, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | 4NET SOFTWARE INC | ||
Entity Central Index Key | 812,149 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | FNSI | ||
Entity Common Stock, Shares Outstanding | 9,261,017 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 173,040 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
CURRENT ASSETS | ||
Cash | $ 1,495 | $ 1,489 |
TOTAL ASSETS | 1,495 | 1,489 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 3,206 | 12,706 |
Related party note and interest payable | 234,934 | 185,668 |
TOTAL CURRENT LIABILITIES | $ 238,140 | $ 198,374 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock, $.01 par value; authorized - 5,000,000 shares; Issued and outstanding - none | $ 0 | $ 0 |
Common stock $.00001 par value; authorized - 100,000,000 shares; Issued and outstanding - 9,261,017 shares on September 30, 2015 and September 30, 2014 | 93 | 93 |
Additional paid in Capital | 3,198,255 | 3,198,255 |
Accumulated deficit | (3,434,993) | (3,395,233) |
TOTAL STOCKHOLDERS' (DEFICIT) | (236,645) | (196,885) |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) | $ 1,495 | $ 1,489 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 30, 2015 | Sep. 30, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,261,017 | 9,261,017 |
Common stock, shares, outstanding | 9,261,017 | 9,261,017 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES | $ 0 | $ 0 |
OPERATING EXPENSES | ||
General and administrative expenses | 22,744 | 29,075 |
TOTAL OPERATING EXPENSES | 22,744 | 29,075 |
LOSS FROM OPERATIONS | (22,744) | (29,075) |
Other income (Expense) | (650) | 0 |
Interest expense | (16,366) | (13,413) |
OTHER INCOME/(EXPENSE) | (17,016) | (13,413) |
NET LOSS | $ (39,760) | $ (42,488) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - Basic and Diluted (in shares) | 9,261,017 | 9,261,017 |
NET LOSS PER COMMON SHARE - Basic and Diluted (in dollars per shares) | $ 0 | $ 0 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Deficit [Member] |
Balance at Sep. 30, 2013 | $ (154,397) | $ 93 | $ 3,198,255 | $ (3,352,745) |
Balance (in shares) at Sep. 30, 2013 | 9,261,017 | |||
Net loss | (42,488) | $ 0 | 0 | (42,488) |
Balance at Sep. 30, 2014 | (196,885) | $ 93 | 3,198,255 | (3,395,233) |
Balance (in shares) at Sep. 30, 2014 | 9,261,017 | |||
Net loss | (39,760) | $ 0 | 0 | (39,760) |
Balance at Sep. 30, 2015 | $ (236,645) | $ 93 | $ 3,198,255 | $ (3,434,993) |
Balance (in shares) at Sep. 30, 2015 | 9,261,017 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (39,760) | $ (42,488) |
Changes in assets and liabilities: | ||
Increase (decrease) in accounts payable and accrued expenses | 6,866 | 13,814 |
Net cash used in operating activities | (32,894) | (28,674) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party note payable | 32,900 | 30,000 |
Net cash provided by financing activities | 32,900 | 30,000 |
NET INCREASE IN CASH | 6 | 1,326 |
CASH - BEGINNING OF YEAR | 1,489 | 163 |
CASH - END OF YEAR | 1,495 | 1,489 |
Supplemental cash flow information: | ||
Interest Paid | 0 | 0 |
Taxes paid | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 4net Software, Inc., was incorporated under the laws of the State of Delaware in 1986. During the year ended September 30, 2015, the Company focused its efforts on pursuing a strategy of growth by acquiring businesses with established revenues and earnings, which the Company believes are undervalued. The Company utilized several criteria to evaluate prospective acquisitions including whether the business to be acquired (1) is an established business with viable services and/or products, (2) has an experienced management team, (3) has room for growth and/or expansion into other markets, (4) is accretive to earnings, (5) offers the opportunity to achieve and/or enhance profitability and (6) increases stockholder value. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basic (loss) earnings per share ("EPS") is computed as net income (loss) divided by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock-based compensation plans including stock options, restricted stock awards, stock purchase agreements, stock subscriptions not fully paid, warrants and other convertible securities which are anti-dilutive for 2015 and 2014. As the Company does not have any such dilutive shares, diluted EPS is the same as basic EPS. For purposes of reporting cash flows, the Company considers as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. On occasion, the Company has cash balances in excess of federally insured amounts. The Company has no cash equivalents at September 30, 2015 and 2014. The carrying amount reported in the balance sheet for cash, accounts payable, accrued expenses and related party notes payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash. The Company maintains cash accounts at one financial institution. The Company periodically evaluates the credit worthiness of financial institutions, and maintains cash accounts only in large high quality financial institutions, thereby minimizing exposure for deposits in excess of federally insured amounts. The Company believes that credit risk associated with cash is remote. In August 2014, the FASB issued ASU No. 2014-15 ("ASU 2014-15"), Presentation of Financial Statements-Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 requires a Company's management to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on its consolidated financial statements. In February 2015, amended GAAP guidance ASU 2015-02 was issued affecting current consolidation guidance. The guidance changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance must be applied using one of two retrospective application methods and will be effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact, if any, of the adoption of this newly issued guidance to our consolidated financial statements. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | NOTE 2 - BASIS OF PRESENTATION The accompanying financial statements have been prepared on the basis of accounting principles applicable to a going concern which contemplates the realization of assets and extinguishment of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has accumulated a deficit of approximately $ 3.4 |
STOCK OPTION PLAN
STOCK OPTION PLAN | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 3 - STOCK OPTION PLAN The Company has a Stock Incentive Plan under which employees, officers, directors, consultants, independent contractors and advisors of the Company may be granted options to purchase shares of the Company's common stock at a price to be determined by the Board of Directors, or a committee to be formed by the Board of Directors, which cannot be less than sixty-five percent of the common stock fair value at the date of grant. In addition, the Stock Incentive Plan also authorizes the Company to issue restrictive stock awards and stock bonuses. The Stock Incentive Plan authorizes the issuance of up to 1,100,000 shares of the Company's common stock. There were no options outstanding at September 30, 2015. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 4 - RELATED PARTY TRANSACTIONS Effective March 1, 2015, the Company relocated its principal offices to 31248 Oak Crest Drive, Suite 110, Westlake Village, California 91361. The Company 's new telephone number is (805) 416-7054. The Company occupies a portion of the offices occupied by BKF Capital Group, Inc. on a month to month basis for a monthly fee of $ 50 During the years ended September 30, 2015 and 2014, the Company did not pay any salary to its President, because in September 2002, the Company entered into an agreement with the President, whereby the President agreed to waive his salary effective October 1, 2002. Control Mr. Bronson beneficially owns 5,800,210 62.65 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 5 - INCOME TAXES At September 30, 2015, the Company had net operating loss carryforwards of approximately $ 1,279,207 2034 The Company has fully reserved the approximate $ 505,286 There is no current or deferred tax expense for the years ended September 30, 2015 and 2014. The Company believes that all of its positions taken in tax filings are more likely than not to be sustained upon examination by tax authorities. September 30, September 30, 2015 2014 Net operating loss carry forward Federal $ 434,930 $ 495,779 State 70,356 Valuation allowance (505,286) (495,779) Net deferred tax asset $ $ There was no Federal income tax expense for the years ended September 30, 2015 and 2014 due to the Company's net losses. For the years ended September 30, 2015 and 2014 state income tax expense was zero. 34 5.5 3.6 39.5 2015 2014 Current federal tax expense (benefit) $ (13,518) $ (14,870) State tax rate difference, net of federal benefit (2,187) (2,124) Change in valuation allowance 15,705 16,994 Income tax expense(benefit) $ $ The Company includes interest and penalties arising from the underpayment of income taxes in the consolidated statements of operations in general and administrative expenses. The tax years that remain subject to examination by major taxing jurisdictions are those for the tax year of 2014, 2013 and 2012. |
RELATED PARTY NOTE PAYABLE
RELATED PARTY NOTE PAYABLE | 12 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Note Payable [Text Block] | NOTE 6 - RELATED PARTY NOTE PAYABLE Since February 3, 2009, the Company's president and principal executive officer has loaned the Company money to fund working capital needs to pay operating expenses. The loans are repayable upon demand and accrue interest at the rate of 10 178,596 56,338 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 7 - SUBSEQUENT EVENT On October 23, 2015, Mr. Bronson loaned the Company an additional $ 3,500 10 |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization And Business Activities Policy [Policy Text Block] | ORGANIZATION AND BUSINESS ACTIVITY 4net Software, Inc., was incorporated under the laws of the State of Delaware in 1986. During the year ended September 30, 2015, the Company focused its efforts on pursuing a strategy of growth by acquiring businesses with established revenues and earnings, which the Company believes are undervalued. The Company utilized several criteria to evaluate prospective acquisitions including whether the business to be acquired (1) is an established business with viable services and/or products, (2) has an experienced management team, (3) has room for growth and/or expansion into other markets, (4) is accretive to earnings, (5) offers the opportunity to achieve and/or enhance profitability and (6) increases stockholder value. |
Use of Estimates, Policy [Policy Text Block] | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS (LOSS) PER COMMON SHARE Basic (loss) earnings per share ("EPS") is computed as net income (loss) divided by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock-based compensation plans including stock options, restricted stock awards, stock purchase agreements, stock subscriptions not fully paid, warrants and other convertible securities which are anti-dilutive for 2015 and 2014. As the Company does not have any such dilutive shares, diluted EPS is the same as basic EPS. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH EQUIVALENTS For purposes of reporting cash flows, the Company considers as cash equivalents all highly liquid investments with a maturity of three months or less at the time of purchase. On occasion, the Company has cash balances in excess of federally insured amounts. The Company has no cash equivalents at September 30, 2015 and 2014. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FAIR VALUE The carrying amount reported in the balance sheet for cash, accounts payable, accrued expenses and related party notes payable approximates fair value because of the immediate or short-term maturity of these financial instruments. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | CONCENTRATION OF CREDIT RISK Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash. The Company maintains cash accounts at one financial institution. The Company periodically evaluates the credit worthiness of financial institutions, and maintains cash accounts only in large high quality financial institutions, thereby minimizing exposure for deposits in excess of federally insured amounts. The Company believes that credit risk associated with cash is remote. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS In August 2014, the FASB issued ASU No. 2014-15 ("ASU 2014-15"), Presentation of Financial Statements-Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 requires a Company's management to evaluate, at each reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on its consolidated financial statements. In February 2015, amended GAAP guidance ASU 2015-02 was issued affecting current consolidation guidance. The guidance changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance must be applied using one of two retrospective application methods and will be effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact, if any, of the adoption of this newly issued guidance to our consolidated financial statements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The effects of temporary differences that gave rise to significant portions of deferred tax assets at September 30, 2015 and 2014 are as follows: September 30, September 30, 2015 2014 Net operating loss carry forward Federal $ 434,930 $ 495,779 State 70,356 Valuation allowance (505,286) (495,779) Net deferred tax asset $ $ |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company's tax expense differs from the "expected" tax expense for the years ended September 30, 2015 and 2014, (computed by applying the Federal Corporate tax rate of 34 5.5 3.6 39.5 2015 2014 Current federal tax expense (benefit) $ (13,518) $ (14,870) State tax rate difference, net of federal benefit (2,187) (2,124) Change in valuation allowance 15,705 16,994 Income tax expense(benefit) $ $ |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Textual) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Retained Earnings (Accumulated Deficit) | $ (3,434,993) | $ (3,395,233) |
STOCK OPTION PLAN (Details Text
STOCK OPTION PLAN (Details Textual) | Sep. 30, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,100,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Common Stock, Shares, Outstanding | 9,261,017 | 9,261,017 |
Majority Shareholder [Member] | ||
Common Stock, Shares, Outstanding | 5,800,210 | |
Beneficial Ownership Percentage | 62.65% | |
BKF Capital Group Inc. [Member] | ||
Payments for Rent per month | $ 50 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Net operating loss carry forward | ||
Federal | $ 434,930 | $ 495,779 |
State | 70,356 | 0 |
Valuation allowance | (505,286) | (495,779) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax [Line Items] | ||
Current federal tax expense (benefit) | $ (13,518) | $ (14,870) |
State tax rate difference, net of federal benefit | (2,187) | (2,124) |
Change in valuation allowance | 15,705 | 16,994 |
Income tax expense(benefit) | $ 0 | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Loss Carryforwards | $ 1,279,207 | |
Operating Loss Carryforwards Expiration Year | 2,034 | |
Operating Loss Carryforwards, Valuation Allowance | $ 505,286 | |
Federal Income Tax Expense (Benefit), Continuing Operations | 0 | $ 0 |
State and Local Income Tax Expense (Benefit), Continuing Operations | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.50% | 5.50% |
Effective Income Tax Rate Reconciliation, State Income Taxes, Federal Benefit | 3.60% | |
Effective Income Tax Rate Reconciliation Blended Tax Rate | 39.50% |
RELATED PARTY NOTE PAYABLE (Det
RELATED PARTY NOTE PAYABLE (Details Textual) - Management [Member] | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Related Party Transaction, Rate | 10.00% |
Notes Payable Related Parties Classified Current Excluding Interest | $ 178,596 |
Accrued Interest Related Party Current | $ 56,338 |
SUBSEQUENT EVENT (Details Textu
SUBSEQUENT EVENT (Details Textual) - Management [Member] - Subsequent Event [Member] | 1 Months Ended |
Oct. 23, 2015USD ($) | |
Subsequent Event [Line Items] | |
Subsequent Event, Date | Oct. 23, 2015 |
Debt Instrument, Face Amount | $ 3,500 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% |