0000721748-14-001096.txt : 20141110 0000721748-14-001096.hdr.sgml : 20141110 20141110103539 ACCESSION NUMBER: 0000721748-14-001096 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20140826 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141110 DATE AS OF CHANGE: 20141110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Integrated Inpatient Solutions, Inc. CENTRAL INDEX KEY: 0001174672 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-191564 FILM NUMBER: 141207074 BUSINESS ADDRESS: STREET 1: 100 LINTON BOULEVARD STREET 2: SUITE 213-B CITY: DELRAY BEACH STATE: FL ZIP: 33483 BUSINESS PHONE: 561-276-3737 MAIL ADDRESS: STREET 1: 100 LINTON BOULEVARD STREET 2: SUITE 213-B CITY: DELRAY BEACH STATE: FL ZIP: 33483 FORMER COMPANY: FORMER CONFORMED NAME: INTEGRATED INPATIENT SOLUTIONS INC DATE OF NAME CHANGE: 20131107 FORMER COMPANY: FORMER CONFORMED NAME: INPATIENT CLINICAL SOLUTIONS INC DATE OF NAME CHANGE: 20020603 8-K/A 1 inpt8k110714.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K/A

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Date of Report (Date of earliest event reported): August 26, 2014

 

 

Integrated Inpatient Solutions, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada

(State or Other Jurisdiction of Incorporation)

 

333-191564                                            65-1011679

(Commission File Number) (IRS Employer Identification Number)

 

100 Linton Boulevard, Suite 213-B, Delray Beach, FL 33483 (Address of Principal Executive Offices)

 

561-276-3737 (Registrant’s Telephone Number, Including Area Code)

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13-e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

Item 9.01 Financial Statements and Exhibits.

 

(a) Financial Statements of Businesses Acquire.

On August 26, 2014, Integrated Inpatient Solutions, Inc. (the “Company”), consummated the transactions described in Item 1.01, Item 2.01 and Item 3.02 of the Current Report on Form 8-K filed August 29, 2014. The financial statements of Integrated Timeshare Solutions, Inc., a Nevada corporation (“ITS”) and a wholly owned subsidiary of the Company, are filed as an amendment to such Form 8-K pursuant to Item 9.01(a)(4) (included herein as Exhibit 99.1).

 

(b) Pro Forma Financial Information

 

As ITS was formed on July 2, 2014 there are no pro forma financial statements applicable to this transaction.

 

(c) Exhibits

 

Exhibit No. Exhibits
   
10.1Share Exchange Agreement between the Company and Integrated Timeshare Solutions, Inc.*
   
10.2Employment Agreement with Osnah Bloom.*
   
10.3Employment Agreement with Bradley Scott.*
   
10.4Voting Agreement among the Company, Osnah Bloom, Dominic Alto, Bradley Scott and Josh M. Bloom.*
   
99.1Audited Financial Statements for the period from inception to August 15, 2014 for Integrated Timeshare Solutions, Inc., a Nevada corporation, and a wholly owned subsidiary of the Company.

* Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 29, 2014.

 
 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

      INTEGRATED INPATIENT SOLUTIONS, INC.
       
       
Dated: November 10, 2014   By: /s/ Osnah Bloom
    Name: Osnah Bloom
      Title: CEO

   

EX-99.1 2 inpt8k110714ex99_1.htm

INTEGRATED TIMESHARE SOLUTIONS, INC.

 

CONTENTS

 

PAGE1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     
PAGE2 BALANCE SHEET AS OF AUGUST 15 , 2014
     
PAGE3 STATEMENT OF OPERATIONS FOR THE PERIOD FROM JULY 2, 2014 (INCEPTION) TO AUGUST 15, 2014
     
PAGE4 STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE PERIOD FROM JULY 2, 2014 (INCEPTION) TO AUGUST 15, 2014
     
PAGE5 STATEMENT OF CASH FLOWS FOR THE PERIOD FROM JULY 2, 2014 (INCEPTION) TO AUGUST 15, 2014
     
PAGES6 - 9 NOTES TO FINANCIAL STATEMENTS

       

 
 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

To the Board of Directors of:

Integrated Timeshare Solutions, Inc.

 

We have audited the accompanying balance sheet of Integrated Timeshare Solutions, Inc. (the “Company”) as of August 15, 2014 and the related statements of operations, changes in stockholders’ deficit and cash flows for the period from July 2, 2014 (Inception) to August 15, 2014. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly in all material respects, the financial position of Integrated Timeshare Solutions, Inc. as of August 15, 2014 and the results of its operations and its cash flows for the period from July 2, 2014 (Inception) to August 15, 2014 in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 5 to the financial statements, the Company has used cash in operations of $11,030 and has a net loss of $83,544. These factors raise substantial doubt about the Company's ability to continue as a going concern. Management's plans concerning these matters are also described in Note 5. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Liggett, Vogt & Webb, P.A.

 

LIGGETT, VOGT & WEBB, P.A.

Certified Public Accountants

 

Boynton Beach, Florida

September 15, 2014

 

Integrated Timeshare Solutions, Inc.
Balance Sheet
August 15, 2014
 
ASSETS     
Current Assets     
      Cash and cash equivalents  $27,970 
Total Current Assets   27,970 
      
Equipment and software     
   Computer software   4,000 
      
Other Assets     
   Notes Receivable - related party   7,000 
      
Total Assets  $38,970 
      
LIABILITIES AND STOCKHOLDERS' EQUITY     
      
Current Liabilities     
Accounts Payable and accrued expenses  $11,514 
Total  Liabilities   11,514 
      
Commitments and Contingencies (See Note 3)   —   
      
Stockholders' Equity     
Common stock, $0.001 par value; 1,000,000 shares authorized, 1,000,000 shares issued and outstanding   1,000 
Additional Paid in Capital   110,000 
  Accumulated Deficit   (83,544)
Total Stockholders' Equity   27,456 
      
Total Liabilities and Stockholders' Equity  $38,970 

 

Integrated Timeshare Solutions, Inc.
Statement of Operations
For the period from July 2, 2014 (Inception) to August 15, 2014
      
Operating Expenses     
Professional fees  $8,295 
General and administrative   75,249 
Total Operating Expenses   83,544 
      
LOSS FROM OPERATIONS BEFORE INCOME TAXES   (83,544)
      
      
Provision for Income Taxes   —   
      
NET LOSS  $(83,544)
      
Net Loss Per Share  - Basic and Diluted  $(0.08)
      
Weighted average number of shares outstanding   1,000,000 
  during the period - Basic and Diluted     

 

Integrated Timeshare Solutions, Inc.
Statement of Changes in Stockholders' Equity
For the period from July 2, 2014 (Inception) to August 15, 2014
                
   Common stock  Additional     Total
         paid-in  Accumulated  Stockholders'
   Shares  Amount  capital  Deficit  Equity
                          
Balance July 2, 2014   —     $—     $—     $—     $—   
                          
 Common stock issued for cash   450,000    450    49,550         50,000 
                          
 Common stock issued for services   550,000    550    60,450         61,000 
                          
 Net loss for the period July 2, 2014 (inception) to August 15, 2014   —      —      —      (83,544)   (83,544)
                          
 Balance, August 15, 2014   1,000,000   $1,000   $110,000   $(83,544)  $27,456 

 

Integrated Timeshare Solutions, Inc.
Statement of Cash Flows
For the period from July 2, 2014 (Inception) to August 15, 2014
      
Cash Flows Used in Operating Activities:     
Net Loss  $(83,544)
  Adjustments to reconcile net loss to net cash used in operations     
     Stock issued for services   61,000 
      
  Changes in operating assets and liabilities:     
      (Decrease) Increase in accounts payable and accrued expenses   11,514 
Net Cash Used In Operating Activities   (11,030)
      
Cash Flows From Investing Activities:     
Purchase of computer software   (4,000)
Payment on note receivable- related party   (7,000)
Net Cash Used In Investing Activities   (11,000)
      
Cash Flows From Financing Activities:     
Common stock issued for cash   50,000 
Net Cash Provided by Financing Activities   50,000 
      
Net Increase in Cash   27,970 
      
Cash at Beginning of Period   —   
      
Cash at End of Period  $27,970 
      
Supplemental Disclosure of Cash Flow Information:     
      
Cash paid for interest  $—   
Cash paid for taxes  $—   

 

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

(A) Organization

 

Integrated Timeshare Solutions, Inc. (the "Company") was incorporated under the laws of the State of Nevada on July 2, 2014 as a real estate consulting firm specializing in timeshare liquidation and mortgage relief.

 

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include the valuation of deferred taxes.

 

(C) Cash and Cash Equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At August 15, 2014, the Company had no cash equivalents.

 

(D) Loss Per Share

 

In accordance with the accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share” basic earnings (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has no potentially diluted securities outstanding as of August 15, 2014.

 

(E) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

The net deferred taxes in the accompanying balance sheet includes the following amounts of deferred tax assets and liabilities:

 

   August 15, 2014
      
Deferred tax liability  $—   
Deferred tax asset     
Net Operating Loss Carryforward   31,438 
Valuation Allowance   (31,438)
Net deferred tax asset   —   
Net deferred tax liability   —   
   $—   

 

As of August 15, 2014, the Company has a net operating loss carryforward of approximately $31,438 available to offset future taxable income through August 15, 2034. The valuation allowance was established to reduce the deferred tax asset to the amount that will more likely than not be realized. This is necessary due to the Company’s continued operating losses and the uncertainty of the Company’s ability to utilize all of the net operating loss carryforwards before they will expire through the year 2034. The Company’s federal income tax returns for the period ended August 15, 2014 remain subject to examination by the Internal Revenue Service and State Taxing Authorities as of August 15, 2014.

 

The net change in the valuation allowance for the year ended August 15, 2014 was an increase of $31,438.

 

The components of income tax expense related to continuing operations are as follows:

 

    2014 
Federal     
     Current  $—   
     Deferred   —   
   $—   
State and Local     
     Current  $—   
     Deferred   —   
   $—   

 

The Company's income tax expense differed from the statutory rates (federal 34% and state 4.55%) as follows:

 

   August 15, 2014
      
Statutory rate applied to earnings before income taxes:  $(28,405)
Increase (decrease) in income taxes resulting from:     
     State income taxes   (3,033)
     Change in deferred tax asset valuation allowance   31,438 
Income Tax Expense  $—   

 

(F) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

 

(G) Revenue Recognition

 

The Company will recognize revenue on arrangements in accordance with FASB ASC No. 605, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured.

 

(H) Recent Accounting Pronouncements

 

Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA and the SEC did not, or are not, believed by management to have a material impact on the Company’s present or future financial statements.

 

(I) Website Development Costs

 

The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized and costs incurred in the day to day operation of the website are expensed as incurred. The website development costs will be amortized over 3 years. As of August 15, 2014 the Company recorded $0 in amortization expense.

 

NOTE 2 STOCKHOLDERS’ DEFICIENCY

 

(A) Common Stock

 

The Company is authorized to issue 1,000,000 shares of common stock with a par value of $0.001 per share.

 

On August 7, 2014, the Company issued 450,000 shares of common stock to a founder for cash of $50,000.

 

On August 7, 2014, the Company issued 550,000 shares of common stock to founders for services and contributions of intellectual property. The shares were valued at a recent cash offering price of $0.11 per share with a fair value of $61,000.

 

NOTE 3 COMMITMENTS AND CONTINGENCIES

 

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise that may harm its business. The Company is currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results.

 

NOTE 4 RELATED PARTY TRANSACTIONS

 

On July 2, 2014, the Company loaned $5,000 to a related party. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due October 1, 2015.

 

On August 14, 2014, the Company loaned $2,000 to a related party in exchange for an unsecured, non-interest bearing note, which is due October 1, 2015.

 

NOTE 5 GOING CONCERN

 

As reflected in the accompanying financial statements, the Company used cash in operations of $11,030 and has a net loss of $83,544. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Management believes that actions presently being taken to complete the merger (see Note 6) and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

 

NOTE 6 SUBSEQUENT EVENTS

 

On August 26, 2014, the Company was acquired by Integrated Inpatient Solutions, Inc. (IIS). The Company’s shareholders received 47,278,938 shares of common stock in Integrated Inpatient Solutions, Inc. for 100% of the issued and outstanding shares of the Company and the Company became a wholly owned subsidy of Integrated IIS. The share exchange agreement also contains two milestones that would require ISS to issue an additional 47,278,938 shares if the Company generates a minimum of $7,500,000 in gross revenue in twelve months and a further 47,278,938 if the Company generates a minimum of $10,000,000 in 18 months. If both milestones are met, a total of 94,557,876 shares of common stock of IIS will be issued to the stockholders of the Company.

 

The Company evaluated subsequent events through September 15, 2014, the date the financial statements are available to be issued.

 

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The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p> <p style="margin: 0; text-align: justify">&#160;</p> <p style="margin: 0; text-align: justify">Management believes that actions presently being taken to complete the merger (see Note 6) and implement its strategic plans provide the opportunity for the Company to continue as a going concern.</p> 11030 <p style="margin: 0; text-align: justify; font-weight: bold"><u>NOTE 6</u>&#9;<u>SUBSEQUENT EVENTS</u></p> <p style="margin: 0; text-align: justify">&#160;</p> <p style="margin: 0; text-align: justify">On August 26, 2014, the Company was acquired by Integrated Inpatient Solutions, Inc. (IIS). The Company&#8217;s shareholders received 47,278,938 shares of common stock in Integrated Inpatient Solutions, Inc. for 100% of the issued and outstanding shares of the Company and the Company became a wholly owned subsidy of Integrated IIS. 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3. COMMITMENTS AND CONTINGENCIES
1 Months Ended
Aug. 15, 2014
Commitments and Contingencies Disclosure [Abstract]  
3. COMMITMENTS AND CONTINGENCIES

NOTE 3 COMMITMENTS AND CONTINGENCIES

 

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise that may harm its business. The Company is currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results.

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2. STOCKHOLDERS DEFICIENCY
1 Months Ended
Aug. 15, 2014
Equity [Abstract]  
2. STOCKHOLDERS DEFICIENCY

NOTE 2 STOCKHOLDERS’ DEFICIENCY

 

(A) Common Stock

 

The Company is authorized to issue 1,000,000 shares of common stock with a par value of $0.001 per share.

 

On August 7, 2014, the Company issued 450,000 shares of common stock to a founder for cash of $50,000.

 

On August 7, 2014, the Company issued 550,000 shares of common stock to founders for services and contributions of intellectual property. The shares were valued at a recent cash offering price of $0.11 per share with a fair value of $61,000.

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (USD $)
Aug. 15, 2014
Current Assets  
Cash and cash equivalents $ 27,970
Total Current Assets 27,970
Equipment and software  
Computer software 4,000
Other Assets  
Notes Receivable - related party 7,000
Total Assets 38,970
Current Liabilities  
Accounts Payable and accrued expenses 11,514
Total Liabilities 11,514
Commitments and Contingencies (See Note 3)   
Stockholders' Equity  
Common stock, $0.001 par value; 1,000,000 shares authorized, 1,000,000 shares issued and outstanding 1,000
Additional Paid in Capital 110,000
Accumulated Deficit (83,544)
Total Stockholders' Equity 27,456
Total Liabilities and Stockholders' Equity $ 38,970
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Cash Flows (USD $)
1 Months Ended
Aug. 15, 2014
Cash Flows Used in Operating Activities:  
Net Loss $ (83,544)
Adjustments to reconcile net loss to net cash used in operations  
Stock issued for services 61,000
Changes in operating assets and liabilities:  
(Decrease) Increase in accounts payable and accrued expenses 11,514
Net Cash Used In Operating Activities (11,030)
Cash Flows From Investing Activities:  
Purchase of computer software (4,000)
Payment on note receivable- related party (7,000)
Net Cash Used In Investing Activities (11,000)
Cash Flows From Financing Activities:  
Common stock issued for cash 50,000
Net Cash Provided by Financing Activities 50,000
Net Increase in Cash 27,970
Cash at Beginning of Period   
Cash at End of Period 27,970
Supplemental Disclosure of Cash Flow Information:  
Cash paid for interest   
Cash paid for taxes   
XML 17 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
6. SUBSEQUENT EVENTS (Details Narrative) (USD $)
1 Months Ended
Aug. 15, 2014
Integrated Inpatient Solutions [Member]
 
Shares issued in Acquisition 47,278,938
Milestone 1 [Member]
 
Minimum Revenue Needed for Contingent Share Issuance $ 75,000,000
Months Available to Reach Minimum Revenue 12 months
Contingent Share Issuance, Shares Issued 47,278,938
Milestone 2 [Member]
 
Minimum Revenue Needed for Contingent Share Issuance $ 10,000,000
Months Available to Reach Minimum Revenue 18 months
Contingent Share Issuance, Shares Issued 94,557,876
XML 18 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 19 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
1 Months Ended
Aug. 15, 2014
Accounting Policies [Abstract]  
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

(A) Organization

 

Integrated Timeshare Solutions, Inc. (the "Company") was incorporated under the laws of the State of Nevada on July 2, 2014 as a real estate consulting firm specializing in timeshare liquidation and mortgage relief.

 

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include the valuation of deferred taxes.

 

(C) Cash and Cash Equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At August 15, 2014, the Company had no cash equivalents.

 

(D) Loss Per Share

 

In accordance with the accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share” basic earnings (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has no potentially diluted securities outstanding as of August 15, 2014.

 

(E) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

The net deferred taxes in the accompanying balance sheet includes the following amounts of deferred tax assets and liabilities:

 

   August 15, 2014
      
Deferred tax liability  $—   
Deferred tax asset     
Net Operating Loss Carryforward   31,438 
Valuation Allowance   (31,438)
Net deferred tax asset   —   
Net deferred tax liability   —   
   $—   

 

As of August 15, 2014, the Company has a net operating loss carryforward of approximately $31,438 available to offset future taxable income through August 15, 2034. The valuation allowance was established to reduce the deferred tax asset to the amount that will more likely than not be realized. This is necessary due to the Company’s continued operating losses and the uncertainty of the Company’s ability to utilize all of the net operating loss carryforwards before they will expire through the year 2034. The Company’s federal income tax returns for the period ended August 15, 2014 remain subject to examination by the Internal Revenue Service and State Taxing Authorities as of August 15, 2014.

 

The net change in the valuation allowance for the year ended August 15, 2014 was an increase of $31,438.

 

The components of income tax expense related to continuing operations are as follows:

 

    2014 
Federal     
     Current  $—   
     Deferred   —   
   $—   
State and Local     
     Current  $—   
     Deferred   —   
   $—   

 

The Company's income tax expense differed from the statutory rates (federal 34% and state 4.55%) as follows:

 

   August 15, 2014
      
Statutory rate applied to earnings before income taxes:  $(28,405)
Increase (decrease) in income taxes resulting from:     
     State income taxes   (3,033)
     Change in deferred tax asset valuation allowance   31,438 
Income Tax Expense  $—   

 

(F) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

 

(G) Revenue Recognition

 

The Company will recognize revenue on arrangements in accordance with FASB ASC No. 605, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured.

 

(H) Recent Accounting Pronouncements

 

Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA and the SEC did not, or are not, believed by management to have a material impact on the Company’s present or future financial statements.

 

(I) Website Development Costs

 

The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized and costs incurred in the day to day operation of the website are expensed as incurred. The website development costs will be amortized over 3 years. As of August 15, 2014 the Company recorded $0 in amortization expense.

XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (Parenthetical) (USD $)
Aug. 15, 2014
Statement of Financial Position [Abstract]  
Common Stock Par Value $ 0.001
Common Stock Shares Authorized 1,000,000
Common Stock Shares Issued 1,000,000
Common Stock Shares Outstanding 1,000,000
XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION - Income Tax Rate Reconciliation (Details) (USD $)
Aug. 15, 2014
Accounting Policies [Abstract]  
Statutory rate applied to earnings before income taxes: $ (28,405)
Increase (decrease) in income taxes resulting from:  
State income taxes (3,033)
Change in deferred tax asset valuation allowance 31,438
Income Tax Expense   
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
1 Months Ended
Aug. 15, 2014
Document And Entity Information  
Entity Registrant Name Integrated Inpatient Solutions, Inc.
Entity Central Index Key 0001174672
Document Type 8-K
Document Period End Date Aug. 15, 2014
Amendment Flag true
Amendment Description Amendment to 8-K filed August 29, 2014 to file financial statements.
Current Fiscal Year End Date --12-31
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? No
Is Entity's Reporting Status Current? No
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 1,000,000
Document Fiscal Year Focus 2014
XML 23 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) (USD $)
1 Months Ended
Aug. 15, 2014
Accounting Policies [Abstract]  
Net Operating Loss Carryforward $ 31,438
Net Change in the Valuation Allowance 31,438
Federal Income Tax Rate 34.00%
State Income Tax Rate 4.55%
Amortization Expense $ 0
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Statements of Operations (USD $)
1 Months Ended
Aug. 15, 2014
Operating Expenses  
Professional fees $ 8,295
General and administrative 75,249
Total Operating Expenses 83,544
LOSS FROM OPERATIONS BEFORE INCOME TAXES (83,544)
Provision for Income Taxes   
NET LOSS $ (83,544)
Net Loss Per Share - Basic and Diluted $ (0.08)
Weighted average number of shares outstanding during the period - Basic and Diluted 1,000,000
XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
6. SUBSEQUENT EVENTS
1 Months Ended
Aug. 15, 2014
Subsequent Events [Abstract]  
6. SUBSEQUENT EVENTS

NOTE 6 SUBSEQUENT EVENTS

 

On August 26, 2014, the Company was acquired by Integrated Inpatient Solutions, Inc. (IIS). The Company’s shareholders received 47,278,938 shares of common stock in Integrated Inpatient Solutions, Inc. for 100% of the issued and outstanding shares of the Company and the Company became a wholly owned subsidy of Integrated IIS. The share exchange agreement also contains two milestones that would require ISS to issue an additional 47,278,938 shares if the Company generates a minimum of $7,500,000 in gross revenue in twelve months and a further 47,278,938 if the Company generates a minimum of $10,000,000 in 18 months. If both milestones are met, a total of 94,557,876 shares of common stock of IIS will be issued to the stockholders of the Company.

 

The Company evaluated subsequent events through September 15, 2014, the date the financial statements are available to be issued.

XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
5. GOING CONCERN
1 Months Ended
Aug. 15, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
5. GOING CONCERN

NOTE 5 GOING CONCERN

 

As reflected in the accompanying financial statements, the Company used cash in operations of $11,030 and has a net loss of $83,544. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Management believes that actions presently being taken to complete the merger (see Note 6) and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

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2. STOCKHOLDERS DEFICIENCY (Details Narrative) (USD $)
1 Months Ended
Aug. 15, 2014
Equity [Abstract]  
Common Stock Par Value $ 0.001
Common Stock Shares Authorized 1,000,000
Common stock issued for cash, Shares 450,000
Common stock issued for cash, Amount $ 50,000
Common stock issued for services, Shares 550,000
Common stock issued for services, Amount $ 61,000
Common stock issued for services, Offering Price $ 0.11
XML 29 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION - Net Deferred Taxes (Details) (USD $)
Aug. 15, 2014
Accounting Policies [Abstract]  
Deferred tax liability   
Deferred tax asset  
Net Operating Loss Carryforward 31,438
Valuation Allowance (31,438)
Net deferred tax asset   
Net deferred tax liability   
XML 30 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)
1 Months Ended
Aug. 15, 2014
Accounting Policies [Abstract]  
(A) Organization

(A) Organization

 

Integrated Timeshare Solutions, Inc. (the "Company") was incorporated under the laws of the State of Nevada on July 2, 2014 as a real estate consulting firm specializing in timeshare liquidation and mortgage relief.

(B) Use of Estimates

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include the valuation of deferred taxes.

(C) Cash and Cash Equivalents

(C) Cash and Cash Equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At August 15, 2014, the Company had no cash equivalents.

(D) Loss Per Share

(D) Loss Per Share

 

In accordance with the accounting guidance now codified as FASB ASC Topic 260, “Earnings per Share” basic earnings (loss) per share is computed by dividing net income (loss) by weighted average number of shares of common stock outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has no potentially diluted securities outstanding as of August 15, 2014.

(E) Income Taxes

(E) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

The net deferred taxes in the accompanying balance sheet includes the following amounts of deferred tax assets and liabilities:

 

   August 15, 2014
      
Deferred tax liability  $—   
Deferred tax asset     
Net Operating Loss Carryforward   31,438 
Valuation Allowance   (31,438)
Net deferred tax asset   —   
Net deferred tax liability   —   
   $—   

 

As of August 15, 2014, the Company has a net operating loss carryforward of approximately $31,438 available to offset future taxable income through August 15, 2034. The valuation allowance was established to reduce the deferred tax asset to the amount that will more likely than not be realized. This is necessary due to the Company’s continued operating losses and the uncertainty of the Company’s ability to utilize all of the net operating loss carryforwards before they will expire through the year 2034. The Company’s federal income tax returns for the period ended August 15, 2014 remain subject to examination by the Internal Revenue Service and State Taxing Authorities as of August 15, 2014.

 

The net change in the valuation allowance for the year ended August 15, 2014 was an increase of $31,438.

 

The components of income tax expense related to continuing operations are as follows:

 

    2014 
Federal     
     Current  $—   
     Deferred   —   
   $—   
State and Local     
     Current  $—   
     Deferred   —   
   $—   

 

The Company's income tax expense differed from the statutory rates (federal 34% and state 4.55%) as follows:

 

   August 15, 2014
      
Statutory rate applied to earnings before income taxes:  $(28,405)
Increase (decrease) in income taxes resulting from:     
     State income taxes   (3,033)
     Change in deferred tax asset valuation allowance   31,438 
Income Tax Expense  $—   
(F) Business Segments

(F) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

(G) Revenue Recognition

(G) Revenue Recognition

 

The Company will recognize revenue on arrangements in accordance with FASB ASC No. 605, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured.

(H) Recent Accounting Pronouncements

(H) Recent Accounting Pronouncements

 

Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA and the SEC did not, or are not, believed by management to have a material impact on the Company’s present or future financial statements.

(I) Website Development Costs

(I) Website Development Costs

 

The Company accounts for website development costs in accordance with Accounting Standards Codification 350-50 “Website Development Costs”. Accordingly, all costs incurred in the planning stage are expensed as incurred, costs incurred in the website application and infrastructure development stage that meet specific criteria are capitalized and costs incurred in the day to day operation of the website are expensed as incurred. The website development costs will be amortized over 3 years. As of August 15, 2014 the Company recorded $0 in amortization expense.

XML 31 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Tables)
1 Months Ended
Aug. 15, 2014
Accounting Policies [Abstract]  
Net Deferred Taxes
   August 15, 2014
      
Deferred tax liability  $—   
Deferred tax asset     
Net Operating Loss Carryforward   31,438 
Valuation Allowance   (31,438)
Net deferred tax asset   —   
Net deferred tax liability   —   
   $—   
Components of Income Tax Expense
    2014 
Federal     
     Current  $—   
     Deferred   —   
   $—   
State and Local     
     Current  $—   
     Deferred   —   
   $—   
Income Tax Rate Reconciliation
   August 15, 2014
      
Statutory rate applied to earnings before income taxes:  $(28,405)
Increase (decrease) in income taxes resulting from:     
     State income taxes   (3,033)
     Change in deferred tax asset valuation allowance   31,438 
Income Tax Expense  $—   
XML 32 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION - Components of Income Tax Expense (Details) (USD $)
1 Months Ended
Aug. 15, 2014
Federal  
Current   
Deferred   
State and Local  
Current   
Deferred   
XML 33 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
5. GOING CONCERN (Details Narrative) (USD $)
1 Months Ended
Aug. 15, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Cash Used in Operations $ 11,030
Net Loss $ (83,544)
XML 34 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholders Equity (USD $)
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
Beginning Balance, Amount at Jul. 01, 2014            
Beginning Balance, Shares at Jul. 01, 2014         
Common stock issued for cash, Shares 450,000     450,000
Common stock issued for cash, Amount 450 49,550   50,000
Common stock issued for services, Shares 550,000     550,000
Common stock issued for services, Amount 550 60,450   61,000
Net Loss       (83,544) (83,544)
Ending Balance, Amount at Aug. 15, 2014 $ 1,000 $ 110,000 $ (83,544) $ 27,456
Ending Balance, Shares at Aug. 15, 2014 1,000,000      
XML 35 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
4. RELATED PARTY TRANSACTIONS
1 Months Ended
Aug. 15, 2014
Related Party Transactions [Abstract]  
4. RELATED PARTY TRANSACTIONS

NOTE 4 RELATED PARTY TRANSACTIONS

 

On July 2, 2014, the Company loaned $5,000 to a related party. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due October 1, 2015.

 

On August 14, 2014, the Company loaned $2,000 to a related party in exchange for an unsecured, non-interest bearing note, which is due October 1, 2015.

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4. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)
Aug. 14, 2014
Jul. 01, 2014
Related Party Transactions [Abstract]    
Loan to Related Party $ 2,000 $ 5,000