UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act Of 1934
For the quarterly period ended September 30, 2017
o Transition Report Under Section 13 or 15(d) of the Securities Exchange Act Of 1934
For the transition period from __________ to __________
Commission File Number: 000-52828
DIGITAL DEVELOPMENT PARTNERS, INC.
(Exact name of registrant as specified in its charter)
NEVADA | 98-0521119 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
17800 Castleton St., Suite 300
City
of Industry, CA 91748
(Address of principal executive offices, including Zip Code)
(626) 581-3335
(Issuer’s telephone number, including area code)
(Former name or former address if changed since last report)
Check whether the issuer (1) has filed all reports required to be filed by section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | x |
Emerging growth company | ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 85,970,665 shares of common stock as of November 14, 2017.
Digital Development Partners, Inc.
Balance Sheets
(Unaudited)
September 30, | December 31, | ||||||||||
2017 | 2016 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash | $ | 395 | $ | 14,513 | |||||||
Total current assets | 395 | 14,513 | |||||||||
Total Assets | $ | 395 | $ | 14,513 | |||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||||||
Current Liabilities | |||||||||||
Accounts Payable | 177,075 | 152,217 | |||||||||
Related party loan payable | 683,750 | 650,000 | |||||||||
Total current liabilities | 860,825 | 802,217 | |||||||||
Total Liabilities | 860,825 | 802,217 | |||||||||
Stockholders' Deficit | |||||||||||
Common Stock, $0.001 par value; authorized 225,000,000 shares; issued and outstanding 85,970,665 shares at September 30, 2017, and December 31, 2016 | 85,971 | 85,971 | |||||||||
Additional Paid-In Capital | 7,488,946 | 7,488,946 | |||||||||
Accumulated Deficit | (8,435,347 | ) | (8,362,621 | ) | |||||||
Total Stockholders' Deficit | (860,430 | ) | (787,704 | ) | |||||||
Total Liabilities and Stockholders' Deficit | $ | 395 | $ | 14,513 |
The accompanying notes are an integral part of these unaudited financial statements.
2
DIGITAL DEVELOPMENT PARTNERS, INC.
Statements of Operations
(Unaudited)
For the | For the | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Operating Expenses | ||||||||||||||||
General and administrative expenses | $ | 13,227 | $ | 19,700 | $ | 47,659 | $ | 57,814 | ||||||||
Loss from Operations | (13,227 | ) | (19,700 | ) | (47,659 | ) | (57,814 | ) | ||||||||
Interest Expense | (8,488 | ) | (7,803 | ) | (25,067 | ) | (22,516 | ) | ||||||||
Net Loss | $ | (21,715 | ) | $ | (27,503 | ) | $ | (72,726 | ) | $ | (80,330 | ) | ||||
Loss Per Common Share: | ||||||||||||||||
Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
Weighted Average Shares Outstanding, | ||||||||||||||||
Basic and Diluted: | 85,970,665 | 85,970,665 | 85,970,665 | 85,970,665 |
The accompanying notes are an integral part of these unaudited financial statements.
3
DIGITAL DEVELOPMENT PARTNERS, INC.
Statements of Cash Flows
(Unaudited)
For the | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (72,726 | ) | $ | (80,330 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Changes in operating assets and liabilities: | ||||||||
Accounts payable, accrued liabilities | 24,858 | 17,805 | ||||||
Net cash used in operating activities | (47,868 | ) | (62,525 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds of loans - Related Party | 33,750 | 70,000 | ||||||
Net cash provided by financing activities | 33,750 | 70,000 | ||||||
Net increase (decrease) in cash | (14,118 | ) | 7,474 | |||||
Cash, beginning of the period | 14,513 | 12,455 | ||||||
Cash, end of the period | $ | 395 | $ | 19,930 | ||||
Supplemental cash flow disclosure: | ||||||||
Interest paid | $ | - | $ | - | ||||
Taxes paid | $ | - | $ | - |
The accompanying notes are an integral part of these unaudited financial statements.
4
DIGITAL DEVELOPMENT PARTNERS INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. Basis of Presentation and Nature of Operations
The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information required by GAAP for complete annual financial statement presentation.
These unaudited interim financial statements, as of September 30, 2017 and for the nine months ended September 30, 2017 and 2016, reflect all adjustments consisting of normal recurring adjustments, which, in the opinion of management, are necessary to fairly present the Company’s financial position and the results of its operations for the periods presented, in accordance with the accounting principles generally accepted in the United States of America. Operating results for the nine months ended September 30, 2017, are not necessarily indicative of the results to be expected for other interim periods or for the full year ending December 31, 2017. These unaudited interim financial statements should be read in conjunction with the financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities Exchange Commission.
2. Going Concern
The Company’s unaudited interim financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company also has a working capital deficit as of September 30, 2017. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
The Company’s capital requirements will depend on many factors, including the success of the Company’s researching for new markets. The Company plans to continue financing its operations with cash received from financing activities, more specifically from related party loans.
While the Company strongly believes that its capital resources will be sufficient in the near term, there is no assurance that the Company’s future activities will generate sufficient revenues to sustain its operations without additional capital or if additional capital is needed, that such funds, if available, will be obtainable on terms satisfactory to the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
5
3. Related Party Transactions
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Loan payable to related party – EFT Holdings, Inc. | $ | 683,750 | $ | 650,000 |
As of September 30, 2017 the Company owed EFT Holdings Inc., a Company with common officers, $683,750. Advances of $33,750 were received from EFT Holdings during the nine months ended September 30, 2017. With the exceptions of the recent $33,750 advances, all amounts due EFT Holdings bear interest at 5% per year, are unsecured and are due on demand. The $33,750 loaned during the nine months ended September 30, 2017 bears interest at 5% per year, is due in twelve months, and is secured by all of the Company’s future income and receivables.
6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation
On February 18, 2010 the Company’s directors approved an agreement between the Company and EFT Holdings, Inc., (“EFT”), whereby EFT agreed to assign its worldwide distribution and servicing rights to a product known as the “EFT-Phone” in exchange for 79,265,000 shares of the Company’s common stock.
EFT markets its products through a direct sales organization. Once a customer of EFT’s makes a minimum purchase of $600 (plus $60 for shipping and handling fees), the customer becomes an “affiliate”.
The EFT-Phone is a cell phone which uses the Android Operating System. The phone is manufactured by an unrelated third party. The EFT-Phone has an application that allows EFT’s affiliate base to access all of their back office sites including their Funds Management Account where the affiliate is able to deposit, withdraw and transfer money to another EFT account or to another EFT Affiliate at no cost for the transfer. The EFT-Phone has educational applications and PowerPoint presentation capability for training new affiliates anywhere in the world.
The worldwide distribution and servicing rights to the EFT-Phone include the right to sell the EFT-Phone to EFT’s affiliates and others. Servicing includes the collection of service fees for all EFT-Phones worldwide, including monthly fees, usage fees, as well as call forwarding, call waiting, text messaging and video fees. The Company also acquired the rights to distribute all EFT-Phone accessories.
Results of Operations
The Company did not receive any orders for the EFT phone during the year ended December 31, 2016 or the nine months ended September 30, 2017. The Company has been advised by EFT that due to a significant drop in demand for the EFT phone, EFT has not placed any new orders with the Company. It is the Company’s understanding that EFT has inventory previously purchased from the Company and until sales increase, EFT will not be placing any new orders from the Company. The Company is very concerned regarding this news and is investigating other sources of revenue to mitigate its lack of revenue.
Other than the foregoing, the Company does not know of any trends, events or uncertainties that will have, or are reasonably expected to have, a material impact on sales, revenues, expenses or results of operations.
Liquidity and Capital Resources
The Company does not have any firm commitments from any person to provide the Company with any additional capital. While the Company strongly believes that its capital resources will be sufficient in the near term, there is no assurance that the Company’s activities will generate sufficient revenues to sustain its operations without additional capital or if additional capital is needed, that such funds, if available, will be obtainable on terms satisfactory to the Company.
7
Item 4. Controls and Procedures.
(a) The Company maintains a system of controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (“1934 Act”), is recorded, processed, summarized and reported, within time periods specified in the SEC's rules and forms and to ensure that information required to be disclosed by the Company in the reports that it files or submits under the 1934 Act, is accumulated and communicated to the Company’s management, including its Principal Executive and Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of September 30, 2017, the Company’s Principal Executive and Financial Officer evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on that evaluation, the Principal Executive and Financial Officer concluded that the Company’s disclosure controls and procedures were not effective.
(b) Changes in Internal Control. There were no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2017, that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.
PART II
Item 6. Exhibits
Exhibits
31.1 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certification pursuant to Section 906 of the Sarbanes-Oxley Act. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
101.LAB | XBRL Taxonomy Extension Label Linkbase |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
8
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DIGITAL DEVELOPMENT PARTNERS, INC. | ||
November 14, 2017 | By: | /s/ Jack Jie Qin |
Jack Jie Qin, Principal Executive Officer | ||
By: | /s/ William E. Sluss | |
William E. Sluss, Principal Financial and Accounting Officer |
9
EXHIBIT 31.1
CERTIFICATIONS
I, Jack Jie Qin, certify that;
1. I have reviewed this quarterly report on Form 10-Q of Digital Development Partners, Inc.;
2. Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of condensed financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
November 14, 2017 | By: | /s/ Jack Jie Qin |
Jack Jie Qin, | ||
Principal Executive Officer |
EXHIBIT 31.2
CERTIFICATIONS
I, William E. Sluss, certify that;
1. I have reviewed this quarterly report on Form 10-Q of Digital Development Partners, Inc.;
2. Based on my knowledge, this report, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of condensed financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
November 14, 2017 | By: | /s/ William E. Sluss |
William E. Sluss, | ||
Principal Financial Officer |
EXHIBIT 32
In connection with the Quarterly Report of Digital Development Partners, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2017 as filed with the Securities and Exchange Commission (the “Report”), Jack Jie Qin, the Principal Executive Officer and William E. Sluss, the Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of their knowledge:
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects the financial condition and results of the Company. |
November 14, 2017 | By: | /s/ Jack Jie Qin |
Jack Jie Qin, Principal Executive Officer | ||
By: | /s/ William E. Sluss | |
William E. Sluss, Principal Financial Officer |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Nov. 14, 2017 |
|
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Digital Development Partners, Inc. | |
Entity Central Index Key | 0001409999 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | DGDM | |
Entity Common Stock, Shares Outstanding | 85,970,665 |
Balance Sheets - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Current Assets | ||
Cash | $ 395 | $ 14,513 |
Total current assets | 395 | 14,513 |
Total Assets | 395 | 14,513 |
Current Liabilities | ||
Accounts Payable | 177,075 | 152,217 |
Related party loan payable | 683,750 | 650,000 |
Total current liabilities | 860,825 | 802,217 |
Total Liabilities | 860,825 | 802,217 |
Stockholders' Deficit | ||
Common Stock, $0.001 par value; authorized 225,000,000 shares; issued and outstanding 85,970,665 shares at September 30, 2017, and December 31, 2016 | 85,971 | 85,971 |
Additional Paid-In Capital | 7,488,946 | 7,488,946 |
Accumulated Deficit | (8,435,347) | (8,362,621) |
Total Stockholders' Deficit | (860,430) | (787,704) |
Total Liabilities and Stockholders' Deficit | $ 395 | $ 14,513 |
Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 225,000,000 | 225,000,000 |
Common Stock, Shares, Issued | 85,970,665 | 85,970,665 |
Common Stock, Shares, Outstanding | 85,970,665 | 85,970,665 |
Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Operating Expenses | ||||
General and administrative expenses | $ 13,227 | $ 19,700 | $ 47,659 | $ 57,814 |
Loss from Operations | (13,227) | (19,700) | (47,659) | (57,814) |
Interest Expense | (8,488) | (7,803) | (25,067) | (22,516) |
Net Loss | $ (21,715) | $ (27,503) | $ (72,726) | $ (80,330) |
Loss Per Common Share: | ||||
Basic and Diluted | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
Weighted Average Shares Outstanding, | ||||
Basic and Diluted: | 85,970,665 | 85,970,665 | 85,970,665 | 85,970,665 |
Statement of Cash Flows - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Cash flows from operating activities: | ||
Net loss | $ (72,726) | $ (80,330) |
Changes in operating assets and liabilities: | ||
Accounts payable, accrued liabilities | 24,858 | 17,805 |
Net cash used in operating activities | (47,868) | (62,525) |
Cash flows from financing activities: | ||
Proceeds of loans - Related Party | 33,750 | 70,000 |
Net cash provided by financing activities | 33,750 | 70,000 |
Net increase (decrease) in cash | (14,118) | 7,474 |
Cash, beginning of the period | 14,513 | 12,455 |
Cash, end of the period | 395 | 19,930 |
Supplemental cash flow disclosure: | ||
Interest paid | 0 | 0 |
Taxes paid | $ 0 | $ 0 |
Basis of Presentation and Nature of Operations |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation and Nature of Operations The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information required by GAAP for complete annual financial statement presentation. These unaudited interim financial statements, as of September 30, 2017 and for the nine months ended September 30, 2017 and 2016, reflect all adjustments consisting of normal recurring adjustments, which, in the opinion of management, are necessary to fairly present the Company’s financial position and the results of its operations for the periods presented, in accordance with the accounting principles generally accepted in the United States of America. Operating results for the nine months ended September 30, 2017, are not necessarily indicative of the results to be expected for other interim periods or for the full year ending December 31, 2017. These unaudited interim financial statements should be read in conjunction with the financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities Exchange Commission. |
Going Concern |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 | ||
Going Concern Disclosure [Abstract] | ||
Substantial Doubt about Going Concern [Text Block] | 2. Going Concern The Company’s unaudited interim financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company also has a working capital deficit as of September 30, 2017. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s capital requirements will depend on many factors, including the success of the Company’s researching for new markets. The Company plans to continue financing its operations with cash received from financing activities, more specifically from related party loans. While the Company strongly believes that its capital resources will be sufficient in the near term, there is no assurance that the Company’s future activities will generate sufficient revenues to sustain its operations without additional capital or if additional capital is needed, that such funds, if available, will be obtainable on terms satisfactory to the Company. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Related Party Transactions |
9 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||
Related Party Transactions Disclosure [Text Block] | 3. Related Party Transactions
As of September 30, 2017 the Company owed EFT Holdings Inc., a Company with common officers, $683,750. Advances of $33,750 were received from EFT Holdings during the nine months ended September 30, 2017. With the exceptions of the recent $33,750 advances, all amounts due EFT Holdings bear interest at 5% per year, are unsecured and are due on demand. The $33,750 loaned during the nine months ended September 30, 2017 bears interest at 5% per year, is due in twelve months, and is secured by all of the Company’s future income and receivables. |
Related Party Transactions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] |
|
Related Party Transactions (Details) - USD ($) |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Related Party Transaction [Line Items] | ||
Loan payable to related party - EFT Holdings, Inc. | $ 683,750 | $ 650,000 |
Related Party Transactions (Details Textual) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Related Party Transaction [Line Items] | ||
Proceeds from Related Party Debt | $ 33,750 | $ 70,000 |
EFT Holdings, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Related Parties | 683,750 | |
EFT Holdings, Inc [Member] | Unsecured Debt [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds from Related Party Debt | $ 33,750 | |
Debt Instrument, Interest Rate During Period | 5.00% | |
EFT Holdings, Inc [Member] | Secured Debt [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds from Related Party Debt | $ 33,750 | |
Debt Instrument, Interest Rate During Period | 5.00% | |
Debt Instrument, Term | 12 months |
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