JERRICK MEDIA HOLDINGS, INC., 10-K filed on 4/15/2013
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2012
Mar. 31, 2013
Jun. 30, 2012
Document and Entity Information
 
 
 
Entity Registrant Name
LILM, Inc. 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2012 
 
 
Amendment Flag
false 
 
 
Entity Central Index Key
0001357671 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Common Stock, Shares Outstanding
 
2,633,750 
 
Entity Filer Category
Smaller Reporting Company 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Well-known Seasoned Issuer
No 
 
 
Document Fiscal Year Focus
2012 
 
 
Document Fiscal Period Focus
FY 
 
 
Entity Public Float
 
 
$ 187,569 
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
Cash
$ 447 
    
Inventory
1,168 
2,454 
Total Current Assets
1,615 
2,454 
Equipment-Production Mold, Net
1,020 
1,360 
Total Assets
2,635 
3,814 
Accounts Payable and Accrued Expenses
33,355 
20,874 
Note Payable- Related Party
52,756 
46,153 
Total Current Liabilities
86,111 
67,027 
Common Stock 25,000,000 shares authorized at $0.001 par value; 2,633,750 shares issued and outstanding
2,634 
2,634 
Capital in excess of par value
147,561 
147,561 
Accumulated deficit during development stage
(233,671)
(213,408)
Total Stockholders' Deficiency
(83,476)
(63,213)
Total Liabilities and Stockholders' Deficiency
$ 2,635 
$ 3,814 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 1999
Common stock par value
$ 0.001 
$ 0.001 
$ 0.001 
Common stock shares authorized
25,000,000 
25,000,000 
25,000,000 
Common stock shares issued
2,633,750 
2,633,750 
 
Common stock shares outstanding
2,633,750 
2,633,750 
 
CONSOLIDATED STATEMENT OF OPERATIONS (USD $)
Share data in Thousands, unless otherwise specified
12 Months Ended 188 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Sales
$ 19,177 
$ 19,747 
$ 68,768 
Cost of Goods Sold
1,870 
2,526 
4,396 
Gross Profit
17,307 
17,221 
64,372 
General and administrative
35,130 
28,453 
266,125 
Royalties
198 
253 
686 
Depreciation and amortization
340 
340 
29,330 
Total Expenses
35,668 
29,046 
296,141 
Interest expense
1,902 
 
1,902 
Total Other Expense
1,902 
 
1,902 
Net Loss
$ (20,263)
$ (11,825)
$ (233,671)
Basic and diluted
   
   
 
Basic and diluted (stated in 1000's)
2,634 
2,634 
 
STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
Common Stock
Capital in Excess of Par Value
Accumulated Deficit during Development Stage
Total
Balance at Dec. 29, 1999
 
$ 51,977 
$ (51,977)
 
Issuance of common shares for cash and a patent at .0129-December 30, 1999
1,000 
11,963 
 
12,963 
Issuance of common shares for cash and a patent at .0129-December 30, 1999 - Shares
1,000,000 
 
 
 
Net operating loss
 
 
(8,867)
(8,867)
Balance at Dec. 31, 2000
   
   
   
   
Balance - Shares (end} at Dec. 31, 2000
   
   
   
   
Issuance of common shares for cash at .025-June 27, 2001
800 
19,200 
 
20,000 
Issuance of common shares for cash at .025-June 27, 2001 - Shares
800,000 
 
 
 
Issuance of common shares for cash at .025-August 31, 2001
20 
480 
 
500 
Issuance of common shares for cash at .025-August 31, 2001 - Shares
20,000 
 
 
 
Stock offering costs
 
(375)
 
(375)
Capital contribution- related party
 
100 
 
100 
Net operating loss
 
 
(13,537)
(13,537)
Balance at Dec. 31, 2001
   
   
   
   
Balance - Shares (end} at Dec. 31, 2001
   
   
   
   
Stock offering costs
 
(2,500)
 
(2,500)
Net operating loss
 
 
(13,858)
(13,858)
Balance at Dec. 31, 2002
   
   
   
   
Balance - Shares (end} at Dec. 31, 2002
   
   
   
   
Stock offering costs
 
(6,070)
 
(6,070)
Issuance of common shares for cash at .08 Feb 20 2003
764 
60,336 
 
61,100 
Issuance of common shares for cash at .08 Feb 20 2003 - Shares
763,750 
 
 
 
Net operating loss
 
 
(18,081)
(18,081)
Balance at Dec. 31, 2003
   
   
   
   
Balance - Shares (end} at Dec. 31, 2003
   
   
   
   
Net operating loss
 
 
(1,731)
(1,731)
Balance at Dec. 31, 2004
   
   
   
   
Balance - Shares (end} at Dec. 31, 2004
   
   
   
   
Net operating loss
 
 
(12,692)
(12,692)
Balance at Dec. 31, 2005
   
   
   
   
Balance - Shares (end} at Dec. 31, 2005
   
   
   
   
Net operating loss
 
 
(15,821)
(15,821)
Balance at Dec. 31, 2006
   
   
   
   
Balance - Shares (end} at Dec. 31, 2006
   
   
   
   
Net operating loss
 
 
(19,881)
(19,881)
Balance at Dec. 31, 2007
   
   
   
   
Balance - Shares (end} at Dec. 31, 2007
   
   
   
   
Net operating loss
 
 
(14,674)
(14,674)
Balance at Dec. 31, 2008
   
   
   
   
Balance - Shares (end} at Dec. 31, 2008
   
   
   
   
Issuance of common shares for cash at .25 Nov 03 2009
20 
4,980 
 
5,000 
Issuance of common shares for cash at .25 Nov 03 2009 - Shares
20,000 
 
 
 
Net operating loss
 
 
(16,971)
(16,971)
Balance at Dec. 31, 2009
   
   
   
   
Balance - Shares (end} at Dec. 31, 2009
   
   
   
   
Issuance of common shares for cash at .25 Apr 06 10
20 
4,980 
 
5,000 
Issuance of common shares for cash at .25 Apr 06 10 - Shares
20,000 
 
 
 
Issuance of common shares for cash at .25 Jun 29 10
10 
2,490 
 
2,500 
Issuance of common shares for cash at .25 Jun 29 10 - Shares
10,000 
 
 
 
Net operating loss
 
 
(13,493)
(13,493)
Balance - Shares (end} at Dec. 31, 2010
 
   
   
   
Net operating loss
 
 
(11,825)
(11,825)
Balance at Dec. 31, 2011
2,634 
147,561 
(213,408)
(63,213)
Balance - Shares (end} at Dec. 31, 2011
2,633,750 
 
 
 
Net operating loss
 
 
(20,263)
(20,263)
Balance at Dec. 31, 2012
$ 2,634 
$ 147,561 
$ (233,671)
$ (83,476)
Balance - Shares (end} at Dec. 31, 2012
2,633,750 
 
 
 
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical)
12 Months Ended
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2003
Dec. 31, 2001
Dec. 31, 2000
Issuance of common shares for cash and a patent at December 30, 1999 - price per share
 
 
 
 
$ 0.0129 
Issuance of common shares for cash at June 27, 2001 - price per share
 
 
 
$ 0.0250 
 
Inssuance of common shares for cash at August 31, 2001 - price per share
 
 
 
$ 0.0250 
 
Issuance of common shares for cash at Feb 20 2003 - price per share
 
 
$ 0.0800 
 
 
Issuance of common shares for cash at Nov 03 2009 - price per share
 
$ 0.2500 
 
 
 
Issuance of common shares for cash at Apr 06 10 - price per share
$ 0.2500 
 
 
 
 
Issuance of common shares for cash at Jun 29 10 - price per share
$ 0.2500 
 
 
 
 
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
12 Months Ended 188 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Net Loss
$ (20,263)
$ (11,825)
$ (233,671)
Contributions to capital - expenses paid by shareholders
5,290 
13,534 
18,924 
Issuance of common stock for expenses
 
 
8,700 
Depreciation and amortization
340 
340 
29,330 
Change in inventory
1,286 
536 
(1,168)
Change in accounts payable and accrued expenses
12,481 
(10,430)
30,134 
Net Cash Flows (Used in) Operations
(866)
(7,845)
(147,751)
Purchase of patent
 
 
(28,650)
Purchase of Equipment-Production Mold
 
 
(1,700)
Purchase office equipment
 
 
(2,096)
Net Cash Flows (Used in) Investing Activities
 
 
(32,446)
Notes Payable from related party
2,100 
8,655 
45,218 
Payments to related party
(787)
(810)
(11,286)
Proceeds from issuance of common stock
 
 
146,712 
Net Cash Flows provided by Financing Activities
1,313 
7,845 
180,644 
Net Change in Cash
447 
 
447 
Cash at Beginning of Period
   
   
   
Cash at End of Period
447 
   
447 
Issuance of 922,900 common shares for a patent- 2000
 
 
$ 11,963 
1. Organization
1. Organization

1.  ORGANIZATION

 

The Company was incorporated under the laws of the state of Nevada on December 30, 1999 with authorized common stock of 25,000,000 shares with a par value of $0.001.

 

The principal business activity of the Company is to manufacture and market the LiL Marc urinal used in the training of young boys.

 

During January 2005 the Company organized LiL Marc, Inc., in the state of Utah, and transferred all its assets, liabilities, and operations to LiL Marc Inc. in exchange for all of the outstanding stock of LiL Marc, Inc. for the purpose of continuing the operations in the subsidiary.

 

LiL Marc, Inc. (predecessor) was incorporated under the laws of the state of Nevada on April 22, 1997 for the purpose of marketing and sales of the LiL Marc training urinal for use by young boys. The marketing and sales activity was transferred to LILM, Inc. on December 30, 1999.

 

Included in the following financial statements are the combined statements of operations of LIL Marc, Inc. (predecessor) for the period April 22, 1997 to December 30, 1999 and LILM, Inc., and its subsidiary, for the period December 30, 1999 to December 31, 2012.

 

The accompanying balance sheet of LILM, Inc and Subsidiary and LiL Marc, Inc. (predecessor) (development stage company) as of the December 31, 2012 and related statements of operations for the year ended December 31, 2012 and 2011 and the period April 22, 1997 ( date of inception of predecessor) to December 31, 2012, and related statements of cash flows for the year ended December 31,2012 and 2011 and the period April 22, 1997 (date of inception of predecessor) to December 31, 2012, have been prepared in accordance with the requirements for conformity with accounting principles generally accepted in the United States of America.

2. Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies

 

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Accounting Method

 

The Company recognizes income and expenses based on the accrual method of accounting.

 

Dividend Policy

 

The Company has not yet adopted a policy regarding payment of dividends.

 

Income Taxes

 

The Company utilizes the liability method of accounting for income taxes.  Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse.  An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.

 

Cash and Cash Equivalents

 

Cash and cash equivalents consist of cash in banks and highly liquid investments with original maturities of three months or less at the date of acquisition.

 

Long-lived Assets

 

The Company reviews its long-lived assets and intangibles periodically to determine potential impairment by comparing the carrying value of the long-lived assets with the estimated future cash flows expected to result from the use of the assets, including cash flows from disposition. Should the sum of the expected future cash flows be less than the carrying value, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived assets and intangibles. To date, management has determined that no impairment of long-lived assets exists.

 

Revenue Recognition

 

Revenue is recognized upon the completion of the sale and shipment of the training urinal product. The product is sold via the internet and is delivered to customers or to wholesale resellers using a ground courier service.

 

Advertising and Market Development

 

The company expenses advertising and market development costs as incurred. The Company incurred $0 in advertising and market development costs for the years ended December 31, 2012 and 2011.

 

Financial Instruments

 

The carrying amounts of financial instruments, including cash and accounts payable, are considered by management to be their estimated fair values due to their short term maturities.

 

Basic and Diluted Net Income (Loss) Per Share

 

Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same. As of December 31, 2012 and 2011, there were no common stock equivalents outstanding.

 

Financial and Concentrations Risk

 

The Company does not have any concentration or related financial credit risk.

 

Estimates and Assumptions

 

Management uses estimates and assumptions in preparing financial statements in accordance with accounting principles generally accepted in the United States of America.  Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses.  Actual results could vary from the estimates that were assumed in preparing these financial statements.

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiary from its inception. All significant intercompany accounts and balances have been eliminated in consolidation.

 

Reclassifications

 

Certain prior period amounts have been reclassified to conform to current period presentation.

 

Recent Accounting Pronouncements

 

The Company does not expect that the adoption of recent accounting pronouncements will have a material impact on its financial statements.

3. Inventory
3. Inventory

3.  INVENTORY

 

The product is a stand alone product made of plastic consisting of a urinal produced in California using a blow mold and a stand and base produced in China with an injection mold.  All inventory is shipped to Salt Lake City, Utah, and stored in a small warehouse.  The product is sold via the internet, is assembled at time of shipping by the Company, and is delivered to customers or to wholesale resellers using a ground courier service.  During December 2010, the Company paid a deposit of $2,990 to a China consortium for parts to be used in its training urinal product. 200 samples were delivered to the Company in January 2011 and sold to customers.  Another 2,100 were delivered to the company in February 2011 and are currently being sold to customers. Inventory is reported at the lower of cost or net realizable value. As of December 31, 2012 and 2011, all inventory was finished goods.

4. Equipment - Production Mold
4. Equipment - Production Mold

4.  EQUIPMENT – PRODUCTION MOLD

 

On August 2, 2010, the Company purchased an injection mold from a China consortium for $1,700 to produce the base and stand for the LiL Marc training urinal.  The Company has determined the mold went into service on January 1, 2011 and is being depreciated, using the straight-line method, over a 5 year period. Depreciation expense for the years ended December 31, 2012 and 2011 was $340, for each period.  Equipment is carried at cost.

5. Patent
5. Patent

5.  PATENT

 

The Company acquired a patent from a related party, for the LiL Marc training urinal and was recorded at the predecessor cost, less amortization. The patent was issued on July 16, 1991 and has been fully amortized.

 

The terms of the acquisition of the patent includes a royalty of $0.25, due to the inventor, on the sale of each training urinal.

6. Stockholders' Deficiency
6. Stockholders' Deficiency

6.  STOCKHOLDERS’ DEFICIENCY

 

As of December 31, 2012 and 2011, the Company had 25,000,000 common shares authorized ($1 par value), and 2,633,750 common shares issued and outstanding.

7. Income Taxes
7. Income Taxes

7.  INCOME TAXES

 

On December 31, 2012, the Company had a net operating loss available for carryforward of $181,694. The income tax benefit of approximately $61,778 from the carryforward has been fully offset by a valuation allowance as we have determined the ability to use the future tax benefit is doubtful.  The net operating loss will expire starting in 2020.

Year Ended

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Estimated NOL Carry-Forward

8,867

13,537

13,858

18,081

1,731

12,692

15,821

19,881

14,674

16,971

13,493

11,825

20,263

NOL Expires

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

Estimated Tax Benefit from NOL

3,015

4,603

4,712

6,148

589

4,315

5,379

6,760

4,989

 5,770

4,558

4,021

6,889

Valuation Allowance

-3,015

-4,603

-4,712

-6,148

-589

-4,315

-5,379

-6,760

-4,989

-5,770

-4,558

-4,021

-6,889

Net Tax Benefit

-

-

-

-

-

-

-

-

-

 -

-

-

-

 

 

 

 

Year Ended

Estimated NOL Carry-Forward

 

 

NOL

Expires

Estimated Tax Benefit from NOL

 

 

Valuation Allowance

 

 

Net Tax Benefit

 

 

 

 

 

 

2000

8,867

2020

3,015

(3,015)

-

2001

13,537

2021

  4,603

(4,603)

-

2002

13,858

2022

4,712

(4,712)

-

2003

18,081

2023

6,148

(6,148)

-

2004

1,731

2024

589

(589)

-

2005

12,692

2025

4,315

(4,315)

-

2006

15,821

2026

5,379

(5,379)

-

2007

19,881

2027

6,760

(6,760)

-

2008

14,674

2028

4,989

(4,989)

-

2009

16,971

2029

 5,770

(5,770)

 -

2010

13,493

2030

4,558

(4,558)

-

2011

11,825

2031

4,021

(4,021)

-

2012

20,263

2032

6,889

(6,889)

-

 

 

 

 

 

 

 

$181,694

 

$61,778

$(61,778)

$         -

 

 

The total valuation allowance as of December 31, 2012 was $61,778, which increased by $6,889 for the year ended December 31, 2012.

 

As of December 31, 2012 and 2011, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the years ended December 31, 2012, and 2011 and no interest or penalties have been accrued as of December 31, 2012 and 2011. As of December 31, 2012 and 2011, the Company did not have any amounts recorded pertaining to uncertain tax positions.

 

The tax years from 2010 and forward remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities.

9. Going Concern
9. Going Concern

9. GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company does not have sufficient working capital for its planned activity, and to service its debt, which raises substantial doubt about its ability to continue as a going concern.

 

Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through short term loans from an officer-director, and additional equity investment, which will enable the Company to continue operations for the coming year.

2. Summary of Significant Accounting Policies: Accounting Method (Policies)
Accounting Method

Accounting Method

 

The Company recognizes income and expenses based on the accrual method of accounting.

2. Summary of Significant Accounting Policies: Dividend Policy (Policies)
Dividend Policy

Dividend Policy

 

The Company has not yet adopted a policy regarding payment of dividends.

2. Summary of Significant Accounting Policies: Income Taxes (Policies)
Income Taxes

Income Taxes

 

The Company utilizes the liability method of accounting for income taxes.  Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse.  An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.

2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents consist of cash in banks and highly liquid investments with original maturities of three months or less at the date of acquisition.

2. Summary of Significant Accounting Policies: Long-lived Assets (Policies)
Long-lived Assets

Long-lived Assets

 

The Company reviews its long-lived assets and intangibles periodically to determine potential impairment by comparing the carrying value of the long-lived assets with the estimated future cash flows expected to result from the use of the assets, including cash flows from disposition. Should the sum of the expected future cash flows be less than the carrying value, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived assets and intangibles. To date, management has determined that no impairment of long-lived assets exists.

2. Summary of Significant Accounting Policies: Revenue Recognition Policy (Policies)
Revenue Recognition Policy

Revenue Recognition

 

Revenue is recognized upon the completion of the sale and shipment of the training urinal product. The product is sold via the internet and is delivered to customers or to wholesale resellers using a ground courier service.

2. Summary of Significant Accounting Policies: Advertising and Market Development Policy (Policies)
Advertising and Market Development Policy

Advertising and Market Development

 

The company expenses advertising and market development costs as incurred. The Company incurred $0 in advertising and market development costs for the years ended December 31, 2012 and 2011.

2. Summary of Significant Accounting Policies: Financial Instruments Policy (Policies)
Financial Instruments Policy

Financial Instruments

 

The carrying amounts of financial instruments, including cash and accounts payable, are considered by management to be their estimated fair values due to their short term maturities.

2. Summary of Significant Accounting Policies: Basic and Diluted Net Income (loss) Per Share Policy (Policies)
Basic and Diluted Net Income (loss) Per Share Policy

Basic and Diluted Net Income (Loss) Per Share

 

Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same. As of December 31, 2012 and 2011, there were no common stock equivalents outstanding.

2. Summary of Significant Accounting Policies: Financial and Concentrations Risk Policy (Policies)
Financial and Concentrations Risk Policy

Financial and Concentrations Risk

 

The Company does not have any concentration or related financial credit risk.

2. Summary of Significant Accounting Policies: Estimates and Assumptions Policy (Policies)
Estimates and Assumptions Policy

Estimates and Assumptions

 

Management uses estimates and assumptions in preparing financial statements in accordance with accounting principles generally accepted in the United States of America.  Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses.  Actual results could vary from the estimates that were assumed in preparing these financial statements.

2. Summary of Significant Accounting Policies: Principles of Consolidation Policy (Policies)
Principles of Consolidation Policy

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiary from its inception. All significant intercompany accounts and balances have been eliminated in consolidation.

2. Summary of Significant Accounting Policies: Reclassifications (Policies)
Reclassifications

Reclassifications

 

Certain prior period amounts have been reclassified to conform to current period presentation.

2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements Policy (Policies)
Recent Accounting Pronouncements Policy

Recent Accounting Pronouncements

 

The Company does not expect that the adoption of recent accounting pronouncements will have a material impact on its financial statements.

3. Inventory: Inventory Policy (Policies)
Inventory Policy
Inventory is reported at the lower of cost or net realizable value.
7. Income Taxes: Summary of Operating Loss Carryforwards (Tables)
Summary of Operating Loss Carryforwards

Year Ended

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Estimated NOL Carry-Forward

8,867

13,537

13,858

18,081

1,731

12,692

15,821

19,881

14,674

16,971

13,493

11,825

20,263

NOL Expires

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

Estimated Tax Benefit from NOL

3,015

4,603

4,712

6,148

589

4,315

5,379

6,760

4,989

 5,770

4,558

4,021

6,889

Valuation Allowance

-3,015

-4,603

-4,712

-6,148

-589

-4,315

-5,379

-6,760

-4,989

-5,770

-4,558

-4,021

-6,889

Net Tax Benefit

-

-

-

-

-

-

-

-

-

 -

-

-

-

 

 

 

 

Year Ended

Estimated NOL Carry-Forward

 

 

NOL

Expires

Estimated Tax Benefit from NOL

 

 

Valuation Allowance

 

 

Net Tax Benefit

 

 

 

 

 

 

2000

8,867

2020

3,015

(3,015)

-

2001

13,537

2021

  4,603

(4,603)

-

2002

13,858

2022

4,712

(4,712)

-

2003

18,081

2023

6,148

(6,148)

-

2004

1,731

2024

589

(589)

-

2005

12,692

2025

4,315

(4,315)

-

2006

15,821

2026

5,379

(5,379)

-

2007

19,881

2027

6,760

(6,760)

-

2008

14,674

2028

4,989

(4,989)

-

2009

16,971

2029

 5,770

(5,770)

 -

2010

13,493

2030

4,558

(4,558)

-

2011

11,825

2031

4,021

(4,021)

-

2012

20,263

2032

6,889

(6,889)

-

 

 

 

 

 

 

 

$181,694

 

$61,778

$(61,778)

$         -

1. Organization (Details) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 1999
Common stock shares authorized
25,000,000 
25,000,000 
25,000,000 
Common stock par value
$ 0.001 
$ 0.001 
$ 0.001 
3. Inventory (Details) (USD $)
Dec. 31, 2010
Deposit paid for parts to be used in production
$ 2,990 
4. Equipment - Production Mold (Details) (USD $)
12 Months Ended 188 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Purchase of Equipment-Production Mold
 
 
$ 1,700 
Depreciation and amortization
$ 340 
$ 340 
$ 29,330 
5. Patent (Details) (USD $)
Dec. 31, 2012
Royalty Expense Per Unit
$ 0.25 
6. Stockholders' Deficiency (Details)
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 1999
Common stock shares authorized
25,000,000 
25,000,000 
25,000,000 
Common stock shares issued
2,633,750 
2,633,750 
 
Common stock shares outstanding
2,633,750 
2,633,750 
 
7. Income Taxes (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Operating Loss Carryforwards
$ 181,694 
Tax Credit Carryforward, Amount
61,778 
Tax Credit Carryforward, Valuation Allowance
61,778 
Valuation Allowance, Deferred Tax Asset, Change in Amount
$ 6,889 
7. Income Taxes: Summary of Operating Loss Carryforwards (Details) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Dec. 31, 2007
Dec. 31, 2006
Dec. 31, 2005
Dec. 31, 2004
Dec. 31, 2003
Dec. 31, 2002
Dec. 31, 2001
Dec. 31, 2000
Deferred Tax Assets, Operating Loss Carryforwards
$ 20,263 
$ 11,825 
$ 13,493 
$ 16,971 
$ 14,674 
$ 19,881 
$ 15,821 
$ 12,692 
$ 1,731 
$ 18,081 
$ 13,858 
$ 13,537 
$ 8,867 
Tax Credit Carryforward Expiration Dates
2032 
2031 
2030 
2029 
2028 
2027 
2026 
2025 
2024 
2023 
2022 
2021 
2020 
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward
6,889 
4,021 
4,558 
5,770 
4,989 
6,760 
5,379 
4,315 
589 
6,148 
4,712 
4,603 
3,015 
Tax Credit Carryforward, Deferred Tax Asset
$ (6,889)
$ (4,021)
$ (4,558)
$ (5,770)
$ (4,989)
$ (6,760)
$ (5,379)
$ (4,315)
$ (589)
$ (6,148)
$ (4,712)
$ (4,603)
$ (3,015)