Dale Jarrett Form 10-Q

0001014897-14-000491.txt : 20141119 0001014897-14-000491.hdr.sgml : 20141119 20141119164316 ACCESSION NUMBER: 0001014897-14-000491 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141119 DATE AS OF CHANGE: 20141119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DALE JARRETT RACING ADVENTURE INC CENTRAL INDEX KEY: 0001094032 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 593564984 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27251 FILM NUMBER: 141236013 BUSINESS ADDRESS: STREET 1: 116 3RD STREET NW STREET 2: SUITE 302 CITY: HICKORY STATE: NC ZIP: 28601 BUSINESS PHONE: 888-467-2231 MAIL ADDRESS: STREET 1: 116 3RD STREET NW STREET 2: SUITE 302 CITY: HICKORY STATE: NC ZIP: 28601 FORMER COMPANY: FORMER CONFORMED NAME: JARRETT FAVRE DRIVING ADVENTURE INC DATE OF NAME CHANGE: 19990827 10-Q 1 dalejarrett10q3q14v2.htm FORM 10-Q Dale Jarrett Form 10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended September 30, 2014

-OR-

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transaction period from _________ to________

Commission File Number 000-27251

Dale Jarrett Racing Adventure, Inc.

(Exact name of registrant as specified in its charter)



FLORIDA		59-3564984
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)



116 3^rd Street NW, Suite 302, Hickory, NC		28601
(Address of principal executive offices)		(Zip Code)

(888) 467-2231

(Registrant's telephone number, including area code)

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 (section 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-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):



Large accelerated filer [ ]		Non-accelerated filer [ ]
Accelerated filer [ ]		Smaller reporting company [x]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes- [ ] No [x]

The number of outstanding shares of the registrant's common stock as of

November 19, 2014: Common Stock – 27,010,502

DALE JARRETT RACING ADVENTURE, INC.

FORM 10-Q

For the quarterly period ended September 30, 2014

INDEX

PART I – FINANCIAL INFORMATION



		Page
Item 1. Financial Statements (Unaudited)		4
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		9
Item 3. Quantitative and Qualitative Disclosures About Market Risk		10
Item 4. Controls and Procedures		10

PART II – OTHER INFORMATION



Item 1. Legal Proceedings		12
Item 1A. Risk Factors		12
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		12
Item 3. Defaults upon Senior Securities		12
Item 4. Mine Safety Disclosures		12
Item 5. Other Information		12
Item 6. Exhibits		12

SIGNATURES		13

Dale Jarrett Racing Adventure, Inc.

Condensed Balance Sheets


	September 30, 2014	December 31, 2013
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$ 73,628	$ 388,886
Accounts receivable	15,215	17,707
Spare parts and supplies	139,679	138,065
Prepaid expenses and other current assets	35,560	78,607
Total current assets	264,082	623,265

Property and equipment, at cost, net	336,652	404,476
Total Assets	$ 600,734	$ 1,027,741
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current portion of long-term debt	$ 30,203	$ 29,131
Accounts payable	73,289	214,675
Accrued expenses	220,659	155,065
Deferred revenue	646,094	1,019,188
Advance from shareholder	108,987	105,617
Total current liabilities	1,079,232	1,523,676

Long-term debt	77,346	99,179

Stockholders' deficit:
Preferred stock, $.0001 par value,
5,000,000 shares authorized	-	-
Common stock, $.0001 par value,
200,000,000 shares authorized, 27,010,502 issued
and 26,338,852 shares outstanding	2,701	2,701
Additional paid-in capital	6,285,541	6,284,230
Treasury stock, 671,650 shares, at cost	(39,009)	(39,009)
Accumulated deficit	(6,805,077)	(6,843,036)
Total stockholders' deficit	(555,844)	(595,114)
Total Liabilities and Stockholders' Deficit	$ 600,734	$ 1,027,741

See accompanying notes to unaudited condensed financial statements.

Dale Jarrett Racing Adventure, Inc.

Condensed Statements of Operations

For the Three and Nine Months Ended September 30, 2014 and 2013

(Unaudited)


	Three Months		Nine Months
	2014	2013	2014	2013

Sales	$ 622,655	$ 600,153	$1,897,044	$2,011,883
Cost of sales and services	297,831	344,147	908,996	986,980
Gross profit	324,824	256,006	988,048	1,024,903

General and administrative expenses	313,693	376,724	938,571	1,212,560

Income (Loss) from operations	11,131	(120,718)	49,477	(187,657)

Other income and (expense):
Interest income	13	12	702	134
Other income	411	631	411	6,754
Interest expense	(3,047)	(2,796)	(12,631)	(6,052)
Loss on disposal of assets	-	-	-	(842)
Total other income (expense), net	(2,623)	(2,153)	(11,518)	(6)

Net income (loss)	$ 8,508	$ (122,871)	$ 37,959	$ (187,663)

Per share information:

Basic and diluted income (loss) per share	$ 0.00	$ (0.00)	$ 0.00	$ (0.01)

Weighted average shares outstanding	26,338,852	26,338,852	26,338,852	24,974,383

See accompanying notes to unaudited condensed financial statements.

Dale Jarrett Racing Adventure, Inc.

Condensed Statements of Cash Flows

For the Nine Months Ended September 30, 2014 and 2013

(Unaudited)


	2014	2013

Net cash used in operating activities	$ (295,808)	$ (414,159)

Cash flows used in investing activities
Acquisition of property and equipment	-	(20,129)

Cash flows from financing activities:
Repayment of long-term debt	(20,761)	(7,861)
Cash proceeds from capital contribution	1,311	-
Cash received from issuance of stock	-	100,000
Net cash (used in) financing activities	(19,450)	92,139

Decrease in cash and cash equivalents	(315,258)	(342,149)

Cash and cash equivalents, beginning of period	388,886	403,212

Cash and cash equivalents, end of period	$ 73,628	$ 61,063

Supplemental cash flow information:
Cash paid for interest	$ 9,261	$ 6,052
Cash paid for income taxes	$ -	$ -

Non-cash investing and financing activities:
Race vehicles under construction transferred to property and
equipment	$ -	$ 6,667
Purchase of vehicle in exchange for a long-term note	$ -	$ 125,000

See accompanying notes to unaudited condensed financial statements.

DALE JARRETT RACING ADVENTURE, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2014

(UNAUDITED)

(1)

Basis of Presentation and Liquidity

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and Rule 8.03 of Regulation SX. As such, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal, recurring adjustments) considered necessary for a fair presentation have been included.

In addition, such financial statements contemplate the realization of assets and liquidation of liabilities in the normal course of business. At September 30, 2014, we have stockholder and working capital deficits, as well as minimal cash. Although a portion of our liabilities (i.e. the shareholder advance, $50,000 of accrued expenses and approximately one half of our deferred revenues) are not expected to result in the outlay of cash in the next year we will need to generate capital, either through positive results of operations and/or equity or debt infusions, to meet our obligations during such period. We have reduced our general and administrative expenses significantly since September 30, 2013 and have also reduced the number of days that we are racing the cars (which will result in a reduction of overall revenues but an increase in revenues per day raced). Because of this, and although we anticipate revenues could be less in the next twelve months than they were for the period October 1, 2013 to September 30, 2014, we believe we will have the requisite resources to continue to pay our operating and other obligations for the next year. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. For further information, refer to the financial statements of the Company as of and for the year ended December 31, 2013, including notes, filed with the Company’s Form 10-K.

(2)

Recent Accounting Pronouncements

There are no new accounting pronouncements for which adoption is expected to have a material effect on our financial statements in future accounting periods.

(3)

Basic and Diluted Income (Loss) Per Share

The Company calculates basic and diluted income (loss) per share as required by the FASB Accounting Standards Codification. Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods when we report a net loss, anti-dilutive common stock equivalents are not considered in the computation. We did not have any dilutive common stock equivalents during either of the three month periods ended September 30, 2014 and 2013.

(4)

Spare Parts and Supplies

Spare parts and supplies include engine parts, tires, and other supplies used in the racecar operations and are recorded at the lower of cost or market, on a first-in, first-out basis.

(5)

Property and Equipment

Property and equipment are recorded at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 3 to 10 years. Major additions are capitalized, while minor additions and maintenance and repairs, which do not extend the useful life of an asset, are expensed as incurred. Depreciation expense approximated $23,000 and $26,000, and $68,000 and $69,000, during the respective three and nine month periods ended September 30, 2014 and 2013.

(6)

Employment Agreement

During August 2014 the Company entered into an employment agreement with a new officer. The employment agreement is for a term of one year and includes a $30,000 salary and the issuance of 1,000,000 non-forfeitable common shares of the Company, valued at $50,000 based on the trading price of the shares on the date of grant/employment. The shares will be issued in a lump sum and were expensed upon execution of the employment agreement and recorded as a liability at September 30, 2014.

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Trends and Uncertainties. Demand for the Company’s services and products are dependent on, among other things, general economic conditions that are cyclical in nature. Inasmuch as a major portion of the Company's activities are the receipt of revenues from its driving school services and products, the Company's business operations may be adversely affected by competitors and prolonged recessionary periods. The Company currently has classes planned through December 2015.

Capital Resources and Source of Liquidity. We used cash of $294,497 to finance our operating activities during the nine months ended September 30, 2014. The use of cash was primarily a result of us significantly reducing our balance of accounts payable and paying of expenses related to converting deferred revenue to earned revenue.

For the nine months ended September 30, 2014 and 2013, we used cash of $0 and $20,129, respectively for the acquisition of property and equipment.

For the nine months ended September 30, 2014, we used $20,761 to repay long-term debt. For the nine months ended September 30, 2013, we used $7,861 to repay long-term debt and received $100,000 from the issuance of stock.

Because we have minimal cash and a significant working capital deficit at September 30, 2014, we anticipate that we will need to generate additional capital (either through positive results of operations or debt or equity infusions) to meet our obligations for the next year.

Results of Operations.

For the three months ended September 30, 2014, we had sales of $622,655. Our cost of sales and services was $297,831, resulting in a gross profit of $324,824. We incurred general and administrative expenses of $313,693 (including $50,000 of non-cash stock based compensation). We earned interest income of $13 and other income of $411. We incurred interest expenses of $3,047. As a result, we had a net income of $8,508 for the three months ended September 30, 2014.

Comparatively, for the three months ended September 30, 2013, we had sales of $600,153. Our cost of sales and services was $344,147, resulting in a gross profit of $256,006. We incurred $376,724 in general and administrative expenses. We earned interest income of $12 and other income of $631. We incurred interest expenses of $2,796. As a result, we had a net loss of $122,871 for the three months ended September 30, 2013.

The improved operating results for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 primarily resulted from decreases in cost of sales and general and administrative expenses. We earned $22,502, or 3.7%, more revenue during the three months ended September 30, 2014, while our cost of sales and services was reduced by $46,316, or 13.5% due to decreased track rental and track labor expenses. Our general and administrative expenses decreased by $63,031 or 16.7% for the three months ended September 30, 2014 due mostly to decreased labor and advertising costs, offset by the non-cash stock compensation cost of $50,000.

For the nine months ended September 30, 2014, we had sales of $1,897,044. Our cost of sales and services was $908,996, resulting in a gross profit of $988,048. We incurred general and administrative expenses of $938,571. We earned $702 in interest income, $411 in other income, and incurred $12,631 in interest expenses. As a result, we had a net income of $37,959 for the nine months ended September 30, 2014.

Comparatively, for the nine months ended September 30, 2013, we had sales of $2,011,883. Our cost of sales and services was $986,980, resulting in a gross profit of $1,024,903. We paid general and administrative expenses of $1,212,560. We earned interest income of $134 and other income of $6,754. We paid interest expenses of $6,052 and had a loss on disposal of assets of $842. As a result, we had a net loss of $187,663 for the nine months ended September 30, 2013.

The net income for the Company increased by $225,622 during the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013. This increase is primarily the result of reduced general and administrative expenses. Our revenues decreased by $114,839, or 5.7%, and our cost of sales and services decreased by $77,984, or 7.9%. Our general and administrative expenses decreased by $273,989, or 22.6%. Our decreased sales revenue was primarily the result of a decrease in class days and laps during the period. The decrease in general and administrative expenses is the result of cost cutting measures implemented by the Company in advertising, maintenance, payroll, professional fees and rent, offset by the $50,000 non-cash stock compensation expense during the third quarter.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable for smaller reporting companies.

Item 4. Controls and Procedures

Changes in Internal Control over Financial Reporting

During the quarter ended September 30, 2014, management determined that the lack of resources and segregation of duties results in disclosure controls that are not effective. As a result there was a change in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, we conducted an evaluation of disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of September 30, 2014. Based on this evaluation, our chief executive officer and principal financial officers have concluded such controls and procedures were not effective because our size and financial resources precludes us from having full time accounting staff. This results in a lack of segregation of duties and our inability to hire personnel that have a thorough understanding of all of the nuances of generally accepted accounting principles as of September 30, 2014.

Remediation of Material Weaknesses in Internal Control over Financial Reporting

We have not established adequate financial reporting monitoring activities to mitigate the risk of missed financial statement adjustments and disclosures relative to transactions that are other than routine for the reasons mentioned above. In addition, and unless results of operations improve considerably, we do not currently anticipate that we will have the available cash flow to remediate this weakness.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

Not applicable for smaller reporting companies

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information

None

Item 6. Exhibits

Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS** XBRL Instance Document

101.SCH** XBRL Taxonomy Extension Schema Document

101.CAL** XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB** XBRL Taxonomy Extension Label Linkbase Document

101.PRE** XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith

**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

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.

Dated: November 19, 2014

DALE JARRETT RACING ADVENTURE, INC.

By:

/s/Timothy Shannon

Timothy Shannon

Chief Executive Officer

Principal Financial Officer

EX-31 2 dalejarrett10q3q14ex31.htm EXHIBIT 31 302 Certification

302 CERTIFICATION

I, Timothy Shannon, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Dale Jarrett Racing Adventure, 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 this 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. I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of 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 my 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. I have disclosed, based on my 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.

Date: November 19, 2014

/s/Timothy Shannon

Timothy Shannon

Chief Executive Officer

Principal Financial Officer

EX-32 3 dalejarrett10q3q14ex32.htm EXHIBIT 32 906 Certification

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned officer of Dale Jarrett Racing Adventure, Inc. (the "Company"), hereby certifies, to such officer's knowledge, that the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/Timothy Shannon

Timothy Shannon

Chief Executive Officer

Principal Financial Officer

November 19, 2014

EX-101.INS 4 djrt-20140930.xml XBRL INSTANCE DOCUMENT 0001094032 2013-07-01 2013-09-30 0001094032 2013-01-01 2013-09-30 0001094032 2013-12-31 0001094032 djrt:EmploymentAgreementMember 2014-08-01 2014-08-31 0001094032 2014-07-01 2014-09-30 0001094032 2014-01-01 2014-09-30 0001094032 2014-09-30 0001094032 2014-11-17 0001094032 2012-12-31 0001094032 2013-09-30 xbrli:shares iso4217:USD iso4217:USDxbrli:shares DALE JARRETT RACING ADVENTURE INC 0001094032 djrt --12-31 Smaller Reporting Company 27010502 10-Q 2014-09-30 false 2014 Q3

<div><font style="font-family: times new roman,times;" size="2">(1)  Basis of Presentation and Liquidity</font></div> <div><font style="font-family: times new roman,times;" size="2"></font> </div> <div> </div> <p style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and Rule 8.03 of Regulation SX.   As such, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal, recurring adjustments) considered necessary for a fair presentation have been included.</font> </p> <div style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <p style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">In addition, such financial statements contemplate the realization of assets and liquidation of liabilities in the normal course of business.  At September 30, 2014, we have stockholder and working capital deficits, as well as minimal cash.   Although a portion of our liabilities (i.e. the shareholder advance, $50,000 of accrued expenses and approximately one half of our deferred revenues) are not expected to result in the outlay of cash in the next year we will need to generate capital, either through positive results of operations and/or equity or debt infusions, to meet our obligations during such period. We have reduced our general and administrative expenses significantly since September 30, 2013 and have also reduced the number of days that we are racing the cars (which will result in a reduction of overall revenues but an increase in revenues per day raced). Because of this, and although we anticipate revenues could be less in the next twelve months than they were for the period October 1, 2013 to September 30, 2014, we believe we will have the requisite resources to continue to pay our operating and other obligations for the next year. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.</font><br /> </p> <div style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.  For further information, refer to the financial statements of the Company as of and for the year ended December 31, 2013, including notes, filed with the Company’s Form 10-K.</font></div>

<p style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: -2px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(2 )Recent Accounting Pronouncements</font></p> <p style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: -2px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p> <p style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">There are no new accounting pronouncements for which adoption is expected to have a material effect on our financial statements in future accounting periods.</font></p>

<div><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">(3) Basic and Diluted Income (Loss) Per Share</font></div> <p style="font: 13.6px/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; clear: left; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </p> <div style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">The Company calculates basic and diluted income (loss) per share as required by the FASB Accounting Standards Codification. Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods when we report a net loss, anti-dilutive common stock equivalents are not considered in the computation.  We did not have any dilutive common stock equivalents during either of the three month periods ended September 30, 2014 and 2013.</font></div>

<div><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">(4) Spare Parts and Supplies </font></div> <div style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: -2px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <div style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">Spare parts and supplies include engine parts, tires, and other supplies used in the racecar operations and are recorded at the lower of cost or market, on a first-in, first-out basis.</font></div>

<div> <p style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: -2px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(5) Property and Equipment</font></p> <div style="font: 13.6px/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; clear: left; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <div style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Property and equipment are recorded at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 3 to 10 years.  Major additions are capitalized, while minor additions and maintenance and repairs, which do not extend the useful life of an asset, are expensed as incurred.  Depreciation expense approximated $23,000 and $26,000, and $68,000 and $69,000, during the respective three and nine month periods ended September 30, 2014 and 2013.</font></div> </div>

50000 <div> <p style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: -2px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">(6) Employment Agreement</font></p> <div style="font: 13.6px/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; clear: left; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"> </div> <div style="font: 12pt/normal 'times new roman'; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">During August 2014 the Company entered into an employment agreement with a new officer.  The employment agreement is for a term of one year and includes a $30,000 salary and the issuance of 1,000,000 non-forfeitable common shares of the Company, valued at $50,000 based on the trading price of the shares on the date of grant/employment.  The shares will be issued in a lump sum and were expensed upon execution of the employment agreement and recorded as a liability at September 30, 2014.</font></div> </div> 1000000

Spare Parts and Supplies	9 Months Ended
Spare Parts and Supplies	Sep. 30, 2014
Spare Parts And Supplies [Abstract]
Spare Parts and Supplies	(4) Spare Parts and Supplies Spare parts and supplies include engine parts, tires, and other supplies used in the racecar operations and are recorded at the lower of cost or market, on a first-in, first-out basis.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details

Basic and Diluted Income (Loss) Per Share	9 Months Ended
Basic and Diluted Income (Loss) Per Share	Sep. 30, 2014
Earnings Per Share [Abstract]
Basic and Diluted Income (Loss) Per Share	(3) Basic and Diluted Income (Loss) Per Share The Company calculates basic and diluted income (loss) per share as required by the FASB Accounting Standards Codification. Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods when we report a net loss, anti-dilutive common stock equivalents are not considered in the computation. We did not have any dilutive common stock equivalents during either of the three month periods ended September 30, 2014 and 2013.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 15 R2.htm IDEA: XBRL DOCUMENT

Condensed Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 73,628	$ 388,886
Accounts receivable	15,215	17,707
Spare parts and supplies	139,679	138,065
Prepaid expenses and other current assets	35,560	78,607
Total current assets	264,082	623,265
Property and equipment, at cost, net	336,652	404,476
Total Assets	600,734	1,027,741
Current liabilities:
Current portion of long-term debt	30,203	29,131
Accounts payable	73,289	214,675
Accrued expenses	220,659	155,065
Deferred revenue	646,094	1,019,188
Advance from shareholder	108,987	105,617
Total current liabilities	1,079,232	1,523,676
Long-term debt	77,346	99,179
Stockholders' deficit:
Preferred stock, $.0001 par value, 5,000,000 shares authorized
Common stock, $.0001 par value, 200,000,000 shares authorized, 27,010,502 issued and 26,338,852 shares outstanding	2,701	2,701
Additional paid-in capital	6,285,541	6,284,230
Treasury stock, 671,650 shares, at cost	(39,009)	(39,009)
Accumulated deficit	(6,805,077)	(6,843,036)
Total stockholders' deficit	(555,844)	(595,114)
Total Liabilities and Stockholders' Deficit	$ 600,734	$ 1,027,741

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Basis of Presentation and Liquidity

9 Months Ended

Sep. 30, 2014

Basis Of Presentation And Liquidity [Abstract]

Basis of Presentation and Liquidity

(1) Basis of Presentation and Liquidity

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Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

(2 )Recent Accounting Pronouncements

There are no new accounting pronouncements for which adoption is expected to have a material effect on our financial statements in future accounting periods.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 01

-Paragraph b

-Subparagraph 6

-Article 10

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Direct Effects of a Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6510796

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Indirect Effects of a Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6515603

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Accounting Change

-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Change in Accounting Principle

-URI http://asc.fasb.org/extlink&oid=6507316

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.10-01.(b)(6))

-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Retrospective Application

-URI http://asc.fasb.org/extlink&oid=6523989

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

+ Details

XML 19 R3.htm IDEA: XBRL DOCUMENT

Condensed Balance Sheets (Parentheticals) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	27,010,502	27,010,502
Common stock, shares outstanding	26,338,852	26,338,852
Treasury stock, shares	671,650	671,650

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Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 17, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	DALE JARRETT RACING ADVENTURE INC
Entity Central Index Key	0001094032
Trading Symbol	djrt
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		27,010,502
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
Amendment Flag	false
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

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Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
Condensed Statements of Operations (Unaudited) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Sales	$ 622,655	$ 600,153	$ 1,897,044	$ 2,011,883
Cost of sales and services	297,831	344,147	908,996	986,980
Gross profit	324,824	256,006	988,048	1,024,903
General and administrative expenses	313,693	376,724	938,571	1,212,560
Income (Loss) from operations	11,131	(120,718)	49,477	(187,657)
Other income and (expense):
Interest income	13	12	702	134
Other income	411	631	411	6,754
Interest expense	(3,047)	(2,796)	(12,631)	(6,052)
Loss on disposal of assets				(842)
Total other income (expense), net	(2,623)	(2,153)	(11,518)	(6)
Net income (loss)	$ 8,508	$ (122,871)	$ 37,959	$ (187,663)
Per share information:
Basic and diluted income (loss) per share (in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ (0.01)
Weighted average shares outstanding (in shares)	26,338,852	26,338,852	26,338,852	24,974,383

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Basis of Presentation and Liquidity (Detail Textuals) (USD $)	Sep. 30, 2014
Basis Of Presentation And Liquidity [Abstract]
Portion of accrued liabilities not expected to result in the outlay of cash	$ 50,000

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Employment Agreement	9 Months Ended
Employment Agreement	Sep. 30, 2014
Employment Agreement [Abstract]
Employment Agreement	(6) Employment Agreement During August 2014 the Company entered into an employment agreement with a new officer. The employment agreement is for a term of one year and includes a $30,000 salary and the issuance of 1,000,000 non-forfeitable common shares of the Company, valued at $50,000 based on the trading price of the shares on the date of grant/employment. The shares will be issued in a lump sum and were expensed upon execution of the employment agreement and recorded as a liability at September 30, 2014.

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Property and Equipment (Detail Textuals) (USD $)	3 Months Ended		9 Months Ended
Property and Equipment (Detail Textuals) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Property, Plant and Equipment [Abstract]
Depreciation method			straight-line method
Estimated useful lives of property and equipment			3 to 10 years
Depreciation expense	$ 23,000	$ 26,000	$ 68,000	$ 69,000

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Employment Agreement (Detail Textuals) (Employment Agreement, USD $)	1 Months Ended
	Aug. 31, 2014
Employment Agreement
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Term of agreement	1 year
Salary as per employment agreement	$ 30,000
Number of non-forfeitable common shares	1,000,000
Fair value of shares on grant date	$ 50,000

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Condensed Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
Condensed Statements of Cash Flows (Unaudited) (USD $)	Sep. 30, 2014	Sep. 30, 2013
Statement Of Cash Flows [Abstract]
Net cash used in operating activities	$ (295,808)	$ (414,159)
Cash flows used in investing activities
Acquisition of property and equipment		(20,129)
Cash flows from financing activities:
Repayment of long-term debt	(20,761)	(7,861)
Cash proceeds from capital contribution	1,311
Cash received from issuance of stock		100,000
Net cash (used in) financing activities	(19,450)	92,139
Decrease in cash and cash equivalents	(315,258)	(342,149)
Cash and cash equivalents, beginning of period	388,886	403,212
Cash and cash equivalents, end of period	73,628	61,063
Supplemental cash flow information:
Cash paid for interest	9,261	6,052
Cash paid for income taxes
Non-cash investing and financing activities:
Race vehicles under construction transferred to property and equipment		6,667
Purchase of vehicle in exchange for a long-term note		$ 125,000

XML 28 R10.htm IDEA: XBRL DOCUMENT

Property and Equipment	9 Months Ended
Property and Equipment	Sep. 30, 2014
Property, Plant and Equipment [Abstract]
Property and Equipment	(5) Property and Equipment Property and equipment are recorded at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 3 to 10 years. Major additions are capitalized, while minor additions and maintenance and repairs, which do not extend the useful life of an asset, are expensed as incurred. Depreciation expense approximated $23,000 and $26,000, and $68,000 and $69,000, during the respective three and nine month periods ended September 30, 2014 and 2013.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details