2.4.0.8000070 - Disclosure - SIGNIFICANT ACCOUNTING POLICIEStruefalsefalse1false falsefalseD121001_130630http://www.sec.gov/CIK0001421981duration2012-10-01T00:00:002013-06-30T00:00:001true 1fil_SIGNIFICANTACCOUNTINGPOLICIESAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0SIGNIFICANT ACCOUNTING POLICIES2false 2us-gaap_SignificantAccountingPoliciesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<pre>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</pre><pre>The financial  statements  of the Company have been prepared in accordance  with</pre><pre>generally accepted accounting principles in the United States of America.</pre><pre>Because a precise determination of many assets and liabilities is dependent upon</pre><pre>future  events,  the  preparation  of financial  statements  involves the use of</pre><pre>estimates,  which have been made using  judgment.  Actual  results may vary from</pre><pre>these estimates.</pre><pre>The financial statements have, in management's opinion, been prepared within the</pre><pre>framework of the significant accounting policies summarized below:</pre><pre>DEVELOPMENT STAGE COMPANY</pre><pre>The Company is  considered  to be in the  development  stage,  as defined  under</pre><pre>Accounting Codification Standard, (ASC 915) "Development Stage Entities".  Since</pre><pre>its  formation,  the Company has not yet  realized  material  revenues  from its</pre><pre>planned operations.</pre><pre>RECLASSIFICATIONS</pre><pre>The Company  reclassified certain amounts in the Statement of Operations for the</pre><pre>nine months ended June 30, 2012  financial  statements to conform to the current</pre><pre>presentation in the June 30, 2013 financial  statements.  The  reclassifications</pre><pre>have no effect on the Company's financial  condition,  results of operation,  or</pre><pre>cash flows.</pre><pre>CASH AND CASH EQUIVALENTS</pre><pre>The Company  considers  highly liquid  financial  instruments  purchased  with a</pre><pre>maturity of three months or less to be cash equivalents.</pre><pre>USE OF ESTIMATES</pre><pre>The preparation of financial  statements in conformity  with generally  accepted</pre><pre>accounting principles requires management to make estimates and assumptions that</pre><pre>affect  the  reported  amounts  of assets  and  liabilities  and  disclosure  of</pre><pre>contingent  assets and  liabilities at the date of the financial  statements and</pre><pre>the  reported  amounts of revenues  and expenses  during the  reporting  period.</pre><pre>Actual results could differ from those estimates.</pre><pre>FAIR VALUE OF FINANCIAL INSTRUMENTS</pre><pre>The fair value of the Company's  financial  instruments,  consisting of cash and</pre><pre>accounts  payable and accrued  liabilities,  is equal to fair value due to their</pre><pre>short-term to maturity.  Unless otherwise noted, it is management's opinion that</pre><pre>the Company is not exposed to  significant  interest,  currency or credit  risks</pre><pre>arising from these financial instruments.</pre><pre>REVENUE RECOGNITION</pre><pre>The Company  recognizes revenue on an accrual basis. The Company generally earns</pre><pre>revenue through the online sale of service minutes. These purchases obligate the</pre><pre>Company to arrange a telephonic  conversation with a designated service provider</pre><pre>of the  customers  choosing.  The  Company  remits a  portion  of the fee to the</pre><pre>service  provider  and  retains  the  balance.  At the time of sale,  the formal</pre><pre>arrangements are made and the Company has fulfilled its obligation. Furthermore,</pre><pre>the  Company's  portions of any fees  collected are  non-refundable.  Revenue is</pre><pre>generally  realized or realizable and earned when all of the following  criteria</pre><pre>are met: 1) persuasive evidence of an arrangement exists between the Company and</pre><pre>our customer(s); 2) services have been rendered; 3) our price to our customer is</pre><pre>fixed or determinable; and 4) collectability is reasonably assured. For the nine</pre><pre>months ended June 30, 2013 and 2012, the Company recognized revenues of $987 and</pre><pre>$-0- for which each of the four aforementioned criteria were satisfied.</pre><pre>PER SHARE DATA</pre><pre>In  accordance  with "ASC 260 - Earnings  per Share",  the basic loss per common</pre><pre>share is computed by dividing net loss available to common  stockholders  by the</pre><pre>weighted  average number of common shares  outstanding.  Diluted loss per common</pre><pre>share is  computed  similar  to basic  loss per  common  share  except  that the</pre><pre>denominator is increased to include the number of additional  common shares that</pre><pre>would have been  outstanding if the potential  common shares had been issued and</pre><pre>if the additional  common shares were  dilutive.  At June 30, 2013 and September</pre><pre>30,  2012,  the Company had no stock  equivalents  that were  anti-dilutive  and</pre><pre>excluded in the loss per share computation.</pre><pre>STOCK-BASED COMPENSATION</pre><pre>The Company records stock based  compensation in accordance with the guidance in</pre><pre>ASC Topic 718 which  requires the Company to recognize  expenses  related to the</pre><pre>fair value of its employee stock option awards.  This eliminates  accounting for</pre><pre>share-based  compensation  transactions  using the intrinsic  value and requires</pre><pre>instead that such transactions be accounted for using a fair-value-based method.</pre><pre>Accordingly, the Company recognized expenses of $39,798 and $-0- during the nine</pre><pre>months ended June 30, 2013 and 2012, respectively (see Note 4).</pre><pre>WEBSITE DEVELOPMENT COSTS</pre><pre>The Company  capitalizes  its costs to develop its website and when  preliminary</pre><pre>development  efforts are successfully  completed,  management has authorized and</pre><pre>committed project funding, and it is probable that the project will be completed</pre><pre>and the  website  will be  used as  intended.  Such  costs  are  amortized  on a</pre><pre>straight-line  basis over the estimated useful life of the related asset,  which</pre><pre>approximates  three  years.  Costs  incurred  prior to meeting  these  criteria,</pre><pre>together  with costs  incurred  for training  and  maintenance,  are expensed as</pre><pre>incurred.  Costs  incurred  for  enhancements  that are  expected  to  result in</pre><pre>additional  material   functionality  are  capitalized  and  expensed  over  the</pre><pre>estimated useful life of the upgrades.</pre><pre>The Company  capitalized  website  costs of $36,150 and $23,400  during the nine</pre><pre>months ended June 30, 2013 and 2012,  respectively.  The  Company's  capitalized</pre><pre>website  amortization  is  included  in  depreciation  and  amortization  in the</pre><pre>Company's  consolidated  statements of operations,  and totaled $16,133 and $975</pre><pre>for the nine months ended June, 2013 and 2012, respectively.</pre><pre>ADVERTISING COSTS</pre><pre>Advertising  costs are to be  expensed  as  incurred  in  accordance  to Company</pre><pre>policy; for the nine months ended June 30, 2013 and 2012,  advertising  expenses</pre><pre>totaled $18,883 and $4,691, respectively.</pre><pre>RECENT ACCOUNTING PRONOUNCEMENTS</pre><pre>Management has evaluated all recent accounting pronouncements issued by the FASB</pre><pre>(including its Emerging Issues Task Force),  the American Institute of Certified</pre><pre>Public  Accountants,  and the SEC did not, or are not believed by management to,</pre><pre>have a material impact on the Company's  present or future  financial  position,</pre><pre>results of operations or cash flows.</pre>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 false0SIGNIFICANT ACCOUNTING POLICIESfalseSIGNIFICANT ACCOUNTING POLICIESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.psychic.com/20130630/role/idr_DisclosureSIGNIFICANTACCOUNTINGPOLICIES12