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Electric Tractor Corp.
0001506325
10-Q
2014-03-31
false
--12-31
No
No
No
Smaller Reporting Company
Q1
2014
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Nature of Business</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company was incorporated in the State of Wyoming on August
14, 2006 as Tabularasa Corp.  The Company intends to become a manufacturer of advanced eco-friendly electric-powered
utility tractors and attachments.  On March 19, 2010, the Company changed its name to Electric Tractor Corp.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Basis of Presentation</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The accompanying unaudited interim financial statements have
been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the
Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements
and notes thereto contained in the Company’s registration statement filed with the SEC on Form 10-K. In the opinion of management,
all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been
reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for
the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial
statements for the most recent fiscal year 2013 as reported in Form 10-K, have been omitted.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Development Stage Company</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The accompanying financial statements have been prepared in
accordance with generally accepted accounting principles related to development stage companies. A development-stage company is
one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant
revenues there from.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Fair Value of Financial Instruments</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company’s financial instruments consist of accrued
expenses, accrued expenses – related parties, and advances received from an officer. The carrying amounts of these financial
instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates
unless otherwise disclosed in these financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Use of Estimates</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the balance sheet.  Actual results could differ
from those estimates.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Basic Loss Per Share</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Basic loss per share has been calculated based on the weighted
average number of shares of common stock outstanding during the period.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Comprehensive Income</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company has established standards for reporting and displaying
of comprehensive income, its components and accumulated balances.  When applicable, the Company discloses this information
on its Statement of Stockholders’ Equity.  Comprehensive income comprises equity except those resulting from investments
by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in
other comprehensive income.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Cash and Cash Equivalents</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company considers all highly liquid investments with the
original maturities of three months or less to be cash equivalents. At March 31, 2014, the Company had $-0- of cash.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Income Tax</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Deferred income taxes reflect the net effect of (a) temporary
difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting
purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying
statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating
loss carry-forward has been recognized, as it is not deemed likely to be realized.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Stock-based Compensation.</u> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">For the period ended March 31, 2014, the Company has not issued
any share-based payments to its employees.  Under the modified prospective method the Company uses, stock compensation
expense includes compensation expense for all stock-based compensation awards granted, based on the estimated fair value on the
grant date.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Impairment of Long-Lived Assets</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company continually monitors events and changes in circumstances
that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances
are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets
will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying
amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value
of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Revenue Recognition</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company recognizes revenue when products are fully delivered
or services have been provided and collection is reasonably assured.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Research and Development</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company incurs research and development (“R&D”)
costs to develop its new and next-generation products.  The Company’s products reach technological feasibility
shortly before the products are released and therefore R&D costs are expensed as incurred.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Intangible Assets</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">In accordance with ASC 350, Goodwill and Other Intangible
Assets, the Company tests its intangible assets for impairment on an annual basis and between annual tests if events occur or circumstances
change that would more likely than not reduce the fair value below its carrying amount.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company applies the provisions of ASC Topic 350, requiring
that intangible assets that have indefinite lives are not amortized but are subject to an annual impairment test or more frequent
test if indicators of impairment exist. Management has determined that the intangible assets as of December 31, 2013 were fully
impaired in the amount of $10,000.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Advertising Costs</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company’s policy regarding advertising is to expense
advertising when incurred. The Company incurred advertising expense of $-0- during the three month periods ended March 31, 2014
and 2013.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company does not expect the adoption of recently issued
accounting pronouncements to have a significant impact on the Company’s results of operations</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The accompanying financial statements have been prepared in
conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern.  The
Company has not had any revenue as of March 31, 2014, has negative working capital, and has not completed its efforts to establish
a stabilize source of revenues sufficient to cover operating costs over an extended period of time.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Management anticipates that the Company will be dependent,
for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that
it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances
that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">At March 31, 2014, the Company has accrued fees owed to its
outside accounting firm of $850, for services related to the quarter. Accrued expenses at December 31, 2013 of $5,693 consisted
of $2,800 owed to the Company’s outside independent auditors for services rendered for periods reported on in these financial
statements, as well as, $1,389 for Edgarizing services, $1,315 for website maintenance, and $190 for travel costs.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">At March 31, 2014 and December 31, 2013, the Company had accrued
consulting fees owed to two officers of $92,649 and $68,255, respectively. See Note 6.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company has 250,000,000 shares of $0.001 par value common
stock authorized.  At inception, the Company issued 1,048,743 shares of common stock for cash proceeds of $1,049.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">On January 2, 2010, the Company acquired patents and technology
assets of having a fair value of $10,000 in exchange for 8,438,273 shares of common stock.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company has 9,487,016 shares of common stock issued and
outstanding as of March 31, 2014.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The provision for Federal income tax consists of the following
for the three months ended:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2014</b></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Federal income tax benefit attributable to:</font></td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 78%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Current loss from operations</font></td>
<td style="width: 1%; text-align: right; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">10,100</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; text-align: right; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">11,000</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Less: valuation allowance</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(10,100</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(11,000</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Net provision for Federal income taxes</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The cumulative tax effect at the expected rate of 34% of significant
items comprising our net deferred tax amount is as follows:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2014</b></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Deferred tax asset attributable to:</font></td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 78%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Net operating loss carryover</font></td>
<td style="width: 1%; text-align: right; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">133,409</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; text-align: right; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">123,309</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Less: valuation allowance</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-133,409</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(123,309</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Net deferred tax asset</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">At March 31, 2014, the Company had an unused net operating
loss carryover approximating $392,318 that is available to offset future taxable income; it expires beginning in 2028.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">An officer of the Company has advanced funds to be used for
working capital.  The amounts received are due on demand, non-interest bearing, and unsecured.  The total advances
received and due back to the officer totaled $287,770 and $277,677 at March 31, 2014 and December 31, 2013, respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company entered into an agreement with an officer on April
1, 2013 to rent space in the officer’s barn and basement for storage of tractors, related parts, office equipment and records.
The lease requires monthly payments of $1,100 and is on a month-to-month basis. See Note 6.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company has analyzed its operations subsequent to March
31, 2014 to the date these financial statements were issued, and has determined that it does not have any other material subsequent
events to disclose in these financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company was incorporated in the State of Wyoming on August
14, 2006 as Tabularasa Corp.  The Company intends to become a manufacturer of advanced eco-friendly electric-powered
utility tractors and attachments.  On March 19, 2010, the Company changed its name to Electric Tractor Corp.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The accompanying unaudited interim financial statements have
been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the
Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements
and notes thereto contained in the Company’s registration statement filed with the SEC on Form 10-K. In the opinion of management,
all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been
reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for
the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial
statements for the most recent fiscal year 2013 as reported in Form 10-K, have been omitted.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The accompanying financial statements have been prepared in
accordance with generally accepted accounting principles related to development stage companies. A development-stage company is
one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant
revenues there from.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company’s financial instruments consist of accrued
expenses, accrued expenses – related parties, and advances received from an officer. The carrying amounts of these financial
instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates
unless otherwise disclosed in these financial statements.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the balance sheet.  Actual results could differ
from those estimates.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Basic loss per share has been calculated based on the weighted
average number of shares of common stock outstanding during the period.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company has established standards for reporting and displaying
of comprehensive income, its components and accumulated balances.  When applicable, the Company discloses this information
on its Statement of Stockholders’ Equity.  Comprehensive income comprises equity except those resulting from investments
by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in
other comprehensive income.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company considers all highly liquid investments with the
original maturities of three months or less to be cash equivalents. At March 31, 2014, the Company had $-0- of cash.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Deferred income taxes reflect the net effect of (a) temporary
difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting
purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying
statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating
loss carry-forward has been recognized, as it is not deemed likely to be realized.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">For the period ended March 31, 2014, the Company has not issued
any share-based payments to its employees.  Under the modified prospective method the Company uses, stock compensation
expense includes compensation expense for all stock-based compensation awards granted, based on the estimated fair value on the
grant date.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company continually monitors events and changes in circumstances
that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances
are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets
will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying
amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value
of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company recognizes revenue when products are fully delivered
or services have been provided and collection is reasonably assured.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company incurs research and development (“R&D”)
costs to develop its new and next-generation products.  The Company’s products reach technological feasibility
shortly before the products are released and therefore R&D costs are expensed as incurred.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">In accordance with ASC 350, Goodwill and Other Intangible
Assets, the Company tests its intangible assets for impairment on an annual basis and between annual tests if events occur or circumstances
change that would more likely than not reduce the fair value below its carrying amount.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company applies the provisions of ASC Topic 350, requiring
that intangible assets that have indefinite lives are not amortized but are subject to an annual impairment test or more frequent
test if indicators of impairment exist. Management has determined that the intangible assets as of December 31, 2013 were fully
impaired in the amount of $10,000.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company’s policy regarding advertising is to expense
advertising when incurred. The Company incurred advertising expense of $-0- during the three month periods ended March 31, 2014
and 2013.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company does not expect the adoption of recently issued
accounting pronouncements to have a significant impact on the Company’s results of operations</p>
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<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2014</b></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Federal income tax benefit attributable to:</font></td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 78%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Current loss from operations</font></td>
<td style="width: 1%; text-align: right; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">10,100</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; text-align: right; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">11,000</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Less: valuation allowance</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(10,100</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(11,000</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Net provision for Federal income taxes</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2014</b></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, </b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Deferred tax asset attributable to:</font></td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 78%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Net operating loss carryover</font></td>
<td style="width: 1%; text-align: right; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">133,409</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; text-align: right; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">123,309</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Less: valuation allowance</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-133,409</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(123,309</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Net deferred tax asset</font></td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
</table>
0
0
850
5693
10100
11000
-10100
-11000
133409
123309
-133409
-123309
0
0
392318
<p style="margin: 0; font: 8pt Times New Roman, Times, Serif">Expires beginning in 2028.</p>