0001518964-13-000005.txt : 20130123 0001518964-13-000005.hdr.sgml : 20130123 20130123120934 ACCESSION NUMBER: 0001518964-13-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20130123 DATE AS OF CHANGE: 20130123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PanAm Terra, Inc. CENTRAL INDEX KEY: 0001518964 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 202609195 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54375 FILM NUMBER: 13542131 BUSINESS ADDRESS: STREET 1: 900 BISCAYNE BLVD. STREET 2: SUITE 3307 CITY: MIAMI STATE: FL ZIP: 33132 BUSINESS PHONE: 305-610-8000 MAIL ADDRESS: STREET 1: 900 BISCAYNE BLVD. STREET 2: SUITE 3307 CITY: MIAMI STATE: FL ZIP: 33132 10-Q 1 form10q9302012.htm FORM 10-Q

 

U. S. Securities and Exchange Commission

Washington, D. C. 20549

 

FORM 10-Q

 

[X]     QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended September 30, 2012

 

[   ]    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

 

Commission File No. 0-54375

     

PANAM TERRA, INC.

(Name of Registrant in its Charter)

 
Nevada 20-2609195

(State of Other Jurisdiction of

incorporation or organization)

(I.R.S.) Employer I.D. No.)
 
900 Biscayne Blvd., Suite 3307, Miami, FL 33132
(Address of Principal Executive Offices)

 

Issuer's Telephone Number: 305-610-8000

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 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 [    ]    No [X]  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.) Yes [X]   No [    ]

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One)  

Large accelerated filer    Accelerated filer _Non-accelerated filer     Smaller reporting company [X]

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date:

January 22, 2013

Common Voting Stock: 8,512,681

 

1
 

PANAM TERRA, INC.

QUARTERLY report on Form 10-Q

for the fiscal QUARTER ended September 30, 2012

Table of Contents

 

       
      Page No
Part I Financial Information    
       
Item 1. Financial Statements (unaudited):    
  Condensed Consolidated Balance Sheets – September 30, 2012 and December 31, 2011   3
  Condensed Consolidated Statements of Operations - for the Three and Nine Month Periods Ended September 30, 2012 and 2011 and for the Period from Commencement of Development Stage through September 30, 2012   4
  Condensed Consolidated Statements of Shareholders’ Deficit - for the Period From Commencement of Development Stage through September 30, 2012   5
  Condensed Consolidated Statements of Cash Flows – for the Nine Months Ended September 30, 2012 and 2011 and for the Period from Commencement of Development Stage through September 30, 2012   6
  Notes to Condensed Consolidated Financial Statements   7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   17
Item 3 Quantitative and Qualitative Disclosures about Market Risk   19
Item 4. Controls and Procedures   19
       
Part II Other Information    
       
Item 1. Legal Proceedings   19
Items 1A. Risk Factors   19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   19
Item 3. Defaults upon Senior Securities   19
Item 4. Mine Safety Disclosure   20
Item 5. Other Information   20
Item 6. Exhibits   20

 

 

2
 

PanAm Terra, Inc. And Subsidiary
(F/K/A Duncan Technology Group and Ascentia Biomedical Corporation)
(A Development Stage Company)
Condensed Consolidated Balance Sheets
                 
ASSETS
        September 30, 2012   December 31, 2011
           
        Unaudited   Audited
CURRENT ASSETS          
                 
  Cash    $ 119,349    $ 92,770 
  Due from Related Party                                     -     1,048 
  Prepaid Expenses   14,236      1,116 
    Total Current Assets   133,585      94,934 
                 
OTHER ASSET          
                 
  Security Deposit 1,346      1,346 
                 
    TOTAL ASSETS $ 134,931    $ 96,280 
                 
                 
LIABILITIES AND SHAREHOLDERS' (DEFICIT)          
                 
CURRENT LIABILITIES          
                 
  Accounts Payable and Accrued Expenses $ 35,370    $ 137,978 
  Contingent Shares Liability   106,027      -
  Notes Payable                                     -     57,274 
                 
    Total Current Liabilities   141,397      195,252 
                 
  Notes Payable   61,253                                     -
                 
    Total Liabilities   202,650      195,252 
                 
SHAREHOLDERS' EQUITY (DEFICIT)          
                 
  Common stock, $0.001 par value, 500,000,000           
     shares authorized,  5,822,681 and 5,522,681          
     shares issued and outstanding, respectively   5,823      5,523 
  Common stock issuable, $0.001 par value, 2,090,478          
     and 770,458 shares, respectively   2,090      770 
  Additional paid-in capital   2,265,997      1,825,322 
  Accumulated deficit   (1,548,855)     (1,548,855)
  Deficit accumulated during the development stage   (792,774)     (381,732)
                 
    Total Shareholders' (Deficit)    (67,719)     (98,972)
    TOTAL LIABILITIES AND SHAREHOLDERS'           
    DEFICIT $ 134,931    $ 96,280 
                 
                 
See notes to condensed consolidated financial statements.

3
 

PanAm Terra, Inc. And Subsidiary 
(F/K/A Duncan Technology Group and Ascentia Biomedical Corporation)
(A Development Stage Company)
Condensed Consolidated Statements of Operations 
Unaudited
                       
                       
                      From Commencement
                      of Development Stage
       For the Three Months Ended   For the Nine Months Ended   on February 15, 2007 
      September 30,   September 30,   Through
September 30,
      2012   2011   2012   2011   2012
                       
REVENUES  $                   -      $                   -      $                   -      $                    -      $                               -  
                       
EXPENSES                  
                       
  Payroll costs 131,539    43,756    199,650    105,408    343,908 
  Directors fees 367    364    21,090    5,098    26,555 
  Other and administrative 4,110    5,698    20,211    16,855    60,971 
  Travel  12,976                             -   25,956    21,016    50,155 
  Legal and accounting fees 1,918    5,938    13,046    38,546    68,371 
  Consulting fees 121,027                             -   127,110                             -   215,266 
                       
    Total Expenses 271,937    55,756    407,063    186,923    765,226 
                       
LOSS FROM OPERATIONS (271,937)   (55,756)   (407,063)   (186,923)   (765,226)
                       
OTHER INCOME (EXPENSE)                  
  Gain on dissolution of subsidiary                          -                           -                            -   60,932    60,932 
  Gain on extinguishment of debt                           -    -                              -   156    156 
  Loss on extinguishment of debt                          -    -                             -   (79,738)   (79,738)
  Interest expense (1,336)   (1,336)   (3,979)   (3,507)   (8,898)
                       
    Total Other Income (Expense) (1,336)   (1,336)   (3,979)   (22,157)   (27,548)
                       
NET LOSS  $       (273,273)   $         (57,092)   $       (411,042)   $         (209,080)   $                   (792,774)
                       
LOSS PER SHARE - BASIC AND DILUTED $             (0.04)   $             (0.01)   $             (0.06)   $               (0.04)    
                       
WEIGHTED AVERAGE                    
  OUTSTANDING SHARES                  
  BASIC AND DILUTED 7,543,533    5,032,008    6,721,452    4,704,504     
                       
                       
                       
See accompanying notes to condensed consolidated financial statements.

4
 

PanAm Terra, Inc. And Subsidiary
(F/K/A Duncan Technology Group and Ascentia Biomedical Corporation)

(A Development Stage Company)
Condensed Consolidated Statements of Shareholders' Deficit
For the Period from February 15, 2007 (Commencement of Development Stage) to June 30, 2012
Unaudited

                                       
                                   Deficit     
                                   Accumulated   
                                   During     Total
   Common Stock Issued     Common Stock Issuable    Preferred Stock Issuable   Additional Paid-In   Accumulated  
the
Development
  Shareholders’ Equity
   Shares     Amount     Shares     Amount     Shares     Amount     Capital     Deficit     Stage    (Deficit)
                                       
Balance – February 15, 2007 357,616   358   2,545,310    2,545    8,000,000    8,000    1,444,845   (1,548,855)                        -   (93,127)
                                       
Cancellation of preferred stock issuable                          -                      -                        -                      -   (8,000,000)   (8,000)   8,000                           -                        -                        -
                                       
Net Loss from 2/15/07 to 12/31/07                         -                      -                         -                       -                       -                      -                          -                           -   (4,834)   (4,834)
                                       
Balance – December 31, 2007 357,616   358   2,545,310    2,545                        -                      -   1,452,845   (1,548,855)   (4,834)   (97,961)
                                       
Net Income, Year Ended 12/31/08                    -                      -                        -                      -                       -                      -                          -                           -   727    727 
                                       
Balance – December 31, 2008 357,616   358   2,545,310    2,545                        -                      -   1,452,845   (1,548,855)   (4,107)   (97,234)
                                       
Net Loss, Year Ended 12/31/09                    -                      -                        -                      -                       -                      -                          -                           -   (4,834)   (4,834)
                                       
Balance – December 31, 2009 357,616   358   2,545,310    2,545                        -                      -   1,452,845   (1,548,855)   (8,941)   (102,068)
                                       
Common stock issuable for settlement                                       
  of debt on 9/6/10                  -                    -   2,000                        -                    -   19,342                         -                        -   19,344 
                                       
Net Loss, Year Ended 12/31/10                    -                      -                        -                      -                       -                      -                          -                           -   (105,317)   (105,317)
                                       
 Balance – December 31, 2010  357,616   358   2,547,310    2,547                        -                      -   1,472,167   (1,548,855)   (114,258)   (188,041)
                                       
 Common stock issued on 1/14/11 for cash  1,286,638   1,287    -     -     -     -    68,713    -     -    70,000 
                                       
 Common stock issued on 3/25/11                                        
  for directors' compensation  80,000   80    -     -     -     -    4,272    -     -    4,352 
                                       
 Common stock issued on 3/28/11 for                                       
  settlement of debt with related party  751,117   751    -     -     -     -    59,249    -     -    60,000 
                                       
  Common stock issued on 5/18/11     2,547,310   2,547   (2,547,310)   (2,547)                       -                      -                          -                           -                        -                        -
                                       
 Common stock issued on 11/18/11 for cash  250,000   250    -     -     -     -    49,750           50,000 
                                       
 Common stock issued on 11/21/11 for cash  50,000   50    -     -     -     -    9,950    -     -    10,000 
                                       
 Common stock issued on 12/16/11 for cash  200,000   200    -     -     -     -    39,800    -     -    40,000 
                                       
 Common stock issuable for directors'                                        
 compensation        -     -    20,458    20                    -                    -   1,092                         -                        -   1,112 
                                       
  Common stock issuable for officer                                        
   compensation   -     -    750,000    750     -     -    40,050    -     -    40,800 
                                       
 Issuance of beneficial conversion feature                                       
 with note payable   -     -     -     -     -     -    80,279    -     -    80,279 
                                       
 Net Loss, Year Ended 12/31/11                                    (267,474)   (267,474)
                                       
 Balance – December 31, 2011      5,522,681   $        5,523   770,458    $          770                        -    $              -   $    1,825,322   $   (1,548,855)   $    (381,732)   $       (98,972)
                                       
 Common stock issued on 07/16/12 for cash  100,000   100    -     -     -     -    49,900    -     -    50,000 
                                       
 Common stock issued on 07/20/12 for cash  200,000   200                   99,800           100,000 
                                       
 Common stock issuable to settle CEO's accrued salary   -     -    750,000    750     -     -    159,250    -     -    160,000 
                                       
 Common stock issuable for directors' compensation        -     -    120,020    120     -     -    20,970    -     -    21,090 
                                       
 Common stock issuable for officer compensation          450,000    450            89,550           90,000 
                                       
 Pro-rata vesting of officer stock compensation                          21,205           21,205 
                                       
 Net Loss, for the Nine Months Ended September 30, 2012                                  (411,042)   (411,042)
                                       
 Balance - September 30, 2012  5,822,681   $      5,823   2,090,478    $     2,090    -    $            -   $    2,265,997   $   (1,548,855)   $    (792,774)   $      (67,719)
                                       
                                       
                                       
See accompanying notes to condensed consolidated financial statements.

 

5
 

PanAm Terra, Inc. And Subsidiary 
(F/K/A Duncan Technology Group and Ascentia Biomedical Corporation)
(A Development Stage Company)
Condensed Consolidated Statements of Cash Flows
            Unaudited            
                      From Commencement of
                      Development Stage
                      on February 15, 2007 Through
          Nine Months Ended September 30   September 30,
          2012   2011   2012
OPERATING ACTIVITIES                  
                         
   Net loss     $  (411,042)    $  (209,080)    $  (792,774)
   Adjustments to reconcile net loss to                   
     net cash used by operating activities:                   
     Gain on dissolution of subsidiary                               -     (60,932)     (60,932)
     Gain on extinguishment of debt                               -     (156)     (156)
     Loss on extinguishment of debt       -       79,738      79,738 
     Pro-rata vesting of officer stock compensation      21,205       -      21,205 
     Common stock issued or to be                    
       issued for services      111,090      5,098      157,355 
   Changes in operating assets                   
     and liabilities:                   
       Decrease (Increase) in due from related party      1,048      (13,323)      - 
      Decrease (Increase) in prepaid expenses      (13,120)     1,474      (14,236)
      Increase in security deposit       -       -      (1,346)
       Increase in accounts                   
       payable and accrued expenses      61,371      122,184      279,468 
       Increase in contingent shares liability      106,027       -      106,027 
       Net Cash Used by                   
          Operating Activities      (123,421)     (74,997)     (225,651)
                         
                         
 FINANCING ACTIVITIES                   
                         
     Advances from shareholder       -      4,997       - 
     Proceeds from sale of common stock      150,000      70,000      320,000 
     Note payable proceeds       -       -      25,000 
       Net Cash Provided by                   
           Financing Activities      150,000      74,997      345,000 
                         
     NET INCREASE IN CASH          26,579                                 -     119,349 
                         
     CASH AT BEGINNING                    
       OF PERIOD        92,770         -                                                 -
                         
     CASH AT END OF PERIOD     $  119,349     $                           -    $  119,349 
                         
 NONCASH INVESTING AND FINANCING ACTIVITIES:                
     Issuance of common stock for settlement                  
      of debt with related party   $ 160,000    $ 60,000       
                         
     Reduction of note payable on issuance of                  
       beneficial conversion feature   $ -   $ 80,279       
                         
See accompanying notes to condensed consolidated financial statements.

 

 

6
 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS

 

PanAm Terra, Inc. (“the Company”) was incorporated under the laws of the State of Nevada on October 9, 2001. The Company’s incorporation name was Bellweather Corporation. The Company did not conduct any significant operations until December 15, 2004 when the Company acquired 100% of the outstanding common stock of Ascentia Biomedical Technologies, Inc. (“ABTI”), at which time the Company changed its name to Ascentia Biomedical Corporation. Upon completion of the merger with ABTI, the Company’s original shareholders owned only 20.2% of the post-merger outstanding common shares. Accordingly, the transaction was accounted for as a “reverse merger” whereby the Company was treated as the accounting acquiree and ABTI as the accounting acquirer. ABTI was in the business of pharmaceutical and biomedical research. However, by the third quarter of year 2006 the operations of ABTI had ceased. On March 16, 2011, ABTI was dissolved. See Note 10.

 

On December 13, 2006, the Company amended its articles of incorporation to change its name to Duncan Technology Group. On April 14, 2011, the Company amended its articles of incorporation to change its name to PanAm Terra, Inc.

 

On November 3, 2006, the Company acquired 100% of the common and preferred stock of Fortress Technology Systems, Inc. (“Fortress”) in a transaction accounted for as a “reverse merger”. The Company agreed to issue 2,545,310 common shares and 8,000,000 preferred shares in the share exchange agreement. The Company issued the 2,545,310 common shares on May 18, 2011. In December, 2007, Fortress agreed that the 8,000,000 preferred shares would not be part of the acquisition consideration.

 

Fortress was an operating, revenue generating company conducting business through its wholly-owned subsidiary, Zephyr Communications, Inc. (“Zephyr”). Zephyr primarily sold, installed and maintained a proprietary secure cable infrastructure system. On February 15, 2007, Fortress and Zephyr were “spun-off” to a foreign entity in which the Company’s CEO was a director. At the time of the spin-off, the liabilities of Fortress and its wholly-owned subsidiary exceeded their combined assets by $1,157,436. The Company did not receive any other compensation as part of the spin-off; accordingly, the Company recorded the elimination of the net liabilities of $1,157,436 from its consolidated financial statements as a capital contribution.

 

Since the February 15, 2007 spin-off, the Company has not conducted any significant operations and has not generated any operating revenue. Accordingly, the consolidated financial statements indicate that as of February 15, 2007 the Company is considered a development stage enterprise.

 

The Company plans to be a real estate land owning entity with the primary purpose of acquiring, leasing and controlling farm land in Latin America. Initially the Company will focus its efforts in the countries of Argentina, Brazil, and Uruguay. The business model being pursued is to acquire farmland currently producing net positive cash flows from crops such as soybeans, corn, rice and grains which are readily exportable to countries with significant demand for agricultural products.

 

PRINCIPLES OF CONSOLIDATION

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, ABTI. All significant intercompany accounts and transactions have been eliminated.

 

 CASH EQUIVALENTS

 

The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

 

7
 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

USE OF ESTIMATES AND BASIS OF PRESENTATION

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

 

The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with the Company’s Form 10 Registration Statement. These consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of the Company’s consolidated balance sheets, operating results, changes in shareholders’ deficit, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

 

DEVELOPMENT STAGE COMPANY

 

The Company is a development stage enterprise as defined by ASC 915-10, “Development Stage Entities”. The development stage commenced on February 15, 2007, the date the Company’s operating subsidiary was spun-off. Accordingly, the financial statements reflect all losses accumulated since February 15, 2007 as incurred during the Company’s development stage activities.

 

PROPERTY AND EQUIPMENT

 

Property and equipment is recorded at historical cost which consists of the purchase price and any costs directly attributable to the acquisition. Subsequent costs are included in the asset’s carrying amount only when it is probable that the asset’s useful life will be extended. Maintenance and repairs that do not extend the life of an asset are charged to expense.

 

Depreciation is computed using the straight-line method over the useful life of each asset. Farmland is not depreciated. The Company did not own any property and equipment as of September 30, 2012.

 

LONG-LIVED ASSETS

 

In accordance with ASC 360-10, “Property, Plant, And Equipment”, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the Company determines that the sum of the undiscounted cash flows expected from the asset’s use and eventual disposal is less than the carrying amount of the asset, an impairment charge is recorded to the extent that the carrying amount exceeds the asset’s fair value.

 

CONCENTRATION OF CREDIT RISK

 

The Company does not have any off-balance-sheet concentrations of credit risk. The Company expects cash and accounts receivable to be the two assets most likely to subject the Company to concentrations of credit risk. The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. The Company plans to minimize its accounts receivable credit risk by transacting contractual arrangements with customers that have been subjected to stringent credit evaluations and structuring the contracts in a manner that lessens inherent credit risks.

 

 

 

8
 


PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

INCOME TAXES

 

The Company utilizes the asset and liability method to account for income taxes pursuant to ASC 740 “Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is used to reduce net deferred tax assets to the amount that, based on management’s estimate, is more likely than not to be realized.

 

ASC 740 provides guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. If the Company determines that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. A liability for uncertain tax positions would then be recorded if the Company determined it is more likely than not that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. We do not believe any uncertain tax positions exist that would result in the Company having a liability to the taxing authorities. The Company classifies interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and other expense in the consolidated statements of operations.

 

BASIC AND DILUTED LOSS PER SHARE

 

The Company has computed net loss per share in accordance with ASC 260 “Earnings per Share” which mandates that basic and diluted earnings per share “EPS” be presented on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period, including contingently issuable shares where the contingency has been resolved. Diluted EPS gives effect to all dilutive stock options and warrants outstanding during the period using the treasury stock method and dilutive convertible securities using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted loss per share excludes all dilutive potential shares as their effect is anti-dilutive.

 

FAIR VALUE MEASUREMENTS

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

 

Level 1 – Valuations based on quoted prices for identical assets and liabilities in active markets.

 

Level 2 – Valuations based on observable inputs other than quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

 

Level 3 – Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

 

REVENUE RECOGNITION

 

The Company recognizes revenue from product sales or services rendered when the following four criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. The Company has not recognized any revenue since inception.

 

9
 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2011, the Financial Accounting Standards Board (FASB) issued a new accounting standard update (ASU No. 2011-04), which amends the fair value measurement guidance and includes some enhanced disclosure requirements. The most significant change in disclosures is an expansion of the information required for Level 3 measurements based on unobservable inputs. The standard is effective for fiscal years beginning after December 15, 2011. The Company adopted this standard in the first quarter of 2012 and its implementation did not have a material impact on the Company’s financial statements and disclosures.

 

In June 2011, the FASB issued a new accounting standard (ASU No. 2011-05), which eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. Instead, an entity will be required to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. The standard is effective for fiscal years beginning after December 15, 2011. The Company adopted this standard in the first quarter of 2012 without any material impact on the financial statements.

 

In September 2011, FASB issued amendments to its accounting guidance on testing goodwill for impairment. The amendments allow entities to use a qualitative approach to test goodwill for impairment. This permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is required to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. This guidance is effective for annual and interim goodwill impairment test performed for fiscal years beginning after December 15, 2011 and early adoption is permitted. The Company did not early adopt this guidance and there was no material impact to the consolidated financial statements upon adoption in the first quarter of 2012.

 

In December 2011, the FASB issued a new accounting standard (ASU No. 2011-11), which modifies the disclosures of offsetting assets and liabilities. The standard is effective for reporting periods beginning on or after January 1, 2013. The Company will adopt this standard in the first quarter of 2013 and does not anticipate that the implementation thereof will have a material impact on the Company’s consolidated financial statements.

 

NOTE 2 – GOING CONCERN

 

The Company is not currently generating any revenues and is incurring losses. The existence of negative cash flows from operations raises substantial doubt about the Company’s ability to continue as a going concern. Management plans to finance the Company’s operating cash flow requirements through the issuance of equity and debt securities. However, there can be no assurances that management will be successful in raising sufficient capital to meet its budgetary cash flow requirements. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and to obtain the necessary financing to execute its business plan and pay its liabilities arising from normal business operations.

 

The Company’s financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations. The financial statements do not include any adjustments that would be necessary should the Company be unable to continue as a going concern.

 

NOTE 3 – DUE FROM RELATED PARTY

 

The Company, while in the process of paying a $1,048 vendor bill in 2011, inadvertently paid a related party instead of the intended vendor. In the second quarter of 2012, the related party refunded to the Company the full amount of the erroneous payment.  

 

10
 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 4 – NOTES PAYABLE

 

$25,000 Convertible Note:

 

The Company entered into a $25,000 note payable dated December 20, 2010. Interest accrued at the rate of ten percent (10%) per annum. The principal amount of the note and all accrued interest were payable on August 15, 2012. Interest expense for the nine months ended September 30, 2011 (prior to the modification described below) totaled $466.

 

On March 10, 2011, the Company executed an “On Demand Convertible Note” in the principal amount of $25,000 that replaced and superseded the terms of the $25,000 note payable that was outstanding as of December 31, 2010. The terms of the note stipulated that the entire principal and accrued interest shall be payable on September 10, 2012 with interest accruing at a 10% annual rate. The holder of the note payable was given the option to convert the $25,000 principal amount and the related accrued interest at any time prior to September 10, 2012 in exchange for 1,935,284 common shares. The note holder may convert less than 100% of the amount of the note and the related accrued interest and receive common shares on a pro-rata basis. Upon the conversion of the note, or a portion thereof, the note holder’s common stock ownership may not exceed 4.99% of the then outstanding common shares of the Company after giving effect to the shares issuable upon conversion. On September 10, 2012, the new note was modified to extend the maturity and note conversion deadline dates to September 10, 2015.

 

The Company considers this new debt instrument to be substantially different from the replaced note payable pursuant to ASC 470 because its modification added a substantive conversion option whose exercise is considered to be at least reasonably possible. Accordingly, because substantially different terms exist, the old debt instrument is considered to be extinguished and the new debt instrument is valued at $105,279 for purposes of determining the loss on extinguishment of debt. A loss on extinguishment of debt of $79,738 resulting from the difference between the fair value of the new note and the carrying value of the old note at the time of the transaction is included in the consolidated statement of operations for the nine months ended September 30, 2011. The new note fair value of $105,279 was determined by multiplying the number of convertible shares (1,935,284) by the estimated per share value ($0.0544) of the common stock on March 10, 2011. The $0.0544 valuation price used is the per share cash price (Level 1 input) obtained by the Company in its only equity offering prior to this transaction. The difference between the estimated fair value of the common stock issuable upon conversion of the new note and the face amount of the new note results in a beneficial conversion feature of $80,279 which was recorded as a reduction to the fair value of the new debt instrument and an increase to additional paid-in capital.

 

Interest expense on the modified note for the nine months ended September 30, 2011 and 2012, totaled $1,404 and $1,876; respectively, all of which is accrued and unpaid. As of September 30, 2012, the note payable balance that is included in the consolidated balance sheet totals $28,910 which includes the $3,910 of accrued interest.

 

$28,000 Convertible Note:

On March 15, 2011, the Company executed an “On Demand Convertible Note” in the principal amount of $28,000 that replaces and supersedes a $28,156 vendor invoice that was accrued as of December 31, 2010. The note and any accrued interest was payable on September 15, 2012 with interest accruing at 10% per annum. The holder of the note had the option to convert the $28,000 principal amount and the related accrued interest at any time prior to September 15, 2012 in exchange for 473,204 common shares. The note holder may convert less than 100% of the amount of the note and the related accrued interest and receive common shares on a pro-rata basis. Upon conversion of the note, or a portion thereof, the note holder’s common stock ownership may not exceed 4.99% of the then outstanding common shares of the Company after giving effect to the shares issuable upon conversion. On September 15, 2012, the note was modified to extend the maturity and note conversion deadline dates to September 15, 2015.

 

11
 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 4 – NOTES PAYABLE (CONTINUED)

 

The Company considers this new debt instrument to be substantially different from the replaced note payable pursuant to ASC 470 because its modification added a substantive conversion option whose exercise is considered to be at least reasonably possible. Accordingly, because substantially different terms exist, the old debt instrument is considered to be extinguished and the new debt instrument is valued at $28,000 for purposes of determining the gain on extinguishment of debt. A gain on extinguishment of debt of $156 resulting from the difference between the fair value of the new note and the carrying value of the old note at the time of the transaction is included in the statement of operations for the nine months ended September 30, 2011. The new note value of $28,000 was determined by the Company to be reasonable although the value of the convertible shares is less than the face value of the new note. The Company believes that because the note interest rate is representative of the rate the Company would have to pay for similarly termed debt instruments from third parties, the appropriate valuation is the $28,000 face amount of the note. This is a valuation using a Level 3 input and the market approach.

 

Interest expense for the nine months ended September 30, 2011 and 2012, totaled $1,534 and $2,101, respectively; all of which is accrued and unpaid. As of December 31, 2011, the note payable balance that is included in the consolidated balance sheet totals $30,240 which includes the $2,240 of accrued interest. As of September 30, 2012, the note payable balance that is included in the consolidated balance sheet totals $32,341 which includes $4,341 of accrued interest.

 

NOTE 5 – STOCK OPTION PLAN

 

In year 2004 and effective for year 2005, the Company’s Board of Directors adopted the Company’s “2005 Combined Incentive and Non-Qualified Stock Option Plan” (Plan). The maximum aggregate number of common shares that may be subject to option and sold under the Plan is twenty thousand (20,000) shares. The Board of Directors or a Committee appointed by the Board shall administer the Plan. The Plan became effective upon its adoption by the Board and shall continue in effect for a term of ten (10) years unless sooner terminated by the Board. The term of each option shall not exceed more than ten (10) years from the grant date. In the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall not exceed five (5) years from the date of grant. The per share exercise price shall be subject to the following: In the case of an Incentive Stock Option (a) granted to an employee who owns more than 10% of the voting power of all classes of stock, the exercise price shall be no less than 110% of the fair market value per share on the date of grant (b) granted to any other employee, the per share exercise price shall be no less than 100% of the fair market value per share on the date of grant. In the case of a Non-statutory Stock Option, the per share exercise price shall be determined by the Plan administrator.

 

The Company did not have any outstanding stock options as of September 30, 2012 and December 31, 2011 respectively.

 

 

NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS

 

As of September 30, 2012, the Company’s financial instruments consist principally of accounts payable and accrued expenses, contingent shares liability, and two term notes payable. The recorded value of the Company’s accounts payable and accrued expenses balance approximates their current fair values due to the relatively short-term settlement period of these instruments. The remaining contingent shares liability balance pertains to 212,054 common shares valued at $0.50 per share that are deemed to have been earned by a related entity providing consulting services to the Company pursuant to an advisory agreement dated July 6, 2012 which is disclosed in Note 8. The fair value of the convertible notes is based on the cash value received for the private offering sale of common stock on July 20, 2012 ($0.50 per share) as no sales of common stock have occurred subsequent to said date and as of September 30, 2012. Accordingly, the fair value as of September 30, 2012 of the $25,000 note is $967,642 and the fair value of the $28,000 note is $236,602.

 

 

12
 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 7 – INCOME TAXES

 

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

   2012  2011
Tax benefit of net loss at federal statutory rate   34%   34%
Change in valuation allowance   (34)   (34)
Tax benefit of net loss at effective rate   —  %   —  %
           

 

The components of the Company’s deferred tax asset are as follows as of September 30, 2012 and December 31, 2011: 

 
Deferred Tax Asset:
   2012    2011 
Net Operating Loss Carryforward  $470,457   $375,465 
Stock Compensation   43,259    —   
   $513,716   $375,465 
Valuation Allowance   (513,716)   (375,465 
Total Net Deferred Tax Asset  $—     $—   
Change in Valuation Allowance  $138,251   $89,935 

 

The potential deferred tax asset is computed utilizing a 34% federal statutory tax rate as the states in which the Company operated had no corporate income tax. No deferred tax asset has been reported in the financial statements because the Company believes there is a 50% or greater chance the net operating loss (NOL) carryforwards will expire unused. Accordingly, the potential tax benefits of the NOL carryforwards are offset by a valuation allowance of the same amount.

 

The $138,251 increase in the 2012 valuation allowance consists of deferred tax assets of $94,992 attributable to the tax benefit arising from the NOL carryforward and $43,259 attributable to stock compensation. The 2011 valuation allowance increase of $89,935 is solely attributable to deferred tax assets arising from the tax benefit of the NOL carryforward.

 

As of September 30, 2012, the Company had NOL carryforwards for income tax reporting purposes of approximately $1,383,698, which may be offset against future taxable income through year 2032.

 

The Company has not filed any income tax returns since inception. The Company is in the process of preparing all delinquent tax returns and we will file the tax returns upon their completion. Accordingly, all of the Company’s tax returns are subject to examination by the federal tax authorities. The states in which the Company has operated do not have any income tax filing requirements.

 

NOTE 8 – COMMITMENTS

 

Effective March 1, 2011, the Company entered into a three year employment agreement with its Chief Executive Officer (CEO). The CEO’s annual compensation shall be $120,000. The salary shall be increased to an annual rate of $200,000 if the Company receives an aggregate financing of $500,000 calculated starting October 1, 2010. Compensation may be increased by the Company in its sole discretion. For work performed in year 2011 but prior to this employment agreement, the CEO shall be paid a signing bonus of $50,000. The bonus will be payable to the CEO at the earlier of directors’ approval or upon the Company receiving aggregate financing of a minimum of $500,000 calculated starting January 1, 2011. The CEO shall be eligible for a performance bonus based upon certain objectives established by the Board of Directors. The targeted amount of the initial performance bonus is $50,000 annually. The CEO shall also be entitled to certain other fringe benefits such as insurance coverage under employee benefit plans that the Company may establish. Under certain circumstances the CEO may be entitled to a termination payment equal to twelve months of the CEO’s salary at the time of termination. The agreement subjects the CEO to certain non-interference, non-disclosure and non-competition terms. As of December 31, 2011, the CEO has not been paid any compensation and his accrued and unpaid salary of $100,000 is shown on the consolidated balance sheet in the “accounts payable and accrued expenses” category and is included in payroll costs in the consolidated statement of operations.

13
 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 8 – COMMITMENTS (CONTINUED)

 

Effective July 6, 2012, the aforementioned employment agreement was terminated; however, certain covenants therein remain in effect such as the Company’s obligation to provide health insurance to the terminated CEO and his dependents. The terminated CEO shall assume the role of Chairman of the Board of Directors. The Company shall be obligated to pay $50,000 upon the Company receiving an aggregate financing of $500,000 calculated starting October 1, 2010. In full satisfaction of all accrued obligations of the Company pursuant to the employment agreement, the Company shall be obligated to issue 750,000 common shares to an entity related to the terminated CEO.

 

On March 25, 2011, the Company executed two separate “Non-Executive Letters of Appointment” with identical terms for each of the two directors named therein. Under the terms of the agreements, each director will be entitled to 40,000 shares of common stock that vested upon the execution of the agreements. Furthermore, each director will be entitled to an additional 40,000 shares that will vest ratably over three years. In addition to the granting of the aforementioned common shares, the Company will determine a directors’ fee once the Company has raised a cumulative of $1,000,000. On May 18, 2011, the Company issued 80,000 shares in the aggregate to the two directors pursuant to the terms of the agreements. The Company’s consolidated statements of operations for the nine months ended September 30, 2012 and 2011 includes directors’ fees of $21,090 and $5,098, respectively. The directors’ fees of $21,090 for the nine months ended September 30, 2012 includes $20,000 attributable to 100,000 common shares granted to the directors on June 18, 2012 (see Note 9). As of September 30, 2012 and December 31, 2011, the directors had earned 140,478 and 20,458 common shares, respectively, that have not been issued and are reflected on the consolidated balance sheet as “common stock issuable” at par value of $140 and $20, respectively.

 

On October 1, 2011, effective as of January 1, 2011, the Company approved a stock compensation agreement with its chief financial officer (CFO). In exchange for CFO services during the year ending December 31, 2011, the Company is obligated to issue its CFO 750,000 restricted shares of common stock. Per the agreement, the shares were earned quarterly in 2011 as follows: (a) first quarter, 175,000 shares (b) second quarter, 200,000 shares (c) third quarter, 225,000 shares (d) fourth quarter, 150,000 shares. None of the shares have been issued. In 2012, the CFO was receiving compensation of $1,000 per month.

 

The shares were valued based on the average per share private placement stock price on January 14, 2011 of $0.0544 since no other stock cash sale transactions occurred prior to October 1, 2011. The consolidated statement of operations for the nine months ended September 30, 2011 includes payroll costs related to this transaction of $32,640. The September 30, 2012 and December 31, 2011 consolidated balance sheets include as “common stock issuable”, at par value of $750; the 750,000 unissued shares.

 

Effective July 6, 2012, the Company entered into an advisory agreement with an entity related to the terminated CEO. In exchange for financial and management consulting services, the Company shall pay $5,000 monthly until the Company obtains $2,000,000 in financing (including all financing completed since October 1, 2010), thereafter, the monthly consulting fee shall be $10,000. The Company shall also issue 900,000 restricted common shares that shall vest on the first anniversary of the agreement (July 6, 2013) but said shares shall be surrendered and cancelled if the agreement is terminated prior to that date. On a pro-rata basis, 212,054 of the 900,000 shares are deemed to have been earned as of September 30, 2012. The September 30, 2012 per share value is $0.50 based on the cash sale of stock closest to said date. Accordingly, the condensed consolidated statements of operations for the three and nine months ended September 30, 2012, includes $106,027 of consulting fees related to the 212,054 earned shares. If during the term of this agreement, the Company owns or contracts to manage farmland, and the aggregate value of said farmland (determined by the most recent purchase price) is at least $200,000,000, then the Company will issue to the consulting entity a warrant to purchase 900,000 shares of common stock at a strike price of $2 per share during the period of five years from the date of issuance. The term of the agreement is five years; however, either party may terminate the agreement with or without cause after twenty-four months or at any time if the terminated CEO ceases to be affiliated with the entity providing the advisory services.

 

14
 

 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 8 – COMMITMENTS (CONTINUED)

 

Effective July 6, 2012, the Company hired a President/CEO by entering into a one year employment agreement that may be renewed annually by mutual written consent. The agreement contains a non-compete clause effective for twelve months after termination thereof. The agreement is conditional on the Company’s commitment to obtain a directors’ and officers’ insurance policy as soon as is reasonable and the Company executing an Indemnification Agreement satisfactory to the employee. The CEO shall receive monthly compensation of $5,000 increasing to $10,000 in the event the Company receives $2,000,000 from the sale of equity securities (including all financing completed since October 1, 2010). However, for the quarter ending December 31, 2012, the CEO’s monthly compensation is $10,000 as an incentive to achieve the aforementioned $2,000,000 equity raise. The CEO shall receive 900,000 restricted common shares of which 450,000 shall be fully vested upon contract start date (July 6, 2012); the remaining 450,000 shares will vest on July 6, 2013 unless the agreement is terminated prior to that date. The 450,000 shares that vest on July 6, 2012 are deemed earned on said date and, on a pro-rata basis, 106,025 of the 450,000 shares that vest on July 6, 2013 are deemed to have been earned as of September 30, 2012. The per share value is $0.20 based on cash sales of stock closest to the employment agreement date. Accordingly, the condensed consolidated statements of operations for the three and nine months ended September 30, 2012, includes $111,205 of payroll costs related to the 556,025 earned shares. If during the term of this agreement (but not after the fifth anniversary of the date of this agreement), the Company owns or contracts to manage farmland, and the aggregate value of said farmland (determined by the most recent purchase price) is at least $200,000,000, then the Company shall issue to the CEO a warrant to purchase 900,000 shares of common stock at a strike price of $2 per share during the period of five years from the date of issuance. The Board of Directors shall determine the amount the CEO’s bonus, if any, based on factors such as the achievement of company goals and plans, capital raising, purchase of land, and hiring of key employees in key locations.

 

NOTE 9 - COMMON STOCK ACTIVITY AND REVERSE STOCK SPLIT

 

The Company’s common stock activity for the year ended December 31, 2011 and for the nine months ended September 30, 2012 is reflected below.

 

On May 18, 2011, the Company issued 2,545,310 shares of common stock pursuant to a “Share Exchange Agreement” dated November 7, 2006 (see Note 1).

 

Effective January 14, 2011, the Company entered into three separate stock subscription agreements for the private offering of common stock. The stock subscription terms stipulate that in the aggregate 1,286,638 unregistered (restricted) common shares will be issued for $70,000. The Company received $70,000 of proceeds from the sale of the common shares in January and February of year 2011. The Company issued the 1,286,638 shares on May 18, 2011.

 

On March 28, 2011, the Company settled a $60,000 debt obligation owed to an entity wholly owned by the Company’s chief executive officer. The Company agreed to issue 751,117 restricted shares of its common stock as consideration for the settlement of the debt. The shares were issued on May 18, 2011.

 

On May 18, 2011, the Company issued 80,000 shares of common stock pursuant to the terms of a March 25, 2011 agreement with two of its directors (see Note 8).

 

On May 18, 2011, the Company issued 2,000 shares of common stock to settle debt pursuant to an agreement on September 6, 2010. The December 31, 2010 consolidated balance sheet reflected the $2 par value of the 2,000 shares as “Common Stock Issuable”.

 

On October 1, 2011, the Company agreed to issue for year 2011 CFO services, 750,000 shares of common stock. See Note 8.

 

On November 18, 2011, the Company sold 250,000 shares of common stock for $50,000 cash.

 

On November 21, 2011, the Company sold 50,000 shares of common stock for $10,000 cash.

 

On December 16, 2011, the Company sold 200,000 shares of common stock for $40,000 cash.

 

15
 

PANAM TERRA, INC.

(F/K/A DUNCAN TECHNOLOGY GROUP AND ASCENTIAL BIOMEDICAL CORPORATION)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

 

NOTE 9 - COMMON STOCK ACTIVITY AND REVERSE STOCK SPLIT (CONTINUED)

 

Effective June 18, 2012, the Company granted a total of 100,000 common shares of stock to two directors for services rendered through said date. The stock was valued at $20,000 based on the $0.20 per share value of common stock sold for cash on December 16, 2011, the date closest to this transaction date. The statement of operations for the nine months ended September 30, 2012 includes the $20,000 as directors’ fees. The shares were unissued as of September 30, 2012; accordingly, the $100 par value of the stock is included on the September 30, 2012 balance sheet as common stock issuable.

 

On July 6, 2012, the Company agreed to issue 450,000 common shares pursuant to an employment agreement with its CEO. See Note 8.

 

On July 16, 2012, the Company sold 100,000 shares of common stock for $50,000 cash.

 

On July 20, 2012, the Company sold 200,000 shares of common stock for $100,000 cash.

 

Effective April 15, 2011, the Company’s Board of Directors approved a 1 – for – 100 reverse split of its common stock. The Company’s majority shareholder voted in favor of the reverse stock split motion. Fractional shares resulting from the reverse split were rounded up to the next whole number. The consolidated financial statements have been retroactively restated to reflect share and per share data related to the reverse split for all periods presented.

 

NOTE 10 – DISSOLUTION OF SUBSIDIARY

 

On March 16, 2011, the Company filed Articles of Dissolution with the State of Washington for the dissolution of the Company’s 100% owned subsidiary, Ascentia Biomedical Technologies, Inc. As of December 31, 2010, the Company’s consolidated financial statement balances attributable to its subsidiary included accounts payable to vendors of $60,932. Since there was no recourse against the Company for the $60,932 of accounts payable, the statement of operations for the nine months ended September 30, 2011 includes that sum as a “gain on dissolution of subsidiary”.  The subsidiary did not have any assets. The parent did not guarantee any of the debts of its subsidiary. Eliminated in the consolidation process and therefore not reflected in the consolidated financial statement balances as of December 31, 2010 is an intercompany balance of $558,482 that the subsidiary owed to its parent. The Company wrote-off the $558,482 intercompany balance on March 16, 2011, however, the write-off did not affect the consolidated statement of operations due to the offsetting nature of the intercompany balance.

 

NOTE 11 – SUBSEQUENT EVENTS

 

On December 11, 2012, the Company issued for cash a $25,000 “on demand convertible note” bearing interest at 10% per annum. The note gives the holder the right to convert, within the two year maturity date of December 11, 2014, the note and any accrued interest in exchange for 300,000 common shares. On January 10, 2013, the holder of the note elected to convert the full amount of the note in exchange for the aforementioned common shares.

 

On December 13, 2012, the Company sold 40,000 shares of common stock for $10,000 cash.

 

16
 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS

 

Forward-Looking Statements: No Assurances Intended

 

In addition to historical information, this Quarterly Report contains forward-looking statements, which are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “estimates,” “projects,” or similar expressions. These forward-looking statements represent Management’s belief as to the future of PanAm Terra, Inc.  Whether those beliefs become reality will depend on many factors that are not under Management’s control.  Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in Section 1A titled “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2011.  Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.

 

Outline of Our Business

 

 Our current business plan contemplates that we will function as an agricultural asset management company by acquiring, leasing and controlling approximately 20,000 hectares of farmland in Latin America, with an initial focus primarily in Uruguay and Brazil and secondarily in Peru, Columbia, Chile and Paraguay. The acquired farmland is anticipated to be utilized for permanent crops that can be readily transported to countries that cannot produce sufficient staples at a competitive cost, such as China, Korea and the countries of Eastern Europe. Our initial plans are (i) to acquire existing farmland from farmers as real estate investments and (ii) to lease back the land to the selling farmer or an independent operator, thereby providing investors a current yield through rental income as well as participating in the long term asset appreciation. In particular, the Company is focused on high quality arable land with water assets and good infrastructure access.

 

To date, the Company has acquired no farmland nor identified any specific parcel of land that it will acquire, as we will need to secure adequate funding before we can commence our acquisition program. Currently, the Company’s operations consist of developing the relationships in Latin America that will be necessary for our business and developing relationships with potential funding sources.

 

Results of Operations

 

PanAm Terra is in its organizational phase at this time. During the three and nine months ended September 30, 2012, the Company had no revenue and incurred operating expenses totaling $271,937 and $407,063, respectively. The primary component of expenses was compensation, including salary accrued to compensate our Chief Executive Officer and Chief Financial Officer, who are the Company’s only employees, for their services in developing our business plan and initiating the organization of our business, as well as compensation accrued for our directors and consulting fees paid to the holding company of our previous CEO. In addition, in the nine months ended September 30, 2012 we incurred $25,956 in travel expenses related to our efforts to develop contacts in South America. The remainder of our expenses in the first nine months of 2012 was legal, accounting and administrative expenses incurred in organizing the affairs of PanAm Terra.

 

The components of our operating expenses in the first nine of 2011 were similar to our operating expenses in the first nine of 2012, as our operations were not significantly different. Our legal and accounting expenses were higher in 2011, as we initiated reporting with the Securities and Exchange Commission in that period. On the other hand, our directors fees were lower in the first nine months of 2011, as the board had not yet developed compensation arrangements for itself. In addition, the consulting arrangement with our prior CEO’s company was initiated only in July 2012, and so we incurred no consulting expenses in 2011. As a result, our operating expenses for the third quarter of 2012 were almost five times greater than operating expenses during the third quarter of 2011, while our operating expenses for the first nine months of 2012 were 118% greater than operating expenses for the first nine months of 2011.

17
 

During the first quarter of 2011 we completed the liquidation of a subsidiary named Ascentia Biomedical Technologies, Inc. The subsidiary had no assets and its creditors had no legal right of access to the assets of the Company. For that reason, we recorded the liabilities of the subsidiary on the date of dissolution, which totaled $60,932, as a gain on dissolution of subsidiary, representing other income on our Statements of Operations for the nine months ended September 30, 2011. This was offset by the $79,738 loss on extinguishment of debt that we recorded in March 2011. The loss arose when we replaced a $25,000 note payable with a $25,000 convertible note. As a result of the conversion feature, the fair value of the convertible note when issued was $105,279. Accordingly we recorded the difference between the fair value of the note payable and the fair value of the convertible note as a loss on extinguishment of debt.

 

The gain on dissolution of subsidiary and loss on extinguishment of debt were recorded as other income (expense) during the nine months ended September 30, 2011. We had no similar events during the nine months ended September 30, 2012, and our only other income (expense) for the first nine months of 2012 was an interest expense of $3,979.

 

As a result of the several expenses described above, the Company recorded a net loss of $273,273 ($.04 per share) for the three months ended September 30, 2012, compared to a net loss of $57,092 ($.01 per share) for the three months ended September 30, 2011. We also recorded a net loss of $411,042 ($.06 per share) for the nine months ended September 30, 2012, compared to a net loss of $209,080 ($.04 per share) for the nine months ended September 30, 2011.

 

Liquidity and Capital Resources
 

The Company’s operations during the first nine months of 2012 used $123,421 in cash. Our cash usage was less than our net loss primarily because, due to lack of cash, $167,398 of the expenses we incurred during the first nine months of 2012 was accrued as of September 30, 2012. In addition, $111,090 of our payroll expense was paid in shares of common stock. We financed our operating cash flow by completing a sale of 300,000 shares of common stock for $.50 per share in July 2012.

 

Our operations during the first nine months of 2011 used $74,997 in cash, as we accrued $122,184 of the $186,923 in expenses incurred during that period. We financed that cash flow by issuing 1,286,638 shares of common stock in January 2011, for which we received a cash payment of $70,000.

 

We plan to acquire the capital required to initiate our business plan by issuing equity securities, either capital stock or convertible debt. Since September 30, 2012, we have received $10,000 from the sale of 40,000 shares of common stock and $25,000 from the issuance of a 10% two year note convertible into 300,000 shares of common stock. We have received no other commitments for funds. Accordingly, the opinion of our independent registered public accounting firm with respect to our 2011 financial statements stated that there is substantial doubt about the Company’s ability to continue as a going concern. That doubt will be alleviated only when we obtain the funds necessary to purchase farmland and initiate profitable operations.

 

18
 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition or results of operations.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4.   CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures.  Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule13a-15(e) promulgated by the Securities and Exchange Commission) as of September 30, 2012. The evaluation revealed that there is a material weakness in our disclosure controls, specifically that the small number of employees who are responsible for accounting functions prevents us from segregating duties within our internal control system. Based on their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s system of disclosure controls and procedures was not effective as of September 30, 2012.

 

Changes in Internal Controls.  There was no change in internal controls over financial reporting (as defined in Rule 13a-15(f) promulgated under the Securities Exchange Act or 1934) identified in connection with the evaluation described in the preceding paragraph that occurred during the Company’s third fiscal quarter that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.

 
PART II   -   OTHER INFORMATION

 

Item 1. Legal Proceedings

None.

Item 1A Risk Factors

There have been no material changes from the risk factors included in our Form 10-K for the year ended December 31, 2011.

 

Item 2. Unregistered Sale of Securities and Use of Proceeds

 

(a) Unregistered sales of equity securities

 

None.

 

(c) Purchases of equity securities

 

The Company did not repurchase any of its equity securities that were registered under Section 12 of the Securities Exchange Act during the 3rd quarter of 2012.

 

19
 

Item 3. Defaults Upon Senior Securities.

None.

 

Item 4. Mine Safety Disclosures

 

Not Applicable

 

Item 5. Other Information.

None.

 

Item 6. Exhibits

Exhibit No. Exhibit
31.1 Rule 13a-14(a) Certification – CEO*
31.2 Rule 13a-14(a) Certification – CFO*
32 Rule 13a-14(b) Certification*
101.INS XBRL Instance Document**
101.SCH XBRL Taxonomy Extension Schema Document**
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB XBRL Taxonomy Extension Label Linkbase Document**
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document**

 *Filed herewith.
**Furnished herewith. 

 

 

20
 

 

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.

 

 

 
PANAM TERRA, INC.
 
 
Date: January 23, 2013
By: /s/ Steven J. Ross
 
   Steven J. Ross, Chief Executive Officer
   
 
By: /s/ Angel Lana
 
   Angel Lana, Chief Financial Officer, Chief Accounting Officer

 

    

21
 

EX-31 2 exh311.htm EXHIBIT 31.1 panamterraexh311.htm
 
EXHIBIT 31.1: Rule 13a-14(a) Certification
 

I, Steven J. Ross, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q of PanAm Terra, 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 made, not misleading with respect to the period covered by this quarterly report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material informa­tion relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our 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 our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
a. All significant deficiencies 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.
 
 

January 23, 2013
/s/ Steven J. Ross
 
Steven J. Ross
 
Chief Executive Officer
   
 
 
 

 
EX-31 3 exh312.htm EXHIBIT 31.2 panamterraexh312.htm

EXHIBIT 31.2: Rule 13a-14(a) Certification
 

I, Angel Lana, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q of PanAm Terra, 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 made, not misleading with respect to the period covered by this quarterly report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material informa­tion relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our 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 our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
a. All significant deficiencies 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.
 
 

January 23, 2013
/s/ Angel Lana
 
Angel Lana
 
Chief Financial Officer
 
 
 
 
 
 

 
EX-32 4 exh322.htm EXHIBIT 32 panamterraexh322.htm
EXHIBIT 32: Rule 13a-14(b) Certification 
 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of PanAm Terra, Inc. (the “Company”) certify that:
 
1. The Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
January 23, 2013
/s/ Steven J. Ross
 
Steven J. Ross, Chief Executive Officer
   
January 23, 2013
/s/ Angel Lana
 
Angel Lana, Chief Financial Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
 
 
  
 

 
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Operating Expenses Operating Income (Loss) Interest Expense, Debt Nonoperating Income (Expense) Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Financing Activities Cash, Period Increase (Decrease) Income Tax, Policy [Policy Text Block] Deferred Tax Assets, Net of Valuation Allowance [Abstract] Deferred Tax Assets, Gross Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net of Valuation Allowance EX-101.PRE 10 pnti-20120930_pre.xml XBRL PRESENTATION FILE XML 11 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events (Narrative) (Details) (USD $)
0 Months Ended
Jul. 20, 2012
Jul. 16, 2012
Dec. 16, 2011
Nov. 21, 2011
Nov. 18, 2011
Dec. 11, 2012
Demand Convertible Note Issued
Dec. 23, 2012
Issuance of Equity [Member]
Subsequent Event [Line Items]              
Note issued for cash on demand convertible note           $ 25,000  
Interest on note issued           10.00%  
Note Maturity date           Dec. 11, 2014  
Convertible debt instrument for common stock           300000 Common Stock for note and accrued interest  
Sale of common stock, share             40,000
Sale of common stock, value $ 100,000 $ 50,000 $ 40,000 $ 10,000 $ 50,000   $ 10,000
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Notes Payable (Narrative) (Details) (USD $)
9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Sep. 30, 2011
Twenty Eight Thousand Note payable
Dec. 31, 2011
Twenty Eight Thousand Note payable
Mar. 15, 2011
Twenty Eight Thousand Note payable
Sep. 30, 2011
Twenty Five Thousand Note payable
Dec. 20, 2010
Twenty Five Thousand Note payable
Sep. 30, 2012
Twenty Five Thousand Convertible Note Modified
Sep. 30, 2011
Twenty Five Thousand Convertible Note Modified
Sep. 10, 2012
Twenty Five Thousand Convertible Note Modified
Mar. 10, 2011
Twenty Five Thousand Convertible Note Modified
Sep. 30, 2012
Twenty Eight Thousand Convertible Note
Sep. 15, 2012
Twenty Eight Thousand Convertible Note
Debt Instrument [Line Items]                            
Face value of Note Payable issued           $ 28,000   $ 25,000            
Interest Rate           10.00%   10.00%       10.00%    
Notes payable Initial Maturity Date or Extended Maturity Date           2012-09-15   2012-08-15     2015-09-10 2012-09-10   2015-09-15
Conversion of existing note payable 160,000 60,000   28,156           25,000        
Interest Expenses       1,534     466   1,876 1,404     2,101  
Conversion of Note Payable terms      

The holder of the note had the option to convert the $28,000 principal amount and the related accrued interest at any time prior to September 15, 2012 in exchange for 473,204 common shares. The note holder may convert less than 100% of the amount of the note and the related accrued interest and receive common shares on a pro-rata basis. Upon conversion of the note, or a portion thereof, the note holder’s common stock ownership may not exceed 4.99% of the then outstanding common shares of the Company after giving effect to the shares issuable upon conversion

         

The holder of the note payable was given the option to convert the $25,000 principal amount and the related accrued interest at any time prior to September 10, 2012 in exchange for 1,935,284 common shares. The note holder may convert less than 100% of the amount of the note and the related accrued interest and receive common shares on a pro-rata basis. Upon the conversion of the note, or a portion thereof, the note holder’s common stock ownership may not exceed 4.99% of the then outstanding common shares of the Company after giving effect to the shares issuable upon conversion.

       
Fair value of Note payable       28,000         967,642 105,279     236,602  
Fair value valuation method      

The new note value of $28,000 was determined by the Company to be reasonable although the value of the convertible shares is less than the face value of the new note. The Company believes that because the note interest rate is representative of the rate the Company would have to pay for similarly termed debt instruments from third parties, the appropriate valuation is the $28,000 face amount of the note. This is a valuation using a Level 3 input and the market approach.

          The new note fair value of $105,279 was determined by multiplying the number of convertible shares (1,935,284) by the estimated per share value ($0.0544) of the common stock on March 10, 2011. The $0.0544 valuation price used is the per share cash price (Level 1 input) obtained by the Company in its only equity offering prior to this transaction.        
Note payable outstanding 61,253                28,910       32,341  
Note payable current      57,274   30,240                  
Accrued Interest on Notes payable         $ 2,240       $ 3,910       $ 4,341  
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Going Concern
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

GOING CONCERN

 

The Company is not currently generating any revenues and is incurring losses. The existence of negative cash flows from operations raises substantial doubt about the Company’s ability to continue as a going concern. Management plans to finance the Company’s operating cash flow requirements through the issuance of equity and debt securities. However, there can be no assurances that management will be successful in raising sufficient capital to meet its budgetary cash flow requirements. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and to obtain the necessary financing to execute its business plan and pay its liabilities arising from normal business operations.

 

The Company’s financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations. The financial statements do not include any adjustments that would be necessary should the Company be unable to continue as a going concern.

 

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Commitments (Narrative 1) (Details) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended 67 Months Ended 9 Months Ended 12 Months Ended 0 Months Ended 3 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Sep. 30, 2012
Sep. 30, 2012
Non-Executive Letters of Appointment with Director
Dec. 31, 2011
Non-Executive Letters of Appointment with Director
Sep. 30, 2012
Stock Compensation Agreement with CFO
Sep. 30, 2011
Stock Compensation Agreement with CFO
Dec. 31, 2011
Stock Compensation Agreement with CFO
Mar. 25, 2011
Non-Executive Letters of Appointment with Director One
Mar. 25, 2011
Non-Executive Letters of Appointment with Director Two
Sep. 30, 2012
Entity related to terminated CEO
Sep. 30, 2012
Employment Agreement With President CEO
Monthly Compensation                 $ 1,000           $ 5,000
Agreement Effective Date                     2011-01-01     2012-07-06 2012-07-06
Employment Agreement Duration                    

In exchange for CFO services during the year ending December 31, 2011, the Company is obligated to issue its CFO 750,000 restricted shares of common stock. Per the agreement, the shares were earned quarterly in 2011 as follows: (a) first quarter, 175,000 shares (b) second quarter, 200,000 shares (c) third quarter, 225,000 shares (d) fourth quarter, 150,000 shares.

      One Year
Salary Payable 35,370   35,370   137,978 35,370                  
Share vested upon execution of agreement                       40,000 40,000    
Additional Common Stock Vested Terms                      

Furthermore, each director will be entitled to an additional 40,000 shares that will vest ratably over three years

Furthermore, each director will be entitled to an additional 40,000 shares that will vest ratably over three years

   
Director Fee 367 364 21,090 5,098 5,098 26,555                  
Common Stock Issuable, Shares 2,090,478   2,090,478   770,458 2,090,478                  
Common Stock Issuable, Amount 2,090   2,090   770 2,090 140 20              
Shares Valuation Price                     $ 0.0544     $ 0.50 $ 0.20
Share Valuation Date                     2011-01-14        
Payroll Cost                   32,640         111,205
Monthly Management Consulting fee                           5,000  
Target Financing Amount for Increasing Compensation                           2,000,000 2,000,000
New Monthly Compensation After Reacing Financing Target                           10,000 10,000
Eligible restricted common shares on first anniversary of the agreement                           900,000  
Common Stock Earned on pro rata basis                           212,054 106,025
Common Stock vested on the agreement date                             450,000
Total earned common stock shares                           212,054 556,025
Consulting fee                           $ 106,027  
Warrant issue terms                          

If during the term of this agreement, the Company owns or contracts to manage farmland, and the aggregate value of said farmland (determined by the most recent purchase price) is at least $200,000,000, then the Company will issue to the consulting entity a warrant to purchase

If during the term of this agreement (but not after the fifth anniversary of the date of this agreement), the Company owns or contracts to manage farmland, and the aggregate value of said farmland (determined by the most recent purchase price) is at least $200,000,000, then the Company shall issue to the CEO a warrant to purchase

Warrant to purchase common stock                           900,000 900,000
Strike Price                           $ 2 $ 2
Agreement Terms                           5 years 5 years
XML 17 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Narrative) (Details) (USD $)
Sep. 30, 2012
Income Taxes Narrative Details  
Tax benefit arising from NOL carryforward $ 94,992
NOL carryforward for income tax reporting purpose $ 1,383,698
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Commitments (Narrative 2) (Details) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended 67 Months Ended 10 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Sep. 30, 2012
Dec. 31, 2011
Employment Agreement with CEO
Annual Compensation             $ 120,000
Agreement Effective Date             2011-03-01
Employment Agreement Terms            

The salary shall be increased to an annual rate of $200,000 if the Company receives an aggregate financing of $500,000 calculated starting October 1, 2010. Compensation may be increased by the Company in its sole discretion

Employment Agreement Duration             Three Years
Signing Bonus             50,000
Signing Bonus Terms            

The bonus will be payable to the CEO at the earlier of directors’ approval or upon the Company receiving aggregate financing of a minimum of $500,000 calculated starting January 1, 2011.

Annual Performance Bonus             50,000
Salary Payable 35,370   35,370   137,978 35,370 100,000
Employment Agreement Termination Date             Jul. 06, 2012
Director Fee 367 364 21,090 5,098 5,098 26,555  
Common Stock Issuable, Shares 2,090,478   2,090,478   770,458 2,090,478  
Common Stock Issuable, Amount $ 2,090   $ 2,090   $ 770 $ 2,090  

XML 20 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock Activity And Reverse Stock Split (Narrative) (Details) (USD $)
0 Months Ended 2 Months Ended 9 Months Ended 12 Months Ended 2 Months Ended 0 Months Ended
Jul. 20, 2012
Jul. 16, 2012
Dec. 16, 2011
Nov. 21, 2011
Nov. 18, 2011
May 18, 2011
Apr. 15, 2011
Feb. 28, 2011
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Common Stock Issuable
Dec. 31, 2011
Common Stock Issuable
May 18, 2011
Chief Executive Officer
Jul. 06, 2012
Chief Executive Officer
Common Stock Issuable
Oct. 01, 2011
Chief Executive Officer
Common Stock Issuable
May 18, 2011
Non-Executive Letters of Appointment with Director
Jun. 18, 2012
Non-Executive Letters of Appointment with Director
Common Stock Issuable
Sep. 30, 2012
Non-Executive Letters of Appointment with Director
Common Stock Issuable
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]                                    
Proceeds from Sale of Common Stock               $ 70,000                    
Issuance of Common stock for settlement of debt                 160,000 60,000     60,000          
Issuance of Common stock for settlement of debt, Shares           2,000             751,117          
Common Stock Issued to Directors                               80,000    
Debt Agreement Settlement Date           Sep. 06, 2010             Mar. 28, 2011          
Common Stock issuable for Services                     450,000 750,000   450,000 750,000   100,000  
Shares issued to Directors for Directors Fee                                 20,000  
Par value of Stock Issuable                                   100
Cash received from issue of Common Stock $ 100,000 $ 50,000 $ 40,000 $ 10,000 $ 50,000                          
Reverse Split of Common Stock             1 - for - 100                      
XML 21 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Business and Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS

 

PanAm Terra, Inc. (“the Company”) was incorporated under the laws of the State of Nevada on October 9, 2001. The Company’s incorporation name was Bellweather Corporation. The Company did not conduct any significant operations until December 15, 2004 when the Company acquired 100% of the outstanding common stock of Ascentia Biomedical Technologies, Inc. (“ABTI”), at which time the Company changed its name to Ascentia Biomedical Corporation. Upon completion of the merger with ABTI, the Company’s original shareholders owned only 20.2% of the post-merger outstanding common shares. Accordingly, the transaction was accounted for as a “reverse merger” whereby the Company was treated as the accounting acquiree and ABTI as the accounting acquirer. ABTI was in the business of pharmaceutical and biomedical research. However, by the third quarter of year 2006 the operations of ABTI had ceased. On March 16, 2011, ABTI was dissolved. See Note 10.

 

On December 13, 2006, the Company amended its articles of incorporation to change its name to Duncan Technology Group. On April 14, 2011, the Company amended its articles of incorporation to change its name to PanAm Terra, Inc.

 

On November 3, 2006, the Company acquired 100% of the common and preferred stock of Fortress Technology Systems, Inc. (“Fortress”) in a transaction accounted for as a “reverse merger”. The Company agreed to issue 2,545,310 common shares and 8,000,000 preferred shares in the share exchange agreement. The Company issued the 2,545,310 common shares on May 18, 2011. In December, 2007, Fortress agreed that the 8,000,000 preferred shares would not be part of the acquisition consideration.

 

Fortress was an operating, revenue generating company conducting business through its wholly-owned subsidiary, Zephyr Communications, Inc. (“Zephyr”). Zephyr primarily sold, installed and maintained a proprietary secure cable infrastructure system. On February 15, 2007, Fortress and Zephyr were “spun-off” to a foreign entity in which the Company’s CEO was a director. At the time of the spin-off, the liabilities of Fortress and its wholly-owned subsidiary exceeded their combined assets by $1,157,436. The Company did not receive any other compensation as part of the spin-off; accordingly, the Company recorded the elimination of the net liabilities of $1,157,436 from its consolidated financial statements as a capital contribution.

 

Since the February 15, 2007 spin-off, the Company has not conducted any significant operations and has not generated any operating revenue. Accordingly, the consolidated financial statements indicate that as of February 15, 2007 the Company is considered a development stage enterprise.

 

The Company plans to be a real estate land owning entity with the primary purpose of acquiring, leasing and controlling farm land in Latin America. Initially the Company will focus its efforts in the countries of Argentina, Brazil, and Uruguay. The business model being pursued is to acquire farmland currently producing net positive cash flows from crops such as soybeans, corn, rice and grains which are readily exportable to countries with significant demand for agricultural products.

 

PRINCIPLES OF CONSOLIDATION

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, ABTI. All significant intercompany accounts and transactions have been eliminated.

 

 CASH EQUIVALENTS

 

The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

 

USE OF ESTIMATES AND BASIS OF PRESENTATION

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

 

The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with the Company’s Form 10 Registration Statement. These consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of the Company’s consolidated balance sheets, operating results, changes in shareholders’ deficit, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

 

DEVELOPMENT STAGE COMPANY

 

The Company is a development stage enterprise as defined by ASC 915-10, “Development Stage Entities”. The development stage commenced on February 15, 2007, the date the Company’s operating subsidiary was spun-off. Accordingly, the financial statements reflect all losses accumulated since February 15, 2007 as incurred during the Company’s development stage activities.

 

PROPERTY AND EQUIPMENT

 

Property and equipment is recorded at historical cost which consists of the purchase price and any costs directly attributable to the acquisition. Subsequent costs are included in the asset’s carrying amount only when it is probable that the asset’s useful life will be extended. Maintenance and repairs that do not extend the life of an asset are charged to expense.

 

Depreciation is computed using the straight-line method over the useful life of each asset. Farmland is not depreciated. The Company did not own any property and equipment as of September 30, 2012.

 

LONG-LIVED ASSETS

 

In accordance with ASC 360-10, “Property, Plant, And Equipment”, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the Company determines that the sum of the undiscounted cash flows expected from the asset’s use and eventual disposal is less than the carrying amount of the asset, an impairment charge is recorded to the extent that the carrying amount exceeds the asset’s fair value.

 

CONCENTRATION OF CREDIT RISK

 

The Company does not have any off-balance-sheet concentrations of credit risk. The Company expects cash and accounts receivable to be the two assets most likely to subject the Company to concentrations of credit risk. The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. The Company plans to minimize its accounts receivable credit risk by transacting contractual arrangements with customers that have been subjected to stringent credit evaluations and structuring the contracts in a manner that lessens inherent credit risks.

 

INCOME TAXES

 

The Company utilizes the asset and liability method to account for income taxes pursuant to ASC 740 “Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is used to reduce net deferred tax assets to the amount that, based on management’s estimate, is more likely than not to be realized.

 

ASC 740 provides guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. If the Company determines that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. A liability for uncertain tax positions would then be recorded if the Company determined it is more likely than not that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. We do not believe any uncertain tax positions exist that would result in the Company having a liability to the taxing authorities. The Company classifies interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and other expense in the consolidated statements of operations.

 

BASIC AND DILUTED LOSS PER SHARE

 

The Company has computed net loss per share in accordance with ASC 260 “Earnings per Share” which mandates that basic and diluted earnings per share “EPS” be presented on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period, including contingently issuable shares where the contingency has been resolved. Diluted EPS gives effect to all dilutive stock options and warrants outstanding during the period using the treasury stock method and dilutive convertible securities using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted loss per share excludes all dilutive potential shares as their effect is anti-dilutive.

 

FAIR VALUE MEASUREMENTS

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

 

Level 1 – Valuations based on quoted prices for identical assets and liabilities in active markets.

 

Level 2 – Valuations based on observable inputs other than quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

 

Level 3 – Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

 

REVENUE RECOGNITION

 

The Company recognizes revenue from product sales or services rendered when the following four criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. The Company has not recognized any revenue since inception.

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2011, the Financial Accounting Standards Board (FASB) issued a new accounting standard update (ASU No. 2011-04), which amends the fair value measurement guidance and includes some enhanced disclosure requirements. The most significant change in disclosures is an expansion of the information required for Level 3 measurements based on unobservable inputs. The standard is effective for fiscal years beginning after December 15, 2011. The Company adopted this standard in the first quarter of 2012 and its implementation did not have a material impact on the Company’s financial statements and disclosures.

 

In June 2011, the FASB issued a new accounting standard (ASU No. 2011-05), which eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. Instead, an entity will be required to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. The standard is effective for fiscal years beginning after December 15, 2011. The Company adopted this standard in the first quarter of 2012 without any material impact on the financial statements.

 

In September 2011, FASB issued amendments to its accounting guidance on testing goodwill for impairment. The amendments allow entities to use a qualitative approach to test goodwill for impairment. This permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is required to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. This guidance is effective for annual and interim goodwill impairment test performed for fiscal years beginning after December 15, 2011 and early adoption is permitted. The Company did not early adopt this guidance and there was no material impact to the consolidated financial statements upon adoption in the first quarter of 2012.

 

In December 2011, the FASB issued a new accounting standard (ASU No. 2011-11), which modifies the disclosures of offsetting assets and liabilities. The standard is effective for reporting periods beginning on or after January 1, 2013. The Company will adopt this standard in the first quarter of 2013 and does not anticipate that the implementation thereof will have a material impact on the Company’s consolidated financial statements.

 

XML 22 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Dissolution of Subsibiary (Narrative) (Details) (Ascentia Biomedical Technologies, Inc, USD $)
Mar. 16, 2011
Dec. 31, 2010
Ascentia Biomedical Technologies, Inc
   
Accounts payable to vendors by subsidiary company   $ 60,932
Intercompany balance owed to its parent company   558,482
Intercompany balance write-off $ 558,482  
XML 23 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
CURRENT ASSETS    
Cash $ 119,349 $ 92,770
Due from Related Party    1,048
Prepaid Expenses 14,236 1,116
Total Current Assets 133,585 94,934
Security Deposit 1,346 1,346
TOTAL ASSETS 134,931 96,280
CURRENT LIABILITIES    
Accounts Payable and Accrued Expenses 35,370 137,978
Contingent Shares Liability 106,027   
Notes Payable    57,274
Total Current Liabilities 141,397 195,252
Notes Payable 61,253   
Total Liabilities 202,650 195,252
SHAREHOLDERS' EQUITY (DEFICIT)    
Common stock, $0.001 par value, 500,000,000 shares authorized, 5,822,681 and 5,522,681 shares issued and outstanding, respectively 5,823 5,523
Common stock issuable, $0.001 par value, 2,090,478 and 770,458 shares, respectively 2,090 770
Additional paid-in capital 2,265,997 1,825,322
Accumulated deficit (1,548,855) (1,548,855)
Deficit accumulated during the development stage 792,774 381,732
Total Shareholders' (Deficit) (67,719) (98,972)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 134,931 $ 96,280
XML 24 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statement Of Shareholders Equity (Deficit) (Parenthetical) (USD $)
0 Months Ended
Jul. 20, 2012
Jul. 16, 2012
Dec. 16, 2011
Nov. 21, 2011
Nov. 18, 2011
May 18, 2011
Mar. 28, 2011
Mar. 25, 2011
Jan. 14, 2011
May 18, 2011
Common Stock Issuable
Sep. 06, 2010
Common Stock Issuable
Common Stock Issued for Cash, Shares 200,000 100,000 200,000 50,000 250,000       1,286,638    
Common Stock Issued for Cash, Amount $ 200 $ 100 $ 200 $ 50 $ 250       $ 1,287    
Additional Paid in Capital 99,800 49,900 39,800 9,950 49,750   59,249 4,272 68,713   19,342
Common Stock Issued, Shares           2,547,310 751,117 80,000   (2,547,310) 2,000
Common Stock Issued, Amount           $ 2,547 $ 751 $ 80   $ (2,547) $ 2
Common Stock Issuance Reason           Common stock issued for common stock issuable Settlement of Debt with Related Party Directors Compensation     Settlement of Debt
XML 25 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Deffered Tax Asset) (Details) (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Income Taxes Deffered Tax Asset Details    
Net Operating Loss Carryforward $ 470,457 $ 375,465
Stock Compensation 43,259   
[DeferredTaxAssetsGross] 513,716 375,465
Valuation allowance (513,716) (375,465)
Total Net Deferred Tax Asset      
Change in Valuation allowance $ 138,251 $ 89,935
XML 26 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Due From Related Party (Narrative) (Details) (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Due From Related Party Narrative Details    
Paid to Related Party   $ 1,048
Received from Related party $ 1,048  
Nature of Transaction Amount received from related party for wrong payment made in 2011 Wrongly Paid to a related party instead of vendor
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XML 28 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (USD $)
9 Months Ended 67 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
OPERATING ACTIVITIES      
Net loss $ (411,042) $ (209,080) $ (792,774)
Adjustments to reconcile net loss to net cash used by operating activities:      
Gain on dissolution of subsidiary    (60,932) (60,932)
Gain on extinguishment of debt    (156) (156)
Loss on extinguishment of debt    79,738 79,738
Pro-rata vesting of officer stock compensation 21,205    21,205
Common stock issued or to be issued for services 111,090 5,098 157,355
Changes in operating assets and liabilities      
Decrease (Increase) in due from related party 1,048 (13,323)   
Decrease (Increase) in prepaid expenses (13,120) 1,474 (14,236)
Increase in security deposit       (1,346)
Increase in acccounts payable and accrued expenses 61,371 122,184 279,468
Increase in contingent shares liability 106,027    106,027
Net Cash Used By Operating Activities (123,421) (74,997) (225,651)
FINANCING ACTIVITIES      
Advances from shareholder    4,997   
Proceeds from sale of common stock 150,000 70,000 320,000
Note payable proceeds       25,000
Net Cash Provided by Financing Activities 150,000 74,997 345,000
NET INCREASE IN CASH 26,579    119,349
CASH AT BEGINNING OF PERIOD 92,770      
CASH AT END OF PERIOD 119,349    119,349
NONCASH INVESTING AND FINANCING ACTIVITIES:      
Issuance of common stock for settlement of debt with related party 160,000 60,000  
Reduction of note payable on issuance of beneficial conversion feature    $ 80,279  
XML 29 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Statement of Financial Position [Abstract]    
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 500,000,000 500,000,000
Common stock shares issued 5,822,681 5,522,681
Common stock shares outstanding 5,822,681 5,522,681
Common stock issuable shares 2,090,478 770,458
XML 30 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Dissolution of Subsidiary
9 Months Ended
Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
DISSOLUTION OF SUBSIDIARY

DISSOLUTION OF SUBSIDIARY

 

On March 16, 2011, the Company filed Articles of Dissolution with the State of Washington for the dissolution of the Company’s 100% owned subsidiary, Ascentia Biomedical Technologies, Inc. As of December 31, 2010, the Company’s consolidated financial statement balances attributable to its subsidiary included accounts payable to vendors of $60,932. Since there was no recourse against the Company for the $60,932 of accounts payable, the statement of operations for the nine months ended September 30, 2011 includes that sum as a “gain on dissolution of subsidiary”.  The subsidiary did not have any assets. The parent did not guarantee any of the debts of its subsidiary. Eliminated in the consolidation process and therefore not reflected in the consolidated financial statement balances as of December 31, 2010 is an intercompany balance of $558,482 that the subsidiary owed to its parent. The Company wrote-off the $558,482 intercompany balance on March 16, 2011, however, the write-off did not affect the consolidated statement of operations due to the offsetting nature of the intercompany balance.

 

XML 31 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
9 Months Ended
Sep. 30, 2012
Jan. 23, 2013
Jun. 30, 2012
Document And Entity Information      
Entity Registrant Name PANAM TERRA, INC.    
Entity Central Index Key 0001518964    
Document Type 10-Q    
Document Period End Date Sep. 30, 2012    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? No    
Entity Filer Category Smaller Reporting Company    
Entity Public Float     $ 0
Entity Common Stock, Shares Outstanding   8,512,681  
Document Fiscal Period Focus Q3    
Document Fiscal Year Focus 2012    
XML 32 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

 

On December 11, 2012, the Company issued for cash a $25,000 “on demand convertible note” bearing interest at 10% per annum. The note gives the holder the right to convert, within the two year maturity date of December 11, 2014, the note and any accrued interest in exchange for 300,000 common shares. On January 10, 2013, the holder of the note elected to convert the full amount of the note in exchange for the aforementioned common shares.

 

On December 13, 2012, the Company sold 40,000 shares of common stock for $10,000 cash.

 

 

XML 33 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Operations (USD $)
3 Months Ended 9 Months Ended 67 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Income Statement [Abstract]          
REVENUES               
EXPENSES          
Payroll costs 131,539 43,756 199,650 105,408 343,908
Directors fees 367 364 21,090 5,098 26,555
Other and administrative 4,110 5,698 20,211 16,855 60,971
Travel 12,976    25,956 21,016 50,155
Legal and accounting fees 1,918 5,938 13,046 38,546 68,371
Consulting fees 121,027    127,110    215,266
Total Expenses 271,937 55,756 407,063 186,923 765,226
LOSS FROM OPERATIONS (271,937) (55,756) (407,063) (186,923) (765,226)
OTHER INCOME (EXPENSE)          
Gain on dissolution of subsidiary          60,932 60,932
Gain on extinguishment of debt          156 156
Loss on extinguishment of debt          (79,738) (79,738)
Interest expense (1,336) (1,336) (3,979) (3,507) (8,898)
Total Other Income (Expense) (1,336) (1,336) (3,979) (22,157) (27,548)
NET LOSS $ (273,273) $ (57,092) $ (411,042) $ (209,080) $ (792,774)
LOSS PER SHARE - BASIC AND DILUTED $ (0.04) $ (0.01) $ (0.06) $ (0.04)  
WEIGHTED AVERAGE OUTSTANDING SHARES BASIC AND DILUTED 7,543,533 5,032,008 6,721,452 4,704,504  
XML 34 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Option Plan
9 Months Ended
Sep. 30, 2012
Equity [Abstract]  
STOCK OPTION PLAN

STOCK OPTION PLAN

 

In year 2004 and effective for year 2005, the Company’s Board of Directors adopted the Company’s “2005 Combined Incentive and Non-Qualified Stock Option Plan” (Plan). The maximum aggregate number of common shares that may be subject to option and sold under the Plan is twenty thousand (20,000) shares. The Board of Directors or a Committee appointed by the Board shall administer the Plan. The Plan became effective upon its adoption by the Board and shall continue in effect for a term of ten (10) years unless sooner terminated by the Board. The term of each option shall not exceed more than ten (10) years from the grant date. In the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall not exceed five (5) years from the date of grant. The per share exercise price shall be subject to the following: In the case of an Incentive Stock Option (a) granted to an employee who owns more than 10% of the voting power of all classes of stock, the exercise price shall be no less than 110% of the fair market value per share on the date of grant (b) granted to any other employee, the per share exercise price shall be no less than 100% of the fair market value per share on the date of grant. In the case of a Non-statutory Stock Option, the per share exercise price shall be determined by the Plan administrator.

 

The Company did not have any outstanding stock options as of September 30, 2012 and December 31, 2011 respectively.

 

 

XML 35 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Notes Payable
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTES PAYABLE

 

$25,000 Convertible Note:

The Company entered into a $25,000 note payable dated December 20, 2010. Interest accrued at the rate of ten percent (10%) per annum. The principal amount of the note and all accrued interest were payable on August 15, 2012. Interest expense for the nine months ended September 30, 2011 (prior to the modification described below) totaled $466.

 

On March 10, 2011, the Company executed an “On Demand Convertible Note” in the principal amount of $25,000 that replaced and superseded the terms of the $25,000 note payable that was outstanding as of December 31, 2010. The terms of the note stipulated that the entire principal and accrued interest shall be payable on September 10, 2012 with interest accruing at a 10% annual rate. The holder of the note payable was given the option to convert the $25,000 principal amount and the related accrued interest at any time prior to September 10, 2012 in exchange for 1,935,284 common shares. The note holder may convert less than 100% of the amount of the note and the related accrued interest and receive common shares on a pro-rata basis. Upon the conversion of the note, or a portion thereof, the note holder’s common stock ownership may not exceed 4.99% of the then outstanding common shares of the Company after giving effect to the shares issuable upon conversion. On September 10, 2012, the new note was modified to extend the maturity and note conversion deadline dates to September 10, 2015.

 

The Company considers this new debt instrument to be substantially different from the replaced note payable pursuant to ASC 470 because its modification added a substantive conversion option whose exercise is considered to be at least reasonably possible. Accordingly, because substantially different terms exist, the old debt instrument is considered to be extinguished and the new debt instrument is valued at $105,279 for purposes of determining the loss on extinguishment of debt. A loss on extinguishment of debt of $79,738 resulting from the difference between the fair value of the new note and the carrying value of the old note at the time of the transaction is included in the consolidated statement of operations for the nine months ended September 30, 2011. The new note fair value of $105,279 was determined by multiplying the number of convertible shares (1,935,284) by the estimated per share value ($0.0544) of the common stock on March 10, 2011. The $0.0544 valuation price used is the per share cash price (Level 1 input) obtained by the Company in its only equity offering prior to this transaction. The difference between the estimated fair value of the common stock issuable upon conversion of the new note and the face amount of the new note results in a beneficial conversion feature of $80,279 which was recorded as a reduction to the fair value of the new debt instrument and an increase to additional paid-in capital.

 

Interest expense on the modified note for the nine months ended September 30, 2011 and 2012, totaled $1,404 and $1,876; respectively, all of which is accrued and unpaid. As of September 30, 2012, the note payable balance that is included in the consolidated balance sheet totals $28,910 which includes the $3,910 of accrued interest.

 

$28,000 Convertible Note:

On March 15, 2011, the Company executed an “On Demand Convertible Note” in the principal amount of $28,000 that replaces and supersedes a $28,156 vendor invoice that was accrued as of December 31, 2010. The note and any accrued interest was payable on September 15, 2012 with interest accruing at 10% per annum. The holder of the note had the option to convert the $28,000 principal amount and the related accrued interest at any time prior to September 15, 2012 in exchange for 473,204 common shares. The note holder may convert less than 100% of the amount of the note and the related accrued interest and receive common shares on a pro-rata basis. Upon conversion of the note, or a portion thereof, the note holder’s common stock ownership may not exceed 4.99% of the then outstanding common shares of the Company after giving effect to the shares issuable upon conversion. On September 15, 2012, the note was modified to extend the maturity and note conversion deadline dates to September 15, 2015.

 

The Company considers this new debt instrument to be substantially different from the replaced note payable pursuant to ASC 470 because its modification added a substantive conversion option whose exercise is considered to be at least reasonably possible. Accordingly, because substantially different terms exist, the old debt instrument is considered to be extinguished and the new debt instrument is valued at $28,000 for purposes of determining the gain on extinguishment of debt. A gain on extinguishment of debt of $156 resulting from the difference between the fair value of the new note and the carrying value of the old note at the time of the transaction is included in the statement of operations for the nine months ended September 30, 2011. The new note value of $28,000 was determined by the Company to be reasonable although the value of the convertible shares is less than the face value of the new note. The Company believes that because the note interest rate is representative of the rate the Company would have to pay for similarly termed debt instruments from third parties, the appropriate valuation is the $28,000 face amount of the note. This is a valuation using a Level 3 input and the market approach.

 

Interest expense for the nine months ended September 30, 2011 and 2012, totaled $1,534 and $2,101, respectively; all of which is accrued and unpaid. As of December 31, 2011, the note payable balance that is included in the consolidated balance sheet totals $30,240 which includes the $2,240 of accrued interest. As of September 30, 2012, the note payable balance that is included in the consolidated balance sheet totals $32,341 which includes $4,341 of accrued interest.

 

XML 36 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Business and Summary of Significant Accounting Policies (Narrative) (Details) (USD $)
Dec. 15, 2004
Ascentia Biomedical Technologies Inc
Feb. 16, 2007
Fortress Technology Systems Inc
Outstanding Common stock acquired 100.00% 100.00%
Ownership Percentage After Post-Merger by Original Shareholders 20.20%  
Liabilities in excess of combined assets   $ 1,157,436
Elimiation of net liabilities as capial contribution   $ 1,157,436
XML 37 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Nature of Business and Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF BUSINESS

NATURE OF BUSINESS

 

PanAm Terra, Inc. (“the Company”) was incorporated under the laws of the State of Nevada on October 9, 2001. The Company’s incorporation name was Bellweather Corporation. The Company did not conduct any significant operations until December 15, 2004 when the Company acquired 100% of the outstanding common stock of Ascentia Biomedical Technologies, Inc. (“ABTI”), at which time the Company changed its name to Ascentia Biomedical Corporation. Upon completion of the merger with ABTI, the Company’s original shareholders owned only 20.2% of the post-merger outstanding common shares. Accordingly, the transaction was accounted for as a “reverse merger” whereby the Company was treated as the accounting acquiree and ABTI as the accounting acquirer. ABTI was in the business of pharmaceutical and biomedical research. However, by the third quarter of year 2006 the operations of ABTI had ceased. On March 16, 2011, ABTI was dissolved. See Note 10.

 

On December 13, 2006, the Company amended its articles of incorporation to change its name to Duncan Technology Group. On April 14, 2011, the Company amended its articles of incorporation to change its name to PanAm Terra, Inc.

 

On November 3, 2006, the Company acquired 100% of the common and preferred stock of Fortress Technology Systems, Inc. (“Fortress”) in a transaction accounted for as a “reverse merger”. The Company agreed to issue 2,545,310 common shares and 8,000,000 preferred shares in the share exchange agreement. The Company issued the 2,545,310 common shares on May 18, 2011. In December, 2007, Fortress agreed that the 8,000,000 preferred shares would not be part of the acquisition consideration.

 

Fortress was an operating, revenue generating company conducting business through its wholly-owned subsidiary, Zephyr Communications, Inc. (“Zephyr”). Zephyr primarily sold, installed and maintained a proprietary secure cable infrastructure system. On February 15, 2007, Fortress and Zephyr were “spun-off” to a foreign entity in which the Company’s CEO was a director. At the time of the spin-off, the liabilities of Fortress and its wholly-owned subsidiary exceeded their combined assets by $1,157,436. The Company did not receive any other compensation as part of the spin-off; accordingly, the Company recorded the elimination of the net liabilities of $1,157,436 from its consolidated financial statements as a capital contribution.

 

Since the February 15, 2007 spin-off, the Company has not conducted any significant operations and has not generated any operating revenue. Accordingly, the consolidated financial statements indicate that as of February 15, 2007 the Company is considered a development stage enterprise.

 

The Company plans to be a real estate land owning entity with the primary purpose of acquiring, leasing and controlling farm land in Latin America. Initially the Company will focus its efforts in the countries of Argentina, Brazil, and Uruguay. The business model being pursued is to acquire farmland currently producing net positive cash flows from crops such as soybeans, corn, rice and grains which are readily exportable to countries with significant demand for agricultural products.

 

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, ABTI. All significant intercompany accounts and transactions have been eliminated.

CASH EQUIVALENTS

 CASH EQUIVALENTS

 

The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

USE OF ESTIMATES AND BASIS OF PRESENTATION

USE OF ESTIMATES AND BASIS OF PRESENTATION

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

 

The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with the Company’s Form 10 Registration Statement. These consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of the Company’s consolidated balance sheets, operating results, changes in shareholders’ deficit, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

DEVELOPMENT STAGE COMPANY

DEVELOPMENT STAGE COMPANY

 

The Company is a development stage enterprise as defined by ASC 915-10, “Development Stage Entities”. The development stage commenced on February 15, 2007, the date the Company’s operating subsidiary was spun-off. Accordingly, the financial statements reflect all losses accumulated since February 15, 2007 as incurred during the Company’s development stage activities.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

 

Property and equipment is recorded at historical cost which consists of the purchase price and any costs directly attributable to the acquisition. Subsequent costs are included in the asset’s carrying amount only when it is probable that the asset’s useful life will be extended. Maintenance and repairs that do not extend the life of an asset are charged to expense.

 

Depreciation is computed using the straight-line method over the useful life of each asset. Farmland is not depreciated. The Company did not own any property and equipment as of September 30, 2012.

LONG-LIVED ASSETS

LONG-LIVED ASSETS

 

In accordance with ASC 360-10, “Property, Plant, And Equipment”, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the Company determines that the sum of the undiscounted cash flows expected from the asset’s use and eventual disposal is less than the carrying amount of the asset, an impairment charge is recorded to the extent that the carrying amount exceeds the asset’s fair value.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

 

The Company does not have any off-balance-sheet concentrations of credit risk. The Company expects cash and accounts receivable to be the two assets most likely to subject the Company to concentrations of credit risk. The Company’s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. The Company plans to minimize its accounts receivable credit risk by transacting contractual arrangements with customers that have been subjected to stringent credit evaluations and structuring the contracts in a manner that lessens inherent credit risks.

INCOME TAXES

INCOME TAXES

 

The Company utilizes the asset and liability method to account for income taxes pursuant to ASC 740 “Income Taxes”. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is used to reduce net deferred tax assets to the amount that, based on management’s estimate, is more likely than not to be realized.

 

ASC 740 provides guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. If the Company determines that an uncertain tax position exists in which the Company could incur income taxes, the Company would evaluate whether there is a probability that the uncertain tax position taken would be sustained upon examination by the taxing authorities. A liability for uncertain tax positions would then be recorded if the Company determined it is more likely than not that a position would not be sustained upon examination or if a payment would have to be made to a taxing authority and the amount is reasonably estimable. We do not believe any uncertain tax positions exist that would result in the Company having a liability to the taxing authorities. The Company classifies interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and other expense in the consolidated statements of operations.

BASIC AND DILUTED LOSS PER SHARE

BASIC AND DILUTED LOSS PER SHARE

 

The Company has computed net loss per share in accordance with ASC 260 “Earnings per Share” which mandates that basic and diluted earnings per share “EPS” be presented on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period, including contingently issuable shares where the contingency has been resolved. Diluted EPS gives effect to all dilutive stock options and warrants outstanding during the period using the treasury stock method and dilutive convertible securities using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted loss per share excludes all dilutive potential shares as their effect is anti-dilutive.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

 

Level 1 – Valuations based on quoted prices for identical assets and liabilities in active markets.

 

Level 2 – Valuations based on observable inputs other than quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

 

Level 3 – Valuations based on unobservable inputs reflecting the Company’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

REVENUE RECOGNITION

REVENUE RECOGNITION

 

The Company recognizes revenue from product sales or services rendered when the following four criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the selling price is fixed or determinable, and collectability is reasonably assured. The Company has not recognized any revenue since inception.

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2011, the Financial Accounting Standards Board (FASB) issued a new accounting standard update (ASU No. 2011-04), which amends the fair value measurement guidance and includes some enhanced disclosure requirements. The most significant change in disclosures is an expansion of the information required for Level 3 measurements based on unobservable inputs. The standard is effective for fiscal years beginning after December 15, 2011. The Company adopted this standard in the first quarter of 2012 and its implementation did not have a material impact on the Company’s financial statements and disclosures.

 

In June 2011, the FASB issued a new accounting standard (ASU No. 2011-05), which eliminates the current option to report other comprehensive income and its components in the statement of stockholders’ equity. Instead, an entity will be required to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. The standard is effective for fiscal years beginning after December 15, 2011. The Company adopted this standard in the first quarter of 2012 without any material impact on the financial statements.

 

In September 2011, FASB issued amendments to its accounting guidance on testing goodwill for impairment. The amendments allow entities to use a qualitative approach to test goodwill for impairment. This permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is required to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. This guidance is effective for annual and interim goodwill impairment test performed for fiscal years beginning after December 15, 2011 and early adoption is permitted. The Company did not early adopt this guidance and there was no material impact to the consolidated financial statements upon adoption in the first quarter of 2012.

 

In December 2011, the FASB issued a new accounting standard (ASU No. 2011-11), which modifies the disclosures of offsetting assets and liabilities. The standard is effective for reporting periods beginning on or after January 1, 2013. The Company will adopt this standard in the first quarter of 2013 and does not anticipate that the implementation thereof will have a material impact on the Company’s consolidated financial statements.

XML 38 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments
9 Months Ended
Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS

COMMITMENTS

 

Effective March 1, 2011, the Company entered into a three year employment agreement with its Chief Executive Officer (CEO). The CEO’s annual compensation shall be $120,000. The salary shall be increased to an annual rate of $200,000 if the Company receives an aggregate financing of $500,000 calculated starting October 1, 2010. Compensation may be increased by the Company in its sole discretion. For work performed in year 2011 but prior to this employment agreement, the CEO shall be paid a signing bonus of $50,000. The bonus will be payable to the CEO at the earlier of directors’ approval or upon the Company receiving aggregate financing of a minimum of $500,000 calculated starting January 1, 2011. The CEO shall be eligible for a performance bonus based upon certain objectives established by the Board of Directors. The targeted amount of the initial performance bonus is $50,000 annually. The CEO shall also be entitled to certain other fringe benefits such as insurance coverage under employee benefit plans that the Company may establish. Under certain circumstances the CEO may be entitled to a termination payment equal to twelve months of the CEO’s salary at the time of termination. The agreement subjects the CEO to certain non-interference, non-disclosure and non-competition terms. As of December 31, 2011, the CEO has not been paid any compensation and his accrued and unpaid salary of $100,000 is shown on the consolidated balance sheet in the

“accounts payable and accrued expenses” category and is included in payroll costs in the consolidated statement of operations.

Effective July 6, 2012, the aforementioned employment agreement was terminated; however, certain covenants therein remain in effect such as the Company’s obligation to provide health insurance to the terminated CEO and his dependents. The terminated CEO shall assume the role of Chairman of the Board of Directors. The Company shall be obligated to pay $50,000 upon the Company receiving an aggregate financing of $500,000 calculated starting October 1, 2010. In full satisfaction of all accrued obligations of the Company pursuant to the employment agreement, the Company shall be obligated to issue 750,000 common shares to an entity related to the terminated CEO.

 

On March 25, 2011, the Company executed two separate “Non-Executive Letters of Appointment” with identical terms for each of the two directors named therein. Under the terms of the agreements, each director will be entitled to 40,000 shares of common stock that vested upon the execution of the agreements. Furthermore, each director will be entitled to an additional 40,000 shares that will vest ratably over three years. In addition to the granting of the aforementioned common shares, the Company will determine a directors’ fee once the Company has raised a cumulative of $1,000,000. On May 18, 2011, the Company issued 80,000 shares in the aggregate to the two directors pursuant to the terms of the agreements. The Company’s consolidated statements of operations for the nine months ended September 30, 2012 and 2011 includes directors’ fees of $21,090 and $5,098, respectively. The directors’ fees of $21,090 for the nine months ended September 30, 2012 includes $20,000 attributable to 100,000 common shares granted to the directors on June 18, 2012 (see Note 9). As of September 30, 2012 and December 31, 2011, the directors had earned 140,478 and 20,458 common shares, respectively, that have not been issued and are reflected on the consolidated balance sheet as “common stock issuable” at par value of $140 and $20, respectively.

 

On October 1, 2011, effective as of January 1, 2011, the Company approved a stock compensation agreement with its chief financial officer (CFO). In exchange for CFO services during the year ending December 31, 2011, the Company is obligated to issue its CFO 750,000 restricted shares of common stock. Per the agreement, the shares were earned quarterly in 2011 as follows: (a) first quarter, 175,000 shares (b) second quarter, 200,000 shares (c) third quarter, 225,000 shares (d) fourth quarter, 150,000 shares. None of the shares have been issued. In 2012, the CFO was receiving compensation of $1,000 per month.

 

The shares were valued based on the average per share private placement stock price on January 14, 2011 of $0.0544 since no other stock cash sale transactions occurred prior to October 1, 2011. The consolidated statement of operations for the nine months ended September 30, 2011 includes payroll costs related to this transaction of $32,640. The September 30, 2012 and December 31, 2011 consolidated balance sheets include as “common stock issuable”, at par value of $750; the 750,000 unissued shares.

 

Effective July 6, 2012, the Company entered into an advisory agreement with an entity related to the terminated CEO. In exchange for financial and management consulting services, the Company shall pay $5,000 monthly until the Company obtains $2,000,000 in financing (including all financing completed since October 1, 2010), thereafter, the monthly consulting fee shall be $10,000. The Company shall also issue 900,000 restricted common shares that shall vest on the first anniversary of the agreement (July 6, 2013) but said shares shall be surrendered and cancelled if the agreement is terminated prior to that date. On a pro-rata basis, 212,054 of the 900,000 shares are deemed to have been earned as of September 30, 2012. The September 30, 2012 per share value is $0.50 based on the cash sale of stock closest to said date. Accordingly, the condensed consolidated statements of operations for the three and nine months ended September 30, 2012, includes $106,027 of consulting fees related to the 212,054 earned shares. If during the term of this agreement, the Company owns or contracts to manage farmland, and the aggregate value of said farmland (determined by the most recent purchase price) is at least $200,000,000, then the Company will issue to the consulting entity a warrant to purchase 900,000 shares of common stock at a strike price of $2 per share during the period of five years from the date of issuance. The term of the agreement is five years; however, either party may terminate the agreement with or without cause after twenty-four months or at any time if the terminated CEO ceases to be affiliated with the entity providing the advisory services.

Effective July 6, 2012, the Company hired a President/CEO by entering into a one year employment agreement that may be renewed annually by mutual written consent. The agreement contains a non-compete clause effective for twelve months after termination thereof. The agreement is conditional on the Company’s commitment to obtain a directors’ and officers’ insurance policy as soon as is reasonable and the Company executing an Indemnification Agreement satisfactory to the employee. The CEO shall receive monthly compensation of $5,000 increasing to $10,000 in the event the Company receives $2,000,000 from the sale of equity securities (including all financing completed since October 1, 2010). However, for the quarter ending December 31, 2012, the CEO’s monthly compensation is $10,000 as an incentive to achieve the aforementioned $2,000,000 equity raise. The CEO shall receive 900,000 restricted common shares of which 450,000 shall be fully vested upon contract start date (July 6, 2012); the remaining 450,000 shares will vest on July 6, 2013 unless the agreement is terminated prior to that date. The 450,000 shares that vest on July 6, 2012 are deemed earned on said date and, on a pro-rata basis, 106,025 of the 450,000 shares that vest on July 6, 2013 are deemed to have been earned as of September 30, 2012. The per share value is $0.20 based on cash sales of stock closest to the employment agreement date. Accordingly, the condensed consolidated statements of operations for the three and nine months ended September 30, 2012, includes $111,205 of payroll costs related to the 556,025 earned shares. If during the term of this agreement (but not after the fifth anniversary of the date of this agreement), the Company owns or contracts to manage farmland, and the aggregate value of said farmland (determined by the most recent purchase price) is at least $200,000,000, then the Company shall issue to the CEO a warrant to purchase 900,000 shares of common stock at a strike price of $2 per share during the period of five years from the date of issuance. The Board of Directors shall determine the amount the CEO’s bonus, if any, based on factors such as the achievement of company goals and plans, capital raising, purchase of land, and hiring of key employees in key locations.

 

XML 39 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2012
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

As of September 30, 2012, the Company’s financial instruments consist principally of accounts payable and accrued expenses, contingent shares liability, and two term notes payable. The recorded value of the Company’s accounts payable and accrued expenses balance approximates their current fair values due to the relatively short-term settlement period of these instruments. The remaining contingent shares liability balance pertains to 212,054 common shares valued at $0.50 per share that are deemed to have been earned by a related entity providing consulting services to the Company pursuant to an advisory agreement dated July 6, 2012 which is disclosed in Note 8. The fair value of the convertible notes is based on the cash value received for the private offering sale of common stock on July 20, 2012 ($0.50 per share) as no sales of common stock have occurred subsequent to said date and as of September 30, 2012. Accordingly, the fair value as of September 30, 2012 of the $25,000 note is $967,642 and the fair value of the $28,000 note is $236,602.

 

XML 40 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
9 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
INCOME TAXES

INCOME TAXES

 

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

    2012     2011  
Tax benefit of net loss at federal statutory rate     34 %     34 %
Change in valuation allowance     (34 )     (34 )
Tax benefit of net loss at effective rate     - %     - %
                 

 

The components of the Company’s deferred tax asset are as follows as of September 30, 2012 and December 31, 2011: 

 

Deferred Tax Asset:

  2012      2011
Net Operating Loss Carryforward $ 470,457    $ 375,465
Stock Compensation   43,259      -
  $ 513,716    $ 375,465
Valuation Allowance   (513,716)     (375,465
Total Net Deferred Tax Asset $        -   $       -
Change in Valuation Allowance                 $ 138,251    $ 89,935

 

The potential deferred tax asset is computed utilizing a 34% federal statutory tax rate as the states in which the Company operated had no corporate income tax. No deferred tax asset has been reported in the financial statements because the Company believes there is a 50% or greater chance the net operating loss (NOL) carryforwards will expire unused. Accordingly, the potential tax benefits of the NOL carryforwards are offset by a valuation allowance of the same amount.

 

The $138,251 increase in the 2012 valuation allowance consists of deferred tax assets of $94,992 attributable to the tax benefit arising from the NOL carryforward and $43,259 attributable to stock compensation. The 2011 valuation allowance increase of $89,935 is solely attributable to deferred tax assets arising from the tax benefit of the NOL carryforward.

 

As of September 30, 2012, the Company had NOL carryforwards for income tax reporting purposes of approximately $1,383,698, which may be offset against future taxable income through year 2032.

 

The Company has not filed any income tax returns since inception. The Company is in the process of preparing all delinquent tax returns and we will file the tax returns upon their completion. Accordingly, all of the Company’s tax returns are subject to examination by the federal tax authorities. The states in which the Company has operated do not have any income tax filing requirements.

 

XML 41 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock Activity And Reverse Stock Split
9 Months Ended
Sep. 30, 2012
Equity [Abstract]  
COMMON STOCK ACTIVITY AND REVERSE STOCK SPLIT

COMMON STOCK ACTIVITY AND REVERSE STOCK SPLIT (CONTINUED)

The Company’s common stock activity for the year ended December 31, 2011 and for the nine months ended September 30, 2012 is reflected below.

 

On May 18, 2011, the Company issued 2,545,310 shares of common stock pursuant to a “Share Exchange Agreement” dated November 7, 2006 (see Note 1).

 

Effective January 14, 2011, the Company entered into three separate stock subscription agreements for the private offering of common stock. The stock subscription terms stipulate that in the aggregate 1,286,638 unregistered (restricted) common shares will be issued for $70,000. The Company received $70,000 of proceeds from the sale of the common shares in January and February of year 2011. The Company issued the 1,286,638 shares on May 18, 2011.

 

On March 28, 2011, the Company settled a $60,000 debt obligation owed to an entity wholly owned by the Company’s chief executive officer. The Company agreed to issue 751,117 restricted shares of its common stock as consideration for the settlement of the debt. The shares were issued on May 18, 2011.

 

On May 18, 2011, the Company issued 80,000 shares of common stock pursuant to the terms of a March 25, 2011 agreement with two of its directors (see Note 8).

 

On May 18, 2011, the Company issued 2,000 shares of common stock to settle debt pursuant to an agreement on September 6, 2010. The December 31, 2010 consolidated balance sheet reflected the $2 par value of the 2,000 shares as “Common Stock Issuable”.

 

On October 1, 2011, the Company agreed to issue for year 2011 CFO services, 750,000 shares of common stock. See Note 8.

 

On November 18, 2011, the Company sold 250,000 shares of common stock for $50,000 cash.

On November 21, 2011, the Company sold 50,000 shares of common stock for $10,000 cash.

 

On December 16, 2011, the Company sold 200,000 shares of common stock for $40,000 cash.

 

Effective June 18, 2012, the Company granted a total of 100,000 common shares of stock to two directors for services rendered through said date. The stock was valued at $20,000 based on the $0.20 per share value of common stock sold for cash on December 16, 2011, the date closest to this transaction date. The statement of operations for the nine months ended September 30, 2012 includes the $20,000 as directors’ fees. The shares were unissued as of September 30, 2012; accordingly, the $100 par value of the stock is included on the September 30, 2012 balance sheet as common stock issuable.

 

On July 6, 2012, the Company agreed to issue 450,000 common shares pursuant to an employment agreement with its CEO. See Note 8.

 

On July 16, 2012, the Company sold 100,000 shares of common stock for $50,000 cash.

 

On July 20, 2012, the Company sold 200,000 shares of common stock for $100,000 cash.

 

Effective April 15, 2011, the Company’s Board of Directors approved a 1 – for – 100 reverse split of its common stock. The Company’s majority shareholder voted in favor of the reverse stock split motion. Fractional shares resulting from the reverse split were rounded up to the next whole number. The consolidated financial statements have been retroactively restated to reflect share and per share data related to the reverse split for all periods presented.

 

 

XML 42 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Reconciliation of Federal Stautory Effective Income Tax Rate) (Details)
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Income Taxes Reconciliation Of Federal Stautory Effective Income Tax Rate Details    
Tax benefit of net loss at federal statutory rate 34.00% 34.00%
Change in valuation allowance (34.00%) (34.00%)
Tax benefit of net loss at effective rate      
XML 43 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Option Plan (Narrative) (Details)
12 Months Ended
Dec. 31, 2004
Sep. 30, 2012
Dec. 31, 2011
Stock Option Plan Narrative Details      
Maximum common stock subject to option 20,000    
Option Conversion Terms

The per share exercise price shall be subject to the following: In the case of an Incentive Stock Option (a) granted to an employee who owns more than 10% of the voting power of all classes of stock, the exercise price shall be no less than 110% of the fair market value per share on the date of grant (b) granted to any other employee, the per share exercise price shall be no less than 100% of the fair market value per share on the date of grant. In the case of a Non-statutory Stock Option, the per share exercise price shall be determined by the Plan administrator.

 

   
Option Outstanding        
Duration of Stock Option Plan 10 years    
XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statement Of Shareholders Equity (Deficit) (USD $)
Common Stock issued
Common Stock Issuable
Preferred Stock Issuable
Additional Paid-In Capital
Accumulated Deficit
Deficit Accumulated During The Development Stage
Total
Balance, Amount at Feb. 14, 2007 $ 358 $ 2,545 $ 8,000 $ 1,444,845 $ (1,548,855)    $ (93,127)
Balance, Shares at Feb. 14, 2007 357,616   8,000,000        
Balance, Share Issuable at Feb. 14, 2007   2,545,310          
Cancellation of preferred stock issuable, Shares     (8,000,000)        
Cancellation of preferred stock issuable     (8,000) 8,000      
Net Income(Loss)           (4,834) (4,834)
Balance, Amount at Dec. 31, 2007 358 2,545    1,452,845 (1,548,855) (4,834) (97,961)
Balance, Shares at Dec. 31, 2007 357,616            
Balance, Shares Issuable at Dec. 31, 2007   2,545,310          
Net Income(Loss)           727 727
Balance, Amount at Dec. 31, 2008 358 2,545    1,452,845 (1,548,855) (4,107) (97,234)
Balance, Shares at Dec. 31, 2008 357,616             
Balance, Shares Issuable at Dec. 31, 2008   2,545,310          
Net Income(Loss)           (4,834) (4,834)
Balance, Amount at Dec. 31, 2009 358 2,545    1,452,845 (1,548,855) (8,941) (102,068)
Balance, Shares at Dec. 31, 2009 357,616            
Balance, Share Issuable at Dec. 31, 2009   2,545,310          
Common Stock Issued during the Period, Shares   2,000          
Common Stock Issued during the Period, Amount   2   19,342     19,344
Net Income(Loss)           (105,317) (105,317)
Balance, Amount at Dec. 31, 2010 358 2,547   1,472,167 (1,548,855) (114,258) (188,041)
Balance, Shares Issuable at Dec. 31, 2010   2,547,310          
Balance, Shares at Dec. 31, 2010 357,616            
Common Stock Issued during the Period, Shares 5,165,065 (2,547,310)          
Common Stock Issued during the Period, Amount 5,165 (2,547)   231,734       234,352
Common stock issuable for directors' compensation, Shares   20,458          
Common stock issuable for directors' compensation, Amount   20   1,092     1,112
Common stock issuable for officer compensation, Shares   750,000          
Common stock issuable for officer compensation, Amount   750   40,050     40,800
Issuance of beneficial conversion feature with note payable       80,279     80,279
Net Income(Loss)           (267,474) (267,474)
Balance, Amount at Dec. 31, 2011 5,523 770   1,825,322 (1,548,855) (381,732) (98,972)
Balance, Shares at Dec. 31, 2011 5,522,681           5,522,681
Balance, Shares Issuable at Dec. 31, 2011   770,458         770,458
Common Stock Issued during the Period, Shares 300,000            
Common Stock Issued during the Period, Amount 300     149,700     150,000
Common stock issuable for directors' compensation, Shares   120,020          
Common stock issuable for directors' compensation, Amount   120   20,970     21,090
Common stock issuable for officer compensation, Shares   450,000          
Common stock issuable for officer compensation, Amount   450   89,550     90,000
Common stock issuable to settle CEO's accrued salary, Shares   750,000          
Common stock issuable to settle CEO's accrued salary, Amount   750   159,250     160,000
Pro-rata vesting of officer stock compensation       21,205     21,205
Net Income(Loss)           (411,042) (411,042)
Balance, Amount at Sep. 30, 2012 $ 5,823 $ 2,090    $ 2,265,997 $ (1,548,855) $ (792,774) $ (67,719)
Balance, Shares at Sep. 30, 2012 5,822,681            5,822,681
Balance, Shares Issuable at Sep. 30, 2012   2,090,478         2,090,478
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Due From Related Party
9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
DUE FROM RELATED PARTY

DUE FROM RELATED PARTY

 

The Company, while in the process of paying a $1,048 vendor bill in 2011, inadvertently paid a related party instead of the intended vendor. In the second quarter of 2012, the related party refunded to the Company the full amount of the erroneous payment.

 

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Fair Value of Financial Instruments (Narrative) (Details) (USD $)
Sep. 30, 2012
Sep. 30, 2011
Twenty Five Thousand Convertible Note Modified
   
Fair value of Note Payable $ 967,642 $ 105,279
Fair Value Per share $ 0.50  
Twenty Eight Thousand Convertible Note
   
Fair value of Note Payable $ 236,602  
Fair Value Per share $ 0.50  
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Income Taxes (Tables)
9 Months Ended
Sep. 30, 2012
Income Taxes Tables  
Reconciliaton of Federal Statutory Effective Income Tax Rate

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

    2012     2011  
Tax benefit of net loss at federal statutory rate     34 %     34 %
Change in valuation allowance     (34 )     (34 )
Tax benefit of net loss at effective rate     - %     - %
Deferred Tax Asset

The components of the Company’s deferred tax asset are as follows as of September 30, 2012 and December 31, 2011: 

 

Deferred Tax Asset:

  2012      2011
Net Operating Loss Carryforward $ 470,457    $ 375,465
Stock Compensation   43,259      -
  $ 513,716    $ 375,465
Valuation Allowance   (513,716)     (375,465
Total Net Deferred Tax Asset $        -   $       -
Change in Valuation Allowance                 $ 138,251    $ 89,935