0001683168-19-001636.txt : 20190520 0001683168-19-001636.hdr.sgml : 20190520 20190520142308 ACCESSION NUMBER: 0001683168-19-001636 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190520 DATE AS OF CHANGE: 20190520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RC-1, Inc. CENTRAL INDEX KEY: 0001665598 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-RACING, INCLUDING TRACK OPERATION [7948] IRS NUMBER: 463007571 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-210960 FILM NUMBER: 19838344 BUSINESS ADDRESS: STREET 1: PO BOX 12589 CITY: NEWPORT BEACH STATE: CA ZIP: 92658 BUSINESS PHONE: 949-721-1225 MAIL ADDRESS: STREET 1: PO BOX 12589 CITY: NEWPORT BEACH STATE: CA ZIP: 92658 10-Q 1 rc1_10q-033119.htm FORM 10-Q

UNITED STATES

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 March 31, 2019

o	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from ______________ to _____________

Commission file number 333-210960

RC-1, INC.

(Exact name of small business issuer as specified in its charter)

Nevada	26-1449268
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

110 Sunrise Center Drive

Thomasville, NC 27360

(Address of principal executive offices)

800.348.2870

(Issuer’s telephone number)

_______________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Check whether the issues (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes x No o

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

	Large accelerated filer o	Accelerated filer o
	Non-accelerated filer o	Smaller reporting company x
	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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

There were 13,929,581 shares of the registrant’s common stock, $0.001 par value per share, outstanding on March 31, 2019.

RC-1, INC.

TABLE OF CONTENTS

			Page

Part I – FINANCIAL INFORMATION			3

	Item 1.	Condensed Financial Statements:	3

		Condensed Balance Sheets at March 31, 2019 (unaudited) and December 31, 2018	3

		Condensed Statements of Operations for the three month period ended March 31, 2019 and 2018 (unaudited)	4

		Condensed Statements of Shareholders Equity for the three month periods ended March 31, 2019 and 2018 (unaudited)	5

		Condensed Statements of Cash Flows for the three month period ended March 31, 2019 and 2018 (unaudited)	6

		Notes to Condensed Financial Statements (unaudited)	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	16

	Item 4.	Controls and Procedures	16

Part II – OTHER INFORMATION			18

	Item 1.	Legal Proceedings	18

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18

	Item 3.	Defaults Upon Senior Security	18

	Item 4.	Mine Safety Disclosures	18

	Item 5.	Other Information	18

	Item 6.	Exhibits	18

		Signatures	19

PART I – FINANCIAL INFORMATION

ITEM 1. Condensed Financial Statements

RC-1, Inc.

CONDENSED BALANCE SHEETS

(UNAUDITED)

	March 31,			December 31,
	2019			2018
ASSETS

Current assets
Cash	$	50,352		$	50,596
Prepaid rent, current portion		45,000			60,000
Total current assets		95,352			110,596

Fixed assets - net		40,475			43,526
Total long-term assets		40,475			43,526

Total Assets	$	135,827		$	154,122


LIABILITIES & STOCKHOLDERS' DEFICIT

Current liabilities
Accounts payable	$	55,918		$	56,792
Accrued liabilities - related party		117,214			90,264
Line of credit		75,000			75,000
Due to related parties, current portion		49,152			68,014
Accrued interest payable		39,293			37,418
Accrued interest – related parties		119,162			118,816
Common stock issuable		120,000			120,000
Total current liabilities		575,739			566,304

Due to related parties, net of current portion		300			300
Total long-term liabilities		300			300

Total Liabilities		576,039			566,604

Stockholders' Deficit
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding		–			–
Common stock, $0.001 par value; 190,000,000 shares authorized; 13,929,581 shares issued and outstanding		1,392			1,392
Additional paid in capital		2,877,562			2,877,562
Accumulated deficit		(3,319,166	)		(3,291,436	)
Total Stockholders' Deficit		(440,212	)		(412,482	)

Total Liabilities and Stockholders' Deficit	$	135,827		$	154,122

The accompanying notes are an integral part of the unaudited condensed financial statements.

RC-1, Inc.

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended
	March 31,			March 31,
	2019			2018
Revenues
Consulting fees	$	24,668		$	–

Operating expenses:
Consulting - related parties		15,000			21,533
General and administrative		18,051			17,500
Professional fees		17,125			29,738
		50,176			68,771

Loss from operations		(25,508	)		(68,771	)

Other income (expense):
Interest expense		(1,875	)		(1,875	)
Interest expense – related parties		(347	)		(2,363	)
Interest income – related parties		–			1,500
		(2,222	)		(2,738	)

Loss before provision for income tax		(27,730	)		(71,509	)
Provision for income tax		–			–

Net loss	$	(27,730	)	$	(71,509	)

Net loss per share (Basic and fully diluted)	$	(0.00	)*	$	(0.00	)*

Weighted average number of common shares outstanding		13,929,581			13,929,581

* denotes a loss of less than $(.01) per share.

The accompanying notes are an integral part of the unaudited condensed financial statements.

RC-1, Inc.

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY

(UNAUDITED)

	Common Stock
			Amount		Additional		Accumulated			Shareholders'
	Shares		($.0001 Par)		Paid in Capital		Deficit			Deficit

Balance January 1, 2018		13,929,581	$	1,392	$	2,877,562	$	(3,149,308	)	$	(270,354	)

Net loss for the period		–		–		–		(71,509	)		(71,509	)

Balance March 31, 2018		13,929,581	$	1,392	$	2,877,562	$	(3,220,817	)	$	(341,863	)



Balance January 1, 2019		13,929,581		1,392		2,877,562		(3,291,436	)		(412,482	)

Net loss for the period		–		–		–		(27,730	)		(27,730	)

Balance March 31, 2019		13,929,581	$	1,392	$	2,877,562	$	(3,319,166	)	$	(440,212	)

The accompanying notes are an integral part of the unaudited condensed financial statements.

RC-1, Inc.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended
	March 31, 2019			March 31, 2018
Cash Flows From Operating Activities:
Net loss	$	(27,730	)	$	(71,509	)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		3,051			2,500
Non-cash rent expense		15,000			15,000

Changes in operating assets and liabilities
(Decrease) increase in accounts payable		(875	)		9,238
Increase in accrued liabilities – related party		26,950			22,425
Increase in accrued interest – unrelated parties		1,875			1,875
Increase in accrued interest – related parties		346			2,363
Increase in accrued interest income – related party		–			(1,500	)
Net cash provided by (used in) operating activities		18,618			(19,608	)

Cash Flows From Investing Activities:		–			–

Cash Flows From Financing Activities:
Proceeds from line of credit to related parties		56,000			–
Payments on line of credit to related parties		(74,862	)		(34,967	)

Net cash used for financing activities		(18,862	)		(34,967	)

Net Decrease In Cash		(244	)		(54,575	)

Cash At The Beginning Of The Period		50,596			60,342

Cash At The End Of The Period	$	50,352		$	5,767

Supplemental Disclosure
Cash paid for interest	$	–		$	–
Cash paid for income taxes	$	–		$	–

The accompanying notes are an integral part of the unaudited condensed financial statements.

RC-1, Inc.

NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited)

For the Three Months Ended March 31, 2019 and 2018

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS OPERATIONS

RC-1, Inc. (the “Company”), was incorporated in the State of Nevada on May 14, 2009. The Company is currently considered to be in the development stage, and has generated only limited revenues from its activities in the racing business. R-Course Promotions, LLC was formed in the State of California on October 30, 2007. On June 1, 2009, in a merger classified as a transaction between parties under common control, the sole membership interest owner in R-Course Promotions, LLC exchanged 125,000 membership interests for 1,786 common shares in RC-1, Inc. Subsequent to the consummation of the merger, R-Course Promotions, LLC ceased to exist. The results of operations of RC-1, Inc. and R-Course Promotions, LLC have been combined from October 30, 2007 forward through the date of merger.

The Company is a motorsports marketing business focused primarily in road racing events in North America utilizing NASCAR type competition equipment.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The Company’s condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Interim Condensed Financial Statements

The accompanying condensed financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed financial statements. In our opinion the condensed financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the condensed financial statements not misleading. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the final results that may be expected for the year ended December 31, 2019. For more complete financial information, these unaudited condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018 filed with the SEC.

Use of Estimates

The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalents

The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. The Company has no cash equivalents. The Company maintains cash with a commercial bank. The deposits are made with a reputable financial institution and the Company does not anticipate realizing any losses from these deposits.

Property and equipment

Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life. The Company uses a 5 year life for racecars and equipment, 7 years for furniture and fixtures.

Financial Instruments

The Company measures its financial assets and liabilities in accordance with the requirements of FASB ASC 825 “Financial Instruments”. The carrying values of its accounts payable, note payable (current portion), line of credit, accrued expenses, and other current liabilities approximate fair value due to the short-term maturities of these instruments.

Revenue recognition

The Company adopted ASU 2014-09, “Revenue from Contracts with Customers” on January 1, 2018, using the modified retrospective method, which did not have a material impact on the timing and amount of product revenues.

The new revenue recognition standard prescribes a five-step model that focuses on transfer of control and entitlement to payment when determining the amount of revenue to be recognized. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

The majority of revenues are from consulting services provided at events which range from one day to one week in length. The Company also earns revenues from entering their race cars into events whereby there is a money purse for finishing positions. The revenues from these events are recognized upon completion of the contracted services. In the event that the Company’s revenues are for services provided under contracts greater than one month in length, the contracts will be billed in total at the onset of the contact period, and to the extent that billings exceed revenue earned, the Company will record such amount as deferred revenue until the revenue is earned. We recognize revenue on these contracts in the period the services are provided under the contract. Expenses associated with providing the services are recognized in the period the services are provided which coincides with when the revenue is earned.

Net loss per share

The Company utilizes FASB ASC 260, “Earnings per Share.” Basic earnings per share is computed by dividing earnings (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include additional common share equivalents available upon exercise of stock options and warrants using the treasury stock method. Dilutive common share equivalents include the dilutive effect of in-the-money share equivalents, which are calculated based on the average share price for each period using the treasury stock method, excluding any common share equivalents if their effect would be anti-dilutive. For the three months ended March 31, 2019 and 2018 there were no potentially dilutive shares.

Products and services, geographic areas and major customers

The Company earns revenue from race purses, race event consulting and the occasional sale of racecars, but does not separate sales from different activities into operating segments.

Concentrations of debt financing

The Company has line of credit agreements with companies owned and operated by the Company’s CEO and majority shareholder. Outstanding principal on these lines of credit account for 39.74% and 47.67% of the Company line of credit balances at March 31, 2019 and December 31, 2018, respectively. See Note 7 for further discussion of line of credit terms and relationships.

Stock based compensation

The Company accounts for employee and non-employee stock awards under FASB ASC 718, “Compensation – Stock Compensation”, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards, if adopted, will have a material effect on our condensed financial statements.

NOTE 3. GOING CONCERN

These condensed financial statements have been prepared in accordance with U.S. GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company's ability to continue as a going concern is contingent upon its ability to achieve and maintain profitable operations, and the Company’s ability to raise additional capital as required.

These conditions raise substantial doubt about the Company's ability to continue as a going concern. These condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

NOTE 4. FIXED ASSETS

Fixed asset values recorded at cost are as follows:

	March 31, 2019			December 31, 2018

Race cars	$	61,013		$	61,013
Less: Accumulated depreciation		(20,538	)		(17,487	)

Fixed assets, net	$	40,475		$	43,526

Depreciation expense was $3,051 and $2,500 for the three months ended March 31, 2019 and 2018, respectively.

NOTE 5. LINES OF CREDIT

On October 15, 2012, the Company entered into a revolving line of credit agreement with TVP Investments, LLC, a Georgia Limited Liability Company in the amount up to $500,000. The line of credit is unsecured, bears interest of 10% and has a maturity date of December 31, 2019. As of March 31, 2019, and December 31, 2018, the balance of the line of credit was $75,000. As of March 31, 2019, and December 31, 2018, the Company had accrued interest on this line of credit in the amounts of $39,293 and $37,418, respectively.

The Company also has a business line of credit up to $3,000 with Well Fargo bank. The line of credit is unsecured with a variable interest rate of approximately 18.0%. No amounts have been drawn on this line of credit.

NOTE 6. STOCKHOLDERS’ EQUITY

There are 10,000,000 shares of preferred stock authorized with a $.001 par value, of which no shares are issued and outstanding.

There are 190,000,000 shares of common stock authorized with a par value of $0.001 per share, of which 13,929,581 shares are issued and outstanding.

In January 2017, the Company entered into a 36-month warehouse lease with Rick Ware Leasing, LLC, payable in 1,200,000 shares of the Company’s common stock (400,000 shares annually). As of December 31, 2017, 400,000 shares had been issued under this agreement. The 400,000 shares issuable as of December 31, 2018 have not been issued.

There were no issuances of preferred or common stock during the three months ended March 31, 2019.

NOTE 7. RELATED PARTY TRANSACTIONS

Consulting expense to related parties

On December 31, 2018, the Company extended for three years a previous consulting agreement with General Pacific Partners, LLC a company owned and operated by the CEO and majority shareholder to provide consulting services in the motor sports marketing industry. The consulting agreement requires a $5,000 monthly fee and can be terminated by either party pursuant to a 60 day notice. During the three months ended March 31, 2019 and 2018, the Company incurred related party consulting expense of $15,000, respectively. As of March 31, 2019, and December 31, 2018, the Company had an accrued payable balance due to this related party of $105,000 and $90,000, respectively.

Due to related parties

On October 1, 2009, the Company entered into a line of credit agreement for up to $600,000 with a related party owned and operated by the CEO and majority shareholder that also provides motor sports marketing industry consulting services to the Company as needed. Under the agreement, the Company receives operating fund advances and reimbursement for expenses incurred on behalf of the Company. The loan bears interest at eight percent (8%) per annum. As of March 31, 2019, and December 31, 2018, the Company owed $49,152 and $68,014, respectively, to this related party. As of March 31, 2019, and December 31, 2018, the Company had accrued interest on this line of credit in the amounts of $35,656 and $35,315, respectively.

On August 5, 2013, the Company entered into a line of credit agreement for up to $600,000 with a related party owned and operated by the CEO and majority shareholder. Under the agreement, the Company receives operating fund advances and reimbursement for expenses incurred on behalf of the Company. As of March 31, 2019, and December 31, 2018, the Company owed $300 respectively, to this related party. As of March 31, 2019, and December 31, 2018, the Company had accrued interest on this line of credit in the amounts of $83,507 and $83,501, respectively.

NOTE 8. SUBSEQUENT EVENTS

Management was evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist through the date of this filing.

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

FORWARD-LOOKING STATEMENT NOTICE

This Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose any statements contained in this Form 10-Q that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate” or “continue” or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within our control. These factors include but are not limited to economic conditions generally and in the industries in which we may participate; competition within our chosen industry, including competition from much larger competitors; technological advances and failure to successfully develop business relationships.

Overview

This section contains forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The following discussion should be read in conjunction with the condensed financial statements and notes thereto included herein.

We are a small auto competition and event management business that has participated primarily in NASCAR and IMSA sanctioned events. We utilize our racecars to provide marketing and branding services to client advertisers desiring to use our racecars to market their product or service by having our vehicles carry their corporate brand. We have conducted limited operations to date.

Election under JOBS Act of 2012

The Company has chosen to opt-in and make use of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act of 2012. This election is irrevocable. If we choose to adopt any accounting standard on the public company time frame we would be required to adopt all subsequent accounting standards on the public company time frame.

Jumpstart Our Business Startups Act

In April, 2012, the Jumpstart Our Business Startups Act ("JOBS Act") was enacted into law. The JOBS Act provides, among other things:

Exemptions for emerging growth companies from certain financial disclosure and governance requirements for up to five years and provides a new form of financing to small companies;

Amendments to certain provisions of the federal securities laws to simplify the sale of securities and increase the threshold number of record holders required to trigger the reporting requirements of the Securities Exchange Act of 1934;

Relaxation of the general solicitation and general advertising prohibition for Rule 506 offerings;

Adoption of a new exemption for public offerings of securities in amounts not exceeding $50 million; and Exemption from registration by a non-reporting company of offers and sales of securities of up to $1,000,000 that comply with rules to be adopted by the SEC pursuant to Section 4(6) of the Securities Act and exemption of such sales from state law registration, documentation or offering requirements.

In general, under the JOBS Act a company is an emerging growth company if its initial public offering ("IPO") of common equity securities was affected after December 8, 2011 and the company had less than $1 billion of total annual gross revenues during its last completed fiscal year. A company will no longer qualify as an emerging growth company after the earliest of

(i)	The completion of the fiscal year in which the company has total annual gross revenues of $1 billion or more;

(ii)	The completion of the fiscal year of the fifth anniversary of the company's IPO;

(iii)

The company's issuance of more than $1 billion in nonconvertible debt in the prior three-year period; or

(iv)	The company becoming a "larger accelerated filer" as defined under the Securities Exchange Act of 1934.

The JOBS Act provides additional new guidelines and exemptions for non-reporting companies and for non-public offerings. Those exemptions that impact the Company are discussed below.

Financial Disclosure. The financial disclosure in a registration statement filed by an emerging growth company pursuant to the Securities Act of 1933 will differ from registration statements filed by other companies as follows:

(i)	Audited financial statements required for only two fiscal years;

(ii)	Selected financial data required for only the fiscal years that were audited;

(iii)

Executive compensation only needs to be presented in the limited format now required for smaller reporting companies. (A smaller reporting company is one with a public float of less than $75 million as of the last day of its most recently completed second fiscal quarter)

However, the requirements for financial disclosure provided by Regulation S-K promulgated by the Rules and Regulations of the SEC already provide certain of these exemptions for smaller reporting companies. The Company is a smaller reporting company. Currently a smaller reporting company is not required to file as part of its registration statement selected financial data and only needs audited financial statements for its two most current fiscal years and no tabular disclosure of contractual obligations.

The JOBS Act also exempts the Company's independent registered public accounting firm from complying with any rules adopted by the Public Company Accounting Oversight Board ("PCAOB") after the date of the JOBS Act's enactment, except as otherwise required by SEC rule.

The JOBS Act also exempts an emerging growth company from any requirement adopted by the PCAOB for mandatory rotation of the Company's accounting firm or for a supplemental auditor report about the audit.

Internal Control Attestation. The JOBS Act also provides an exemption from the requirement of the Company's independent registered public accounting firm to file a report on the Company's internal control over financial reporting, although management of the Company is still required to file its report on the adequacy of the Company's internal control over financial reporting.

Section 102(a) of the JOBS Act exempts emerging growth companies from the requirements in §14A(e) of the Securities Exchange Act of 1934 for companies with a class of securities registered under the 1934 Act to hold shareholder votes for executive compensation and golden parachutes.

Other Items of the JOBS Act. The JOBS Act also provides that an emerging growth company can communicate with potential investors that are qualified institutional buyers or institutions that are accredited to determine interest in a contemplated offering either prior to or after the date of filing the respective registration statement. The Act also permits research reports by a broker or dealer about an emerging growth company regardless if such report provides sufficient information for an investment decision. In addition the JOBS Act precludes the SEC and FINRA from adopting certain restrictive rules or regulations regarding brokers, dealers and potential investors, communications with management and distribution of a research reports on the emerging growth company IPO.

Section 106 of the JOBS Act permits emerging growth companies to submit 1933 Act registration statements on a confidential basis provided that the registration statement and all amendments are publicly filed at least 21 days before the issuer conducts any road show. This is intended to allow the emerging growth company to explore the IPO option without disclosing to the market the fact that it is seeking to go public or disclosing the information contained in its registration statement until the company is ready to conduct a roadshow.

Election to Opt Out of Transition Period. Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a 1933 Act registration statement declared effective or do not have a class of securities registered under the 1934 Act) are required to comply with the new or revised financial accounting standard.

The JOBS Act provides a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of the transition period and will “opt-in” and make use of the transitional period.

Off-balance sheet arrangements

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the Company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the Company is a party, under which the Company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

Significant Accounting Policies

Our condensed financial statements have been prepared in accordance with U.S. GAAP in the United States of America. The preparation of these condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Note 1 of the Notes to Condensed Financial Statements describes the significant accounting policies used in the preparation of the condensed financial statements. Certain of these significant accounting policies are considered to be critical accounting policies, as defined below.

A critical accounting policy is defined as one that is both material to the presentation of our condensed financial statements and requires management to make difficult, subjective or complex judgments that could have a material effect on our financial condition and results of operations. Specifically, critical accounting estimates have the following attributes: 1) we are required to make assumptions about matters that are highly uncertain at the time of the estimate; and 2) different estimates we could reasonably have used, or changes in the estimate that are reasonably likely to occur, would have a material effect on our financial condition or results of operations.

Estimates and assumptions about future events and their effects cannot be determined with certainty. We base our estimates on historical experience and on various other assumptions believed to be applicable and reasonable under the circumstances. These estimates may change as new events occur, as additional information is obtained and as our operating environment changes. These changes have historically been minor and have been included in the condensed financial statements as soon as they became known. Based on a critical assessment of our accounting policies and the underlying judgments and uncertainties affecting the application of those policies, management believes that our condensed financial statements are fairly stated in accordance with U.S. GAAP in the United States, and present a meaningful presentation of our financial condition and results of operations. We believe the following critical accounting policies reflect our more significant estimates and assumptions used in the preparation of our condensed financial statements:

Use of Estimates – These condensed financial statements have been prepared in accordance with U.S. GAAP and, accordingly, require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Specifically, our management has estimated the expected economic life and value of our licensed technology, our net operating loss for tax purposes and our stock, option and warrant expenses related to compensation to employees and directors, consultants and investment banks. Actual results could differ from those estimates.

Cash and Equivalents – We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses in such account.

Revenue Recognition – The Company adopted ASU 2014-09, “Revenue from Contracts with Customers” on January 1, 2018, using the modified retrospective method, which did not have a material impact on the timing and amount of product revenues.

The majority of revenues are from consulting services provided at events which range from one day to one week in length. The revenues from these events are recognized upon completion of the contracted services. In the event that the Company’s revenues are for services provided under contracts greater than one month in length, the contracts will be billed in total at the onset of the contact period, and to the extent that billings exceed revenue earned, the Company will record such amount as deferred revenue until the revenue is earned. We recognize revenue on these contracts in the period the services are provided under the contract. Expenses associated with providing the services are recognized in the period the services are provided which coincides with when the revenue is earned.

Our revenues, to date, has been derived from consulting fees. Revenue is recognized on an accrual basis as earned under contract terms.

Property and equipment – Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life. The Company uses a 5 year life for racecars and equipment, 7 years for furniture and fixtures.

Intangible and Long-Lived Assets – We follow FASB ASC 360-10-35 which has established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. During the period ended March 31, 2019 no impairment losses were recognized.

Stock Based Compensation – We recognize expenses for stock-based compensation arrangements in accordance with provisions of Accounting Standards Codification 714. Accordingly, compensation cost is recognized for the excess of the estimated fair value of the stock at the grant date over the exercise price, if any. For equity instruments issued to non-employees, the estimated fair value of the equity instrument is recorded on the earlier of the performance commitment date or the date the services required are completed.

Plan of Operations

RC-1, Inc. (the “Company”), was incorporated in the State of Nevada on May 14, 2009. The Company is a motorsports marketing business focused primary in road racing events in North America utilizing NASCAR type competition equipment. The Company is currently considered to be in the development stage, and has generated only limited revenues from its activities in the racing business.

We will continue to focus in “Road Racing” motorsports events organized by several motorsports sanctioning bodies such as The National Association for Stock Car Auto Racing ("NASCAR"), and The International Motorsports Association ("IMSA") and the Sports Car Vintage Racing Association (SVRA).

In addition, we intend to continue to compete in the Toyota Southwest Superlate Model Series, SVRA and the GAAS series in an effort to promote our business and brand in the western United States.

On February 15, 2019 the Company entered into a Marketing and Branding Consultant Agreement (the “Branding Agreement”) with Carolina Pro-Am Drivers, LLC, (“CPAD”) a company owned and controlled by Richard Ware. Mr. Ware is also the owner and controlling party of Rick Ware Racing, LLC, which is the holder of 8.9% of the Company’s outstanding common shares. Pursuant to the Branding Agreement, CPAD will pay the Company $2,778 per week for the 39 weeks commencing February 21 and ending November 21, for each of the years 2019, 2020 and 2021. The payment periods coincide with the NASCAR Monster Energy NASCAR Cup series yearly schedules.

Going Concern

As of March 31, 2019, RC-1, Inc. had an accumulated deficit of $3,319,166, and a working capital deficiency of $480,387. These factors raise substantial doubt about our ability to continue as a going concern.

Management expects to raise $300,000 in capital through the issuance of debt and equity and believes it will be able to raise sufficient capital over the next twelve months to finance operations. However, there can be no assurances that the Company will be successful in this regard or will be able to eliminate its operating losses. The accompanying condensed financial statements do not contain any adjustments which may be required as a result of this uncertainty.

Expected management estimates for the cost of operating the business through March 31, 2019 will require additional capital of up to Three Hundred Thousand dollars ($300,000) consisting of: $20,000 for registration and licenses required for entry in sanctioned racing events; $20,000 for travel and lodging; $20,000 for marketing and branding; $30,000 for legal and accounting; $15,000 for engineers and consultants; $15,000 for parts, $90,000 for engine and transmission leases. $50,000 for fuels and tires; $10,000 for racecar transporter travel; $20,000 for debt service of all Company notes payable; and $10,000 in airfare and rental cars.

The Company has no outstanding payments due for the lease of race cars at this time.

The Company intends to hold discussions with existing shareholders, new prospective shareholders and various lenders in pursuing the capital we need for the upcoming twelve months of operations. Additionally, the Company may elect to draw down additional proceeds from its line of credit with General Pacific Partners, LLC and TVP Investments, LLC, Inc. There can be no assurance that we will be able to raise any additional equity or debt capital.

The Company’s capital requirements consist of general working capital needs, scheduled principal and interest payments on debt when required, obligations, and capital expenditures. The Company’s capital resources consist primarily of cash generated from proceeds through the issuances of common stock. At March 31, 2019, the company had cash of $50,352.

Result of Operations

Three Months Ended March 31, 2019 Compared to Three Months Ended March 31, 2018

Revenues

The Company recognized $24,668 in consulting revenue during the three months ended March 31, 2019 and no revenue for the same period in 2018. The Company did not recognize any racing event related revenue due to the fact that most of the racing events scheduled occur after June of each year.

Operating Expenses

For the three months ended March 31, 2019 operating expenses were $50,176 compared to $68,771 in 2018 for a decrease of $18,595. The decrease is due to a decrease in consulting to related parties to $15,000 from $21,533 for a difference of $6,533 and a decrease in professional fees to $17,125 from $29,738 for a difference of $12,613.

Interest and Financing Costs

Interest was ($2,222) for the three months ended March 31, 2019 compared to ($2,738) in the three months ended March 31, 2018. The reduction in the interest expense was related directly to a reduction in the overall debt of the company.

Net Loss

The Company incurred losses of ($27,730) in the three months ended March 31, 2019 compared to ($71,509) during the three months ended March 31, 2018, due to the factors discussed above.

LIQUIDITY AND CAPITAL RESOURCES

The company had $50,352 in cash at March 31, 2019 with a working capital deficit of ($480,387). As of December 31, 2018, the Company had cash of $50,596 with a working capital deficit of ($455,708).

Cash Flows for the three Months Ended March 31, 2019 Compared to the Three Months Ended March 31, 2018.

Operating activities

During the three months ended March 31, 2019, we generated $18,618 in operating activities compared to $(19,608) used during the three months ended March 31, 2018, an increase of $38,226. The increase between the two periods was largely due to cash payments received for consulting fees and a decrease in accrued liabilities during the period.

Investing activities

We neither generated nor used cash flow in investing activities during the three months ended March 31, 2019 or 2018.

Financing activities

During the three months ended March 31, 2019, we used $18,862 for financing activities compared to $34,967 during the three months ended March 31, 2018, a decrease of $16,105. During the three months ended March 31, 2019, we repaid $74,862 of advances from a related party.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk.

As a “smaller reporting company,” we are not required to provide the information under this Item 3.

ITEM 4. Controls and Procedures

Evaluation of disclosure controls and procedures

Based upon an evaluation of the effectiveness of our disclosure controls and procedures performed by our Chief Executive Officer as of the end of the period covered by this report, our Chief Executive Officer concluded that our disclosure controls and procedures have not been effective as a result of a weakness in the design of internal control over financial reporting identified below.

As used herein, “disclosure controls and procedures” mean controls and other procedures of our company that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance to our management and board of directors regarding the reliability of financial reporting and the preparation of the condensed financial statements for external purposes in accordance with U.S. GAAP.

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of condensed financial statements in accordance with U.S. GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the condensed financial statements.

This quarterly report does not include an attestation report of our registered independent public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered independent public accounting firm.

Changes in Internal Control Over Financial Reporting

No changes in our internal control over financial reporting occurred during the three months ended March 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. Legal Proceedings

We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or material pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

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

During the three months ended March 31, 2019, there were no sale of shares of the Company's common stock.

ITEM 3. Default Upon Senior Securities

During the three months ended March 31, 2019, the Company had no senior securities issued and outstanding.

ITEM 4. Mine Safety Disclosures

Not applicable to our Company.

ITEM 5. Other Information

None.

ITEM 6. Exhibits

Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K

SEC Ref. No.		Title of Document
31.1*		Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of the Principal Executive Officer pursuant to U.S.C. pursuant to Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of the Principal Financial Officer pursuant to U.S.C. pursuant to Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		XBRL Instance Document
101.SCH*		XBRL Schema Document
101.CAL*		XBRL Calculation Linkbase Document
101.DEF*		XBRL Definition Linkbase Document
101.LAB*		XBRL Label Linkbase Document
101.PRE*		XBRL Presentation Linkbase Document

Filed herewith.

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

RC-1, Inc.

May 20, 2019

By: /s/ Kevin O'Connell

Kevin O'Connell

Chief Executive Officer

EX-31.1 2 rc1_ex3101.htm CERTIFICATION

Exhibit 31.1

CERTIFICATIONS PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, Kevin O'Connell, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of RC-1, Inc., Inc. for the three-month period ended March 31, 2019.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) 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 control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under 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 control over financial reporting, or caused such internal control 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 control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's 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 and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, if material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 20, 2019

/s/ Kevin O'Connell

Name: Kevin O'Connell

Its: Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 rc1_ex3102.htm CERTIFICATION

Exhibit 31.2

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

CERTIFICATION

I, Rayna Austin, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of RC-1, Inc. for the three-month period ended March 31, 2019.

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.

May 20, 2019

/s/ Rayna Austin

Name: Rayna Austin
Its: Principal Financial Officer

EX-32.1 4 rc1_ex3201.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of RC-1, Inc. (the “Company”) on Form 10-Q, for the three-month period ended March 31, 2019 as filed with the Securities and Exchange Commission, I, Kevin O'Connell, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

May 20, 2019

/s/ Kevin O'Connell

Name: Kevin O'Connell

Its: Chief Executive Officer (Principal Executive Officer)

EX-32.2 5 rc1_ex3202.htm CERTIFICATION

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Regarding the Quarterly Report of RC-1, Inc. (the “Company”) on Form 10-Q, for the three-month period ended March 31, 2019 as filed with the Securities and Exchange Commission, I, Rayna Austin, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

May 20, 2019

/s/ Rayna Austin

Name: Rayna Austin

Its: Principal Financial Officer

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NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS OPERATIONS   RC-1, Inc. (the “Company”), was incorporated in the State of Nevada on May 14, 2009. The Company is currently considered to be in the development stage, and has generated only limited revenues from its activities in the racing business. R-Course Promotions, LLC was formed in the State of California on October 30, 2007. On June 1, 2009, in a merger classified as a transaction between parties under common control, the sole membership interest owner in R-Course Promotions, LLC exchanged 125,000 membership interests for 1,786 common shares in RC-1, Inc. Subsequent to the consummation of the merger, R-Course Promotions, LLC ceased to exist. The results of operations of RC-1, Inc. and R-Course Promotions, LLC have been combined from October 30, 2007 forward through the date of merger.   The Company is a motorsports marketing business focused primarily in road racing events in North America utilizing NASCAR type competition equipment.

NOTE 3. GOING CONCERN   These condensed financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company's ability to continue as a going concern is contingent upon its ability to achieve and maintain profitable operations, and the Company’s ability to raise additional capital as required.   These conditions raise substantial doubt about the Company's ability to continue as a going concern. These condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

-2222

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Race cars</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">61,013</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">61,013</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,538</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(17,487</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Fixed assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">40,475</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">43,526</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

75000

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of presentation   The Company’s condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).   Interim Condensed Financial Statements   The accompanying condensed financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed financial statements. In our opinion the condensed financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the condensed financial statements not misleading. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the final results that may be expected for the year ended December 31, 2019. For more complete financial information, these unaudited condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018 filed with the SEC.    Use of Estimates   The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.   Cash and cash equivalents   The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. The Company has no cash equivalents. The Company maintains cash with a commercial bank. The deposits are made with a reputable financial institution and the Company does not anticipate realizing any losses from these deposits.   Property and equipment   Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life. The Company uses a 5 year life for racecars and equipment, 7 years for furniture and fixtures.   Financial Instruments   The Company measures its financial assets and liabilities in accordance with the requirements of FASB ASC 825 “Financial Instruments”. The carrying values of its accounts payable, note payable (current portion), line of credit, accrued expenses, and other current liabilities approximate fair value due to the short-term maturities of these instruments.   Revenue recognition   The Company adopted ASU 2014-09, “Revenue from Contracts with Customers” on January 1, 2018, using the modified retrospective method, which did not have a material impact on the timing and amount of product revenues.   The new revenue recognition standard prescribes a five-step model that focuses on transfer of control and entitlement to payment when determining the amount of revenue to be recognized. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.   The majority of revenues are from consulting services provided at events which range from one day to one week in length. The Company also earns revenues from entering their race cars into events whereby there is a money purse for finishing positions. The revenues from these events are recognized upon completion of the contracted services. In the event that the Company’s revenues are for services provided under contracts greater than one month in length, the contracts will be billed in total at the onset of the contact period, and to the extent that billings exceed revenue earned, the Company will record such amount as deferred revenue until the revenue is earned. We recognize revenue on these contracts in the period the services are provided under the contract. Expenses associated with providing the services are recognized in the period the services are provided which coincides with when the revenue is earned.   Net loss per share   The Company utilizes FASB ASC 260, “Earnings per Share.” Basic earnings per share is computed by dividing earnings (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include additional common share equivalents available upon exercise of stock options and warrants using the treasury stock method. Dilutive common share equivalents include the dilutive effect of in-the-money share equivalents, which are calculated based on the average share price for each period using the treasury stock method, excluding any common share equivalents if their effect would be anti-dilutive. For the three months ended March 31, 2019 and 2018 there were no potentially dilutive shares.   Products and services, geographic areas and major customers   The Company earns revenue from race purses, race event consulting and the occasional sale of racecars, but does not separate sales from different activities into operating segments.     Concentrations of debt financing   The Company has line of credit agreements with companies owned and operated by the Company’s CEO and majority shareholder. Outstanding principal on these lines of credit account for 39.74% and 47.67% of the Company line of credit balances at March 31, 2019 and December 31, 2018, respectively. See Note 7 for further discussion of line of credit terms and relationships.   Stock based compensation   The Company accounts for employee and non-employee stock awards under FASB ASC 718, “Compensation – Stock Compensation”, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.   Recent Accounting Pronouncements   Management does not believe that any recently issued, but not yet effective, accounting standards, if adopted, will have a material effect on our condensed financial statements.

Financial Instruments   The Company measures its financial assets and liabilities in accordance with the requirements of FASB ASC 825 “Financial Instruments”. The carrying values of its accounts payable, note payable (current portion), line of credit, accrued expenses, and other current liabilities approximate fair value due to the short-term maturities of these instruments.

Net loss per share   The Company utilizes FASB ASC 260, “Earnings per Share.” Basic earnings per share is computed by dividing earnings (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include additional common share equivalents available upon exercise of stock options and warrants using the treasury stock method. Dilutive common share equivalents include the dilutive effect of in-the-money share equivalents, which are calculated based on the average share price for each period using the treasury stock method, excluding any common share equivalents if their effect would be anti-dilutive. For the three months ended March 31, 2019 and 2018 there were no potentially dilutive shares.

Products and services, geographic areas and major customers   The Company earns revenue from race purses, race event consulting and the occasional sale of racecars, but does not separate sales from different activities into operating segments.

13929581

Basis of presentation   The Company’s condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Recent Accounting Pronouncements   Management does not believe that any recently issued, but not yet effective, accounting standards, if adopted, will have a material effect on our condensed financial statements.

NOTE 5. LINES OF CREDIT   On October 15, 2012, the Company entered into a revolving line of credit agreement with TVP Investments, LLC, a Georgia Limited Liability Company in the amount up to $500,000. The line of credit is unsecured, bears interest of 10% and has a maturity date of December 31, 2019. As of March 31, 2019, and December 31, 2018, the balance of the line of credit was $75,000. As of March 31, 2019, and December 31, 2018, the Company had accrued interest on this line of credit in the amounts of $39,293 and $37,418, respectively.   The Company also has a business line of credit up to $3,000 with Well Fargo bank. The line of credit is unsecured with a variable interest rate of approximately 18.0%. No amounts have been drawn on this line of credit.

NOTE 6. STOCKHOLDERS’ EQUITY   There are 10,000,000 shares of preferred stock authorized with a $.001 par value, of which no shares are issued and outstanding.   There are 190,000,000 shares of common stock authorized with a par value of $0.001 per share, of which 13,929,581 shares are issued and outstanding.   In January 2017, the Company entered into a 36-month warehouse lease with Rick Ware Leasing, LLC, payable in 1,200,000 shares of the Company’s common stock (400,000 shares annually). As of December 31, 2017, 400,000 shares had been issued under this agreement. The 400,000 shares issuable as of December 31, 2018 have not been issued.   There were no issuances of preferred or common stock during the three months ended March 31, 2019.

NOTE 8. SUBSEQUENT EVENTS   Management was evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist through the date of this filing.

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Entity Small Business Entity Emerging Growth Company Statement of Financial Position [Abstract] ASSETS Current assets Cash Prepaid rent, current portion Total current assets Fixed assets - net Total long-term assets Total Assets LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities Accounts payable Accrued liabilities - related party Line of credit Due to related parties Accrued interest payable Accrued interest - related parties Common stock issuable Total current liabilities Due to related parties, net of current portion Total long-term liabilities Total Liabilities Stockholders' Deficit Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding Common stock, $0.001 par value; 190,000,000 shares authorized; 13,929,581 shares issued and outstanding Additional paid in capital Accumulated deficit Total Stockholders' Deficit Total Liabilities and Stockholders' Deficit Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Statement [Table] Statement [Line Items] Revenues Operating expenses: Consulting - related parties General and administrative Professional fees Total operating expenses Loss from operations Other income (expense): Interest expense Interest expense - related parties Interest income - related parties Total other income (expense) Loss before provision for income tax Provision for income tax Net loss Net loss per share (Basic and fully diluted) Weighted average number of common shares outstanding Beginning balance, shares Beginning balance, value Net loss Ending balance, shares Ending balance, value Statement of Cash Flows [Abstract] Cash Flows From Operating Activities: Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation Non-cash rent expense Changes in Operating Assets and Liabilities (Decrease) increase in accounts payable Increase in accrued liabilities - related party Increase in accrued interest - unrelated party Increase in accrued interest - related parties Increase in accrued interest income - related party Net cash provided by (used in) operating activities Cash Flows From Investing Activities: Net cash used in investing activities Cash Flows From Financing Activities: Proceeds from line of credit to related parties Payments on line of credit to related parties Net cash used for financing activities Net Decrease In Cash Cash At The Beginning Of The Period Cash At The End Of The Period SUPPLEMENTAL DISCLOSURE Cash paid for interest Cash paid for income taxes Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Description of Business Operations Accounting Policies [Abstract] Summary of Significant Accounting Policies Going Concern Property, Plant and Equipment [Abstract] Fixed Assets Debt Disclosure [Abstract] Lines of Credit Equity [Abstract] Stockholders' Equity Related Party Transactions [Abstract] Related Party Transactions Subsequent Events [Abstract] Subsequent Events Basis of presentation Interim Condensed Financial Statements Use of Estimates Cash and cash equivalents Property and equipment Financial Instruments Revenue recognition Net loss per share Products and services, geographic areas and major customers Concentrations of debt financing Stock based compensation Recent Accounting Pronouncements Schedule of fixed assets Property useful life Potentially dilutive shares Concentration risk percentage Race cars Less: Accumulated depreciation Fixed assets, net Depreciation expense Line of credit issuance date Line of credit maximum amount Line of credit interest rate Line of credit maturity date Accrued interest Stock issued new, shares Stock issuable for lease Stock issued for lease agreement, shares Accounts payable - related parties Consulting to related parties Stock issued for asset purchase, shares Stock issued for asset purchase, value Proceeds from sponsorship agreement Note receivable Note receivable interest rate Note receivable maturity date Credit line maximum borrowing amount Credit line interest rate Line of credit balance Accrued interest on line of credit Accrued interest payable - related party Common stock issuable, current portion Increase in accrued interest - related parties Interim Financial Statements [Policy Text Block] Note receivable maturity date Proceeds from sponsorship agreement Stock issuable for lease Stock issued for lease agreement, shares Stock received for sale of assets Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities, Noncurrent Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Interest Expense Interest Expense, Related Party Nonoperating Income (Expense) Shares, Outstanding Increase (Decrease) in Accrued Interest Receivable, Net Net Cash Provided by (Used in) Operating Activities Repayments of Related Party Debt Net Cash Provided by (Used in) Financing Activities Cash, Period Increase (Decrease) Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment EX-101.PRE 11 rccc-20190331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2019 shares
Document And Entity Information
Entity Registrant Name	RC-1, Inc.
Entity Central Index Key	0001665598
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	13,929,581
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Entity Small Business	true
Entity Emerging Growth Company	false

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Condensed Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash	$ 50,352	$ 50,596
Prepaid rent, current portion	45,000	60,000
Total current assets	95,352	110,596
Fixed assets - net	40,475	43,526
Total long-term assets	40,475	43,526
Total Assets	135,827	154,122
Current liabilities
Accounts payable	55,918	56,792
Accrued liabilities - related party	117,214	90,264
Line of credit	75,000	75,000
Due to related parties	49,152	68,014
Accrued interest payable	39,293	37,418
Accrued interest - related parties	119,162	118,816
Common stock issuable	120,000	120,000
Total current liabilities	575,739	566,304
Due to related parties, net of current portion	300	300
Total long-term liabilities	300	300
Total Liabilities	576,039	566,604
Stockholders' Deficit
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.001 par value; 190,000,000 shares authorized; 13,929,581 shares issued and outstanding	1,392	1,392
Additional paid in capital	2,877,562	2,877,562
Accumulated deficit	(3,319,166)	(3,291,436)
Total Stockholders' Deficit	(440,212)	(412,482)
Total Liabilities and Stockholders' Deficit	$ 135,827	$ 154,122

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Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	13,929,581	13,929,581
Common stock, shares outstanding	13,929,581	13,929,581

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Statements of Operations (Unaudited) - USD ($)

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Revenues

$ 24,668

$ 0

Operating expenses:

Consulting - related parties

15,000

21,533

General and administrative

18,051

17,500

Professional fees

17,125

29,738

Total operating expenses

50,176

68,771

Loss from operations

(68,771)

Other income (expense):

Interest expense

(1,875)

Interest expense - related parties

(347)

(2,363)

Interest income - related parties

1,500

Total other income (expense)

(2,222)

(2,738)

Loss before provision for income tax

(27,730)

(71,509)

Provision for income tax

Net loss

$ (27,730)

$ (71,509)

Net loss per share (Basic and fully diluted)

^[1]

$ (0.00)

Weighted average number of common shares outstanding

13,929,581

Consultanting fees [Member]

Revenues

$ 24,668

$ 0

[1]	denotes a loss of less than $(.01) per share.

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Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2017	13,929,581
Beginning balance, value at Dec. 31, 2017	$ 1,392	$ 2,877,562	$ (3,149,308)	$ (270,354)
Net loss			(71,509)	(71,509)
Ending balance, shares at Mar. 31, 2018	13,929,581
Ending balance, value at Mar. 31, 2018	$ 1,392	2,877,562	(3,220,817)	(341,863)
Beginning balance, shares at Dec. 31, 2018	13,929,581
Beginning balance, value at Dec. 31, 2018	$ 1,392	2,877,562	(3,291,436)	(412,482)
Net loss			(27,730)	(27,730)
Ending balance, shares at Mar. 31, 2019	13,929,581
Ending balance, value at Mar. 31, 2019	$ 1,392	$ 2,877,562	$ (3,319,166)	$ (440,212)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net loss	$ (27,730)	$ (71,509)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	3,051	2,500
Non-cash rent expense	15,000	15,000
Changes in Operating Assets and Liabilities
(Decrease) increase in accounts payable	(875)	9,238
Increase in accrued liabilities - related party	26,950	22,425
Increase in accrued interest - unrelated party	1,875	1,875
Increase in accrued interest - related parties	346	2,363
Increase in accrued interest income - related party	0	(1,500)
Net cash provided by (used in) operating activities	18,618	(19,608)
Cash Flows From Investing Activities:
Net cash used in investing activities	0	0
Cash Flows From Financing Activities:
Proceeds from line of credit to related parties	56,000	0
Payments on line of credit to related parties	(74,862)	(34,967)
Net cash used for financing activities	(18,862)	(34,967)
Net Decrease In Cash	(244)	(54,575)
Cash At The Beginning Of The Period	50,596	60,342
Cash At The End Of The Period	50,352	5,767
SUPPLEMENTAL DISCLOSURE
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

XML 18 R7.htm IDEA: XBRL DOCUMENT

1. Organization and Description of Business Operations

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business Operations

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS OPERATIONS

The Company is a motorsports marketing business focused primarily in road racing events in North America utilizing NASCAR type competition equipment.

XML 19 R8.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The Company’s condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Interim Condensed Financial Statements

Use of Estimates

Cash and cash equivalents

Property and equipment

Financial Instruments

Revenue recognition

Net loss per share

Products and services, geographic areas and major customers

The Company earns revenue from race purses, race event consulting and the occasional sale of racecars, but does not separate sales from different activities into operating segments.

Concentrations of debt financing

Stock based compensation

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards, if adopted, will have a material effect on our condensed financial statements.

XML 20 R9.htm IDEA: XBRL DOCUMENT

3. Going Concern

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

NOTE 3. GOING CONCERN

These condensed financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company's ability to continue as a going concern is contingent upon its ability to achieve and maintain profitable operations, and the Company’s ability to raise additional capital as required.

XML 21 R10.htm IDEA: XBRL DOCUMENT

4. Fixed Assets

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Fixed Assets

NOTE 4. FIXED ASSETS

Fixed asset values recorded at cost are as follows:

	March 31, 2019			December 31, 2018

Race cars	$	61,013		$	61,013
Less: Accumulated depreciation		(20,538	)		(17,487	)

Fixed assets, net	$	40,475		$	43,526

Depreciation expense was $3,051 and $2,500 for the three months ended March 31, 2019 and 2018, respectively.

XML 22 R11.htm IDEA: XBRL DOCUMENT

5. Lines of Credit

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Lines of Credit

NOTE 5. LINES OF CREDIT

XML 23 R12.htm IDEA: XBRL DOCUMENT

6. Stockholders' Equity

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Stockholders' Equity

NOTE 6. STOCKHOLDERS’ EQUITY

There are 10,000,000 shares of preferred stock authorized with a $.001 par value, of which no shares are issued and outstanding.

There are 190,000,000 shares of common stock authorized with a par value of $0.001 per share, of which 13,929,581 shares are issued and outstanding.

There were no issuances of preferred or common stock during the three months ended March 31, 2019.

XML 24 R13.htm IDEA: XBRL DOCUMENT

7. Related Party Transactions

3 Months Ended

Mar. 31, 2019

Related Party Transactions

NOTE 7. RELATED PARTY TRANSACTIONS

Consulting expense to related parties

Due to related parties

XML 25 R14.htm IDEA: XBRL DOCUMENT

8. Subsequent Events

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

NOTE 8. SUBSEQUENT EVENTS

Management was evaluated subsequent events pursuant to the requirements of ASC Topic 855 and has determined that no material subsequent events exist through the date of this filing.

XML 26 R15.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company’s condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Interim Condensed Financial Statements	Interim Condensed Financial Statements The accompanying condensed financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed financial statements. In our opinion the condensed financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the condensed financial statements not misleading. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the final results that may be expected for the year ended December 31, 2019. For more complete financial information, these unaudited condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2018 filed with the SEC.
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. The Company has no cash equivalents. The Company maintains cash with a commercial bank. The deposits are made with a reputable financial institution and the Company does not anticipate realizing any losses from these deposits.
Property and equipment	Property and equipment Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life. The Company uses a 5 year life for racecars and equipment, 7 years for furniture and fixtures.
Financial Instruments	Financial Instruments The Company measures its financial assets and liabilities in accordance with the requirements of FASB ASC 825 “Financial Instruments”. The carrying values of its accounts payable, note payable (current portion), line of credit, accrued expenses, and other current liabilities approximate fair value due to the short-term maturities of these instruments.
Revenue recognition	Revenue recognition The Company adopted ASU 2014-09, “Revenue from Contracts with Customers” on January 1, 2018, using the modified retrospective method, which did not have a material impact on the timing and amount of product revenues. The new revenue recognition standard prescribes a five-step model that focuses on transfer of control and entitlement to payment when determining the amount of revenue to be recognized. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The majority of revenues are from consulting services provided at events which range from one day to one week in length. The Company also earns revenues from entering their race cars into events whereby there is a money purse for finishing positions. The revenues from these events are recognized upon completion of the contracted services. In the event that the Company’s revenues are for services provided under contracts greater than one month in length, the contracts will be billed in total at the onset of the contact period, and to the extent that billings exceed revenue earned, the Company will record such amount as deferred revenue until the revenue is earned. We recognize revenue on these contracts in the period the services are provided under the contract. Expenses associated with providing the services are recognized in the period the services are provided which coincides with when the revenue is earned.
Net loss per share	Net loss per share The Company utilizes FASB ASC 260, “Earnings per Share.” Basic earnings per share is computed by dividing earnings (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include additional common share equivalents available upon exercise of stock options and warrants using the treasury stock method. Dilutive common share equivalents include the dilutive effect of in-the-money share equivalents, which are calculated based on the average share price for each period using the treasury stock method, excluding any common share equivalents if their effect would be anti-dilutive. For the three months ended March 31, 2019 and 2018 there were no potentially dilutive shares.
Products and services, geographic areas and major customers	Products and services, geographic areas and major customers The Company earns revenue from race purses, race event consulting and the occasional sale of racecars, but does not separate sales from different activities into operating segments.
Concentrations of debt financing	Concentrations of debt financing The Company has line of credit agreements with companies owned and operated by the Company’s CEO and majority shareholder. Outstanding principal on these lines of credit account for 39.74% and 47.67% of the Company line of credit balances at March 31, 2019 and December 31, 2018, respectively. See Note 7 for further discussion of line of credit terms and relationships.
Stock based compensation	Stock based compensation The Company accounts for employee and non-employee stock awards under FASB ASC 718, “Compensation – Stock Compensation”, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards, if adopted, will have a material effect on our condensed financial statements.

XML 27 R16.htm IDEA: XBRL DOCUMENT

4. Fixed Assets (Tables)

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of fixed assets

	March 31, 2019			December 31, 2018

Race cars	$	61,013		$	61,013
Less: Accumulated depreciation		(20,538	)		(17,487	)

Fixed assets, net	$	40,475		$	43,526

XML 28 R17.htm IDEA: XBRL DOCUMENT

2. Summary of Significant Accounting Policies (Details Narrative) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Potentially dilutive shares	0	0
Credit Agreements [Member] \| Majority Shareholder and CEO [Member]
Concentration risk percentage	39.74%		47.67%
Racecars and Equipment [Member]
Property useful life	5 years
Furniture and Fixtures [Member]
Property useful life	7 years

XML 29 R18.htm IDEA: XBRL DOCUMENT

4. Fixed Assets (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Race cars	$ 61,013	$ 61,013
Less: Accumulated depreciation	(20,538)	(17,487)
Fixed assets, net	$ 40,475	$ 43,526

XML 30 R19.htm IDEA: XBRL DOCUMENT

4. Fixed Assets (Details Narrative) - USD ($)	3 Months Ended
4. Fixed Assets (Details Narrative) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,051	$ 2,500

XML 31 R20.htm IDEA: XBRL DOCUMENT

5. Lines of Credit (Details Narrative) - USD ($)	3 Months Ended
5. Lines of Credit (Details Narrative) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
TVP Investments [Member]
Line of credit issuance date	Oct. 15, 2012
Line of credit maximum amount	$ 500,000
Line of credit interest rate	10.00%
Line of credit maturity date	Dec. 31, 2019
Accrued interest	$ 39,293	$ 37,418
Wells Fargo [Member]
Line of credit maximum amount	$ 3,000
Line of credit interest rate	18.00%
Accrued interest	$ 0	$ 0

XML 32 R21.htm IDEA: XBRL DOCUMENT

6. Stockholders' Equity (Details Narrative) - shares	3 Months Ended	12 Months Ended
6. Stockholders' Equity (Details Narrative) - shares	Mar. 31, 2019	Dec. 31, 2017
Rick Ware Leasing [Member]
Stock issuable for lease		1,200,000
Stock issued for lease agreement, shares		400,000
Preferred Stock [Member]
Stock issued new, shares	0
Common Stock [Member]
Stock issued new, shares	0

XML 33 R22.htm IDEA: XBRL DOCUMENT

7. Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accounts payable - related parties	$ 117,214		$ 90,264
Consulting to related parties	15,000	$ 21,533
Related Party Credit Line [Member]
Credit line maximum borrowing amount	600,000
Line of credit balance	49,152		68,014
Accrued interest on line of credit	35,656		35,315
Related Party Credit Line 2 [Member]
Credit line maximum borrowing amount	600,000
Line of credit balance	300		300
Accrued interest on line of credit	83,507		83,501
Consulting Agreement [Member] \| General Pacific Partners [Member]
Accounts payable - related parties	105,000		$ 90,000
Consulting to related parties	$ 15,000	$ 15,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

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