Delaware
|
333-29295
|
30-0957912
|
(State or other jurisdiction
|
(Commission File Number)
|
(IRS Employer
|
of Incorporation)
|
Identification Number)
|
· |
services by the Company or its competitors;
|
· |
additions or departures of key personnel;
|
· |
the Company's ability to execute its business plan;
|
· |
operating results that fall below expectations;
|
· |
loss of any strategic relationship;
|
· |
industry developments;
|
· |
economic and other external factors; and
|
· |
period-to-period fluctuations in the Company's financial results.
|
Name
|
Age
|
Position
|
||
Fred W. Wagenhals
|
75
|
President, CEO, Secretary and Director
|
||
Ron Shostack
|
61
|
CFO
|
Name and Principal Position
|
Title
|
Year
|
Salary ($)
|
Bonus ($)
|
Stock Awards
($)
|
Option Awards
($)
|
Non-Equity Incentive Plan Compensation
($)
|
Nonqualified Deferred Compensation Earnings
($)
|
All other compensation
($)
|
Total
($)
|
||||||||||||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
|||||||||||||||||||||||||
Fred Wagenhals
(1)
|
President, CEO, Secretary and Director
|
2017
|
$
|
-0-
|
$
|
-0-
|
$
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
$
|
-0-
|
||||||||||||||||||||
2016
|
$
|
-0-
|
$
|
-0-
|
$
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
$
|
-0-
|
||||||||||||||||||||||
2015
|
$
|
-0-
|
$
|
-0-
|
$
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
$
|
-0-
|
||||||||||||||||||||||
Ron Shostack
(2)
|
CFO and Treasurer
|
2017
|
$
|
78,000-
|
$
|
-0-
|
$
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
$
|
-0-
|
||||||||||||||||||||
2016
|
$
|
-0-
|
$
|
-0-
|
$
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
$
|
-0-
|
||||||||||||||||||||||
2015
|
$
|
-0-
|
$
|
-0-
|
$
|
-0-
|
-0-
|
-0-
|
-0-
|
-0-
|
$
|
-0-
|
(A)
|
any of our directors or executive officers;
|
(B)
|
any nominee for election as one of our directors;
|
(C)
|
any person who is known by us to beneficially own, directly or indirectly, shares carrying more than 5% of the voting rights attached to our common stock; or
|
(D)
|
any member of the immediate family (including spouse, parents, children, siblings and in-laws) of any of the foregoing persons named in paragraph (A), (B) or (C) above
|
Year Ending
|
High
|
Low
|
||||||
December 31, 2016
|
||||||||
First Quarter
|
$
|
1.25
|
$
|
0.75
|
||||
Second Quarter
|
$
|
1.25
|
$
|
1.25
|
||||
Third Quarter
|
$
|
1.275
|
$
|
1.275
|
||||
Fourth Quarter
|
$
|
1.275
|
$
|
1.25
|
Exhibit Number
|
Description
|
Filed
|
99.3 | AMMO, Inc (f/k/a Retrospettiva, Inc.) audited financial statements of the Company for the years ended December 31, 2015 and 2016 | Filed herewith. |
Dated: March 23, 2017
|
AMMO, INC.
|
|
|
By:
/s/
Fred W. Wagenhals
|
|
|
Fred W. Wagenhals
Chief Executive Officer
|
ARTICLE
|
|
PAGE
|
I. Offices
|
|
1
|
II. Shareholders
|
|
1
|
III. Board of Directors
|
|
5
|
IV. Officers and Agents
|
|
7
|
V. Stock
|
|
9
|
VI. Indemnification of Certain Persons
|
|
10
|
VII. Provision of Insurance
|
|
12
|
VIII. Miscellaneous
|
|
12
|
NAME
|
PRIVCO SHARES HELD
|
AMMO SHARES TO BE ISSUED
|
Fred Wagenhals
|
8,027,000
|
8,027,000
|
TOTALS
|
8,027,000
|
8,027,000
|
NAME
|
AMMO SHARES HELD
|
Fred Wagenhals
|
475,679
|
Richard Mooroian
|
500,000
|
TOTAL
|
975,679
|
ASSETS
|
||||
Current Assets:
|
||||
Cash
|
$
|
10,116
|
||
Vendor notes receivable, net of allowance for doubtful
|
2,585,000
|
|||
collection of $360,993
|
||||
Vendor advances receivable
|
89,934
|
|||
Inventory, at lower cost or market, principally first-in, first-out
|
219,105
|
|||
Total Current Assets
|
2,904,155
|
|||
Other Assets:
|
||||
Licensing agreement, net of $-0- of accumulated amortization
|
125,000
|
|||
TOTAL ASSETS
|
$
|
3,029,155
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||
Current Liabilities:
|
||||
Accounts payable
|
$
|
57,995
|
||
Convertible note payable, net of debt discount
|
1,518,750
|
|||
Note payable - related party
|
960,000
|
|||
Total Current Liabilities
|
2,536,745
|
|||
Shareholders' Equity:
|
||||
Common Stock, $0.001 par value, 100,000,000 shares authorized
|
||||
15,754,000 shares issued and outstanding at
|
||||
December 31, 2016
|
15,754
|
|||
Additional paid-in capital
|
799,180
|
|||
Stock subscription receivable
|
(167,500
|
)
|
||
Accumulated (Deficit)
|
(155,024
|
)
|
||
Total Shareholders' Equity
|
492,410
|
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
3,029,155
|
Expenses
|
||||
Corporate general and administrative
|
$
|
136,274
|
||
Loss from Operations
|
(136,274
|
)
|
||
Other Income (Expenses)
|
||||
Interest expense
|
(18,750
|
)
|
||
Loss before Income Taxes
|
(155,024
|
)
|
||
Provision for Income Taxes
|
-
|
|||
Net (Loss)
|
$
|
(155,024
|
)
|
|
(Loss) per share
|
||||
Basic and fully diluted:
|
||||
Weighted average number of shares outstanding
|
15,754,000
|
|||
(Loss) per share
|
$
|
(0.01
|
)
|
|
Common Shares
|
Additional Paid-In Capital
|
Subscription Receivable
|
Accumulated (Deficit)
|
Total
|
||||||||||||||||
Number
|
||||||||||||||||||||
Balance as of October 13, 2016
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||
Common Stock issued for founder shares
|
14,934,000
|
-
|
-
|
-
|
14,934
|
|||||||||||||||
Common Stock issued for licensing agreement
|
100,000
|
124,900
|
-
|
-
|
125,000
|
|||||||||||||||
Common Stock issued for Cash at $1.25 per Share
|
720,000
|
899,280
|
(167,500
|
)
|
-
|
732,500
|
||||||||||||||
Organizational and fund raising costs
|
-
|
(225,000
|
)
|
-
|
-
|
(225,000
|
)
|
|||||||||||||
Net loss for period ended December 31, 2016
|
-
|
-
|
-
|
(155,024
|
)
|
(155,024
|
)
|
|||||||||||||
Balance as of December 31, 2016
|
15,754,000
|
$
|
799,180
|
$
|
(167,500
|
)
|
$
|
(155,024
|
)
|
$
|
492,410
|
|||||||||
Cash flows from operating activities:
|
||||
Net (loss)
|
$
|
(155,024
|
)
|
|
Debt discount amortization
|
18,750
|
|||
Founder shares issued as consulting fees
|
14,934
|
|||
Changes in Current Assets and Liabilities
|
||||
Vendor notes receivable
|
(1,550,000
|
)
|
||
Vendor advances receivable
|
(89,934
|
)
|
||
Inventory
|
(219,105
|
)
|
||
Accounts payable
|
57,995
|
|||
Net cash used in operating activities
|
(1,922,384
|
)
|
||
Cash flows from financing activities:
|
||||
Sale of common stock
|
732,500
|
|||
Organizational and fund raising costs
|
(225,000
|
)
|
||
Convertible note payable
|
1,500,000
|
|||
Note payable - related party
|
(75,000
|
)
|
||
Net cash provided by financing activities
|
1,932,500
|
|||
Net increase in cash
|
10,116
|
|||
Cash, beginning of period
|
-
|
|||
Cash, end of period
|
$
|
10,116
|
||
Supplemental cash flow disclosures:
|
||||
Cash paid during the year for:
|
||||
Interest
|
$
|
-
|
||
Income Taxes
|
$
|
-
|
||
Non-cash investing and financing activities:
|
||||
Vendor notes receivable
|
$ |
(1,035,000
|
)
|
|
Notes payable - related party
|
1,035,000
|
|||
Stock subscription receivable
|
(167,500
|
)
|
||
Additional paid-in capital
|
167,500
|
|||
Stock issuance
|
125,000
|
|||
Licensing agreement
|
(125,000
|
)
|
||
$
|
-
|
|||
·
|
The agreement commenced on October 15, 2016.
|
·
|
Ammo was granted exclusive worldwide rights to JJ's image rights and any and all trademarks associated with JJ in connection with the marketing, promoting, advertising, sale and commercial exploitation of the Jesse James Branded Products ("Branded Products").
|
·
|
Jesse James agreed to make himself available for certain promotional activities and to promote Branded Products through his own social media outlets. Ammo will reimburse JJ for any out-of-pocket expenses and reasonable travel expenses.
|
·
|
JJ was issued 100,000 shares of the Company's common stock upon execution of the licensing agreement and can earn an additional 75,000 shares of common stock if certain gross sales are achieved ($15,000,000 gross sales to receive the total 75,000 shares).
|
·
|
Ammo agreed to pay JJ various royalty fees on the sale of ammunition and non-ammunition Branded Products.
|
Quoted Active Markets for Identified Assets
|
Significant Other Observable Inputs
|
Significant Unobservable
Inputs
|
Total
|
|||||||||||||
December 31, 2016
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Founder shares issued at par value
|
-
|
-
|
$
|
14,934
|
$
|
14,934
|
||||||||||
Shares issued for licensing agreement
|
-
|
$
|
125,000
|
-
|
$
|
125,000
|
Advanced Tactical Armament Concepts, L.L.C. Notes Payable Purchased by Ammo
|
Amount
|
|||
Western Alliance Bank
|
$
|
1,910,993
|
||
Less: Allowance for uncollectible amounts
|
(360,963
|
)
|
||
1,550,000
|
||||
Mansfield, LLC
|
1,035,000
|
|||
$
|
2,585,000
|
Raw material purchases
|
$
|
214,561
|
||
Shipping charges
|
4,544
|
|||
$
|
219,105
|
Net Loss
|
$
|
155,024
|
||
Tax benefit at statutory rates of 34%
|
52,708
|
|||
Non-Deductible expenses
|
(11,632
|
)
|
||
Change in valuation allowance
|
(41,076
|
)
|
||
Net income tax benefit
|
$
|
-
|
Deferred tax assets
|
||||
Net operating loss carryforward
|
$
|
(41,076
|
)
|
|
Total deferred tax asset
|
(41,076
|
)
|
||
Less: valuation allowance
|
41,076
|
|||
$
|
-
|
Retrospettiva, Inc.
|
Unaudited Combined Pro Forma Financial Information
|
December 31, 2016
|
On March 17, 2017, AMMO, Inc. (formerly Retrospettiva, Inc.), a Delaware Corporation (the "PUBCO"), entered into a definitive agreement (the "Agreement") with Ammo, Inc., a Delaware Corporation ( "PRIVCO") under which PUBCO acquired all of the outstanding shares of common stock of PRIVCO. Under the terms of the Agreement, PUBCO purchased PRIVCO for 17,285,800 newly issued shares of common stock of the Company.
|
The unaudited combined pro forma statement of operations for the PUBCO, for the year ended December 31, 2016, and for PRIVCO, for the period from October 13, 2016 (inception) to December 31, 2016, give effect to the acquisition as if the transactions had taken place on January 1, 2017. The unaudited combined balance sheet gives effect to the acquisition as if the transactions had taken place on December 31, 2016 and combines the PUBCO's and PRIVCO's audited balance sheets as of December 31, 2016. The combination is being accounted for as a reverse merger whereby PRIVCO is the surviving entity.
|
These pro forma financial statements are provided for illustrative purposes and do not purport to represent what the PUBCO's financial position would have been if such transactions had occurred on the above mentioned date. These statements were prepared based on accounting principles generally accepted in the United States. The use of estimates is required and actual results could differ from the estimates used. PUBCO believes the assumptions used provide a reasonable basis for presenting the significant effects directly attributable to the acquisition.
|
Retrospettiva,
|
Ammo,
|
Pro Forma
|
Pro Forma
|
|||||||||||||
Inc.
|
Inc.
|
Adjustments
|
Combined
|
|||||||||||||
Assets
|
||||||||||||||||
Current Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
-
|
$
|
10,116
|
$
|
-
|
$
|
10,116
|
||||||||
Vendor notes receivable, net of allowance for collection
|
-
|
2,585,000
|
-
|
2,585,000
|
||||||||||||
of $360,993
|
||||||||||||||||
Vendor advances receivable
|
-
|
$
|
89,934
|
-
|
89,934
|
|||||||||||
Inventory, at lower cost or market, principally first-in, first-out
|
-
|
219,105
|
-
|
219,105
|
||||||||||||
Total Current Assets
|
-
|
2,904,155
|
-
|
2,904,155
|
||||||||||||
Other Assets:
|
||||||||||||||||
Licensing agreement, net of $-0- of accumulated amortization
|
-
|
125,000
|
-
|
125,000
|
||||||||||||
Total Assets
|
$
|
-
|
$
|
3,029,155
|
$
|
-
|
$
|
3,029,155
|
||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Accrued payables
|
$
|
575
|
$
|
57,995
|
$
|
(575
|
)
|
$
|
57,995
|
|||||||
Convertible note payable, net of debt discount
|
-
|
1,518,750
|
-
|
1,518,750
|
||||||||||||
Note payable - related party
|
-
|
960,000
|
-
|
960,000
|
||||||||||||
Stock issuance liability
|
625,000
|
-
|
(625,000
|
)
|
-
|
|||||||||||
Total liabilities
|
625,575
|
2,536,745
|
(625,575
|
)
|
2,536,745
|
|||||||||||
Shareholders' Equity (Deficit):
|
||||||||||||||||
Common Stock, $0.001 par value, 100,000,000 shares authorized
|
||||||||||||||||
577,056 and 16,355,377 issued and outstanding prior to and
|
577
|
-
|
15,754
|
-
|
||||||||||||
after reverse merger, respectively
|
500
|
|||||||||||||||
-
|
-
|
(476
|
)
|
16,355
|
||||||||||||
Common Stock, $0.001 par value, 100,000,000 shares authorized
|
-
|
-
|
||||||||||||||
15,754,000 issued and outstanding
|
15,754
|
(15,754
|
)
|
|||||||||||||
Additional Paid in Capital
|
7,165,790
|
799,180
|
624,500
|
-
|
||||||||||||
-
|
-
|
(7,791,942
|
)
|
-
|
||||||||||||
-
|
-
|
575
|
-
|
|||||||||||||
-
|
-
|
476
|
798,579
|
|||||||||||||
Stock subscription receivable
|
-
|
(167,500
|
)
|
-
|
(167,500
|
)
|
||||||||||
Retained Deficit
|
(7,791,942
|
)
|
(155,024
|
)
|
7,791,942
|
(155,024
|
)
|
|||||||||
Total shareholders' equity (deficit)
|
(625,575
|
)
|
492,410
|
625,575
|
492,410
|
|||||||||||
Total liabilities and shareholders' equity
|
$
|
-
|
$
|
3,029,155
|
$
|
-
|
$
|
3,029,155
|
Ammo, Inc.
|
||||||||||||||||
Retrospettiva, Inc.
|
For period
|
|||||||||||||||
Twelve months ended
|
October 13, 2016 (inception)
|
Pro Forma
|
Pro Forma
|
|||||||||||||
December 31, 2016
|
to December 31, 2016
|
Adjustments (e)
|
Combined
|
|||||||||||||
Revenue:
|
||||||||||||||||
Gross Revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
|||||||||
Operating Expenses:
|
||||||||||||||||
Corporate General and Administrative
|
11,040
|
136,274
|
(11,040
|
)
|
136,274
|
|||||||||||
Loss from operations
|
(11,040
|
)
|
(136,274
|
)
|
11,040
|
(136,274
|
)
|
|||||||||
Other income (expense)
|
||||||||||||||||
Interest expense
|
(14,094
|
)
|
(18,750
|
)
|
14,094
|
(18,750
|
)
|
|||||||||
Financing Expense
|
(306,304
|
)
|
-
|
306,304
|
-
|
|||||||||||
Income (loss) before income taxes
|
(331,438
|
)
|
(155,024
|
)
|
331,438
|
(155,024
|
)
|
|||||||||
Provision for Income Taxes
|
(2,050
|
)
|
-
|
2,050
|
-
|
|||||||||||
New Income (loss)
|
$
|
(333,488
|
)
|
$
|
(155,024
|
)
|
$
|
333,488
|
$
|
(155,024
|
)
|
|||||
Loss per common share
|
$
|
(0.58
|
)
|
$
|
(0.01
|
)
|
$
|
-
|
$
|
(0.01
|
)
|
|||||
Weighted average common shares outstanding
|
577,056
|
15,754,000
|
-
|
16,355,377
|
NOTE 1--Basis of Presentation
|
||
The unaudited pro forma combined balance sheets and statements of operations are derived from the audited historical financial statements of Retrospettiva, included in its annual report on Form 10-K for the year ended December 31, 2016, and Ammo's audited historical financial statement for the period ended December 31, 2016, included here in Form 8-K. The unaudited combined balance sheets and statements of operations have been adjusted to reflect the purchase of Ammo by Retrospettiva and certain other events.
|
||
These pro forma financial statements are provided for illustrative purposes and do not purport to represent what the Company's financial position and results of operations would have been if such transactions had occurred on the above mentioned date. These pro forma statements were prepared based on accounting principles generally accepted in the United States. The use of estimates is required and actual results could differ from the estimates used. The Company believes the assumptions used provide a reasonable basis for presenting the significant effects directly attributable to the acquisition.
|
||
The following pro forma adjustments are incorporated into the unaudited combined pro forma balance sheet as of December 31, 2016 and the unaudited combined pro forma statement of operations for the period ended December 31, 2016.
|
||
(a) To eliminate accrued payables
|
||
(b) Retrospettiva issues 500,000 shares of its common stock to satistify the $625,000 stock issuance liability.
|
||
(c) Controlling shareholders agreed to cancel 475,679 shares of the Company's common stock.
|
||
(d) To reclass Retrospettiva's retained deficit at December 31, 2016 so that only Ammo's retained deficit is carried forward.
|
||
(e) Eliminate Retrospettiva's 2016 operations.
|
||
(f) Reclass Ammo's common stock par value.
|
||
NOTE
: At March 17, 2017 the Company's outstanding common shares:
|
AMMO, INC.
|
|
BALANCE SHEETS
|
December 31, 2016
|
December 31, 2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash
|
-
|
-
|
||||||
Total current assets
|
$
|
-
|
$
|
-
|
||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
575
|
$
|
3,904
|
||||
Accrued expenses
|
-
|
3,375
|
||||||
Advances payable - officer
|
-
|
6,934
|
||||||
Notes payable - stockholders
|
-
|
198,266
|
||||||
Accrued interest – stockholders
|
-
|
106,336
|
||||||
Stock Issuance liability
|
625,000
|
-
|
||||||
Total current liabilities
|
625,575
|
318,815
|
||||||
Total Liabilities
|
625,575
|
318,815
|
||||||
Commitments and contingencies (Notes 1, 2, 3,5,6,7 and 8)
|
||||||||
Stockholders' (deficit):
|
||||||||
Preferred stock - no par value, authorized 1,000,000 shares:
|
||||||||
No shares issued or outstanding
|
-
|
-
|
||||||
Common stock - .001 par value, 100,000,000 shares authorized:
|
||||||||
577,056 shares issued and outstanding
|
577
|
577
|
||||||
Additional paid-in capital
|
7,165,790
|
7,139,062
|
||||||
Accumulated deficit
|
(7,791,942
|
)
|
(7,458,454
|
)
|
||||
Total stockholders' (deficit)
|
(625,575
|
)
|
(318,815
|
)
|
||||
Total liabilities and stockholders' (deficit)
|
-
|
$
|
0.00
|
2016
|
2015
|
|||||||
Revenues
|
$
|
-
|
$
|
-
|
||||
Expenses:
|
||||||||
General and administrative:
|
||||||||
Accounting and legal
|
6,725
|
1,243
|
||||||
Investor relations
|
4,315
|
2,127
|
||||||
Total expenses
|
11,040
|
3,370
|
||||||
Operating (loss)
|
(11,040
|
)
|
(3,370
|
)
|
||||
Other income (expense):
|
||||||||
Financing Expense
|
(306,304
|
)
|
||||||
Franchise Tax fees
|
(2,050
|
)
|
(800
|
)
|
||||
Interest (expense)
|
(14,094
|
)
|
(15,861
|
)
|
||||
(322,448
|
)
|
(16,661
|
)
|
|||||
Net income (loss)
|
$
|
(333,488
|
)
|
$
|
(20,031
|
)
|
||
Net (loss) per common share:
|
||||||||
Basic and Diluted
|
$
|
(0.58
|
)
|
$
|
(0.03
|
)
|
||
Weighted average shares outstanding:
|
||||||||
Basic and Diluted
|
577,056
|
577,056
|
2016
|
2015
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
(333,488
|
)
|
$
|
(20,031
|
)
|
||
Adjustments to reconcile net (loss) to net cash
|
||||||||
used by operating activities:
|
||||||||
Finance expense
|
306,304
|
-
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts payable
|
(3,329
|
)
|
1,850
|
|||||
Accrued expenses
|
(3,375
|
)
|
800
|
|||||
Accrued interest
|
14,094
|
15,861
|
||||||
Total adjustments
|
313,694
|
18,511
|
||||||
Net cash (used in) operating activities
|
(19,794
|
)
|
(1,520
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Net cash (used in) investing activities
|
-
|
-
|
||||||
Cash flows from financing activities:
|
||||||||
Additional Paid in Capital
|
19,794
|
1,520
|
||||||
Net cash provided by financing activities
|
19,794
|
1,520
|
||||||
Net increase in cash and equivalents
|
-
|
-
|
||||||
Cash and equivalents at beginning of year
|
-
|
-
|
||||||
Cash and equivalents at end of year
|
$
|
-
|
$
|
-
|
||||
Supplemental Cash Flow Information
|
||||||||
Interest paid
|
$
|
-
|
$
|
-
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
||||
Supplemental disclosure of Non Cash Transactions:
|
||||||||
Cancellation of debt
|
$
|
(318,696
|
)
|
$
|
-
|
|||
Issuance of stock at a discount
|
$
|
625,000
|
$
|
-
|
||||
Additional
|
Total
|
|||||||||||||||||||
Common Stock
|
Paid - in
|
Accumulated
|
Stockholders'
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
(Deficit)
|
||||||||||||||||
Balance, January 1,2015
|
577,056
|
$
|
577
|
$
|
7,137,542
|
$
|
(7,438,423
|
)
|
$
|
(300,304
|
)
|
|||||||||
Additional paid in capital
|
1,520
|
1,520
|
||||||||||||||||||
Net (loss)
|
-
|
-
|
(20,031
|
)
|
(20,031
|
)
|
||||||||||||||
Balance, December 31, 2015
|
577,056
|
577
|
7,139,062
|
(7,458,454
|
)
|
(318,815
|
)
|
|||||||||||||
Additional paid in capital
|
-
|
-
|
19,794
|
-
|
19,794
|
|||||||||||||||
Forgiveness of payable
|
-
|
-
|
6,934
|
-
|
6,934
|
|||||||||||||||
Net (loss)
|
-
|
-
|
-
|
(333,488
|
)
|
(333,488
|
)
|
|||||||||||||
Balance, December 31, 2016
|
577,056
|
$
|
577
|
$
|
7,165,790
|
$
|
(7,791,942
|
)
|
$
|
(625,575
|
)
|
|||||||||
Period Ending
|
Estimated NOL Carry-forward
|
NOL Expires
|
Potential Tax Benefit from NOL
|
Valuation Allowance
|
Change in Valuation Allowance
|
Net Tax Benefit
|
||||||
December 31, 2016
|
$300,000
|
Various
|
$67,950
|
$(67,950)
|
$--
|
$--
|
||||||
December 31, 2015
|
$300,000
|
Various
|
$67,950
|
$(67,950)
|
$--
|
$--
|
Income tax benefit at statutory rate resulting from net operating loss carryforward
|
(15.00%)
|
|
State tax (benefit) net of federal benefit
|
(7.65%)
|
|
Deferred income tax valuation allowance
|
22.65%
|
|
Actual tax rate
|
0%
|