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Document and Entity Information
9 Months Ended
Sep. 30, 2011
Document And Entity Information  
Entity Registrant Name EMPIRE GLOBAL CORP.
Entity Central Index Key 0001080319
Document Type 10-Q
Document Period End Date Sep. 30, 2011
Amendment Flag false
Current Fiscal Year End Date --12-31
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? No
Is Entity's Reporting Status Current? Yes
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 18,675,800dei_EntityCommonStockSharesOutstanding
Document Fiscal Period Focus Q3
Document Fiscal Year Focus 2011
Balance Sheets (USD $)
Sep. 30, 2011
Dec. 31, 2010
Current Assets    
Total Current Assets      
Property and equipment, net    2,932us-gaap_PropertyPlantAndEquipmentNet
Total Assets 0us-gaap_Assets 2,932us-gaap_Assets
Current Liabilities    
Accounts payable and accrued liabilities 122,633us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 121,771us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Advances from related party 5,964us-gaap_DueToRelatedPartiesCurrent 5,964us-gaap_DueToRelatedPartiesCurrent
Liabilities of discontinued operations      
Total Current Liabilities 128,597us-gaap_LiabilitiesCurrent 127,735us-gaap_LiabilitiesCurrent
Stockholders Deficiency    
Preferred Stock, $0.0001 par value, 20,000,000 shares authorized, none issued.      
Capital Stock, $0.0001 par value, 80,000,000 shares authorized; 18,675,800 shares issued and outstanding 1,868us-gaap_CommonStockValue 1,868us-gaap_CommonStockValue
Additional paid-in capital 4,902,455us-gaap_AdditionalPaidInCapital 4,902,455us-gaap_AdditionalPaidInCapital
Accumulated other comprehensive loss      
Deficit (5,032,920)us-gaap_RetainedEarningsAccumulatedDeficit (5,029,126)us-gaap_RetainedEarningsAccumulatedDeficit
Total Stockholders' Deficiency (128,597)us-gaap_StockholdersEquity (124,803)us-gaap_StockholdersEquity
Total Liabilities and Stockholder' Equity $ 0us-gaap_LiabilitiesAndStockholdersEquity $ 2,932us-gaap_LiabilitiesAndStockholdersEquity
Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2011
Dec. 31, 2010
STOCKHOLDERS' EQUITY    
Preferred stock - par value $ 0.0001us-gaap_PreferredStockParOrStatedValuePerShare $ 0.0001us-gaap_PreferredStockParOrStatedValuePerShare
Preferred stock - authorized 20,000,000us-gaap_PreferredStockSharesAuthorized 20,000,000us-gaap_PreferredStockSharesAuthorized
Preferred stock - issued      
Capital stock - par value $ 0.0001us-gaap_CommonStockParOrStatedValuePerShare $ 0.0001us-gaap_CommonStockParOrStatedValuePerShare
Capital stock - authorized 80,000,000us-gaap_CommonStockSharesAuthorized 80,000,000us-gaap_CommonStockSharesAuthorized
Capital stock - issued 18,675,800us-gaap_CommonStockSharesIssued 18,675,800us-gaap_CommonStockSharesIssued
Statements of Operations (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Income Statement [Abstract]        
Revenue            
General and administrative expenses 342us-gaap_GeneralAndAdministrativeExpense 15,362us-gaap_GeneralAndAdministrativeExpense 1,009us-gaap_GeneralAndAdministrativeExpense 68,769us-gaap_GeneralAndAdministrativeExpense
Loss from continuing operations before income tax expenses (342)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic (15,362)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic (1,009)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic (68,769)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
Loss from continuing operations (342)us-gaap_IncomeLossFromContinuingOperations (15,362)us-gaap_IncomeLossFromContinuingOperations (1,009)us-gaap_IncomeLossFromContinuingOperations (68,769)us-gaap_IncomeLossFromContinuingOperations
Other income (expense)        
Gain from forgiveness of debt       1,448us-gaap_ExtinguishmentOfDebtGainLossNetOfTax
Impairment of equipment     (2,785)us-gaap_AssetImpairmentCharges   
Total other (income) expense       (2,785)us-gaap_OtherExpenses 1,448us-gaap_OtherExpenses
Loss before discontinued operations (342)us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges (15,362)us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges (3,794)us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges (67,321)us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
Loss on sale of IMM Investments Inc.- discontinued operations       (15,738)us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Net Loss $ (342)us-gaap_NetIncomeLoss $ (15,362)us-gaap_NetIncomeLoss $ (3,794)us-gaap_NetIncomeLoss $ (83,059)us-gaap_NetIncomeLoss
Basic and fully diluted loss per share - continuing operations $ 0.00us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.00us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.00us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.00us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
Basic and fully diluted loss per share - discontinued operations $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
Basic and fully diluted loss per share $ 0.00us-gaap_EarningsPerShareBasicAndDiluted $ 0.00us-gaap_EarningsPerShareBasicAndDiluted $ 0.00us-gaap_EarningsPerShareBasicAndDiluted $ 0.00us-gaap_EarningsPerShareBasicAndDiluted
Basic and fully diluted weighted average number of shares 18,675,800us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 18,675,800us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 18,675,800us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 18,675,800us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
Statements of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash Flows from Operating Activities    
Net loss $ (3,794)us-gaap_ProfitLoss $ (83,059)us-gaap_ProfitLoss
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 147us-gaap_DepreciationDepletionAndAmortization 549us-gaap_DepreciationDepletionAndAmortization
Impairment of equipment (2,785)us-gaap_AssetImpairmentCharges   
Accounts payable and accrued expenses 862us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 65,721us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Prepaid expenses      
Changes in operating assets and liabilities    
Assets of discontinued operations    207,905us-gaap_GainLossOnDispositionOfAssets1
Liabilities of discontinued operations    (200,000)us-gaap_IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
Net cash (used in) operating activities    (8,884)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash Flows from Financing Activities    
Advances from related party    1,052us-gaap_ProceedsFromRelatedPartyDebt
Net cash provided by financing activities    1,052us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of foreign exchange fluctuation    7,832us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net (decrease) increase in cash and cash equivalents      
Cash and cash equivalents - beginning of period      
Cash and cash equivalents - end of period      
Supplemental disclosure of cash flow information:    
Cash paid during the year for: Interest      
Cash paid during the year for: Income taxes      
Nature of Business and operations
9 Months Ended
Sep. 30, 2011
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business and operations

1.Nature of Business and Operations

 

Empire Global Corp. ("Empire" or "the Company") was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On September 30, 2005 contemporaneously with a change in management and business plan changed its name to Empire Global Corp. 

 

The Company's principal executive offices are headquartered in Canada.

Going Concern
9 Months Ended
Sep. 30, 2011
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

2.Going Concern

 

These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business.

 

During the quarter ended September 30, 2011, we had a loss of $342. The Company has incurred losses amounting to $5,032,920 since inception. Continuation as a going concern is uncertain and dependent upon obtaining additional sources of financing to sustain its existence and achieving future profitable operations, the outcome of which cannot be predicted at this time. In the event the Company cannot obtain the necessary funds, it will be unlikely that it will be able to continue as a going concern. Management plans to mitigate its losses in future years by significantly reducing its operating expenses and seeking out new business opportunities. However, there is no assurance that the Company will be able to obtain additional financing, reduce their operating expenses or be successful in locating or acquiring a viable business.

 

The accompanying unaudited financial statements do not include any adjustments relating to the classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the company be unable to continue in existence.

Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2011
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

3.Summary of Significant Accounting Policies

 

The Company's significant accounting policies and recent accounting pronouncements are included in the Company's form 10-K dated and filed on February 21, 2012 for the fiscal year ended December 31, 2010. A summary of critical accounting policies are described below.

 

a)Basis of Financial Statement Presentation

 

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the requirements of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited interim financial statements reflect all adjustments (consisting only of normal recurring adjustments), which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations for the periods presented. There have been no significant changes in accounting policies since December 31, 2010. The results of operations for the periods are not indicative of the results expected for the full fiscal year or any future period. These unaudited financial statements

 

should be read in conjunction with the annual consolidated financial statements and notes for the year ended December 31, 2010. The functional currency used by the Company is the US dollar.

 

b)Use of Estimates

 

In preparing the Company's financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

 

Significant estimates made by management are, among others, realizability of long-lived assets, and deferred taxes. Management reviews its estimates on a quarterly basis and, where necessary, makes adjustments prospectively.

 

c)Income Taxes

 

The Company accounts for income taxes pursuant to the provisions of ASC 740-10 "Accounting for Income Taxes," which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized.

 

d)Equipment and Depreciation

 

Equipment is stated at cost less accumulated depreciation. Depreciation, based on the estimated useful lives of the assets, is provided as follows:

 

Equipment 20% Declining Balance

 

e)Impairment of Long Lived Assets

 

The Company accounts for long-lived assets in accordance with the provisions of FASB ASC 350-30, General Intangibles Other than Goodwill, formerly SFAS No. 142, "Accounting for the Impairment or Disposal of Long-Lived Assets". This statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

 

f)Fair Value of Financial Instruments

 

The carrying value of the Company's accounts payable and accrued charges, and advances from shareholder approximate fair value because of the short term maturity of these financial instruments.

 

g)Earnings Per Share

 

FASB ASC 260, "Earnings Per Share" provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity similar to fully diluted earnings per share.

 

Basic earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares.

Basic and diluted loss per share were the same, at the reporting dates, as there were no common stock equivalents outstanding .

 

h)Recent Accounting Pronouncements

 

In the quarter ending September 30, 2011, the Financial Accounting Standards Board ("FASB") has issued ASU No. 2011-04 and ASU 2011-5, which is not expected to have a material impact on the consolidated financial statements upon adoption.

Discontinued Operations - Impairment of Investment in Armistice Resources
9 Months Ended
Sep. 30, 2011
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations - Impairment of Investment in Armistice Resources

4.Discontinued Operations - Impairment of Investment in Armistice Resources Corp.

 

Our assets held for sale of $207,905 on December 31, 2009 included our investment in Armistice as well as foreign currency translation of $28,291 and organizational costs of IMM of $1,629. On January 4, 2010 we disposed of our wholly owned subsidiary IMM Investments Inc. (IMM) which owned 5,000,000 shares of Armistice in exchange for the elimination of $200,000 of debt. The loss on the sale of IMM during the three months ended is as follows:

 

Investment in Armistice net of impairment  $206,277 
Organizational cost   1,629 
    207,906 
      
Gain on forgiveness of Liabilities   200,000 
Loss on sale of IMM, excluding foreign currency translation loss   7,906 
Foreign currency translation   7,832 
Net loss on sale  $15,738 

 

Impairment of Equipment
9 Months Ended
Sep. 30, 2011
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment of Equipment

5.Impairment of Equipment

 

During the second quarter of 2011, we determined that our telephone equipment no longer functioned properly and therefore it was more likely than not that the assets would be disposed of significantly before its previously estimated useful life. As a result, at September 30, 2011 the Company performed an impairment test and determined that an impairment of the carrying value of our equipment was reasonable as follows:

 

Purchase price of equipment  $11,192 
Accumulated depreciation   8,406 
Carrying amount at March 31, 2012   2,785 
Impairment   2,785 
Equipment at June 30, 2012  $—   

 

Property and Equipment
9 Months Ended
Sep. 30, 2011
Property, Plant and Equipment [Abstract]  
Property and Equipment

6.Property and Equipment

 

Equipment consists of the following:

 

   September 30, 2011  December 31, 2010
Telephone system  $—     $11,192 
Less accumulated depreciation   —      8,260 
   $—     $2,932 

 

Advances from Related Party
9 Months Ended
Sep. 30, 2011
Related Party Transactions [Abstract]  
Advances from Related Party

7.Advances from Related Party

 

Advances due from a related party for operations are non-interest bearing and are due on demand. Advances from related parties as of September 30, 2011 are as follows:

 

    September 30, 2011   December 31, 2010
         
Braydon Capital Corp.     5,964       5,964  
Total advances from related parties:   $ 5,964     $ 5,964  

 

Commitments and Contingencies
9 Months Ended
Sep. 30, 2011
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

8.Commitments and Contingencies

 

The Company may be subject to claims arising in the ordinary course of business. The Company was subject to direct legal proceedings which were concluded in June 2010 and in indirect proceedings involving our current Chairman and Principal Executive Officer which were concluded in May 2011 subsequent to the period covered by this report. As a result of the conclusion of these matters, the Company and our Chairman and Executive Officer are no longer subject to legal proceedings.

Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract]  
Subsequent Events

9.Subsequent Events

 

The Company has evaluated subsequent events through the filing date of this quarterly report on form 10-Q for the period ended September 30, and has disclosed such items in this note as follows.

 

On December 9, 2011, Empire Global Corp. (the "Company") entered into a Stock Purchase and Share Exchange Agreement (the "Agreement") with Avontrust Global Pte. Ltd. a Singapore company ("AVT") with its head office and operations in Singapore. When the transaction is closed, AVT will become a wholly-owned subsidiary of Empire Global Corp.

 

Pursuant to the Agreement, at the anticipated closing date of May 8, 2012 the Company will purchase 150,000 shares of AVT representing 100% of the issued and outstanding shares of AVT in exchange for 169,995,000 shares of the Company, or a ratio of approximately 1,133.3 shares of the Company for each share of AVT. The Company will increase the authorized shares in order to issue the new shares.

 

AVT develops and has acquired a series of social networking entertainment Applications on Facebook with approximately 7 million installed users as of the end of Nov 2011. According to Google Analytics, AVT applications are employed by users represented in over 200 countries in approximately 100 languages and in more than 11,000 different cities from Jan 2010 to Dec 2011. AVT's Facebook application portfolio of products ranges from games, quizzes and social commerce storefronts. AVT aims to tap this user base to virally promote innovative new applications it will be producing internally and with its business partners.

 

At the closing of this agreement, the Company will also transform itself into the world's first public quoted company that is managed principally using the Facebook Application Platform.

 

The Share Exchange Agreement is subject to, among other things, (i) completion of due diligence by the parties to the Agreement; (ii) approval of the respective board of directors of each party and (iii) there being no material adverse change in the financial condition, business or prospects of the Company or AVT prior to closing. We expect the acquisition to close no later than May 8, 2012, unless extended by the parties.