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Document and Entity Information
9 Months Ended
Sep. 30, 2014
Nov. 19, 2014
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, 2014  
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   24,244,800dei_EntityCommonStockSharesOutstanding
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2014  
Balance Sheets (USD $)
Sep. 30, 2014
Dec. 31, 2013
Current Assets    
Cash and cash equivalents $ 6,707us-gaap_CashAndCashEquivalentsAtCarryingValue   
Deposits on acquisitions 263,210us-gaap_DepositsAssetsCurrent  
Accounts receivable - gaming accounts 336,214us-gaap_AccountsReceivableNet  
Other receivables 13,336us-gaap_AccountsAndOtherReceivablesNetCurrent  
Prepaid expenses 57,616us-gaap_PrepaidExpenseCurrent  
Other current assets 19,839us-gaap_OtherAssetsCurrent  
Current Assets 696,922us-gaap_AssetsCurrent   
Restricted cash 405,926us-gaap_RestrictedCashAndInvestments  
Property, plant and equipment 21,304us-gaap_PropertyPlantAndEquipmentNet  
Intangible assets 322,960us-gaap_IntangibleAssetsNetExcludingGoodwill  
Goodwill 2,270,279us-gaap_Goodwill  
Non-marketable investments 42,302us-gaap_RestrictedInvestmentsNoncurrent  
Total Assets 3,759,693us-gaap_Assets 0us-gaap_Assets
Current Liabilities    
Line of credit - bank 231,006us-gaap_LinesOfCreditCurrent  
Accounts payable and accrued liabilities 389,174us-gaap_AccruedLiabilitiesCurrent 8,265us-gaap_AccruedLiabilitiesCurrent
Gaming account balances 398,564EMGL_GamingAccountBalances  
Taxes payable 185,580us-gaap_AccruedIncomeTaxesCurrent  
Bank Loan 102,195us-gaap_LoansPayableToBankCurrent  
Advances from stockholders 552,355us-gaap_DueToRelatedPartiesCurrent 165,971us-gaap_DueToRelatedPartiesCurrent
Debenture, net of discount 64,592us-gaap_ConvertibleDebtCurrent  
Derivative liability 5,250us-gaap_DerivativeLiabilitiesCurrent  
Other current liabilities 26,973us-gaap_OtherLiabilitiesCurrent  
Total Current Liabilities 1,955,689us-gaap_LiabilitiesCurrent 174,236us-gaap_LiabilitiesCurrent
Long term debt 33,602us-gaap_LongTermDebt  
Total Liabilities 1,989,291us-gaap_Liabilities 174,236us-gaap_Liabilities
Commitments and Contingencies      
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; 20,675,800 and 18,675,800 shares issued and outstanding, 2,068us-gaap_CommonStockValue 1,868us-gaap_CommonStockValue
Additional paid-in capital 6,934,880us-gaap_AdditionalPaidInCapital 4,924,844us-gaap_AdditionalPaidInCapital
Accumulated other comprehensive income 9,793us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax   
Accumulated Deficit (5,176,339)us-gaap_RetainedEarningsAccumulatedDeficit (5,100,948)us-gaap_RetainedEarningsAccumulatedDeficit
Total Stockholders' Deficiency 1,770,402us-gaap_StockholdersEquity (174,236)us-gaap_StockholdersEquity
Total Liabilities and Stockholder' Deficiency $ 3,759,693us-gaap_LiabilitiesAndStockholdersEquity $ 0us-gaap_LiabilitiesAndStockholdersEquity
Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2014
Dec. 31, 2013
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 20,675,800us-gaap_CommonStockSharesIssued 18,675,800us-gaap_CommonStockSharesIssued
Capital stock - outstanding 20,675,800us-gaap_CommonStockSharesOutstanding 18,675,800us-gaap_CommonStockSharesOutstanding
Statements of Operations (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Statement [Abstract]        
Revenue $ 663,767us-gaap_Revenues   $ 663,767us-gaap_Revenues   
Costs and Expenses        
Direct selling expenses 477,488us-gaap_SellingExpense   477,488us-gaap_SellingExpense  
General and administrative expenses 171,312us-gaap_GeneralAndAdministrativeExpense 1,696us-gaap_GeneralAndAdministrativeExpense 236,635us-gaap_GeneralAndAdministrativeExpense 5,670us-gaap_GeneralAndAdministrativeExpense
Total Costs and Expenses 648,800us-gaap_CostsAndExpenses 1,696us-gaap_CostsAndExpenses 714,123us-gaap_CostsAndExpenses 5,670us-gaap_CostsAndExpenses
Operating income (loss) 14,967us-gaap_OperatingIncomeLoss (1,696)us-gaap_OperatingIncomeLoss (50,356)us-gaap_OperatingIncomeLoss (5,670)us-gaap_OperatingIncomeLoss
Other Expenses (Income)        
Changes in fair value of derivative liabilities (1,750)us-gaap_GainLossOnSaleOfDerivatives   (1,750)us-gaap_GainLossOnSaleOfDerivatives  
Interest expense - stockholders 4,064us-gaap_InterestExpenseRelatedParty 2,067us-gaap_InterestExpenseRelatedParty 10,234us-gaap_InterestExpenseRelatedParty 6,173us-gaap_InterestExpenseRelatedParty
Interest expense 10,944us-gaap_InterestExpense   10,944us-gaap_InterestExpense  
Total Other Expenses (Income) 13,258us-gaap_OtherExpenses 2,067us-gaap_OtherExpenses 19,428us-gaap_OtherExpenses 6,173us-gaap_OtherExpenses
Net income (loss) before income tax 1,709us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic (3,763)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic (69,784)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic (11,843)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
Income tax 5,607us-gaap_IncomeTaxExpenseBenefit   5,607us-gaap_IncomeTaxExpenseBenefit   
Net Income (Loss) (3,898)us-gaap_NetIncomeLoss (3,763)us-gaap_NetIncomeLoss (75,391)us-gaap_NetIncomeLoss (11,843)us-gaap_NetIncomeLoss
Other Comprehensive Income        
Foreign currency translation adjustment 9,793us-gaap_ForeignCurrencyTransactionGainLossBeforeTax   9,793us-gaap_ForeignCurrencyTransactionGainLossBeforeTax  
Comprehensive income $ 5,895us-gaap_ComprehensiveIncomeNetOfTax $ (3,763)us-gaap_ComprehensiveIncomeNetOfTax $ (65,598)us-gaap_ComprehensiveIncomeNetOfTax $ (11,843)us-gaap_ComprehensiveIncomeNetOfTax
Basic and fully diluted loss per share        
Basic (loss) from operation $ 0.00us-gaap_EarningsPerShareBasic $ 0.00us-gaap_EarningsPerShareBasic $ 0.00us-gaap_EarningsPerShareBasic $ 0.00us-gaap_EarningsPerShareBasic
Fully diluted (loss) from operation $ 0.00us-gaap_EarningsPerShareDiluted $ 0.00us-gaap_EarningsPerShareDiluted $ 0.00us-gaap_EarningsPerShareDiluted $ 0.00us-gaap_EarningsPerShareDiluted
Weighted average number of shares- Basic 19,675,800us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 18,675,800us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 18,844,918us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 18,675,800us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Weighted average number of shares- Diluted 19,682,115us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 18,675,800us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 18,846,845us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 18,675,800us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Statements of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows from Operating Activities    
Net loss $ (75,391)us-gaap_NetIncomeLoss $ (11,843)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 7,808us-gaap_DepreciationDepletionAndAmortization  
Non-cash interest 1,592us-gaap_PaidInKindInterest  
Imputed interest 10,234us-gaap_InterestExpenseRelatedParty 6,173us-gaap_InterestExpenseRelatedParty
Changes in fair value of derivative liabilities (1,750)us-gaap_GainLossOnSaleOfDerivatives  
Changes in operating assets and liabilities    
Prepaid expenses (7,869)us-gaap_IncreaseDecreaseInPrepaidExpense  
Accounts payable and accrued liabilities (40,158)us-gaap_IncreaseDecreaseInAccruedLiabilities (117)us-gaap_IncreaseDecreaseInAccruedLiabilities
Accounts receivable - gaming accounts 9,255us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables  
Gaming account balances 35,406EMGL_IncreaseDecreaseGamingAccountBalances  
Taxes payable 80,595us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable  
Other current assets (10,370)us-gaap_IncreaseDecreaseInOtherCurrentAssets  
Other current liabilities (13,137)us-gaap_IncreaseDecreaseInOtherCurrentLiabilities  
Other receivable (10,073)us-gaap_IncreaseDecreaseInOtherReceivables  
Net cash used in operating activities (13,856)us-gaap_NetCashProvidedByUsedInOperatingActivities (5,787)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash Flows from Investing Activities    
Cash acquired from acquisition 10,555us-gaap_CashAcquiredFromAcquisition  
Deposit on acquisitions (263,210)us-gaap_IncreaseDecreaseInDepositsOutstanding  
Net cash used in investing activities (252,655)us-gaap_NetCashProvidedByUsedInInvestingActivities  
Cash Flows from Financing Activities    
Payment to line of credit - bank (100,571)us-gaap_RepaymentsOfLinesOfCredit  
Proceeds from debenture issued 70,000us-gaap_ProceedsFromIssuanceOfTrustPreferredSecurities  
Payment to bank loan (28,494)us-gaap_PaymentsForFederalHomeLoanBankAdvances  
Advances from stockholders 336,306us-gaap_ProceedsFromRelatedPartyDebt 5,787us-gaap_ProceedsFromRelatedPartyDebt
Net cash provided by financing activities 277,241us-gaap_NetCashProvidedByUsedInFinancingActivities 5,787us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of foreign exchange in cash (4,023)us-gaap_UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax  
Net (decrease) increase in cash 6,707us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease   
Cash - beginning of period      
Cash - end of period 6,707us-gaap_CashAndCashEquivalentsAtCarryingValue  
Supplemental disclosure of cash flow information:    
Cash paid during the year for: Interest 10,944us-gaap_InterestPaid   
Cash paid during the year for: Income taxes 5,607us-gaap_IncomeTaxesPaid   
Supplemental cash flow for non-cash investing activities:    
Common shares issued for acquisition of a subsidiary: $ 2,000,000us-gaap_TransferToInvestments  
Nature of Business and Operations
9 Months Ended
Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business and Operations

1. Nature of Business and Basis of Presentation



Empire Global Corp. ("Empire" or "the Company") was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. and maintains its principal executive office headquartered in Canada. 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 Toronto, Canada.



On August 15, 2014 the Company acquired 100% of the outstanding common shares of Multigioco Srl, an Italian corporation, in exchange for a total of 2,000,000 restricted shares of Empire Global Corp common stock. For accounting purposes, the purchase was treated as a business combination resulting in Empire Global Corp. being the acquirer. Pursuant to the Agreement, the Company may at its discretion, repurchase the shares issued in whole or in part for a period up to December 31, 2014 or sooner unless extended by written consent of both parties. The repurchase price is fixed at $1.00/share. On October 31, 2014, the Company paid EUR 490,000 or US$ 672,389.13 for the partial exercise of the option to repurchase the shares issued to acquire Multigioco. On October 31, 2014, the Company paid EUR 490,000 or approximately US$ 672,000 for the partial exercise of the option to repurchase the shares issued to acquire Multigioco.



Multigioco Srl was organized under the laws of the Republic of Italy on November 4, 2010. It was previously a division of Newgioco Srl (a company incorporated in Italy). Operations are carried out under gaming licences obtained from the Amministrazione Autonoma Monopoli di Stato ("AAMS") on July 4, 2012 and its subsidiary companies, and mainly consist of online wagering as well as gaming in a number of land based shops and parlors situated throughout Italy. For the period ended September 30, 2014, the Company had over 850 shops under its licence.



As a result of the acquisition, Multigioco became a wholly owned subsidiary of Empire Global Corp. Therefore, Company is no longer considered a so called shell company and will no longer continue to reported as a development stage company as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915-10-05.

Going Concern
9 Months Ended
Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

2. Going Concern



The accompanying unaudited consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business.



The Company has a working capital deficit of $ 1,258,767 at September 30, 2014 and had operating losses for the past two years. There are no assurances that management will be successful in achieving sufficient cash flows to fund the Company's working capital needs, or whether the Company will be able to refinance or renegotiate its obligations when they become due or raise additional capital through future debt or equity. These factors raise substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying value of assets or liabilities as a result of this uncertainty.



Management plans to increase its marketing in order to generate more revenues and to reduce certain other operating expenses. Therefore, for our next fiscal year, we anticipate our cash flow from operations to improve. Nevertheless, the Company anticipates that its current cash position will be insufficient to support the Company's operations at current capacity for the next twelve month period and, therefore, will need to seek additional financing of its operations. We may rely on bank borrowing as well as capital issuances and loans from existing shareholders. We are actively exploring various proposals and alternatives in order to secure sources of financing and improve our financial position. We may raise such additional capital through the issuance of our equity securities, which may result in significant dilution to our current investors. We are also exploring potential strategic partnerships, which could provide a capital infusion to the Company

Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2014
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

a) Basis of presentation and estimates

The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of September 30, 2014 and the results of operations and cash flows for the periods ended September 30, 2014 and 2013. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2014. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2013 as included in our Annual Report on form 10-K.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Critical estimates include the assumptions used in calculating share-based compensation expense, the useful lives of fixed assets, the fair value of financial instruments, calculation of penalties and interest on past due obligations, and the calculation of tax provision and the valuation allowance for deferred tax assets. Actual results could differ from those estimates.

b) Cash and equivalents

The Company considers all highly liquid debt instruments with maturities of three months or less at the time acquired to be cash equivalents. Cash equivalents represent short-term investments consisting of investment-grade corporate and government obligations, carried at cost, which approximates market value.

The Company primarily places its cash with high-credit quality financial institutions. The Company's cash deposits, of $405,926 at September 30, 2014 are insured by the Italian Government. Our cash deposits are held as collateral against our current account line of credit and recorded as Restricted Cash. From time-to-time the Company has deposits in excess of the insured amounts.

c) Accounts receivable & Allowance for doubtful accounts

The Company extends unsecured credit to its gaming client accounts in the ordinary course of business when a client applies credit to their gaming account by credit card or direct deposit either through one of our websites or at the cashier of a Betting Shop. The client may then place wagers or play games immediately on the credit applied.

Accounts receivable represents gaming losses and deposits (credits) made by customers to their gaming accounts not yet credited to our bank accounts and subject to normal trade collection terms, without discounts. The Company periodically evaluates the collectability of its accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company has determined that no allowance for doubtful accounts is needed for the accounts receivable balances as of September 30, 2014. The Company does not require collateral to support customer receivables.

d) Gaming account balances

Gaming account balances represent customer gaming account balances that are held as credits (i.e. deposits on account, winnings, etc.) and have not as of yet been withdrawn by the customers or that customers want to keep on account for future gaming betting. Customers can request the payment from the company at any time and the payment to customers can be made through bank wire, credit card, or actual cash disbursement from one of our locations. Gaming account credit balances are non-interest bearing.

e) Property, plant and equipment

Property, plant and equipment are stated at acquisition cost less accumulated depreciation and adjustments for impairment losses.

Expenditures are capitalized only when they increase the future economic benefits embodied in an item of property, plant and equipment. All other expenditures are recognized as expenses in the statement of income as incurred.

Amortization is charged on a straight-line basis over the estimated remaining useful lives of the individual assets. Amortization commences from the time an asset is put into operation. The range of the estimated useful lives is as follows:

 

Office equipment 5 years
Office furniture 8 1/3 years
Signs and displays 5 years


f) Intangible Assets

Intangible assets are made up of licences and rights (i.e. AAMS Licences) and are amortized over a useful life of 10 years. We evaluate intangible assets for impairment on an annual basis, and do so during the last month of each year using balances as of the end of December and at an interim date if indications of impairment exist. Intangible asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only where the fair value is less than carrying value.

g) Goodwill

We evaluate goodwill for impairment on an annual basis, and do so during the last month of each year using balances as of the end of December and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount in a two-step process with an impairment being recognized only where the fair value is less than carrying value. We define a reporting unit at the individual property level.

When determining fair value in step one, we utilize internally developed discounted future cash flow models, third party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates based on the weighted-average cost of capital. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flow, the weighted-average cost of capital and the terminal value growth rate assumptions. The weighted-average cost of capital takes into account the relative weights of each component of our capital structure (equity and long-term debt) and is determined at the reporting unit level. Our estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value.

If the carrying value is in excess of the fair value, we must determine our implied fair value of goodwill to measure if any impairment charge is necessary. The determination of our implied fair value of goodwill requires the allocation of the reporting unit's estimated fair value to the individual assets and liabilities of the reporting unit as if we had completed a business combination.

We perform the allocation based on our knowledge of the market in which we operate, and our overall knowledge of the gaming industry.

h) Long-Lived Assets

We evaluate the carrying value of our long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value will be charged to earnings.

Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers.

We evaluate the carrying value of our long-lived assets based on our plans, at the time, for such assets and such qualitative factors as future development in the surrounding area and status of expected local competition. If impairment is indicated, the asset is written down to its estimated fair value. There were no such impairments for the periods ended September 30, 2014 and December 31, 2013.

i) Fair Value of Financial Instruments

We measure our financial assets and liabilities in accordance with accounting principles generally accepted in the United States of America. The carrying value of the Company's short term investments, prepaid, accounts receivables, and sundry assets, accounts payable and accrued charges, gaming account balance, and advances from shareholder approximate fair value because of the short term maturity of these financial instruments.

The Company adopted accounting guidance for financial assets and liabilities (ASC 820). The adoption did not have a material impact on our results of operations, financial position or liquidity. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

Level 1: Observable inputs such as quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.


The warrant liability issued in connection with the debentures, classified as a level 3 liability, are the only financial liability measured at fair value on a recurring basis.

j) Investment in equity securities and available-for-sale securities

The Company accounts for non-marketable investments using the equity method of accounting if the investment gives us the ability to exercise significant influence over, but not control of, an investee. Significant influence generally exists if the Company has an ownership interest representing between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. The Company records its share of the investee's earnings or losses in earnings (losses) from unconsolidated entities, net of income taxes in the accompanying consolidated statements of operations. The Company evaluates its equity method investment for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such investment may have experienced other than temporary decline in value. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether an impairment has occurred. If the estimated fair value is less than the carrying value and management considers the decline in value to be other than temporary value, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment.
 

The Company accounts for non-marketable investment using the cost method of accounting if the Company has an ownership interest below 20% and does not have the ability to exercise significant influence over an investee.

On September 30, 2014 the Company held $42,302 in shares of Banca Veneto SCpA. Banca Veneto is a private mutual enterprise organized under Italian banking laws of which its shares do not have an active market. We carry the value of the shares at cost.

k) Derivative Financial Instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of it financial instruments, including stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.

For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

l) Leasing

All lease agreements of the Company as lessees are accounted for as operating
leases.

m) Advances from stockholders

Advances from stockholders to the Group are all non-interest bearing. Italian law provides that the advances from stockholders to a corporation ("Srl") are not preferred and their repayment is subordinated to other categories of debt. As a result all advances from stockholders are classified as current liabilities.

n) Revenue Recognition

Revenues from Sports Betting; Casino, Cash and Skill Games; Slots, Lotteries, Bingo and Horse Race wagers represent the gross pay-ins from customers less gaming taxes and payouts to customers in addition to commissions paid to us for scratch tickets and other lottery games. Revenues are recorded when cash is received net of payouts and AAMS taxes from wagers by customers.

o) Income Taxes

We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

As of September 30, 2014 and December 31, 2013, the earnings of the Company have yielded cumulative losses. The Company has elected to include interest and penalties related to uncertain tax positions, if determined, as a component of income tax expense. To date, no penalties or interest has been accrued.

In Italy, tax years beginning 2009 forward are open and subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.

p) Promotion, Marketing, and Advertising Costs

The costs of promotion, marketing, and advertising are charged to expense as incurred.

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

r) Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, including foreign currency translation adjustments andunrealized gains and losses on marketable securities.

The Company adopted FASB ASC 220-10-45, "Reporting Comprehensive Income". ASC 220-10-45 establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income is presented in the statements of operations, and consists of net income and unrealized gains (losses) on available for sale marketable securities; foreign currency translation adjustments and changes in market value of future contracts that qualify as a hedge; and negative equity adjustments.

s) Recent Accounting Pronouncements

In April 2014, the FASB issued amendments to ASC Topic 205 "Presentation of Financial Statements" and ASC Topic 360 "Property, Plant and Equipment". The amendments change the current requirements for reporting discontinued operations in Subtopic 205-20. It requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability section, respectively, of the statement of financial position. This topic is effective for public entities for reporting periods beginning after December 15, 2014. An entity should not apply the amendments to a component classified as held for sale before the effective date even if the component of an entity is disposed of after the effective date. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The Company does not believe the adoption of the amendments to ASC 205 and ASC 360 will have a material effect on its consolidated financial statements.

The Company does not believe that any other recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying financial statements.

Multigioco Srl Acquisition
9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Multigioco Srl Acquisition

4. Multigioco Srl Acquisition

On August 15, 2014, the Company completed its acquisition of Multigioco Srl and purchased the outstanding common shares of Multigioco Srl, an Italian corporation for an amount of $2,000,000. The acquisition was financed through the issuance of 2,000,000 restricted shares of Empire Global Corp common stock which was valued at a fair market price of $1.00 per share. The acquisition was accounted for under the purchase method. The assets and liabilities of Multigioco are included in the Consolidated Balance Sheet as of September 30, 2014 and the results of the Multigioco Srl operations subsequent to the acquisition date are included in the Consolidated Statement of Income.

The Company is currently in the process of obtaining an appraisal to properly allocate the fair value of the net assets acquired. As of September 30, 2014 the Company estimated the fair value based on the book value of the net assets acquired and will make the appropriate adjustments upon final receipt of the appraisal.

Goodwill has been calculated as follows:

 

Purchase price of Multigioco Srl     $2,000,000 
           
Less: Identifiable assets          
Current assets  $441,048      
Property, Plant and Equipment   22,779      
Intangible assets   348,261      
Investments   472,376      
           
Total Assets  $1,284,464      
           
Liabilities   1,554,743      
           
Net Assets Acquired  $(270,279)     
Goodwill       $2,270,279 



Goodwill is calculated as the excess of the purchase price over the fair value of the net assets recognized. The goodwill recorded as part of the acquisition primarily reflects the value of obtaining the Multigioco gaming license, customer data base of approximately 20,000 registrants, as well as 850 locations across Italy to leverage the Company's existing brand, and synergies expected to arise from the combined management, as well as any intangible assets that do not qualify for separate recognition.

The unaudited pro forma combined historical results, as if Multigioco had been acquired at the beginning of fiscal 2013 are estimated to be as follows:


   For the nine months ended
   September 30,  September 30,
   2014  2013
       
Revenue  $3,480,384   $3,339,626 
Costs and expenses   (3,698,528)   (3,310,548)
Other income (expenses)   (24,338)   9,174 
Income tax   (8,923)   (2,558)
Net income (loss)  $(251,405)  $35,694 

 

Restricted Cash
9 Months Ended
Sep. 30, 2014
Cash and Cash Equivalents [Abstract]  
Restricted Cash

5. Restricted Cash

The restricted cash represents certificates of deposit that are held as collateral against our operating line of credit as described in Note 8 with the Veneto Banca Societa Cooperativa Per Azioni ("SCpA") and mature in 2016. The restricted cash is made up as follows:

 

   September 30,  December 31,
   2014  2013
Deposits:      
Certificate IT0004716202  $253,704   $—   
Certificate IT0004699994   152,222    —   
Total Deposits  $405,926   $—   
Line of credit - bank
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Line of credit - bank

6. Line of credit - bank

The Company obtained a line of credit for maximum amount of EUR 300,000 (approximately $414,000) from a Banca Veneto in Italy on December 3, 2013. The line of credit is unsecured and bears a fixed rate of interest at 5% per annum on the outstanding balance and is fully open with no minimum payment, maturity or due date.

Bank loan
9 Months Ended
Sep. 30, 2014
Banking and Thrift [Abstract]  
Bank loan

7. Bank loan

The amount represents a bank loan held with Banca Veneto. The loan amount of $634,260 originated March, 2011 with a 49 monthly repayment term ending on May, 2015. The interest rate on the loan is 5.041% plus Euro Inter Bank Offered Rate ("EURIBOR"). The loan balance outstanding as of September 30, 2014 is $102,195. Debt repayments over the next five years are made up as follows:

Short term portion of debt:

 

Due in 2014  $43,257 
Due in 2015   58,938 
Total Short term portion of debt  $102,195 
Long-term debt
9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Long-term debt

8. Long term debt

The long term debt represents the Italian "Trattamento di Fine Rapporto" (TFR) which is a severance amount set up by Italian companies to be paid to employees on termination.

Advances from Stockholders
9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
Advances from Stockholders

9. Advances from stockholders


Advances from stockholders are non-interest bearing and are due on demand. Interest was imputed at 5% per annum and recorded in additional paid-in capital. Advances from stockholders as of September 30, 2104 and December 31, 2013 are as follows:

 

   September 30,  December 31,
   2014  2013
       
Braydon Capital Corp.  $31,314   $31,314 
Gold Street Capital   470,963    134,657 
Doriana Gianfelici    50,078    - 
Total advances from related parties:  $552,355   $165,971 
           
Commitments and Contingencies
9 Months Ended
Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and contingencies

There are no legal actions, lawsuits or disputes related to Company as of the date of the financial statements.

Gaming Revenues
9 Months Ended
Sep. 30, 2014
Accounting Policies [Abstract]  
Gaming Revenues

11. Gaming Revenues

The Company derives revenues from the wagers on Sports Bets; Casino and Card Games; Slots and other gaming entertainment. The Company is subject to licensing requirements established by the AAMS. The following table sets forth the breakdown of gaming revenues (total wagers less customer payouts), for the period:

 

   September 30,   
   2014 
Total Turnover  $9,491,209    100.00%
Less: Winnings/payouts   8,711,427    91.78%
Gross Gaming Revenues  $779,782    8.22%
           
Less: AAMS Gaming Taxes   117,926    1.24%
Net Gaming Revenues  $661,856    6.97%
Income Taxes
9 Months Ended
Sep. 30, 2014
Income Tax Disclosure [Abstract]  
Income Taxes

12. Income Taxes

 

The Company is incorporated in the United States of America and is subject to United States federal taxation. No provisions for income taxes have been made, as the Company had no U.S. taxable income for the three and nine months ended September 30, 2014.

 

The Company has accumulated a net operating loss carryforward ("NOL") of approximately $5 million as of September 30, 2014. This NOL may be offset against future taxable income through the year 2034. The use of these losses to reduce future income taxes will depend on the generation of sufficient taxable income prior to the expiration of the NOL. No tax benefit has been reported in the financial statements for the three and nine months ended September 30, 2014 because it has been fully offset by a valuation reserve. The use of future tax benefit is undetermined because we presently have no operations.

 

NOL incurred are subject to limitation due to any ownership change (as defined under Section 382 of the Internal Revenue Code of 1986) which resulted in a change in business direction. Unused limitations may be carried over to future years until the NOLs expire. Utilization of NOLs may also be limited in any one year by alternative minimum tax rules. 


The Company's deferred tax assets as of September 30, 2014 and December 31, 2013 are as follows: 

 

   For the nine months ended September 30,
   2014  2013
       
U.S. statutory rate of 35%  $(1,811,719)  $(1,784,000)
Tax rate difference between U.S and Italy  $(17,331)   —   
Change in valuation allowance   1,834,657    1,784,000 
Income tax expense  $5,607   $—   

 

 


Debentures and Debenture Warrants
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Debentures and Debenture Warrants

13. Debentures and Debenture Warrants

July 2014 Debentures

On July 9, 2014, the Company issued debentures to a group of accredited investors designated as "Debenture Due July 9, 2016" or "Debentures" in a private placement agreement pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). In connection with the issuance of the Debentures, the Company issued warrants (the "Debenture Warrants") to purchase shares of the Company's common stock equal to 10% of the aggregate principal amount of the Debentures. The gross proceeds received in connection with this private placement were $70,000. Under the private placement agreement, the accredited investors agreed to purchase from us 14 unsecured Debenture Units for gross proceeds of $70,000. Each Debenture Unit is comprised of (i) the issuance of $5,000 of debentures bearing interest at a rate of 24% per annum, with a minimum maturity period of three (3) months to a maximum of one (1) year from the date of issuance and (ii) 500 warrants which may be exercised at $1.00 per warrant to receive one common share prior to July 9, 2016.

For the three and nine months ended September 30, 2014, the Company recorded a total of $3,820 of accrued interest expense related to the Debentures and as of September 30, 2014, the entire amount of $3,820 of interest due on the Debentures was accrued and is included as a component of accrued expenses. As of September 30, 2014, the unamortized discount on the Debentures was $5,408 and the net carrying value of the Debentures was $64,592.

As described in Note 17 - Subsequent Events, the Company extinguished the Debentures in full and paid a total of $4,741.09 in interest.

Warrant to Purchase Common Stock

The Company has determined that the warrants issued in connection with the debentures on July 9, 2014 should be treated as a liability since it has been determined not to be indexed to the Company's own stock.

The fair value of the warrants on the date of issuance as calculated using the Black-Scholes model was $7,000, using the following weighted average assumptions: exercise price of $1.00 per share; common stock price of $1.00 per share; volatility of 688%; term of two years; dividend yield of 0%; interest rate of 0.91%; and risk of forfeiture of 0%.

The fair value of the warrants has been recorded as a debt discount which is to be amortized as interest expense using the effective interest method over the one-year term of the Debentures.

The Company paid commissions and administrative fees of $3,500 plus $1,500 respectively, which we recorded as general and administrative expenses to facilitate the transaction.

A summary of warrant transactions during the nine months ended September 30, 2014 is as follows:

 

      Weighted Average   
   Warrant  Exercise Price  Aggregate
   Shares  Per Common Share  Intrinsic Value
            
Outstanding at January 1, 2014   —     $—       $—   
Issued during the period   7,000   $1.00        
Exercised during the period   —      —          
Expired during the period   —      —          
Outstanding at September 30, 2014   7,000   $1.00     $—   
Exercisable at September 30, 2014   7,000   $1.00     $—   


As of September 30, 2014, the weighted average remaining contractual life for warrants outstanding and exercisable was 1.75 years.

Deposits on Acquisitions
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Deposits on Acquisitions

14. Deposits on Acquisitions

The deposits on acquisitions represents amounts paid by the company towards the acquisition of Streamlogue Holdings Ltd. (Streamlogue). The deposits are credited to the purchase price of EUR 650,000.

Shareholders Equity
9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
Shareholders Equity


15. Shareholder Equity

On August 15, 2014 the company issued 2,000,000 shares of common stock at a strike price of $1.00 per share for the acquisition of Multigioco Srl. As a result of the issuance of shares for the acquisition of the subsidiary, the total issued and outstanding shares of the company was 20,675,800 on September 30, 2014.

Subsequent events
9 Months Ended
Sep. 30, 2014
Subsequent Events [Abstract]  
Subsequent events

16. Subsequent Events

The Company has evaluated all events or transactions that occurred subsequent to September 30, 2014 through the date these financial statements were issued, and has disclosed as follows:

On October 3, 2014, Empire Global Corp. borrowed the sum of CDN$85,000 (EIGHTY-FIVE THOUSAND CANADIAN DOLLARS) at an interest rate of 2% per month, and issued a Promissory Note to Paymobile Inc. an Ontario corporation. All principal and interest accrued under the Note become payable on the maturity date of October 31, 2014. The proceeds were used for working capital purposes and the Note may be prepaid at any time prior to the maturity date without notice, penalty, or bonus. On October 21, 2014, the Promissory Note plus accrued interest has been paid in full.

Also on October 3, 2014, we issued an aggregate of 900,000 restricted shares of our common stock which were exempt from registration under the Securities Act pursuant to the exemption provided under Section 4(2) of the Securities Act with a cost basis of $1 per share as follows:

- 500,000 shares for legal advisory retainer to Beard Winter LLP

- 150,000 shares for accounting services related to completion of Multigioco Srl

- 250,000 shares for cancelation of $250,000 of debt recorded as advances from a related party from Gold Street Capital to accredited investors

 

On October 16, 2014, Empire Global Corp. closed a subscription agreement (the "Subscription Agreement") with an accredited non-US investor. Pursuant to the Subscription Agreement, the Company agreed to sell to the investor a total of 2,699,000 shares of Common Stock (the "Shares") in a private placement (the "Private Placement"). The price to the investor in the Private Placement was US$1.00 per common share for gross proceeds to the Company of CDN$3,000,000 (THREE MILLION CANADIAN DOLLARS) or US$2,669,000 after giving effect for the foreign exchange from the Canadian to the US dollar. Following the consummation of the Private Placement, the investor will hold approximately 11% of the Company's outstanding common stock. The Company will use the proceeds to advance our online gaming business and for working capital purposes.

The Company repurchased $70,000 in aggregate principal amount of our 24% unsecured Debentures due July 9, 2016 plus accrued interest of $4,741.09

On October 31, 2014 the Company exercised EUR490,000 of its options to repurchase shares issued to acquire Multigioco Srl., in addition the Company also advanced an additional EUR350,000 to Multigioco for working capital purposes. In addition the parties agreed to extend the exercise option date to December 31, 2014 for the remaining EUR 510,000 purchase option.

Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2014
Accounting Policies [Abstract]  
Basis of presentation and estimates

a) Basis of presentation and estimates

The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of September 30, 2014 and the results of operations and cash flows for the periods ended September 30, 2014 and 2013. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending December 31, 2014. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2013 as included in our Annual Report on form 10-K.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Critical estimates include the assumptions used in calculating share-based compensation expense, the useful lives of fixed assets, the fair value of financial instruments, calculation of penalties and interest on past due obligations, and the calculation of tax provision and the valuation allowance for deferred tax assets. Actual results could differ from those estimates.


Cash and equivalents

b) Cash and equivalents

The Company considers all highly liquid debt instruments with maturities of three months or less at the time acquired to be cash equivalents. Cash equivalents represent short-term investments consisting of investment-grade corporate and government obligations, carried at cost, which approximates market value.

The Company primarily places its cash with high-credit quality financial institutions. The Company's cash deposits, of $405,926 at September 30, 2014 are insured by the Italian Government. Our cash deposits are held as collateral against our current account line of credit and recorded as Restricted Cash. From time-to-time the Company has deposits in excess of the insured amounts.

Accounts receivable & Allowance for doubtful accounts

c) Accounts receivable & Allowance for doubtful accounts



The Company extends unsecured credit to its gaming client accounts in the ordinary course of business when a client applies credit to their gaming account by credit card or direct deposit either through one of our websites or at the cashier of a Betting Shop. The client may then place wagers or play games immediately on the credit applied.



Accounts receivable represents gaming losses and deposits (credits) made by customers to their gaming accounts not yet credited to our bank accounts and subject to normal trade collection terms, without discounts. The Company periodically evaluates the collectability of its accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company has determined that no allowance for doubtful accounts is needed for the accounts receivable balances as of September 30, 2014. The Company does not require collateral to support customer receivables.

Gaming account balances

d) Gaming account balances



Gaming account balances represent customer gaming account balances that are held as credits (i.e. deposits on account, winnings, etc.) and have not as of yet been withdrawn by the customers or that customers want to keep on account for future gaming betting. Customers can request the payment from the company at any time and the payment to customers can be made through bank wire, credit card, or actual cash disbursement from one of our locations. Gaming account credit balances are non-interest bearing.

Property, plant and equipment

e) Property, plant and equipment

Property, plant and equipment are stated at acquisition cost less accumulated depreciation and adjustments for impairment losses.

Expenditures are capitalized only when they increase the future economic benefits embodied in an item of property, plant and equipment. All other expenditures are recognized as expenses in the statement of income as incurred.

Amortization is charged on a straight-line basis over the estimated remaining useful lives of the individual assets. Amortization commences from the time an asset is put into operation. The range of the estimated useful lives is as follows:

 

Office equipment 5 years
Office furniture 8 1/3 years
Signs and displays 5 years


Intangible Assets

f) Intangible Assets



Intangible assets are made up of licences and rights (i.e. AAMS Licences) and are amortized over a useful life of 10 years. We evaluate intangible assets for impairment on an annual basis, and do so during the last month of each year using balances as of the end of December and at an interim date if indications of impairment exist. Intangible asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only where the fair value is less than carrying value.

Goodwill

g) Goodwill

We evaluate goodwill for impairment on an annual basis, and do so during the last month of each year using balances as of the end of December and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount in a two-step process with an impairment being recognized only where the fair value is less than carrying value. We define a reporting unit at the individual property level.

When determining fair value in step one, we utilize internally developed discounted future cash flow models, third party appraisals and, if appropriate, current estimated net sales proceeds from pending offers. Under the discounted cash flow approach we utilize various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates based on the weighted-average cost of capital. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flow, the weighted-average cost of capital and the terminal value growth rate assumptions. The weighted-average cost of capital takes into account the relative weights of each component of our capital structure (equity and long-term debt) and is determined at the reporting unit level. Our estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of our routine, long-term planning process. We then compare the estimated fair value to our carrying value.

If the carrying value is in excess of the fair value, we must determine our implied fair value of goodwill to measure if any impairment charge is necessary. The determination of our implied fair value of goodwill requires the allocation of the reporting unit's estimated fair value to the individual assets and liabilities of the reporting unit as if we had completed a business combination.

We perform the allocation based on our knowledge of the market in which we operate, and our overall knowledge of the gaming industry.

Long-Lived Assets

h) Long-Lived Assets

 

We evaluate the carrying value of our long-lived assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value will be charged to earnings.


Fair value is based upon discounted cash flows of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate, current estimated net sales proceeds from pending offers.


We evaluate the carrying value of our long-lived assets based on our plans, at the time, for such assets and such qualitative factors as future development in the surrounding area and status of expected local competition. If impairment is indicated, the asset is written down to its estimated fair value. There were no such impairments for the periods ended September 30, 2014 and December 31, 2013.


Fair Value of Financial Instruments

i) Fair Value of Financial Instruments

We measure our financial assets and liabilities in accordance with accounting principles generally accepted in the United States of America. The carrying value of the Company's short term investments, prepaid, accounts receivables, and sundry assets, accounts payable and accrued charges, gaming account balance, and advances from shareholder approximate fair value because of the short term maturity of these financial instruments.

The Company adopted accounting guidance for financial assets and liabilities (ASC 820). The adoption did not have a material impact on our results of operations, financial position or liquidity. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

Level 1: Observable inputs such as quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.


The warrant liability issued in connection with the debentures, classified as a level 3 liability, are the only financial liability measured at fair value on a recurring basis.

Investment in equity securities and available-for-sale securities

j) Investment in equity securities and available-for-sale securities

The Company accounts for non-marketable investments using the equity method of accounting if the investment gives us the ability to exercise significant influence over, but not control of, an investee. Significant influence generally exists if the Company has an ownership interest representing between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. The Company records its share of the investee's earnings or losses in earnings (losses) from unconsolidated entities, net of income taxes in the accompanying consolidated statements of operations. The Company evaluates its equity method investment for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such investment may have experienced other than temporary decline in value. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether an impairment has occurred. If the estimated fair value is less than the carrying value and management considers the decline in value to be other than temporary value, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment.
 

The Company accounts for non-marketable investment using the cost method of accounting if the Company has an ownership interest below 20% and does not have the ability to exercise significant influence over an investee.

On September 30, 2014 the Company held $42,302 in shares of Banca Veneto SCpA. Banca Veneto is a private mutual enterprise organized under Italian banking laws of which its shares do not have an active market. We carry the value of the shares at cost.

Leasing

l) Leasing

All lease agreements of the Company as lessees are accounted for as operating
leases.

Advances from stockholders

m) Advances from stockholders

Advances from stockholders to the Group are all non-interest bearing. Italian law provides that the advances from stockholders to a corporation ("Srl") are not preferred and their repayment is subordinated to other categories of debt. As a result all advances from stockholders are classified as current liabilities.

Revenue Recognition

n) Revenue Recognition

Revenues from Sports Betting; Casino, Cash and Skill Games; Slots, Lotteries, Bingo and Horse Race wagers represent the gross pay-ins from customers less gaming taxes and payouts to customers in addition to commissions paid to us for scratch tickets and other lottery games. Revenues are recorded when cash is received net of payouts and AAMS taxes from wagers by customers.

Income Taxes

o) Income Taxes

We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

As of September 30, 2014 and December 31, 2013, the earnings of the Company have yielded cumulative losses. The Company has elected to include interest and penalties related to uncertain tax positions, if determined, as a component of income tax expense. To date, no penalties or interest has been accrued.

In Italy, tax years beginning 2009 forward are open and subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.

Promotion, Marketing, and Advertising Costs

p) Promotion, Marketing, and Advertising Costs

The costs of promotion, marketing, and advertising are charged to expense as incurred.

Earnings Per Share

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

Comprehensive Income (Loss)

r) Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, including foreign currency translation adjustments andunrealized gains and losses on marketable securities.

The Company adopted FASB ASC 220-10-45, "Reporting Comprehensive Income". ASC 220-10-45 establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income is presented in the statements of operations, and consists of net income and unrealized gains (losses) on available for sale marketable securities; foreign currency translation adjustments and changes in market value of future contracts that qualify as a hedge; and negative equity adjustments.

Recent Accounting Pronouncements

s) Recent Accounting Pronouncements

In April 2014, the FASB issued amendments to ASC Topic 205 "Presentation of Financial Statements" and ASC Topic 360 "Property, Plant and Equipment". The amendments change the current requirements for reporting discontinued operations in Subtopic 205-20. It requires an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability section, respectively, of the statement of financial position. This topic is effective for public entities for reporting periods beginning after December 15, 2014. An entity should not apply the amendments to a component classified as held for sale before the effective date even if the component of an entity is disposed of after the effective date. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The Company does not believe the adoption of the amendments to ASC 205 and ASC 360 will have a material effect on its consolidated financial statements.

The Company does not believe that any other recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying financial statements.

Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2014
Accounting Policies [Abstract]  
Property, plant and equipment useful life
Office equipment 5 years
Office furniture 8 1/3 years
Signs and displays 5 years
Multigioco Srl Acquisition (Tables)
9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Purchase price of Multigioco Srl [Member]
Purchase price of Multigioco Srl     $2,000,000 
           
Less: Identifiable assets          
Current assets  $441,048      
Property, Plant and Equipment   22,779      
Intangible assets   348,261      
Investments   472,376      
           
Total Assets  $1,284,464      
           
Liabilities   1,554,743      
           
Net Assets Acquired  $(270,279)     
Goodwill       $2,270,279 
Proforma financial information
   For the nine months ended
   September 30,  September 30,
   2014  2013
       
Revenue  $3,480,384   $3,339,626 
Costs and expenses   (3,698,528)   (3,310,548)
Other income (expenses)   (24,338)   9,174 
Income tax   (8,923)   (2,558)
Net income (loss)  $(251,405)  $35,694 
Restricted Cash (Tables)
9 Months Ended
Sep. 30, 2014
Cash and Cash Equivalents [Abstract]  
Restricted Cash
   September 30,  December 31,
   2014  2013
Deposits:      
Certificate IT0004716202  $253,704   $—   
Certificate IT0004699994   152,222    —   
Total Deposits  $405,926   $—   
Bank loan (Tables)
9 Months Ended
Sep. 30, 2014
Banking and Thrift [Abstract]  
Bank Loan
Due in 2014  $43,257 
Due in 2015   58,938 
Total Short term portion of debt  $102,195 
Advances from Stockholders (Tables)
9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
Related party
   September 30,  December 31,
   2014  2013
       
Braydon Capital Corp.  $31,314   $31,314 
Gold Street Capital   470,963    134,657 
Doriana Gianfelici    50,078    - 
Total advances from related parties:  $552,355   $165,971 
           
Gaming Revenues (Tables)
9 Months Ended
Sep. 30, 2014
Accounting Policies [Abstract]  
Gaming Revenue
   September 30,   
   2014 
Total Turnover  $9,491,209    100.00%
Less: Winnings/payouts   8,711,427    91.78%
Gross Gaming Revenues  $779,782    8.22%
           
Less: AAMS Gaming Taxes   117,926    1.24%
Net Gaming Revenues  $661,856    6.97%
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2014
Income Taxes Tables  
Reconciliation of income tax expense
   For the nine months ended September 30,
   2014  2013
       
U.S. statutory rate of 35%  $(1,811,719)  $(1,784,000)
Tax rate difference between U.S and Italy  $(17,331)   —   
Change in valuation allowance   1,834,657    1,784,000 
Income tax expense  $5,607   $—   
Debentures and Debenture Warrants (Tables)
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
Warrants
      Weighted Average   
   Warrant  Exercise Price  Aggregate
   Shares  Per Common Share  Intrinsic Value
            
Outstanding at January 1, 2014   —     $—       $—   
Issued during the period   7,000   $1.00        
Exercised during the period   —      —          
Expired during the period   —      —          
Outstanding at September 30, 2014   7,000   $1.00     $—   
Exercisable at September 30, 2014   7,000   $1.00     $—   
Nature of Business and Operations (Details) (Multigioco [Member])
0 Months Ended
Oct. 31, 2014
USD ($)
Oct. 31, 2014
EUR (€)
Aug. 15, 2014
Ownership     100.00%us-gaap_SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest
/ us-gaap_ConsolidationItemsAxis
= EMGL_MultigiocoMember
Issuance of restricted stock for acquisition     2,000,000us-gaap_StockIssuedDuringPeriodSharesAcquisitions
/ us-gaap_ConsolidationItemsAxis
= EMGL_MultigiocoMember
Repurchase price $ 1.00us-gaap_TemporaryEquityRedemptionPricePerShare
/ us-gaap_ConsolidationItemsAxis
= EMGL_MultigiocoMember
   
Repurchase of shares $ 672,000us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
/ us-gaap_ConsolidationItemsAxis
= EMGL_MultigiocoMember
   
Repurchase of shares   € 490,000us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet
/ us-gaap_ConsolidationItemsAxis
= EMGL_MultigiocoMember
 
Shops 850us-gaap_NumberOfOperatingSegments
/ us-gaap_ConsolidationItemsAxis
= EMGL_MultigiocoMember
850us-gaap_NumberOfOperatingSegments
/ us-gaap_ConsolidationItemsAxis
= EMGL_MultigiocoMember
 
Going Concern (Details) (USD $)
Sep. 30, 2014
Going Concern Details  
Working capital deficit $ 1,258,767EMGL_WorkingCapitalDeficit
Summary of Significant Accounting Policies - Property, plant and equipment useful life (Details)
9 Months Ended
Sep. 30, 2014
Office Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Useful Life 5 years
Office Furniture [Member]  
Property, Plant and Equipment [Line Items]  
Useful Life 8 years 4 months
Signs and Displays [Member]  
Property, Plant and Equipment [Line Items]  
Useful Life 5 years
Summary of Significant Accounting Policies (Details Narrative) (USD $)
Sep. 30, 2014
Restricted cash $ 405,926us-gaap_RestrictedCashAndInvestments
Investment in Non-consolidated Entity $ 42,302us-gaap_BusinessAcquisitionEquityInterestIssuedOrIssuableValueAssigned [1]
[1] Significant influence generally exists if the Company has an ownership interest representing between 20% and 50% of the voting stock of the investee. The Company has an ownership interest below 20%
Multigioco Srl Acquisition - Purchase price of Multigioco Srl (Details) (USD $)
9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Purchase price of Multigioco Srl $ 2,000,000us-gaap_PaymentsToAcquireBusinessesGross
Less: Identifiable assets  
Current assets 441,048us-gaap_BusinessCombinationContingentConsiderationAssetCurrent
Property, Plant and Equipment 22,779us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
Intangible assets 348,261us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndefiniteLivedIntangibleAssets
Investments 472,376us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsMarketableSecurities
Total Assets 1,284,464us-gaap_BusinessCombinationContingentConsiderationAsset
Liabilities 1,554,743us-gaap_BusinessCombinationLiabilitiesArisingFromContingenciesAmountRecognized
Net Assets Acquired (270,279)us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
Goodwill $ 2,270,279us-gaap_Goodwill
Multigioco Srl Acquisition - Proforma financial information (Details) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Business Combinations [Abstract]    
Revenue $ 3,480,384us-gaap_BusinessAcquisitionsProFormaRevenue $ 3,339,626us-gaap_BusinessAcquisitionsProFormaRevenue
Costs and expenses (3,698,528)us-gaap_BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed (3,310,548)us-gaap_BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCostExpensed
Other income (expenses) (24,338)EMGL_BusinessAcquisitionsOtherIncomeExpenses 9,174EMGL_BusinessAcquisitionsOtherIncomeExpenses
Income tax (8,923)EMGL_BusinessAcquisitionsProFormaIncomeLossIncomeTax (2,558)EMGL_BusinessAcquisitionsProFormaIncomeLossIncomeTax
Net income (loss) $ (251,405)us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss $ 35,694us-gaap_BusinessAcquisitionsProFormaNetIncomeLoss
Restricted Cash - Restricted Cash (Details) (USD $)
Sep. 30, 2014
Cash and Cash Equivalents [Line Items]  
Restricted cash $ 405,926us-gaap_RestrictedCashAndInvestments
Certificate IT0004716202 [Member]  
Cash and Cash Equivalents [Line Items]  
Restricted cash 253,704us-gaap_RestrictedCashAndInvestments
/ us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis
= EMGL_CertificateIT0004716202Member
Certificate IT0004699994 [Member]  
Cash and Cash Equivalents [Line Items]  
Restricted cash $ 152,222us-gaap_RestrictedCashAndInvestments
/ us-gaap_RestrictedCashAndCashEquivalentsCashAndCashEquivalentsAxis
= EMGL_CertificateIT0004699994Member
Line of credit - bank (Details Narrative)
9 Months Ended
Sep. 30, 2014
EUR (€)
Sep. 30, 2014
USD ($)
Notes to Financial Statements    
Line of credit   $ 414,000us-gaap_LineOfCredit
Line of credit € 300,000us-gaap_LineOfCreditAssumed1  
Rate of interest - per annum   5.00%us-gaap_DebtInstrumentInterestRateEffectivePercentage
Bank loan - Bank Loan (Details) (USD $)
Sep. 30, 2014
Banking and Thrift [Abstract]  
Due in 2014 $ 43,257us-gaap_FederalHomeLoanBankAdvancesMaturitiesSummaryDueInNextRollingTwelveMonths
Due in 2015 58,938us-gaap_FederalHomeLoanBankAdvancesMaturitiesSummaryDueInRollingYearTwo
Bank Loan $ 102,195us-gaap_LoansPayableToBankCurrent
Bank loan (Details Narrative) (USD $)
9 Months Ended
Sep. 30, 2014
Banking and Thrift [Abstract]  
Loan Amount $ 634,260us-gaap_AdvancesFromFederalHomeLoanBanks
Monthly payments 49
Interest rate on loan 5.041%us-gaap_FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresWeightedAverageInterestRate
Bank Loan $ 102,195us-gaap_LoansPayableToBankCurrent
Advances from Stockholders - Related party (Details) (USD $)
Sep. 30, 2014
Dec. 31, 2013
Related Party Transaction [Line Items]    
Advances from stockholders $ 552,355us-gaap_DueToRelatedPartiesCurrent $ 165,971us-gaap_DueToRelatedPartiesCurrent
Braydon Capital Corp. [Member]    
Related Party Transaction [Line Items]    
Advances from stockholders 31,314us-gaap_DueToRelatedPartiesCurrent
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= EMGL_BraydonCapitalCorpMember
31,314us-gaap_DueToRelatedPartiesCurrent
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= EMGL_BraydonCapitalCorpMember
Gold Street Capital [Member]    
Related Party Transaction [Line Items]    
Advances from stockholders 470,963us-gaap_DueToRelatedPartiesCurrent
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= EMGL_GoldStreetCapitalCorpMember
134,657us-gaap_DueToRelatedPartiesCurrent
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= EMGL_GoldStreetCapitalCorpMember
Doriana Gianfelici [Member]    
Related Party Transaction [Line Items]    
Advances from stockholders $ 50,078us-gaap_DueToRelatedPartiesCurrent
/ us-gaap_RelatedPartyTransactionsByRelatedPartyAxis
= EMGL_DorianaGianfeliciMember
 
Advances from Stockholders (Details Narrative)
9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
Interest rate 5.00%us-gaap_RelatedPartyTransactionRate
Gaming Revenues - Gaming Revenue (Details) (USD $)
9 Months Ended
Sep. 30, 2014
Gaming Revenues  
Total Turnover $ 9,491,209us-gaap_CasinoRevenue
Less: Winnings/payouts 8,711,427us-gaap_CasinoExpenses
Gross Gaming Revenues 779,782us-gaap_SalesRevenueGoodsGross
Gaming Taxes 117,926us-gaap_OtherTaxExpenseBenefit
Net Gaming Revenues $ 661,856us-gaap_SalesRevenueGoodsNet
Gaming Percentage  
Total Turnover 100.00%EMGL_GamingTotalTurnover
Less: Winnings/payouts 91.78%EMGL_GamingWinningPayoffs
Gross Gaming Revenues 8.22%EMGL_GrossGamingRevenue
Gaming Taxes 1.24%EMGL_GamingTaxes
Net Gaming Revenues 6.97%EMGL_NetGamingRevenue
Income Taxes (Details Narrative) (USD $)
Sep. 30, 2014
Income Tax Disclosure [Abstract]  
Net operating loss carryforward $ 5,000,000us-gaap_OperatingLossCarryforwards
Income Taxes (Details) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Sep. 30, 2013
Income Tax Disclosure [Abstract]      
U.S. statutory rate of 35%   $ (1,811,719)us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate $ (1,784,000)us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
Tax rate difference between U.S and Italy   (17,331)us-gaap_IncomeTaxReconciliationOtherReconcilingItems   
Change in valuation allowance   1,834,657us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance 1,784,000us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
Income tax expense $ 5,607us-gaap_IncomeTaxExpenseBenefit $ 5,607us-gaap_IncomeTaxExpenseBenefit   
Debentures and Debenture Warrants (Details Narrative) (USD $)
0 Months Ended 9 Months Ended
Jul. 09, 2014
Sep. 30, 2014
Notes to Financial Statements    
Proceeds from debentures   $ 70,000us-gaap_ProceedsFromIssuanceOfTrustPreferredSecurities
Number of debentures   14 debentures issued
Interest rate   24.00%us-gaap_DebtInstrumentInterestRateDuringPeriod
Warrants   500us-gaap_DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
Warrant price   $ 1.00us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
Repurchase debentures 70,000us-gaap_ProceedsFromRepurchaseOfTrustPreferredSecurities  
Accrued interest 4,741us-gaap_DebtInstrumentIncreaseAccruedInterest 3,820us-gaap_DebtInstrumentIncreaseAccruedInterest
Unamortized discount   5,408us-gaap_DebtInstrumentUnamortizedDiscount
Debenture, net of discount   $ 64,592us-gaap_ConvertibleDebtCurrent