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Document and Entity Information
6 Months Ended
Jun. 30, 2011
Apr. 30, 2012
Document And Entity Information
Entity Registrant Name Plantation Lifecare Developers, Inc
Entity Central Index Key 0001458704
Document Type 10-Q
Document Period End Date Jun 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? Yes
Is Entity's Reporting Status Current? No
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 35,300,000
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2011
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Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
Current Assets:
Cash $ 615 $ 1,033
Accounts Receivable 477 123
Total Current Assets 1,092 1,156
Property and Equipment:
Payphone Equipment 20,000 20,000
Less Accumulated Depreciation (3,333) (1,333)
Net Property and Equipment 16,667 18,667
TOTAL ASSETS 17,759 19,823
Current Liabilities:
Accounts Payable 966 1,758
Accounts Payable - Related Party 7,600 7,000
Related Party Note Payable 45,085 44,285
Interest Payable- Related Party 10,705 6,698
Total Current Liabilities 64,356 59,741
Total Liabilities 64,356 59,741
Stockholder's Deficit
Preferred Stock, par value $.0004, 10,000,000 shares Authorized , 0 shares Issued and Outstanding at December 31, 2010 and December 31, 2009      
Common Stock, par value $.0004, 250,000,000 shares Authorized, 35,300,000 shares Issued and Outstanding at June 30, 2011 and December 31, 2010 14,120 14,120
Additional Paid-In Capital 1,031,344 1,025,344
Deficit Accumulated During the Development Stage (1,092,061) (1,079,382)
Total Stockholder's Deficit (46,597) (39,918)
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT $ 17,759 $ 19,823
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Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2011
Dec. 31, 2010
Statement of Financial Position [Abstract]
Preferred stock; par value $ 0.0004 $ 0.0004
Preferred stock; shares authorized 10,000,000 10,000,000
Preferred stock; shares issued 0 0
Preferred stock; shares outstanding 0 0
Common stock; par value $ 0.0004 $ 0.0004
Common stock; shares authorized 250,000,000 250,000,000
Common stock; shares issued 35,300,000 35,300,000
Common stock; shares outstanding 35,300,000 35,300,000
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Statements of Operations (USD $)
3 Months Ended 6 Months Ended 126 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Revenues:
Income $ 4,211    $ 8,152    $ 12,326
Cost of Services (4,822)    (9,260)    (13,782)
Gross Margin (611)    (1,108)    (1,456)
Expenses:
Accounting and bookkeeping 300 3,413 600 9,861 30,675
Amortization expense             3,000
Other General and administrative expense 3,000 353 6,044 879 10,800
Insurance             471,948
Legal fee - Merger             10,052
Offering cost             411,286
Outside services 200 400 520 922 9,685
Rent expense             1,260
Travel expense             2,641
Total Operating Expenses 33,500 4,166 7,164 11,732 951,347
Operating Loss (4,111) (4,166) (8,272) (11,732) (952,803)
Interest expense (2,020) (1,004) (4,007) (1,814) (137,166)
Loss Before Income Taxes (6,131) (5,170) (12,279) (13,546) (1,089,969)
Income Tax Provision       (400) (425) (2,092)
Net Loss $ (6,131) $ (5,170) $ (12,679) $ (13,971) $ (1,092,061)
Basic & Diluted Loss per Common Share $ 0 $ 0 $ 0 $ 0
Weighted Average Common Shares Outstanding 35,300,000 35,300,000 35,300,000 35,000,000
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Statements of Cash Flows (USD $)
6 Months Ended 126 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (12,679) $ (13,971) $ (1,092,061)
Accrued Interest Satisfied through Contributed Capital       126,464
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and Amortization 2,000    3,333
Fair value of services provided by related parties 6,000    6,000
Changes in operating assets and liabilities:
Accounts Payable (792) 769 966
Accounts Payable - Related Party 600 1,913 7,600
Accounts Receivable (354)    (477)
Accrued Interest 4,007 1,814 10,705
Net Cash Used in Operating Activities (1,218) (9,475) (937,470)
CASH FLOWS FROM INVESTING ACTIVITIES
Net Cash Provided by Investing Activities         
CASH FLOWS FROM FINANCING
Proceeds from Related Party Note Payable 800 9,230 25,085
Proceeds from Notes Payable       896,000
Proceeds from Sale of Common Stock       17,000
Net Cash Provided by Financing Activities 800 9,230 938,085
Net (Decrease) Increase in Cash (418) (245) 615
Cash at Beginning of Period 1,033 289   
Cash at End of Period 615 44 615
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for Interest         
Cash paid during the year for Franchise Taxes 400 425 2,092
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Notes Payable and Accrued Interest Satisfied through Contributed Capital       1,022,464
Related Party Note Payable for Contributed Payphone Equipment       $ 20,000
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ORGANIZATION AND BASIS OF PRESENTATION
6 Months Ended
Jun. 30, 2011
Notes to Financial Statements
ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION

 

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the SEC instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the six-month and period ending June 30, 2011 are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the financial statements and footnotes thereto included in Plantation Lifecare Developers, Inc.’s Form 10-12G filed with SEC on April 14, 2009 and December 31, 2010 annual filing Form 10-K filed with the SEC on April 25, 2012. Notes to the financial statements which would substantially duplicate the disclosure required in Plantation Lifecare Developers, Inc. fiscal 2010 financial statements have been omitted.

 

Nature of Business

 

The Company is primarily in the business of providing the use of outdoor payphones, and providing telecommunication services.

 

Revenue Recognition

 

The Company derives its revenue from the sources described below, which includes dial-around revenues, coin collections, and local payphone customer revenue for telephone service.

 

Coin revenues are recorded in an equal amount to the coins collected. Local service revenue is realized on the date the payphone customer is invoiced for telecommunication services, these are monthly charges for payphone service for local customers. Dial Around revenues are earned when a customer uses the Company’s payphone to gain access to a different long distance carrier than is already programmed into the phone. The Dial Around revenue is recognized when the billing and collection agent of the Company, APCC, calculates and compensates the Company for the use of the payphone on a quarterly basis by billing the actual party’s long distance carrier that received the calls. The date of the Dial Around revenue recognition is determined when this compensation is collected and deposited into the Company’s bank account.

 

The Company recognizes revenues in accordance with the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number 104, "Revenue Recognition." SAB 104 clarifies application of U. S. generally accepted accounting principles to revenue transactions. The Company recognizes revenue when the earnings process is complete. That is, when the arrangements of the goods are documented, the pricing becomes final and collectability is reasonably assured. An allowance for bad debt is provided based on estimated losses. For revenue received in advance for goods, the Company records a current liability classified as either deferred revenue or customer deposits. As of June 30, 2011, there was no deferred revenue.

 

Allowance for Doubtful Accounts

 

The Company recognizes an allowance for doubtful accounts to ensure accounts receivable are not overstated due to uncollectibility. Bad debt reserves are maintained for all customers based on a variety of factors, including the length of time the receivables are past due, significant one-time events and historical experience. An additional reserve for individual accounts is recorded when the Company becomes aware of a customer’s inability to meet its financial obligation, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. As of June 30, 2011, the Company has determined an allowance for doubtful accounts is not necessary.

 

Accounts Receivable

 

Accounts Receivable will consist of Local Service revenue. The Accounts Receivable was $477 as of June 30, 2011.

 

Fixed Assets

 

Fixed assets are stated at cost. On September 1, 2010, Joseph Passalaqua, President of the Company contributed payphone equipment valued at $20,000 in exchange for a promissory note. Depreciation expense for the six months ended June 30, 2011 was $3,333. Depreciation and amortization are computed using the straight-line and accelerated methods over the estimated economic useful lives of the related assets as follows:

 

Asset Rate
   
Payphone Equipment            $ 20,000.00 5 years
Accumulation Deprecation $ (3,333.00)  
Net Value of Equipment       $ 16,667.00  
   

 

 

Upon sale or other disposition of property and equipment, the cost and related accumulated depreciation or amortization are removed from the accounts and any gain or loss is included in the determination of income or loss. Expenditures for maintenance and repairs are charged to expense as incurred. Major overhauls and betterments are capitalized and depreciated over their estimated economic useful lives.

 

Maintenance and repairs are charged to operations; betterments are capitalized. The cost of property sold or otherwise disposed of and the accumulated depreciation thereon are eliminated from the property and related accumulated depreciation accounts, and any resulting gain or loss is credited or charged to income.

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GOING CONCERN
6 Months Ended
Jun. 30, 2011
Notes to Financial Statements
GOING CONCERN

NOTE 2 - GOING CONCERN

 

As shown in the accompanying financial statements, Plantation Lifecare Developers, Inc. (hereto referred to as the “Company”) had negative working capital and an accumulated deficit incurred through June 30, 2011, which raises substantial doubt about its ability to continue as a going concern. The Company has incurred net losses for the period from (inception) January 1, 2001 to June 30, 2011, has limited revenues and requires additional financing in order to finance its business activities on an ongoing basis. The Company’s future capital requirements will depend on numerous factors including, but not limited to, continued progress in finding a merger candidate and the pursuit of business opportunities. The Company is actively pursuing alternative financing and has had discussions with various third parties, although no firm commitments have been obtained. In the interim, shareholders of the Company have committed to meeting its minimal operating expenses. Management believes that actions presently being taken to revise the Company’s operating and financial requirements provide them with the opportunity to continue as a going concern.

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RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2011
Notes to Financial Statements
RELATED PARTY TRANSACTIONS

NOTE 3 – RELATED PARTY TRANSACTIONS

 

During 2008-2010 a major shareholder and President of the Company, Joseph Passalaqua, has loaned the Company $24,285. On September 1, 2010, Joseph Passalaqua contributed payphone equipment in exchange for a $20,000 promissory note. All of these notes accrue simple interest at a rate of 18% annually and are payable on demand. As of June 30, 2011 the Company owed $44,285 related to these notes, and had accrued $10,673 in simple interest.

 

During 2011, Cobalt Blue LLC, of which Mary Passalaqua, the wife of Joseph Passalaqua is President has loaned the Company $800. These notes are accruing simple interest at a rate of 18% annually and is payable on demand. As of June 30, 2011 the Company owed $800 related to these notes and had accrued $32 in simple interest.

 

As of June 30, 2011, Plantation Lifecare Developers, Inc. incurred a liability to Lyboldt-Daly, Inc. in the amount of $7,600. Lyboldt-Daly, Inc. completed the bookkeeping and internal accounting for Plantation Lifecare Developers, Inc. Joseph Passalaqua is President of Lyboldt-Daly, Inc. and a majority shareholder in Plantation Lifecare Developers, Inc.

 

The principal stockholder provided, without cost to the Company, his services, valued at $800 per month which totaled $4,800 for the six months ended June 30, 2011. The principal stockholder also provided, without cost to the Company, office space valued at $200 per month, which totaled $1,200 for the six-month period ended June 30, 2011. The total of these expenses was reflected in the statement of operations as general and administrative expenses with a corresponding contribution of paid-in capital.

 

As of June 30, 2011, all activities of Plantation Lifecare Developers, Inc. have been conducted by corporate officers from either their homes or business offices. Currently, there are no outstanding debts owed by Plantation Lifecare Developers, Inc. for the use of these facilities and there are no commitments for future use of the facilities.

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COMMON STOCK TRANSACTIONS
6 Months Ended
Jun. 30, 2011
Notes to Financial Statements
COMMON STOCK TRANSACTIONS

NOTE 4 – COMMON STOCK TRANSACTIONS

 

As of June 30, 2011 Plantation Lifecare Developers, Inc. has 250,000,000 shares of common stock authorized at $0.0004 par value per share and 35,300,000 shares of common stock issued and outstanding.

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