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Document and Entity Information

v2.4.0.6
Document and Entity Information
6 Months Ended
Jun. 30, 2013
Aug. 07, 2013
Document And Entity Information    
Entity Registrant Name Dignyte, Inc.  
Entity Central Index Key 0001550020  
Document Type 10-Q  
Document Period End Date Jun. 30, 2013  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   10,315,000
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2013  

Condensed Balance Sheets (Unaudited)

v2.4.0.6
Condensed Balance Sheets (Unaudited) (USD $)
Jun. 30, 2013
Dec. 31, 2012
CURRENT ASSETS    
Cash      
Restricted Cash 28,363 26,000
TOTAL CURRENT ASSETS 28,363 26,000
TOTAL ASSETS 28,363 26,000
CURRENT LIABILITIES    
Accounts Payable-Related Party 38,386 19,702
Accounts Payable    7,697
Redeemable Common Stock 28,363 26,000
TOTAL CURRENT LIABILITIES 66,749 53,399
STOCKHOLDERS' DEFICIT    
Preferred stock, authorized, 10,000,000 shares, $.001 par value, 0 shares issued and outstanding      
Common stock, authorized, 100,000,000 shares, $.001 par value, 10,315,000 shares and 10,000,000 issued and outstanding, respectively 10,315 10,000
Additional Paid in Capital 2,822   
Accumulated Deficit (during development stage) (51,523) (37,399)
Total Stockholders' Deficit (38,386) (27,399)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 28,363 $ 26,000

Condensed Balance Sheets (Parenthetical)

v2.4.0.6
Condensed Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, shares authorized 100,000,000 100,000,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares issued 10,315,000 10,000,000
Common stock, shares outstanding 10,315,000 10,000,000

Condensed Statements of Operations (Unaudited)

v2.4.0.6
Condensed Statements of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended 27 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Income Statement [Abstract]          
TOTAL REVENUES               
EXPENSES          
General and administrative 1,712 1,155 3,639 1,155 7,496
Professional Fees 2,575 3,333 10,426 5,833 43,906
Total Operating Expenses 4,287 4,488 14,065 6,988 51,402
OTHER INCOME (EXPENSE)          
Interest income 7    13    13
Interest Expense (2)    (22)    (34)
Total Other Income (Expense) 5    (9)    (21)
Net Income before Income Taxes (4,282) (4,488) (14,074) (6,988) (51,423)
Income Tax Expense       (50)    (100)
NET LOSS $ (4,282) $ (4,488) $ (14,124) $ (6,988) $ (51,523)
BASIC AND DILUTED LOSS PER COMMON SHARE $ (0.01) $ 0.00 $ (0.01) $ 0.00 $ (0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 10,315,000 10,000,000 10,185,746 10,000,000 10,041,201

Condensed Statements of Cash Flows (Unaudited)

v2.4.0.6
Condensed Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended 27 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
OPERATING ACTIVITIES      
Net Loss $ (14,124) $ (6,988) $ (51,523)
Adjustments to reconcile from Net Loss to net cash used in operating activities      
Services received to settle subscription receivable    3,333 10,000
Changes in operating assets and liabilities      
Accounts payable-related party 18,684 2,905 38,386
Accounts payable (7,697) 750   
Net cash provided by operating activities (3,137)    (3,137)
Cash Flows form Financing Activities      
Restricted cash (2,363)   (28,363)
Proceeds from Issuance of Common Stock 5,500    31,500
Net cash provided by financing activities 3,137    3,137
NET INCREASE IN CASH         
CASH, BEGINNING OF PERIOD        
CASH, END OF PERIOD         
SUPPLEMENTAL INFORMATION      
Cash paid for income taxes 50    100
Cash paid for interest         
Non-cash investing and financial transactions:      
Shares issued as stock receivable related party   $ 10,000 $ 10,000

The Company

v2.4.0.6
The Company
6 Months Ended
Jun. 30, 2013
Company  
The Company

Note 1. The Company

 

The Company and Nature of Business

 

Dignyte, Inc.(“Dignyte” or the “Company”), was incorporated in the State of Nevada on April 7, 2011, to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception and has no operations to date. Other than issuing shares to its original shareholder, the Company never commenced any operational activities.

Summary of Significant Accounting Policies

v2.4.0.6
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2013
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

 

Development Stage

 

The Company’s financial statements are presented as statements of a development stage enterprise. Activities during the development stage primarily include related party equity-based and or equity financing. The Company has not commenced any significant operations and, in accordance with ASC Topic 915, the Company is considered a development stage company.

 

Basis of Presentation

 

The interim financial information of the Company as of period ended June 30, 2013 and June 30, 2012 and for the period from inception of development stage April 7, 2011 to June 30, 2013 is unaudited. The balance sheet as of December 31, 2012 is derived from audited financial statements. The accompanying financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 2 to the Notes to Consolidated Financial Statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments which are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2013 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2013. The unaudited financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012.

 

Use of Estimates

 

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 reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these good faith estimates and judgments.

Going Concern

v2.4.0.6
Going Concern
6 Months Ended
Jun. 30, 2013
Going Concern  
Going Concern

Note 3. Going Concern

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the period ended June 30, 2013, the Company has no revenues and no operations. As of June 30, 2013, the Company had not emerged from the development stage and has an accumulated net loss of $51.523. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to find a suitable merger or acquisition company. There are no assurances that management will find a capable company for its purposes. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

Restricted Cash

v2.4.0.6
Restricted Cash
6 Months Ended
Jun. 30, 2013
Restricted Cash and Investments [Abstract]  
Restricted Cash

Note 4. Restricted Cash

 

Restricted cash is cash not available for immediate use. As of June 30, 2013, the Company had $28,363 in restricted cash equivalents in an escrow account at Evolve Bank & Trust in connection with the sale of our common stock pursuant to the terms set forth in our prospectus dated September 18, 2012. As outlined in the prospectus, the Company will be entitled to utilize up to 10% of the proceeds remaining after underwriting commissions, underwriting expenses and dealer allowances have been met inasmuch as the minimum offering of 50,000 shares has been reached. Per the prospectus, in the event an acquisition is not consummated within 18 months of the effective date of the prospectus or by March 18, 2014, the deposited funds will be returned on a pro rata basis to all investors. Based upon the terms of the prospectus, the Company has classified the restricted funds as a liability as of June 30, 2013.

Accounts Payable-Related Party

v2.4.0.6
Accounts Payable-Related Party
6 Months Ended
Jun. 30, 2013
AccountsPayableRelatedPartyAbstract  
Accounts Payable-Related Party

Note 5. Accounts Payable-Related Party

 

During the period from inception (April 7, 2011) to June 30, 2013, a related party, a company in which the Secretary-Treasurer and CFO of the Company is also serving as CFO, has paid $41,536 on the behalf of the Company and $38,386 is outstanding on June 30, 2013.

Stockholder's Deficit

v2.4.0.6
Stockholder's Deficit
6 Months Ended
Jun. 30, 2013
Equity [Abstract]  
Stockholder's Deficit

Note 6. Stockholder’s Deficit

 

The total number of shares of preferred stock which the Company shall have authority to issue is 10,000,000 shares with a par value of $0.001. There have been no preferred shares issued as of June 30, 2013.

 

The total number of shares of common stock which the Company shall have authority to issue is 100,000,000 shares with a par value of $0.001. At inception on April 7, 2011, the Company issued 10,000,000 shares for the value of $10,000 (received by way of a demand promissory note in the principal amount of ten thousand dollars payable by Mr. McRobbie-Johnson to the Company). This promissory note has been repaid through consulting services performed by Mr. McRobbie-Johnson.

 

During the six months ended June 30, 2013, the Company sold 315,000 shares of its common stock for $31,500, $26,000 of which was received during the year ended December 31, 2012 pursuant to the offering described in its prospectus dated September 18, 2012. The proceeds from the sale of our common stock are held in an escrow account as discussed in Note 4.

 

As of June 30, 2013, the Company has 10,315,000 shares of $0.001 par value common stock issued and outstanding.

 

Holders of shares of common stock are entitled to cast one vote for each share held at all stockholders’ meetings for all purposes including the election of directors. The common stock does not have cumulative voting rights.

 

No holder of shares of stock of any class is entitled as a matter of right to subscribe for or purchase or receive any part of any new or additional issue of shares of stock of any class or of securities convertible into shares of stock of any class, whether now hereafter authorized or whether issued for money, for consideration other than money, or by way of dividend.

Commitments, Contingencies

v2.4.0.6
Commitments, Contingencies
6 Months Ended
Jun. 30, 2013
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies

Note 7. Commitments, Contingencies

 

The President and director of the Company is involved in other business activities and may, in the future, become involved in other business opportunities that become available. He may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts.

 

The Company does not own or lease property or lease office space. The office space used by the Company was arranged by the President and director of the Company to use at no charge.

 

From time to time the Company may become a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations.

Summary of Significant Accounting Policies (Policies)

v2.4.0.6
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2013
Accounting Policies [Abstract]  
Development Stage

Development Stage

 

The Company’s financial statements are presented as statements of a development stage enterprise. Activities during the development stage primarily include related party equity-based and or equity financing. The Company has not commenced any significant operations and, in accordance with ASC Topic 915, the Company is considered a development stage company.

Basis of Presentation

Basis of Presentation

 

The interim financial information of the Company as of period ended June 30, 2013 and June 30, 2012 and for the period from inception of development stage April 7, 2011 to June 30, 2013 is unaudited. The balance sheet as of December 31, 2012 is derived from audited financial statements. The accompanying financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense footnotes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 2 to the Notes to Consolidated Financial Statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments which are necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2013 are not necessarily indicative of the results that can be expected for the entire year ending December 31, 2013. The unaudited financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012.

Use of Estimates

Use of Estimates

 

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 reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these good faith estimates and judgments.

Going Concern (Details Narrative)

v2.4.0.6
Going Concern (Details Narrative) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Going Concern    
Accumulated deficit during development stage $ 51,523 $ 37,399

Restricted Cash (Details Narrative)

v2.4.0.6
Restricted Cash (Details Narrative) (USD $)
6 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Restricted Cash and Investments [Abstract]    
Restricted Cash $ 28,363 $ 26,000
Maximum percentage of remaining proceeds that the company can utitize 10.00%  
Number of minimum shares offered for underwriting expenses and dealer allowances 50,000  

Accounts Payable-Related Party (Details Narrative)

v2.4.0.6
Accounts Payable-Related Party (Details Narrative) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Accounts Payable-Related Party $ 38,386 $ 19,702
Chief Financial Officer [Member]
   
Amount paid by related parties $ 41,536  

Stockholder's Deficit (Details Narrative)

v2.4.0.6
Stockholder's Deficit (Details Narrative) (USD $)
0 Months Ended 6 Months Ended 12 Months Ended
Apr. 06, 2011
Jun. 30, 2013
Dec. 31, 2012
Equity [Abstract]      
Preferred stock, shares authorized   10,000,000 10,000,000
Preferred stock, par value   $ 0.001 $ 0.001
Common stock, shares authorized   100,000,000 100,000,000
Common stock, par value   $ 0.001 $ 0.001
Number of stock issued during the period, shares 10,000,000 315,000  
Number of stock issued during the period, value $ 10,000 $ 31,500 $ 26,000
Common stock, shares issued   10,315,000 10,000,000
Common stock, shares outstanding   10,315,000 10,000,000