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Document and Entity Information - shares
6 Months Ended
Jun. 30, 2017
Aug. 18, 2017
Document And Entity Information    
Entity Registrant Name ADVANCED CREDIT TECHNOLOGIES INC  
Entity Central Index Key 0001437517  
Document Type 10-Q  
Document Period End Date Jun. 30, 2017  
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   56,705,181
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2017  
Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash in Bank $ 168,232 $ 31,776
Advances Receivable 12,000
Total Current Assets 180,232 31,776
Total Assets 180,232 31,776
Current Liabilities    
Accrued expenses and accrued expenses 154,065 124,347
Loans Payable- stockholders 191,400 191,400
Total Current Liabilities 345,465 315,747
Total Liabilities 345,465 315,747
Commitments and Contingencies
Stockholders' deficit    
Preferred Stock, $0.001 par value, 30,000 shares authorized; 30,000 outstanding as of 6/30/17 and 0 as of 12-31-16 respectively 30  
Common stock 100,000,000, $.001 par value shares authorized, 56,705,181 and 44,455,181 shares issued and outstanding 52,705 44,455
Additional paid-in capital 2,124,066 1,732,926
Accumulated deficit (2,342,034) (2,061,352)
Total stockholders' deficit (165,233) (283,971)
Total liabilities and stockholders' deficit $ 180,232 $ 31,776
Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Preferred Stock, par value $ 0.001  
Preferred Stock, shares authorized 30,000  
Preferred Stock, shares issued 30,000  
Preferred Stock, shares outstanding 30,000  
Common stock - par value $ 0.001 $ 0.001
Common stock - shares authorized 100,000,000 100,000,000
Common stock - shares issued 56,705,181 44,455,181
Common stock - shares outstanding 56,705,181 44,455,181
Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenues $ 700 $ 700
Consulting revenue
Total Revenue 700 700
Operating expenses        
Commissions 206
Professional fee 2,793 22,130 47,534 29,375
Research and Development 115,000 1,800 115,000
Officer's compensation 71,975 48,805 168,944 117,934
Travel and entertainment 2,498 266 25,170 1,789
Rent 150 150 300 300
Computer and internet 965 861 788 1,365
Office supplies and expenses 543 239 4,535 3,145
Other operating expenses 576 450 1,116 615
Total operating expenses 79,500 187,901 250,422 269,523
Loss from operations (79,500) (187,201) (250,422) (268,823)
Interest expense 15,030 15,197 30,260 31,851
Provision for income taxes
Net loss $ (94,530) $ (202,398) $ (280,682) $ (300,674)
Loss per common share-Basic and diluted $ (0.002) $ (0.005) $ (0.006) $ 0.010
Weighted Average Number of Common Shares Outstanding Basic and diluted 51,050,737 38,894,159 48,127,159 38,006,429
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating Activities    
Net loss $ (280,682) $ (300,674)
Adjustments to reconcile net loss to net cash used in operating activities    
Advances Receivables (12,000)  
Stock issued for services 19,430 118,000
Amortization of discount on notes payable   1,457
Accounts Accured Interest Adjustment
Accounts payable and accrued expenses 29,708 21,669
Net cash used in operating activities (243,544) (159,548)
Financing Activities    
Proceeds from common stock issuance 380,000 103,775
Amount Includes paid in capital Adjustment
Capital contribution for profit sharing and warrant 40,000
Net cash provided by financing activities 380,000 143,775
Net increase (decrease) in cash and equivalents 136,456 (15,773)
Cash and equivalents at beginning of the period 31,776 44,125
Cash and equivalents at end of the period 168,232 28,352
Supplemental cash flow information:    
Interest paid
Income taxes paid
Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  

Organization and Nature of Business  

On February 25, 2008, Advanced Credit Technologies, Inc. (the "Company") was incorporated in the State of Nevada, that focuses on fraud prevention and credit management by using our TurnScor software platform.

The Company offers a proprietary software platform branded as CyberloQ™ which is a banking fraud prevention technology that is offered to institutional clients in order to combat fraudulent transactions and unauthorized access to customer accounts.  Through the use of a customer’s smart-phone, CyberloQ uses a multi-factor authentication system to control access to a bank card, transaction type or amount, website, database or digital service.  

In addition to CyberloQ, the Company offers a proprietary software platform under the brand name Turnscor® which allows customers to monitor and manage their credit from the privacy of their own homes.  

Basis of Presentation   

The accompanying unaudited condensed financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K for fiscal year 2016.  

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. Operating results for the six month period ending June 30, 2017 are not necessarily indicative of the results that may be expected for the full year.  

 Reclassification  

Certain reclassifications have been made to conform previously reported data to the current presentation. These reclassifications have no effect on our net income (loss) or financial position as previously reported.

Use of Estimates  

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the year reported. Actual results may differ from these estimates. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.  

Cash and Cash Equivalents  

Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. The Company maintains its cash in bank deposit accounts, which at times, may exceed federally insured limits. The Company has not experienced any losses related to this concentration of risk. As of June 30, 2017 and December 31, 2016, the Company had $0 in deposits in excess of federally-insured limits.  

Research and Development, Software Development Costs, and Internal Use Software Development Costs  

Software development costs are accounted for in accordance with ASC Topic No. 985. Software development costs are capitalized once technological feasibility of a product is established and such costs are determined to be recoverable. For products where proven technology exists, this may occur very early in the development cycle. Factors we consider in determining when technological feasibility has been established include (i) whether a proven technology exists; (ii) the quality and experience levels of the individuals developing the software; (iii) whether the software is similar to previously developed software which has used the same or similar technology; and (iv) whether the software is being developed with a proven underlying engine. Technological feasibility is evaluated on a product-by-product basis. Capitalized costs for those products that are canceled or abandoned are charged immediately to cost of sales. The recoverability of capitalized software development costs is evaluated on the expected performance of the specific products for which the costs relate.  

Internal use software development costs are accounted for in accordance with ASC Topic No. 350 which requires the capitalization of certain external and internal computer software costs incurred during the application development stage. The application development stage is characterized by software design and configuration activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality.  

In accounting for website software development costs, we have adopted the provisions of ASC Topic No. 350. ASC Topic No. 350 provides that certain planning and training costs incurred in the development of website software be expensed as incurred, while application development stage costs are to be capitalized. During the six months ending June 30, 2017 and 2016, we expensed $1,800 and $25,000 expenditure on research and development, respectively. 

During the six months ending June 30, 2017 and 2016, we have capitalized external and internal use software and website development costs totaling $0 and $0, respectively. The estimated useful life of costs capitalized is evaluated for each specific project and ranges from one to three years.  

Advertising Expenses  

Advertising costs are expensed as incurred. Advertising expenses included in the Statement of Operations for the three months ending June 30, 2017 and 2016 is $0 and $0, respectively.  

Fixed Assets  

The Company records its fixed assets at historical cost. The Company expenses maintenance and repairs as incurred. Upon disposition of fixed assets, the gross cost and accumulated depreciation are written off and the difference between the proceeds and the net book value is recorded as a gain or loss on sale of assets. The Company depreciates its fixed assets over their respective estimated useful lives ranging from 3 to 5 years.  

Intangible and Long-Lived Assets  

The Company follows FASB ASC 360-10, "Property, Plant, and Equipment," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. For the three months and six months ending June 30, 2017 and 2016, the Company had not experienced impairment losses on its long-lived assets.  

Revenue Recognition  

The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed and determinable, and collectability is reasonably assured. Determining whether some or all of these criteria have been met involves assumptions and judgments that can have a significant impact on the timing and amount of revenue the Company reports.  

Fair Value Measurements  

For certain financial instruments, including accounts receivable, accounts payable, accrued expenses, interest payable, advances payable and notes payable, the carrying amounts approximate fair value due to their relatively short maturities.  

The Company has adopted FASB ASC 820-10, "Fair Value Measurements and Disclosures." FASB ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:  

 •         Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.  

•         Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.  

•         Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.  

The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with FASB ASC 815.  

In February 2007, the FASB issued FAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities," now known as ASC Topic 825-10 "Financial Instruments." ASC Topic 825-10 permits entities to choose to measure many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. FASB ASC 825-10 is effective as of the beginning of an entity's first fiscal year that begins after November 15, 2007. The Company has adopted FASB ASC 825-10. The Company chose not to elect the option to measure the fair value of eligible financial assets and liabilities.  

Segment Reporting  

FASB ASC 280, "Segment Reporting" requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. The Company determined it has one operating segment as of June 30, 2017 and December 31, 2016.  

Income Taxes  

Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.   

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations.  

Earnings (Loss) Per Share  

Earnings per share is calculated in accordance with the FASB ASC 260-10, "Earnings Per Share." Basic earnings (loss) per share is based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.  

At June 30, 2017 and December 31, 2016, no potentially dilutive shares were outstanding.  

The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements.  

Stock Based Compensation  

The Company adopted FASB ASC Topic 718 – Compensation – Stock Compensation (formerly SFAS 123R), which establishes the use of the fair value based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered.  For stock based compensation the Company recognizes an expense in accordance with FASB ASC Topic 718 and values the equity securities based on the fair value of the security on the date of grant.  Stock option awards are valued using the Black-Scholes option-pricing model.   

The Company accounts for stock issued to non-employees where the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete.  

Recent Accounting Pronouncements  

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which revises the accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new guidance requires the fair value measurement of investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures and limited liability companies (collectively, equity securities) that do not result in consolidation and are not accounted for under the equity method. Entities will need to measure these investments and recognize changes in fair value in net income. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify under current guidance as available for sale in other comprehensive income (OCI). They also will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. Instead, for these types of equity investments that do not otherwise qualify for the net asset value practical expedient, entities will be permitted to elect a practicability exception and measure the investment at cost less impairment plus or minus observable price changes (in orderly transactions). The ASU also establishes an incremental recognition and disclosure requirement related to the presentation of fair value changes of financial liabilities for which the fair value option (FVO) has been elected. Under this guidance, an entity would be required to separately present in OCI the portion of the total fair value change attributable to instrument-specific credit risk as opposed to reflecting the entire amount in earnings. For derivative liabilities for which the FVO has been elected, however, any changes in fair value attributable to instrument-specific credit risk would continue to be presented in net income, which is consistent with current guidance. For the Company, this standard is effective beginning January 1, 2018 via a cumulative-effect adjustment to beginning retained earnings, except for guidance relative to equity securities without readily determinable fair values which is applied prospectively. The Company is currently assessing this ASU's impacts on the Company's consolidated results of operations and financial condition.

In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”. The amendments in this ASU are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations by amending certain existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance. The effective date and transition of these amendments is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. Public entities should apply the amendments in ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently in the process of evaluating the impact of the adoption on its financial statements.  

In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard provides guidance in a number of situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The ASU also provides guidance for classifying cash receipts and payments that have aspects of more than one class of cash flows. For the Company, this ASU is effective January 1, 2018, with early adoption permitted. The standard requires application using a retrospective transition method. The Company is currently assessing this ASU’s impact on its results of operations and financial condition.  

In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash, which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. Under the ASU, changes in restricted cash and restricted cash equivalents would be included along with those of cash and cash equivalents in the statement of cash flows. As a result, entities would no longer present transfers between cash/equivalents and restricted cash/equivalents in the statement of cash flows. In addition, a reconciliation between the balance sheet and the statement of cash flows would be disclosed when the balance sheet includes more than one line item for cash/equivalents and restricted cash/equivalents. For the Company, this ASU is effective January 1, 2018, with early adoption permitted. Entities are required to apply the standard’s provisions on a retrospective basis. The Company does not expect this ASU to have a material impact on the Company’s consolidated results of operations and financial condition.  

Going Concern
6 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

NOTE 2 – GOING CONCERN  

The Company has incurred losses since Inception resulting in an accumulated deficit of $2,342,034 as of June 30, 2017 that includes loss of $280,682 for the six months ended June 30, 2017 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty.  

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due.  

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management's efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern from the twelve mont period after the financial statements are available to be issued.

Stockholders Deficit
6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Stockholders Deficit

NOTE 3 – STOCKHOLDERS' DEFICIT  

Common Stock  

The Company has 100,000,000 shares of $.001 par value Common stock authorized as of June 30, 2017 and December 31, 2016. There were 52,705,181 and 44,455,181 shares outstanding as of June 30, 2017 and December 31, 2016, respectively.

Preferred Stock

The Company has 30,000 shares of $.001 par value Series A Super Voting Preferred Stock authorized as of June 30, 2017. There were 30,000 shares of the Series A Super Voting Preferred Stock issued and outstanding as of June 30, 2017. The holders of the shares of Series A Preferred Stock are entitled to Five-Thousand (5,000) votes per share, and such shares are held by the Company's President, Vice-President, and Chief Technical Officer.

Related Party Transactions
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 4 – RELATED PARTY TRANSACTIONS  

Related Party Loans Payable  

The following is a summary of related party loans payable: 

  June 30, 2017  

December

31, 2016

 
Liabilities        
Due to  related parties   $ 160,900     $ 160,900  
Notes payable to related parties   $ 30,500     $ 30,500  

 

The following is a summary of related party loans payable:   

Note Payable to Related Parties

On December 29, 2014, the Company, the Company entered into a promissory note with a shareholder in the amount of $35,000. The promissory notes is with flat interest of $9,500 payable on maturity date and $167 a day after maturity date. The maturity date is 120 days after issuance of the note. The note is currently default on June 30, 2017. The unpaid principal of the note is $30,500 on June 30, 2017 and December 31, 2016. Interest expense of the note is $15,130 and $15,197 for the three months ended June 30, 2017 and 2016, respectively.  

The Company also issued stock option to the note holder to purchase 250,000 shares of the Company's common stock at $0.25 per share one year from the issuance date of the promissory note. The fair value of the option grant estimated on the date of grant is $0 based on the Black-Scholes option-pricing model. This option has expired.  

Due to Related Parties  

The Company has 2 outstanding NOTES, one for $30,500 which is accruing interest in the amount of $167 per day, the second NOTE is for $160,900 and was assumed by a third party, the third party agreed to a ZERO interest NOTE. It is the Company’s intent to have both of these NOTES resolved before the end of the calender year.

Convertible Notes - Stockholders
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Notes Payable

NOTE 5 – CONVERTIBLE NOTES-STOCKHOLDERS  

On September 14, 2015, the Company issued a $10,000 convertible notes due on March 12, 2016 to its stockholder. The note bears no interest and is convertible to 125,000 shares at the rate of $0.08 per share per the terms of the note. There was a beneficial conversion feature associated with the note. The value of beneficial conversion feature is $1,250 and book as additional paid in capital. The interest resulting from amortization of discount on notes is $0 and $521 for the three months ended June 30, 2017 and 2016, respectively.  

On September 18, 2015, the Company issued a $8,990 convertible notes due on March 16, 2016 to its stockholder. The note bears no interest and is convertible to 112,375 shares at the rate of $0.08 per share per the terms of the note. There was a beneficial conversion feature associated with the note. The value of beneficial conversion feature is $2,248 and book as additional paid in capital. The interest resulting from amortization of discount on notes is $0 and $937 for the three months ended June 30, 2017 and 2016, respectively.  

On October 14, 2015, the Company issued a $8,000 convertible notes due on April 11, 2016 to its stockholder. The note bears no interest and is convertible to 80,000 shares at the rate of $0.1 per share per the terms of the note.  

All the above convertible notes were converted to 337,375 shares on November 15, 2016.

Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

NOTE 6 – SUBSEQUENT EVENTS  

The Company has evaluated subsequent events through the date financial statements were issued. No events have occurred subsequent to June 30, 2017 that require disclosure or recognition in these financial statements. The Company did however file an 8K on August 1, 2017. The Company acquired the intellectual property and ownership rights to CyberloQ from Carten Tech, LLC. The owner is the Company’s Chief Technology Officer, Mark Carten, the purchase was for $200,000 in cash, along with 4,000,000 shares of Common Stock.

Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Organization and Nature of Business

Organization and Nature of Business  

On February 25, 2008, Advanced Credit Technologies, Inc. (the "Company") was incorporated in the State of Nevada, that focuses on fraud prevention and credit management by using our TurnScor software platform.

The Company offers a proprietary software platform branded as CyberloQ™ which is a banking fraud prevention technology that is offered to institutional clients in order to combat fraudulent transactions and unauthorized access to customer accounts.  Through the use of a customer’s smart-phone, CyberloQ uses a multi-factor authentication system to control access to a bank card, transaction type or amount, website, database or digital service.  

In addition to CyberloQ, the Company offers a proprietary software platform under the brand name Turnscor® which allows customers to monitor and manage their credit from the privacy of their own homes.  

Basis of Presentation

Basis of Presentation   

The accompanying unaudited condensed financial statements have been prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K for fiscal year 2016.  

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. Operating results for the six month period ending June 30, 2017 are not necessarily indicative of the results that may be expected for the full year.

Reclassification

 Reclassification  

Certain reclassifications have been made to conform previously reported data to the current presentation. These reclassifications have no effect on our net income (loss) or financial position as previously reported.

Use of Estimates

Use of Estimates  

In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the year reported. Actual results may differ from these estimates. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.  

Cash and Cash Equivalents

Cash and Cash Equivalents  

Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. The Company maintains its cash in bank deposit accounts, which at times, may exceed federally insured limits. The Company has not experienced any losses related to this concentration of risk. As of June 30, 2017 and December 31, 2016, the Company had $0 in deposits in excess of federally-insured limits.

Research and Development, Software Development Costs and Internal Use Software Development Costs

Research and Development, Software Development Costs, and Internal Use Software Development Costs  

Software development costs are accounted for in accordance with ASC Topic No. 985. Software development costs are capitalized once technological feasibility of a product is established and such costs are determined to be recoverable. For products where proven technology exists, this may occur very early in the development cycle. Factors we consider in determining when technological feasibility has been established include (i) whether a proven technology exists; (ii) the quality and experience levels of the individuals developing the software; (iii) whether the software is similar to previously developed software which has used the same or similar technology; and (iv) whether the software is being developed with a proven underlying engine. Technological feasibility is evaluated on a product-by-product basis. Capitalized costs for those products that are canceled or abandoned are charged immediately to cost of sales. The recoverability of capitalized software development costs is evaluated on the expected performance of the specific products for which the costs relate.  

Internal use software development costs are accounted for in accordance with ASC Topic No. 350 which requires the capitalization of certain external and internal computer software costs incurred during the application development stage. The application development stage is characterized by software design and configuration activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality.  

In accounting for website software development costs, we have adopted the provisions of ASC Topic No. 350. ASC Topic No. 350 provides that certain planning and training costs incurred in the development of website software be expensed as incurred, while application development stage costs are to be capitalized. During the six months ending June 30, 2017 and 2016, we expensed $1800 and $25,000 expenditure on research and development, respectively. 

During the six months ending June 30, 2017 and 2016, we have capitalized external and internal use software and website development costs totaling $0 and $0, respectively. The estimated useful life of costs capitalized is evaluated for each specific project and ranges from one to three years.  

Advertising Expenses

Advertising Expenses  

Advertising costs are expensed as incurred. Advertising expenses included in the Statement of Operations for the three months ending June 30, 2017 and 2016 is $0 and $0, respectively.  

Fixed Assets

Fixed Assets  

The Company records its fixed assets at historical cost. The Company expenses maintenance and repairs as incurred. Upon disposition of fixed assets, the gross cost and accumulated depreciation are written off and the difference between the proceeds and the net book value is recorded as a gain or loss on sale of assets. The Company depreciates its fixed assets over their respective estimated useful lives ranging from 3 to 5 years.

Intangible and Long-Lived Assets

Intangible and Long-Lived Assets  

The Company follows FASB ASC 360-10, "Property, Plant, and Equipment," which established a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. For the three months and six months ending June 30, 2017 and 2016, the Company had not experienced impairment losses on its long-lived assets.  

Revenue Recognition

Revenue Recognition  

The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed and determinable, and collectability is reasonably assured. Determining whether some or all of these criteria have been met involves assumptions and judgments that can have a significant impact on the timing and amount of revenue the Company reports.

Fair Value Measurements

Fair Value Measurements  

For certain financial instruments, including accounts receivable, accounts payable, accrued expenses, interest payable, advances payable and notes payable, the carrying amounts approximate fair value due to their relatively short maturities.  

The Company has adopted FASB ASC 820-10, "Fair Value Measurements and Disclosures." FASB ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:  

 •         Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.  

•         Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.  

•         Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.  

The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the balance sheets at fair value in accordance with FASB ASC 815.  

In February 2007, the FASB issued FAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities," now known as ASC Topic 825-10 "Financial Instruments." ASC Topic 825-10 permits entities to choose to measure many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. FASB ASC 825-10 is effective as of the beginning of an entity's first fiscal year that begins after November 15, 2007. The Company has adopted FASB ASC 825-10. The Company chose not to elect the option to measure the fair value of eligible financial assets and liabilities.  

Segment Reporting

Segment Reporting  

FASB ASC 280, "Segment Reporting" requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. The Company determined it has one operating segment as of June 30, 2017 and December 31, 2016.

Income Taxes

Income Taxes  

Deferred income taxes are provided using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.   

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Applicable interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of operations.

Earnings per share

Earnings (Loss) Per Share  

Earnings per share is calculated in accordance with the FASB ASC 260-10, "Earnings Per Share." Basic earnings (loss) per share is based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.  

At June 30, 2017 and December 31, 2016, no potentially dilutive shares were outstanding.  

The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the financial statements.  

Stock Based Compensation

Stock Based Compensation  

The Company adopted FASB ASC Topic 718 – Compensation – Stock Compensation (formerly SFAS 123R), which establishes the use of the fair value based method of accounting for stock-based compensation arrangements under which compensation cost is determined using the fair value of stock-based compensation determined as of the date of grant and is recognized over the periods in which the related services are rendered.  For stock based compensation the Company recognizes an expense in accordance with FASB ASC Topic 718 and values the equity securities based on the fair value of the security on the date of grant.  Stock option awards are valued using the Black-Scholes option-pricing model.   

The Company accounts for stock issued to non-employees where the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete

Recent Accounting Pronouncements

Recent Accounting Pronouncements  

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which revises the accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new guidance requires the fair value measurement of investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures and limited liability companies (collectively, equity securities) that do not result in consolidation and are not accounted for under the equity method. Entities will need to measure these investments and recognize changes in fair value in net income. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify under current guidance as available for sale in other comprehensive income (OCI). They also will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. Instead, for these types of equity investments that do not otherwise qualify for the net asset value practical expedient, entities will be permitted to elect a practicability exception and measure the investment at cost less impairment plus or minus observable price changes (in orderly transactions). The ASU also establishes an incremental recognition and disclosure requirement related to the presentation of fair value changes of financial liabilities for which the fair value option (FVO) has been elected. Under this guidance, an entity would be required to separately present in OCI the portion of the total fair value change attributable to instrument-specific credit risk as opposed to reflecting the entire amount in earnings. For derivative liabilities for which the FVO has been elected, however, any changes in fair value attributable to instrument-specific credit risk would continue to be presented in net income, which is consistent with current guidance. For the Company, this standard is effective beginning January 1, 2018 via a cumulative-effect adjustment to beginning retained earnings, except for guidance relative to equity securities without readily determinable fair values which is applied prospectively. The Company is currently assessing this ASU's impacts on the Company's consolidated results of operations and financial condition.

In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”. The amendments in this ASU are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations by amending certain existing illustrative examples and adding additional illustrative examples to assist in the application of the guidance. The effective date and transition of these amendments is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. Public entities should apply the amendments in ASU 2014-09 for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. The Company is currently in the process of evaluating the impact of the adoption on its financial statements.  

In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in practice in how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard provides guidance in a number of situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The ASU also provides guidance for classifying cash receipts and payments that have aspects of more than one class of cash flows. For the Company, this ASU is effective January 1, 2018, with early adoption permitted. The standard requires application using a retrospective transition method. The Company is currently assessing this ASU’s impact on its results of operations and financial condition.  

In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash, which clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. Under the ASU, changes in restricted cash and restricted cash equivalents would be included along with those of cash and cash equivalents in the statement of cash flows. As a result, entities would no longer present transfers between cash/equivalents and restricted cash/equivalents in the statement of cash flows. In addition, a reconciliation between the balance sheet and the statement of cash flows would be disclosed when the balance sheet includes more than one line item for cash/equivalents and restricted cash/equivalents. For the Company, this ASU is effective January 1, 2018, with early adoption permitted. Entities are required to apply the standard’s provisions on a retrospective basis. The Company does not expect this ASU to have a material impact on the Company’s consolidated results of operations and financial condition.

Related Party Transactions (Tables)
6 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party loans payable

 

  June 30, 2017  

December

31, 2016

 
Liabilities        
Due to  related parties   $ 160,900     $ 160,900  
Notes payable to related parties   $ 30,500     $ 30,500  

Summary of Significant Accounting Policies (Details 1) - USD ($)
6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Accounting Policies [Abstract]      
Deposits in Excess of federally-insured limits $ 0   $ 0
Research and development 1,800 $ 25,000  
Web Development Costs 0   0
Advertising Expenses $ 0   $ 0
Summary of Significant Accounting Policies (Details 2)
6 Months Ended
Jun. 30, 2017
Minimum  
Property, Plant and Equipment [Line Items]  
Useful Life of Fixed Assets 3 years
Maximum  
Property, Plant and Equipment [Line Items]  
Useful Life of Fixed Assets 5 years
Going Concern (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Accumulated deficit $ (2,342,034)   $ (2,342,034)   $ (2,061,352)
Net loss $ (94,530) $ (202,398) $ (280,682) $ (300,674)  
Stockholders Deficit (Details Narrative) - $ / shares
Jun. 30, 2017
Dec. 31, 2016
Equity [Abstract]    
Common stock - par value $ 0.001 $ 0.001
Common stock - shares authorized 100,000,000 100,000,000
Common stock - shares issued 56,705,181 44,455,181
Preferred Stock, par value $ 0.001  
Preferred Stock, shares authorized 30,000  
Preferred Stock, shares issued 30,000  
Related Party Transactions - Related Party loans payable (Details) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Related Party Transactions [Abstract]    
Due to related parties $ 160,900 $ 160,900
Notes payable to related parties $ 30,500 $ 30,500
Notes Payable to Related Parties (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Debt Instrument [Line Items]      
Loans Payable- stockholders $ 162,900   $ 160,900
Note Payable to Related Parties [Member]      
Debt Instrument [Line Items]      
Date of note Dec. 29, 2014    
Promissory Note $ 35,000    
Interest $ 9,500    
Interest terms after maturity
$167 a day after maturity date
   
Notes payable - related party $ 30,500    
Interest Expense $ 15,130 $ 15,197  
Stock options 250,000    
Share price $ 0.25    
Fair value of option grant $ 0    
Convertible Notes - Stockholders (Details) - USD ($)
6 Months Ended 11 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Nov. 15, 2016
Debt Instrument [Line Items]      
Convertible shares     337,375
Convertible Note - September 14, 2015 [Member]      
Debt Instrument [Line Items]      
Issue date Sep. 14, 2015    
Issue amount $ 10,000    
Maturity date Mar. 12, 2016    
Convertible shares 125,000    
Convertible share price $ 0.08    
Beneficial Conversion Feature $ 1,250    
Interest expense $ 0 $ 521  
Convertible Note - September 18, 2015 [Member]      
Debt Instrument [Line Items]      
Issue date Sep. 18, 2015    
Issue amount $ 8,990    
Maturity date Mar. 16, 2016    
Convertible shares 112,375    
Convertible share price $ 0.08    
Beneficial Conversion Feature $ 2,248    
Interest expense $ 0 $ 937  
Convertible Note - October 14, 2015 [Member]      
Debt Instrument [Line Items]      
Issue date Dec. 14, 2015    
Issue amount $ 8,000    
Maturity date Apr. 11, 2016    
Convertible shares 80,000    
Convertible share price $ 0.1    
Subsequent Events (Details)
1 Months Ended
Aug. 01, 2017
USD ($)
shares
Subsequent Events [Abstract]  
Purchase price | $ $ 200,000
Shares issued for acquisition | shares 4,000,000