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1.Nature of Operations and Basis of Presentation
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3 Months Ended |
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Mar. 31, 2014
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
The company (the “Company”, “we”, “us”, “our”, “FreeButton”) was incorporated on November 27, 2006, under the name “Secured Window Blinds, Inc.”, under the laws of the State of Nevada and extra-provincially registered under the laws of the Province of Ontario on February 2, 2007. On September 28, 2012, the Company with the approval of a majority of the shareholders and directors changed its name from Secured Window Blinds, Inc. to FreeButton, Inc.
FreeButton has ceased the business of offering window blind system products and now operates sweepstakes websites featuring free giveaways of premier consumer products to users who participate in online games. The Company’s partner companies provide premier consumer products in various categories for free giveaway, such as sports, electronics, travel, gaming, style, bags, and in return, receive a series of benefits including product exposure, advertising space and sales leads. The Company also operates an ecommerce website where the users can purchase products of its partner companies.
Going concern
To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $562,770. As of March 31, 2014, the Company had a working capital deficit of $374,170. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of March 31, 2014 the Company had issued (i) 150,000,000 shares of its common stock to the Company’s founders at $0.0000667 per share for net proceeds of $10,000 to the Company, (ii) 9,300,000 shares of its common stock in private placement offerings at $0.001666 per share for net proceeds of $15,500, (iii) 100,000 shares of its common stock in private placement offerings at $0.25 per share for net proceeds of $25,000 to the Company and (iv) 500,000 shares of its common stock in private placement offerings at $0.25 per share for net proceeds of $125,000 to the Company. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |