||ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:|
||Organization and Business:|
Accelerated Acquisitions XVII, Inc. (the Company) was incorporated in the state of Delaware on October 21, 2011 for
the purpose of raising capital that is intended to be used in connection with its business plan which may include a possible merger,
acquisition or other business combination with an operating business.
The Company is currently in the development stage. All activities of the Company to date relate to its organization, initial funding
and share issuances.
||Basis of Presentation:|
The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
The Company has been in the development stage since its formation on October 21, 2011. It has primarily engaged
in raising capital to carry out its business plan, as described above. The Company expects to continue to incur significant operating
losses and to generate negative cash flow from operating activities while it develops its operating plan. The Company's
ability to eliminate operating losses and to generate positive cash flows in the future will depend upon a variety of factors,
many of which it is unable to control. If the Company is unable to implement its business plan successfully, it may
not be able to eliminate operating losses, generate positive cash flow, or achieve or sustain profitability, which would materially
adversely affect its business, operations, and financial results, as well as its ability to make payments on any obligations it
||Cash and Cash Equivalents|
For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity
of three months or less to be cash equivalents. The Company had $56 cash at September 30, 2012.
||Loss Per Common Share|
Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period.
Diluted per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such
as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting
period. The Company has incurred a loss during the current period, therefore any potentially dilutive shares are excluded,
as they would be anti-dilutive. The Company does not have any potentially dilutive instruments for this reporting period.
||Fair Value of Financial Instruments|
The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair
value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring
basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized
and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy
that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements
involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability
to access at the measurement date.
2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
3 inputs are unobservable inputs for the asset or liability.
The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments.