Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | Ecomat Inc. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Trading Symbol | ecmt | |
Amendment Flag | false | |
Entity Central Index Key | 1,008,653 | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 16,836,750 | |
Entity Public Float | $ 11,902 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
ECOMAT, INC. - BALANCE SHEETS
ECOMAT, INC. - BALANCE SHEETS | Mar. 31, 2018USD ($) | Jun. 30, 2017USD ($) | |
Current assets: | |||
Cash | $ 0 | $ 0 | |
Total current assets | 0 | 0 | |
Total Assets | 0 | 0 | |
Current Liabilities: | |||
Accounts payable - trade | $ 950 | $ 0 | |
Advances from - related party | 11,503 | 7,053 | |
Accrued compensation - related party | 45,000 | 0 | |
Accrued interest - related party | 3,370 | 2,818 | |
Accrued interest | 186 | 0 | |
Convertible note | $ 37,500 | $ 0 | |
Total current liabilities | 98,509 | 9,871 | |
Total liabilities | 98,509 | 9,871 | |
Stockholders' deficit | |||
Preferred stock | [1] | ||
Common stock | [2] | 1,684 | 1,684 |
Additional paid in capital | 1,177 | 1,177 | |
Accumulated deficit | (101,370) | (12,732) | |
Total Stockholders' deficit | (98,509) | (9,871) | |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 0 | |
[1] | $0.0001 par value; 10,000,000 shares authorized; none issued | ||
[2] | $0.0001 par value; 100,000,000 shares authorized; 16,836,750 issued and outstanding at March 31, 2018 and June 30, 2017. |
ECOMAT, INC. - STATEMENTS OF OP
ECOMAT, INC. - STATEMENTS OF OPERATIONS - USD ($) | 6 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statements of Operations | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Costs and expenses: | ||||
General and administrative | 28,450 | 0 | 87,899 | 759 |
Total costs and expenses | 28,450 | 0 | 87,899 | 759 |
Other income and expenses | ||||
Interest expense | 316 | 0 | 739 | 111 |
Total other expenses | 316 | 0 | 739 | 111 |
Net loss | $ (28,766) | $ 0 | $ (88,638) | $ (870) |
Basic and diluted per share amounts: | ||||
Basic and diluted net income (loss) | $ 0 | $ 0 | $ (0.01) | $ 0 |
Weighted average shares outstanding | ||||
Basic and diluted | 16,836,750 | 16,836,750 | 16,836,750 | 16,836,750 |
ECOMAT, INC. - STATEMENTS OF CA
ECOMAT, INC. - STATEMENTS OF CASH FLOWS | 9 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Cash flows from operating activities: | ||
Net loss | (88,638) | (870) |
Changes in operating assets and liablities: | ||
Increase (decrease) in accounts payable and accrued liabilities | $ 46,688 | $ 0 |
Cash flows used by operating activities | (41,950) | (870) |
Cash flows from investing activities: | ||
Cash used in investing activities | $ 0 | $ 0 |
Cash flows from financing activities: | ||
Advances from related party | 4,450 | 870 |
Convertible note borrowings | 37,500 | 0 |
Cash provided by financing activities | $ 41,950 | $ 870 |
Change in cash | 0 | 0 |
Cash - beginning of period | 0 | 0 |
Cash - end of period | $ 0 | $ 0 |
Note 1. The Company and Signifi
Note 1. The Company and Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 1. The Company and Significant Accounting Policies | Note 1. The Company and Significant Accounting Policies Ecomat, Inc. (the "Company") was incorporated on December 14, 1995 pursuant to the laws of the State of Delaware. On February 9, 2007, the Company completed its change in domicile to Nevada. The Company used to operate a wet-cleaning process which was one of the first environmentally sound solution to current dry cleaning methods. Bankruptcy Proceedings On March 26, 1999, the Company filed a petition under Chapter 7 for liquidation of the Company's business. As a result of which all of its properties were transferred to a United States Trustee and the Company terminated all of its business operations. The Bankruptcy Trustee has disposed of all of the assets. On May 18, 2006, the Trustee for the Company and Park Avenue Group, Inc. entered into a contract that was subject to Bankruptcy Court approval for the sale of certain asset free and clear of all liens, claims and encumbrances, the asset being comprised of the corporate shell of the debtor, Ecomat, Inc. (the "Asset"). On June 14, 2006, the Bankruptcy Court granted an order approving the contract and finding that Park Avenue Group is a good faith purchaser within the meaning of 11 USC Section 363(m) of the Bankruptcy Code. Basis of Presentation: We adopted "fresh-start" accounting as of June 15, 2006 in accordance with procedures specified by AICPA Statement of Position ("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code. The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our June 30, 2017 audited financial statements and should be read in conjunction with the notes to financial statements which appear as part of those financial statements. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on going basis, we evaluate our estimates, including those related to intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions. In the opinion of Management, the information furnished in these interim financial statements reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three and nine-month periods ended March 31, 2018 and 2017. All such adjustments are of a normal recurring nature. The Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include some information and notes necessary to conform with annual reporting requirements. Recently Issued Accounting Pronouncements In August, 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). Effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. In May, 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. In April, 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
Note 2. Going Concern
Note 2. Going Concern | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 2. Going Concern | Note 2. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern The Company has incurred losses, has negative operational cash flows and has no revenues. The future of the Company is dependent upon Management success in its efforts and limited resources to pursue and effect a business combination. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty. |
Note 3. 'fresh Start' Accountin
Note 3. 'fresh Start' Accounting | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 3. 'fresh Start' Accounting | Note 3. "Fresh Start" Accounting On March 26, 1999, all assets were transferred to the Chapter 7 trustee in settlement of all outstanding corporate obligations. We adopted "fresh-start" accounting as of June 15, 2006 in accordance with procedures specified by AICPA Statement of Position ("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code." On May 18, 2006, the Trustee for the Company and Park Avenue Group, Inc. entered into a contract that was subject to Bankruptcy Court approval for the sale of certain asset free and clear of all liens, claims and encumbrances, the asset being comprised of the corporate shell of the debtor, Ecomat, Inc. (the "Asset"). On June 14, 2006, the Bankruptcy Court granted an order approving the contract and finding that Park Avenue Group is a good faith purchaser within the meaning of 11 USC Section 363(m) of the Bankruptcy Code. All results for periods including and subsequent to June 15, 2006 are referred to as those of the "Successor Company". In accordance with SOP No. 90-7, the reorganized value of the Company was allocated to the Company's assets based on procedures specified by FASB ASC 805, "Business Combinations". Each liability existing at the plan sale date, other than deferred taxes, was stated at the present value of the amounts to be paid at appropriate market rates. It was determined that the Company's reorganization value computed immediately before June 15, 2006 was $0. We adopted "fresh-start" accounting because holders of existing voting shares immediately before filing and confirmation of the sale received less than 50% of the voting shares of the emerging entity and its reorganization value is less than its post-petition liabilities and allowed claims. |
Note 4. Convertible Note
Note 4. Convertible Note | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 4. Convertible Note | Note 4. Convertible Note On July 8, 2017, we issued a convertible promissory note to Securities Compliance Corp., bearing interest at 1% per annum until paid or converted. Interest will be payable upon the maturity date at July 7, 2018. Under the term of the convertible note the Company can receive up to $50,000 in securities compliance services. As of March 31, 2018, Securities Compliance Corp. has provided services valued at $37,500 to the Company. The conversion price of the note is $0.008 per share. The closing price of the Company's common stock on July 7, 2017 was $0.007 per share. The notes represent the fair value of services provided without cost covering several years. On September 1, 2017, we entered into a Loan Agreement with Ivo Heiden, our sole officer and director, under which we receive funding for general operating expenses from time-to-time as needed by the Company. The Loan Agreement bears interest of 8% per annum and shall be due and payable on a date 366 days from the date of the loan. As of March 31, 2018, the outstanding balance on this loan was $11,503 with accrued interest of $3,370. In accordance with ASC # 815, Accounting for Derivative Instruments and Hedging Activities, we evaluated the note holder's non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the Convertible Note to determine whether the features qualify as an embedded derivative instrument at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments. |
Note 5. Related Party Transacti
Note 5. Related Party Transactions | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 5. Related Party Transactions | Note 5. Related Party Transactions Due to Related Parties: Amounts due to related parties consist of advances made by our CEO, accrued interest due to our CEO and accrued compensation due to our CEO. As of March 31, 2018 and June 30, 2017, our CEO has made advances of $11,503 and $7,053, respectively. As of March 31, 2017 and June 30, 2017, accrued interest due to our CEO was $3,370 and $2,818, respectively. As of March 31, 2018 and June 30, 2017, accrued compensation due to our CEO was $45,000 and $0, respectively. During the three months ended March 31, 2018 and 2017, the Company did not issue any shares of common stock. |
Note 6. Subsequent Events
Note 6. Subsequent Events | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 6. Subsequent Events | Note 6. Subsequent Events The Company had no subsequent events after March 31, 2018 to the date the financial statements were issued. |
Note 1. The Company and Signi11
Note 1. The Company and Significant Accounting Policies: Basis of Presentation (Policies) | 9 Months Ended |
Mar. 31, 2018 | |
Policies | |
Basis of Presentation: | Basis of Presentation: We adopted "fresh-start" accounting as of June 15, 2006 in accordance with procedures specified by AICPA Statement of Position ("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization under the Bankruptcy Code. The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our June 30, 2017 audited financial statements and should be read in conjunction with the notes to financial statements which appear as part of those financial statements. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on going basis, we evaluate our estimates, including those related to intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions. In the opinion of Management, the information furnished in these interim financial statements reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the three and nine-month periods ended March 31, 2018 and 2017. All such adjustments are of a normal recurring nature. The Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include some information and notes necessary to conform with annual reporting requirements. |
Note 1. The Company and Signi12
Note 1. The Company and Significant Accounting Policies: Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Mar. 31, 2018 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August, 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). Effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. In May, 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. In April, 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |