| Note 2: Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of presentation The Company is in the process of evaluating
CaiE Food Partnership Ltd. (“CaiE”) as an ongoing business opportunity. The Company has minimal operating expenses.
Our fiscal year end is December 31. The Company’s accompanying condensed interim financial statements for the three and
nine months ended September 30, 2019 and 2018, have been prepared in accordance with accounting principles generally accepted
in the United States (“US GAAP”) for financial information including the instructions provided in Form 10-Q and Regulation
S-X. The condensed interim financial statements and notes that appear in this report should be read in conjunction with our audited
financial statements and related notes thereto, as discussed in the Management’s Discussion and Analysis of Financial Condition
and Results of Operations section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Our most recent
Annual Report was filed with the Securities and Exchange Commission (“SEC”) on April 15, 2019. Results are not necessarily
indicative of those which may be achieved in future periods. b) Estimates The preparation of financial statements in
conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. These estimates include the recognition
of deferred tax assets based on the change in unrecognized deductible temporary tax differences. c) Financial instruments The Company uses the following methods and
assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate such values: Cash - the carrying amount approximates fair
value because the amounts consist of cash held at a bank. Accounts payable and accrued liabilities, convertible
loan, loans payable and amounts due to related parties - the carrying amount approximates fair value due to the short-term nature
of the obligations. The estimated fair values of the Company's
financial instruments as of September 30, 2019 and December 31, 2018 are as follows:
September 30, 2019 December 31, 2018
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Cash $ 6,764 $ 6,764 $ 815 $ 815
Accounts payable and accrued liabilities 1,036,211 1,036,211 1,012,714 1,012,714
Convertible loan 106,091 106,091 62,741 62,741
Loans payable to stockholders 572,996 572,996 583,593 583,593
Loans payable to related party 129,841 129,841 129,231 129,231
Loans payable 84,361 84,361 47,330 47,330
Amounts due to related parties 502,132 502,132 491,171 491,171 The following table presents information about
the assets that are measured at fair value on a recurring basis as of September 30, 2019, and indicates the fair value hierarchy
of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs
utilize quoted prices (unadjusted) in active markets for identical assets. Fair values determined by Level 2 inputs utilize data
points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are
unobservable data points for the asset or liability, and included situations where there is little, if any, market activity for
the asset:
September 30, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)
Assets:
Cash $ 6,764 $ 6,764 $ — $ — The fair value of cash is determined through market, observable
and corroborated sources. d) Recent accounting pronouncements New and amended standards
adopted by the Company The following new and amended standards were
adopted by the Company for the first time in this reporting period. In February 2016, the Financial Accounting
Standards Board (FASB) issued Accounting Standards Update 2016-02, Leases (Topic 842). The standard requires the recognition of
lease assets and lease liabilities by lessees for those leases classified as operating leases. Leases will be classified as either
finance or operating, with classification affecting the pattern of expense recognition. The standard requires lessors to classify
leases as either sales-type, finance or operating. A sales-type lease occurs if the lessor transfers all the risks and rewards,
as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the
lease is treated as a financing lease. If the lessor does not convey risks and rewards or control, which results in an operating
lease. The standard became effective for the Company beginning January 1, 2019. The adoption of this standard did not have a material
impact on the Company’s results of operations, financial condition, cash flows, and financial statement disclosures. In July 2017, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Updates ASU 2017-11, requiring certain changes to the presentation and disclosures of
changes to liability or equity classification of financial instruments. The amendments are effective for public business entities
for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The adoption of this standard
did not have a material impact on the Company’s results of operations, financial condition, cash flows, and financial statement
disclosures. In June 2018, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Updates ASU 2018-07, requiring certain changes to nonemployee share-based payment accounting.
The amendments are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods
within those fiscal years. The adoption of this standard did not have a material impact on the Company’s results of operations,
financial condition, cash flows, and financial statement disclosures. New standards and interpretations not
yet adopted by the Company Several new standards and amendments to standards
and interpretations are effective for annual periods beginning after the closing date of this report and have not been applied
in preparing these condensed interim financial statements: In June 2016, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Updates ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement
of Credit Losses on Financial Instruments, requiring certain changes to the recognition and measurement as well as disclosure
of incurred and expected credit losses. The standard will become effective for the Company beginning January 1, 2020. The Company
is currently assessing the impact that the adoption of this standard will have on its results of operations, financial condition,
cash flows, and financial statement disclosures. In August 2018, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Updates ASU 2018-13 which changes the fair value measurement disclosure requirements of
ASC 820. The amendments in this ASU are the result of a broader disclosure project known as FASB Concepts Statement, Conceptual
Framework for Financial Reporting – Chapter 8: Notes to Financial Statements. The amendments are effective for public business
entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently
assessing the impact that the adoption of this standard will have on its results of operations, financial condition, cash flows,
and financial statement disclosures. |
