Cover
Cover - shares | 9 Months Ended | |
Oct. 31, 2020 | Nov. 03, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | XLR MEDICAL CORP. | |
Entity Central Index Key | 0001138608 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Oct. 31, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Entity Common Stock Shares Outstanding | 12,508,011 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Oct. 31, 2020 | Jan. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 0 | $ 0 |
TOTAL CURRENT ASSETS | 0 | 0 |
TOTAL OTHER ASSETS | 0 | 0 |
TOTAL ASSETS | 0 | 0 |
CURRENT LIABILTIES | ||
TOTAL CURRENT LIABILTIES | 0 | 0 |
TOTAL LIABILITIES | 0 | 0 |
COMMITMENTS AND CONTIGENCIES | 0 | 0 |
STOCKHOLDER'S EQUITY | ||
Common stock ($0.00001 par value; 950,000,000 shares authorized; 12,508,011 shares issued and outstanding at October 31, 2020 and January 31, 2020) | 125 | 125 |
Additional Paid in Capital | 2,691,399 | 2,679,899 |
Accumulated Deficit | (2,691,524) | (2,680,024) |
TOTAL STOCKHOLDER'S EQUITY (DEFICIT) | 0 | 0 |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY/(DEFICIT) | $ 0 | $ 0 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2020 | Jan. 31, 2020 |
STOCKHOLDER'S EQUITY | ||
Common stock, shares par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 950,000,000 | 950,000,000 |
Common stock, shares issued | 12,508,011 | 12,508,011 |
Common stock, shares outstanding | 12,508,011 | 12,508,011 |
STATEMENTS OF OPERATIONS (UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
STATEMENTS OF OPERATIONS (UNAUDITED) | ||||
Sales | $ 0 | $ 0 | $ 0 | $ 0 |
Total Revenue | 0 | 0 | 0 | 0 |
EXPENSES: | ||||
Selling, General and Administrative | 0 | 0 | 2,057 | 0 |
Professional Fees | 275 | 619 | 9,443 | 7,438 |
Total Expense | 275 | 619 | 11,500 | 7,438 |
Loss from operations | (275) | (619) | (11,500) | (7,438) |
OTHER INCOME/(EXPENSES): | ||||
Interest Expense | 0 | 0 | 0 | 0 |
Total Other Net Income/(Expense) | 0 | 0 | 0 | 0 |
Loss Before Income tax | (275) | (619) | (11,500) | (7,438) |
Provision for Income Taxes | 0 | 0 | 0 | 0 |
Net Income/(Loss) | $ (275) | $ (619) | $ (11,500) | $ (7,438) |
Weighted average common shares outstanding, basic and fully diluted | 12,508,011 | 12,508,011 | 12,508,011 | 12,508,011 |
Basic and fully diluted net loss per common share: | ||||
Net Income/(Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (11,500) | $ (7,438) |
Adjustments to reconcile net (loss) to net cash provided by (used in) operations: | ||
Changes in Assets and Liabilities: | 0 | 0 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (11,500) | (7,438) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 0 | 0 |
FINANCING ACTIVITIES | ||
Capital Contributions | 11,500 | 7,438 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 11,500 | 7,438 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, | ||
BEGINNING OF THE PERIOD | 0 | 0 |
END OF THE PERIOD | 0 | 0 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 0 | 0 |
Taxes | $ 0 | $ 0 |
Statements of Stockholders Defi
Statements of Stockholders Deficit (Unaudited) - USD ($) | Total | Common Stock | Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance, shares at Jan. 31, 2019 | 12,508,011 | |||
Balance, amount at Jan. 31, 2019 | $ 0 | $ 125 | $ 2,663,035 | $ (2,663,160) |
Capital Contributions by majority shareholder | 7,438 | 0 | 7,438 | 0 |
Net Income/(Loss) From Continuing Operations | (7,438) | $ 0 | 0 | (7,438) |
Balance, shares at Oct. 31, 2019 | 12,508,011 | |||
Balance, amount at Oct. 31, 2019 | 0 | $ 125 | 2,670,473 | (2,670,598) |
Balance, shares at Jan. 31, 2020 | 12,508,011 | |||
Balance, amount at Jan. 31, 2020 | 0 | $ 125 | 2,679,899 | (2,680,024) |
Capital Contributions by majority shareholder | 11,500 | 0 | 11,500 | 0 |
Net Income/(Loss) From Continuing Operations | (11,500) | $ 0 | 0 | (11,500) |
Balance, shares at Oct. 31, 2020 | 12,508,011 | |||
Balance, amount at Oct. 31, 2020 | $ 0 | $ 125 | $ 2,691,399 | $ (2,691,524) |
BUSINESS ACTIVITY
BUSINESS ACTIVITY | 9 Months Ended |
Oct. 31, 2020 | |
BUSINESS ACTIVITY | |
NOTE A - BUSINESS ACTIVITY | XLR Medical Corp. (the “Company”) was organized under the laws of the State of Nevada on February 2, 2001 under the name Relay Mines Limited—subsequently the name of the Company was changed to XLR Medical Corp. After the October 31, 2007 10-Q filing, the management of the Company abandoned the Company and it became a dormant company until 2018 when a new shareholder acquired stock to become the majority shareholder and owner of the Company. The Company’s fiscal year end is January 31 st |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Oct. 31, 2020 | |
GOING CONCERN | |
NOTE B - GOING CONCERN | The accompanying financial statements have been prepared on a going concern basis, which assumes the Company will realize its assets and discharge its liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company has a deficit accumulated of $2,691,524 and cash used in operations of $0 at October 31, 2020. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might arise because of this uncertainty. To address these aforementioned, management has undertaken the following initiatives: 1) enter into discussions to secure additional equity funding from current or new shareholders; 2) undertake a program to continue to monitor the Company’s ongoing working capital requirements and minimum expenditure commitments; 3) continue their focus on maintaining an appropriate level of corporate overhead in line with the Company’s available cash resources. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Oct. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation- The financial statements included herein were prepared under Generally Accepted Accounting Principles (GAAP). All adjustments have been made which in the opinion of management are necessary for presentation. Interim filings should be read in conjunction with the Company’s annual report as of January 31, 2020. Cash and Cash Equivalents Management’s Use of Estimates Emerging Growth Company Critical Accounting Policy Disclosure: We qualify as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. (See ASU 2014-09) Revenue Recognition- On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASC 606”), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new revenue standard replaces most existing revenue recognition guidance in GAAP and permits the use of either the full retrospective or modified retrospective transition method. The Company adopted this standard using the modified basis effective January 1, 2019 and given the Company’s limited revenue, the modified retrospective basis has no material impact on prior years given the limited revenue. Net Income per Common Share Deferred Taxes Fair Value of Financial Instruments Accounts Receivable Impairment of Long-Lived Assets Stock-Based Compensation Fair Value for Financial Assets and Financial Liabilities Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company’s note payable approximates the fair value of such instrument based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangement at October 31, 2020 and 2019. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at October 31, 2019, nor gains or losses are reported in the statement of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the periods ended October 31, 2020 and 2019. Recently Issued Accounting Pronouncements January 2019, the FASB issued ASU 2016-02, Leases (Topic 842) – ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize, in the statement of financial position, a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e. January 1, 2019, for a calendar year entity). Early application is permitted for all public business entities and all non-public business entities upon issuance. The adoption of this standard did not have a material impact on the Company’s financial position and results of operations. In December 2019, the FASB issued ASU No. 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the Company’s financial position, results of operations or cash flows. |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Oct. 31, 2020 | |
NOTE D - SEGMENT REPORTING | The Company follows the guidance set forth by section 280-10 of the FASB Accounting Standards Codification for reporting and disclosure on operating segments of the Company. It also requires segment disclosures about products and services, geographic areas, and major customers. The Company determined that it did not have any separately reportable operating segments as of October 31, 2020 and 2019. |
WRITE-OFF OF PAYABLES, RELATED
WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT | 9 Months Ended |
Oct. 31, 2020 | |
WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT | |
NOTE E - WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT | The last debts incurred by the Company was in 2007, 13 years ago. No new loans have been identified since the last filing and since the new owner has acquired the Company. The new management of the Company takes the position that the statute of limitations with respect to the Related Party Loans has expired and the lenders are barred from pursuing a claim against us for repayment of the amount loaned. Nevada law relating to the statute of limitations is found in Chapter 11 of the Nevada Revised Statutes (“NRS”), titled “Limitations of Actions” (https://www.leg.state.nv.us/NRS/NRS-011.html#NRS011Sec190). NRS 11.010 titled “Commencement of civil actions” provides that “Civil actions can only be commenced within the periods prescribed in this chapter, after the cause of action shall have accrued, except where a different limitation is prescribed by statute.” Given the foregoing, all existing liabilities would be time barred by the statute of limitations: Last 10-Q Last 10-K 10/31/07 1/31/07 Accounts payable 94,888 85,225 Accrued liabilities 25,347 18,935 Due to related parties 293,931 248,636 Loans payable 409,000 397,000 Total Liabilities 823,166 749,796 Therefore, the Company made the decision to write-off the Related Party Loans, Accrued Interest and Other Payables totaling $823,160 as of January 31, 2017. The debts were written off against Additional Paid in Capital—per ASC Section 470-50-40. ASC Section 470-50-40 (Debt Modification and Extinguishments), considers Related Party Transactions to be capital transactions and the extinguishment of the debt is in effect a capital transaction and it is not a gain or loss recognition event and should be excluded from the determination of net income. |
EQUITY
EQUITY | 9 Months Ended |
Oct. 31, 2020 | |
EQUITY | |
NOTE F - EQUITY | The Company is authorized to issue 950,000,000 Common Shares at $.00001 par value per share. On November 30, 2018, the Company’s board of directors and custodian appointed, Bryan Glass as the Company’s President, Secretary and Treasurer and authorized the issuance of 12,000,000 shares of stock to Mr. Glass for an aggregate price of $120. Total issued and outstanding shares as of October 31, 2020 is 12,508,011. To date, the majority shareholder, Bryan Glass contributed $38,364 for expenses and fees to reinstate the Company. This money is booked as a capital contribution. |
INCOME TAX
INCOME TAX | 9 Months Ended |
Oct. 31, 2020 | |
INCOME TAX | |
NOTE G - INCOME TAX | The Company provides for income taxes under (now included under Accounting Standards Codification (ASC), 740), Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. For Federal income tax purposes, the Company has net operating loss carry forwards that expire through 2030. The net operating loss carryforward as of October 31, 2020 is approximately $2,691,000 and as of October 31, 2019 is $2,680,000 approximately. The total deferred tax asset is approximately $565,100 and $562,800 for the quarters ended October 31, 2020 and 2019, respectively. No tax benefit has been reported in the financial statements because after evaluating our own potential tax uncertainties, the Company has determined that there are no material uncertain tax positions that have a greater than 50% likelihood of reversal if the Company were to be audited. The Company is not obligated to pay State Income Taxes because it is a Nevada corporation. |
MATERIAL EVENTS
MATERIAL EVENTS | 9 Months Ended |
Oct. 31, 2020 | |
MATERIAL EVENTS | |
NOTE H - MATERIAL EVENTS | In October 2007, prior management of the Company discontinued filing reports required under the Exchange Act, at which time current management considers the prior business of the Company to have been abandoned. In February 2009, the Company filed a Form 15 with the SEC terminating the registration of its class of common stock under Section 12(g) of the Exchange Act and its duty to file periodic and other reports with the SEC. Current management assumed control of the Company in November 2018. This Registration Statement is being filed to register the Company’s class of common stock under Section 12 of the Exchange Act on a voluntary basis. On November 29, 2018, the Eight Judicial District Court of Nevada entered an order appointing Bryan Glass as custodian of the Company, authorizing and directing him to, among other things, take any action reasonable, prudent and for the benefit of the Company, including reinstating the Company under Nevada law, appointing officers and convening an annual meeting of stockholders (the “Order”). On November 30, 2018, Bryan Glass, as custodian, appointed himself to serve as an interim director of the Company until the next meeting of stockholders, as permitted by the Order. Also, on November 30, 2018, the board of directors and the custodian appointed Bryan Glass as our President, Secretary and Treasurer and authorized the issuance of 12,000,000 shares of stock to Mr. Glass for an aggregate price of $120. On December 6, 2018, the Company filed a Certificate of Reinstatement with the state of Nevada to reestablish the Company’s existence. On January 16, 2019, the Company held a stockholders meeting at which Mr. Glass was elected as the sole director of the Company. As of the date of this Registration Statement, Mr. Glass serves as our only director and officer. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Oct. 31, 2020 | |
SUBSEQUENT EVENTS | |
NOTE I - SUBSEQUENT EVENTS | The Company has confirmed that no subsequent events have occurred since October 31, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Oct. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The financial statements included herein were prepared under Generally Accepted Accounting Principles (GAAP). All adjustments have been made which in the opinion of management are necessary for presentation. Interim filings should be read in conjunction with the Company’s annual report as of January 31, 2020. |
Cash and Cash Equivalents | For purposes of the Statement of Cash Flows, the Company considers liquid investments with an original maturity of three months or less to be cash equivalents. |
Management's Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The financial statements above reflect all of the costs of doing business. Emerging Growth Company Critical Accounting Policy Disclosure: We qualify as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. (See ASU 2014-09) |
Revenue Recognition | On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, Topic 606 (“ASC 606”), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new revenue standard replaces most existing revenue recognition guidance in GAAP and permits the use of either the full retrospective or modified retrospective transition method. The Company adopted this standard using the modified basis effective January 1, 2019 and given the Company's limited revenue, the modified retrospective basis has no material impact on prior years given the limited revenue. |
Net Income per Common Share | Net loss per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of October 31, 2020 and 2019. |
Deferred Taxes | The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. |
Fair Value of Financial Instruments | The carrying amounts reported in the balance sheet for cash, accounts receivable and payable approximate fair value based on the short-term maturity of these instruments. |
Accounts Receivable | Accounts deemed uncollectible are written off in the year they become uncollectible. As of October 31, 2020, and October 31, 2019, the balance in Accounts Receivable was $ 0 0 |
Impairment of Long-Lived Assets | The Company evaluates the recoverability of its fixed assets and other assets in accordance with section 360-10-15 of the FASB Accounting Standards Codification for disclosures about Impairment or Disposal of Long-Lived Assets. Disclosure requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows. If so, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. The Company adopted the statement on inception. No impairments of these types of assets were recognized during the quarters ended October 31, 2020 and 2019. |
Stock-Based Compensation | The Company accounts for stock-based compensation using the fair value method following the guidance set forth in section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Fair Value for Financial Assets and Financial Liabilities | The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company’s note payable approximates the fair value of such instrument based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangement at October 31, 2020 and 2019. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at October 31, 2019, nor gains or losses are reported in the statement of operations that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date for the periods ended October 31, 2020 and 2019. |
Recently Issued Accounting Pronouncements | January 2019, the FASB issued ASU 2016-02, Leases (Topic 842) – ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize, in the statement of financial position, a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (i.e. January 1, 2019, for a calendar year entity). Early application is permitted for all public business entities and all non-public business entities upon issuance. The adoption of this standard did not have a material impact on the Company’s financial position and results of operations. In December 2019, the FASB issued ASU No. 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Other pronouncements issued by the FASB or other authoritative accounting standards groups with future effective dates are either not applicable or are not expected to be significant to the Company’s financial position, results of operations or cash flows. |
WRITE-OFF OF PAYABLES, RELATE_2
WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT | |
Schedule of all existing liabilities | Last 10-Q Last 10-K 10/31/07 1/31/07 Accounts payable 94,888 85,225 Accrued liabilities 25,347 18,935 Due to related parties 293,931 248,636 Loans payable 409,000 397,000 Total Liabilities 823,166 749,796 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2019 |
GOING CONCERN | ||||
Accumulated Deficit | $ (2,691,524) | $ (2,680,024) | ||
Cash | $ 0 | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Account receivable | $ 0 | $ 0 |
WRITE-OFF OF PAYABLES, RELATE_3
WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT (Details) - USD ($) | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2007 | Jan. 31, 2007 |
WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT | ||||
Accounts payable | $ 94,888 | $ 85,225 | ||
Accrued liabilities | 25,347 | 18,935 | ||
Due to related parties | 293,931 | 248,636 | ||
Loans payable | 409,000 | 397,000 | ||
Total Liabilities | $ 0 | $ 0 | $ 823,166 | $ 749,796 |
WRITE-OFF OF PAYABLES, RELATE_4
WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT (Details Narrative) | Jan. 31, 2017USD ($) |
WRITE-OFF OF PAYABLES, RELATED PARTY TRANSACTIONS AND ACCRUED INTEREST OCCURRING PRIOR TO THE COMPANY ABANDONMENT | |
Write-off the Related Party Loans, Accrued Interest and Other Payables | $ 823,160 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 9 Months Ended | ||
Oct. 31, 2020 | Jan. 31, 2020 | Nov. 30, 2018 | |
Common stock, shares par value | $ 0.00001 | $ 0.00001 | |
Common stock, shares authorized | 950,000,000 | 950,000,000 | |
Common stock, shares issued | 12,508,011 | 12,508,011 | |
Common stock, shares outstanding | 12,508,011 | 12,508,011 | |
Common stock value | $ 125 | $ 125 | |
Mr. Glass [Member] | |||
Common stock, shares issued | 12,000,000 | ||
Capital Contributions by majority shareholder | $ 38,364 | ||
Common stock value | $ 120 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 9 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
INCOME TAX | ||
Net operating loss carryforward | $ (2,691,000) | $ (2,680,000) |
Deferred tax asset | $ 565,100 | $ 562,800 |
Net operating loss carry forward, expire year | The Company has net operating loss carry forwards that expire through 2030. |
MATERIAL EVENTS (Details Narrat
MATERIAL EVENTS (Details Narrative) - USD ($) | Oct. 31, 2020 | Jan. 31, 2020 | Nov. 30, 2018 |
Common stock value | $ 125 | $ 125 | |
Common stock, shares issued | 12,508,011 | 12,508,011 | |
Mr. Glass [Member] | |||
Common stock value | $ 120 | ||
Common stock, shares issued | 12,000,000 |