HK EBUS (HKEB) 10-Q 20 Oct 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Aug. 31, 2015	Oct. 19, 2015
Document and Entity Information:
EntityRegistrantName	HK EBUS Corp
EntityTradingSymbol	hkeb
DocumentType	10-Q
DocumentPeriodEndDate	Aug. 31, 2015
AmendmentFlag	false
EntityCentralIndexKey	1,350,421
CurrentFiscalYearEndDate	--05-31
EntityCommonStockSharesOutstanding		992,192
EntityFilerCategory	Smaller Reporting Company
EntityCurrentReportingStatus	Yes
EntityVoluntaryFilers	No
EntityWellKnownSeasonedIssuer	No
DocumentFiscalYearFocus	2,016
DocumentFiscalPeriodFocus	Q1

CONDENSED BALANCE SHEET

CONDENSED BALANCE SHEET - USD ($)	Aug. 31, 2015	May. 31, 2015
Current assets
Cash	$ 8,813	$ 2,972
Total assets	8,813	2,972
Current liabilities
Accounts payable	791	791
Due to related party	108,859	108,859
Total current liabilities	109,650	109,650
Non-Current Liabilities
Due to related party, net of current portion	40,000	30,000
Total liabilities	149,650	139,650
Stockholders' deficit
Preferred stock, $.00001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of August 31, 2015 and May 31, 2015	0	0
Common stock, $.00001 par value; 300,000,000 shares authorized, 992,192 shares issued and outstanding as of August 31, 2015 and May 31, 2015	991	991
Additional paid-in capital	7,043,222	7,043,222
Accumulated deficit	(7,185,050)	(7,180,891)
Total stockholders' deficit	(140,838)	(136,679)
Total liabilities and stockholders' deficit	$ 8,813	$ 2,972

CONDENSED BALANCE SHEET PARENTH

CONDENSED BALANCE SHEET PARENTHETICALS - $ / shares	Aug. 31, 2015	May. 31, 2015
Parentheticals
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, par value	$ 0.00001	$ 0.00001
Common Stock, shares authorized	300,000,000	300,000,000
Common Stock, shares issued	992,192	992,192
Common Stock, shares outstanding	992,192	992,192

CONDENSED STATEMENT OF OPERATIO

CONDENSED STATEMENT OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
REVENUES
Revenue	$ 0	$ 0
Operating Expenses
General and administrative	4,159	3,739
Total operating expenses	4,159	3,739
Loss from operations	(4,159)	(3,739)
Net loss	$ (4,159)	$ (3,739)
Basic and diluted loss per common share:	$ 0	$ 0
Weighted average number of shares outstanding	992,192	992,192

CONDENSED STATEMENT OF CASH FLO

CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Operating Activities
Net Loss	$ (4,159)	$ (3,739)
Changes to operating assets and liabilities:
Accounts payable	0	0
Due to related party	10,000	10,000
Accrued interest	0	0
Net cash provided by (used in) operating activities	5,841	6,261
Net increase in cash	5,841	6,261
Cash at the beginning of period	2,972	6,707
Cash at the end of period	8,813	12,968
Supplemental disclosures of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Aug. 31, 2015
ORGANIZATION AND NATURE OF OPERATIONS:
ORGANIZATION, BUSINESS AND OPERATIONS	NOTE 1. ORGANIZATION AND NATURE OF OPERATIONS HK eBus Corporation, formerly known as Rambo Medical Group, Inc., was incorporated in the State of Nevada on November 18, 2005. On October 14, 2009, the Company filed a Certificate of Amendment to its Articles of Incorporation to increase the number of authorized shares of common stock from 100,000,000 to 300,000,000 and to change its name from Cobra Oil and Gas Company to Viper Resources, Inc. The Company was formed to engage in identifying, investigating, exploring and, where determined advantageous, developing, mining, refining and marketing oil and gas. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company. On April 25, 2011, the Company’s previous management was replaced in its entirety. In May 2012, the Company’s management determined to discontinue its oil and gas operations and attempt to acquire other assets or business operations that will maximize shareholder value.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Aug. 31, 2015
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying financial statements. These financial statements and notes are representations of the Company’s management who are responsible for the integrity and objectivity thereof. The Company has not realized significant revenues from its planned principal business purpose and is considered to be in its development state in accordance with ASC 915, “Development Stage Entities”, formerly known as SFAS 7, “Accounting and Reporting by Development State Enterprises.” Basis of Presentation Our financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect, among other areas, the reported amounts of trade receivable reserves and inventory reserves, impairment of long-lived assets and recoverability of deferred tax assets. These estimates and assumptions also impact revenue, expenses and the disclosures in our financial statements and accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Development Stage The Company is currently in the development stage and has no significant operations. On August 9, 2013, the Company effected a 1-for-100 reverse split of its outstanding common stock. The accompanying financial statements and notes to the financial statements give retroactive effect to the reverse stock split for all periods presented. Fair Value Measurements In January 2010, the FASB ASC Topic 825, Financial Instruments Fair Value Measurements and Disclosures, Various inputs are considered when determining the value of the Company’s investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. · Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets. · Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.). · Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments). The Company’s adoption of FASB ASC Topic 825 effectively at the inception did not have a material impact on the Company’s financial statements. The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company does not have financial assets as an investment carried at fair value on a recurring basis as of August 31, 2015 and 2014. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of August 31, 2015 and 2014, the Company had assets and liabilities in cash, property and equipment that were fully depreciated, and various payables. Management believes that they are being presented at their fair market value. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company is subject to uncertainty of future events, economic, environmental and political factors and changes in the Company's business environment; therefore, actual results could differ from these estimates. Accordingly, accounting estimates used in the preparation of the Company's financial statements will change as new events occur and that more experience is acquired, as additional information is obtained and as the Company's operating environment changes. Changes are made in estimates as circumstances warrant. Such changes in estimates and refinement of estimation methodologies are reflected in the statements. Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments with maturities of less than three months when acquired. The Company had $2,972 and $6,707 in cash as of May 31, 2015 and 2014, respectively. Accounts Payable Services and goods received from vendors and billed but not yet paid are recorded as accounts payable in periods when the services and goods were received. As of August 31, 2015, $791 was recorded as accounts payable. The balance of accounts payable was $791 and $791 as of August 31, 2015 and 2014, respectively.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Aug. 31, 2015
GOING CONCERN
GOING CONCERN	NOTE 3. GOING CONCERN Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its planned business. Management has plans to seek additional capital through a public or private offering of equity or debt securities, or by other means. 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. There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from the operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company's existing stockholders. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might necessary in the event the Company cannot continue in existence.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Aug. 31, 2015
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 4. RELATED PARTY TRANSACTIONS On November 4, 2013, the company took a loan from American Compass Inc. (“ACI”), in the amount of $10,000. This is a no interest bearing and unsecured loan due on November 4, 2015. On November 19, 2014, the Company accepted another loan from ACI in the amount of $10,000. This is a non-interest bearing and unsecured loan due on November 19, 2016. On June 24, the Company accepted another loan from ACI in the amount of $10,000. This is a non-interest bearing and unsecured loan due on June 24, 2017. As of August 31, 2015, the total balance of loan from ACI is $148,859. August 31, 2014 Current $ 108,859 2016 30,000 2017 10,000 $ 148,859

COMMON STOCK

COMMON STOCK	3 Months Ended
	Aug. 31, 2015
COMMON STOCK
COMMON STOCK	NOTE 5. COMMON STOCK The Company is authorized to issue 100,000,000 shares of preferred stock with a par value of $.00001 per share. The Company is also authorized to issue 300,000,000 shares of common stock with a par value of $.00001 per share. On May 6, 2008, the Company effected a forward split of 35-for-1 share of common stock. On July 20, 2010, the Company issued 50,000 shares of common stock to investors at a price of $2 per unit for a total of $100,000. The Company had issued a total of 0.15 million shares of common stock to compensate its officers during the fiscal year of 2012. In order to seek alternative avenues for business development, potential business combinations and stock offerings, the shareholders of Viper Resource Inc. approved to a 1-for-100 reverse stock split and changed the name of the Company to Rambo Medical Group Inc. on August 8, 2013. There were 992,192 and 992,192 shares issued and outstanding as of August 31, 2015 and August 31, 2014 respectively.

OFFICE LEASE

OFFICE LEASE	3 Months Ended
	Aug. 31, 2015
OFFICE LEASE
OFFICE LEASE	NOTE 6. OFFICE LEASE As of May 2011, the company holds no lease agreement. The Company uses an office at a location provided by one of its officers rent-free.

WARRANTS

WARRANTS	3 Months Ended
	Aug. 31, 2015
WARRANTS:
WARRANTS	NOTE 7. WARRANTS As of May 31, 2008, the Company had 10,000 common stock purchase warrants outstanding, originally sold as part of a unit, allowing the holder to purchase one share of common stock at an exercise price of $40, anytime through May 15, 2011. In fiscal year 2009, the Company sold 10,000 units to an investor for cash at $25 per unit, or an aggregate of $250,000. Each unit consists of one share of common stock, and one warrant to purchase one share of common stock at an exercise price of $40, anytime through June 9, 2011. As of May 31, 2009, none of the warrants had been exercised, leaving a year-end balance of 20,000 warrants. The entire value of the units of $250,000 was assigned to the common stock as the warrants are non-detachable. During fiscal year 2010, the Company sold 20,252 units to investors for cash at prices ranging from $17 - $100 per unit, or an aggregate of $1,250,000. Each unit consists of one share of common stock, and one warrant to purchase one share of common stock at exercise prices ranging from of $20 - $125, anytime through expiration dates from June 2012 through February 2013. The entire value of the units was assigned to the common stock as the warrants are non-detachable. At May 31, 2010, none of the warrants had been exercised or had expired, leaving a year-end balance of 40,252 warrants. During the year ended May 31, 2011, the Company sold 50,000 units to investors at a price of $2 per unit for a total of $100,000. Each unit consists of one share of common stock, and one warrant to purchase one share of common stock at an exercise price of $2.5, anytime through expiration date of July 2013. The entire value of the units was assigned to the common stock as the warrants are non-detachable. As of May 31, 2011, none of the warrants have been exercised. During the fiscal year of 2011, 10,000 warrants expired, leaving a year-end balance of 80,252 warrants. During the year ended May 31, 2012, 10,000 warrants expired, leaving a year-end balance of 70,252 warrants. During the year ended May 31. 2013, 20,252 warrants expired, leaving a year-end balance of 50,000 warrants. During the year ended May 31, 2014, 50,000 warrants expired, leaving no warrants currently outstanding. As of August 31, 2015, there are no warrants outstanding.

Subsequent Events

Subsequent Events	3 Months Ended
	Aug. 31, 2015
Subsequent Events:
Subsequent Events	NOTE 8 - SUBSEQUENT EVENTS The Company does not have any subsequent events to report as of October 20, 2015.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Aug. 31, 2015
Accounting Policies:
Basis of Presentation	Basis of Presentation Our financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of our financial statements requires us to make estimates and assumptions that affect, among other areas, the reported amounts of trade receivable reserves and inventory reserves, impairment of long-lived assets and recoverability of deferred tax assets. These estimates and assumptions also impact revenue, expenses and the disclosures in our financial statements and accompanying notes. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions.
Development Stage	Development Stage The Company is currently in the development stage and has no significant operations. On August 9, 2013, the Company effected a 1-for-100 reverse split of its outstanding common stock. The accompanying financial statements and notes to the financial statements give retroactive effect to the reverse stock split for all periods presented.
Fair Value Measurements	Fair Value Measurements In January 2010, the FASB ASC Topic 825, Financial Instruments Fair Value Measurements and Disclosures, Various inputs are considered when determining the value of the Company’s investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. · Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets. · Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.). · Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments). The Company’s adoption of FASB ASC Topic 825 effectively at the inception did not have a material impact on the Company’s financial statements. The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company does not have financial assets as an investment carried at fair value on a recurring basis as of August 31, 2015 and 2014. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. As of August 31, 2015 and 2014, the Company had assets and liabilities in cash, property and equipment that were fully depreciated, and various payables. Management believes that they are being presented at their fair market value.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company is subject to uncertainty of future events, economic, environmental and political factors and changes in the Company's business environment; therefore, actual results could differ from these estimates. Accordingly, accounting estimates used in the preparation of the Company's financial statements will change as new events occur and that more experience is acquired, as additional information is obtained and as the Company's operating environment changes. Changes are made in estimates as circumstances warrant. Such changes in estimates and refinement of estimation methodologies are reflected in the statements.
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments with maturities of less than three months when acquired. The Company had $2,972 and $6,707 in cash as of May 31, 2015 and 2014, respectively.
Accounts Payable, Policy	Accounts Payable Services and goods received from vendors and billed but not yet paid are recorded as accounts payable in periods when the services and goods were received. As of August 31, 2015, $791 was recorded as accounts payable. The balance of accounts payable was $791 and $791 as of August 31, 2015 and 2014, respectively.

SCHEDULE OF RELATED PARTY TRANS

SCHEDULE OF RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Aug. 31, 2015
SCHEDULE OF RELATED PARTY TRANSACTIONS
SCHEDULE OF RELATED PARTY TRANSACTIONS	As of August 31, 2015, the total balance of loan from ACI is $148,859. August 31, 2014 Current $ 108,859 2016 30,000 2017 10,000 $ 148,859

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($)	May. 31, 2015	May. 31, 2014
CASH AND CASH EQUIVALENTS DETAILS
Cash	$ 2,972	$ 6,707

ACCOUNTS PAYABLE (Details)

ACCOUNTS PAYABLE (Details) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
ACCOUNTS PAYABLE DETAILS
Accounts payable recorded	$ 791	$ 791

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Aug. 31, 2015	Jun. 24, 2015	Nov. 19, 2014	Nov. 04, 2013
RELATED PARTY TRANSACTIONS DETAILS
Accepted another loan from American Compass Inc		$ 10,000	$ 10,000	$ 10,000
Balance of the loans from ACI Current	$ 108,859
Balance of the loans from ACI 2016	30,000
Balance of the loans from ACI 2017	10,000
Total balance of the loans from ACI	$ 148,859

COMMON STOCK TRANSACTIONS (Deta

COMMON STOCK TRANSACTIONS (Details)	Aug. 31, 2015$ / sharesshares	Aug. 31, 2014shares	Aug. 08, 2013	Dec. 31, 2012shares	Jul. 20, 2010USD ($)$ / sharesshares	May. 06, 2008shares
COMMON STOCK TRANSACTIONS DETAILS
Preferred stock shares issued	100,000,000
Preferred stock shares par value | $ / shares	$ 0.00001
Common stock issued shares	300,000,000
Common stock shares par value | $ / shares	$ 0.00001
Company effected a forward split for 1						35
Issued shares of common stock to investors					50,000
Issued shares of common stock to investors, price per unit | $ / shares					$ 2
Issued shares of common stock to investors, value | $					$ 100,000
Issued a total shares of common stock to compensate its officers				150,000
Company effected a reverse split for 1			100
Shares issued and outstanding	992,192	992,192				992,192

WARRANTS OUTSTANDING (Details)

WARRANTS OUTSTANDING (Details) - USD ($)	12 Months Ended
	May. 31, 2011	May. 31, 2010	May. 31, 2009	May. 31, 2014	May. 31, 2013	May. 31, 2012	May. 31, 2008
WARRANTS OUTSTANDING DETAILS
Number of common stock purchase warrants outstanding							10,000
Exercise price of Warrants	$ 2.50		$ 40
Number of units sold to an investor for cash	50,000	20,252	10,000
Price per unit sold	$ 2		$ 25
Value of units sold		$ 1,250,000	$ 250,000
Amount assigned to the common stock as the warrants are non-detachable.			$ 250,000
Year-end balance of warrants				0	50,000	70,252
Warrants expired during the period				50,000	20,252	10,000
Common stock exercise prices minimum range		$ 20
Common stock exercise prices maximum range		125
Minimum range per unit sold to investors for cash		17
Maximum range per unit sold to investors for cash		$ 100
Warrants at the end of period	80,252	40,252	20,000