Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Nov. 26, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Rosewind CORP | ' |
Entity Central Index Key | '0001385818 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Aug-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 4,917,402 |
Entity Public Float | ' | $1,104,860 |
Document Fiscal Period Focus | 'FY | ' |
Document Fiscal Year Focus | '2013 | ' |
Balance_Sheets
Balance Sheets (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Assets | ' | ' |
Cash | $1,862 | $109 |
Prepaid asset | ' | 77 |
Total current assets | 1,862 | 186 |
Property and equipment, net | 7,519 | 12,461 |
Other Assets: | ' | ' |
Security deposit | 288 | ' |
Total assets | 9,669 | 12,647 |
Liabilities and Shareholders' Equity (Deficit) | ' | ' |
Accounts payable | 6,842 | 5,843 |
Accrued liabilities | 800 | ' |
Accrued interest payable, related party | 13,373 | 8,469 |
Loans payable to related party | 99,510 | 68,053 |
Total current liabilities | 120,525 | 82,365 |
Shareholders' equity (deficit): | ' | ' |
Preferred stock, no par value; 5,000,000 shares authorized, no shares issued and outstanding | ' | ' |
Common stock, no par value; 300,000,000 shares authorized, 4,897,402 and 4,856,068 shares issued and outstanding, respectively | 414,027 | 407,027 |
Common stock subscription | 3,000 | ' |
Additional paid-in capital | 40,821 | 34,641 |
Accumulated deficit | -500 | -500 |
Deficit accumulated during development stage | -568,204 | -510,886 |
Total shareholders' equity (deficit) | -110,856 | -69,718 |
Total liabilities and shareholders' equity (deficit) | $9,669 | $12,647 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Stockholders equity: | ' | ' |
Preferred stock, par value | $0 | $0 |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0 | $0 |
Common stock, authorized shares | 300,000,000 | 300,000,000 |
Common stock, issued shares | 4,897,402 | 4,856,068 |
Common stock, outstanding shares | 4,897,402 | 4,856,068 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 102 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Income Statement | ' | ' | ' |
Revenue | $1,750 | $1,750 | $5,250 |
Operating expenses: | ' | ' | ' |
Professional fees | 18,080 | 17,186 | 170,679 |
Contributed services, related party | 6,180 | 7,340 | 36,331 |
General and administrative | 29,904 | 33,580 | 341,522 |
Total operating expenses | 54,164 | 58,106 | 548,532 |
Loss from operations | -52,414 | -56,356 | -543,282 |
Other income | ' | ' | 274 |
Interest expense | -4,904 | -3,319 | -25,196 |
Total other expenses | -4,904 | -3,319 | -24,922 |
Net loss | ($57,318) | ($59,675) | ($568,204) |
Basic and diluted loss per share | ($0.01) | ($0.01) | ' |
Basic and diluted weighted average common shares outstanding | 4,884,500 | 4,811,502 | ' |
Statement_of_Changes_in_Shareh
Statement of Changes in Shareholders' Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Common Stock Subscription | Accumulated Deficit | Deficit Accumulated During Development Stage | Total |
Beginning Balance - Amount at Feb. 28, 2005 | $500 | $100 | ' | ' | ($500) | ' | $100 |
Beginning Balance - Shares at Feb. 28, 2005 | 100,000 | ' | ' | ' | ' | ' | ' |
Common stock issued in exchange for a Sailing vessel, Shares | 1,150,000 | ' | ' | ' | ' | ' | ' |
Common stock issued in exchange for a Sailing vessel, Amount | 39,000 | ' | ' | ' | ' | ' | 39,000 |
Net loss | ' | ' | ' | ' | ' | -18,677 | -18,677 |
Ending Balance, Amount at Aug. 31, 2005 | 39,500 | 100 | ' | ' | -500 | -18,677 | 20,423 |
Ending Balance, Shares at Aug. 31, 2005 | 1,250,000 | ' | ' | ' | ' | ' | ' |
Common stock issued for services, Shares | 700,000 | ' | ' | ' | ' | ' | ' |
Common stock issued for services, Amount | 28,000 | ' | ' | ' | ' | ' | 28,000 |
Common stock issued for services to a related party, Shares | 700,000 | ' | ' | ' | ' | ' | ' |
Common stock issued for services to a related party, Amount | 28,000 | ' | ' | ' | ' | ' | 28,000 |
Various common stock issuances for cash, Shares | 500,000 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Amount | 50,000 | ' | ' | ' | ' | ' | 50,000 |
Contributed capital | ' | 1,965 | ' | ' | ' | ' | 1,965 |
Net loss | ' | ' | ' | ' | ' | -70,441 | -70,441 |
Ending Balance, Amount at Aug. 31, 2006 | 145,500 | 2,065 | ' | ' | -500 | -89,118 | 57,947 |
Ending Balance, Shares at Aug. 31, 2006 | 3,150,000 | ' | ' | ' | ' | ' | ' |
Contributed capital | ' | 925 | ' | ' | ' | ' | 925 |
Office space contributed by an officer | ' | 1,200 | ' | ' | ' | ' | 1,200 |
Services contributed by an officer | ' | 7,271 | ' | ' | ' | ' | 7,271 |
Foreign currency exchange gain/loss | ' | ' | 417 | ' | ' | ' | 417 |
Net loss | ' | ' | ' | ' | ' | -48,954 | -48,954 |
Ending Balance, Amount at Aug. 31, 2007 | 145,500 | 11,461 | 417 | ' | -500 | -138,072 | 18,806 |
Beginning Balance - Shares at Aug. 31, 2007 | 3,150,000 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Shares | 239,000 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Amount | 59,750 | ' | ' | ' | ' | ' | 59,750 |
Contributed capital | ' | 669 | ' | ' | ' | ' | 669 |
Office space contributed by an officer | ' | 1,200 | ' | ' | ' | ' | 1,200 |
Services contributed by an officer | ' | 2,674 | ' | ' | ' | ' | 2,674 |
Foreign currency exchange gain/loss | ' | ' | 32 | ' | ' | ' | 32 |
Net loss | ' | ' | ' | ' | ' | -57,173 | -57,173 |
Ending Balance, Amount at Aug. 31, 2008 | 205,250 | 16,004 | 449 | ' | -500 | -195,245 | 25,958 |
Ending Balance, Shares at Aug. 31, 2008 | 3,389,000 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Shares | 80,500 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Amount | 16,100 | ' | ' | ' | ' | ' | 16,100 |
Contributed capital | ' | 1,757 | ' | ' | ' | ' | 1,757 |
Office space contributed by an officer | ' | 1,200 | ' | ' | ' | ' | 1,200 |
Services contributed by an officer | ' | 1,510 | ' | ' | ' | ' | 1,510 |
Foreign currency exchange gain/loss | ' | ' | -1,214 | ' | ' | ' | -1,214 |
Net loss | ' | ' | ' | ' | ' | -58,894 | -58,894 |
Ending Balance, Amount at Aug. 31, 2009 | 221,350 | 20,471 | -765 | ' | -500 | -254,139 | -13,583 |
Ending Balance, Shares at Aug. 31, 2009 | 3,469,500 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Shares | 77,834 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Amount | 13,900 | ' | ' | ' | ' | ' | 13,900 |
Office space contributed by an officer | ' | 1,200 | ' | ' | ' | ' | 1,200 |
Services contributed by an officer | ' | 1,380 | ' | ' | ' | ' | 1,380 |
Foreign currency exchange gain/loss | ' | ' | 765 | ' | ' | ' | 765 |
Common Stock Subscribed, Amount | ' | ' | ' | 1,000 | ' | ' | 1,000 |
Net loss | ' | ' | ' | ' | ' | -60,270 | -60,270 |
Ending Balance, Amount at Aug. 31, 2010 | 235,250 | 23,051 | ' | 1,000 | -500 | -314,409 | -55,608 |
Ending Balance, Shares at Aug. 31, 2010 | 3,547,334 | ' | ' | ' | ' | ' | ' |
Common stock issued for services, Shares | 150,000 | ' | ' | ' | ' | ' | ' |
Common stock issued for services, Amount | 22,500 | ' | ' | ' | ' | ' | 22,500 |
Common stock issued for services to a related party, Shares | 250,000 | ' | ' | ' | ' | ' | ' |
Common stock issued for services to a related party, Amount | 37,500 | ' | ' | ' | ' | ' | 37,500 |
Various common stock issuances for cash, Shares | 290,003 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Amount | 43,500 | ' | ' | ' | ' | ' | 43,500 |
Office space contributed by an officer | ' | 1,200 | ' | ' | ' | ' | 1,200 |
Services contributed by an officer | ' | 3,050 | ' | ' | ' | ' | 3,050 |
Common Stock Subscribed, Shares | 6,667 | ' | ' | ' | ' | ' | ' |
Common Stock Subscribed, Amount | 1,000 | ' | ' | -1,000 | ' | ' | ' |
Conversion of related party note into common stock, Shares | 490,654 | ' | ' | ' | ' | ' | ' |
Conversion of related party note into common stock, Amount | 49,065 | ' | ' | ' | ' | ' | 49,065 |
Net loss | ' | ' | ' | ' | ' | -136,802 | -136,802 |
Ending Balance, Amount at Aug. 31, 2011 | 388,815 | 27,301 | ' | ' | -500 | -451,211 | -35,595 |
Ending Balance, Shares at Aug. 31, 2011 | 4,734,658 | ' | ' | ' | ' | ' | ' |
Common stock issued for services, Shares | ' | ' | ' | ' | ' | ' | ' |
Common stock issued for services, Amount | ' | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Shares | 121,410 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Amount | 18,212 | ' | ' | -1,500 | ' | ' | ' |
Office space contributed by an officer | ' | 1,200 | ' | ' | ' | ' | ' |
Services contributed by an officer | ' | 6,140 | ' | ' | ' | ' | ' |
Common Stock Subscribed, Shares | ' | ' | ' | 1,500 | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | -59,675 | -59,675 |
Ending Balance, Amount at Aug. 31, 2012 | 407,027 | 34,641 | ' | ' | -500 | -510,886 | -69,718 |
Ending Balance, Shares at Aug. 31, 2012 | 4,856,068 | ' | ' | ' | ' | ' | ' |
Common stock issued for services, Shares | 8,000 | ' | ' | ' | ' | ' | 8,000 |
Common stock issued for services, Amount | 2,000 | ' | ' | ' | ' | ' | 2,000 |
Various common stock issuances for cash, Shares | 33,334 | ' | ' | ' | ' | ' | ' |
Various common stock issuances for cash, Amount | 5,000 | ' | ' | ' | ' | ' | 5,000 |
Office space contributed by an officer | ' | 1,200 | ' | ' | ' | ' | 1,200 |
Services contributed by an officer | ' | 4,980 | ' | ' | ' | ' | 4,980 |
Common Stock Subscribed, Shares | ' | ' | ' | 3,000 | ' | ' | 3,000 |
Net loss | ' | ' | ' | ' | ' | -57,318 | -57,318 |
Ending Balance, Amount at Aug. 31, 2013 | 414,027 | 40,821 | ' | 3,000 | -500 | -568,204 | -110,856 |
Ending Balance, Shares at Aug. 31, 2013 | 4,897,402 | ' | ' | ' | ' | ' | ' |
Common Stock Subscribed, Shares | 20,000 | ' | ' | ' | ' | ' | ' |
Common Stock Subscribed, Amount | $3,000 | ' | ' | $3,000 | ' | ' | ' |
Ending Balance, Amount at Nov. 30, 2013 | ' | ' | ' | ' | ' | ' | ' |
Statement_of_Changes_in_Shareh1
Statement of Changes in Shareholders' Equity (Parenthetical) (USD $) | Jun. 24, 2013 | Oct. 23, 2012 | Sep. 28, 2012 | 7-May-12 | Apr. 17, 2012 | Mar. 05, 2012 | Jan. 27, 2012 | Sep. 28, 2011 | Aug. 31, 2011 | Aug. 04, 2011 | Aug. 03, 2011 | Dec. 10, 2010 | Aug. 31, 2010 | Jul. 24, 2010 | Aug. 31, 2009 | Nov. 16, 2007 | Aug. 31, 2006 | Sep. 20, 2005 | Mar. 04, 2005 |
Statement of Stockholders Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share value of common stock issued in exchange for a Sailing Vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 |
Per share value of common stock issued for services | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 | ' | ' | ' | ' | ' | ' | ' | $0.04 | ' |
Per share value of common stock issued for services to a related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 | ' | ' | ' | ' | ' | ' | $0.04 | ' |
Per share value of various common stock issuances for cash | ' | ' | ' | ' | ' | ' | ' | ' | $0.15 | ' | ' | ' | $0.20 | ' | $0.20 | ' | $0.10 | ' | ' |
Per share value of common stock issued for cash | ' | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | $0.15 | ' | ' | ' | ' | ' | $0.15 | ' | $0.25 | ' | ' | ' |
Per share value of conversion of related party note into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 102 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($57,318) | ($59,675) | ($568,204) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' | ' |
Depreciation expense | 4,942 | 6,150 | 58,352 |
Contributed capital to fund expenses | 6,180 | 7,340 | 40,721 |
Common stock issued for services | 2,000 | ' | 118,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in prepaid services | 77 | 157 | ' |
(Increase) decrease in security deposits | -288 | ' | -288 |
Increase (decrease) in accounts payable and accrued liabilities | 6,703 | 8,179 | 27,929 |
Net cash used in operating activities | -37,704 | -37,849 | -323,490 |
Cash flows from investing activities: | ' | ' | ' |
Cash paid for fixed assets | ' | ' | -26,870 |
Net cash used in investing activities | ' | ' | -26,870 |
Cash flows from financing activities: | ' | ' | ' |
Common stock issued for cash | 5,000 | 18,212 | 207,462 |
Proceeds from related party loans | 31,457 | 16,753 | 154,660 |
Common stock subscription | 3,000 | ' | 3,000 |
Payments on related party loans | ' | -1,000 | -13,000 |
Net cash provided by financing activities | 39,457 | 33,965 | 352,122 |
Net change in cash | 1,753 | -3,884 | 1,762 |
Cash, beginning of period | 109 | 3,993 | 100 |
Cash, end of period | 1,862 | 109 | 1,862 |
Supplemental disclosure cash flow information: | ' | ' | ' |
Cash paid during the period for Income taxes | ' | ' | ' |
Cash paid during the period for Interest | ' | $653 | $4,907 |
1_ORGANIZATION_AND_SUMMARY_OF_
1 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
1 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
a. Organization | |||||||||
Rosewind Corporation (the “Company”) was initially incorporated on August 9, 2002 in the State of Colorado. On August 13, 2005, the Company issued its sole officer and director 100,000 shares of its no par common stock as payment for $500 in fees and expenses incurred as part of organizing the Company. During October 2002, the sole officer and director contributed $100 to the Company in order to open a bank account in the Company’s name. Following the cash contribution, the Company remained inactive through June 1, 2004 when the corporation was dissolved. | |||||||||
In March 2005, the sole officer and director decided to reinstate the Company and develop an offshore sailing school near the Australian Great Barrier Reef. Although the Company was officially reinstated with the State of Colorado on April 21, 2005, the accompanying financial statements report March 1, 2005 as the date of inception for accounting purposes, which was the date the Company commenced its operating activities. | |||||||||
b. Accounting Method | |||||||||
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected an August 31 year-end. | |||||||||
c. Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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. | |||||||||
d. Income Taxes | |||||||||
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |||||||||
Net deferred tax assets consist of the following components as of August 31: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
NOL Carryover | $ | 172,100 | $ | 122,700 | |||||
Related Party Accruals | 5,100 | 2,500 | |||||||
Valuation allowance | (177,200 | ) | (125,200 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
The income tax provision differs from the amount of income tax determined by applying the U.S. income tax rate to pretax income from continuing operations for the years ended August 31, 2013 and 2012 due to the following: | |||||||||
2013 | 2012 | ||||||||
Book Loss | $ | (21,800 | ) | $ | (17,902 | ) | |||
Contributed Services | 2,300 | 2,202 | |||||||
Stock Issued for Services | 800 | - | |||||||
Meals and Entertainment | 400 | - | |||||||
Related Party Accruals | 1,900 | - | |||||||
State Taxes | -300 | - | |||||||
Valuation allowance | 16,700 | 15,700 | |||||||
$ | - | $ | - | ||||||
At August 31, 2013, the Company had net operating loss carryforwards of approximately $452,800, which expires in 2034, that may be offset against future taxable income as long as the “continuity of ownership” test is met. No tax benefit has been reported in the August 31, 2013 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. | |||||||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. | |||||||||
The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its federal tax return and its state tax return in Colorado as “major” tax jurisdictions, as defined. No reserves for uncertain tax positions have been recorded. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2008. | |||||||||
e. Loss per Common Share | |||||||||
The Company reports net loss per share using a dual presentation of basic and diluted loss per share. Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. At August 31, 2013 there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding. | |||||||||
The following table sets forth the computation of basic loss per share for the periods indicated: | |||||||||
For the Years | For the Years | ||||||||
Ended | Ended | ||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Loss (numerator) | $ | (57,318 | ) | $ | (59,675 | ) | |||
Shares (denominator) | 4,884,500 | 4,811,502 | |||||||
Net loss per common share – basic and diluted | $ | (0.01 | ) | $ | (0.01 | ) | |||
f. Development Stage | |||||||||
The Company is in the development stage in accordance with ASC Topic 915 “Development Stage Entities”. As of August 31, 2013 the Company has devoted substantially all of its efforts to financial planning and acquiring and reconditioning a sailing vessel. | |||||||||
g. Property and Equipment | |||||||||
The Company’s capital assets consist of one sailing vessel, a 1982/86 Jason 35 Cutter rig, and an inflatable boat which are stated at the lower of cost or market. Depreciation is calculated using the straight-line method over the estimated useful life of the vessel and related improvements, ranging from five to ten years. Expenditures for additions and improvements are capitalized, while repairs and maintenance costs are expensed as incurred. The cost and related accumulated depreciation of any capital assets that are sold or otherwise disposed of are removed from the accounts and any gain or loss is recorded in the year of disposal. | |||||||||
Fixed assets and related depreciation for the years ended August 31 are as follows: | |||||||||
2013 | 2012 | ||||||||
Sailing vessel | $ | 65,870 | $ | 65,870 | |||||
Accumulated depreciation | (58,351 | ) | (53,409 | ) | |||||
Total fixed assets | $ | 7,519 | $ | 12,461 | |||||
Depreciation expense was $4,942 and $6,150 for the years ended August 31, 2013 and 2012, respectively. | |||||||||
h. Revenue Recognition | |||||||||
Revenue will be recognized when the services are provided and collection is reasonably assured. | |||||||||
i. Foreign Currency Translation | |||||||||
Expenses incurred and paid in foreign currency have been translated to U.S. currency for reporting purposes. | |||||||||
j. Advertising | |||||||||
The Company follows the policy of charging the costs of advertising to expense as incurred. The Company recognized $345 and $1,381of advertising expense during the years ended August 31, 2013 and 2012, respectively. | |||||||||
k. Newly Adopted Accounting Pronouncements | |||||||||
The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its consolidated results of operation, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its current or future earnings or operations. | |||||||||
l. Cash and Cash Equivalents | |||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |||||||||
m. Risks and Uncertainties | |||||||||
The Company has not insured the yacht in the past. Effective October 14, 2011, the Company has obtained a liability only policy which provides $100,000 watercraft liability and $1,000 in watercraft medical payments per person. The Company has no insurance on the yacht itself, and the limits on the current policy may leave the Company open to further liabilities. |
2_RELATED_PARTY_TRANSACTIONS
2 RELATED PARTY TRANSACTIONS | 12 Months Ended |
Aug. 31, 2013 | |
Notes to Financial Statements | ' |
Related Party Transactions | ' |
NOTE 2 - RELATED PARTY TRANSACTIONS | |
As of August 31, 2013, the Company has a secured promissory note to the sole officer and director for $99,510 for working capital. The loan carries a 6% interest rate and is due on demand and is secured by the sailing vessel. Accrued interest payable on the loan totaled $13,373 and $8,469 as of August 31, 2013 and 2012, respectively. | |
For the years ended August 31, 2013 and 2012 the sole officer of the Company contributed services and rent valued at $6,180 and $7,340, respectively. This amount has been booked to additional paid in capital. |
3_COMMON_STOCK_TRANSACTIONS
3 COMMON STOCK TRANSACTIONS | 12 Months Ended |
Aug. 31, 2013 | |
Notes to Financial Statements | ' |
Common Stock Transactions | ' |
NOTE 3 - COMMON STOCK TRANSACTIONS | |
During the year ended August 31, 2013, The Company issued 33,334 shares of common stock for cash of $5,000. The Company also issued 8,000 shares of common stock in exchange for services valued at $2,000. | |
During the year ended August 31, 2012, the Company issued 121,410 shares of common stock for cash of $18,212. |
4_GOING_CONCERN
4 GOING CONCERN | 12 Months Ended |
Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Going Concern | ' |
NOTE 4 - GOING CONCERN | |
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company is a development stage enterprise with losses since inception and a limited operating history. These factors, among others, may indicate that the Company will be unable to continue as a going concern for a reasonable period of time. | |
The financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s continuation as a going concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis and ultimately to attain profitability. The Company intends to seek additional funding through equity offerings to fund its business plan. There is no assurance that the Company will be successful in raising additional funds. |
5_SUBSEQUENT_EVENT
5 SUBSEQUENT EVENT | 12 Months Ended |
Aug. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 5 -SUBSEQUENT EVENT | |
On September 2, 2013, the Company issued 20,000 shares of common stock in satisfaction of the common stock subscription of $3,000. | |
The Company has evaluated all other subsequent events from the balance sheet date through the date the financials were issued, and has determined there are no events that would require disclosure herein. |
1_ORGANIZATION_AND_SUMMARY_OF_1
1 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
a. Organization | ' | ||||||||
a. Organization | |||||||||
Rosewind Corporation (the “Company”) was initially incorporated on August 9, 2002 in the State of Colorado. On August 13, 2005, the Company issued its sole officer and director 100,000 shares of its no par common stock as payment for $500 in fees and expenses incurred as part of organizing the Company. During October 2002, the sole officer and director contributed $100 to the Company in order to open a bank account in the Company’s name. Following the cash contribution, the Company remained inactive through June 1, 2004 when the corporation was dissolved. | |||||||||
In March 2005, the sole officer and director decided to reinstate the Company and develop an offshore sailing school near the Australian Great Barrier Reef. Although the Company was officially reinstated with the State of Colorado on April 21, 2005, the accompanying financial statements report March 1, 2005 as the date of inception for accounting purposes, which was the date the Company commenced its operating activities. | |||||||||
b. Accounting Method | ' | ||||||||
b. Accounting Method | |||||||||
The Company’s financial statements are prepared using the accrual method of accounting. The Company has elected an August 31 year-end. | |||||||||
c. Estimates | ' | ||||||||
c. Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America 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. | |||||||||
d. Income Taxes | ' | ||||||||
d. Income Taxes | |||||||||
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |||||||||
Net deferred tax assets consist of the following components as of August 31: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
NOL Carryover | $ | 172,100 | $ | 122,700 | |||||
Related Party Accruals | 5,100 | 2,500 | |||||||
Valuation allowance | (177,200 | ) | (125,200 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
The income tax provision differs from the amount of income tax determined by applying the U.S. income tax rate to pretax income from continuing operations for the years ended August 31, 2013 and 2012 due to the following: | |||||||||
2013 | 2012 | ||||||||
Book Loss | $ | (21,800 | ) | $ | (17,902 | ) | |||
Contributed Services | 2,300 | 2,202 | |||||||
Stock Issued for Services | 800 | - | |||||||
Meals and Entertainment | 400 | - | |||||||
Related Party Accruals | 1,900 | - | |||||||
State Taxes | -300 | - | |||||||
Valuation allowance | 16,700 | 15,700 | |||||||
$ | - | $ | - | ||||||
At August 31, 2013, the Company had net operating loss carryforwards of approximately $452,800, which expires in 2034, that may be offset against future taxable income as long as the “continuity of ownership” test is met. No tax benefit has been reported in the August 31, 2013 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. | |||||||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. | |||||||||
The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its federal tax return and its state tax return in Colorado as “major” tax jurisdictions, as defined. No reserves for uncertain tax positions have been recorded. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2008. | |||||||||
e. Loss per Common Share | ' | ||||||||
e. Loss per Common Share | |||||||||
The Company reports net loss per share using a dual presentation of basic and diluted loss per share. Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. At August 31, 2013 there were no variances between the basic and diluted loss per share as there were no potentially dilutive securities outstanding. | |||||||||
The following table sets forth the computation of basic loss per share for the periods indicated: | |||||||||
For the Years | For the Years | ||||||||
Ended | Ended | ||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Loss (numerator) | $ | (57,318 | ) | $ | (59,675 | ) | |||
Shares (denominator) | 4,884,500 | 4,811,502 | |||||||
Net loss per common share – basic and diluted | $ | (0.01 | ) | $ | (0.01 | ) | |||
f. Development Stage | ' | ||||||||
f. Development Stage | |||||||||
The Company is in the development stage in accordance with ASC Topic 915 “Development Stage Entities”. As of August 31, 2013 the Company has devoted substantially all of its efforts to financial planning and acquiring and reconditioning a sailing vessel. | |||||||||
g. Property and Equipment | ' | ||||||||
g. Property and Equipment | |||||||||
The Company’s capital assets consist of one sailing vessel, a 1982/86 Jason 35 Cutter rig, and an inflatable boat which are stated at the lower of cost or market. Depreciation is calculated using the straight-line method over the estimated useful life of the vessel and related improvements, ranging from five to ten years. Expenditures for additions and improvements are capitalized, while repairs and maintenance costs are expensed as incurred. The cost and related accumulated depreciation of any capital assets that are sold or otherwise disposed of are removed from the accounts and any gain or loss is recorded in the year of disposal. | |||||||||
Fixed assets and related depreciation for the years ended August 31 are as follows: | |||||||||
2012 | 2011 | ||||||||
Sailing vessel | $ | 65,870 | $ | 65,870 | |||||
Accumulated depreciation | (58,351 | ) | (53,409 | ) | |||||
Total fixed assets | $ | 7,519 | $ | 12,461 | |||||
Depreciation expense was $4,942 and $6,150 for the years ended August 31, 2013 and 2012, respectively. | |||||||||
h. Revenue Recognition | ' | ||||||||
h. Revenue Recognition | |||||||||
Revenue will be recognized when the services are provided and collection is reasonably assured. | |||||||||
i. Foreign Currency Translation | ' | ||||||||
i. Foreign Currency Translation | |||||||||
Expenses incurred and paid in foreign currency have been translated to U.S. currency for reporting purposes. | |||||||||
j. Advertising | ' | ||||||||
j. Advertising | |||||||||
The Company follows the policy of charging the costs of advertising to expense as incurred. The Company recognized $345 and $1,381of advertising expense during the years ended August 31, 2013 and 2012, respectively. | |||||||||
k. Newly Adopted Accounting Pronouncements | ' | ||||||||
k. Newly Adopted Accounting Pronouncements | |||||||||
The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its consolidated results of operation, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its current or future earnings or operations. | |||||||||
l. Cash and Cash Equivalents | ' | ||||||||
l. Cash and Cash Equivalents | |||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |||||||||
m. Risks and Uncertainties | ' | ||||||||
m. Risks and Uncertainties | |||||||||
The Company has not insured the yacht in the past. Effective October 14, 2011, the Company has obtained a liability only policy which provides $100,000 watercraft liability and $1,000 in watercraft medical payments per person. The Company has no insurance on the yacht itself, and the limits on the current policy may leave the Company open to further liabilities. |
1_ORGANIZATION_AND_SUMMARY_OF_2
1 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||
Net deferred tax assets | ' | ||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
NOL Carryover | $ | 172,100 | $ | 122,700 | |||||
Related Party Accruals | 5,100 | 2,500 | |||||||
Valuation allowance | (177,200 | ) | (125,200 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
Income tax provision | ' | ||||||||
2013 | 2012 | ||||||||
Book Loss | $ | (21,800 | ) | $ | (17,902 | ) | |||
Contributed Services | 2,300 | 2,202 | |||||||
Stock Issued for Services | 800 | - | |||||||
Meals and Entertainment | 400 | - | |||||||
Related Party Accruals | 1,900 | - | |||||||
State Taxes | -300 | - | |||||||
Valuation allowance | 16,700 | 15,700 | |||||||
$ | - | $ | - | ||||||
Basic loss per share | ' | ||||||||
For the Years | For the Years | ||||||||
Ended | Ended | ||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Loss (numerator) | $ | (57,318 | ) | $ | (59,675 | ) | |||
Shares (denominator) | 4,884,500 | 4,811,502 | |||||||
Net loss per common share – basic and diluted | $ | (0.01 | ) | $ | (0.01 | ) | |||
Fixed assets and related depreciation | ' | ||||||||
2012 | 2011 | ||||||||
Sailing vessel | $ | 65,870 | $ | 65,870 | |||||
Accumulated depreciation | (58,351 | ) | (53,409 | ) | |||||
Total fixed assets | $ | 7,519 | $ | 12,461 |
1_Fixed_Assets_and_Related_Dep
1 Fixed Assets and Related Depreciation (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Fixed Assets And Related Depreciation Details | ' | ' |
Sailing vessel | $65,870 | $65,870 |
Accumulated depreciation | -58,351 | -53,409 |
Total fixed assets | $7,519 | $12,461 |
1_Income_Tax_Details_Narrative
1 Income Tax (Details Narrative) (USD $) | Aug. 31, 2013 |
Income Tax Details Narrative | ' |
Net operating loss carryforwards | $452,800 |
2_Related_Party_Transactions_D
2 Related Party Transactions - (Details Narrative) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Notes to Financial Statements | ' | ' |
Secured promissory note to sole officer | $99,510 | ' |
Interest rate | 6.00% | ' |
Accrued interest | 13,373 | 8,469 |
Services and Rent contributed by sole officer | $6,180 | $7,340 |
3_COMMON_STOCK_TRANSACTIONS_De
3 COMMON STOCK TRANSACTIONS (Details Narrative) (USD $) | 12 Months Ended | |||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2006 | |
Notes to Financial Statements | ' | ' | ' | ' |
Number of shares of common stock issued during period | 33,334 | 121,410 | ' | ' |
Cash received for shares | $5,000 | $18,212 | ' | ' |
Shares issued for services | 8,000 | ' | ' | ' |
Value of shares issued for services | $2,000 | ' | $22,500 | $28,000 |
5_Subsequent_Events_Details_Na
5 Subsequent Events (Details Narrative) (USD $) | Sep. 02, 2013 | Aug. 31, 2013 |
Subsequent Events [Abstract] | ' | ' |
Shares issued for services | ' | 8,000 |
Shares issued in satisfaction of subscription | 20,000 | ' |
Value of shares issued in satisfaction of subscription | $3,000 | ' |
1_Net_deferred_tax_asset_Detai
1 Net deferred tax asset (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Deferred tax assets: | ' | ' |
NOL Carryover | $172,100 | $122,700 |
Related Party Accruals | 5,100 | 2,500 |
Valuation allowance | -177,200 | -125,200 |
Net deferred tax asset | ' | ' |
1_Income_Tax_Provision_Details
1 Income Tax Provision (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Income Tax Details Narrative | ' | ' |
Book Loss | ($21,800) | ($17,902) |
Contributed Services | 2,300 | 2,202 |
Stock Issued for Services | 8,000 | ' |
Meals and Entertainment | 400 | ' |
Related Party Accruals | 1,900 | ' |
State Taxes | -300 | ' |
Valuation allowance | $16,700 | $15,700 |
1_Basic_Loss_Per_Common_Share_
1 Basic Loss Per Common Share (Details) (USD $) | 12 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Loss (numerator) | ($57,318) | ($59,675) |
Shares (denominator) | 4,884,500 | 4,811,502 |
Net loss per common share, basic and diluted | ($0.01) | ($0.01) |