DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING | 3 Months Ended |
Mar. 31, 2015 |
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING | |
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING | 1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING |
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POLICIES |
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DESCRIPTION OF BUSINESS AND HISTORY - Snoogoo Corp. (formerly Sawadee Ventures |
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Inc. and Casey Container Corp.), a Nevada corporation, was incorporated in the |
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State of Nevada on September 26, 2006. The Company's yearend is December 31. The |
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Company initially was formed to engage in the acquisition, exploration and |
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development of natural resource properties of merit and from September 2008 to |
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serve as a vehicle to acquire an operating business. Effective January 12, 2010, |
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the Company's Certificate of Incorporation was changed and the name of the |
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Company was changed to Casey Container Corp. ("Casey"). Casey's business plan |
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was to design and manufacture biodegradable PET and other polymer plastic |
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preforms for bottles and containers for the water, beverage and food industries |
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via a non-binding supply and license agreement with Bio-Tec Environmental, LLC. |
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On February 10, 2015, Casey Container Corp. filed a Certificate of Amendment to |
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its Articles of Incorporation with the State of Nevada changing its name to |
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Snoogoo Corp. and on February 11, 2015, entered into an Asset Purchase Agreement |
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for the acquisition of a new social information network technology that it plans |
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to use in order to launch web and mobile applications with broad global appeal. |
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The Company ceased activity regarding its biodegradable business plans. |
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Basis of Presentation - In the opinion of management, the accompanying balance |
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sheets and related interim statements of operations, cash flows and |
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stockholders' equity include all adjustments, consisting only of normal |
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recurring items, necessary for their fair presentation in conformity with |
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accounting principles generally accepted in the United States of America ("U. S. |
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GAAP"). Preparing financial statements requires management to make estimates and |
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assumptions that affect the reported amounts of assets, liabilities, revenue and |
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expenses. Actual results and outcomes may differ from managements' estimates and |
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assumptions. Interim results are not necessarily indicative of results for a |
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full year. The information included in this March 31, 2015 Form 10-Q should be |
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read in conjunction with information included in the December 31, 2014 and 2013 |
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Form 10-K. |
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THE COMPANY TODAY |
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The Company is currently a development stage company reporting under the |
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provisions of Statement of Financial Accounting Standard ("FASB") No. 7, |
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"Accounting and Reporting for Development Stage Enterprises." |
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On February 10, 2015, Casey Container Corp. filed a Certificate of Amendment to |
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its Articles of Incorporation with the State of Nevada changing its name to |
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Snoogoo Corp. and on February 11, 2015, entered into an Asset Purchase Agreement |
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for the acquisition of a new social information network technology that it plans |
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to use in order to launch web and mobile applications with broad global appeal. |
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In the same filing with the State of Nevada, the Company increased the number of |
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authorized Common shares to 1,000,000,000 and Preferred shares remained at |
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10,000,000. The Company is considered a "shell" company inasmuch as it has no |
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revenues, employees or material assets. |
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USE OF ESTIMATES - The preparation of the financial statements in conformity |
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with generally accepted accounting principles requires management to make |
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estimates and assumptions that affect the reported amounts of assets and |
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liabilities and disclosure of contingent assets and liabilities at the date of |
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the financial statements and the reported amount of revenue and expenses during |
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the reporting period. Actual results could differ from those estimates. |
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RECENT ACCOUNTING PRONOUNCEMENTS - The Company has evaluated all recent |
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accounting pronouncements and believes that none will have a material effect on |
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the Company. |
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