Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Nov. 11, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Emo Capital Corp. | |
Entity Central Index Key | 1,410,708 | |
Document Type | 10-K | |
Document Period End Date | Jul. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --07-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 21,000,000 | |
Entity Common Stock, Shares Outstanding | 35,500,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,014 |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | ||
TOTAL CURRENT ASSETS | ||
TOTAL ASSETS | $ 0 | $ 0 |
Current Liabilities | ||
Notes Payable | 46,990 | 38,121 |
Shareholder loan | 13,425 | 13,425 |
TOTAL CURRENT LIABILITIES | 60,415 | 51,546 |
Stockholders' Equity (Deficit) | ||
Issued and Outstanding: 35,500,000 common shares | 5,500 | 5,500 |
Additional paid in capital | 26,500 | 26,500 |
Stock Subscribed | $ 100,000 | $ 100,000 |
Subscription Receivable | (100,000) | (100,000) |
Deficit accumulated during the development stage | $ (92,415) | $ (83,546) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (60,415) | (51,546) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2015 | Jul. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common Stock Par Value | $ 0.001 | $ 0.001 |
Common Stock Authorized | 125,000,000 | 125,000,000 |
Common Stock Issued and Outstanding | 35,500,000 | 35,500,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
General and Administrative Expenses | ||
Professional Fees | $ 6,399 | $ 2,600 |
Administration | $ 346 | |
Filing Fee | ||
Bank charges and interest | ||
Advertising Fee | $ 2,470 | $ 775 |
Operating Loss | 8,869 | 3,721 |
Net loss | $ (8,869) | $ (3,721) |
Basic and diluted net loss per common share | $ 0.0002 | $ 0.0001 |
Weighted average common shares | ||
outstanding - basic and diluted | 35,500,000 | 35,500,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net loss | $ (8,869) | $ (3,721) |
Changes in non-working capital items: | ||
Cash and Cash Equivalents | ||
Accounts payable and accrued liabilities | $ 8,869 | $ 3,721 |
Shareholder loan | ||
Net cash provided by (used in) operating activities | ||
Financing Activities | ||
Share Capital Subscribed | ||
Net cash provided by financing activities | ||
Net increase (decrease) change in cash | ||
Cash and cash equivalents balance, beginning of period | ||
Cash and cash equivalents balance, end of period |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Subscriptions Receivable | Retained Earnings / Accumulated Deficit | Comprehensive Income / Loss |
Beginning Balance, Amount at Jul. 31, 2011 | $ 5,000 | $ 0 | $ (51,244) | $ (19,244) | |
Issuance of Common Stock | 500 | $ 99,500 | (100,000) | ||
Net Loss | (9,052) | (9,052) | |||
Ending Balance, Amount at Jul. 31, 2012 | $ 5,500 | 126,500 | (100,000) | (60,296) | (28,296) |
Beginning Balance, Shares at Jul. 31, 2012 | 35,500,000 | ||||
Net Loss | (19,529) | (19,529) | |||
Ending Balance, Amount at Jul. 31, 2013 | $ 5,500 | 126,500 | (100,000) | (79,825) | (47,825) |
Beginning Balance, Shares at Jul. 31, 2013 | 35,500,000 | ||||
Net Loss | (3,721) | (3,721) | |||
Ending Balance, Amount at Jul. 31, 2014 | $ 5,500 | 126,500 | (100,000) | (83,546) | (51,546) |
Beginning Balance, Shares at Jul. 31, 2014 | 35,500,000 | ||||
Net Loss | (8,869) | (8,869) | |||
Ending Balance, Amount at Jul. 31, 2015 | $ 5,500 | $ 126,500 | $ (100,000) | $ (92,415) | $ (60,415) |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Note 1: Organization and Basis of Presentation Emo Capital Corp. (the Company) is a for profit corporation established under the corporation laws in the State of Nevada, United States of America on August 23, 2006. The Company intends to commence operations in health and beauty care through utilization of the internet. The Company is a development stage company and has not yet realized any revenues from its planned or any other operations. As such, the Company is subject to all risks inherent to the establishment of a start-up business enterprise. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. The Financial Statements and related disclosures as of July 31, 2015 and 2014 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Unless the context otherwise requires, all references to Emo Capital Corp., we, us, our or the company are to Emo Capital Corp. and any subsidiaries. The Companys fiscal year ends July 31. Foreign Currency Translation The Company is located and operating outside of the United States of America. It maintains its accounting records in U.S. Dollars, as follows: At the transaction date, each asset, liability, revenue, and expense is translated into U.S. dollars by the use of exchange rates in effect on that date. At the period end, monetary assets and liabilities are revalued by using the exchange rate in effect at that date. The resulting foreign exchange gains and losses are included in operations. The Company's currency exposure is insignificant and immaterial and there is no use of derivative instruments to reduce potential exposure to foreign currency risk. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Recent Accounting Pronouncements | Note 2: Significant Accounting Policies and Recent Accounting Pronouncements Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles 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 period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Fair Value of Financial Instruments ASC 825, Disclosures about Fair Value of Financial Instruments, requires disclosure of fair value information about financial instruments. ASC 820, Fair Value Measurements defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2014. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Commitments and Contingencies | Note 3: Commitments and Contingencies The Company neither owns nor leases any real or personal property, an officer has provided office services without charge. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officer and director are involved in other business activities and most likely will become involved in other business activities in the future. |
Legal Matters
Legal Matters | 12 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters | Note 4: Legal Matters The Company has no known legal issues pending. |
Debt
Debt | 12 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 5: Debt Loans have been made by an unrelated third party equal to the operating deficits as they are incurred. The loans are without interest or a fixed term of repayment. The loans are due on demand. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jul. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6: Related Party Transactions A series of shareholder loans were made from August 23, 2006 to October 31, 2013 totaling $13,425. A balance of $13,425 is still outstanding as of July 31, 2014, without interest or a fixed term of repayment. The loans are due on demand. |
Capital Stock
Capital Stock | 12 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
Capital Stock | Note 7: Capital Stock On July 15, 2007, the Company issued 2,000,000 common shares at $0.001 per share to the sole director of the Company for total proceeds of $2,000. In May 2008, the Company issued 3,000,000 common shares at $0.01 per share to subscribers for total proceeds of $30,000. On February 25, 2010, the Company amended its Articles of incorporation and authorized 125,000,000 shares of common stock, at $.001 par value. On April 30, 2010, the Stockholder's of the Company authorized the Forward Stock Split of issued and outstanding Common Stock on a seven for one (7:1) basis. The Forward Stock Split became effective on April 30, 2010. As a result of the Forward Stock Split, the Company increased its issued and outstanding shares of the Common Stock from 5,000,000 to 35,000,000. In May 2012, the Company subscribed 500,000 restricted common shares at $0.20 per share to a shareholder for a subscription receivable of $100,000. As of July 31, 2015 there were no outstanding stock options or warrants. |
Subsidiaries
Subsidiaries | 12 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
Subsidiaries | Note 8: Subsidiaries On December 22, 2011 the Company incorporated Nu Vitality Labs Inc., in the State of Nevada as a wholly owned subsidiary of Emo Capital Corp. Nu Vitality Labs Inc., has authorized 1,500 common shares with a par value $0.01 and all authorized shares have been issued to EMO Capital Corp. for total proceeds of $150. The attached financial statements were prepared using the consolidation method to account for the 100% wholly owned subsidiary, Nu Vitality Labs Inc., and Emo Capital Corp. for the period ended October 31, 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9: Income Taxes The Company uses the assets and liability method of accounting for income taxes in accordance with FASB Topic 740 Income Taxes". Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. 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 company has not commenced operations, has not generated any revenue, and has not made a provision for income taxes. The Company does not have any material uncertainties with respect to its provisions for income taxes. |
Going Concern
Going Concern | 12 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 10: Going Concern The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. For the fiscal year ended July 31, 2015, the Company had an accumulated deficit of $92,415. The Company has no significant assets or operating activity as of July 31, 2015. There are no assurances that the Company will be able to either (1) consummate a business combination transaction with a privately-owned business seeking to become a public company; (2) if successful, achieve a level of revenues adequate to generate sufficient cash flow from operations; or (3) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support the Company's current working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient to support the Company, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may not continue its operations. The Company's ultimate continued existence is dependent upon its ability to generate sufficient cash flows from operations or other sources to support its daily operations as well as provide sufficient resources to retire existing liabilities and obligations on a timely basis. The Companys articles of incorporation authorize the issuance of up to 125,000,000 shares of common stock. The Companys ability to issue preferred stock may impede a potential takeover of the Company, which takeover may be in the best interest of stockholders. The Companys ability to issue these authorized but unissued securities may also negatively impact the ability to raise additional capital through the sale of debt or equity securities. The Company anticipates future sales of equity securities to facilitate either the consummation of a business combination transaction or to raise working capital to support and preserve the integrity of the corporate entity. However, there is no assurance that the Company will be able to obtain additional funding through the sales of additional equity securities or, that such funding, if available, will be obtained on terms favorable to or affordable by the Company. It is the belief of management and significant stockholders that they will provide sufficient working capital necessary to support and preserve the integrity of the corporate entity. There is no legal obligation for either management or significant stockholders to provide additional future funding. Further, the Company is at the mercy of future economic trends and business operations for the Companys majority stockholder to have the resources available to support the Company. Should this pledge fail to provide adequate financing, the Company has not identified any alternative sources. If no additional operating capital is received during the next twelve months, the Company will be forced to rely on existing cash on hand and upon additional funds loaned by management and/or significant stockholders to preserve the integrity of the corporate entity at this time. In the event, the Company is unable to acquire advances from management and/or significant stockholders, the Companys ongoing operations would be negatively impacted. While the Company is of the opinion that good faith estimates of the Companys ability to secure additional capital in the future to reach our goals have been made, there is no guarantee that the Company will receive sufficient funding to sustain operations or implement any future business plan steps. However, should the controlling stockholder fail to provide financing, the Company has not identified any alternative sources. Consequently, there is substantial doubt about the Company's ability to continue as a going concern. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11: Subsequent Events The Company has evaluated events subsequent to the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued and determined that no subsequent events require disclosure. |
Significant Accounting Polici18
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles 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 period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 825, Disclosures about Fair Value of Financial Instruments, requires disclosure of fair value information about financial instruments. ASC 820, Fair Value Measurements defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2014. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow. |