Cannabis Global (CBGL) 10-Q 25 Jun 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	May. 31, 2015	Jun. 25, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	MICROCHANNEL TECHNOLOGIES CORP
Entity Central Index Key	1,413,488
Current Fiscal Year End Date	--08-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	MCTC
Entity Common Stock, Shares Outstanding		53,864,600

BALANCE SHEETS

BALANCE SHEETS - USD ($)	May. 31, 2015	Aug. 31, 2014
ASSETS
Cash and cash equivalents	$ 15,387	$ 51,744
Total current assets	15,387	51,744
Total assets	15,387	51,744
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable	2,821	3,315
Accrued interest	6,806	0
Note payable to shareholder	70,000	0
Total current liabilities	79,627	3,315
Accrued interest	0	3,141
Note payable to shareholder	0	70,000
Total liabilities	79,627	76,456
Stockholders' equity (deficit)
Common stock: $0.0001 par value; 300,000,000 shares authorized, 53,864,600 issued and outstanding at May 31, 2015 and August 31, 2014	5,386	5,386
Additional paid-in capital	556,711	556,711
Retained deficit	(626,337)	(586,809)
Total stockholders' equity (deficit)	(64,240)	(24,712)
Total liabilities and stockholders' equity (deficit)	$ 15,387	$ 51,744

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	May. 31, 2015	Aug. 31, 2014
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	53,864,600	53,864,600
Common stock, shares outstanding	53,864,600	53,864,600

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses
Director and officer fees	2,250	2,250	6,750	6,750
Professional fees	5,862	5,592	27,251	25,794
Other operating expenses	695	102	1,862	1,577
Total operating expenses	8,807	7,944	35,863	34,121
Loss from operations	(8,807)	(7,944)	(35,863)	(34,121)
Other income (expense)
Interest expense	(1,235)	(1,235)	(3,665)	(1,906)
Total other income (expense)	(1,235)	(1,235)	(3,665)	(1,906)
Net loss	$ (10,042)	$ (9,179)	$ (39,528)	$ (36,027)
Net loss per common share: basic	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding: basic	53,864,600	53,864,600	53,864,600	53,864,600

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	May. 31, 2015	May. 31, 2014
Cash flows from operating activities
Net loss	$ (39,528)	$ (36,027)
Adjustments to reconcile net loss to net cash used in operating activities:
Decrease in prepaid expenses	0	241
(Decrease) increase in accounts payable	(494)	2,448
Increase in accrued interest	3,665	1,906
Net cash used in operating activities	(36,357)	(31,432)
Cash flows from financing activities
Proceeds from the issuance of note payable to shareholder	0	70,000
Net cash provided by financing activities	0	70,000
(Decrease) increase in cash and cash equivalents	(36,357)	38,568
Cash and cash equivalents at beginning of period	51,744	21,135
Cash and cash equivalents at end of period	15,387	59,703
Supplemental disclosure of cash flow information:
Interest paid in cash	0	0
Income taxes paid in cash	$ 0	$ 0

Organization and Description of

Organization and Description of Business	9 Months Ended
	May. 31, 2015
Organization and Description Of Business [Abstract]
Organization and Description of Business	Note 1. Organization and Description of Business MicroChannel Technologies Corporation (the “Company”) was formed as a wholly-owned subsidiary of New Energy Technologies, Inc. (“New Energy”). New Energy spun off its issued and outstanding shares to New Energy’s shareholders on December 18, 2007. The Company was incorporated under the name MultiChannel Technologies Corporation on February 28, 2005 in the State of Nevada, and changed to its existing name on April 4, 2005. The Company is not currently engaged in any business operations. It is, however, in the process of attempting to identify, locate, and if warranted, acquire new commercial opportunities.

Going Concern Uncertainties

Going Concern Uncertainties	9 Months Ended
	May. 31, 2015
Going Concern Uncertainties [Abstract]
Going Concern Uncertainties	Note 2. Going Concern Uncertainties The Company has not generated any revenues, has an accumulated deficit of $ 626,337 The Company’s ability to continue as a going concern is an issue due to its net losses and negative cash flows from operations, and its need for additional financing to fund future operations. Management plans to identify commercial opportunities and to obtain necessary funding from outside sources. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty. Based on the Company’s current level of expenditures, management believes that cash on hand is adequate to fund operations for approximately the next three months.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	May. 31, 2015
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 3. Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report filed with the SEC on Form 10-K for the year ended August 31, 2014. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted. The Company did not record an income tax provision during the periods presented due to net taxable losses. Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known. Recently Issued Accounting Pronouncements The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of our previous fiscal year may be applicable to the Company, we have not identified any standards that we believe merit further discussion. We do not expect the adoption of any recently issued accounting pronouncements to have a significant impact on our financial position, results of operations, or cash flows.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	May. 31, 2015
Net Loss Per Share [Abstract]
Net Loss Per Share	Note 4. Net Loss Per Share During the three and nine months ended May 31, 2015 and 2014, the Company recorded a net loss. The Company does not have any potentially dilutive securities outstanding. Therefore, basic and diluted net loss per share is the same for those periods.

Note Payable to Shareholder

Note Payable to Shareholder	9 Months Ended
	May. 31, 2015
Notes Payable [Member]
Note Payable to Shareholder	Note 5. Note Payable to Shareholder On January 9, 2014, the Company issued a $ 70,000 7 1,235 3,665 1,906 6,806 3,141 70,000

Significant Accounting Polici11

Significant Accounting Policies (Policies)	9 Months Ended
	May. 31, 2015
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report filed with the SEC on Form 10-K for the year ended August 31, 2014. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted. The Company did not record an income tax provision during the periods presented due to net taxable losses.
Estimates	Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of our previous fiscal year may be applicable to the Company, we have not identified any standards that we believe merit further discussion. We do not expect the adoption of any recently issued accounting pronouncements to have a significant impact on our financial position, results of operations, or cash flows.

Going Concern Uncertainties (De

Going Concern Uncertainties (Details Textual) - USD ($)	May. 31, 2015	Aug. 31, 2014
Retained earnings (deficit)	$ (626,337)	$ (586,809)

Note Payable to Shareholder (De

Note Payable to Shareholder (Details Textual) - USD ($)	Jan. 09, 2014	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Aug. 31, 2014
Proceeds from Notes Payable	$ 70,000			$ 0	$ 70,000
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Interest Expense, Debt		$ 1,235	$ 1,235	3,665	$ 1,906
Interest Payable		6,806		6,806		$ 3,141
Notes Payable, Noncurrent		$ 0		$ 0		$ 70,000