Concrete Leveling Systems (CLEV) 10-Q 10 Jun 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Apr. 30, 2016	Jun. 09, 2016
Document and Entity Information:
Entity Registrant Name	Concrete Leveling Systems Inc
Document Type	10-Q
Document Period End Date	Apr. 30, 2016
Trading Symbol	clev
Amendment Flag	false
Entity Central Index Key	1,414,382
Current Fiscal Year End Date	--07-31
Entity Common Stock, Shares Outstanding		6,395,418
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

Balance Sheets

Balance Sheets - USD ($)	Apr. 30, 2016	Jul. 31, 2015
CURRENT ASSETS
Cash in bank	$ 2,763	$ 116
Accounts receivable, net of allowance for doubtful accounts of $0 and $4,046 at April 30, 2016 and July 31, 2015	0	449
Current portion of notes receivable, net of allowance for loan losses of $7,326 and $39,050 at April 30, 2016 and July 31, 2015	6,663	13,423
Interest receivable, net of collectability allowance of $106 and $3,922 at April 30, 2016 and July 31, 2015	478	1,910
Inventory	16,915	17,379
Prepaid expenses and other current assets	597	352
Total Current Assets	27,416	33,629
PROPERTY, PLANT AND EQUIPMENT
Equipment	700	700
Less: Accumulated depreciation	(700)	(700)
Total Property, Plant and Equipment	0	0
OTHER ASSETS
Notes receivable, net of current portion and allowance for loan losses of $23,040 and $0 at April 30, 2016 and July 31, 2015	2,041	5,618
TOTAL ASSETS	29,457	39,247
CURRENT LIABILITIES
Accounts payable	32,268	36,317
Accounts payable - stockholders	35,654	35,654
Advances - stockholders	87,800	74,300
Notes payable - stockholders	62,750	62,750
Accrued interest - stockholders	15,139	15,139
Other accrued expenses	13,755	12,350
Total Current Liabilities	247,366	236,510
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock (par value $0.001) 100,000,000 shares authorized: 6,395,418 shares issued and outstanding at April 30, 2016 and July 31, 2015	6,395	6,395
Additional paid-in capital	405,355	405,355
Retained (deficit)	(629,659)	(609,013)
Total Stockholders' Equity (Deficit)	(217,909)	(197,263)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 29,457	$ 39,247

Balance Sheets Parentheticals

Balance Sheets Parentheticals - USD ($)	Apr. 30, 2016	Jul. 31, 2015
Parentheticals
Allowance for doubtful accounts	$ 0	$ 4,046
Allowance for loan allowances	7,326	39,050
Interest receivable collectability allowance	106	3,922
Notes receivable and allowance for loan losses	$ 23,040	$ 0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	6,395,418	6,395,418
Common Stock, shares outstanding	6,395,418	6,395,418

Statements of Income

Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2016	Apr. 30, 2015
Revenues:
Equipment and parts sales	$ 2,395	$ 0	$ 3,235	$ 545
Cost of Sales	2,128	0	2,680	308
Gross Margin	267	0	555	237
Expenses
Selling, general and administration	7,129	4,330	21,459	26,683
Income (Loss) from Operations	(6,862)	(4,330)	(20,904)	(26,446)
Other Income (Expense)
Interest income	412	398	988	1,001
Interest expense	(234)	(229)	(729)	(683)
Total Other Income (Expense)	178	169	259	318
Net Income (Loss) Before Income Taxes	(6,684)	(4,161)	(20,645)	(26,128)
Provision for Income Taxes	0	0	0	0
Net Income (Loss)	$ (6,684)	$ (4,161)	$ (20,645)	$ (26,128)
Net Income (Loss) per Share - Basic and Fully Diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding - basic and fully diluted	6,395,418	6,395,418	6,395,418	6,395,418

Statements of Cash Flows

Statements of Cash Flows - USD ($)	9 Months Ended
	Apr. 30, 2016	Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)	$ (20,645)	$ (26,128)
Adjustments to reconcile net (loss) to net cash used in operating activities:
(Decrease) in allowances for doubtful accounts and loan losses	(16,546)	0
(Increase) Decrease in accounts receivable	4,495	135
Decrease (Increase) in interest receivable	5,248	(584)
Decrease (Increase) in inventory	464	(1,612)
(Increase) Decrease in prepaid expenses and other current assets	(245)	436
(Decrease) Increase in accounts payable	(4,049)	4,443
Increase in other accrued expenses	1,405	1,021
Net cash (used by) operating activities	(29,873)	(22,289)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments on notes receivable	19,020	1,542
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from (repayments to) stockholders	13,500	20,200
Net increase (decrease) in cash	2,647	(547)
Cash and equivalents - beginning	116	641
Cash and equivalents - ending	2,763	94
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION
Interest	729	683
Income Taxes	$ 0	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Apr. 30, 2016
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE A - BASIS OF PRESENTATION The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the financial statements and footnotes thereto included in the Concrete Leveling Systems, Inc. Form 10-K filing for the period ended July 31, 2015.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Apr. 30, 2016
GOING CONCERN
GOING CONCERN	NOTE B - GOING CONCERN As shown in the financial statements, the Company incurred a net loss of $6,684 for the three months ended April 30, 2016, and has incurred substantial net losses since its inception. At April 30, 2016, current liabilities exceed current assets by $219,950. These factors raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue existence.

GOING CONCERN (Details)

GOING CONCERN (Details)	3 Months Ended
	Apr. 30, 2016USD ($)
Going Concern Details:
Net loss	$ 6,684
Current liabilities exceed current assets	$ 219,950