Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jan. 31, 2017shares | |
Document and Entity Information: | |
Entity Registrant Name | Concrete Leveling Systems Inc |
Document Type | 10-Q |
Document Period End Date | Jan. 31, 2017 |
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 | 2,017 |
Document Fiscal Period Focus | Q2 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2017 | Jul. 31, 2016 |
Current Assets | ||
Cash in bank | $ 466 | $ 104 |
Accounts receivable, net of allowance for doubtful accounts of $0 at January 31, 2017 and July 31, 2016 | 0 | 217 |
Current portion of notes receivable, net of allowance for loan losses of and $2,391 at January 31, 2017 and July 31, 2016 | 1,256 | 0 |
Interest receivable, net of collectability allowance of and $242 at January 31, 2017 and July 31, 2016 | 544 | 26 |
Inventory | 23,703 | 23,607 |
Prepaid expenses and other current assets | 943 | 485 |
Total Current Assets | 26,912 | 24,439 |
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 $21,860 at January 31, 2017 and July 31, 2016 | 1,107 | 2,695 |
Total Assets | 28,019 | 27,134 |
Current Liabilities | ||
Accounts payable | 35,923 | 33,559 |
Accounts payable - stockholders | 35,486 | 35,486 |
Advances - stockholders | 111,800 | 89,400 |
Notes payable - stockholders | 62,750 | 62,750 |
Accrued interest - stockholders | 15,139 | 15,139 |
Other accrued expenses | 17,329 | 15,828 |
Total Current Liabilities | 278,427 | 252,162 |
Stockholders' Equity (Deficit) | ||
Common stock (par value $0.001) 100,000,000 shares authorized: 6,395,418 shares issued and outstanding at January 31, 2017 and July 31, 2016 | 6,395 | 6,395 |
Additional paid-in capital | 405,355 | 405,355 |
Retained (deficit) | (662,158) | (636,778) |
Total Stockholders' Equity (Deficit) | (250,408) | (225,028) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 28,019 | $ 27,134 |
Balance Sheets Parentheticals
Balance Sheets Parentheticals - USD ($) | Jan. 31, 2017 | Jul. 31, 2016 |
Parentheticals | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
Allowance loan losses | 2,391 | 2,391 |
Interest receivable collectability allowance | 242 | 242 |
Notes receivable and allowance for loan losses | $ 21,860 | $ 21,860 |
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 (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Revenues: | ||||
Equipment and parts sales | $ 387 | $ 840 | $ 387 | $ 840 |
Cost of Sales | 110 | 552 | 110 | 552 |
Gross Margin | 277 | 288 | 277 | 288 |
Expenses | ||||
Selling, general and administration | 5,709 | (3,451) | 25,960 | 14,330 |
(Loss) from Operations | (5,432) | 3,739 | (25,683) | (14,042) |
Other Income (Expense) | ||||
Interest income | 389 | 278 | 786 | 576 |
Interest expense | (241) | (243) | (483) | (495) |
Total Other Income (Expense) | 148 | 35 | 303 | 81 |
Net (Loss) Before Income Taxes | (5,284) | 3,774 | (25,380) | (13,961) |
Provision for Income Taxes | 0 | 0 | 0 | 0 |
Net (Loss) | $ (5,284) | $ 3,774 | $ (25,380) | $ (13,961) |
Net (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 (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net (loss) | $ (25,380) | $ (13,961) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ||
(Decrease) in allowances for doubtful accounts and loan losses | (518) | (8,467) |
Decrease (Increase) in accounts receivable | 217 | (190) |
(Increase) Decrease in inventory | (96) | 484 |
(Increase) in prepaid expenses and other current assets | (458) | (613) |
Increase in accounts payable | 2,364 | (1,049) |
Increase in other accrued expenses | 1,501 | 621 |
Net cash from (used by) operating activities | (22,370) | (23,175) |
Cash Flows from Investing Activities | ||
Payments on notes receivable | 332 | 495 |
Cash Flows from Financing Activities | ||
Loans from stockholders | 22,400 | 23,500 |
Net increase (decrease) in cash | 362 | 820 |
Cash and equivalents - beginning | 104 | 116 |
Cash and equivalents - ending | 466 | 936 |
Supplemental Disclosure of Cash Flows Information | ||
Interest | 483 | 495 |
Income Taxes | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jan. 31, 2017 | |
BASIS OF PRESENTATION: | |
BASIS OF PRESENTATION | NOTE A - BASIS OF PRESENTATION |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jan. 31, 2017 | |
GOING CONCERN: | |
GOING CONCERN | NOTE B - GOING CONCERN |
GOING CONCERN (Details)
GOING CONCERN (Details) | 3 Months Ended |
Jan. 31, 2017USD ($) | |
Going Concern Details: | |
Net loss | $ 5,284 |
Current liabilities exceed current assets | $ 251,515 |