Borneo Industrial Fishery (DIMU) 10-K 11 Aug 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2015	Jul. 31, 2015	Oct. 31, 2014
Document And Entity Information
Entity Registrant Name	Borneo Industrial Fishery Corp Inc.
Entity Central Index Key	1,479,382
Document Type	10-K
Document Period End Date	Apr. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		4,366,649
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Apr. 30, 2015	Apr. 30, 2014
CURRENT ASSETS:
Cash	$ 0	$ 0
TOTAL ASSETS	0	0
CURRENT LIABILITIES:
Accounts payable and accrued expenses	450	1,517
Due to related party	65,535	49,151
TOTAL LIABILITIES	$ 65,985	$ 50,668
Commitments and Contingencies
STOCKHOLDERS' DEFICIT
Common stock, $.001 par value, 100,000,000 shares authorized, 4,366,649 shares issued and outstanding on April 30, 2015 and April 30, 2014, respectively	$ 4,367	$ 4,367
Additional paid in capital	189,339	189,339
Accumulated deficit	(259,691)	(244,374)
TOTAL STOCKHOLDERS' DEFICIT	(65,985)	(50,668)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 30, 2015	Apr. 30, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	4,366,649	4,366,649
Common stock, shares outstanding	4,366,649	4,366,649

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
OPERATING EXPENSES
General and administrative expenses	$ (15,317)	$ (29,685)
OPERATING LOSS	$ (15,317)	$ (29,685)
Interest expense
NET INCOME (LOSS)	$ (15,317)	$ (29,685)
Net income (loss) per share:
Basic and diluted	$ (0.01)	$ (0.01)
Weighted average shares outstanding, Basic and diluted	4,366,649	4,366,649

STATEMENTS OF STOCKHOLDERS' DEF

STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance, shares at Apr. 30, 2013	4,366,649
Beginning balance, amount at Apr. 30, 2013	$ 4,367	$ 189,339	$ (214,689)	$ (20,983)
Net Loss			(29,685)	(29,685)
Ending balance, shares at Apr. 30, 2014	4,366,649
Ending balance, amount at Apr. 30, 2014	$ 4,367	$ 189,339	(244,374)	(50,668)
Net Loss			(15,317)	(15,317)
Ending balance, shares at Apr. 30, 2015	4,366,649
Ending balance, amount at Apr. 30, 2015	$ 4,367	$ 189,339	$ (259,691)	$ (65,985)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
OPERATING ACTIVITIES:
Net loss	$ (15,317)	$ (29,685)
Changes in assets and liabilities:
Accounts payable and accrued expenses	(1,067)	(16,234)
NET CASH USED IN OPERATING ACTIVITIES	(16,384)	(45,919)
FINANCING ACTIVITIES:
Advances from related parties	16,384	45,919
NET CASH PROVIDED BY FINANCING ACTIVITIES	$ 16,384	$ 45,919
NET CHANGE IN CASH
Cash, beginning of year
Cash, end of year
SUPPLEMENTAL DISCLOSURES:
Interest paid
Tax paid

Organization and Basis of prese

Organization and Basis of presentation	12 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
Organization and Basis of presentation	NOTE 1- Organization and Basis of presentation Organization Borneo Industrial Fishery Corp Inc. (the “Company”), formerly “China Xibolun Technology Holdings Corporation On September 21, 2012, James Patton, Nathan Pettus and James Pacey (“Sellers”), who were collectively the controlling shareholders of the Company, sold 4,200,000 shares of common stock of the Company to Chin Yung Kong and Anyuan Sun (“Purchasers”) for an aggregated price of $ 190,000.The 4,200,000 shares of common stock represented approximately 96.2% of the total issued and outstanding stock of the Company. As result of this share purchase transaction, Chin Yung Kong and Anyuan Sun became the controlling shareholders of the Company. On October 11, 2012, we changed our name to China Xibolun Technology Holdings Corporation. On July, 30, 2015, we changed our name to Borneo Industrial Fishery Corp Inc. Basis of presentation The accompanying financial statements of Borneo Industrial Fishery Corp Inc. (Formerly known as “China Xibolun Technology Holdings Corporation”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES	12 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF ACCOUNTING POLICIES	NOTE 2 –SUMMARY OF ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Estimates are based on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for judgments about results and the carrying values of assets and liabilities. Actual results and values may differ significantly from these estimates. Income Taxes The Company has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes”. This standard requires the use of an asset and liability approach for financial accounting, and reporting on income taxes. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company records a valuation allowance to reduce any deferred tax assets to the amount that is more likely than not to be realized. Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation.” This ASU removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the ASU eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and shareholders’ deficit, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. Early adoption is permitted. The Company has elected to adopt this ASU and, accordingly, no inception to date financial information is disclosed and the accompanying financial statement are not labeled as those of a development stage entity. The Company has implemented all new accounting standards that are in effect and may impact its financial statements and does not believe that there are any other new accounting standards that have been issued that might have a material impact on its financial position or results of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Apr. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 3 – RELATED PARTY TRANSACTIONS Expenses of the Company are currently being paid by an affiliate of our controlling shareholders. During the year ended April 30, 2015, Chin Yung Kong, the director and shareholder of the Company, advanced $16,384 to the Company for its audit and consultant fees. As of April 30, 2015 and 2014, the Company had owed this related party for $65,535 and $49,151, respectively.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Apr. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 4 – GOING CONCERN There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support the Company’s 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’s working capital requirements, the Company will have to raise additional working capital from additional financing. 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 be able continue its operations. These conditions caused our auditors to have substantial doubt about the Company’s ability to continue as a going concern and issue an audit report with an additional paragraph emphasizing the going concern issue. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Apr. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 5 –INCOME TAXES Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. The provision for income taxes differs from the result which would be obtained by applying the statutory income tax rate of 34% to income before income taxes. At April 30, 2015 and 2014, deferred tax assets consisted of the following: April 30,2015 April 30,2014 Deferred tax assets Net operating loss carry forwards $ 88,295 $ 83,087 Less: valuation allowance (88,295 ) (83,087 ) Net deferred tax asset $ — $ — At April 30, 2015, the Company had an unused net operating loss carry-forward $259,691 that is available to offset future taxable income; the loss carry-forward will start to expire in 2029. During the years ended April 30, 2015 and 2014, the effective tax rate of the Company is reconciled to the U.S. federal statutory rate, as follows: 2015 2014 U.S. federal statutory rate 34 % 34 % Change in valuation allowance -34 % -34 % Effective tax rate — —

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Apr. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS On July 30, 2015, the Company changed its name from China Xibolun Technology Holdings Corporation to Borneo Industrial Fishery Corp Inc.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES (Policies)	12 Months Ended
	Apr. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Estimates are based on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for judgments about results and the carrying values of assets and liabilities. Actual results and values may differ significantly from these estimates.
Income Taxes	Income Taxes The Company has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes”. This standard requires the use of an asset and liability approach for financial accounting, and reporting on income taxes. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company records a valuation allowance to reduce any deferred tax assets to the amount that is more likely than not to be realized.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation.” This ASU removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the ASU eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and shareholders’ deficit, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. Early adoption is permitted. The Company has elected to adopt this ASU and, accordingly, no inception to date financial information is disclosed and the accompanying financial statement are not labeled as those of a development stage entity. The Company has implemented all new accounting standards that are in effect and may impact its financial statements and does not believe that there are any other new accounting standards that have been issued that might have a material impact on its financial position or results of operations.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Apr. 30, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets	April 30,2015 April 30,2014 Deferred tax assets Net operating loss carry forwards $ 88,295 $ 83,087 Less: valuation allowance (88,295 ) (83,087 ) Net deferred tax asset $ — $ —
Effective tax rate reconciliation	2015 2014 U.S. federal statutory rate 34 % 34 % Change in valuation allowance -34 % -34 % Effective tax rate — —

Organization and Basis of pre15

Organization and Basis of presentation (Details Narrative) - USD ($)	Sep. 21, 2012	Apr. 30, 2008
Accounting Policies [Abstract]
Acquired interest of the Texas Company		100.00%
Company shares exchanged for acquisition		2,000,000
Sale of common stock, shares	4,200,000
Sale of common stock, amount	$ 190,000
Percentage of Ownership after transaction	96.20%
Liabilities settled by company	$ 187,350
Gain on settlement of liabilities	$ 17,310

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Related Party Transactions [Abstract]
Amounts advanced by director for audit and consultant fees	$ 16,384
Amounts owed to related party	$ 65,535	$ 49,151

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets (Details) - USD ($)	Apr. 30, 2015	Apr. 30, 2014
Deferred tax assets
Net operating loss carry forwards	$ 88,295	$ 83,087
Less: valuation allowance	$ (88,295)	$ (83,087)
Net deferred tax asset

INCOME TAXES - Effective tax ra

INCOME TAXES - Effective tax rate reconciliation (Details)	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Income Taxes - Effective Tax Rate Reconciliation Details
U.S. federal statutory rate	34.00%	34.00%
Change in valuation allowance	(34.00%)	(34.00%)
Effective tax rate

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Income Tax Disclosure [Abstract]
Effective federal statutory income tax rate applied to income before income taxes	34.00%	34.00%
Unused net operating loss carry-forward	$ 259,691
Carry-forward loss expiration start date	Apr. 30, 2029