Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Oct. 31, 2015 | Dec. 15, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Borneo Industrial Fishery Corp Inc. | |
Entity Central Index Key | 1,479,382 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 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 Common Stock, Shares Outstanding | 4,366,649 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Oct. 31, 2015 | Apr. 30, 2015 |
CURRENT ASSETS: | ||
Cash | $ 0 | $ 0 |
TOTAL ASSETS | 0 | 0 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 1,361 | 450 |
Due to related party | 71,264 | 65,535 |
TOTAL LIABILITIES | $ 72,625 | $ 65,985 |
Commitments and Contingencies | ||
STOCKHOLDERS' DEFICIT | ||
Preferred stock, $.001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding | ||
Common stock, $.001 par value, 100,000,000 shares authorized, 4,366,649 shares issued and outstanding on October 31 and April 30, 2015, respectively | $ 4,367 | $ 4,367 |
Additional paid in capital | 189,339 | 189,339 |
Accumulated deficit | (266,331) | (259,691) |
TOTAL STOCKHOLDERS' DEFICIT | (72,625) | (65,985) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2015 | Apr. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
EXPENSES | ||||
General and administrative expenses | $ (3,461) | $ (3,231) | $ (6,640) | $ (8,634) |
NET LOSS | $ (3,461) | $ (3,231) | $ (6,640) | $ (8,634) |
Net loss per share: | ||||
Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding, Basic and diluted | 4,366,649 | 4,366,649 | 4,366,649 | 4,366,649 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2015 | Oct. 31, 2014 | |
OPERATING ACTIVITIES: | ||||
Net loss | $ (3,461) | $ (3,231) | $ (6,640) | $ (8,634) |
Changes in assets and liabilities: | ||||
Accounts payable and accrued expenses | 911 | 7,806 | ||
NET CASH USED IN OPERATING ACTIVITIES | (5,729) | (828) | ||
FINANCING ACTIVITIES: | ||||
Advances from related parties | 5,729 | 828 | ||
NET CASH PROVIDED BY FINANCING ACTIVITIES | $ 5,729 | $ 828 | ||
NET CHANGE IN CASH | ||||
Cash, beginning of year | ||||
Cash, end of year |
Organization and Basis of prese
Organization and Basis of presentation | 6 Months Ended |
Oct. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Basis of presentation | NOTE 1- Organization and Basis of presentation Organization Borneo Industrial Fishery Corp Inc. (the Company) was incorporated in the state of Nevada on April 18, 2008, with former names Dimus Partners, Inc. and China Xibolun Technology Holdings Corporation. The Companys wholly-owned subsidiary, Dimus Partners, LLC was a Texas limited liabilit y company effective May 24, 2007. Dimus Partners, LLC (the Texas Company) and the Company entered into a Certificate of Exchange whereby the Nevada Corporation acquired 100% of the issued and outstanding membership interest of the Texas Company, in exchange for two million (2,000,000) common shares of the Company. 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. Anyuan Sun, our former director, resigned from his position on July 22, 2014, due to personal reasons. On July 28, 2015, we changed our name China Xibolun Technology Holdings Corporation to Borneo Industrial Fishery Corp Inc. Basis of presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (US GAAP) for complete financial statements. These condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and footnotes included in the Companys annual report on Form 10-K for the fiscal year ended April 30, 2015 filed with the SEC on August 11, 2015. Operating results for the three and six months ended October 31, 2015 may not be necessarily indicative of the results that may be expected for the full year. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES | 6 Months Ended |
Oct. 31, 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. 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 early adopt this ASU and, accordingly, no inception to date financial information is disclosed and the accompanying financial statements are not labeled as those of a development stage entity. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entitys Ability to Continue as a Going Concern (ASU 2014-15), which requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entitys ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on the Companys consolidated financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Oct. 31, 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 six months ended October 31, 2015 and 2014, Chin Yung Kong, the director and shareholder of the Company, paid $5,729 and $828 for the Companys audit and consultant fee. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Oct. 31, 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 Companys working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient to support the Companys 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 Companys ability to continue as a going concern and issue an audit report on our year-end financial statements with an additional paragraph emphasizing the going concern issue. The accompanying condensed 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 | 6 Months Ended |
Oct. 31, 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 October 31 and April 30, 2015, deferred tax assets consisted of the following: October 31,2015 April 30,2015 Deferred tax assets Net operating losses $ 90,553 $ 88,295 Less: valuation allowance (90,553 ) (88,295 ) Net deferred tax asset $ $ At October 31, 2015, the Company had an unused net operating loss carry-forward $266,331 that is available to offset future taxable income; the loss carry-forward will start to expire in 2029. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Oct. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 SUBSEQUENT EVENT The Company has evaluated all events that occur after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The Management of the Company determined that there were no reportable subsequent events to be disclosed. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Oct. 31, 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. |
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 early adopt this ASU and, accordingly, no inception to date financial information is disclosed and the accompanying financial statements are not labeled as those of a development stage entity. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entitys Ability to Continue as a Going Concern (ASU 2014-15), which requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entitys ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material effect on the Companys consolidated financial statements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Oct. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Deferred tax assets | October 31,2015 April 30,2015 Deferred tax assets Net operating losses $ 90,553 $ 88,295 Less: valuation allowance (90,553 ) (88,295 ) Net deferred tax asset $ $ |
Organization and Basis of pre14
Organization and Basis of presentation (Details Narrative) - USD ($) | Sep. 21, 2012 | Apr. 30, 2008 | Jul. 22, 2014 |
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 | ||
Shares transferred from former director to current director | 1,680,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Amounts paid by director for audit and consultant fees | $ 5,729 | $ 828 |
INCOME TAXES - Deferred tax ass
INCOME TAXES - Deferred tax assets (Details) - USD ($) | Oct. 31, 2015 | Apr. 30, 2015 |
Deferred tax assets | ||
Net operating loss carry forwards | $ 90,553 | $ 88,295 |
Less: valuation allowance | $ (90,553) | $ (88,295) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 6 Months Ended |
Oct. 31, 2015USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective federal statutory income tax rate applied to income before income taxes | 34.00% |
Unused net operating loss carry-forward | $ 266,331 |
Carry-forward loss expiration start date | Apr. 30, 2029 |