Borneo Industrial Fishery (DIMU) 10-Q 19 Apr 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2017	Apr. 19, 2017
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	Jan. 31, 2017
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	Q3
Document Fiscal Year Focus	2,017

CONDENSED BALANCE SHEETS (Unaud

CONDENSED BALANCE SHEETS (Unaudited) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
CURRENT ASSETS:
Total current assets	$ 0	$ 0
TOTAL ASSETS	0	0
CURRENT LIABILITIES:
Accounts payable and accrued expenses	4,875	2,709
Due to related party	74,664	74,664
Total current liabilities	79,539	77,373
TOTAL LIABILITIES	79,539	77,373
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 January 31, 2017 and April 30, 2016, respectively	4,367	4,367
Additional paid in capital	189,339	189,339
Accumulated Deficit	(273,245)	(271,079)
TOTAL STOCKHOLDERS' DEFICIT	(79,539)	(77,373)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2017	Apr. 30, 2016
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

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended	21 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2017
EXPENSES
General and administrative expenses	$ 723	$ 3,450	$ 2,166	$ 10,090
NET LOSS	$ (723)	$ (3,450)	$ (2,166)	$ (10,090)
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

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended	9 Months Ended	21 Months Ended
	Jan. 31, 2017	Jan. 31, 2017	Jan. 31, 2017
OPERATING ACTIVITIES:
Net loss	$ (723)	$ (2,166)	$ (10,090)
Changes in assets and liabilities:
Accounts payable and accrued expenses		2,166	1,511
NET CASH USED IN OPERATING ACTIVITIES			(8,579)
FINANCING ACTIVITIES:
Advances from related parties			8,579
NET CASH PROVIDED BY FINANCING ACTIVITIES			8,579
NET CHANGE IN CASH
Cash, beginning of period
Cash, end of period
Supplemental disclosure of cash flow information:
Cash paid during the period Taxes
Cash paid during the period Interest

Organization and Basis of prese

Organization and Basis of presentation	9 Months Ended
	Jan. 31, 2017
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. 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. The liabilities of $187,350 of the Company prior to September 21, 2012 have been settled by the Company resulting in a $17,310 gain. 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 22, 2014, Anyuan Sun transferred 1,680,000 shares of common stock to Chin Yung Kong. 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 Company’s annual report on Form 10-K for the fiscal year ended April 30, 2016. Operating results for the three and nine months ended January 31, 2017 may not be necessarily indicative of the results that may be expected for the full year.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2017
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 Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to perform interim and annual assessments of an entity’s 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 entity’s 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 Company’s consolidated financial statements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jan. 31, 2017
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 nine months ended January 31, 2017 and 2016, Chin Yung Kong, the director and shareholder of the Company, paid $0 and $8,579 for the Company’s audit and consultant fee.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Jan. 31, 2017
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 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	9 Months Ended
	Jan. 31, 2017
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 January 31, 2017 and April 30, 2016, deferred tax assets consisted of the following: January 31,2017 April 30,2016 Deferred tax assets Net operating losses $ 92,903 $ 92,167 Less: valuation allowance (92,903 ) (92,167 ) Net deferred tax asset $ — $ — At January 31, 2017, the Company had an unused net operating loss carry-forward $273,245 that is available to offset future taxable income; the loss carry-forward will start to expire in 2029.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jan. 31, 2017
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)	9 Months Ended
	Jan. 31, 2017
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 Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to perform interim and annual assessments of an entity’s 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 entity’s 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 Company’s consolidated financial statements.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Jan. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets	January 31,2017 April 30,2016 Deferred tax assets Net operating losses $ 92,903 $ 92,167 Less: valuation allowance (92,903 ) (92,167 ) 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 ($)	9 Months Ended	21 Months Ended
	Jan. 31, 2017	Jan. 31, 2017
Related Party Transactions [Abstract]
Amounts paid by director for audit and consultant fees	$ 0	$ 8,579

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets (Details) - USD ($)	Jan. 31, 2017	Apr. 30, 2016
Deferred tax assets
Net operating losses	$ 92,903	$ 92,167
Less: valuation allowance	(92,903)	(92,167)
Net deferred tax asset

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	9 Months Ended
	Jan. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Effective federal statutory income tax rate applied to income before income taxes	34.00%
Unused net operating loss carry-forward	$ 273,245