Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 31, 2016 | Jul. 14, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | VinCompass Corp. | |
Entity Central Index Key | 1,490,949 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 43,795,767 | |
Trading Symbol | VCPS | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | May 31, 2016 | Feb. 29, 2016 |
Current Assets | ||
Cash | $ 2,174 | $ 43,680 |
Total Current Assets | 2,174 | 43,680 |
TOTAL ASSETS | 2,174 | 43,680 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 124,540 | 93,406 |
Accounts payable to related party | 96,129 | 74,959 |
Deferred Payroll | 126,000 | 96,000 |
Short term debt - Related Party | 116,160 | 116,160 |
Total Current Liabilities | 462,829 | 380,525 |
Total Liabilities | 462,829 | 380,525 |
Shareholder's Equity/(Deficit) | ||
Preferred Stock, $0.001 par value; 2,000,000 authorized; 1,000,000 shares issued and outstanding | 1,000 | 1,000 |
Common Stock, $0.001 par value; 400,000,000 shares authorized; 43,727,017 and 43,702,017 Shares issued and outstanding, respectively | 43,727 | 43,702 |
Additional Paid-in Capital | 1,705,803 | 1,674,578 |
Accumulated Deficit | (2,211,185) | (2,056,125) |
Total Stockholders' Deficit | (460,655) | (336,845) |
TOTAL LIABILITIES & STOCKHOLDER'S DEFICIT | $ 2,174 | $ 43,680 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | May 31, 2016 | Feb. 29, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 43,727,017 | 43,702,017 |
Common stock, shares outstanding | 43,727,017 | 43,702,017 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Income Statement [Abstract] | ||
General and Administrative Expenses | $ 84,287 | $ 95,477 |
Sales & Marketing Expenses | 70,773 | 33,830 |
Total Operating Expenses | 155,060 | 129,307 |
Net Loss | $ (155,060) | $ (129,307) |
Basic and diluted loss per share | $ 0 | $ 0 |
Weighted Average number of shares outstanding - Basic and Diluted | 43,702,289 | 26,000,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2016 | May 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (155,060) | $ (129,307) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Common stock issued for fees and services | 31,250 | |
Changes in operating assets and liabilities: | ||
Accounts payable to related party | 21,170 | 7,500 |
Deferred payroll | 30,000 | 24,000 |
Accounts Payable and accrued expenses | 31,134 | 5,516 |
CASH FLOWS USED IN OPERATING ACTIVITIES: | (41,506) | (92,291) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from subscription receivable converted to equity | 25,000 | |
CASH PROVIDED BY IN INVESTING ACTIVITIES | 25,000 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Short-term related party debt | 11,721 | |
CASH PROVIDED BY FINANCING ACTIVITIES | 11,721 | |
NET CHANGE IN CASH | (41,506) | (55,570) |
Cash at beginning of reporting period | 43,680 | 55,570 |
Cash at end of reporting period | 2,174 | |
Cash paid during the period | ||
Interest | ||
Income taxes |
General Organization and Busine
General Organization and Business | 3 Months Ended |
May 31, 2016 | |
Accounting Policies [Abstract] | |
General Organization and Business | Note 1. General Organization and Business VinCompass Corp. (Formerly known as Tiger Jiujiang Mining, Inc.), entered into a Share Exchange Agreement with VinCompass, whereby VinCompass Corp. exchanged 60.0% of its outstanding shares of common stock for 100% of the outstanding shares of VinCompass common stock. As of January 14, 2016 (the Closing Date), VinCompass will operate as a wholly owned subsidiary of VinCompass Corp. As of January 14, 2016, VinCompass Corp had 400,000,000 and 2,000,000 shares of common stock and preferred stock authorized, respectively, of which 17,500,000 and 1,000,000 were issued and outstanding, respectively. As a result of the Share Exchange Agreement, each outstanding share of VinCompass common stock was transferred, conveyed and delivered to VinCompass Corp. in exchange for 26,000000 newly-issued shares of common stock of VinCompass Corp. The 1,000,000 shares of preferred stock were held by VinCompass management as of closing date. The Merger will be accounted for as a reverse merger and recapitalization since, immediately following the completion of the transaction, the holders of VinCompasss stock will have effective control of VinCompass Corp. In addition, VinCompass will have control of the combined entity through control of the Board by designating all board seats to be held by the existing board of VinCompass Corp. Additionally, all of VinCompasss officers and senior executive positions will continue on as management of the combined entity after consummation of the Merger. For accounting purposes, VinCompass will be deemed to be the accounting acquirer in the transaction and, consequently, the transaction will be treated as a recapitalization of VinCompass Corp. Accordingly, VinCompass assets, liabilities and results of operations will become the historical financial statements of the registrant, and VinCompasss assets, liabilities and results of operations will be consolidated with VinCompass Corp effective as of the date of the closing of the Merger. No step-up in basis or intangible assets or goodwill will be recorded in this transaction. VinCompass received $2,202 cash and assumed $114,327 liabilities upon execution of the reverse merger. On December 14, 2015, FINRA approved the Corporate Name Change, Symbol Change, and the Forward Split took effect on December 15, 2015 for Tiger Jiujiang Mining Corp. The Forward Split shares are payable upon surrender of certificates to the Companys transfer agent. Accordingly, the Companys symbol will change to TIGYD to reflect the Forward Split and Symbol Change and twenty (20) business days thereafter, the D will be removed and the symbol will change to VCPS. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The accompanying unaudited consolidated interim financial statements of Vincompass Corp have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys Form 10-K filed with SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2016 as reported on Form 10-K have been omitted. |
Going Concern
Going Concern | 3 Months Ended |
May 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company had accumulated deficits of $2, 211, 185 at May 31, 2016 and $2,056,125 at February 29, 2016. It had net losses of $155,060 for the three months ended May 31, 2016 and a net loss of $129,307 for the equivalent quarter ended May 31, 2015. These factors raise substantial doubt about the Companys ability to continue as a going concern. While the Company is attempting to increase operations and generate revenues, the Companys cash position may not be significant enough to support the Companys daily operations. The Company will continue to pursue additional equity and/or debt financing while managing cash flows from operations in an effort to provide funds to meet its obligations on a timely basis and to support future business development. There is no assurance that these efforts will be successful. Management believes that the actions presently being taken to further implement its business plan and generate additional revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise the additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Companys ability to further implement its business plans and generate additional revenues. The financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may result should the Company be unable to continue as a going concern. |
Common Stock
Common Stock | 3 Months Ended |
May 31, 2016 | |
Equity [Abstract] | |
Common Stock | Note 4. Common Stock During the quarter ended May 31, 2016, the Company issue 25,000 shares in lieu of fees paid to third parties. The fair value of the shares is determined to be $31,250, using $1.25 per share, which the market price at May 31, 2016. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
May 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5. Related Party Transactions As of May 31, 2016 and February 29, 2016, the amounts due to the majority shareholder and a director bear no interest and with no stated repayment terms; the Company recorded no imputed interest on these borrowings. These loans arose from payments made on behalf of the Company, including by private credit cards and was advanced as follows: Cash loans $ 116,160 Total $ 116,160 As of May 31, 2016 and February 29, 2016, the Company accrued payroll expense of $126,000 and $96,000, accrued rental and operating expenses of $96,129 and $74,959 due to the Companys CEO. |
Subsequent Events
Subsequent Events | 3 Months Ended |
May 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6. Subsequent Events. Since May 31, 2016, the Company sold 68,750 shares of common stock at $0.80 per share for a total proceeds of $55,000 to third parties. The proceeds were used for operations expenses of the Company As of July 13, 2016, the Company executed a convertible promissory note for $33,500,00 to third parties. The Note bears an interest rate of 10% per annum and is due July 7, 2017. Between May 31, 2016 and July 13, 2016 the Company received a total of $88,500 of additional funding and is expected to continue these actives in the current period as per the Form D previously filed |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
May 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | These loans arose from payments made on behalf of the Company, including by private credit cards and was advanced as follows: Cash loans $ 116,160 Total $ 116,160 |
General Organization and Busi13
General Organization and Business (Details Narrative) - USD ($) | Jan. 14, 2016 | May 31, 2016 | Feb. 29, 2016 |
Common stock, shares authorized | 400,000,000 | 400,000,000 | |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | |
Common stock, shares issued | 43,727,017 | 43,702,017 | |
Common stock, shares outstanding | 43,727,017 | 43,702,017 | |
Preferred stock, shares issued | 1,000,000 | 1,000,000 | |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 | |
VinCompass Corp [Member] | |||
Share exchange description | Entered into a Share Exchange Agreement with VinCompass, whereby VinCompass Corp. exchanged 60.0% of its outstanding shares of common stock for 100% of the outstanding shares of VinCompass common stock. | ||
Common stock, shares authorized | 400,000,000 | ||
Preferred stock, shares authorized | 2,000,000 | ||
Common stock, shares issued | 17,500,000 | ||
Common stock, shares outstanding | 17,500,000 | ||
Preferred stock, shares issued | 1,000,000 | ||
Preferred stock, shares outstanding | 1,000,000 | ||
Number of shares issued newly of common stock | 26,000,000 | ||
Number of preferred stock held | 1,000,000 | ||
Cash received from reverse merger | $ 2,202 | ||
Assumed liabilities upon execution of reverse merger | $ 114,327 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
May 31, 2016 | May 31, 2015 | Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 2,211,185 | $ 2,056,125 | |
Net Loss | $ 155,060 | $ 129,307 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 3 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Stock issued during period, value, issued for services | $ 31,250 | |
Third Party [Member] | ||
Stock issued during period, value, issued for services | $ 31,250 | |
Stock issued during period, shares, issued for services | 25,000 | |
Share issued price per share | $ 1.25 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | May 31, 2016 | Feb. 29, 2016 |
Related Party Transactions [Abstract] | ||
Accrued payroll expense | $ 126,000 | $ 96,000 |
Accounts payable due to related party | $ 96,129 | $ 74,959 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | May 31, 2016 | Feb. 29, 2016 |
Notes payable related parties classified current | $ 116,160 | $ 116,160 |
Cash Loans [Member] | ||
Notes payable related parties classified current | $ 116,160 |
Subsequent Events( Details Narr
Subsequent Events( Details Narrative) - Subsequent Event [Member] - USD ($) | Jul. 13, 2016 | May 31, 2016 |
Sale of common stock | 68,750 | |
Sale of common stock, prices per share | $ 0.80 | |
Sale of common stock, value | $ 55,000 | |
Convertible promissory note | $ 3,350,000 | |
Convertible promissory note,interest rate | 10.00% | |
Debt instrument, maturity date | Jul. 7, 2017 | |
Additional funding received | $ 88,500 |