Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
31-May-13 | Oct. 09, 2013 | Nov. 30, 2012 | |
Document And Entity Information | |||
Entity Registrant Name | ACM CORPORATION | ||
Entity Central Index Key | 1493265 | ||
Document Type | 10-K | ||
Document Period End Date | 31-May-13 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -8 | ||
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 | 89,642,640 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2013 |
Balance_Sheets
Balance Sheets (USD $) | 31-May-13 | 31-May-12 |
CURRENT ASSETS | ||
Cash | $146 | $141 |
Total Current Assets | 146 | 141 |
TOTAL ASSETS | 146 | 141 |
CURRENT LIABILITIES | ||
Interest payable | 1,896 | |
Notes Payable - related party | 31,222 | 5,562 |
Accounts payable | 300 | |
Total Current Liabilities | 33,418 | 5,562 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock, 50,000,000 shares authorized at par value of $0.0001, no shares issued and outstanding | ||
Common stock, 100,000,000 shares authorized at par value of $0.0001, 89,642,640 shares issued and outstanding | 8,964 | 8,964 |
Additional paid-in capital | 80,001 | 80,001 |
Deficit accumulated during the development stage | 122,237 | 94,386 |
Total Stockholders' Equity (Deficit) | -33,272 | -5,421 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $146 | $141 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | 31-May-13 | 31-May-12 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 89,642,640 | 89,642,640 |
Common stock, shares outstanding | 89,642,640 | 89,642,640 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | 37 Months Ended | |
31-May-13 | 31-May-12 | 31-May-13 | |
Income Statement [Abstract] | |||
REVENUES | |||
COST OF SALES | |||
GROSS MARGIN | |||
OPERATING EXPENSES | |||
Professional fees | 25,688 | 32,242 | 107,711 |
General and administrative | 267 | 3,349 | 11,926 |
Total Operating Expenses | 25,955 | 35,591 | 119,637 |
LOSS FROM OPERATIONS | -25,955 | -35,591 | -119,637 |
OTHER INCOME (EXPENSE) | |||
Interest expense | -1,896 | -704 | -2,600 |
Total Other Income (Expense) | -1,896 | -704 | -2,600 |
LOSS BEFORE INCOME TAXES | -27,851 | -36,295 | -122,237 |
CURRENT INCOME TAX EXPENSE (BENEFIT) | |||
PROVISION FOR INCOME TAXES | |||
NET LOSS | ($27,851) | ($36,295) | ($122,237) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $0 | $0 | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED | 89,642,640 | 89,642,640 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (Deficit) (USD $) | Common Stock | Additional Paid-In Capital | Deficit Accumulated During The Development Stage | Total |
Balance Value at Apr. 22, 2010 | ||||
Common stock issued to founders for services, Share | 74,640,000 | |||
Common stock issued to founders for services, value | $7,464 | ($7,064) | $400 | |
Common stock issued for cash, Share | 15,002,640 | |||
Common stock issued for cash, Value | 1,500 | 38,700 | 40,200 | |
Loss for the year ended | -4,631 | -4,631 | ||
Balance Value at May. 31, 2010 | 8,964 | 31,636 | -4,631 | 35,969 |
Balance Shares at May. 31, 2010 | 89,642,640 | |||
Loss for the year ended | -53,460 | -53,460 | ||
Balance Value at May. 31, 2011 | 8,964 | 31,636 | -58,091 | -17,491 |
Balance Shares at May. 31, 2011 | 89,642,640 | |||
Contributed Capital | 48,365 | 48,365 | ||
Loss for the year ended | -36,295 | -36,295 | ||
Balance Value at May. 31, 2012 | 8,964 | 80,001 | -94,386 | -5,421 |
Balance Shares at May. 31, 2012 | 89,642,640 | 89,642,640 | ||
Loss for the year ended | -27,851 | -27,851 | ||
Balance Value at May. 31, 2013 | $8,964 | $80,001 | ($122,237) | ($33,272) |
Balance Shares at May. 31, 2013 | 89,642,640 | 89,642,640 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 37 Months Ended | |
31-May-13 | 31-May-12 | 31-May-13 | |
Statement of Cash Flows [Abstract] | |||
Net loss | ($27,851) | ($36,295) | ($122,237) |
Changes in operating assets and liabilities: | |||
Prepaid expenses | |||
Accrued Interest Payable | 1,896 | 1,896 | |
Accounts payable | 300 | 300 | |
Net Cash Used in Operating Activities | -25,655 | -36,295 | -120,041 |
Net Cash Used in Investing Activities | |||
FINANCING ACTIVITIES | |||
Proceeds from common stock issued | 40,600 | ||
Proceeds from notes payable - related party | 25,660 | 36,145 | 79,587 |
Net Cash Provided by Financing Activities | 25,660 | 36,145 | 120,187 |
NET INCREASE (DECREASE) IN CASH | 5 | -150 | 146 |
CASH AT BEGINNING OF PERIOD | 141 | 291 | |
CASH AT END OF PERIOD | 146 | 141 | 146 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash Paid for Interest | |||
Cash Paid for Income taxes | |||
NON CASH FINANCING ACTIVITIES: | |||
Contributed capital | $48,365 | $48,365 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||
31-May-13 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary Of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||
Nature of Business | |||||||||
ACM Corporation, (the Company) was incorporated in the State of Nevada on April 23, 2010. The Company is engaged in offering an interactive web based fund raising program designed for non-profit organizations, schools and clubs. The Company changed its name on March 13, 2012, and was formerly known as Income Now. The Company has no revenues to date and limited operations and is accordingly classified as a development stage company. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Accounting Basis | |||||||||
The basis is accounting principles generally accepted in the United States of America. The Company has adopted a May 31 fiscal year end. | |||||||||
Cash and Cash Equivalents | |||||||||
For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | |||||||||
Impairment of Long-Lived Assets | |||||||||
The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. | |||||||||
Revenue Recognition | |||||||||
The Company currently has no source of revenues. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. | |||||||||
Stock-based compensation | |||||||||
As of May 31, 2013, the Company has not issued any share-based payments to its employees. The Company has adopted ASC 718 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 718. | |||||||||
Basic (Loss) per Common Share | |||||||||
Basic (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of May 31, 2013 and 2012. | |||||||||
Income Taxes | |||||||||
The Company provides for income taxes under ASC 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. | |||||||||
ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |||||||||
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: | |||||||||
May 31, | May 31, | ||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory rate | $ | 9,469 | $ | 12,342 | |||||
Valuation allowance | (9,469 | ) | (12,342 | ) | |||||
Income tax expense per books | $ | -) | $ | -) | |||||
Net deferred tax assets consist of the following components as of: | |||||||||
May 31, | May 31, | ||||||||
2013 | 2012 | ||||||||
NOL carryover | $ | 41,560 | $ | 32,091 | ) | ||||
Valuation allowance | (41,560 | ) | (32,091 | ) | |||||
Net deferred tax asset | $ | -) | $ | -) | |||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $122,237 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. | |||||||||
Recent Accounting Pronouncements | |||||||||
The Company’s management has evaluated the recently issued accounting pronouncements through the filing date of these financial statements and has determined that the application of these pronouncements will have no material impact on the Company’s financial position and results of operations. |
Going_Concern
Going Concern | 12 Months Ended |
31-May-13 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 – GOING CONCERN |
The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. | |
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. | |
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Related_Party_Payables
Related Party Payables | 12 Months Ended |
31-May-13 | |
Related Party Transactions [Abstract] | |
Related Party Payables | NOTE 3 – RELATED PARTY PAYABLES |
Various expenses of the Company, including general and administrative expenses and professional fees, have been paid for or made by a related party. On January 25, 2012, the Company entered into an extinguishment of debt agreement with Ruthy Navon (related-party). The agreement extinguishes all debt, including interest payable, due to Ruthy Navon. The debt of $48,365 was converted to contributed capital. | |
On March 31, 2012, a related party deposited $5,562 into the company. The liability does not accrue interest and is due on demand. | |
As of May 31, 2013 the Company owed $25,660 to Directors, officers, and principal stockholders of the Company for working capital loans. The loans are unsecured, bear interest of 12% per annum, and due on demand. |
Common_Stock
Common Stock | 12 Months Ended |
31-May-13 | |
Equity [Abstract] | |
Common Stock | NOTE 4 – COMMON STOCK |
During the period ended May 31, 2010 the Company issued 804,000 shares at $0.05 per share for cash. | |
The Company’s Board of Directors declared an 18.66-for-1 forward stock split on the Company’s common stock in the form of a dividend, with a record date of March 9, 2012, a payment date of March 22, 2012, an ex-dividend date of March 23, 2012, and a due bill redeemable date of March 27, 2012. The stock split entitles each shareholder as of the record date to receive 17.66 additional shares of common stock for each one share owned. Additional shares issued as a result of the stock split will be distributed on the payment date. The accompanying financial statements reflect the forward stock split on a retroactive basis. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
31-May-13 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 5 – SUBSEQUENT EVENTS |
In accordance with ASC 855 Company management reviewed all material events through the date these financial statements were filed and there are no additional material subsequent events to report. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
31-May-13 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Nature of Business | Nature of Business | ||||||||
ACM Corporation, (the Company) was incorporated in the State of Nevada on April 23, 2010. The Company is engaged in offering an interactive web based fund raising program designed for non-profit organizations, schools and clubs. The Company changed its name on March 13, 2012, and was formerly known as Income Now. The Company has no revenues to date and limited operations and is accordingly classified as a development stage company. | |||||||||
Use Of Estimates | Use of Estimates | ||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Accounting Basis | Accounting Basis | ||||||||
The basis is accounting principles generally accepted in the United States of America. The Company has adopted a May 31 fiscal year end. | |||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||
For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. | |||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||||||||
The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. | |||||||||
Revenue Recognition | Revenue Recognition | ||||||||
The Company currently has no source of revenues. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. | |||||||||
Stock-based compensation | Stock-based compensation | ||||||||
As of May 31, 2013, the Company has not issued any share-based payments to its employees. The Company has adopted ASC 718 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 718. | |||||||||
Basic (Loss) per Common Share | Basic (Loss) per Common Share | ||||||||
Basic (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of May 31, 2013 and 2012. | |||||||||
Income Taxes | Income Taxes | ||||||||
The Company provides for income taxes under ASC 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. | |||||||||
ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |||||||||
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: | |||||||||
May 31, | May 31, | ||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory rate | $ | 9,469 | $ | 12,342 | |||||
Valuation allowance | (9,469 | ) | (12,342 | ) | |||||
Income tax expense per books | $ -) | $ -) | |||||||
Net deferred tax assets consist of the following components as of: | |||||||||
May 31, | May 31, | ||||||||
2013 | 2012 | ||||||||
NOL carryover | $ | 41,560 | $ | 32,091 | ) | ||||
Valuation allowance | (41,560 | ) | (32,091 | ) | |||||
Net deferred tax asset | $ -) | $ -) | |||||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $122,237 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. | |||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||
The Company’s management has evaluated the recently issued accounting pronouncements through the filing date of these financial statements and has determined that the application of these pronouncements will have no material impact on the Company’s financial position and results of operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Income Taxes) (Tables) | 12 Months Ended | ||||||||
31-May-13 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Provision for Income Taxes | The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: | ||||||||
May 31, | May 31, | ||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory rate | $ | 9,469 | $ | 12,342 | |||||
Valuation allowance | (9,469 | ) | (12,342 | ) | |||||
Income tax expense per books | $ | -) | $ | -) | |||||
Schedule of deferred tax assets | Net deferred tax assets consist of the following components as of: | ||||||||
May 31, | May 31, | ||||||||
2013 | 2012 | ||||||||
NOL carryover | $ | 41,560 | $ | 32,091 | ) | ||||
Valuation allowance | (41,560 | ) | (32,091 | ) | |||||
Net deferred tax asset | $ | -) | $ | -) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Schedule of Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | 37 Months Ended | |
31-May-13 | 31-May-12 | 31-May-13 | |
Summary Of Significant Accounting Policies Schedule Of Provision For Income Taxes Details | |||
Income tax benefit at statutory rate | $9,469 | $12,342 | |
Valuation allowance | -9,469 | -12,342 | |
Income tax expense per books |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Schedule of Deferred tax Assets) (Details) (USD $) | 31-May-13 | 31-May-12 |
Summary Of Significant Accounting Policies Schedule Of Deferred Tax Assets Details | ||
NOL carryover | $41,560 | $32,091 |
Less: valuation allowance | 41,560 | 32,091 |
Net deferred tax asset |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Income Taxes) (Narrative) (Details) | 12 Months Ended |
31-May-13 | |
Summary Of Significant Accounting Policies Income Taxes Narrative Details | |
Statutory federal income tax rate | 34.00% |
Related_Party_Payables_Narrati
Related Party Payables (Narrative) (Details) (USD $) | 12 Months Ended | 37 Months Ended | 0 Months Ended | |||
31-May-13 | 31-May-12 | 31-May-13 | Mar. 31, 2012 | Jan. 25, 2012 | 31-May-13 | |
Loan from Related Party | Ruthy Navon | Director, Officer and Principal Stockholders | ||||
Related Party Transaction [Line Items] | ||||||
Fund Received from Related Party | $25,660 | $36,145 | $79,587 | $5,562 | ||
Extinguishment of Debt | 48,365 | |||||
Due On | Demand | Demand | ||||
Interest Rate on Related Party Loan | 12.00% | |||||
Notes Payable - related party | $31,222 | $5,562 | $31,222 | $25,660 |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) (Common Stock, USD $) | 12 Months Ended |
31-May-10 | |
Common Stock | |
Shares Issued for Cash before stock split | 804,000 |
Stock Price per Share | $0.05 |
Forward Stock Split | The Company's Board of Directors declared an 18.66-for-1 forward stock split on the Company's common stock in the form of a dividend, with a record date of March 9, 2012, a payment date of March 22, 2012, an ex-dividend date of March 23, 2012, and a due bill redeemable date of March 27, 2012. The stock split entitles each shareholder as of the record date to receive 17.66 additional shares of common stock for each one share owned. |