Sustainable Projects (SPGX) 10-Q 26 Jan 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2015	Jan. 25, 2016
Document And Entity Information
Entity Registrant Name	Blue Spa Inc
Entity Central Index Key	1,500,305
Document Type	10-Q
Document Period End Date	Nov. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--05-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,000,000
Document Fiscal Period Focus	Q2
Trading Symbol	BUESE
Document Fiscal Year Focus	2,016

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Nov. 30, 2015	May. 31, 2015
Current Assets:
Cash and cash equivalents	$ 2,969	$ 3,922
Prepaid expenses	274	274
TOTAL ASSETS	3,243	4,196
Current Liabilities:
Accounts payable and accrued liabilities - Note 4	6,335	17,685
Notes payable - Note 6	154,000	134,000
Interest payable	28,049	22,367
TOTAL LIABILITIES	$ 188,384	$ 174,052
Going Concern - Note 2
STOCKHOLDERS' DEFICIT
Common Stock - Note 5 Par Value:$0.0001 Authorized 500,000,000 shares Common Stock Issued 7,000,000	$ 700	$ 700
Additional Paid in Capital	16,300	16,300
Deficit Accumulated during the development stage	(202,141)	(186,856)
TOTAL STOCKHOLDERS' DEFICIT	(185,141)	(169,856)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 3,243	$ 4,196

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Nov. 30, 2015	May. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	7,000,000	7,000,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Income Statement [Abstract]
Administrative and other operating expenses	$ (6,794)	$ (7,397)	$ (9,603)	$ (9,713)
Formation cost
Operating loss before interest expenses	$ (6,794)	$ (7,397)	$ (9,603)	$ (9,713)
Interest expenses	(2,980)	(2,274)	(5,682)	(4,572)
Operating loss before income taxes	$ (9,774)	$ (9,671)	$ (15,285)	$ (14,285)
Income Taxes
Net loss and comprehensive loss	$ (9,774)	$ (9,671)	$ (15,285)	$ (14,285)
Loss per share of common stock -Basic and diluted	$ (0.001)	$ (0.001)	$ (0.002)	$ (0.002)
Weighted average shares of common stock -Basic and diluted	7,000,000	7,000,000	7,000,000	7,000,000

Statements of Stockholders' Def

Statements of Stockholders' Deficit and Comprehensive Income (Unaudited) - USD ($)	Common Shares [Member]	Additional Paid-In Capital [Member]	Deficit Accumulated During the Development Stage [Member]	Total
Balance at May. 31, 2013	$ 700	$ 16,300	$ (91,788)	$ (74,788)
Balance, shares at May. 31, 2013	7,000,000
Net loss and comprehensive loss			(61,691)	(61,691)
Balance at May. 31, 2014	$ 700	$ 16,300	(153,479)	(136,479)
Balance, shares at May. 31, 2014	7,000,000
Net loss and comprehensive loss			(33,377)	(33,377)
Balance at May. 31, 2015	$ 700	$ 16,300	(186,856)	(169,856)
Balance, shares at May. 31, 2015	7,000,000
Net loss and comprehensive loss			(15,285)	(15,285)
Balance at Nov. 30, 2015	$ 700	$ 16,300	$ (202,141)	$ (185,141)
Balance, shares at Nov. 30, 2015	7,000,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Cash Flows from operating activities:
Net loss	$ (15,285)	$ (14,285)
Changes in current assets and liabilities
Prepaid Expenses
Accrued expenses	$ (11,350)	$ 9,026
Interest payable	5,682	4,572
Net cash used in operating activities	$ (20,953)	$ (687)
Cash Flows from financing activities:
Proceeds from issuance of common stock
Notes payable	$ 20,000
Net Cash generated from financing activities	20,000
Net increase in cash and cash equivalents	(953)	$ (687)
Cash and cash equivalents at beginning of period	3,922	4,086
Cash and cash equivalents at end of period	$ 2,969	$ 3,399

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Nov. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	1. Organization and Nature of Operations Blue Spa Incorporated (“the Company”) was incorporated in the State of Nevada, USA on September 4, 2009. The Company is in its early developmental stage since its formation and has not realized any revenues from its planned operations. The Company is engaged in the development of an internet based retailer of a multi-channel concept combining a wholesale distribution with a retail strategy. It plans to distribute quality personal care products, fitness apparel and related accessories. The Company has chosen a fiscal year end May 31.

Going Concern

Going Concern	6 Months Ended
	Nov. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	2. Going Concern These interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplate continuation of the Company as a going concern. However, the Company has limited operations and has sustained operating losses resulting in a deficit. In view of these matters, realization of a major portion of the assets in the accompanying balance sheet is dependent upon the continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financing requirements, and the success of its future operations. The Company has accumulated a deficit of $202,141 since inception September 4, 2009, has yet to achieve profitable operations and further losses are anticipated in the development of its business. The Company’s ability to continue as a going concern is in substantial doubt and is dependent upon obtaining additional financing and/or achieving a sustainable profitable level of operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company believes that the cash on hand will be able to meet its on-going costs in the next 12 months. The Company may seek additional equity as necessary and it expects to raise funds through private or public equity investment in order to support existing operations and expand the range of its business. There is no assurance that such additional funds will be available for the Company on acceptable terms, if at all.

Interim Reporting and Significa

Interim Reporting and Significant Accounting Policies	6 Months Ended
	Nov. 30, 2015
Quarterly Financial Information Disclosure [Abstract]
Interim Reporting and Significant Accounting Policies	3. Interim reporting and significant accounting policies While the information presented is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, result of operation and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature. It is suggested that the interim condensed financial statements be read in conjunction with the Company’s May 31, 2015 annual financial statements. Operating results for the SIX month period ended November 30, 2015 are not necessarily indicative of the results that can be expected for the year ended May 31, 2016. There have been no changes in the accounting policies from those disclosed in the notes to the audited financial statements for the year ended May 31, 2015.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Nov. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Pronouncements	4. Recently issued 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. The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (“U.S. GAAP”). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) 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. The presentation and disclosure requirements in ASC Topic 915, “Development Stage Entities” are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2014-10 for these financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The new standard provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. The Company has elected to early adopt the provisions of ASU 2014-15 for these interim financial statements. The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements

Accrued Expenses

Accrued Expenses	6 Months Ended
	Nov. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued expenses Accrued expenses as of November 30, 2015 are summarized as follows: November 30, 2015 May 31, 2015 Accrued audit fee $ 1,000 $ 10,000 Accrued accounting fee 1,575 4,725 Accrued office expenses 3,760 2,960 Total $ 6,335 $ 17,685

Common Stock

Common Stock	6 Months Ended
	Nov. 30, 2015
Equity [Abstract]
Common Stock	6. Common stock During the six months ended November 30, 2015, no shares of common stock were sold. There were a total of 7,000,000 common stocks issued and outstanding as of November 30, 2015. There were no warrants or stock options outstanding as of November 30, 2015.

Notes Payable

Notes Payable	6 Months Ended
	Nov. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	7. Notes payable There are seven (7) unsecured promissory notes bearing interest at 8% per annum which are due on demand. Date Principal Interest Total October 6, 2010 $ 3,000 $ 1,238 $ 4,238 February 22, 2011 1,500 573 2,073 May 17, 2011 7,500 2,725 10,225 September 16, 2011 5,000 1,683 6,683 November 4, 2011 5,000 1,629 6,629 March 15, 2012 10,000 2,970 12,970 December 14,2012 13,000 2,912 15,912 Total $ 45,000 $ 13,730 $ 58,730 There are six (6) unsecured promissory notes bearing interest at 8% per annum which are due on demand, and convertible at a conversion price of US$0.005 per share at the lender’s option. The stock of the Company has been sold at $0.005 per share for operations. The conversion rate of $0.005 creates a zero conversion benefit at current stock prices. Therefore, no beneficial conversion factor has been recorded. Date Principal Interest Total April 2, 2013 $ 14,000 $ 2,983 $ 16,983 September 4, 2013 30,000 5,372 35,372 October 15, 2013 15,000 2,551 17,551 January 8, 2014 10,000 1,514 11,514 December 3, 2014 20,000 1,591 21,591 September 22, 2015 20,000 307 20,307 Total $ 109,000 $ 14,318 $ 123,318

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events We have evaluated significant events and transactions that occurred during the period to the date of this report and have determined that there were no events or transactions other than those disclosed in this report, if any, that would require recognition or disclosure in our financial statements for the period ended November 30, 2015.

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Nov. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses as of November 30, 2015 are summarized as follows: November 30, 2015 May 31, 2015 Accrued audit fee $ 1,000 $ 10,000 Accrued accounting fee 1,575 4,725 Accrued office expenses 3,760 2,960 Total $ 6,335 $ 17,685

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Nov. 30, 2015
Debt Disclosure [Abstract]
Schedule of Notes Payable	There are seven (7) unsecured promissory notes bearing interest at 8% per annum which are due on demand. Date Principal Interest Total October 6, 2010 $ 3,000 $ 1,238 $ 4,238 February 22, 2011 1,500 573 2,073 May 17, 2011 7,500 2,725 10,225 September 16, 2011 5,000 1,683 6,683 November 4, 2011 5,000 1,629 6,629 March 15, 2012 10,000 2,970 12,970 December 14,2012 13,000 2,912 15,912 Total $ 45,000 $ 13,730 $ 58,730 There are six (6) unsecured promissory notes bearing interest at 8% per annum which are due on demand, and convertible at a conversion price of US$0.005 per share at the lender’s option. The stock of the Company has been sold at $0.005 per share for operations. The conversion rate of $0.005 creates a zero conversion benefit at current stock prices. Therefore, no beneficial conversion factor has been recorded. Date Principal Interest Total April 2, 2013 $ 14,000 $ 2,983 $ 16,983 September 4, 2013 30,000 5,372 35,372 October 15, 2013 15,000 2,551 17,551 January 8, 2014 10,000 1,514 11,514 December 3, 2014 20,000 1,591 21,591 September 22, 2015 20,000 307 20,307 Total $ 109,000 $ 14,318 $ 123,318

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Nov. 30, 2015	May. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 202,141	$ 186,856

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Nov. 30, 2015	May. 31, 2015
Payables and Accruals [Abstract]
Accrued audit fee	$ 1,000	$ 10,000
Accrued accounting fee	1,575	4,725
Accrued office expenses	3,760	2,960
Total	$ 6,335	$ 17,685

Common Stock (Details Narrative

Common Stock (Details Narrative) - shares	6 Months Ended
	Nov. 30, 2015	May. 31, 2015
Equity [Abstract]
Number of common stock sold during period
Common stock, shares issued	7,000,000	7,000,000
Common stock, shares outstanding	7,000,000
Number of warrants outstanding
Number of outstanding stock options

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	6 Months Ended
	Nov. 30, 2015USD ($)Integer$ / shares
Unsecured Notes One [Member]
Number of unsecured promissory notes | Integer	7
Notes payable, interest rate	8.00%
Unsecured Notes Two [Member]
Number of unsecured promissory notes | Integer	6
Notes payable, interest rate	8.00%
Debt instrument, conversion price	$ 0.005
Stock sold per share	0.005
Conversion benfit at current stock prices per shares	$ 0.005
Value of beneficial conversion feature recorded | $

Notes Payable - Schedule of Not

Notes Payable - Schedule of Notes Payable (Details)	6 Months Ended
	Nov. 30, 2015USD ($)
Unsecured Notes One [Member]
Notes payable, Principal	$ 45,000
Notes payable, Interest	13,730
Notes payable, Total	$ 58,730
Unsecured Notes One [Member] | October 6, 2010 [Member]
Date	Oct. 6, 2010
Notes payable, Principal	$ 3,000
Notes payable, Interest	1,238
Notes payable, Total	$ 4,238
Unsecured Notes One [Member] | February 22, 2011 [Member]
Date	Feb. 22, 2011
Notes payable, Principal	$ 1,500
Notes payable, Interest	573
Notes payable, Total	$ 2,073
Unsecured Notes One [Member] | May 17, 2011 [Member]
Date	May 17, 2011
Notes payable, Principal	$ 7,500
Notes payable, Interest	2,725
Notes payable, Total	$ 10,225
Unsecured Notes One [Member] | September 16, 2011 [Member]
Date	Sep. 16, 2011
Notes payable, Principal	$ 5,000
Notes payable, Interest	1,683
Notes payable, Total	$ 6,683
Unsecured Notes One [Member] | November 4, 2011 [Member]
Date	Nov. 4, 2011
Notes payable, Principal	$ 5,000
Notes payable, Interest	1,629
Notes payable, Total	$ 6,629
Unsecured Notes One [Member] | March 15, 2012 [Member]
Date	Mar. 15, 2012
Notes payable, Principal	$ 10,000
Notes payable, Interest	2,970
Notes payable, Total	$ 12,970
Unsecured Notes One [Member] | December 14, 2012 [Member]
Date	Dec. 14, 2012
Notes payable, Principal	$ 13,000
Notes payable, Interest	2,912
Notes payable, Total	15,912
Unsecured Notes Two [Member]
Notes payable, Principal	109,000
Notes payable, Interest	14,318
Notes payable, Total	$ 123,318
Unsecured Notes Two [Member] | April 2, 2013 [Member]
Date	Apr. 2, 2013
Notes payable, Principal	$ 14,000
Notes payable, Interest	2,983
Notes payable, Total	$ 16,983
Unsecured Notes Two [Member] | September 4, 2013 [Member
Date	Sep. 4, 2013
Notes payable, Principal	$ 30,000
Notes payable, Interest	5,372
Notes payable, Total	$ 35,372
Unsecured Notes Two [Member] | October 15, 2013 [Member
Date	Oct. 15, 2013
Notes payable, Principal	$ 15,000
Notes payable, Interest	2,551
Notes payable, Total	$ 17,551
Unsecured Notes Two [Member] | January 8, 2014 [Member]
Date	Jan. 8, 2014
Notes payable, Principal	$ 10,000
Notes payable, Interest	1,514
Notes payable, Total	$ 11,514
Unsecured Notes Two [Member] | December 3, 2014 [Member]
Date	Dec. 3, 2014
Notes payable, Principal	$ 20,000
Notes payable, Interest	1,591
Notes payable, Total	$ 21,591
Unsecured Notes Two [Member] | September 22, 2015 [Member]
Date	Sep. 22, 2015
Notes payable, Principal	$ 20,000
Notes payable, Interest	307
Notes payable, Total	$ 20,307