Summary Of Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2013 |
Notes to Financial Statements | ' |
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Organization and Description of Business |
|
Antaga International Corp (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on June 10, 2009. The Company is in the development stage as defined under statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 “Development-Stage Entities.” On August 27, 2013, the Company purchased all of the product specifications and branding of Mix1 nutritional products and plans to manufacture and distribute these products nationwide beginning in early 2014. |
|
Accounting Basis |
|
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted an August 31 fiscal year end. |
|
Going Concern |
|
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $60,771 as of August 31, 2013. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from officers/directors and/or private placement of common stock. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amount, or amounts and classifications of liabilities that might result from this uncertainty. |
|
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. |
|
Basic Income (Loss) Per Share |
|
Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. At August 31, 2013 and 2012, there were no potential shares of common stock that would have an anti-dilutive effect. |
|
Income Taxes |
|
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of change in tax rates is recognized in income in the period that includes the enactment date. |
|
Advertising Costs |
|
The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the fiscal years ended August 31, 2013 and 2012. |
|
Intangible Assets |
|
Intangible assets consist of branding, product specification, internet domains and customer/vendor/supplier lists and distribution lists and are stated at the appraised value which approximates cost. Intangible assets are amortized on a straight-line basis over the remaining useful lives which are estimated to be 3 to 7 years. |
|
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. During the year ended August 31, 2013, the Company recorded no impairment of its assets as the assets were acquired and valued on August 27, 2013. Prior to August 27, 2013, the Company had no long-lived assets |
|
Use of Estimates |
|
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
|
Fair Value of Financial Instruments |
|
The Financial Accounting Standards Board issued ASC (Accounting Standards Codification) 820-10 “Fair Value Measurements and Disclosures” for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and required expanded disclosures regarding fair value measurements. ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. |
|
ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: |
|
Level 1: Quoted prices in active markets for identical assets or liabilities. |
|
Level 2: Observable inputs other than Level 1 prices, such a quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated. |
|
Level 3: Unobservable imputes that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
|
Financial Instruments |
|
The Company calculates the fair value of its assets and liabilities which qualify as financial instruments under this statement and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The estimated fair value of accounts payable approximates its carrying amount due to the short maturity of this instrument. At August 31, 2013 and 2012, the Company did not have any other financial instruments. |
|
Revenue Recognition |
|
The Company recognizes revenue in accordance with guidance issued by the Financial Accounting Standards Board (“FASB”), which requires 1) evidence of an agreement, 2) delivery of the product or services had occurred, 3) at a fixed or determinable price, and 4) assurance of collection within a reasonable period of time. |
|
The Company has recorded no revenue since its inception. |
|
Concentration of Credit Risk |
|
The Company is subject to concentrations of credit risk primarily from cash and cash equivalents. The Company minimizes it credit risks associated with cash by periodically evaluating the credit quality of its primary financial institutions. |
|
Development Stage Company |
|
The Company is considered a development stage company as defined by FASB Accounting Standards Codification ASC 915, and the accompanying financial statements have been prepared accordingly. |
|
A development stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues. The Company has been in the development stage since inception (June 10, 2009). |
|
Recent accounting pronouncements |
|
We have reviewed all the recent accounting pronouncements issued to date of this issuance of these financial statements, and we do not believe any of these pronouncements will have a material impact on the company. |